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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 | |
---|---|---|---|---|---|---|---|---|
1.32 | 2.18% | 61.85 | 61.92 | 60.645 | 61.00 | 1,482,133 | 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) | (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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in Millions, Except Per Share Data) | (unaudited) | (unaudited) | |||||||||||||||||||||
Revenue | $ | 1,452.3 | $ | 1,242.0 | $ | 2,803.1 | $ | 2,437.6 | |||||||||||||||
Costs and Expenses | |||||||||||||||||||||||
Costs of sales and services | 861.3 | 710.2 | 1,639.4 | 1,393.4 | |||||||||||||||||||
Gross margin | $ | 591.0 | $ | 531.8 | $ | 1,163.7 | $ | 1,044.2 | |||||||||||||||
Selling, general and administrative expenses | 194.8 | 161.0 | 383.3 | 335.5 | |||||||||||||||||||
Research and development expenses | 79.5 | 65.9 | 151.3 | 139.9 | |||||||||||||||||||
Restructuring and other charges (income) | 80.8 | 16.3 | 89.9 | 19.5 | |||||||||||||||||||
Total costs and expenses | $ | 1,216.4 | $ | 953.4 | $ | 2,263.9 | $ | 1,888.3 | |||||||||||||||
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 235.9 | $ | 288.6 | $ | 539.2 | $ | 549.3 | |||||||||||||||
Non-operating pension and postretirement charges (income) | 3.9 | 4.8 | 8.2 | 9.6 | |||||||||||||||||||
Interest expense, net | 35.3 | 32.6 | 65.2 | 65.0 | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 196.7 | $ | 251.2 | $ | 465.8 | $ | 474.7 | |||||||||||||||
Provision (benefit) for income taxes | 54.7 | 33.4 | 97.0 | 65.6 | |||||||||||||||||||
Income (loss) from continuing operations | $ | 142.0 | $ | 217.8 | $ | 368.8 | $ | 409.1 | |||||||||||||||
Discontinued operations, net of income taxes | (10.8) | (14.6) | (26.0) | (22.7) | |||||||||||||||||||
Net income (loss) | $ | 131.2 | $ | 203.2 | $ | 342.8 | $ | 386.4 | |||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (3.0) | 0.3 | 1.2 | 0.9 | |||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | 134.2 | $ | 202.9 | $ | 341.6 | $ | 385.5 | |||||||||||||||
Amounts attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations, net of income taxes | $ | 145.0 | $ | 217.5 | $ | 367.6 | $ | 408.2 | |||||||||||||||
Discontinued operations, net of income taxes | (10.8) | (14.6) | (26.0) | (22.7) | |||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | 134.2 | $ | 202.9 | $ | 341.6 | $ | 385.5 | |||||||||||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations | $ | 1.15 | $ | 1.68 | $ | 2.91 | $ | 3.15 | |||||||||||||||
Discontinued operations | (0.09) | (0.11) | (0.21) | (0.18) | |||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | 1.06 | $ | 1.57 | $ | 2.70 | $ | 2.97 | |||||||||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations | $ | 1.15 | $ | 1.67 | $ | 2.90 | $ | 3.14 | |||||||||||||||
Discontinued operations | (0.09) | (0.11) | (0.21) | (0.17) | |||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | 1.06 | $ | 1.56 | $ | 2.69 | $ | 2.97 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in Millions) | (unaudited) | (unaudited) | |||||||||||||||||||||
Net income (loss) | $ | 131.2 | $ | 203.2 | $ | 342.8 | $ | 386.4 | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency adjustments: | |||||||||||||||||||||||
Foreign currency translation gain (loss) arising during the period | $ | (81.5) | $ | 15.3 | $ | (120.9) | $ | (34.5) | |||||||||||||||
Reclassification of foreign currency translation (gains) losses | 4.2 | — | 4.2 | — | |||||||||||||||||||
Total foreign currency translation adjustments (1) | $ | (77.3) | $ | 15.3 | $ | (116.7) | $ | (34.5) | |||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax expense (benefit) of $(2.1) and $(2.6) for the three and six months ended June 30, 2022 and $(2.0) and $2.0 for the three and six months ended June 30, 2021, respectively | $ | 40.2 | $ | (48.0) | $ | (44.5) | $ | (7.5) | |||||||||||||||
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax (expense) benefit of $3.7 and $5.2 for the three and six months ended June 30, 2022 and $2.2 and $3.0 for the three and six months ended June 30, 2021, respectively (2) | 7.8 | 7.1 | 8.4 | 11.2 | |||||||||||||||||||
Total derivative instruments, net of tax expense (benefit) of $1.6 and $2.6 for the three and six months ended June 30, 2022 and $0.2 and $5.0 for the three and six months ended June 30, 2021, respectively | $ | 48.0 | $ | (40.9) | $ | (36.1) | $ | 3.7 | |||||||||||||||
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 and six months ended June 30, 2022 and zero and zero for the three and six months ended June 30, 2021, 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 $0.8 and $1.8 for the three and six months ended June 30, 2022 and $1.2 and $2.3 for the three and six months ended June 30, 2021, respectively (2) | 3.2 | 4.3 | 6.8 | 8.7 | |||||||||||||||||||
Total pension and other postretirement benefits, net of tax expense (benefit) of $0.8 and $1.8 for the three and six months ended June 30, 2022 and $1.2 and $2.3 for the three and six months ended June 30, 2021, respectively | $ | 3.2 | $ | 4.3 | $ | 6.8 | $ | 8.6 | |||||||||||||||
Other comprehensive income (loss), net of tax | $ | (26.1) | $ | (21.3) | $ | (146.0) | $ | (22.2) | |||||||||||||||
Comprehensive income (loss) | $ | 105.1 | $ | 181.9 | $ | 196.8 | $ | 364.2 | |||||||||||||||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | (4.3) | 0.7 | (0.1) | 1.0 | |||||||||||||||||||
Comprehensive income (loss) attributable to FMC stockholders | $ | 109.4 | $ | 181.2 | $ | 196.9 | $ | 363.2 |
(in Millions, Except Share and Par Value Data) | June 30, 2022 | December 31, 2021 | |||||||||
ASSETS | (unaudited) | ||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 591.5 | $ | 516.8 | |||||||
Trade receivables, net of allowance of $36.5 in 2022 and $37.4 in 2021 | 2,885.1 | 2,583.7 | |||||||||
