XML 27 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash provided (required) by operating activities of continuing operations:      
Net income (loss) $ 480.2 $ 511.5 $ 538.4
Discontinued operations, net of income taxes 63.3 26.1 (671.5)
Income (loss) from continuing operations 543.5 537.6 (133.1)
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:      
Depreciation and amortization 150.1 150.2 97.8
Equity in (earnings) loss of affiliates 0.0 (0.1) (0.1)
Restructuring and other charges (income) 171.0 61.2 73.2
Deferred income taxes 46.1 (43.9) 113.0
Pension and other postretirement benefits 12.6 6.1 (8.4)
Share-based compensation 25.6 22.5 21.1
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:      
Trade receivables, net (123.5) (281.5) (191.1)
Guarantees of vendor financing 8.6 15.4 (54.7)
Advance payments from customers 34.1 80.2 141.1
Accrued customer rebates (85.8) 104.1 16.9
Inventories 6.4 (200.7) (102.8)
Accounts payable, trade and other 103.0 166.7 304.3
Income taxes (25.0) (94.7) 109.3
Pension and other postretirement benefit contributions (13.4) (37.5) (55.3)
Environmental spending, continuing, net of recoveries (18.3) (20.3) (20.2)
Restructuring and other spending (18.6) (25.2) (7.3)
Transaction-related spending (77.1) (101.1) (78.9)
Change in other operating assets and liabilities, net [1] (183.7) 23.7 7.2
Cash provided (required) by operating activities of continuing operations 555.6 362.7 232.0
Cash provided (required) by operating activities of discontinued operations:      
Environmental spending, discontinued, net of recoveries (51.7) (41.0) (32.3)
Operating activities of discontinued operations, net of divestiture costs 9.0 74.5 168.6
Other discontinued spending (24.4) (27.8) (32.8)
Cash provided (required) by operating activities of discontinued operations (67.1) 5.7 103.5
Cash provided (required) by investing activities of continuing operations:      
Capital expenditures (93.9) (83.0) (38.3)
Acquisitions, net [2] 0.0 19.6 (1,225.6)
Proceeds from sale of product portfolios 0.0 88.0 0.0
Investment in Enterprise Resource Planning system (48.0) (48.5) 0.0
Other investing activities [3] (54.0) (13.6) (24.6)
Cash provided (required) by investing activities of continuing operations (195.9) (37.5) (1,288.5)
Cash provided (required) by investing activities of discontinued operations:      
Proceeds from divestiture 26.2 0.0 38.0
Other discontinued investing activities (17.0) (93.4) (83.3)
Cash provided (required) by investing activities of discontinued operations 9.2 (93.4) (45.3)
Cash provided (required) by financing activities of continuing operations:      
Increase (decrease) in short-term debt (11.9) 79.5 (3.1)
Proceeds from borrowing of long-term debt 1,500.0 0.0 1,598.9
Financing fees and interest rate swap settlements (97.4) (3.1) (11.0)
Repayments of long-term debt (901.9) (552.0) (302.3)
Transactions with noncontrolling interests 0.0 0.0 (0.5)
Net proceeds received from initial public offering of FMC Lithium [4] 0.0 364.0 0.0
Dividends paid [5] (210.3) (89.2) (88.8)
Issuances of common stock, net 50.7 10.7 22.5
Repurchases of common stock under publicly announced program (400.0) (200.0) 0.0
Other repurchases of common stock (16.2) (6.8) (2.6)
Cash provided (required) by financing activities of continuing operations (87.0) (397.3) 1,213.1
Cash provided (required) by financing activities of discontinued operations:      
Proceeds from borrowing of long-term debt 0.0 34.0 0.0
Payment of Livent external debt (27.0) 0.0 0.0
Cash transfer to Livent due to spin (10.2) 0.0 0.0
Cash provided (required) by financing activities of discontinued operations (37.2) 34.0 0.0
Effect of exchange rate changes on cash and cash equivalents (0.2) 4.5 4.0
Increase (decrease) in cash and cash equivalents 177.4 (121.3) 218.8
Cash and cash equivalents of continuing operations, beginning of period 134.4 281.8 60.2
Cash and cash equivalents of discontinued operations, beginning of period [6] 27.3 1.2 4.0
Cash and cash equivalents, beginning of period 161.7 283.0 64.2
Less: cash and cash equivalent of discontinued operations, end of period 0.0 27.3 [6] 1.2 [6]
Cash and cash equivalents, end of period $ 339.1 $ 134.4 $ 281.8
[1] Changes in all periods represent timing of payments associated with all other operating assets and liabilities.
[2] Represents the cash portion of the total purchase consideration paid for the DuPont Crop Protection Business Acquisition. See Note 5 for more information on the non-cash consideration transferred to DuPont.
[3] Cash spending associated with contract manufacturers was $51.7 million, $13.1 million and $11.7 million for the years ended December 31, 2019, 2018 and 2017, respectively.
[4] Pursuant to the terms of the separation and distribution agreement, we received a net distribution of approximately $364 million from the public offering of Livent representing the proceeds from the sale of its common stock and the underwriters' exercise to purchase additional shares as part of the initial public offering ("IPO"), net of underwriting discounts and commissions, financing fees and other offering related expenses.
[5] See Note 17 regarding our quarterly cash dividend.
[6] Reflected within "Current assets of discontinued operations" on the consolidated balance sheets.