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Share Name | Share Symbol | Market | Type |
---|---|---|---|
FMC Corp | NYSE:FMC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.20 | -1.99% | 59.01 | 60.305 | 58.99 | 59.69 | 1,957,758 | 01:00:00 |
☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 94-0479804 | ||||||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
||||||||||
2929 Walnut Street | Philadelphia | Pennsylvania | 19104 | ||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.10 per share | FMC | New York Stock Exchange |
Page
No. |
|||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in Millions, Except Per Share Data) | (unaudited) | ||||||||||||||||||||||
Revenue | $ | 1,195.6 | $ | 1,250.0 | |||||||||||||||||||
Costs and Expenses | |||||||||||||||||||||||
Costs of sales and services | 683.2 | 688.5 | |||||||||||||||||||||
Gross margin | $ | 512.4 | $ | 561.5 | |||||||||||||||||||
Selling, general and administrative expenses | 174.5 | 189.4 | |||||||||||||||||||||
Research and development expenses | 74.0 | 67.3 | |||||||||||||||||||||
Restructuring and other charges (income) | 3.2 | 13.4 | |||||||||||||||||||||
Total costs and expenses | $ | 934.9 | $ | 958.6 | |||||||||||||||||||
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 260.7 | $ | 291.4 | |||||||||||||||||||
Non-operating pension and postretirement charges (income) | 4.8 | 2.2 | |||||||||||||||||||||
Interest expense, net | 32.4 | 40.8 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 223.5 | $ | 248.4 | |||||||||||||||||||
Provision (benefit) for income taxes | 32.2 | 34.7 | |||||||||||||||||||||
Income (loss) from continuing operations | $ | 191.3 | $ | 213.7 | |||||||||||||||||||
Discontinued operations, net of income taxes | (8.1) | (7.5) | |||||||||||||||||||||
Net income (loss) | $ | 183.2 | $ | 206.2 | |||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 0.6 | — | |||||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | 182.6 | $ | 206.2 | |||||||||||||||||||
Amounts attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations, net of income taxes | $ | 190.7 | $ | 213.7 | |||||||||||||||||||
Discontinued operations, net of income taxes | (8.1) | (7.5) | |||||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | 182.6 | $ | 206.2 | |||||||||||||||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations | $ | 1.47 | $ | 1.65 | |||||||||||||||||||
Discontinued operations | (0.06) | (0.06) | |||||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | 1.41 | $ | 1.59 | |||||||||||||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations | $ | 1.46 | $ | 1.64 | |||||||||||||||||||
Discontinued operations | (0.06) | (0.06) | |||||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | 1.40 | $ | 1.58 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in Millions) | (unaudited) | ||||||||||||||||||||||
Net income (loss) | $ | 183.2 | $ | 206.2 | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency adjustments: | |||||||||||||||||||||||
Foreign currency translation gain (loss) arising during the period | $ | (49.8) | $ | (35.4) | |||||||||||||||||||
Total foreign currency translation adjustments (1)
|
$ | (49.8) | $ | (35.4) | |||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax expense (benefit) of $4.0 and $12.0 for the three months ended March 31, 2021 and 2020, respectively
|
$ | 40.5 | $ | 27.5 | |||||||||||||||||||
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax (expense) benefit of $0.8 and $(2.8) for the three months ended March 31, 2021 and 2020, respectively (2)
|
4.1 | (10.3) | |||||||||||||||||||||
Total derivative instruments, net of tax expense (benefit) of $4.8 and $9.2 for the three months ended March 31, 2021 and 2020, respectively
|
$ | 44.6 | $ | 17.2 | |||||||||||||||||||
Pension and other postretirement benefits: | |||||||||||||||||||||||
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of zero and zero for the three months ended March 31, 2021 and 2020, respectively
|
$ | (0.1) | $ | — | |||||||||||||||||||
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $1.1 and $0.5 for the three months ended March 31, 2021 and 2020, respectively (2)
|
4.4 | 1.6 | |||||||||||||||||||||
Total pension and other postretirement benefits, net of tax expense (benefit) of $1.1 and $0.5 for the three months ended March 31, 2021 and 2020, respectively
|
$ | 4.3 | $ | 1.6 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | $ | (0.9) | $ | (16.6) | |||||||||||||||||||
Comprehensive income (loss) | $ | 182.3 | $ | 189.6 | |||||||||||||||||||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | 0.3 | (1.8) | |||||||||||||||||||||
Comprehensive income (loss) attributable to FMC stockholders | $ | 182.0 | $ | 191.4 |
(in Millions, Except Share and Par Value Data) | March 31, 2021 | December 31, 2020 | |||||||||
ASSETS | (unaudited) | ||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 416.7 | $ | 568.9 | |||||||
Trade receivables, net of allowance of $31.6 in 2021 and $27.9 in 2020
|
2,532.8 | 2,330.3 | |||||||||
Inventories | 1,254.7 | 1,095.6 | |||||||||
Prepaid and other current assets | 462.9 | 380.8 | |||||||||
Total current assets | $ | 4,667.1 | $ | 4,375.6 | |||||||
Investments | 3.9 | 3.1 | |||||||||
Property, plant and equipment, net | 764.2 | 771.7 | |||||||||
Goodwill | 1,466.4 | 1,468.9 | |||||||||
Other intangibles, net | 2,583.5 | 2,625.2 | |||||||||
Other assets including long-term receivables, net | 712.8 | 712.3 | |||||||||
Deferred income taxes | 225.4 | 229.6 | |||||||||
Total assets | $ | 10,423.3 | $ | 10,186.4 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term debt and current portion of long-term debt | $ | 974.4 | $ | 338.3 | |||||||
