Company Quick10K Filing
FMC
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 133 $10,857
10-Q 2019-10-30 Quarter: 2019-09-30
10-Q 2019-07-31 Quarter: 2019-06-30
10-Q 2019-05-08 Quarter: 2019-03-31
10-K 2019-02-28 Annual: 2018-12-31
10-Q 2018-11-06 Quarter: 2018-09-30
10-Q 2018-08-02 Quarter: 2018-06-30
10-Q 2018-05-03 Quarter: 2018-03-31
10-K 2018-02-28 Annual: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-29
10-Q 2017-08-02 Quarter: 2017-06-30
10-Q 2017-05-03 Quarter: 2017-03-31
10-K 2017-02-28 Annual: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-Q 2016-08-03 Quarter: 2016-06-30
10-Q 2016-05-03 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-02 Quarter: 2015-09-30
10-Q 2015-08-06 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-02-27 Annual: 2014-12-31
10-Q 2014-10-30 Quarter: 2014-09-30
10-Q 2014-08-01 Quarter: 2014-06-30
10-Q 2014-05-07 Quarter: 2014-03-31
10-K 2014-02-18 Annual: 2013-12-31
10-Q 2013-10-29 Quarter: 2013-09-30
10-Q 2013-07-30 Quarter: 2013-06-30
10-Q 2013-05-01 Quarter: 2013-03-31
10-K 2013-02-19 Annual: 2012-12-31
10-Q 2012-10-31 Quarter: 2012-09-30
10-Q 2012-08-01 Quarter: 2012-06-30
10-Q 2012-05-01 Quarter: 2012-03-31
10-K 2012-02-21 Annual: 2011-12-31
10-Q 2011-11-02 Quarter: 2011-09-30
10-Q 2011-08-03 Quarter: 2011-06-30
10-Q 2011-05-05 Quarter: 2011-03-31
10-K 2011-02-22 Annual: 2010-12-31
10-Q 2010-11-02 Quarter: 2010-09-30
10-Q 2010-08-04 Quarter: 2010-06-30
10-Q 2010-05-05 Quarter: 2010-03-31
10-K 2010-02-22 Annual: 2009-12-31
8-K 2019-12-19 Other Events, Exhibits
8-K 2019-12-18 Officers, Exhibits
8-K 2019-10-29 Earnings, Exhibits
8-K 2019-09-17 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-08-02 Other Events, Exhibits
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-05-17 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-06 Earnings, Exhibits
8-K 2019-04-30 Shareholder Vote
8-K 2019-03-22 Earnings, Exhibits
8-K 2019-03-01 M&A, Exhibits
8-K 2019-02-26 Other Events, Exhibits
8-K 2019-02-11 Earnings, Exhibits
8-K 2019-02-11 Suspend Trading, Other Events, Exhibits
8-K 2019-01-31 Earnings, Exhibits
8-K 2019-01-15 Officers, Exhibits
8-K 2018-12-03 Other Events, Exhibits
8-K 2018-11-08 Regulation FD
8-K 2018-11-05 Earnings, Exhibits
8-K 2018-10-19 Other Events
8-K 2018-10-15 Enter Agreement, Other Events, Exhibits
8-K 2018-09-28 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-05-21 Officers, Exhibits
8-K 2018-05-15 Officers
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-04-24 Shareholder Vote
8-K 2018-03-29 Regulation FD, Exhibits
8-K 2018-03-09 Officers, Exhibits
8-K 2018-02-12 Earnings, Exhibits
FMC 2019-09-30
Part I - Financial Information
Item 1. Financial Statements
Note 1: Financial Information and Accounting Policies
Note 2: Recently Issued and Adopted Accounting Pronouncements and Regulatory Items
Note 3: Revenue Recognition
Note 4: Leases
Note 5: Acquisitions
Note 6: Goodwill and Intangible Assets
Note 7: Receivables
Note 8: Inventories
Note 9: Property, Plant and Equipment
Note 10: Restructuring and Other Charges (Income)
Note 11: Debt
Note 13: Environmental Obligations
Note 14: Earnings per Share
Note 15: Equity
Note 16: Pensions and Other Postretirement Benefits
Note 17: Income Taxes
Note 18: Financial Instruments, Risk Management and Fair Value Measurements
Note 19: Guarantees, Commitments, and Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-15 fmcex15093019ng.htm
EX-31.1 fmcex311093019ng.htm
EX-31.2 fmcex312093019ng.htm
EX-32.1 fmcex321093019ng.htm
EX-32.2 fmcex322093019ng.htm