Inventories | 1,590.4 | 1,405.7 | |||||||||
Prepaid and other current assets | 450.4 | 431.4 | |||||||||
Total current assets | $ | 5,517.4 | $ | 4,937.6 | |||||||
Investments | 10.1 | 9.2 | |||||||||
Property, plant and equipment, net | 797.4 | 817.0 | |||||||||
Goodwill | 1,455.8 | 1,463.3 | |||||||||
Other intangibles, net | 2,446.4 | 2,521.9 | |||||||||
Other assets including long-term receivables, net | 602.2 | 613.8 | |||||||||
Deferred income taxes | 214.9 | 218.5 | |||||||||
Total assets | $ | 11,044.2 | $ | 10,581.3 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term debt and current portion of long-term debt | $ | 1,155.1 | $ | 440.8 | |||||||
Accounts payable, trade and other | 1,122.2 | 1,135.0 | |||||||||
Advance payments from customers | 1.8 | 630.7 | |||||||||
Accrued and other liabilities | 594.3 | 631.2 | |||||||||
Accrued customer rebates | 793.2 | 406.7 | |||||||||
Guarantees of vendor financing | 204.9 | 206.2 | |||||||||
Accrued pension and other postretirement benefits, current | 4.3 | 4.3 | |||||||||
Income taxes | 109.9 | 65.4 | |||||||||
Total current liabilities | $ | 3,985.7 | $ | 3,520.3 | |||||||
Long-term debt, less current portion | 2,731.7 | 2,731.7 | |||||||||
Accrued pension and other postretirement benefits, long-term | 39.5 | 41.8 | |||||||||
Environmental liabilities, continuing and discontinued | 373.4 | 415.9 | |||||||||
Deferred income taxes | 334.0 | 342.4 | |||||||||
Other long-term liabilities | 452.6 | 477.3 | |||||||||
Commitments and contingent liabilities (Note 19) | |||||||||||
Equity | |||||||||||
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2022 or 2021 | $ | — | $ | — | |||||||
Common stock, $0.10 par value, authorized 260,000,000 shares; 185,983,792 issued shares in 2022 and 2021 | 18.6 | 18.6 | |||||||||
Capital in excess of par value of common stock | 897.5 | 880.4 | |||||||||
Retained earnings | 5,199.1 | 4,991.3 | |||||||||
Accumulated other comprehensive income (loss) | (460.4) | (315.7) | |||||||||
Treasury stock, common, at cost - 2022: 60,024,523 shares, 2021: 60,284,313 shares | (2,546.3) | (2,542.1) | |||||||||
Total FMC stockholders’ equity | $ | 3,108.5 | $ | 3,032.5 | |||||||
Noncontrolling interests | 18.8 | 19.4 | |||||||||
Total equity | $ | 3,127.3 | $ | 3,051.9 | |||||||
Total liabilities and equity | $ | 11,044.2 | $ | 10,581.3 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(in Millions) | (unaudited) | ||||||||||
Cash provided (required) by operating activities of continuing operations: | |||||||||||
Net income (loss) | $ | 342.8 | $ | 386.4 | |||||||
Discontinued operations, net of income taxes | 26.0 | 22.7 | |||||||||
Income (loss) from continuing operations | $ | 368.8 | $ | 409.1 | |||||||
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations: | |||||||||||
Depreciation and amortization | $ | 85.2 | $ | 85.1 | |||||||
Restructuring and other charges (income) | 89.9 | 19.5 | |||||||||
Deferred income taxes | (0.6) | (2.9) | |||||||||
Pension and other postretirement benefits | 10.6 | 12.3 | |||||||||
Share-based compensation | 13.1 | 9.7 | |||||||||
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | |||||||||||
Trade receivables, net | (432.6) | (282.9) | |||||||||
Guarantees of vendor financing | (1.2) | 29.4 | |||||||||
Advance payments from customers | (628.8) | (344.3) | |||||||||
Accrued customer rebates | 400.0 | 305.2 | |||||||||
Inventories | (235.8) | (310.4) | |||||||||
Accounts payable, trade and other | 38.8 | 207.5 | |||||||||
Income taxes | 19.7 | (9.7) | |||||||||
Pension and other postretirement benefit contributions | (2.3) | (1.7) | |||||||||
Environmental spending, continuing, net of recoveries | (10.8) | (44.8) | |||||||||
Restructuring and other spending (1) | (16.8) | (17.0) | |||||||||
Transaction and integration costs | (0.5) | (5.8) | |||||||||
Change in other operating assets and liabilities, net (2) | (98.6) | (97.7) | |||||||||
Cash provided (required) by operating activities of continuing operations | $ | (401.9) | $ | (39.4) | |||||||
Cash provided (required) by operating activities of discontinued operations: | |||||||||||
Environmental spending, discontinued, net of recoveries | $ | (14.7) | $ | (22.5) | |||||||
Other discontinued spending | (16.9) | (9.9) | |||||||||
Cash provided (required) by operating activities of discontinued operations | $ | (31.6) | $ | (32.4) |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(in Millions) | (unaudited) | ||||||||||
Cash provided (required) by investing activities of continuing operations: | |||||||||||
Capital expenditures | $ | (73.7) | $ | (46.9) | |||||||
Investment in Enterprise Resource Planning system | — | (12.7) | |||||||||
Acquisitions, including cost and equity method, net | (0.5) | (2.6) | |||||||||
Other investing activities | 8.9 | (19.0) | |||||||||
Cash provided (required) by investing activities of continuing operations | $ | (65.3) | $ | (81.2) | |||||||
Cash provided (required) by financing activities of continuing operations: | |||||||||||
Increase (decrease) in short-term debt | $ | 721.5 | $ | 546.8 | |||||||
Repayments of long-term debt | (0.3) | (2.6) | |||||||||
Financing fees | (1.5) | (1.7) | |||||||||
Issuances of common stock, net | 8.3 | 5.6 | |||||||||
Dividends paid (3) | (133.7) | (124.3) | |||||||||
Repurchases of common stock under publicly announced program | — | (100.0) | |||||||||
Other repurchases of common stock | (8.6) | (7.9) | |||||||||
Cash provided (required) by financing activities of continuing operations | $ | 585.7 | $ | 315.9 | |||||||
Effect of exchange rate changes on cash and cash equivalents | (12.2) | (3.3) | |||||||||
Increase (decrease) in cash and cash equivalents | $ | 74.7 | $ | 159.6 | |||||||
Cash and cash equivalents, beginning of period | $ | 516.8 | $ | 568.9 | |||||||