Accounts payable, trade and other | 1,074.4 | 946.7 | |||||||||
Advance payments from customers | 12.0 | 347.1 | |||||||||
Accrued and other liabilities | 601.0 | 674.7 | |||||||||
Accrued customer rebates | 455.4 | 295.2 | |||||||||
Guarantees of vendor financing | 166.6 | 140.6 | |||||||||
Accrued pension and other postretirement benefits, current | 4.2 | 4.2 | |||||||||
Income taxes | 92.1 | 82.2 | |||||||||
Total current liabilities | $ | 3,380.1 | $ | 2,829.0 | |||||||
Long-term debt, less current portion | 2,631.4 | 2,929.5 | |||||||||
Accrued pension and other postretirement benefits, long-term | 45.2 | 46.4 | |||||||||
Environmental liabilities, continuing and discontinued | 421.9 | 443.5 | |||||||||
Deferred income taxes | 345.1 | 350.0 | |||||||||
Other long-term liabilities | 568.3 | 603.8 | |||||||||
Commitments and contingent liabilities (Note 19) | |||||||||||
Equity | |||||||||||
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2021 or 2020
|
$ | — | $ | — | |||||||
Common stock, $0.10 par value, authorized 260,000,000 shares; 185,983,792 issued shares in 2021 and 2020
|
18.6 | 18.6 | |||||||||
Capital in excess of par value of common stock | 865.4 | 860.2 | |||||||||
Retained earnings | 4,627.0 | 4,506.4 | |||||||||
Accumulated other comprehensive income (loss) | (282.8) | (282.2) | |||||||||
Treasury stock, common, at cost - 2021: 57,107,215 shares, 2020: 56,630,209 shares
|
(2,219.6) | (2,141.2) | |||||||||
Total FMC stockholders’ equity | $ | 3,008.6 | $ | 2,961.8 | |||||||
Noncontrolling interests | 22.7 | 22.4 | |||||||||
Total equity | $ | 3,031.3 | $ | 2,984.2 | |||||||
Total liabilities and equity | $ | 10,423.3 | $ | 10,186.4 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(in Millions)
|
(unaudited) | ||||||||||
Cash provided (required) by operating activities of continuing operations: | |||||||||||
Net income (loss) | $ | 183.2 | $ | 206.2 | |||||||
Discontinued operations, net of income taxes | 8.1 | 7.5 | |||||||||
Income (loss) from continuing operations | $ | 191.3 | $ | 213.7 | |||||||
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations: | |||||||||||
Depreciation and amortization | $ | 42.6 | $ | 39.1 | |||||||
Restructuring and other charges (income) | 3.2 | 13.4 | |||||||||
Deferred income taxes | (0.2) | 14.4 | |||||||||
Pension and other postretirement benefits | 6.2 | 3.2 | |||||||||
Share-based compensation | 5.4 | 7.4 | |||||||||
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | |||||||||||
Trade receivables, net | (216.6) | (283.8) | |||||||||
Guarantees of vendor financing | 26.0 | (11.4) | |||||||||
Advance payments from customers | (334.9) | (279.6) | |||||||||
Accrued customer rebates | 157.9 | 102.2 | |||||||||
Inventories | (166.8) | (63.3) | |||||||||
Accounts payable, trade and other | 125.1 | (68.1) | |||||||||
Income taxes | (7.1) | 10.5 | |||||||||
Pension and other postretirement benefit contributions | (1.2) | (1.2) | |||||||||
Environmental spending, continuing, net of recoveries | (27.4) | 16.3 | |||||||||
Restructuring and other spending | (7.0) | (1.9) | |||||||||
Transaction and integration costs | (4.5) | (22.5) | |||||||||
Change in other operating assets and liabilities, net (1)
|
(86.1) | 2.7 | |||||||||
Cash provided (required) by operating activities of continuing operations | $ | (294.1) | $ | (308.9) | |||||||
Cash provided (required) by operating activities of discontinued operations: | |||||||||||
Environmental spending, discontinued, net of recoveries | $ | (5.1) | $ | (10.8) | |||||||
Other discontinued spending | (3.8) | (8.6) | |||||||||
Cash provided (required) by operating activities of discontinued operations | $ | (8.9) | $ | (19.4) |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(in Millions) | (unaudited) | ||||||||||
Cash provided (required) by investing activities of continuing operations: | |||||||||||
Capital expenditures | $ | (25.0) | $ | (15.5) | |||||||
Investment in Enterprise Resource Planning system | (12.2) | (18.6) | |||||||||
Other investing activities | (13.9) | (9.1) | |||||||||
Cash provided (required) by investing activities of continuing operations | $ | (51.1) | $ | (43.2) | |||||||
Cash provided (required) by financing activities of continuing operations: | |||||||||||
Net borrowings (repayments) under committed credit facility | $ | — | $ | 500.0 | |||||||
Increase (decrease) in short-term debt | $ | 346.5 | $ | 30.7 | |||||||
Repayments of long-term debt | (1.0) | (0.7) | |||||||||
Issuances of common stock, net | 4.2 | 9.2 | |||||||||
Dividends paid (2)
|
(62.3) | (57.0) | |||||||||
Repurchases of common stock under publicly announced program | (75.0) | — | |||||||||
Other repurchases of common stock | (7.7) | (7.4) | |||||||||
Cash provided (required) by financing activities of continuing operations | $ | 204.7 | $ | 474.8 | |||||||
Effect of exchange rate changes on cash and cash equivalents | (2.8) | (6.2) | |||||||||
Increase (decrease) in cash and cash equivalents | $ | (152.2) | $ | 97.1 | |||||||
Cash and cash equivalents, beginning of period | $ | 568.9 | $ | 339.1 | |||||||
Cash and cash equivalents, end of period | $ | 416.7 | $ | 436.2 |
FMC Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
(in Millions, Except Per Share Data) |
Common
Stock,
$0.10 Par
Value
|
Capital In Excess of Par |
Retained
Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury
Stock |
Non-controlling
Interest |
Total
Equity |
||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 18.6 | $ | 860.2 | $ | 4,506.4 | $ | (282.2) | $ | (2,141.2) | $ | 22.4 | $ | 2,984.2 | |||||||||||||||||||||||||||