FMC Earnings 2019-09-30

FMC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
IFF 16,398 13,348 7,023 4,716 1,956 361 891 20,456 41% 23.0 3%
CE 13,378 9,506 6,252 6,739 1,812 1,049 1,718 16,536 27% 9.6 11%
FMC 10,857 9,824 7,061 4,653 2,083 503 787 13,305 45% 16.9 5%
EMN 10,762 16,256 10,310 9,666 2,357 915 1,724 16,200 24% 9.4 6%
WLK 8,701 12,216 5,957 8,419 1,532 660 1,640 10,985 18% 6.7 5%
ALB 7,392 8,094 4,294 3,417 1,210 600 914 8,883 35% 9.7 7%
HXL 6,722 3,195 1,753 2,320 629 219 473 7,792 27% 16.5 7%
SEE 6,537 5,216 5,558 4,720 1,508 370 718 9,606 32% 13.4 7%
VSM 5,704 1,459 1,255 1,341 569 86 309 6,416 42% 20.8 6%
GRA 5,061 3,726 3,339 1,998 796 186 430 6,861 40% 16.0 5%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________

 FORM 10-Q
_______________________________________________________________________
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2019
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _______ to _______
Commission File Number 1-2376
__________________________________________________________________________
FMC CORPORATION
(Exact name of registrant as specified in its charter)
__________________________________________________________________________ 
Delaware 94-0479804
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
2929 Walnut StreetPhiladelphiaPennsylvania19104
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 215-299-6000
__________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.10 per shareFMCNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes      No  

As of September 30, 2019, there were 129,615,318 of the registrant's common shares outstanding.



FMC CORPORATION
INDEX
 
 Page
No.

2


PART I - FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS

FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
 
Three Months Ended September 30,Nine Months Ended September 30,
2019201820192018
(in Millions, Except Per Share Data)(unaudited)(unaudited)
Revenue$1,014.3  $923.6  $3,412.5  $3,185.9  
Costs and Expenses
Costs of sales and services581.9  528.4  1,884.9  1,797.8  
Gross margin$432.4  $395.2  $1,527.6  $1,388.1  
Selling, general and administrative expenses188.3  194.6  569.1  587.4  
Research and development expenses77.4  70.1  221.7  210.9  
Restructuring and other charges (income)6.8  25.4  27.3  26.4  
Total costs and expenses$854.4  $818.5  $2,703.0  $2,622.5  
Income from continuing operations before equity in (earnings) loss of affiliates, non-operating pension and postretirement charges (income), interest expense, net and income taxes$159.9  $105.1  $709.5  $563.4  
Equity in (earnings) loss of affiliates      (0.1) 
Non-operating pension and postretirement charges (income)(1.2) (1.2) 5.5  (0.5) 
Interest expense, net41.6  33.4  115.6  101.7  
Income (loss) from continuing operations before income taxes$119.5  $72.9  $588.4  $462.3  
Provision (benefit) for income taxes8.7  22.0  75.6  81.4  
Income (loss) from continuing operations$110.8  $50.9  $512.8  $380.9  
Discontinued operations, net of income taxes(21.3) 23.9  (29.8) 96.0  
Net income (loss)$89.5  $74.8  $483.0  $476.9  
Less: Net income (loss) attributable to noncontrolling interests(0.9) 2.0  2.4  7.2  
Net income (loss) attributable to FMC stockholders$90.4  $72.8  $480.6  $469.7  
Amounts attributable to FMC stockholders:
Continuing operations, net of income taxes$111.7  $48.9  $510.4  $373.7  
Discontinued operations, net of income taxes(21.3) 23.9  (29.8) 96.0  
Net income (loss) attributable to FMC stockholders$90.4  $72.8  $480.6  $469.7  
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$0.85  $0.36  $3.88  $2.76  
Discontinued operations(0.16) 0.18  (0.22) 0.71  
Net income (loss) attributable to FMC stockholders$0.69  $0.54  $3.66  $3.47  
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$0.85  $0.36  $3.85  $2.74  
Discontinued operations(0.16) 0.18  (0.22) 0.71  
Net income (loss) attributable to FMC stockholders$0.69  $0.54  $3.63  $3.45  
The accompanying notes are an integral part of these condensed consolidated financial statements.
3


FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended September 30,Nine Months Ended September 30,
2019201820192018
(in Millions)(unaudited)(unaudited)
Net income (loss)$89.5  $74.8  $483.0  $476.9  
Other comprehensive income (loss), net of tax:
Foreign currency adjustments:
Foreign currency translation gain (loss) arising during the period$(47.2) $(3.6) $(42.7) $(72.0) 
Total foreign currency translation adjustments (1)
$(47.2) $(3.6) $(42.7) $(72.0) 
Derivative instruments:
Unrealized hedging gains (losses) and other, net of tax of $(8.2) and $(17.1) for the three and nine months ended September 30, 2019 and $3.8 and $4.0 for the three and nine months ended September 30, 2018, respectively
$(25.5) $2.6  $(62.0) $12.0  
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax of $(0.6) and $(2.3) for the three and nine months ended September 30, 2019 and $(4.6) and $(5.0) for the three and nine months ended September 30, 2018, respectively (2)
(1.2) (9.2) (8.0) (10.9) 
Total derivative instruments, net of tax of $(8.8) and $(19.4) for the three and nine months ended September 30, 2019 and $(0.8) and $(1.0) for the three and nine months ended September 30, 2018, respectively
$(26.7) $(6.6) $(70.0) $1.1  
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 $0.1 and $1.9 for the three and nine months ended September 30, 2019 and $0.9 and $2.7 for the three and nine months ended September 30, 2018, respectively (2)
$0.3  $3.6  $7.0  $10.4  
Other comprehensive income (loss), net of tax$(73.6) $(6.6) $(105.7) $(60.5) 
Comprehensive income (loss)$15.9  $68.2  $377.3  $416.4  
Less: Comprehensive income (loss) attributable to the noncontrolling interest(1.2) 1.7  0.5  5.9  
Comprehensive income (loss) attributable to FMC stockholders$17.1  $66.5  $376.8  $410.5  
____________________ 
(1)Income taxes are not provided for outside basis differences inherent in our investments in subsidiaries because the investments and related unremitted earnings are essentially permanent in duration or we have concluded that no additional tax liability will arise upon disposal or remittance.
(2)For more detail on the components of these reclassifications and the affected line item in the condensed consolidated statements of income (loss) see Note 15.



The accompanying notes are an integral part of these condensed consolidated financial statements.
4


