11-K 1 fmcform11k2022.htm 11-K Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 11-K
 
 
Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934

 (Mark One)
XAnnual report pursuant to Section 15(d) of the Securities Exchange Act of 1934
(No Fee Required)

For the fiscal year ended December 31, 2022

 OR
 
Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934
(No Fee Required)
 
For the transition period from _______ to _______
 
Commission file number 1-2376
 
FMC CORPORATION SAVINGS AND INVESTMENT PLAN
Full title of the plan and the address of the plan, if different
from that of the issuer named below
 

 
FMC CORPORATION
2929 WALNUT STREET
PHILADELPHIA, PA 19104

 
 


 













FMC CORPORATION
SAVINGS AND INVESTMENT PLAN




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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To Plan Participants and Plan Administrator
FMC Corporation Savings and Investment Plan

Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of the FMC Corporation Savings and Investment Plan (the Plan) as of December 31, 2022 and 2021, the related statements of changes in net assets available for benefits for the years then ended, and the related notes and schedule (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022 and 2021, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for purposes of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2022 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.
We have served as the Plan’s auditor since 2020.

/s/MITCHELL & TITUS, LLP
Philadelphia, Pennsylvania
June 21, 2023


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FMC CORPORATION
SAVINGS AND INVESTMENT PLAN
Statements of Net Assets Available for Benefits
December 31, 2022 and 2021
(in thousands)
20222021
Assets:
Investments at fair value$561,741 $695,430 
Receivables:
Contributions receivable8,592 7,475 
Notes receivable from participants2,938 2,814 
Net assets available for benefits$573,271 $705,719 

See accompanying Notes to Financial Statements.
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FMC CORPORATION
SAVINGS AND INVESTMENT PLAN
Statements of Changes in Net Assets Available for Benefits
Years Ended December 31, 2022 and 2021
(in thousands)
20222021
Additions:
Interest and dividend income$17,888 $23,315 
Net appreciation in fair value of investments— 56,402 
Contributions:
Participants19,364 18,373 
Rollovers3,818 3,859 
Employer15,522 14,146 
Total additions$56,592 $116,095 
Deductions:
Net depreciation in fair value of investments$118,354 $— 
Benefits paid to participants70,096 122,875 
Administrative expenses590 487 
Total deductions$189,040 $123,362 
Net increase (decrease)$(132,448)$(7,267)
Net assets available for benefits, beginning of year705,719 712,986 
Net assets available for benefits, end of year$573,271 $705,719 

See accompanying Notes to Financial Statements.
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Table of Contents             
FMC CORPORATION
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements
December 31, 2022 and 2021