Net income (loss) | — | — | 182.6 | — | — | 0.6 | 183.2 | ||||||||||||||||||||||||||||||||||
Stock compensation plans | — | 5.2 | — | — | 4.4 | — | 9.6 | ||||||||||||||||||||||||||||||||||
Shares for benefit plan trust | — | — | — | — | (0.1) | — | (0.1) | ||||||||||||||||||||||||||||||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1)
|
— | — | — | 4.3 | — | — | 4.3 | ||||||||||||||||||||||||||||||||||
Net hedging gains (losses) and other, net of income tax (1)
|
— | — | — | 44.6 | — | — | 44.6 | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments (1)
|
— | — | — | (49.5) | — | (0.3) | (49.8) | ||||||||||||||||||||||||||||||||||
Dividends ($0.48 per share)
|
— | — | (62.0) | — | — | — | (62.0) | ||||||||||||||||||||||||||||||||||
Repurchases of common stock | — | — | — | — | (82.7) | — | (82.7) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 18.6 | $ | 865.4 | $ | 4,627.0 | $ | (282.8) | $ | (2,219.6) | $ | 22.7 | $ | 3,031.3 | |||||||||||||||||||||||||||
FMC Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
(in Millions, Except Per Share Data) |
Common
Stock,
$0.10 Par
Value
|
Capital In Excess of Par |
Retained
Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury
Stock |
Non-controlling
Interest |
Total
Equity |
||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 18.6 | $ | 829.7 | $ | 4,188.8 | $ | (412.0) | $ | (2,092.8) | $ | 29.1 | $ | 2,561.4 | |||||||||||||||||||||||||||
Net income (loss) | — | — | 206.2 | — | — | — | 206.2 | ||||||||||||||||||||||||||||||||||
Stock compensation plans | — | 10.5 | — | — | 6.0 | — | 16.5 | ||||||||||||||||||||||||||||||||||
Shares for benefit plan trust | — | — | — | — | (0.4) | — | (0.4) | ||||||||||||||||||||||||||||||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1)
|
— | — | — | 1.6 | — | — | 1.6 | ||||||||||||||||||||||||||||||||||
Net hedging gains (losses) and other, net of income tax (1)
|
— | — | — | 17.2 | — | — | 17.2 | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments (1)
|
— | — | — | (33.6) | — | (1.8) | (35.4) | ||||||||||||||||||||||||||||||||||
Dividends ($0.44 per share)
|
— | — | (57.1) | — | — | — | (57.1) | ||||||||||||||||||||||||||||||||||
Repurchases of common stock | — | — | — | — | (7.3) | — | (7.3) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 18.6 | $ | 840.2 | $ | 4,337.9 | $ | (426.8) | $ | (2,094.5) | $ | 27.3 | $ | 2,702.7 | |||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(in Millions) | 2021 | 2020 | |||||||||||||||||||||
North America | $ | 301.0 | $ | 327.6 | |||||||||||||||||||
Latin America | 203.2 | 259.2 | |||||||||||||||||||||
Europe, Middle East & Africa (EMEA) | 399.4 | 415.3 | |||||||||||||||||||||
Asia | 292.0 | 247.9 | |||||||||||||||||||||
Total Revenue | $ | 1,195.6 | $ | 1,250.0 | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(in Millions) | 2021 | 2020 | |||||||||||||||||||||
Insecticides | $ | 687.0 | $ | 720.4 | |||||||||||||||||||
Herbicides | 361.7 | 367.2 | |||||||||||||||||||||
Fungicides | 90.5 | 83.3 | |||||||||||||||||||||
Plant Health | 50.2 | 46.4 | |||||||||||||||||||||
Other | 6.2 | 32.7 | |||||||||||||||||||||
Total Revenue | $ | 1,195.6 | $ | 1,250.0 | |||||||||||||||||||
(in Millions) | Balance as of December 31, 2020 | Balance as of March 31, 2021 | Increase (Decrease) | ||||||||||||||
Receivables from contracts with customers, net of allowances | $ | 2,433.8 | $ | 2,631.1 | $ | 197.3 | |||||||||||
Contract liabilities: Advance Payments from customers | 347.1 | 12.0 | (335.1) |
(in Millions) | Classification | March 31, 2021 | December 31, 2020 | |||||||||||
Assets | ||||||||||||||
Operating lease ROU assets | Other assets including long-term receivables, net | $ | 141.5 | $ | 147.3 | |||||||||
Liabilities | ||||||||||||||
Operating lease current liabilities | Accrued and other liabilities | $ | 25.0 | $ | 25.6 | |||||||||
Operating lease noncurrent liabilities | Other long-term liabilities | 145.0 | 151.1 | |||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
(in Millions) | Lease Cost Classification | 2021 | 2020 | |||||||||||||||||||||||
Lease Cost | ||||||||||||||||||||||||||
Operating lease cost | Costs of sales and services / Selling, general and administrative expenses | $ | 8.6 | $ | 10.0 | |||||||||||||||||||||
Variable lease cost | Costs of sales and services / Selling, general and administrative expenses | 1.2 | 1.4 | |||||||||||||||||||||||
Total lease cost | $ | 9.8 | $ | 11.4 |
March 31, 2021 | |||||
Operating Lease Term and Discount Rate | |||||
Weighted-average remaining lease term (years) | 9.4 | ||||
Weighted-average discount rate | 4.2 | % | |||
Three Months Ended March 31, | |||||||||||||||||||||||
(in Millions) | 2021 | 2020 | |||||||||||||||||||||
Other Information | |||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||
Operating cash flows from operating leases | $ | (8.9) | $ | (10.1) | |||||||||||||||||||
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 | $ | 2.7 | $ | 0.9 | |||||||||||||||||||
(in Millions) | Operating Leases Total | ||||||||||||||||
Maturity of Lease Liabilities | |||||||||||||||||
2021 (excluding the three months ending March 31, 2021) | $ | 23.6 | |||||||||||||||
2022 | 27.3 | ||||||||||||||||
2023 | 21.6 | ||||||||||||||||
2024 | 17.7 | ||||||||||||||||
2025 | 16.8 | ||||||||||||||||
Thereafter | 102.8 | ||||||||||||||||
Total undiscounted lease payments | $ | 209.8 | |||||||||||||||
Less: Present value adjustment | (39.8) | ||||||||||||||||
Present value of lease liabilities | $ | 170.0 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in Millions) | 2021 | 2020 | |||||||||||||||||||||