Cash and cash equivalents, end of period | $ | 591.5 | $ | 728.5 |
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, 2021 | $ | 18.6 | $ | 880.4 | $ | 4,991.3 | $ | (315.7) | $ | (2,542.1) | $ | 19.4 | $ | 3,051.9 | |||||||||||||||||||||||||||
Net income (loss) | — | — | 207.4 | — | — | 4.2 | 211.6 | ||||||||||||||||||||||||||||||||||
Stock compensation plans | — | 10.5 | — | — | 4.0 | — | 14.5 | ||||||||||||||||||||||||||||||||||
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) | — | — | — | 3.6 | — | — | 3.6 | ||||||||||||||||||||||||||||||||||
Net hedging gains (losses) and other, net of income tax (1) | — | — | — | (84.1) | — | — | (84.1) | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments (1) | — | — | — | (39.4) | — | — | (39.4) | ||||||||||||||||||||||||||||||||||
Dividends ($0.53 per share) | — | — | (66.9) | — | — | — | (66.9) | ||||||||||||||||||||||||||||||||||
Repurchases of common stock | — | — | — | — | (8.6) | — | (8.6) | ||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (0.5) | (0.5) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 18.6 | $ | 890.9 | $ | 5,131.8 | $ | (435.6) | $ | (2,546.6) | $ | 23.1 | $ | 3,082.2 | |||||||||||||||||||||||||||
Net income (loss) | — | — | 134.2 | — | — | (3.0) | 131.2 | ||||||||||||||||||||||||||||||||||
Stock compensation plans | — | 6.6 | — | — | 0.3 | — | 6.9 | ||||||||||||||||||||||||||||||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1) | — | — | — | 3.2 | — | — | 3.2 | ||||||||||||||||||||||||||||||||||
Net hedging gains (losses) and other, net of income tax (1) | — | — | — | 48.0 | — | — | 48.0 | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments (1) | — | — | — | (76.0) | — | (1.3) | (77.3) | ||||||||||||||||||||||||||||||||||
Dividends ($0.53 per share) | — | — | (66.9) | — | — | — | (66.9) | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 18.6 | $ | 897.5 | $ | 5,199.1 | $ | (460.4) | $ | (2,546.3) | $ | 18.8 | $ | 3,127.3 | |||||||||||||||||||||||||||
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, 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 | |||||||||||||||||||||||||||
Net income (loss) | — | — | 202.9 | — | — | 0.3 | 203.2 | ||||||||||||||||||||||||||||||||||
Stock compensation plans | — | 5.1 | — | — | 0.5 | — | 5.6 | ||||||||||||||||||||||||||||||||||
Shares for benefit plan trust | — | — | — | — | 2.5 | — | 2.5 | ||||||||||||||||||||||||||||||||||
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) | — | — | — | (40.9) | — | — | (40.9) | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments (1) | — | — | — | 14.9 | — | 0.4 | 15.3 | ||||||||||||||||||||||||||||||||||
Dividends ($0.48 per share) | — | — | (62.0) | — | — | — | (62.0) | ||||||||||||||||||||||||||||||||||
Repurchases of common stock | — | — | — | — | (25.2) | — | (25.2) | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 18.6 | $ | 870.5 | $ | 4,767.9 | $ | (304.5) | $ | (2,241.8) | $ | 23.4 | $ | 3,134.1 | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in Millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
North America | $ | 364.6 | $ | 290.5 | $ | 754.4 | $ | 591.5 | |||||||||||||||
Latin America | 431.5 | 299.6 | 697.4 | 502.8 | |||||||||||||||||||
Europe, Middle East & Africa (EMEA) | 280.8 | 272.9 | 679.0 | 672.3 | |||||||||||||||||||
Asia | 375.4 | 379.0 | 672.3 | 671.0 | |||||||||||||||||||
Total Revenue | $ | 1,452.3 | $ | 1,242.0 | $ | 2,803.1 | $ | 2,437.6 | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in Millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Insecticides | $ | 897.1 | $ | 741.8 | $ | 1,663.8 | $ | 1,428.8 | |||||||||||||||
Herbicides | 380.3 | 330.8 | 784.7 | 692.5 | |||||||||||||||||||
Fungicides | 63.3 | 94.5 | 172.0 | 185.0 | |||||||||||||||||||
Plant Health | 62.7 | 52.1 | 116.1 | 102.3 | |||||||||||||||||||
Other | 48.9 | 22.8 | 66.5 | 29.0 | |||||||||||||||||||
Total Revenue | $ | 1,452.3 | $ | 1,242.0 | $ | 2,803.1 | $ | 2,437.6 | |||||||||||||||
(in Millions) | Balance as of December 31, 2021 | Balance as of June 30, 2022 | Increase (Decrease) | ||||||||||||||
Receivables from contracts with customers, net of allowances (1) | $ | 2,641.1 | $ | 2,953.5 | $ | 312.4 | |||||||||||
Contract liabilities: Advance Payments from customers | 630.7 | 1.8 | (628.9) |
(in Millions) | Total | ||||
Balance, December 31, 2021 | $ | 1,463.3 | |||
Foreign currency and other adjustments | (7.5) | ||||
Balance, June 30, 2022 | $ | 1,455.8 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(in Millions) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||||||||||||
Intangible assets subject to amortization (finite-lived) | |||||||||||||||||||||||||||||||||||
Customer relationships | $ | 1,121.9 | $ | (320.9) | $ | 801.0 | $ | 1,147.1 | $ | (301.3) | $ | 845.8 | |||||||||||||||||||||||
Patents | 1.8 | (1.3) | 0.5 | 1.8 | (1.3) | 0.5 | |||||||||||||||||||||||||||||
Brands (1) | 15.7 | (9.8) | 5.9 | 17.1 | (9.9) | 7.2 | |||||||||||||||||||||||||||||
Purchased and licensed technologies | 58.6 | (41.3) | 17.3 | 60.2 | (40.7) | 19.5 | |||||||||||||||||||||||||||||
Other intangibles | 1.8 | (1.7) | 0.1 | 2.3 | (1.7) | 0.6 | |||||||||||||||||||||||||||||
$ | 1,199.8 | $ | (375.0) | $ | 824.8 | $ | 1,228.5 | $ | (354.9) | $ | 873.6 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in Millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Amortization expense | $ | 15.3 | $ | 15.7 | $ | 30.7 | $ | 31.5 |
(in Millions) | |||||
Balance, December 31, 2020 | $ | 27.9 | |||
Additions - charged to expense | 17.2 | ||||
Transfer from (to) allowance for credit losses (see below) | (0.6) | ||||
Net recoveries, write-offs and other | (7.1) | ||||
Balance, December 31, 2021 | $ | 37.4 | |||
Additions - charged to expense | (1.7) | ||||
Transfer from (to) allowance for credit losses (see below) | 0.5 | ||||