Note 1 - Description of the Plan
The following description of the FMC Corporation Savings and Investment Plan (the Plan) provides only general information. A more complete description of the Plan's provisions may be found in the Plan Document.
a.    General
The Plan is a qualified defined contribution plan under Section 401(k) of the Internal Revenue Code, which covers substantially all employees of FMC Corporation (FMC, the Company or the Plan Sponsor), other than employees who generally reside or work outside of the United States. Such employees are eligible to participate in the Plan immediately upon commencement of their employment with the Company. The Plan is subject to the provisions of the Employee Retirement Income Security Act (ERISA). The Plan is administered by the Employee Welfare Benefits Plan Committee of FMC Corporation.
b.    Contributions
Participants may elect to defer no more than 50% of their eligible compensation, and contribute it to the Plan's trust on a pretax (i.e. traditional 401(k)) or after-tax (i.e. Roth 401(k)) basis up to the Internal Revenue Code Section 402(g) limit for 2022 of $20,500. Participants who are aged 50 or older by the end of the plan year may elect to contribute pretax or after-tax catch up contributions, up to a maximum of $6,500. Participants may also elect to make traditional after-tax contributions (all contributions not to exceed 50% of the total compensation in aggregate).
Employees will be automatically enrolled at a contribution rate of 5% of pre-tax eligible pay. Employees who do not want to be automatically enrolled may opt out by electing a 0% contribution rate.
For eligible employees participating in the Plan, the Company makes matching contributions of 80% of the portion of those contributions up to 5% of the employee's compensation (Basic Contribution). The Company matching contributions are paid in the form of cash and are allocated to participant accounts based upon the participant's investment elections. For the 2022 plan year, total annual contributions from all sources, other than catch-up contributions, were limited to the Internal Revenue Code Section 415(c) limit of the lesser of 100% of compensation or $61,000.
In addition to the Basic Contribution, all newly hired and rehired salaried and nonunion hourly employees of the Company beginning July 1, 2007 receive an annual employer core contribution of 5% of the employee's eligible compensation. This amount is contributed to the employee's account after the end of each plan year. This change was instituted for these employees effective July 1, 2007, since these employees are not eligible for the Company's defined benefit plan. Also, effective February 1, 2013, existing and newly hired Middleport union employees, except for certain employees who were grandfathered in the defined benefit plan, are eligible for the annual employer core contribution. The 5% core contribution funds are not eligible for participant withdrawals and loans, but are subject to the same vesting requirements as discussed in Note 1(f). Additionally, the 5% core contribution funds are included in the 415(c) limit described above but not in the $20,500 402(g) limit on pretax contributions also described above. The amount of these 5% core contributions included in the statements of changes in net assets available for benefits were approximately $8,591,805 and $7,449,989 for the years ended December 31, 2022 and 2021, respectively.
With the approval of the Plan Administrator, participants are allowed to make rollover contributions of amounts received from other tax-qualified employer-sponsored retirement plans to the Plan.
c.    Participant Account Activity
Each participant's account is credited with the participant's contributions, employer matching contributions, and allocations of plan earnings and losses, as determined by the Plan Document. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.
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FMC CORPORATION
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements—(Continued)
December 31, 2022 and 2021
As previously disclosed in FMC Corporation's Form 8-K filing on January 31, 2022, there was a blackout period in which Affected Participants, as defined below, and their beneficiaries temporarily were unable to obtain a loan or distribution or direct or diversify their Plan investments in the FMC Stock Fund under the Plan. In order to promote diversification and reduce risk for former employees whose holdings in the FMC Stock Fund exceeded 20% of their account balance as of March 4, 2022 ("Affected Participants"), the Plan administrator liquidated a portion of the Affected Participant’s FMC Stock Fund holdings to reduce such holdings to not more than 20% of the Affected Participant’s total Plan account balance. The proceeds of the sale were invested in the investment option designated by the Plan Administrator as the qualified default investment alternative. Affected Participants had the opportunity to reduce their FMC Stock Fund holdings in their Plan accounts to below the 20% cap before the deadline through voluntary self-directed transactions under the Plan. The blackout period began at 4:00 p.m. Eastern time on March 7, 2022 and ended during the week of March 13, 2022.
d.    Trust
The Company established a trust (the Trust) at Fidelity Management Trust Company (the Trustee) for investment purposes as part of the Plan. The recordkeeper of the Plan, Fidelity Investments Institutional Operations Company, is an affiliate of the Trustee.
e.    Investment Options
Upon enrollment in the Plan, a participant may direct his or her contributions in 1% increments to each investment option selected. Participants may also elect to have professionals at the Trustee help manage the investments under a program called Fidelity® Portfolio Advisory Services at Work. Certain investment options of the Plan qualify for Class K based on volume held by the Plan in these funds. Class K offers the Plan a lower expense ratio compared to similar retail classes. Investment options for both participant and trustee-directed investments are further described in Note 3.
f.    Vesting
All matching contributions, core contributions, and any related earnings are immediately vested for active employees.
g.    Payment of Benefits
Upon termination of service, death or disability, any participant or, if applicable, his or her beneficiary may elect to immediately receive a lump-sum distribution equal to the vested balance of his or her account. Upon attainment of age 59 1/2, participants who are employed by the Company can elect in-service distribution of all vested accounts. Participants or beneficiaries whose accounts were valued at not less than $1,000 upon termination are able to elect to defer their lump-sum distribution, take distribution in the form of periodic payments or receive installments (annually, quarterly, or monthly) over a certain period that may not exceed the joint life expectancy of the participant and beneficiary.
h.    Participant Withdrawals and Loans
The Plan allows participants to make hardship cash withdrawals (subject to income taxation and Internal Revenue Service penalties) from some or all of his or her vested account balances. Withdrawals from participants' after-tax and rollover accounts may be made at any time. Eligible participants may also receive money from the Plan in the form of loans. Loans are secured by participant accounts and repaid through payroll deductions. The minimum that may be borrowed is $1,000. The maximum that may be borrowed is the lesser of $50,000, less the balance of any outstanding loans, or 50% of the participant's vested account balance. The Plan limits participant loans to one outstanding loan at any time. Additionally, a 30-day waiting period is required before a participant can initiate a new loan from an employee plan account after the outstanding loan is paid in full. Loans must be repaid over a period not greater than 60 months with the exception of loans used for the purchase of a primary residence, which may be repaid over a maximum of 240 months with interest charged at the prime rate at loan inception. As of December 31, 2022, the interest rates on the participant loans ranged from 3.25% to 8.25%.
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FMC CORPORATION
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements—(Continued)