DuPont Crop Protection Business Acquisition | |||||||||||||||||||||||
Legal and professional fees (1)
|
$ | 0.4 | $ | 13.0 | |||||||||||||||||||
Total Transaction-related charges | $ | 0.4 | $ | 13.0 | |||||||||||||||||||
Restructuring charges | |||||||||||||||||||||||
DuPont Crop restructuring (2)
|
$ | 3.3 | $ | 7.0 | |||||||||||||||||||
Total DuPont Crop restructuring charges | $ | 3.3 | $ | 7.0 |
(in Millions) | Total | ||||||||||||||||||||||
Balance, December 31, 2020 | $ | 1,468.9 | |||||||||||||||||||||
Foreign currency and other adjustments
|
(2.5) | ||||||||||||||||||||||
Balance, March 31, 2021 | $ | 1,466.4 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(in Millions) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||||||||||||
Intangible assets subject to amortization (finite-lived) | |||||||||||||||||||||||||||||||||||
Customer relationships | $ | 1,156.6 | $ | (261.0) | $ | 895.6 | $ | 1,169.4 | $ | (249.7) | $ | 919.7 | |||||||||||||||||||||||
Patents | 1.8 | (1.2) | 0.6 | 1.9 | (1.2) | 0.7 | |||||||||||||||||||||||||||||
Brands (1)
|
17.6 | (9.2) | 8.4 | 18.3 | (8.9) | 9.4 | |||||||||||||||||||||||||||||
Purchased and licensed technologies | 60.9 | (38.8) | 22.1 | 61.1 | (38.1) | 23.0 | |||||||||||||||||||||||||||||
Other intangibles | 2.5 | (1.8) | 0.7 | 3.4 | (2.6) | 0.8 | |||||||||||||||||||||||||||||
$ | 1,239.4 | $ | (312.0) | $ | 927.4 | $ | 1,254.1 | $ | (300.5) | $ | 953.6 |
Intangible assets not subject to amortization (indefinite-lived) | |||||||||||||||||||||||||||||||||||
Crop Protection Brands (2)
|
$ | 1,259.1 | $ | 1,259.1 | $ | 1,259.1 | $ | 1,259.1 | |||||||||||||||||||||||||||
Brands (1)
|
397.0 | 397.0 | 412.5 | 412.5 | |||||||||||||||||||||||||||||||
$ | 1,656.1 | $ | 1,656.1 | $ | 1,671.6 | $ | 1,671.6 | ||||||||||||||||||||||||||||
Total intangible assets | $ | 2,895.5 | $ | (312.0) | $ | 2,583.5 | $ | 2,925.7 | $ | (300.5) | $ | 2,625.2 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in Millions) | 2021 | 2020 | |||||||||||||||||||||
Amortization expense | $ | 15.8 | $ | 15.3 |
(in Millions) | |||||
Balance, December 31, 2019 | $ | 26.3 | |||
Additions - charged to expense
|
8.2 | ||||
Transfer from (to) allowance for credit losses (see below) | (2.9) | ||||
Net recoveries, write-offs and other
|
(3.7) | ||||
Balance, December 31, 2020 | $ | 27.9 | |||
Additions - charged to expense | 4.7 | ||||
Transfer from (to) allowance for credit losses (see below) | 0.1 | ||||
Net recoveries, write-offs and other | (1.1) | ||||
Balance, March 31, 2021 | $ | 31.6 |
(in Millions)
|
|||||
Balance, December 31, 2019 | $ | 61.1 | |||
Additions - charged to expense | (3.5) | ||||
Transfer from (to) allowance for doubtful accounts (see above) | 2.9 | ||||
Foreign currency adjustments | (7.6) | ||||
Net recoveries, write-offs and other | (28.2) | ||||
Balance, December 31, 2020 | $ | 24.7 | |||
Additions - charged to expense | 2.0 | ||||
Transfer from (to) allowance for doubtful accounts (see above) | (0.1) | ||||
Foreign currency adjustments | (0.7) | ||||
Balance, March 31, 2021 | $ | 25.9 |
(in Millions) | March 31, 2021 | December 31, 2020 | |||||||||
Finished goods | $ | 453.5 | $ | 434.6 | |||||||
Work in process | 742.7 | 621.9 | |||||||||
Raw materials, supplies and other | 183.8 | 165.7 | |||||||||
First-in, first-out inventory | $ | 1,380.0 | $ | 1,222.2 | |||||||
Less: Excess of first-in, first-out cost over last-in, first-out cost | (125.3) | (126.6) | |||||||||
Net inventories | $ | 1,254.7 | $ | 1,095.6 |
(in Millions) | March 31, 2021 | December 31, 2020 | |||||||||
Property, plant and equipment | $ | 1,208.0 | $ | 1,191.5 | |||||||
Accumulated depreciation | (443.8) | (419.8) | |||||||||
Property, plant and equipment, net | $ | 764.2 | $ | 771.7 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in Millions) | 2021 | 2020 | |||||||||||||||||||||
Restructuring charges | $ | 6.3 | $ | 6.6 | |||||||||||||||||||
Other charges (income), net | (3.1) | 6.8 | |||||||||||||||||||||
Total restructuring and other charges (income) | $ | 3.2 | $ | 13.4 |
(in Millions) |
Severance and Employee Benefits
|
Other Charges (Income) (1)
|
Asset Disposal Charges (Income) (2)
|
Total | |||||||||||||||||||
DuPont Crop restructuring (3)
|
$ | 1.2 | $ | 1.1 | $ | 1.0 | $ | 3.3 | |||||||||||||||
Other items | 2.3 | 0.7 | — | 3.0 | |||||||||||||||||||
Three Months Ended March 31, 2021 | $ | 3.5 | $ | 1.8 | $ | 1.0 | $ | 6.3 | |||||||||||||||
DuPont Crop restructuring | $ | 5.6 | $ | 0.3 | $ | 1.1 | $ | 7.0 | |||||||||||||||
Other items | — | — | (0.4) | (0.4) | |||||||||||||||||||
Three Months Ended March 31, 2020 | $ | 5.6 | $ | 0.3 | $ | 0.7 | $ | 6.6 | |||||||||||||||
(in Millions) |
Balance at
12/31/20 (3)
|
Change in
reserves (4)
|
Cash
payments |
Other |
Balance at
3/31/21 (3)
|
||||||||||||||||||||||||
DuPont Crop restructuring (1)
|
$ | 13.6 | $ | 2.3 | $ | (4.2) | $ | — | $ | 11.7 | |||||||||||||||||||
Other workforce related and facility shutdowns (2)
|
2.8 | 3.0 | (2.8) | — | 3.0 | ||||||||||||||||||||||||
Total | $ | 16.4 | $ | 5.3 | $ | (7.0) | $ | — | $ | 14.7 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in Millions) | 2021 | 2020 | |||||||||||||||||||||
Environmental charges, net | $ | (4.1) | $ | 6.4 | |||||||||||||||||||
Other items, net | 1.0 | 0.4 | |||||||||||||||||||||
Other charges (income), net | $ | (3.1) | $ | 6.8 |
(in Millions) | March 31, 2021 | December 31, 2020 | |||||||||
Short-term foreign debt (1)
|
$ | 102.4 | $ | 98.4 | |||||||
Commercial paper (2)
|
486.9 | 146.3 | |||||||||
Total short-term debt | $ | 589.3 | $ | 244.7 | |||||||
Current portion of long-term debt | 385.1 | 93.6 | |||||||||