Net recoveries, write-offs and other | 0.3 | ||||
Balance, June 30, 2022 | $ | 36.5 |
(in Millions) | |||||
Balance, December 31, 2020 | $ | 24.7 | |||
Additions - charged to expense | 3.9 | ||||
Transfer from (to) allowance for doubtful accounts (see above) | 0.6 | ||||
Foreign currency adjustments | (1.5) | ||||
Net recoveries, write-offs and other | — | ||||
Balance, December 31, 2021 | $ | 27.7 | |||
Additions - charged to expense | (0.1) | ||||
Transfer from (to) allowance for doubtful accounts (see above) | (0.5) | ||||
Foreign currency adjustments | 0.2 | ||||
Balance, June 30, 2022 | $ | 27.3 |
(in Millions) | June 30, 2022 | December 31, 2021 | |||||||||
Finished goods | $ | 583.8 | $ | 559.2 | |||||||
Work in process | 876.1 | 730.8 | |||||||||
Raw materials, supplies and other | 246.7 | 231.9 | |||||||||
First-in, first-out inventory | $ | 1,706.6 | $ | 1,521.9 | |||||||
Less: Excess of first-in, first-out cost over last-in, first-out cost | (116.2) | (116.2) | |||||||||
Net inventories | $ | 1,590.4 | $ | 1,405.7 |
(in Millions) | June 30, 2022 | December 31, 2021 | |||||||||
Property, plant and equipment | $ | 1,353.8 | $ | 1,329.5 | |||||||
Accumulated depreciation | (556.4) | (512.5) | |||||||||
Property, plant and equipment, net | $ | 797.4 | $ | 817.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in Millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Restructuring charges | $ | 3.4 | $ | 10.5 | $ | 14.6 | $ | 16.8 | |||||||||||||||
Other charges (income), net | 77.4 | 5.8 | 75.3 | 2.7 | |||||||||||||||||||
Total restructuring and other charges (income) | $ | 80.8 | $ | 16.3 | $ | 89.9 | $ | 19.5 |
(in Millions) | Severance and Employee Benefits | Other Charges (Income) (1) | Asset Disposal Charges (Income) (2) | Total | |||||||||||||||||||
DuPont Crop restructuring (3) | $ | — | $ | 0.2 | $ | — | $ | 0.2 | |||||||||||||||
Regional realignment (4) | 1.4 | 1.0 | — | 2.4 | |||||||||||||||||||
Other items | 0.3 | 0.5 | — | 0.8 | |||||||||||||||||||
Three Months Ended June 30, 2022 | $ | 1.7 | $ | 1.7 | $ | — | $ | 3.4 | |||||||||||||||
DuPont Crop restructuring (3) | $ | — | $ | 1.8 | $ | (0.1) | $ | 1.7 | |||||||||||||||
Regional realignment (4) | 4.5 | 2.5 | 0.2 | 7.2 | |||||||||||||||||||
Other items | 1.6 | — | — | 1.6 | |||||||||||||||||||
Three Months Ended June 30, 2021 | $ | 6.1 | $ | 4.3 | $ | 0.1 | $ | 10.5 | |||||||||||||||
DuPont Crop restructuring (3) | $ | — | $ | 0.5 | $ | — | $ | 0.5 | |||||||||||||||
Regional realignment (4) | 3.4 | 1.5 | — | 4.9 | |||||||||||||||||||
Other items | (0.1) | 1.1 | 8.2 | 9.2 | |||||||||||||||||||
Six Months Ended June 30, 2022 | $ | 3.3 | $ | 3.1 | $ | 8.2 | $ | 14.6 | |||||||||||||||
DuPont Crop restructuring | $ | 1.2 | $ | 2.9 | $ | 0.9 | $ | 5.0 | |||||||||||||||
Regional realignment (4) | 4.5 | 3.2 | 0.2 | 7.9 | |||||||||||||||||||
Other items | 3.9 | — | — | 3.9 | |||||||||||||||||||
Six Months Ended June 30, 2021 | $ | 9.6 | $ | 6.1 | $ | 1.1 | $ | 16.8 |
(in Millions) | Balance at 12/31/21 (4) | Change in reserves (5) | Cash payments (6) | Other | Balance at 6/30/22 (4) | ||||||||||||||||||||||||
DuPont Crop restructuring (1) | $ | 8.6 | $ | 0.5 | $ | (3.4) | $ | (0.1) | $ | 5.6 | |||||||||||||||||||
Regional realignment (2) | 4.0 | 4.9 | (3.5) | — | 5.4 | ||||||||||||||||||||||||
Other workforce related and facility shutdowns (3) | 2.3 | 1.0 | (2.5) | — | 0.8 | ||||||||||||||||||||||||
Total | $ | 14.9 | $ | 6.4 | $ | (9.4) | $ | (0.1) | $ | 11.8 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in Millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Environmental charges, net | $ | 0.9 | $ | 3.7 | $ | (2.4) | $ | (0.4) | |||||||||||||||
Exit from Russian Operations | 76.1 | — | 76.1 | — | |||||||||||||||||||
Other items, net | 0.4 | 2.1 | 1.6 | 3.1 | |||||||||||||||||||
Other charges (income), net | $ | 77.4 | $ | 5.8 | $ | 75.3 | $ | 2.7 |
(in Millions) | June 30, 2022 | December 31, 2021 | |||||||||
Short-term foreign debt (1) | $ | 101.5 | $ | 112.2 | |||||||
Commercial paper (2) | 964.4 | 244.1 | |||||||||
Total short-term debt | $ | 1,065.9 | $ | 356.3 | |||||||
Current portion of long-term debt | 89.2 | 84.5 | |||||||||
Total short-term debt and current portion of long-term debt (3) | $ | 1,155.1 | $ | 440.8 |
(in Millions) | June 30, 2022 | ||||||||||||||||||||||
Interest Rate Percentage | Maturity Date | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||
Pollution control and industrial revenue bonds (less unamortized discounts of $0.1 and $0.1, respectively) | 6.45% | 2032 | $ | 49.9 | $ | 49.9 | |||||||||||||||||
Senior notes (less unamortized discount of $0.6 and $0.7, respectively) | 3.20% - 4.50% | 2024 - 2049 | 1,899.4 | 1,899.3 | |||||||||||||||||||
2021 Term Loan Facility | 2.60% | 2024 | 800.0 | 800.0 | |||||||||||||||||||
Revolving Credit Facility (1) | 4.30% | 2027 | — | — | |||||||||||||||||||
Foreign debt | 0% - 15.30% | 2023 - 2024 | 89.2 | 84.7 | |||||||||||||||||||
Debt issuance cost | (17.6) | (17.7) | |||||||||||||||||||||
Total long-term debt | $ | 2,820.9 | $ | 2,816.2 | |||||||||||||||||||
Less: debt maturing within one year | 89.2 | 84.5 | |||||||||||||||||||||
Total long-term debt, less current portion | $ | 2,731.7 | $ | 2,731.7 |
(in Millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Adjustment for workers’ compensation, product liability, other postretirement benefits and other, net of income tax benefit (expense) of $(1.5) and $(1.7) for the three and six months ended June 30, 2022, and $(1.1) and $(2.1) for the three and six months ended June 30, 2021, respectively | $ | (3.1) | $ | (1.0) | $ | (3.5) | $ | (2.6) | |||||||||||||||
Provision for environmental liabilities, net of recoveries, net of income tax benefit of $0.3 and $0.9 for the three and six months ended June 30, 2022 and $0.8 and $1.6 three and six months ended June 30, 2021, respectively | (0.6) | (3.4) | (2.7) | (5.7) | |||||||||||||||||||
