Fmc Corp 10-Q for FY2020 Q1

Fmc Corp (FMC)

10-Q 2020-05-06 For: 2020-03-31

Added on April 11, 2026

About this 10-Q

Fmc Corp filed this 10-Q on May 6, 2020, covering the quarter ended March 31, 2020 (FY2020 Q1).

Headline figures

Quarter ended March 31, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.25B; up 4.9% from $1.19B a year earlier
Net income: $206.2M; down 4.4% from net income of $215.7M a year earlier
Diluted EPS: $1.58; down 2.5% from $1.62 a year earlier

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			Page No.
Part I - FINANCIAL INFORMATION			3
Item 1. Financial Statements			3
Condensed Consolidated Statements of Income (Loss) - Three months ended March 31, 2020 and 2019 (unaudited)			3
Condensed Consolidated Statements of Comprehensive Income (Loss) - Three months ended March 31, 2020 and 2019 (unaudited)			4
Condensed Consolidated Balance Sheets - March 31, 2020 and December 31, 2019 (unaudited)			5
Condensed Consolidated Statements of Cash Flows - Three months ended March 31, 2020 and 2019 (unaudited)			6
Condensed Consolidated Statements of Changes in Equity - Three months ended March 31, 2020 and 2019 (unaudited)			8
Notes to Condensed Consolidated Financial Statements (unaudited)			9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			32
Item 3. Quantitative and Qualitative Disclosures About Market Risk			48
Item 4. Controls and Procedures			48
Part II - OTHER INFORMATION			50
Item 1. Legal Proceedings			50
Item 1A. Risk Factors			50
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			51
Item 5. Other Information			51
Item 6. Exhibits			51
Signatures			52


	Three Months Ended March 31,
			2020			2019
(in Millions, Except Per Share Data)	(unaudited)
Revenue	$	1,250.0		$	1,192.1
Costs and Expenses
Costs of sales and services	688.5			647.4
Gross margin	$	561.5		$	544.7
Selling, general and administrative expenses	189.4			183.9
Research and development expenses	67.3			71.2
Restructuring and other charges (income)	13.4			7.8

Total costs and expenses	$	958.6		$	910.3
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes	$	291.4		$	281.8

Non-operating pension and postretirement charges (income)	2.2			3.4

Interest expense, net	40.8			34.5
Income (loss) from continuing operations before income taxes	$	248.4		$	243.9
Provision (benefit) for income taxes	34.7			36.3
Income (loss) from continuing operations	$	213.7		$	207.6
Discontinued operations, net of income taxes	(7.5)			9.6
Net income (loss)	$	206.2		$	217.2
Less: Net income (loss) attributable to noncontrolling interests	—			1.5


Net income (loss) attributable to FMC stockholders	$	206.2		$	215.7
Amounts attributable to FMC stockholders:
Continuing operations, net of income taxes	$	213.7		$	206.1
Discontinued operations, net of income taxes	(7.5)			9.6
Net income (loss) attributable to FMC stockholders	$	206.2		$	215.7
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations	$	1.65		$	1.56
Discontinued operations	(0.06)			0.07
Net income (loss) attributable to FMC stockholders	$	1.59		$	1.63
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations	$	1.64		$	1.55
Discontinued operations	(0.06)			0.07
Net income (loss) attributable to FMC stockholders	$	1.58		$	1.62


	Three Months Ended March 31,
			2020			2019
(in Millions)	(unaudited)
Net income (loss)	$	206.2		$	217.2
Other comprehensive income (loss), net of tax:
Foreign currency adjustments:
Foreign currency translation gain (loss) arising during the period	$	(35.4)		$	(2.4)

Total foreign currency translation adjustments ⁽¹⁾	$	(35.4)		$	(2.4)

Derivative instruments:
Unrealized hedging gains (losses) and other, net of tax of $12.0 and zero for the three months ended March 31, 2020 and 2019, respectively	$	27.5		$	0.9
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax of $(2.8) and $(1.0) for the three months ended March 31, 2020 and 2019, respectively ⁽²⁾	(10.3)			(3.6)
Total derivative instruments, net of tax of $9.2 and $(1.0) for the three months ended March 31, 2020 and 2019, respectively	$	17.2		$	(2.7)

Pension and other postretirement benefits:

Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax of 0.5 and $0.9 for the three months ended March 31, 2020 and 2019, respectively ⁽²⁾	$	1.6		$	3.4
Total pension and other postretirement benefits, net of tax of $0.5 and $0.9 for the three months ended March 31, 2020 and 2019, respectively	$	1.6		$	3.4