Total short-term debt and current portion of long-term debt | $ | 974.4 | $ | 338.3 |
(in Millions) | March 31, 2021 | ||||||||||||||||||||||
Interest Rate Percentage |
Maturity
Date |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||
Pollution control and industrial revenue bonds (less unamortized discounts of $0.1 and $0.1, respectively)
|
0.25% - 6.45%
|
2021 - 2032
|
$ | 51.6 | $ | 51.6 | |||||||||||||||||
Senior notes (less unamortized discount of $0.9 and $1.0, respectively)
|
3.2% - 4.5%
|
2022 - 2049
|
2,199.1 | 2,199.0 | |||||||||||||||||||
2017 Term Loan Facility | 1.36% | 2022 | 700.0 | 700.0 | |||||||||||||||||||
Revolving Credit Facility (1)
|
2.8% | 2024 | — | — | |||||||||||||||||||
Foreign debt |
0% - 6.1%
|
2021 - 2024
|
84.0 | 92.3 | |||||||||||||||||||
Debt issuance cost | (18.2) | (19.8) | |||||||||||||||||||||
Total long-term debt | $ | 3,016.5 | $ | 3,023.1 | |||||||||||||||||||
Less: debt maturing within one year | 385.1 | 93.6 | |||||||||||||||||||||
Total long-term debt, less current portion | $ | 2,631.4 | $ | 2,929.5 |
(in Millions) | Three Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Adjustment for workers’ compensation, product liability, other postretirement benefits and other, net of income tax benefit (expense) of $(1.0) and $0.1 for the three months ended March 31, 2021 and 2020, respectively
|
$ | (1.6) | $ | 0.9 | |||||||||||||||||||
Provision for environmental liabilities, net of recoveries, net of income tax benefit of $0.8 and $0.5 for the three months ended March 31, 2021 and 2020, respectively
|
(2.3) | (1.9) | |||||||||||||||||||||
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $1.1 and $2.0 for the three months ended March 31, 2021 and 2020, respectively
|
(4.2) | (7.5) | |||||||||||||||||||||
Discontinued operations of FMC Lithium, net of income tax benefit (expense) of zero and $(0.2) for the three months ended March 31, 2021 and 2020 , respectively
|
— | 1.0 | |||||||||||||||||||||
Discontinued operations, net of income taxes | $ | (8.1) | $ | (7.5) |
(in Millions) | Gross |
Recoveries (3)
|
Net | ||||||||||||||
Total environmental reserves at December 31, 2020 | $ | 574.7 | $ | (10.3) | $ | 564.4 | |||||||||||
Provision (Benefit) | (0.7) | (0.2) | (0.9) | ||||||||||||||
(Spending) Recoveries | (32.5) | — | (32.5) | ||||||||||||||
Foreign currency translation adjustments | (3.0) | — | (3.0) | ||||||||||||||
Net change | $ | (36.2) | $ | (0.2) | $ | (36.4) | |||||||||||
Total environmental reserves at March 31, 2021 | $ | 538.5 | $ | (10.5) | $ | 528.0 | |||||||||||
Environmental reserves, current (1)
|
$ | 106.9 | $ | (0.8) | $ | 106.1 | |||||||||||
Environmental reserves, long-term (2)
|
431.6 | (9.7) | 421.9 | ||||||||||||||
Total environmental reserves at March 31, 2021 | $ | 538.5 | $ | (10.5) | $ | 528.0 |
(in Millions) | December 31, 2020 | Increase (Decrease) in recoveries | Cash received | March 31, 2021 | |||||||||||||||||||||||||
Environmental recoveries | $ | 4.4 | $ | 0.1 | $ | — | $ | 4.5 | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(in Millions) | 2021 | 2020 | |||||||||||||||||||||
Environmental provisions, net - recorded to liabilities (1)
|
$ | (0.9) | $ | 5.3 | |||||||||||||||||||
Environmental provisions, net - recorded to assets (2)
|
(0.1) | 3.5 | |||||||||||||||||||||
Environmental provision, net | $ | (1.0) | $ | 8.8 | |||||||||||||||||||
Continuing operations (3)
|
$ | (4.1) | $ | 6.4 | |||||||||||||||||||
Discontinued operations (4)
|
3.1 | 2.4 | |||||||||||||||||||||
Environmental provision, net | $ | (1.0) | $ | 8.8 |
(in Millions, Except Share and Per Share Data) | Three Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Earnings (loss) attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations, net of income taxes | $ | 190.7 | $ | 213.7 | |||||||||||||||||||
Discontinued operations, net of income taxes | (8.1) | (7.5) | |||||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | 182.6 | $ | 206.2 | |||||||||||||||||||
Less: Distributed and undistributed earnings allocable to restricted award holders | (0.4) | (0.5) | |||||||||||||||||||||
Net income (loss) allocable to common stockholders | $ | 182.2 | $ | 205.7 | |||||||||||||||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations | $ | 1.47 | $ | 1.65 | |||||||||||||||||||
Discontinued operations | (0.06) | (0.06) | |||||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | 1.41 | $ | 1.59 | |||||||||||||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations | $ | 1.46 | $ | 1.64 | |||||||||||||||||||
Discontinued operations | (0.06) | (0.06) | |||||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | 1.40 | $ | 1.58 | |||||||||||||||||||
Shares (in thousands): | |||||||||||||||||||||||
Weighted average number of shares of common stock outstanding - Basic | 129,484 | 129,527 | |||||||||||||||||||||
Weighted average additional shares assuming conversion of potential common shares | 836 | 939 | |||||||||||||||||||||
Shares – diluted basis | 130,320 | 130,466 |
(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, 2020 | $ | 24.0 | $ | (71.8) | $ | (234.4) | $ | (282.2) | |||||||||||||||
2021 Activity | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (49.5) | 40.5 | (0.1) | (9.1) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 4.1 | 4.4 | 8.5 | |||||||||||||||||||
Net current period other comprehensive income (loss) | $ | (49.5) | $ | 44.6 | $ | 4.3 | $ | (0.6) | |||||||||||||||
Accumulated other comprehensive income (loss), net of tax at March 31, 2021 | $ | (25.5) | $ | (27.2) | $ | (230.1) | $ | (282.8) |
(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 | $ | (77.7) | $ | (65.0) | $ | (269.3) | $ | (412.0) | |||||||||||||||