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $1.9 and $5.3 for the three and six months ended June 30, 2022 and $2.7 and $3.8 for the three and six months ended June 30, 2021 respectively | (7.1) | (10.2) | (19.8) | (14.4) | |||||||||||||||||||
Discontinued operations, net of income taxes | $ | (10.8) | $ | (14.6) | $ | (26.0) | $ | (22.7) |
(in Millions) | Gross | Recoveries (3) | Net | ||||||||||||||
Total environmental reserves at December 31, 2021 | $ | 514.6 | $ | (11.4) | $ | 503.2 | |||||||||||
Provision (Benefit) | 3.7 | (0.6) | 3.1 | ||||||||||||||
(Spending) Recoveries | (25.8) | — | (25.8) | ||||||||||||||
Foreign currency translation adjustments | (6.0) | — | (6.0) | ||||||||||||||
Net change | $ | (28.1) | $ | (0.6) | $ | (28.7) | |||||||||||
Total environmental reserves at June 30, 2022 | $ | 486.5 | $ | (12.0) | $ | 474.5 | |||||||||||
Environmental reserves, current (1) | $ | 102.2 | $ | (1.1) | $ | 101.1 | |||||||||||
Environmental reserves, long-term (2) | 384.3 | (10.9) | 373.4 | ||||||||||||||
Total environmental reserves at June 30, 2022 | $ | 486.5 | $ | (12.0) | $ | 474.5 |
(in Millions) | December 31, 2021 | Increase (Decrease) in recoveries | Cash received | June 30, 2022 | |||||||||||||||||||
Environmental recoveries | $ | 4.5 | $ | 1.9 | $ | (0.3) | $ | 6.1 | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in Millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Environmental provisions, net - recorded to liabilities (1) | $ | 3.7 | $ | 8.4 | $ | 3.1 | $ | 7.5 | |||||||||||||||
Environmental provisions, net - recorded to assets (2) | (1.9) | (0.5) | (1.9) | (0.6) | |||||||||||||||||||
Environmental provision, net | $ | 1.8 | $ | 7.9 | $ | 1.2 | $ | 6.9 | |||||||||||||||
Continuing operations (3) | $ | 0.9 | $ | 3.7 | $ | (2.4) | $ | (0.4) | |||||||||||||||
Discontinued operations (4) | 0.9 | 4.2 | 3.6 | 7.3 | |||||||||||||||||||
Environmental provision, net | $ | 1.8 | $ | 7.9 | $ | 1.2 | $ | 6.9 |
(in Millions, Except Share and Per Share Data) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Earnings (loss) attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations, net of income taxes | $ | 145.0 | $ | 217.5 | $ | 367.6 | $ | 408.2 | |||||||||||||||
Discontinued operations, net of income taxes | (10.8) | (14.6) | (26.0) | (22.7) | |||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | 134.2 | $ | 202.9 | $ | 341.6 | $ | 385.5 | |||||||||||||||
Less: Distributed and undistributed earnings allocable to restricted award holders | (0.3) | (0.5) | (0.6) | (0.9) | |||||||||||||||||||
Net income (loss) allocable to common stockholders | $ | 133.9 | $ | 202.4 | $ | 341.0 | $ | 384.6 | |||||||||||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations | $ | 1.15 | $ | 1.68 | $ | 2.91 | $ | 3.15 | |||||||||||||||
Discontinued operations | (0.09) | (0.11) | (0.21) | (0.18) | |||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | 1.06 | $ | 1.57 | $ | 2.70 | $ | 2.97 | |||||||||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations | $ | 1.15 | $ | 1.67 | $ | 2.90 | $ | 3.14 | |||||||||||||||
Discontinued operations | (0.09) | (0.11) | (0.21) | (0.17) | |||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | 1.06 | $ | 1.56 | $ | 2.69 | $ | 2.97 | |||||||||||||||
Shares (in thousands): | |||||||||||||||||||||||
Weighted average number of shares of common stock outstanding - Basic | 126,204 | 129,090 | 126,127 | 129,319 | |||||||||||||||||||
Weighted average additional shares assuming conversion of potential common shares | 742 | 801 | 754 | 813 | |||||||||||||||||||
Shares – diluted basis | 126,946 | 129,891 | 126,881 | 130,132 |
(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, 2021 | $ | (62.5) | $ | (22.2) | $ | (231.0) | $ | (315.7) | |||||||||||||||
2022 Activity | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (119.6) | (44.5) | — | (164.1) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 4.2 | 8.4 | 6.8 | 19.4 | |||||||||||||||||||
Net current period other comprehensive income (loss) | $ | (115.4) | $ | (36.1) | $ | 6.8 | $ | (144.7) | |||||||||||||||
Accumulated other comprehensive income (loss), net of tax at June 30, 2022 | $ | (177.9) | $ | (58.3) | $ | (224.2) | $ | (460.4) |
(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 | (34.6) | (7.5) | (0.1) | (42.2) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 11.2 | 8.7 | 19.9 | |||||||||||||||||||
Net current period other comprehensive income (loss) | $ | (34.6) | $ | 3.7 | $ | 8.6 | $ | (22.3) | |||||||||||||||
Accumulated other comprehensive income (loss), net of tax at June 30, 2021 | $ | (10.6) | $ | (68.1) | $ | (225.8) | $ | (304.5) |
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 June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in Millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||||
Divestiture of Russia operations (2) | $ | (4.2) | $ | — | $ | (4.2) | $ | — | Restructuring and other charges (income) | |||||||||||||||||
Derivative instruments | ||||||||||||||||||||||||||
Gain (loss) on foreign currency contracts | $ | (13.5) | $ | (7.6) | $ | (15.1) | $ | (12.4) | Costs of sales and services | |||||||||||||||||
Gain (loss) on foreign currency contracts | 3.0 | 0.2 | 3.5 | 0.3 | Selling, general and administrative expenses | |||||||||||||||||||||
Gain (loss) on interest rate contracts | (1.0) | (1.9) | (2.0) | (2.1) | Interest expense, net | |||||||||||||||||||||
Total before tax | $ | (11.5) | $ | (9.3) | $ | (13.6) | $ | (14.2) | ||||||||||||||||||
3.7 | 2.2 | 5.2 | 3.0 | Provision for income taxes | ||||||||||||||||||||||
Amount included in net income (loss) | $ | (7.8) | $ | (7.1) | $ | (8.4) | $ | (11.2) | ||||||||||||||||||
Pension and other postretirement benefits (3) | ||||||||||||||||||||||||||