December 31, 2022 and 2021
i.    Forfeited Accounts
Forfeitures by participants of non-vested matching contributions ("Forfeitures") are used to offset future employer matching contributions for other participants and to pay future plan expenses. In 2022, employer matching contributions were reduced from Forfeitures by $200,000. In 2021, there were no forfeitures reducing employer matching contributions. Also, in 2022 and 2021, plan expenses of $247,860 and $157,779, respectively, were paid from Forfeitures. At December 31, 2022, there were $231,351 in Forfeitures available to reduce future employer matching contributions and pay future plan expenses. At December 31, 2021, there were $325,135 in Forfeitures available to reduce future employer matching contributions and pay future plan expenses.
j.    Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.
Note 2 - Summary of Significant Accounting Policies
The following are the significant accounting policies followed by the Plan:
a.    Basis of Accounting
The Plan's financial statements have been prepared using the accrual basis of accounting.
b.    Investment Valuation and Income Recognition
The Plan's investments are reported at fair value. Fair value is the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between participants at the measurement date. See Note 4 for a discussion of fair value measurements.
Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Net appreciation (depreciation) includes gains and losses on investments bought and sold as well as held during the year.
c.    Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Delinquent notes receivable from a participant are reclassified as distributions based upon the terms of the Plan document.
d.    Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
e.    Risks and Uncertainties
The Plan invests in various investment securities. Investment securities, in general, are exposed to various risks such as interest rate, credit risks and overall market volatility risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits.
f.    Payment of Benefits
Benefit payments are recorded when paid.
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FMC CORPORATION
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements—(Continued)
December 31, 2022 and 2021
g.    Plan Expenses
The compensation and expenses of the Trustee are paid by participants and the Company. All other expenses of the Plan may be paid by the Trustee out of the assets of the Plan and constitute a charge upon the respective investment funds or upon the individual participants' accounts as provided for in the Plan.
Note 3 - Description of Investments
The objectives of the primary investments in which participants were invested in during 2022 are described below.
Common Stock:
FMC Stock - Funds are invested in the common stock of the Company.
Mutual Funds:
Large Cap Funds:
T. Rowe Price Large-Cap Value Fund I Class - The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in securities of large-cap companies that the portfolio manager regards as undervalued.
Vanguard Institutional Index Fund Institutional "Plus" Shares - The fund employs an indexing investment approach designed to track the performance of the Standard & Poor (S&P) 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies.
Mid Cap Funds:
Fidelity® Low-Priced Stock K6 Fund - The fund is heavily invested in stocks considered to be undervalued by the fund manager, which can lead to investment in small and medium-sized companies. The fund invests primarily in low-priced common stocks, which are defined as those priced at or below $35 per share or with an earnings yield at or above the median for the Russell 2000 Index.
Vanguard Extended Market Index Fund Institutional Shares - The fund employs an indexing investment approach designed to track the performance of S&P Completion Index, a broadly diversified index of stocks of small and mid-size U.S. companies.
Small Cap Funds:
Harbor Small Cap Growth Fund Retirement Class - The fund invests primarily in equity securities, principally common and preferred stocks of small cap companies. Under normal market conditions, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of small cap companies.
Cardinal Small Cap Value Fund Institutional Class - Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of small capitalization companies. The securities in which the fund invests are primarily common stock and real estate investment trusts.
International Funds:
Fidelity® Diversified International K6 Fund - The fund invests primarily in non- U.S. securities and allocates investments across different countries and regions. It uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.
Vanguard Total International Stock Index Fund Institutional Shares - The fund employs an indexing investment approach designed to track the performance of the FTSE Global All Cap ex US Index, a float-adjusted market capitalization-weighted index designed to measure equity market performance of companies located in developed and emerging markets, excluding the United States.
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FMC CORPORATION
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements—(Continued)
December 31, 2022 and 2021
Income Funds:
PIMCO Total Return Fund Institutional Class - The fund invests at least 65% in a diversified portfolio of fixed income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. It may also invest in securities denominated in foreign currencies.
Vanguard Total Bond Market Index Fund Institutional Shares - The fund seeks the performance of Bloomberg U.S. Aggregate Float Adjusted Index, which represents a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States - including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than one year. All of the fund's investments will be selected through the sampling process, and at least 80% of its assets will be invested in bonds held in the index.
Money Market Fund:
Government Money Market Fund - The fund is invested in short-term obligations of the U.S. government or its agencies.
Collective Investment Trusts:
Large Cap:
Fidelity Blue Chip Growth Commingled Pool - The portfolio normally invests at least 80% of assets in blue chip companies (companies whose stock is included in the S&P 500 Index or the Dow Jones Industrial Average, and companies with market capitalizations of at least $1 billion if not included in either index). This generally includes a broad list of equity issues across several market categories, and includes foreign and domestic issuers.
Mid Cap:
AllSpring Discovery SMID Cap Growth CIT E2 - The portfolio invests in equity securities of small-and mid-capitalization companies where the investment advisor believes that growth is robust, sustainable, and not fully recognized by the market. The portfolio may also invest in equity securities of foreign issuers through American depositary receipts and similar investments.
Target Date:
Vanguard Target Retirement Trusts - A series of asset allocation funds: Vanguard Target Retirement Income Trust II, Vanguard Target Retirement 2020 Trust II, Vanguard Target Retirement 2025 Trust II, Vanguard Target Retirement 2030 Trust II, Vanguard Target Retirement 2035 Trust II, Vanguard Target Retirement 2040 Trust II, Vanguard Target Retirement 2045 Trust II, Vanguard Target Retirement 2050 Trust II, Vanguard Target Retirement 2055 Trust II, Vanguard Target Retirement 2060 Trust II, and Vanguard Target Retirement 2065 Trust II. The income fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The 11 target date trusts are designed for investors who want a simple approach to investing for retirement by investing in a collection of other Vanguard mutual funds by targeting their retirement dates.
Stable Value:
Managed Income Portfolio II Class 2 - The portfolio invests in benefit-responsive investment contracts issued by insurance companies and other financial institutions ("Contracts"), fixed income securities, and money market funds. Under the terms of the Contracts, the assets of the fund are invested in fixed income securities (which may include, but are not limited to, U.S. Treasury and agency bonds, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, and collective investment vehicles and shares of investment companies that invest primarily in fixed income securities) and shares of money market funds.

