Company Quick10K Filing
FMC
Price89.90 EPS4
Shares132 P/E23
MCap11,899 P/FCF181
Net Debt2,993 EBIT594
TEV14,892 TEV/EBIT25
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-29 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-02
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-18
10-Q 2013-09-30 Filed 2013-10-29
10-Q 2013-06-30 Filed 2013-07-30
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-02-19
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-08-01
10-Q 2012-03-31 Filed 2012-05-01
10-K 2011-12-31 Filed 2012-02-21
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-22
10-Q 2010-09-30 Filed 2010-11-02
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-22
8-K 2020-07-13 Officers, Exhibits
8-K 2020-05-05
8-K 2020-04-27
8-K 2020-04-22
8-K 2020-02-27
8-K 2020-02-05
8-K 2019-12-19
8-K 2019-12-18
8-K 2019-10-29
8-K 2019-09-17
8-K 2019-08-02
8-K 2019-07-30
8-K 2019-05-17
8-K 2019-05-06
8-K 2019-04-30
8-K 2019-03-22
8-K 2019-03-01
8-K 2019-02-26
8-K 2019-02-11
8-K 2019-02-11
8-K 2019-01-31
8-K 2019-01-15
8-K 2018-12-03
8-K 2018-11-08
8-K 2018-11-05
8-K 2018-10-19
8-K 2018-10-15
8-K 2018-09-28
8-K 2018-08-01
8-K 2018-05-21
8-K 2018-05-15
8-K 2018-05-02
8-K 2018-04-24
8-K 2018-03-29
8-K 2018-03-09
8-K 2018-02-12

FMC 10Q Quarterly Report

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-10.3.A annualgrant-fmcnonxemp.htm
EX-10.3.B retainer-fmcnonxemploy.htm
EX-15 fmcex15033120ng.htm
EX-31.1 fmcex311033120ng.htm
EX-31.2 fmcex312033120ng.htm
EX-32.1 fmcex321033120ng.htm
EX-32.2 fmcex322033120ng.htm

FMC Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
1.31.00.70.30.0-0.32012201420172020
Rev, G Profit, Net Income
1.50.90.4-0.2-0.7-1.32012201420172020
Ops, Inv, Fin

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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 March 31, 2020
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 March 31, 2020, there were 129,447,184 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 March 31,
20202019
(in Millions, Except Per Share Data)(unaudited)
Revenue$1,250.0  $1,192.1  
Costs and Expenses
Costs of sales and services688.5  647.4  
Gross margin$561.5  $544.7  
Selling, general and administrative expenses189.4  183.9  
Research and development expenses67.3  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, net40.8  34.5  
Income (loss) from continuing operations before income taxes$248.4  $243.9  
Provision (benefit) for income taxes34.7  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  

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 March 31,
20202019
(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  
____________________ 
(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)March 31, 2020December 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  
Inventories1,062.7  1,017.0  
Prepaid and other current assets513.0  487.5  
Total current assets$4,472.0  $4,074.8  
Investments0.7  0.7  
Property, plant and equipment, net735.7  758.0  
Goodwill1,459.6  1,467.5  
Other intangibles, net2,611.7  2,629.0  
Other assets including long-term receivables, net675.0  685.3  
Deferred income taxes234.5  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 other838.4  900.1  
Advance payments from customers213.5  492.7  
Accrued and other liabilities630.3  680.6  
Accrued customer rebates389.0  280.6  
Guarantees of vendor financing64.3  75.7  
Accrued pension and other postretirement benefits, current4.3  4.3  
Income taxes66.5  62.2  
Total current liabilities$2,456.5  $2,723.9  
Long-term debt, less current portion3,531.8  3,031.1  
Accrued pension and other postretirement benefits, long-term43.1  44.2  
Environmental liabilities, continuing and discontinued450.0  470.5  
Deferred income taxes333.9  333.2  
Other long-term liabilities671.2  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 stock840.2  829.7  
Retained earnings4,337.9  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 interests27.3  29.1  
Total equity$2,702.7  $2,561.4  
Total liabilities and equity$10,189.2  $9,872.7  