Amortization of prior service costs | $ | — | $ | — | $ | — | $ | (0.1) | Selling, general and administrative expenses | |||||||||||||||||
Amortization of unrecognized net actuarial and other gains (losses) | (4.0) | (5.5) | (8.2) | (10.9) | Non-operating pension and postretirement charges (income) | |||||||||||||||||||||
Recognized loss due to curtailment and settlement | — | — | (0.4) | — | Non-operating pension and postretirement charges (income); Discontinued operations, net of income taxes | |||||||||||||||||||||
Total before tax | $ | (4.0) | $ | (5.5) | $ | (8.6) | $ | (11.0) | ||||||||||||||||||
0.8 | 1.2 | 1.8 | 2.3 | Provision for income taxes; Discontinued operations, net of income taxes | ||||||||||||||||||||||
Amount included in net income (loss) | $ | (3.2) | $ | (4.3) | $ | (6.8) | $ | (8.7) | ||||||||||||||||||
Total reclassifications for the period | $ | (15.2) | $ | (11.4) | $ | (19.4) | $ | (19.9) | Amount included in net income |
(in Millions) | Classification | June 30, 2022 | December 31, 2021 | |||||||||||
Assets | ||||||||||||||
Operating lease ROU assets | $ | 128.2 | $ | 135.2 | ||||||||||
Liabilities | ||||||||||||||
Operating lease current liabilities | $ | 22.7 | $ | 23.5 | ||||||||||
Operating lease noncurrent liabilities | 132.6 | 140.0 | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in Millions) | Lease Cost Classification | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||
Lease Cost | ||||||||||||||||||||||||||
Operating lease cost | Costs of sales and services / Selling, general and administrative expenses | $ | 7.8 | $ | 8.7 | $ | 16.8 | $ | 17.3 | |||||||||||||||||
Variable lease cost | Costs of sales and services / Selling, general and administrative expenses | 1.4 | 1.2 | 2.6 | 2.4 | |||||||||||||||||||||
Total lease cost | $ | 9.2 | $ | 9.9 | $ | 19.4 | $ | 19.7 |
June 30, 2022 | |||||
Operating Lease Term and Discount Rate | |||||
Weighted-average remaining lease term (years) | 8.8 | ||||
Weighted-average discount rate | 4.1 | % | |||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in Millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Other Information | |||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||
Operating cash flows from operating leases | $ | (7.9) | $ | (8.7) | $ | (17.1) | $ | (17.6) | |||||||||||||||
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 | $ | 2.9 | $ | 13.2 | $ | 10.1 | $ | 15.9 | |||||||||||||||
(in Millions) | Operating Leases Total | ||||
Maturity of Lease Liabilities | |||||
2022 (excluding the six months ending June 30, 2022) | $ | 14.9 | |||
2023 | 24.7 | ||||
2024 | 20.4 | ||||
2025 | 18.9 | ||||
2026 | 17.8 | ||||
Thereafter | 91.4 | ||||
Total undiscounted lease payments | $ | 188.1 | |||
Less: Present value adjustment | (32.8) | ||||
Present value of lease liabilities | $ | 155.3 |
(in Millions) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
Pensions | Other Benefits | Pensions | Other Benefits | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 1.2 | $ | 1.3 | $ | — | $ | — | $ | 2.3 | $ | 2.6 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Interest cost | 7.2 | 6.1 | 0.1 | — | 14.5 | 12.2 | 0.2 | 0.1 | |||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (7.7) | (7.0) | — | — | (15.5) | (14.1) | — | — | |||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | 0.1 | — | — | — | 0.1 | 0.1 | — | — | |||||||||||||||||||||||||||||||||||||||
Recognized net actuarial and other (gain) loss | 4.5 | 5.9 | (0.2) | (0.2) | 9.0 | 11.8 | (0.4) | (0.4) | |||||||||||||||||||||||||||||||||||||||
Recognized loss due to settlement (1) | — | — | — | — | 0.4 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost (income) | $ | 5.3 | $ | 6.3 | $ | (0.1) | $ | (0.2) | $ | 10.8 | $ | 12.6 | $ | (0.2) | $ | (0.3) |
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. |
June 30, 2022 | |||||||||||||||||||||||||||||
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 | $ | 36.5 | $ | 14.9 | $ | 51.4 | $ | (29.9) | $ | 21.5 | |||||||||||||||||||
Interest rate contracts | 17.7 | — | 17.7 | — | 17.7 | ||||||||||||||||||||||||
Total derivative assets (1) | $ | 54.2 | $ | 14.9 | $ | 69.1 | $ | (29.9) | $ | 39.2 | |||||||||||||||||||
Foreign exchange contracts | $ | (52.6) | $ | (2.7) | $ | (55.3) | $ | 29.9 | $ | (25.4) | |||||||||||||||||||
Total derivative liabilities (2) | $ | (52.6) | $ | (2.7) | $ | (55.3) | $ | 29.9 | $ | (25.4) | |||||||||||||||||||
Net derivative assets (liabilities) | $ | 1.6 | $ | 12.2 | $ | 13.8 | $ | — | $ | 13.8 |
December 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 | $ | 35.9 | $ | 5.7 | $ | 41.6 | $ | (21.9) | $ | 19.7 | |||||||||||||||||||
Interest rate contracts | 3.7 | — | 3.7 | — | 3.7 | ||||||||||||||||||||||||
Total derivative assets (1) | $ | 39.6 | $ | 5.7 | $ | 45.3 | $ | (21.9) | $ | 23.4 | |||||||||||||||||||
Foreign exchange contracts | $ | (16.2) | $ | (9.7) | $ | (25.9) | $ | 21.9 | $ | (4.0) | |||||||||||||||||||
Total derivative liabilities (2) | $ | (16.2) | $ | (9.7) | $ | (25.9) | $ | 21.9 | $ | (4.0) | |||||||||||||||||||
Net derivative assets (liabilities) | $ | 23.4 | $ | (4.0) | $ | 19.4 | $ | — | $ | 19.4 |
Contracts | |||||||||||||||||||||||||||||||||||
Foreign Exchange | Interest rate | Total | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
(in Millions) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | 34.1 | $ | (44.1) | $ | 6.1 | $ | (3.9) | $ | 40.2 | $ | (48.0) | |||||||||||||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax (1) | 7.0 | 5.5 | 0.8 | 1.6 | 7.8 | 7.1 | |||||||||||||||||||||||||||||
Total derivative instrument impact on comprehensive income, net of tax | $ | 41.1 | $ | (38.6) | $ | 6.9 | $ | (2.3) | $ | 48.0 | $ | (40.9) | |||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||||||||||||
Foreign Exchange | Interest rate | Total | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
