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 June 30, 2022

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)			(I.R.S. Employer Identification No.)
2929 Walnut Street	Philadelphia	Pennsylvania	19104
(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 class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.10 per share	FMC	New 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 June 30, 2022, there were 125,959,269 of the registrant's common shares outstanding.

FMC CORPORATION

INDEX

 

	Page No.
Part I - FINANCIAL INFORMATION	3
Item 1. Financial Statements	3
Condensed Consolidated Statements of Income (Loss) - Three and six months ended June 30, 2022 and 2021 (unaudited)	3
Condensed Consolidated Statements of Comprehensive Income (Loss) - Three and six months ended June 30, 2022 and 2021 (unaudited)	4
Condensed Consolidated Balance Sheets - June 30, 2022 and December 31, 2021 (unaudited)	5
Condensed Consolidated Statements of Cash Flows - Six months ended June 30, 2022 and 2021 (unaudited)	6
Condensed Consolidated Statements of Changes in Equity - Six months ended June 30, 2022 and 2021 (unaudited)	8
Notes to Condensed Consolidated Financial Statements (unaudited)	10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3. Quantitative and Qualitative Disclosures About Market Risk	52
Item 4. Controls and Procedures	52
Part II - OTHER INFORMATION	54
Item 1. Legal Proceedings	54
Item 1A. Risk Factors	54
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	55
Item 5. Other Information	55
Item 6. Exhibits	55
Signatures	56

2

PART I - FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

FMC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

 

	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

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 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

____________________ 

(1)Income taxes are not provided for foreign currency translation because the related investments are essentially permanent in duration.

(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 14.

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)	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

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

5

FMC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

	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)

____________________ 

(1)    The restructuring and other spending amount for the six months ended June 30, 2022 and 2021 includes spending of $3.2 million and $0.8 million related to the Furadan® asset retirement obligations.

(2)    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)

 

	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

____________________ 

(3)    See Note 14 regarding the quarterly cash dividend.

Supplemental disclosure of cash flow information: Cash paid for interest, net of capitalized interest was $61.2 million and $60.1 million, and income taxes paid, net of refunds were $53.2 million and $65.2 million for the six months ended June 30, 2022 and 2021, respectively. Non-cash additions to property, plant and equipment and other assets were $24.5 million and $15.0 million for the six months ended June 30, 2022 and 2021, 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 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

____________________

(1)See condensed consolidated statements of comprehensive income (loss).

8

	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

____________________

(1)See condensed consolidated statements of comprehensive income (loss).

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

9

FMC CORPORATION

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1: Financial Information and Accounting Policies

In our opinion the condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") applicable to interim period financial statements and reflect all adjustments necessary for a fair statement of results of operations for the three and six months ended June 30, 2022 and 2021, cash flows for the six months ended June 30, 2022 and 2021, changes in equity for the three and six months ended June 30, 2022 and 2021, and our financial positions as of June 30, 2022 and December 31, 2021. All such adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. The results of operations for the three and six months ended June 30, 2022 and 2021 are not necessarily indicative of the results of operations for the full year. The condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021, and the related condensed consolidated statements of income (loss) and condensed consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021, condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021, and condensed consolidated statements of changes in equity for the three and six months ended June 30, 2022 and 2021 have been reviewed by our independent registered public accountants. The review is described more fully in their report included herein. Our accounting policies are set forth in detail in Note 1 to the consolidated financial statements included with our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2021 (the "2021 Form 10-K").

Given the COVID-19 pandemic ("COVID"), many countries, including the United States, subsequently imposed restrictions on both travel and business closures in an effort to mitigate the spread of COVID. As an agriculture sciences company, we are considered an "essential" industry in the countries in which we operate and have avoided significant plant closures and all our manufacturing facilities and distribution warehouses are operational. The extent to which COVID will continue to impact us will depend on future developments, many of which remain uncertain and cannot be predicted with confidence, including the duration of the pandemic, further actions to be taken to contain the pandemic or mitigate its impact, and the extent of the direct and indirect economic effects of the pandemic and containment measures, among others.

Note 2: Recently Issued and Adopted Accounting Pronouncements and Regulatory Items

New accounting guidance and regulatory items

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional guidance for a limited period of time to ease the potential burden in accounting for contracts and hedging relationships affected by reference rate reform. This applies to contracts that reference LIBOR or another rate that is expected to be discontinued as a result of rate reform and have modified terms that affect or have the potential to affect the amount and timing of contractual cash flows resulting from the discontinuance of the reference rate. The new standard is currently effective and upon adoption may be applied prospectively through December 31, 2022. We are continuing to monitor for any modified or newly entered contracts and hedging relationships for accounting impacts due to reference rate reform. Currently, there are no material impacts on our consolidated financial statements related to this standard.

Note 3: Revenue Recognition

Disaggregation of revenue

We disaggregate revenue from contracts with customers by geographical areas and major product categories. We have three major agricultural product categories: insecticides, herbicides, and fungicides. Plant health, which includes biological products, is also included in the below table, because it is a growing part of our business. The disaggregated revenue tables are shown below for the three and six months ended June 30, 2022 and 2021.

The following table provides information about disaggregated revenue by major geographical region:

10

FMC CORPORATION

Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)

	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

The following table provides information about disaggregated revenue by product category:

	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

We earn revenue from the sale of a wide range of products to a diversified base of customers around the world. We develop, market and sell all three major classes of crop protection chemicals (insecticides, herbicides and fungicides) as well as biologicals, crop nutrition, and seed treatment, which we group as plant health. These products are used in agriculture to enhance crop yield and quality by controlling a broad spectrum of insects, weeds and disease, as well as in non-agricultural markets for pest control. The majority of our product lines consist of insecticides and herbicides, with a smaller portfolio of fungicides mainly used in high value crop segments. We are investing in plant health which includes our growing biological products. Our insecticides are used to control a wide spectrum of pests, while our herbicide portfolio primarily targets a large variety of difficult-to-control weeds. Products in the other category include various agricultural products such as smaller classes of pesticides, growth promoters, and other miscellaneous revenue sources.

Sale of Goods

Revenue from product sales is recognized when (or as) we satisfy a performance obligation by transferring the promised goods to a customer, that is, when control of the good transfers to the customer. The customer is then invoiced at the agreed-upon price with payment terms generally ranging from 30 to 90 days, with some regions providing terms longer than