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FMC CORPORATION
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements—(Continued)
December 31, 2022 and 2021
Note 4 - Fair Value Measurements
The Plan has categorized its assets that are recorded at fair value, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest level to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest level to unobservable inputs (Level 3). The three levels of the fair value hierarchy are as follows:
Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
Level 2 - Inputs other than Level 1 that are observable, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.
Level 3 - Inputs based on prices or valuation techniques that are both unobservable and significant to the overall fair value measurement. These unobservable inputs reflect the Plan's own assumptions about the assumptions a market participant would use in pricing the asset or liability. There were no Level 3 assets held as of December 31, 2022 and 2021.
If the inputs used to measure a financial asset or liability fall within different levels of the fair value hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement.
Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2022 as compared to December 31, 2021.
Common Stock:
Valued at the closing price reported on the active exchange or market in which the individual asset is traded, and therefore, presented as Level 1.
Mutual Funds:
Fair value of the mutual funds, excluding the money market fund below, are based on net asset value ("NAV"), which are the funds' readily determinable fair value. The NAV of these mutual funds are quoted daily on an active market, and therefore, presented as Level 1.
Money Market Fund:
The Plan holds an investment in the Fidelity Government Money Market Fund. Fair value of the money market fund is based on NAV, which is the fund's readily determinable fair value. This investment is categorized as a Level 2 in the fair value hierarchy below. This portfolio represents a commingled fund with an investment objective to seek a high level of current income with the preservation of principal and liquidity. The fund normally invests assets in U.S. government securities and repurchase agreements for those securities.
Collective Investment Trusts:
Fidelity Blue Chip Growth Commingled Pool
The portfolio's investment philosophy is to capitalize on the strength of Fidelity's internal research by selecting stocks of well-known and established companies that the portfolio manager believes have above-average growth potential. The portfolio normally invests at least 80% of assets in blue chip companies (companies whose stock is included in the S&P 500 Index or the Dow Jones Industrial Average, and companies with market capitalization of at least $1 billion if not included in either index). This generally includes a broad list of equity issues across several market categories, and includes foreign and domestic issuers. The trust is classified within Level 2 of the valuation hierarchy below.
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Table of Contents             
FMC CORPORATION
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements—(Continued)
December 31, 2022 and 2021
AllSpring Discovery SMID Cap Growth CIT E2
The trust invests in equity securities of small-and mid-capitalization companies where the investment advisor believes that growth is robust, sustainable, and not fully recognized by the market. The investment option is a collective investment trust. It is managed by SEI Trust Company. The trust is classified within Level 2 of the valuation hierarchy below.
Vanguard Target Date Trusts:
The target date trusts are designed for investors expecting to retire around the year indicated in each trust name. The trusts are managed to gradually become more conservative over time as they approach their target date. The investment risk of each target date trust changes over time as its asset allocation changes. They are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in small-cap, and foreign securities. The target date trusts are classified within Level 2 of the valuation hierarchy below.
Fidelity Managed Income Portfolio II Class 2
The plan holds an investment in the Fidelity Managed Income Portfolio II Class 2 Portfolio ("MIP II Portfolio"), a collective investment trust. The MIP II Portfolio is managed by the Fidelity Management Trust Company. The MIP II Portfolio primarily invests in fixed income securities, including U.S. Treasury and agency bonds, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, and asset-backed securities, bond funds and money market funds. The MIP II Portfolio may invest in derivative instruments, including futures contracts and swap agreements. Additionally, the MIP II Portfolio enters into wrap contracts with third-party issuers, such as financial institutions or insurance companies, normally rated in the top three long-term rating categories (A- or the equivalent and above). The wrap contracts are designed to allow the portfolio to maintain a constant net asset value and to protect the portfolio in extreme circumstances.
The MIP II Portfolio's investment objective is to seek preservation of capital while providing a competitive level of income over time and to maintain a stable net asset value of $1 per unit. The beneficial interest of each participant is represented by units. Distribution to the trust’s unit holders is declared daily from the net investment income and automatically reinvested in the trust on a monthly basis, when paid. The contract value, or NAV, of the MIP II Portfolio represents the readily determinable fair value. Certain events may limit the ability to transact at contract value with the issuer such as plan termination or bankruptcy but the occurrence of these events is not considered probable. The MIP II Portfolio is classified within Level 2 of the valuation hierarchy below.