(in Millions) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | (55.5) | $ | (10.6) | $ | 11.0 | $ | 3.1 | $ | (44.5) | $ | (7.5) | |||||||||||||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax (1) | 6.8 | 9.4 | 1.6 | 1.8 | 8.4 | 11.2 | |||||||||||||||||||||||||||||
Total derivative instrument impact on comprehensive income, net of tax | $ | (48.7) | $ | (1.2) | $ | 12.6 | $ | 4.9 | $ | (36.1) | $ | 3.7 | |||||||||||||||||||||||
Amount of Pre-tax Gain (Loss) Recognized in Income on Derivatives (1) | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in Millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Foreign exchange contracts | $ | (19.0) | $ | (15.0) | $ | (35.2) | $ | (27.7) | ||||||||||||||||||
Total | $ | (19.0) | $ | (15.0) | $ | (35.2) | $ | (27.7) |
(in Millions) | June 30, 2022 | 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) | $ | 21.5 | $ | — | $ | 21.5 | $ | — | |||||||||||||||
Derivatives – Interest rate (1) | 17.7 | — | 17.7 | — | |||||||||||||||||||
Other (2) | 18.0 | 18.0 | — | — | |||||||||||||||||||
Total assets | $ | 57.2 | $ | 18.0 | $ | 39.2 | $ | — | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives – Foreign exchange (1) | $ | 25.4 | $ | — | $ | 25.4 | $ | — | |||||||||||||||
Derivatives – Interest rate (1) | — | — | — | — | |||||||||||||||||||
Other (3) | 22.9 | 22.9 | — | — | |||||||||||||||||||
Total liabilities | $ | 48.3 | $ | 22.9 | $ | 25.4 | $ | — |
(in Millions) | December 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) | $ | 19.7 | $ | — | $ | 19.7 | $ | — | |||||||||||||||
Derivatives - Interest Rate (1) | 3.7 | — | 3.7 | — | |||||||||||||||||||
Other (2) | 21.1 | 21.1 | — | — | |||||||||||||||||||
Total assets | $ | 44.5 | $ | 21.1 | $ | 23.4 | $ | — | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives – Foreign exchange (1) | $ | 4.0 | $ | — | $ | 4.0 | $ | — | |||||||||||||||
Derivatives – Interest rate (1) | — | — | — | — | |||||||||||||||||||
Other (3) | 26.2 | 26.2 | — | — | |||||||||||||||||||
Total liabilities | $ | 30.2 | $ | 26.2 | $ | 4.0 | $ | — |
(in Millions) | |||||
Guarantees: | |||||
Guarantees of vendor financing - short-term (1) | $ | 204.9 | |||
Other debt guarantees (2) | 1.2 | ||||
Total | $ | 206.1 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in Millions) | (unaudited) | (unaudited) | |||||||||||||||||||||
Revenue | $ | 1,452.3 | $ | 1,242.0 | $ | 2,803.1 | $ | 2,437.6 | |||||||||||||||
Costs and Expenses | |||||||||||||||||||||||
Costs of sales and services | 861.3 | 710.2 | 1,639.4 | 1,393.4 | |||||||||||||||||||
Gross margin | $ | 591.0 | $ | 531.8 | $ | 1,163.7 | $ | 1,044.2 | |||||||||||||||
Selling, general and administrative expenses | 194.8 | 161.0 | 383.3 | 335.5 | |||||||||||||||||||
Research and development expenses | 79.5 | 65.9 | 151.3 | 139.9 | |||||||||||||||||||
Restructuring and other charges (income) | 80.8 | 16.3 | 89.9 | 19.5 | |||||||||||||||||||
Total costs and expenses | $ | 1,216.4 | $ | 953.4 | $ | 2,263.9 | $ | 1,888.3 | |||||||||||||||
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes (1) | $ | 235.9 | $ | 288.6 | $ | 539.2 | $ | 549.3 | |||||||||||||||
Non-operating pension and postretirement charges (income) | 3.9 | 4.8 | 8.2 | 9.6 | |||||||||||||||||||
Income from continuing operations before interest expense, net and income taxes | $ | 232.0 | $ | 283.8 | $ | 531.0 | $ | 539.7 | |||||||||||||||
Interest expense, net | 35.3 | 32.6 | 65.2 | 65.0 | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 196.7 | $ | 251.2 | $ | 465.8 | $ | 474.7 | |||||||||||||||
Provision (benefit) for income taxes | 54.7 | 33.4 | 97.0 | 65.6 | |||||||||||||||||||
Income (loss) from continuing operations | $ | 142.0 | $ | 217.8 | $ | 368.8 | $ | 409.1 | |||||||||||||||
Discontinued operations, net of income taxes | (10.8) | (14.6) | (26.0) | (22.7) | |||||||||||||||||||
Net income (loss) (GAAP) | $ | 131.2 | $ | 203.2 | $ | 342.8 | $ | 386.4 | |||||||||||||||
Adjustments to arrive at Adjusted EBITDA (Non-GAAP): | |||||||||||||||||||||||
Corporate special charges (income): | |||||||||||||||||||||||
Restructuring and other charges (income) (3) | $ | 80.8 | $ | 16.3 | $ | 89.9 | $ | 19.5 | |||||||||||||||
Non-operating pension and postretirement charges (income) (4) | 3.9 | 4.8 | 8.2 | 9.6 | |||||||||||||||||||
Total transaction-related charges (5) | — | — | — | 0.4 | |||||||||||||||||||
Discontinued operations, net of income taxes | 10.8 | 14.6 | 26.0 | 22.7 | |||||||||||||||||||
Interest expense, net | 35.3 | 32.6 | 65.2 | 65.0 | |||||||||||||||||||
Depreciation and amortization | 42.8 | 42.5 | 85.2 | 85.1 | |||||||||||||||||||
Provision (benefit) for income taxes | 54.7 | 33.4 | 97.0 | 65.6 | |||||||||||||||||||
Adjusted EBITDA (Non-GAAP) (2) | $ | 359.5 | $ | 347.4 | $ | 714.3 | $ | 654.3 |
ADJUSTED EARNINGS RECONCILIATION | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in Millions) | (unaudited) | (unaudited) | |||||||||||||||||||||
Net income (loss) attributable to FMC stockholders (GAAP) | $ | 134.2 | $ | 202.9 | $ | 341.6 | $ | 385.5 | |||||||||||||||
Corporate special charges (income), pre-tax (1) | 84.7 | 21.1 | 98.1 | 29.5 | |||||||||||||||||||
Income tax expense (benefit) on Corporate special charges (income) (2) | (0.9) | (4.7) | (1.8) | (6.3) | |||||||||||||||||||
Corporate special charges (income), net of income taxes | $ | 83.8 | $ | 16.4 | $ | 96.3 | $ | 23.2 | |||||||||||||||
Discontinued operations attributable to FMC Stockholders, net of income taxes | 10.8 | 14.6 | 26.0 | 22.7 | |||||||||||||||||||
Non-GAAP tax adjustments (3) | 16.3 | 1.3 | 19.9 | 3.8 | |||||||||||||||||||
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) | $ | 245.1 | $ | 235.2 | $ | 483.8 | $ | 435.2 |
Three Months Ended June 30, 2022 vs. 2021 | Six Months Ended June 30, 2022 vs. 2021 | ||||||||||