FMC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS

(in Millions, Except Share and Par Value Data)September 30, 2019December 31, 2018
ASSETS(unaudited)
Current assets
Cash and cash equivalents$419.7  $134.4  
Trade receivables, net of allowance of $35.6 in 2019 and $22.4 in 2018
2,001.1  2,143.8  
Inventories1,167.4  1,025.5  
Prepaid and other current assets489.4  432.6  
Current assets of discontinued operations  293.9  
Total current assets$4,077.6  $4,030.2  
Investments0.7  0.7  
Property, plant and equipment, net728.4  756.9  
Goodwill1,466.5  1,468.1  
Other intangibles, net2,632.2  2,703.4  
Other assets including long-term receivables, net609.3  383.4  
Deferred income taxes289.1  272.8  
Noncurrent assets of discontinued operations  358.8  
Total assets$9,803.8  $9,974.3  
LIABILITIES AND EQUITY
Current liabilities
Short-term debt and current portion of long-term debt$553.6  $547.7  
Accounts payable, trade and other667.0  795.5  
Advance payments from customers19.0  458.4  
Accrued and other liabilities576.7  570.8  
Accrued customer rebates547.7  365.3  
Guarantees of vendor financing73.0  67.1  
Accrued pension and other postretirement benefits, current6.2  6.2  
Income taxes78.3  85.1  
Current liabilities of discontinued operations  97.3  
Total current liabilities$2,521.5  $2,993.4  
Long-term debt, less current portion3,032.4  2,145.0  
Accrued pension and other postretirement benefits, long-term45.2  47.2  
Environmental liabilities, continuing and discontinued412.0  458.5  
Deferred income taxes335.2  330.8  
Other long-term liabilities778.2  742.9  
Noncurrent liabilities of discontinued operations  46.1  
Commitments and contingent liabilities (Note 19)
Equity
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2019 or 2018
$  $  
Common stock, $0.10 par value, authorized 260,000,000 shares; 185,983,792 issued shares in 2019 and 2018
18.6  18.6  
Capital in excess of par value of common stock809.3  776.2  
Retained earnings4,249.0  4,334.3  
Accumulated other comprehensive income (loss)(426.8) (308.9) 
Treasury stock, common, at cost - 2019: 56,368,474 shares, 2018: 53,702,178 shares
(2,000.9) (1,699.1) 
Total FMC stockholders’ equity$2,649.2  $3,121.1  
Noncontrolling interests30.1  89.3  
Total equity$2,679.3  $3,210.4  
Total liabilities and equity$9,803.8  $9,974.3  

The accompanying notes are an integral part of these condensed consolidated financial statements.
5


FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Nine Months Ended September 30,
20192018
 (in Millions)
(unaudited)
Cash provided (required) by operating activities of continuing operations:
Net income (loss)$483.0  $476.9  
Discontinued operations, net of income taxes29.8  (96.0) 
Income (loss) from continuing operations$512.8  $380.9  
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations:
Depreciation and amortization$111.1  $111.4  
Equity in (earnings) loss of affiliates  (0.1) 
Restructuring and other charges (income)27.3  26.4  
Deferred income taxes(3.6) (38.7) 
Pension and other postretirement benefits8.2  4.0  
Share-based compensation19.2  17.3  
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Trade receivables, net118.7  114.7  
Guarantees of vendor financing5.9  (14.6) 
Inventories(151.8) (112.2) 
Accounts payable, trade and other(119.4) 103.9  
Advance payments from customers(439.1) (348.2) 
Accrued customer rebates186.2  304.4  
Income taxes(64.0) 23.6  
Pension and other postretirement benefit contributions(9.8) (34.1) 
Environmental spending, continuing, net of recoveries(8.7) (9.0) 
Restructuring and other spending(15.3) (16.2) 
Transaction-related charges(61.5) (80.8) 
Change in other operating assets and liabilities, net (1)
(50.4) (52.4) 
Cash provided (required) by operating activities of continuing operations$65.8  $380.3  
Cash provided (required) by operating activities of discontinued operations:
Environmental spending, discontinued, net of recoveries$(27.9) $(18.0) 
Other discontinued spending(17.5) (20.1) 
Operating activities of discontinued operations, net of divestiture costs9.2  71.8  
Cash provided (required) by operating activities of discontinued operations$(36.2) $33.7  
____________________ 
(1) Changes in all periods primarily represent timing of payments associated with all other operating assets and liabilities.