2020 Activity | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (33.6) | 27.5 | — | (6.1) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (10.3) | 1.6 | (8.7) | |||||||||||||||||||
Net current period other comprehensive income (loss) | $ | (33.6) | $ | 17.2 | $ | 1.6 | $ | (14.8) | |||||||||||||||
Accumulated other comprehensive income (loss), net of tax at March 31, 2020 | $ | (111.3) | $ | (47.8) | $ | (267.7) | $ | (426.8) |
Details about Accumulated Other Comprehensive Income Components |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1)
|
Affected Line Item in the Condensed Consolidated Statements of Income (Loss) | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
(in Millions) | 2021 | 2020 | ||||||||||||||||||||||||
Derivative instruments | ||||||||||||||||||||||||||
Gain (loss) on foreign currency contracts | $ | (4.8) | $ | 14.3 | Costs of sales and services | |||||||||||||||||||||
Gain (loss) on foreign currency contracts | 0.1 | (1.7) | Selling, general and administrative expenses | |||||||||||||||||||||||
Gain (loss) on interest rate contracts | (0.2) | 0.5 | Interest expense, net | |||||||||||||||||||||||
Total before tax | $ | (4.9) | $ | 13.1 | ||||||||||||||||||||||
0.8 | (2.8) | Provision for income taxes | ||||||||||||||||||||||||
Amount included in net income (loss) | $ | (4.1) | $ | 10.3 | ||||||||||||||||||||||
Pension and other postretirement benefits (2)
|
||||||||||||||||||||||||||
Amortization of prior service costs | $ | (0.1) | $ | (0.1) | Selling, general and administrative expenses | |||||||||||||||||||||
Amortization of unrecognized net actuarial and other gains (losses) | (5.4) | (2.0) | Non-operating pension and postretirement charges (income) | |||||||||||||||||||||||
Total before tax | $ | (5.5) | $ | (2.1) | ||||||||||||||||||||||
1.1 | 0.5 | Provision for income taxes; Discontinued operations, net of income taxes | ||||||||||||||||||||||||
Amount included in net income (loss) | $ | (4.4) | $ | (1.6) | ||||||||||||||||||||||
Total reclassifications for the period | $ | (8.5) | $ | 8.7 | Amount included in net income |
(in Millions) | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
Pensions | Other Benefits | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 1.3 | $ | 0.9 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Interest cost | 6.1 | 9.1 | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (7.1) | (9.3) | — | — | |||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | 0.1 | 0.1 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Recognized net actuarial and other (gain) loss | 5.9 | 2.5 | (0.2) | (0.2) | |||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost (income) | $ | 6.3 | $ | 3.3 | $ | (0.1) | $ | (0.1) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in Millions) | Before Tax | Tax | Effective Tax Rate % | Before Tax | Tax | Effective Tax Rate % | |||||||||||||||||
Continuing operations (1)
|
$ | 223.5 | $ | 32.2 | 14.4 | % | $ | 248.4 | $ | 34.7 | 14.0 | % | |||||||||||
Discrete items: | |||||||||||||||||||||||
Currency remeasurement (2)
|
$ | 21.7 | $ | 2.7 | $ | 1.1 | $ | — | |||||||||||||||
Other discrete items (3)
|
73.7 | 1.6 | 49.5 | 2.7 | |||||||||||||||||||
Tax only discrete items (4)
|
— | 2.8 | — | 2.9 | |||||||||||||||||||
Total discrete items | $ | 95.4 | $ | 7.1 | $ | 50.6 | $ | 5.6 | |||||||||||||||
Continuing operations, before discrete items | $ | 318.9 | $ | 39.3 | $ | 299.0 | $ | 40.3 | |||||||||||||||
Estimated Annualized Effective Tax Rate (EAETR) (1)
|
12.3 | % | 13.5 | % | |||||||||||||||||||
Financial Instrument | Valuation Method | |||||||
Foreign exchange forward contracts | Estimated 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 contracts | Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices for applicable commodities. | |||||||
Debt | Our 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. |
March 31, 2021 | |||||||||||||||||||||||||||||
Gross Amount of Derivatives | |||||||||||||||||||||||||||||
(in Millions) | Designated as Cash Flow Hedges | Not Designated as Hedging Instruments | Total Gross Amounts |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet (3)
|
Net Amounts | ||||||||||||||||||||||||
Foreign exchange contracts | $ | 35.6 | $ | 6.3 | $ | 41.9 | $ | (23.0) | $ | 18.9 | |||||||||||||||||||
Interest rate contracts | 7.9 | — | 7.9 | — | 7.9 | ||||||||||||||||||||||||
Total derivative assets (1)
|
$ | 43.5 | $ | 6.3 | $ | 49.8 | $ | (23.0) | $ | 26.8 | |||||||||||||||||||
Foreign exchange contracts | $ | (22.0) | $ | (1.0) | $ | (23.0) | $ | 23.0 | $ | — | |||||||||||||||||||
Total derivative liabilities (2)
|
$ | (22.0) | $ | (1.0) | $ | (23.0) | $ | 23.0 | $ | — | |||||||||||||||||||
Net derivative assets (liabilities) | $ | 21.5 | $ | 5.3 | $ | 26.8 | $ | — | $ | 26.8 |
December 31, 2020 | |||||||||||||||||||||||||||||
Gross Amount of Derivatives | |||||||||||||||||||||||||||||
(in Millions) | Designated as Cash Flow Hedges | Not Designated as Hedging Instruments | Total Gross Amounts |
Gross Amounts Offset in the Condensed Consolidated Balance Sheet (3)
|
Net Amounts | ||||||||||||||||||||||||
Foreign exchange contracts | $ | 19.4 | $ | 1.9 | $ | 21.3 | $ | (21.1) | $ | 0.2 | |||||||||||||||||||
Interest rate contracts | 0.1 | — | 0.1 | — | 0.1 | ||||||||||||||||||||||||
Total derivative assets (1)
|
$ | 19.5 | $ | 1.9 | $ | 21.4 | $ | (21.1) | $ | 0.3 | |||||||||||||||||||
Foreign exchange contracts | $ | (42.7) | $ | (3.1) | $ | (45.8) | $ | 21.1 | $ | (24.7) | |||||||||||||||||||
Interest rate contracts | (0.9) | — | (0.9) | — | (0.9) | ||||||||||||||||||||||||