Total Revenue Change (GAAP) | 17 | % | 15 | % | |||||||
Less: Foreign Currency Impact | (4) | % | (4) | % | |||||||
Organic Revenue Change (Non-GAAP) | 21 | % | 19 | % | |||||||
Total Revenue by Region | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in Millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
North America | $ | 364.6 | $ | 290.5 | $ | 754.4 | $ | 591.5 | |||||||||||||||
Latin America | 431.5 | 299.6 | 697.4 | 502.8 | |||||||||||||||||||
Europe, Middle East & Africa (EMEA) | 280.8 | 272.9 | 679.0 | 672.3 | |||||||||||||||||||
Asia | 375.4 | 379.0 | 672.3 | 671.0 | |||||||||||||||||||
Total Revenue | $ | 1,452.3 | $ | 1,242.0 | $ | 2,803.1 | $ | 2,437.6 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in Millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Restructuring charges | $ | 3.4 | $ | 10.5 | $ | 14.6 | $ | 16.8 | |||||||||||||||
Other charges (income), net | 77.4 | 5.8 | 75.3 | 2.7 | |||||||||||||||||||
Total restructuring and other charges (income) | $ | 80.8 | $ | 16.3 | $ | 89.9 | $ | 19.5 |
Three Months Ended June 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
(in Millions) | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | |||||||||||||||||
GAAP - Continuing operations | $ | 196.7 | $ | 54.7 | 27.8 | % | $ | 251.2 | $ | 33.4 | 13.3 | % | |||||||||||
Corporate special charges (income) (1) | 84.7 | 0.9 | 21.1 | 4.7 | |||||||||||||||||||
Tax adjustments (2) | (16.3) | (1.3) | |||||||||||||||||||||
Non-GAAP - Continuing operations | $ | 281.4 | $ | 39.3 | 14.0 | % | $ | 272.3 | $ | 36.8 | 13.5 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
(in Millions) | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | |||||||||||||||||
GAAP - Continuing operations | 465.8 | 97.0 | 20.8 | % | 474.7 | 65.6 | 13.8 | % | |||||||||||||||
Corporate special charges (income) (1) | 98.1 | 1.8 | 29.5 | 6.3 | |||||||||||||||||||
Tax adjustments (2) | (19.9) | (3.8) | |||||||||||||||||||||
Non-GAAP - Continuing operations | $ | 563.9 | $ | 78.9 | 14.0 | % | $ | 504.2 | $ | 68.1 | 13.5 | % |
(in Millions) | Six Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes (GAAP) | $ | 539.2 | $ | 549.3 | |||||||
Restructuring and other charges (income), total transaction-related charges and depreciation and amortization | 175.1 | 105.0 | |||||||||
Operating income before depreciation and amortization (Non-GAAP) | $ | 714.3 | $ | 654.3 | |||||||
Change in trade receivables, net (1) | (432.6) | (282.9) | |||||||||
Change in guarantees of vendor financing | (1.2) | 29.4 | |||||||||
Change in advance payments from customers (2) | (628.8) | (344.3) | |||||||||
Change in accrued customer rebates (3) | 400.0 | 305.2 | |||||||||
Change in inventories (4) | (235.8) | (310.4) | |||||||||
Change in accounts payable (5) | 38.8 | 207.5 | |||||||||
Change in all other operating assets and liabilities (6) | (111.8) | (103.6) | |||||||||
Restructuring and other spending (7) | (16.8) | (17.0) | |||||||||
Environmental spending, continuing, net of recoveries (8) | (10.8) | (44.8) | |||||||||
Pension and other postretirement benefit contributions (9) | (2.3) | (1.7) | |||||||||
Net interest payments (10) | (61.2) | (60.1) | |||||||||
Tax payments, net of refunds (10) | (53.2) | (65.2) | |||||||||
Transaction and integration costs (11) | (0.5) | (5.8) | |||||||||
Cash provided (required) by operating activities of continuing operations (GAAP) | $ | (401.9) | $ | (39.4) |
(in Millions) | Six Months Ended June 30, | ||||||||||
2022 | 2021 | ||||||||||
Cash provided (required) by operating activities of continuing operations (GAAP) | $ | (401.9) | $ | (39.4) | |||||||
Transaction and integration costs (1) | 0.5 | 5.8 | |||||||||
Adjusted cash from operations (2) | $ | (401.4) | $ | (33.6) | |||||||
Capital expenditures (3) | (73.7) | (46.9) | |||||||||
Other investing activities (3)(4) | 8.9 | (19.0) | |||||||||
Capital additions and other investing activities | $ | (64.8) | $ | (65.9) | |||||||
Cash provided (required) by operating activities of discontinued operations (5) | (31.6) | (32.4) | |||||||||
Transaction and integration costs (1) | (0.5) | (5.8) | |||||||||
Investment in Enterprise Resource Planning system (3) | — | (12.7) | |||||||||
Legacy and transformation (6) | $ | (32.1) | $ | (50.9) | |||||||
Free cash flow (Non-GAAP) | $ | (498.3) | $ | (150.4) |
(in Millions) | Net Asset / (Liability) Position on Condensed Consolidated Balance Sheets | 10% Strengthening | 10% Weakening | ||||||||||||||
Net asset (liability) position at June 30, 2022 | $ | (3.9) | $ | 54.9 | $ | (64.2) | |||||||||||
Net asset (liability) position at December 31, 2021 | 15.6 | 84.1 | (50.8) |
(in Millions) | Net Asset / (Liability) Position on Condensed Consolidated Balance Sheets | 1% Increase | 1% Decrease | ||||||||||||||
Net asset (liability) position at June 30, 2022 | $ | 17.7 | $ | 40.2 | $ | (4.7) | |||||||||||
Net asset (liability) position at December 31, 2021 | 3.7 | 13.1 | (5.6) |
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 | |||||||||||||||||||||||||||
April 2022 | 216 | $ | 136.93 | — | — | $ | 1,000,000,000 | |||||||||||||||||||||||||
May 2022 | 128 | 116.18 | — | — | 1,000,000,000 | |||||||||||||||||||||||||||
June 2022 | 216 | 105.42 | — | — | 1,000,000,000 | |||||||||||||||||||||||||||
Total Q2 2022 | 560 | $ | 120.03 | — | — | |||||||||||||||||||||||||||
*10.1 | Fifth Amended and Restated Credit Agreement, dated as of June 17, 2022, among FMC Corporation, certain subsidiaries of FMC Corporation party thereto, the lenders and issuing banks party thereto, and Citibank, N.A., as Administrative Agent for such lenders. (Exhibit 10.1 to the Current Report on Form 8-K filed on June 21, 2022). | |||||||
*10.2 | ||||||||
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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