Other comprehensive income (loss), net of tax	$	(16.6)		$	(1.7)
Comprehensive income (loss)	$	189.6		$	215.5
Less: Comprehensive income (loss) attributable to the noncontrolling interest	(1.8)			1.2
Comprehensive income (loss) attributable to FMC stockholders	$	191.4		$	214.3


(in Millions, Except Share and Par Value Data)	March 31, 2020		December 31, 2019
ASSETS	(unaudited)
Current assets
Cash and cash equivalents	$	436.2	$	339.1
Trade receivables, net of allowance of $22.9 in 2020 and $26.3 in 2019	2,460.1		2,231.2
Inventories	1,062.7		1,017.0
Prepaid and other current assets	513.0		487.5


Total current assets	$	4,472.0	$	4,074.8
Investments	0.7		0.7
Property, plant and equipment, net	735.7		758.0
Goodwill	1,459.6		1,467.5
Other intangibles, net	2,611.7		2,629.0
Other assets including long-term receivables, net	675.0		685.3
Deferred income taxes	234.5		257.4

Total assets	$	10,189.2	$	9,872.7
LIABILITIES AND EQUITY
Current liabilities
Short-term debt and current portion of long-term debt	$	250.2	$	227.7
Accounts payable, trade and other	838.4		900.1
Advance payments from customers	213.5		492.7
Accrued and other liabilities	630.3		680.6

Accrued customer rebates	389.0		280.6
Guarantees of vendor financing	64.3		75.7
Accrued pension and other postretirement benefits, current	4.3		4.3
Income taxes	66.5		62.2

Total current liabilities	$	2,456.5	$	2,723.9
Long-term debt, less current portion	3,531.8		3,031.1
Accrued pension and other postretirement benefits, long-term	43.1		44.2
Environmental liabilities, continuing and discontinued	450.0		470.5
Deferred income taxes	333.9		333.2
Other long-term liabilities	671.2		708.4

Commitments and contingent liabilities (Note 19)
Equity
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2020 or 2019	$	—	$	—
Common stock, $0.10 par value, authorized 260,000,000 shares; 185,983,792 issued shares in 2020 and 2019	18.6		18.6
Capital in excess of par value of common stock	840.2		829.7
Retained earnings	4,337.9		4,188.8
Accumulated other comprehensive income (loss)	(426.8)		(412.0)
Treasury stock, common, at cost - 2020: 56,536,608 shares, 2019: 56,859,498 shares	(2,094.5)		(2,092.8)
Total FMC stockholders’ equity	$	2,675.4	$	2,532.3
Noncontrolling interests	27.3		29.1
Total equity	$	2,702.7	$	2,561.4
Total liabilities and equity	$	10,189.2	$	9,872.7


	Three Months Ended March 31,
			2020			2019
(in Millions)	(unaudited)
Cash provided (required) by operating activities of continuing operations:
Net income (loss)	$	206.2		$	217.2
Discontinued operations, net of income taxes	7.5			(9.6)
Income (loss) from continuing operations	$	213.7		$	207.6
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations:
Depreciation and amortization	$	39.1		$	37.3

Restructuring and other charges (income)	13.4			7.8
Deferred income taxes	14.4			(6.1)
Pension and other postretirement benefits	3.2			4.6
Share-based compensation	7.4			6.1

Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Trade receivables, net	(283.8)			(389.4)
Guarantees of vendor financing	(11.4)			11.3
Advance payments from customers	(279.6)			(175.3)
Accrued customer rebates	102.2			95.0
Inventories	(63.3)			(109.7)
Accounts payable, trade and other	(68.1)			91.0
Income taxes	10.5			28.1
Pension and other postretirement benefit contributions	(1.2)			(1.6)
Environmental spending, continuing, net of recoveries	16.3			(3.5)
Restructuring and other spending	(1.9)			(5.8)
Transaction-related charges	(22.5)			(19.9)
Change in other operating assets and liabilities, net ⁽¹⁾	2.7			(60.4)
Cash provided (required) by operating activities of continuing operations	$	(308.9)		$	(282.9)
Cash provided (required) by operating activities of discontinued operations:
Environmental spending, discontinued, net of recoveries	$	(10.8)		$	(4.8)
Other discontinued spending	(8.6)			(5.5)
Operating activities of discontinued operations, net of divestiture costs	—			16.0
Cash provided (required) by operating activities of discontinued operations	$	(19.4)		$	5.7