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


FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Three Months Ended March 31,
20202019
 (in Millions)
(unaudited)
Cash provided (required) by operating activities of continuing operations:
Net income (loss)$206.2  $217.2  
Discontinued operations, net of income taxes7.5  (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  $37.3  
Restructuring and other charges (income)13.4  7.8  
Deferred income taxes14.4  (6.1) 
Pension and other postretirement benefits3.2  4.6  
Share-based compensation7.4  6.1  
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Trade receivables, net(283.8) (389.4) 
Guarantees of vendor financing(11.4) 11.3  
Advance payments from customers(279.6) (175.3) 
Accrued customer rebates102.2  95.0  
Inventories(63.3) (109.7) 
Accounts payable, trade and other(68.1) 91.0  
Income taxes10.5  28.1  
Pension and other postretirement benefit contributions(1.2) (1.6) 
Environmental spending, continuing, net of recoveries16.3  (3.5) 
Restructuring and other spending(1.9) (5.8) 
Transaction-related charges(22.5) (19.9) 
Change in other operating assets and liabilities, net (1)
2.7  (60.4) 
Cash provided (required) by operating activities of continuing operations$(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  
____________________ 
(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)
 
Three Months Ended March 31,
20202019
 (in Millions)(unaudited)
Cash provided (required) by investing activities of continuing operations:
Capital expenditures$(15.5) $(19.1) 
Investment in Enterprise Resource Planning system(18.6) (12.6) 
Other investing activities(9.1) (1.7) 
Cash provided (required) by investing activities of continuing operations$(43.2) $(33.4) 
Cash provided (required) by investing activities of discontinued operations:
Proceeds from disposal of property, plant and equipment$  $26.2  
Other discontinued investing activities  (17.0) 
Cash provided (required) by investing activities of discontinued operations$  $9.2  
Cash provided (required) by financing activities of continuing operations:
Net borrowings (repayments) under committed credit facility$500.0  $  
Increase (decrease) in short-term debt30.7  445.6  
Repayments of long-term debt(0.7) (0.5) 
Issuances of common stock, net9.2  11.7  
Dividends paid (2)
(57.0) (53.2) 
Repurchases of common stock under publicly announced program  (100.0) 
Other repurchases of common stock(7.4) (16.0) 
Cash provided (required) by financing activities of continuing operations$474.8  $287.6  
Cash provided (required) by financing activities of discontinued operations:
Payment of Livent external debt$  $(27.0) 
Cash transfer to Livent due to spin  (10.2) 
Cash provided (required) by financing activities of discontinued operations$  $(37.2) 
Effect of exchange rate changes on cash and cash equivalents(6.2) (1.2) 
Increase (decrease) in cash and cash equivalents$97.1  $(52.2) 
Cash and cash equivalents of continuing operations, beginning of period$339.1  $134.4  
Cash and cash equivalents of discontinued operations, beginning of period
  27.3  
Cash and cash equivalents, beginning of period$339.1  $161.7  
Cash and cash equivalents, end of period$436.2  $109.5  
____________________ 
(2) See Note 15 regarding the quarterly cash dividend.

Supplemental disclosure of cash flow information: Cash paid for interest, net of capitalized interest was $32.1 million and $35.8 million, and income taxes paid, net of refunds were $29.0 million and $34.1 million for the three months ended March 31, 2020 and 2019, respectively. There were no interest payments, net of capitalized interest and tax payments, net of refunds allocated to discontinued operations for the three months ended March 31, 2020 and 2019. Non-cash additions to property, plant and equipment and other assets were $12.5 million and $0.6 million for the three months ended March 31, 2020 and 2019, 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, 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  
____________________
(1)See condensed consolidated statements of comprehensive income (loss).

 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—  —  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  —  —  3.4  
Net hedging gains (losses) and other, net of income tax (1)
—  —  —  (2.7) —  —  (2.7) 
Foreign currency translation adjustments (1)
—  —  —  (2.1) —  (0.3) (2.4) 
Dividends ($0.40 per share)
—  —  (52.8) —  —  —  (52.8) 
Repurchases of common stock—  —  —  —  (114.2) —  (114.2) 
Divestiture of Livent (2)
—  —  (