Total derivative liabilities (2)
|
$ | (43.6) | $ | (3.1) | $ | (46.7) | $ | 21.1 | $ | (25.6) | |||||||||||||||||||
Net derivative assets (liabilities) | $ | (24.1) | $ | (1.2) | $ | (25.3) | $ | — | $ | (25.3) |
Contracts | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign Exchange | Interest rate | Total | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
(in Millions) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | 33.5 | $ | 29.7 | $ | 7.0 | $ | (2.2) | $ | 40.5 | $ | 27.5 | |||||||||||||||||||||||||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax (1)
|
3.9 | (9.8) | 0.2 | (0.5) | 4.1 | (10.3) | |||||||||||||||||||||||||||||||||||||||||
Total derivative instrument impact on comprehensive income, net of tax | $ | 37.4 | $ | 19.9 | $ | 7.2 | $ | (2.7) | $ | 44.6 | $ | 17.2 | |||||||||||||||||||||||||||||||||||
Amount of Pre-tax Gain (Loss)
Recognized in Income on Derivatives (1)
|
||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
(in Millions) |
Location of Gain or (Loss)
Recognized in Income on Derivatives |
2021 | 2020 | |||||||||||||||||||||||
Foreign exchange contracts | Cost of sales and services | $ | (12.7) | $ | 11.0 | |||||||||||||||||||||
Total | $ | (12.7) | $ | 11.0 |
(in Millions) | March 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)
|
$ | 18.9 | $ | — | $ | 18.9 | $ | — | |||||||||||||||
Derivatives – Interest rate (1)
|
7.9 | — | 7.9 | — | |||||||||||||||||||
Other (2)
|
25.8 | 25.8 | — | — | |||||||||||||||||||
Total assets | $ | 52.6 | $ | 25.8 | $ | 26.8 | $ | — | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives – Foreign exchange (1)
|
$ | — | $ | — | $ | — | $ | — | |||||||||||||||
Derivatives – Interest rate (1)
|
— | — | — | — | |||||||||||||||||||
Other (3)
|
36.6 | 36.6 | — | — | |||||||||||||||||||
Total liabilities | $ | 36.6 | $ | 36.6 | $ | — | $ | — |
(in Millions) | December 31, 2020 |
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)
|
$ | 0.2 | $ | — | $ | 0.2 | $ | — | |||||||||||||||
Derivatives - Interest Rate (1)
|
0.1 | — | 0.1 | — | |||||||||||||||||||
Other (2)
|
24.1 | 24.1 | — | — | |||||||||||||||||||
Total assets | $ | 24.4 | $ | 24.1 | $ | 0.3 | $ | — | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives – Foreign exchange (1)
|
$ | 24.7 | $ | — | $ | 24.7 | $ | — | |||||||||||||||
Derivatives – Interest rate (1)
|
0.9 | — | 0.9 | — | |||||||||||||||||||
Other (3)
|
35.2 | 35.2 | — | — | |||||||||||||||||||
Total liabilities | $ | 60.8 | $ | 35.2 | $ | 25.6 | $ | — |
(in Millions) | |||||
Guarantees: | |||||
Guarantees of vendor financing - short-term (1)
|
$ | 166.6 | |||
Other debt guarantees (2)
|
— | ||||
Total | $ | 166.6 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in Millions) | (unaudited) | ||||||||||||||||||||||
Revenue | $ | 1,195.6 | $ | 1,250.0 | |||||||||||||||||||
Costs of sales and services | 683.2 | 688.5 | |||||||||||||||||||||
Gross margin | $ | 512.4 | $ | 561.5 | |||||||||||||||||||
Selling, general and administrative expenses | 174.5 | 189.4 | |||||||||||||||||||||
Research and development expenses | 74.0 | 67.3 | |||||||||||||||||||||
Restructuring and other charges (income) | 3.2 | 13.4 | |||||||||||||||||||||
Total costs and expenses | $ | 934.9 | $ | 958.6 | |||||||||||||||||||
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes (1)
|
$ | 260.7 | $ | 291.4 | |||||||||||||||||||
Non-operating pension and postretirement charges (income) | 4.8 | 2.2 | |||||||||||||||||||||
Interest expense, net | 32.4 | 40.8 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 223.5 | $ | 248.4 | |||||||||||||||||||
Provision (benefit) for income taxes | 32.2 | 34.7 | |||||||||||||||||||||
Income (loss) from continuing operations | $ | 191.3 | $ | 213.7 | |||||||||||||||||||
Discontinued operations, net of income taxes | (8.1) | (7.5) | |||||||||||||||||||||
Net income (loss) (GAAP) | $ | 183.2 | $ | 206.2 | |||||||||||||||||||
Adjustments to arrive at Adjusted EBITDA: | |||||||||||||||||||||||
Corporate special charges (income): | |||||||||||||||||||||||
Restructuring and other charges (income) (3)
|
$ | 3.2 | $ | 13.4 | |||||||||||||||||||
Non-operating pension and postretirement charges (income) (4)
|
4.8 | 2.2 | |||||||||||||||||||||
Total transaction-related charges (5)
|
0.4 | 13.0 | |||||||||||||||||||||
Discontinued operations, net of income taxes | 8.1 | 7.5 | |||||||||||||||||||||
Interest expense, net | 32.4 | 40.8 | |||||||||||||||||||||
Depreciation and amortization | 42.6 | 39.1 | |||||||||||||||||||||
Provision (benefit) for income taxes | 32.2 | 34.7 | |||||||||||||||||||||
Adjusted EBITDA (Non-GAAP) (2)
|
$ | 306.9 | $ | 356.9 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in Millions) | 2021 | 2020 | |||||||||||||||||||||
DuPont Crop Protection Business Acquisition | |||||||||||||||||||||||
Legal and professional fees (1)
|
$ | 0.4 | $ | 13.0 | |||||||||||||||||||
Total Transaction-related charges | $ | 0.4 | $ | 13.0 |
ADJUSTED EARNINGS RECONCILIATION | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in Millions) | (unaudited) | ||||||||||||||||||||||
Net income (loss) attributable to FMC stockholders (GAAP) | $ | 182.6 | $ | 206.2 | |||||||||||||||||||
Corporate special charges (income), pre-tax (1)
|
8.4 | 28.6 | |||||||||||||||||||||
Income tax (expense) benefit on Corporate special charges (income) (2)
|
(1.6) | (4.9) | |||||||||||||||||||||
Corporate special charges (income), net of income taxes | $ | 6.8 | $ | 23.7 | |||||||||||||||||||
Discontinued operations attributable to FMC Stockholders, net of income taxes | 8.1 | 7.5 | |||||||||||||||||||||
Non-GAAP tax adjustments (3)
|
2.5 | 2.2 | |||||||||||||||||||||