☒			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


	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


(in Millions)	Balance as of December 31, 2019		Balance as of March 31, 2020		Increase (Decrease)

Receivables from contracts with customers, net of allowances	$	2,354.3	$	2,585.8	$	231.5
Contract liabilities: Advance payments from customers	492.7		213.5		(279.2)


(in Millions)	Classification	March 31, 2020		December 31, 2019
Assets

Operating lease ROU assets	Other assets including long-term receivables, net	$	155.8	$	164.7

Liabilities

Operating lease current liabilities	Accrued and other liabilities	$	28.0	$	31.5



Operating lease noncurrent liabilities	Other long-term liabilities	156.1		163.2


		Three Months Ended March 31,
(in Millions)	Lease Cost Classification	2020		2019
Lease Cost
Operating lease cost	Costs of sales and services / Selling, general and administrative expenses	$	10.0	$	10.0




Variable lease cost	Costs of sales and services / Selling, general and administrative expenses	1.4		1.3

Total lease cost		$	11.4	$	11.3


	March 31, 2020
Operating Lease Term and Discount Rate
Weighted-average remaining lease term (years)	9.9


Weighted-average discount rate	4.2	%


(in Millions)	Operating Leases Total
Maturity of Lease Liabilities
2020 (excluding the three months ending March 31, 2020)	$	27.2
2021	27.6
2022	23.8
2023	18.9
2024	16.3
Thereafter	116.2
Total undiscounted lease payments	$	230.0
Less: Present value adjustment	(45.9)
Present value of lease liabilities	$	184.1


(in Millions)	Total
Balance, December 31, 2019	$	1,467.5


Foreign currency and other adjustments	(7.9)
Balance, March 31, 2020	$	1,459.6


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⁾	378.2				378.2		379.0				379.0

	$	1,637.3			$	1,637.3	$	1,638.1			$	1,638.1
Total intangible assets	$	2,855.5	$	(243.8)	$	2,611.7	$	2,858.3	$	(229.3)	$	2,629.0


	Three Months Ended March 31,
(in Millions)	2020		2019
North America	$	327.6	$	318.3
Latin America	259.2		206.5
Europe, Middle East & Africa (EMEA)	415.3		412.0
Asia	247.9		255.3
Total Revenue	$	1,250.0	$	1,192.1


	March 31, 2020										December 31, 2019
(in Millions)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible assets subject to amortization (finite-lived)
Customer relationships	$	1,137.4	$	(198.3)	$	939.1	$	1,139.7	$	(184.7)	$	955.0
Patents	1.7		(1.0)		0.7		1.7		(0.9)		0.8
Brands ⁽¹⁾	16.6		(6.8)		9.8		16.7		(6.7)		10.0
Purchased and licensed technologies	60.2		(35.9)		24.3		60.2		(35.2)		25.0
Other intangibles	2.3		(1.8)		0.5		1.9		(1.8)		0.1
	$	1,218.2	$	(243.8)	$	974.4	$	1,220.2	$	(229.3)	$	990.9


(in Millions)
Balance, December 31, 2018	$	22.4
Additions - charged to expense	3.6
Transfer from (to) allowance for credit losses (see below)	3.4
Net recoveries, write-offs and other	(3.1)
Balance, December 31, 2019	$	26.3
Additions - charged to expense	1.8
Transfer from (to) allowance for credit losses (see below)	(2.9)
Net recoveries, write-offs and other	(2.3)
Balance, March 31, 2020	$	22.9


(in Millions)
Balance, December 31, 2018	$	60.5
Additions - charged to expense	17.6
Transfer from (to) allowance for doubtful accounts (see above)	(3.4)
Foreign currency adjustments	(0.5)
Net recoveries, write-offs and other	(13.1)
Balance, December 31, 2019	$	61.1
Additions - charged to expense	(1.1)
Transfer from (to) allowance for doubtful accounts (see above)	2.9
Foreign currency adjustments	(8.0)

Balance, March 31, 2020	$	54.9



(in Millions)	Severance and Employee Benefits		Other Charges (Income)⁽¹⁾		Asset Disposal Charges (Income) ⁽²⁾		Total










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

DuPont Crop restructuring	$	2.7	$	1.0	$	0.2	$	3.9

Other items	—		—		1.3		1.3
Three Months Ended March 31, 2019	$	2.7	$	1.0	$	1.5	$	5.2