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FMC CORPORATION
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements—(Continued)
December 31, 2022 and 2021
The following tables present the Plan's fair value hierarchy for those financial assets measured at fair value on a recurring basis in the Plan's statements of net assets available for benefits as of December 31, 2022 and 2021. The Plan currently does not have any nonfinancial assets, nonfinancial liabilities, financial assets, or financial liabilities measured at fair value on a nonrecurring basis.
(in thousands)December 31, 2022Quoted prices in active markets for identical assets (Level 1)Significant other observable inputs (Level 2)Significant unobservable inputs (Level 3)
Common Stock$51,335 $51,335 $— $— 
Mutual Funds:
Large Cap109,126 109,126 — — 
Mid Cap31,714 31,714 — — 
Small Cap2,741 2,741 — — 
International26,330 26,330 — — 
Income31,844 31,844 — — 
Money Market Fund231 — 231 — 
Collective Investment Trusts:
Large Cap43,848 — 43,848 — 
Mid Cap11,082 — 11,082 — 
Target Date 189,525 — 189,525 — 
Stable Value63,965 — 63,965 — 
Investment assets at fair value$561,741 $253,090 $308,651 $— 

(in thousands)December 31, 2021Quoted prices in active markets for identical assets (Level 1)Significant other observable inputs (Level 2)Significant unobservable inputs (Level 3)
Common Stock$81,054 $81,054 $— $— 
Mutual Funds:
Large Cap214,526 214,526 — — 
Mid Cap42,221 42,221 — — 
Small Cap2,249 2,249 — — 
Blended198,243 198,243 — — 
International35,081 35,081 — — 
Income39,222 39,222 — — 
Money Market Fund325 — 325 — 
Collective Investment Trusts:
Stable Value64,518 — 64,518 — 
Mid Cap17,991 — 17,991 — 
Investment assets at fair value$695,430 $612,596 $82,834 $— 