The accompanying notes are an integral part of these condensed consolidated financial statements.
(continued)
6


FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
 
Nine Months Ended September 30,
20192018
 (in Millions)(unaudited)
Cash provided (required) by investing activities of continuing operations:
Capital expenditures$(56.8) $(46.0) 
Proceeds from sale of product portfolios  88.0  
Investment in Enterprise Resource Planning system(42.0) (30.1) 
Acquisitions, net (2)
  19.6  
Other investing activities(20.7) (8.0) 
Cash provided (required) by investing activities of continuing operations$(119.5) $23.5  
Cash provided (required) by investing activities of discontinued operations:
Proceeds from disposal of property, plant and equipment$26.2  $  
Other discontinued investing activities(17.0) (61.0) 
Cash provided (required) by investing activities of discontinued operations$9.2  $(61.0) 
Cash provided (required) by financing activities of continuing operations:
Increase (decrease) in short-term debt$17.4  $(18.8) 
Repayments of long-term debt(601.6) (401.4) 
Financing fees and interest rate swap settlements(95.2) (2.4) 
Proceeds from borrowings of long-term debt1,500.0    
Issuances of common stock, net28.7  9.4  
Dividends paid (3)
(158.3) (66.9) 
Repurchases of common stock under publicly announced program(300.0)   
Other repurchases of common stock(16.2) (5.4) 
Cash provided (required) by financing activities of continuing operations$374.8  $(485.5) 
Cash provided (required) by financing activities of discontinued operations:
Payment of Livent external debt$(27.0) $  
Cash transfer to Livent due to spin(10.2)   
Cash provided (required) by financing activities of discontinued operations$(37.2) $  
Effect of exchange rate changes on cash and cash equivalents1.1  2.5  
Increase (decrease) in cash and cash equivalents$258.0  $(106.5) 
Cash and cash equivalents of continuing operations, beginning of period$134.4  $281.8  
Cash and cash equivalents of discontinued operations, beginning of period (4)
27.3  1.2  
Cash and cash equivalents, beginning of period$161.7  $283.0  
Less: cash and cash equivalent of discontinued operations, end of period  14.7  
Cash and cash equivalents, end of period$419.7  $161.8  
____________________ 
(2) Represents the cash received as a result of the working capital settlement associated with the consideration paid for the DuPont Crop Protection Business. See Note 5 for more information on the non-cash consideration transferred to DuPont.
(3) See Note 15 regarding quarterly cash dividend.
(4) Reflected within "Current assets of discontinued operations" on the condensed consolidated balance sheets.
Supplemental disclosure of cash flow information: Cash paid for interest, net of capitalized interest was $114.4 million and $98.4 million, and income taxes paid, net of refunds were $109.6 million and $103.3 million for the nine months ended September 30, 2019 and September 30, 2018, respectively. Net interest payments of zero and tax payments, net of refunds of $9.1 million were allocated to discontinued operations for the nine months ended September 30, 2018, respectively. Non-cash additions to property, plant and equipment were $3.9 million and $1.8 million for the nine months ended September 30, 2019 and 2018, respectively.
The accompanying notes are an integral part of these condensed consolidated financial statements.
7


FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)

 FMC Stockholders’ Equity  
(in Millions, Except Per Share Data)
Common
Stock,
$0.10 Par
Value
Capital In Excess of ParRetained
Earnings
Accumulated Other Comprehensive Income (Loss)Treasury
Stock
Non-controlling
Interest
Total
Equity
Balance at December 31, 2018$18.6  $776.2  $4,334.3  $(308.9) $(1,699.1) $89.3  $3,210.4  
Adoption of accounting standards (Note 2)—  —  55.5  (53.1) —  —  2.4  
Net income (loss)—  —  215.7  —  —  1.5  217.2  
Stock compensation plans—  9.4  —  —  7.2  —  16.6  
Shares for benefit plan trust—  —  —  —  (1.1) —  (1.1) 
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1)
—  —  —  3.4