(in Millions)	Balance at 12/31/19 ⁽³⁾		Change in reserves ⁽⁴⁾		Cash payments		Balance at 3/31/20 ⁽³⁾
DuPont Crop restructuring ⁽¹⁾	$	14.5	$	5.9	$	(1.9)	$	18.5


Other workforce related and facility shutdowns ⁽²⁾	0.1		—		—		0.1

Total	$	14.6	$	5.9	$	(1.9)	$	18.6


(in Millions)	March 31, 2020
		Interest Rate Percentage		Maturity Date			March 31, 2020			December 31, 2019
Pollution control and industrial revenue bonds (less unamortized discounts of $0.1 and $0.2, respectively)	4.0% - 6.5%		2021 - 2032		$	51.7		$	51.6
Senior notes (less unamortized discount of $1.2 and $1.3, respectively)	3.2% - 4.5%		2022 - 2049		2,198.8			2,198.7

2017 Term Loan Facility	2.2%		2022		800.0			800.0
Revolving Credit Facility ⁽¹⁾	1.9%		2024		500.0			—

Foreign debt	0% - 7.2%		2020 - 2024		64.6			83.8
Debt issuance cost					(19.4)			(20.2)
Total long-term debt					$	3,595.7		$	3,113.9
Less: debt maturing within one year					63.9			82.8
Total long-term debt, less current portion					$	3,531.8		$	3,031.1


(in Millions)	Gross		Recoveries ⁽³⁾		Net
Total environmental reserves at December 31, 2019	$	595.8	$	(10.0)	$	585.8
Provision (Benefit)	5.6		(0.3)		5.3
(Spending) Recoveries	(15.2)		0.6		(14.6)
Foreign currency translation adjustments	(0.4)		—		(0.4)
Net change	$	(10.0)	$	0.3	$	(9.7)
Total environmental reserves at March 31, 2020	$	585.8	$	(9.7)	$	576.1

Environmental reserves, current ⁽¹⁾	$	127.3	$	(1.2)	$	126.1
Environmental reserves, long-term ⁽²⁾	458.5		(8.5)		450.0
Total environmental reserves at March 31, 2020	$	585.8	$	(9.7)	$	576.1


(in Millions)	December 31, 2019		Increase (Decrease) in recoveries	Cash received ⁽¹⁾	March 31, 2020
Environmental recoveries	$	27.3	(3.5)	(20.1)	$	3.7


(in Millions, Except Share and Per Share Data)	Three Months Ended March 31,
			2020			2019
Earnings (loss) attributable to FMC stockholders:
Continuing operations, net of income taxes	$	213.7		$	206.1
Discontinued operations, net of income taxes	(7.5)			9.6
Net income (loss) attributable to FMC stockholders	$	206.2		$	215.7
Less: Distributed and undistributed earnings allocable to restricted award holders	(0.5)			(0.7)
Net income (loss) allocable to common stockholders	$	205.7		$	215.0

Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations	$	1.65		$	1.56
Discontinued operations	(0.06)			0.07
Net income (loss) attributable to FMC stockholders	$	1.59		$	1.63

Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations	$	1.64		$	1.55
Discontinued operations	(0.06)			0.07
Net income (loss) attributable to FMC stockholders	$	1.58		$	1.62

Shares (in thousands):
Weighted average number of shares of common stock outstanding - Basic	129,527			131,887
Weighted average additional shares assuming conversion of potential common shares	939			1,327
Shares – diluted basis	130,466			133,214


(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)	2020		2019


Derivative instruments
Foreign currency contracts	$	14.3	$	3.3	Costs of sales and services

Foreign currency contracts	(1.7)		1.3		Selling, general and administrative expenses
Interest rate contracts	0.5		—		Interest expense, net
Total before tax	$	13.1	$	4.6
	(2.8)		(1.0)		Provision for income taxes
Amount included in net income (loss)	$	10.3	$	3.6

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)	(2.0)		(4.2)		Selling, general and administrative expenses

Total before tax	$	(2.1)	$	(4.3)
	0.5		0.9		Provision for income taxes
Amount included in net income (loss)	$	(1.6)	$	(3.4)
Total reclassifications for the period	$	8.7	$	0.2	Amount included in net income


	Pensions									Other Benefits
(in Millions)	Three Months Ended March 31,
			2020			2019			2020			2019
Service cost	$	0.9		$	1.1		$	—		$	—
Interest cost	9.1			12.2			0.1			0.2
Expected return on plan assets	(9.3)			(13.4)			—			—
Amortization of prior service cost (credit)	0.1			0.1			—			—
Recognized net actuarial and other (gain) loss	2.5			4.6			(0.2)			(0.2)