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Table of Contents             
FMC CORPORATION
SAVINGS AND INVESTMENT PLAN
Notes to Financial Statements—(Continued)
December 31, 2022 and 2021
Note 5 - Tax Status
The Internal Revenue Service ("IRS") has determined and informed the Company by letter dated December 23, 2015 that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code ("IRC"). Although the Plan has been amended since receiving the determination letter, the Plan administrator and the Plan's tax and ERISA counsel believe that the Plan is designed and is currently being operated in compliance with the applicable provisions of the IRC, and therefore, believe that the Plan is qualified and the related trust is tax-exempt.
In accordance with U.S. GAAP, plan management analyzed the tax positions taken by the Plan and concluded that as of December 31, 2022, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes the Plan is no longer subject to income tax examinations for years prior to 2019.
Note 6 - Related-Party Transactions
Certain plan investments are managed by Fidelity Management Trust Company. Fidelity Management Trust Company is the Trustee as defined by the Plan, and therefore, these transactions qualify as party-in-interest transactions. Fees paid by the Plan for investment management and certain administrative services amounted to approximately $590,000 and $487,000 for the years ended December 31, 2022 and 2021, respectively.
Note 7 - Subsequent Events
Management evaluated subsequent events for the Plan through June 21, 2023, the date the financial statements were available to be issued. Such evaluation resulted in no adjustments to the accompanying financial statements.





14

FMC CORPORATION
SAVINGS AND INVESTMENT PLAN
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2022
(In thousands, except shares)
Identity of issuer, borrower, lessor, or similar partyDescription of investment, including maturity date, rate of interest, collateral, par, or maturity valueCurrent Value
FMC Stock*FMC Corporation Common Stock, 411,299 shares (the cost basis of the FMC Stock at December 31, 2022 totaled $12,756)$51,335 
Fidelity Blue Chip Growth Commingled Pool*Large Cap Collective Investment Trust43,848 
Vanguard Target Retirement Income Trust IITarget Date Collective Investment Trust17,615 
Vanguard Target Retirement 2020 Trust IITarget Date Collective Investment Trust25,719 
Vanguard Target Retirement 2025 Trust IITarget Date Collective Investment Trust27,363 
Vanguard Target Retirement 2030 Trust IITarget Date Collective Investment Trust30,812 
Vanguard Target Retirement 2035 Trust IITarget Date Collective Investment Trust23,738 
Vanguard Target Retirement 2040 Trust IITarget Date Collective Investment Trust24,520 
Vanguard Target Retirement 2045 Trust IITarget Date Collective Investment Trust13,541 
Vanguard Target Retirement 2050 Trust IITarget Date Collective Investment Trust14,880 
Vanguard Target Retirement 2055 Trust IITarget Date Collective Investment Trust7,062 
Vanguard Target Retirement 2060 Trust IITarget Date Collective Investment Trust3,320 
Vanguard Target Retirement 2065 Trust IITarget Date Collective Investment Trust955 
Vanguard Total Bond Market Index Fund Institutional SharesBond Mutual Fund17,343 
Fidelity Low-Priced Stock K6 Fund*Equity Mutual Fund17,112 
Vanguard Extended Market Index Fund Institutional SharesDomestic Equity Mutual Fund14,602 
T. Rowe Price Funds - US Large Cap Value Fund Institutional Class
Domestic Equity Mutual Fund11,468 
Managed Income Portfolio II Class 2*Stable Value Collective Investment Trust63,965 
Fidelity Government Money Market Fund*Money Market Fund231 
Vanguard Institutional Index Fund Institutional "Plus" Shares (S&P 500 Index Fund)Domestic Equity Mutual Fund97,658 
AllSpring Discovery SMID Cap Growth CIT E2Domestic Equity Collective Investment Trust11,082 
Fidelity Diversified International K6 Fund*International Equity Mutual Fund8,999 
Cardinal Small Cap Value Fund Institutional ClassDomestic Equity Mutual Fund596 
PIMCO Total Return Fund Institutional ClassBond Mutual Fund14,501 
Harbor Small Cap Growth Retirement
Domestic Equity Mutual Fund 2,145 
Vanguard Total International Stock Index Fund Institutional SharesInternational Equity Mutual Fund17,331 
Total Investments at Fair Value$561,741 
Notes receivables from participants* (1)
Varying rates of interest, ranging from 3.25% to 8.25%, maturing 2023 to 2042
2,938 
Total assets$564,679 
* Represents a party-in-interest to the Plan.
(1) Current value represents unpaid principal balance plus any accrued but unpaid interest.

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Signature
The Plan
Pursuant to the requirements of the Securities Exchange Act of 1934, FMC Corporation, as plan administrator, has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
 
FMC CORPORATION
(Registrant)
By:
/s/ ANDREW D. SANDIFER
Andrew D. Sandifer
Executive Vice President and Chief Financial Officer
Date: June 21, 2023

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EXHIBIT INDEX
Exhibit No.  Exhibit Description
23.1  

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