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) | $ | 200.0 | $ | 239.6 |
Three Months Ended March 31, 2021 vs. 2020 | |||||
Total Revenue Change (GAAP) | (4) | % | |||
Less: Foreign Currency Impact | 1% | ||||
Organic Revenue Change (Non-GAAP) | (5) | % | |||
Total Revenue by Region | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(in Millions) | 2021 | 2020 | |||||||||||||||||||||
North America | $ | 301.0 | $ | 327.6 | |||||||||||||||||||
Latin America | 203.2 | 259.2 | |||||||||||||||||||||
Europe, Middle East & Africa (EMEA) | 399.4 | 415.3 | |||||||||||||||||||||
Asia | 292.0 | 247.9 | |||||||||||||||||||||
Total Revenue | $ | 1,195.6 | $ | 1,250.0 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in Millions) | 2021 | 2020 | |||||||||||||||||||||
Restructuring charges | $ | 6.3 | $ | 6.6 | |||||||||||||||||||
Other charges (income), net | (3.1) | 6.8 | |||||||||||||||||||||
Total restructuring and other charges (income) | $ | 3.2 | $ | 13.4 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in Millions) | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | |||||||||||||||||
GAAP - Continuing operations | $ | 223.5 | $ | 32.2 | 14.4 | % | $ | 248.4 | $ | 34.7 | 14.0 | % | |||||||||||
Corporate special charges (income) | 8.4 | 1.6 | 28.6 | 4.9 | |||||||||||||||||||
Tax adjustments (1)
|
(2.5) | (2.2) | |||||||||||||||||||||
Non-GAAP - Continuing operations | $ | 231.9 | $ | 31.3 | 13.5 | % | $ | 277.0 | $ | 37.4 | 13.5 | % |
(in Millions) | Three Months Ended March 31, | ||||||||||
2021 | 2020 | ||||||||||
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 260.7 | $ | 291.4 | |||||||
Restructuring and other charges (income), total transaction-related charges and depreciation and amortization | 46.2 | 65.5 | |||||||||
Operating income before depreciation and amortization (Non-GAAP) | $ | 306.9 | $ | 356.9 | |||||||
Change in trade receivables, net (1)
|
(216.6) | (283.8) | |||||||||
Change in guarantees of vendor financing
|
26.0 | (11.4) | |||||||||
Change in advance payments from customers (2)
|
(334.9) | (279.6) | |||||||||
Change in accrued customer rebates (3)
|
157.9 | 102.2 | |||||||||
Change in inventories (4)
|
(166.8) | (63.3) | |||||||||
Change in accounts payable (5)
|
125.1 | (68.1) | |||||||||
Change in all other operating assets and liabilities (6)
|
(102.0) | 8.6 | |||||||||
Operating cash flows (Non-GAAP) | $ | (204.4) | $ | (238.5) | |||||||
Restructuring and other spending (7)
|
$ | (7.0) | $ | (1.9) | |||||||
Environmental spending, continuing, net of recoveries (8)
|
(27.4) | 16.3 | |||||||||
Pension and other postretirement benefit contributions (9)
|
(1.2) | (1.2) | |||||||||
Net interest payments (10)
|
(25.1) | (32.1) | |||||||||
Tax payments, net of refunds (10)
|
(24.5) | (29.0) | |||||||||
Transaction and integration costs (11)
|
(4.5) | (22.5) | |||||||||
Cash provided (required) by operating activities of continuing operations | $ | (294.1) | $ | (308.9) |
(in Millions) | Three Months Ended March 31, | ||||||||||
2021 | 2020 | ||||||||||
Cash provided (required) by operating activities of continuing operations (GAAP) | $ | (294.1) | $ | (308.9) | |||||||
Transaction and integration costs (1)
|
4.5 | 22.5 | |||||||||
Adjusted cash from operations (2)
|
$ | (289.6) | $ | (286.4) | |||||||
Capital expenditures (3)
|
(25.0) | (15.5) | |||||||||
Other investing activities (3)(4)
|
(13.9) | (9.1) | |||||||||
Capital additions and other investing activities | $ | (38.9) | $ | (24.6) | |||||||
Cash provided (required) by operating activities of discontinued operations (5)
|
(8.9) | (19.4) | |||||||||
Cash provided (required) by investing activities of discontinued operations
|
— | — | |||||||||
Transaction and integration costs (1)
|
(4.5) | (22.5) | |||||||||
Investment in Enterprise Resource Planning system (3)
|
(12.2) | (18.6) | |||||||||
Legacy and transformation (6)
|
$ | (25.6) | $ | (60.5) | |||||||
Free cash flow (Non-GAAP) | $ | (354.1) | $ | (371.5) |
(in Millions) | Net Asset / (Liability) Position on Condensed Consolidated Balance Sheets | 10% Strengthening | 10% Weakening | ||||||||||||||
Net asset (liability) position at March 31, 2021 | $ | 18.9 | $ | 45.9 | $ | (8.8) | |||||||||||
Net asset (liability) position at December 31, 2020 | (24.5) | 8.4 | (9.6) |
(in Millions) | Net Asset / (Liability) Position on Condensed Consolidated Balance Sheets | 1% Increase | 1% Decrease | ||||||||||||||
Net asset (liability) position at March 31, 2021 | $ | 7.9 | $ | 17.2 | $ | (1.3) | |||||||||||
Net asset (liability) position at December 31, 2020 | (0.8) | 8.8 | (10.4) |
Publicly Announced Program | ||||||||||||||||||||||||||||||||
Period |
Total Number
of Shares
Purchased (1)
|
Average
Price Paid Per Share |
Total Number of
Shares Purchased |
Total Dollar
Amount Purchased |
Maximum Dollar Value of
Shares that May Yet be Purchased |
|||||||||||||||||||||||||||
January 2021 | 8,977 | $ | 119.68 | — | $ | — | $ | 550,000,656 | ||||||||||||||||||||||||
February 2021 | 55,838 | 105.90 | — | — | 550,000,656 | |||||||||||||||||||||||||||
March 2021 | 704,733 | 107.78 | 696,074 | 74,988,385 | 475,012,271 | |||||||||||||||||||||||||||
Total Q1 2021 | 769,548 | $ | 107.77 | 696,074 | $ | 74,988,385 | ||||||||||||||||||||||||||
15 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | Interactive Data File (The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.) |
FMC CORPORATION
(Registrant) |
|||||||||||
By: | /s/ ANDREW D. SANDIFER | ||||||||||
Andrew D. Sandifer
Executive Vice President and Chief Financial Officer |
1 Year FMC Chart |
1 Month FMC Chart |
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