Net periodic benefit cost (income)	$	3.3		$	4.6		$	(0.1)		$	—


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, 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	$	52.4	$	21.3	$	73.7	$	(8.2)	$	65.5




Total derivative assets⁽¹⁾	$	52.4	$	21.3	$	73.7	$	(8.2)	$	65.5

Foreign exchange contracts	$	(27.2)	$	—	$	(27.2)	$	8.2	$	(19.0)

Interest rate contracts	(5.3)		—		(5.3)		—		(5.3)

Total derivative liabilities⁽²⁾	$	(32.5)	$	—	$	(32.5)	$	8.2	$	(24.3)

Net derivative assets (liabilities)	$	19.9	$	21.3	$	41.2	$	—	$	41.2


	Contracts
	Foreign Exchange						Interest rate						Total
	Three Months Ended March 31,
(in Millions)	2020		2019		2020		2019		2020		2019
Unrealized hedging gains (losses) and other, net of tax	$	29.7	$	6.9	$	(2.2)	$	(6.0)	$	27.5	$	0.9
Reclassification of deferred hedging (gains) losses, net of tax ⁽¹⁾	(9.8)		(3.6)		(0.5)		—		(10.3)		(3.6)


Total derivative instrument impact on comprehensive income, net of tax	$	19.9	$	3.3	$	(2.7)	$	(6.0)	$	17.2	$	(2.7)


		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	2020		2019
Foreign exchange contracts	Cost of sales and services	$	11.0	$	(2.9)



Total		$	11.0	$	(2.9)


(in Millions)	March 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⁾	$	65.5	$	—	$	65.5	$	—

Other⁽²⁾	17.9		17.9		—		—
Total assets	$	83.4	$	17.9	$	65.5	$	—

Liabilities




Derivatives – Foreign exchange ⁽¹⁾	$	19.0	$	—	$	19.0	$	—
Derivatives – Interest rate ⁽¹⁾	5.3		—		5.3		—
Other⁽³⁾	27.1		26.0		1.1		—
Total liabilities	$	51.4	$	26.0	$	25.4	$	—


(in Millions)
Guarantees:
Guarantees of vendor financing - short-term ⁽¹⁾	$	64.3

Other debt guarantees ⁽²⁾	2.1
Total	$	66.4


ADJUSTED EARNINGS RECONCILIATION
	Three Months Ended March 31,
			2020			2019
(in Millions)	(unaudited)
Net income (loss) attributable to FMC stockholders (GAAP)	$	206.2		$	215.7

Corporate special charges (income), pre-tax ⁽¹⁾	28.6			27.7
Income tax (expense) benefit on Corporate special charges (income) ⁽²⁾	(4.9)			(5.7)
Corporate special charges (income), net of income taxes	$	23.7		$	22.0
Discontinued operations attributable to FMC Stockholders, net of income taxes	7.5			(9.6)
Non-GAAP tax adjustments ⁽³⁾	2.2			1.2
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP)	$	239.6		$	229.3


Total Revenue by Region
	Three Months Ended March 31,
(in Millions)	2020		2019
North America	$	327.6	$	318.3
Latin America	259.2		206.5
Europe, Middle East & Africa (EMEA)	415.3		412.0
Asia	247.9		255.3
Total Revenue	$	1,250.0	$	1,192.1


(in Millions)	Net Asset / (Liability) Position on Condensed Consolidated Balance Sheets		10% Strengthening		10% Weakening
Net asset (liability) position at March 31, 2020	$	46.5	$	88.2	$	3.8

Net asset (liability) position at December 31, 2019	(8.0)		55.9		(75.4)


(in Millions)	Net Asset / (Liability) Position on Condensed Consolidated Balance Sheets		1% Increase		1% Decrease
Net asset (liability) position at March 31, 2020	$	(5.3)	$	4.5	$	(16.7)

Net asset (liability) position at December 31, 2019	(0.9)		—		(1.9)


				Publicly Announced Program
Period	Total Number of Shares Purchased	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 2020	599	$	98.77	—	$	—	$	600,000,620
February 2020	73,141	97.13		—	—		600,000,620
March 2020	3,569	96.89		—	—		600,000,620
Total Q1 2020	77,309	$	97.13	—	$	—