Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
☒ | 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. | ||||||||||||||||||||
☐ |
Page No. | |||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in Millions, Except Per Share Data) | (unaudited) | (unaudited) | |||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Costs and Expenses | |||||||||||||||||||||||
Costs of sales and services | |||||||||||||||||||||||
Gross margin | $ | $ | $ | $ | |||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Research and development expenses | |||||||||||||||||||||||
Restructuring and other charges (income) | |||||||||||||||||||||||
Total costs and expenses | $ | $ | $ | $ | |||||||||||||||||||
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | $ | $ | $ | |||||||||||||||||||
Non-operating pension and postretirement charges (income) | ( | ||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | $ | $ | $ | |||||||||||||||||||
Provision (benefit) for income taxes | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations, net of income taxes | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) | $ | ( | $ | $ | $ | ||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | ( | $ | $ | $ | ||||||||||||||||||
Amounts attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations, net of income taxes | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations, net of income taxes | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | ( | $ | $ | $ | ||||||||||||||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | ( | $ | $ | $ | ||||||||||||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | ( | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in Millions) | (unaudited) | (unaudited) | |||||||||||||||||||||
Net income (loss) | $ | ( | $ | $ | $ | ||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency adjustments: | |||||||||||||||||||||||
Foreign currency translation gain (loss) arising during the period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Reclassification of foreign currency translation (gains) losses | |||||||||||||||||||||||
Total foreign currency translation adjustments (1) | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax expense (benefit) of $( | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax (expense) benefit of $ | |||||||||||||||||||||||
Total derivative instruments, net of tax expense (benefit) of $ | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Pension and other postretirement benefits: | |||||||||||||||||||||||
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $ | |||||||||||||||||||||||
Total pension and other postretirement benefits, net of tax expense (benefit) of $ | $ | $ | ( | $ | $ | ||||||||||||||||||
Other comprehensive income (loss), net of tax | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Comprehensive income (loss) | $ | $ | $ | $ | |||||||||||||||||||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | ( | ( | ( | ||||||||||||||||||||
Comprehensive income (loss) attributable to FMC stockholders | $ | $ | $ | $ |
(in Millions, Except Share and Par Value Data) | September 30, 2023 | December 31, 2022 | |||||||||
ASSETS | (unaudited) | ||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Trade receivables, net of allowance of $ | |||||||||||
Inventories | |||||||||||
Prepaid and other current assets | |||||||||||
Total current assets | $ | $ | |||||||||
Investments | |||||||||||
Property, plant and equipment, net | |||||||||||
Goodwill | |||||||||||
Other intangibles, net | |||||||||||
Other assets including long-term receivables, net | |||||||||||
Deferred income taxes | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Short-term debt and current portion of long-term debt | $ | $ | |||||||||
Accounts payable, trade and other | |||||||||||
Advance payments from customers | |||||||||||
Accrued and other liabilities | |||||||||||
Accrued customer rebates | |||||||||||
Guarantees of vendor financing | |||||||||||
Accrued pension and other postretirement benefits, current | |||||||||||
Income taxes | |||||||||||
Total current liabilities | $ | $ | |||||||||
Long-term debt, less current portion | |||||||||||
Accrued pension and other postretirement benefits, long-term | |||||||||||
Environmental liabilities, continuing and discontinued | |||||||||||
Deferred income taxes | |||||||||||
Other long-term liabilities | |||||||||||
Commitments and contingent liabilities (Note 19) | |||||||||||
Equity | |||||||||||
Preferred stock, | $ | $ | |||||||||
Common stock, $ | |||||||||||
Capital in excess of par value of common stock | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss) | ( | ( | |||||||||
Treasury stock, common, at cost - 2023: | ( | ( | |||||||||
Total FMC stockholders’ equity | $ | $ | |||||||||
Noncontrolling interests | |||||||||||
Total equity | $ | $ | |||||||||
Total liabilities and equity | $ | $ |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
(in Millions) | (unaudited) | ||||||||||
Cash provided (required) by operating activities of continuing operations: | |||||||||||
Net income (loss) | $ | $ | |||||||||
Discontinued operations, net of income taxes | |||||||||||
Income (loss) from continuing operations | $ | $ | |||||||||
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations: | |||||||||||
Depreciation and amortization | $ | $ | |||||||||
Restructuring and other charges (income) | |||||||||||
Deferred income taxes | |||||||||||
Pension and other postretirement benefits | |||||||||||
Share-based compensation | |||||||||||
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | |||||||||||
Trade receivables, net | ( | ||||||||||
Guarantees of vendor financing | ( | ( | |||||||||
Advance payments from customers | ( | ( | |||||||||
Accrued customer rebates | |||||||||||
Inventories | ( | ( | |||||||||
Accounts payable, trade and other | ( | ( | |||||||||
Income taxes | ( | ( | |||||||||
Pension and other postretirement benefit contributions | ( | ( | |||||||||
Environmental spending, continuing, net of recoveries | ( | ( | |||||||||
Restructuring and other spending (1) | ( | ( | |||||||||
Transaction and integration costs | ( | ||||||||||
Change in other operating assets and liabilities, net (2) | ( | ||||||||||
Cash provided (required) by operating activities of continuing operations | $ | ( | $ | ||||||||
Cash provided (required) by operating activities of discontinued operations: | |||||||||||
Environmental spending, discontinued, net of recoveries | $ | ( | $ | ( | |||||||
Other discontinued spending | ( | ( | |||||||||
Cash provided (required) by operating activities of discontinued operations | $ | ( | $ | ( |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
(in Millions) | (unaudited) | ||||||||||
Cash provided (required) by investing activities of continuing operations: | |||||||||||
Capital expenditures | $ | ( | $ | ( | |||||||
Acquisitions, including cost and equity method, net(3) | ( | ( | |||||||||
Proceeds from land disposition(4) | |||||||||||
Other investing activities | ( | ||||||||||
Cash provided (required) by investing activities of continuing operations | $ | ( | $ | ( | |||||||
Cash provided (required) by financing activities of continuing operations: | |||||||||||
Increase (decrease) in short-term debt | $ | $ | |||||||||
Repayments of long-term debt | ( | ( | |||||||||
Proceeds from borrowings of long-term debt | |||||||||||
Financing fees and interest rate swap settlements | ( | ( | |||||||||
Distributions to noncontrolling interests | ( | ||||||||||
Issuances of common stock, net | |||||||||||
Dividends paid (5) | ( | ( | |||||||||
Repurchases of common stock under publicly announced program | ( | ||||||||||
Other repurchases of common stock | ( | ( | |||||||||
Cash provided (required) by financing activities of continuing operations | $ | $ | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | |||||||||
Increase (decrease) in cash and cash equivalents | $ | ( | $ | ( | |||||||
Cash and cash equivalents, beginning of period | $ | $ | |||||||||
Cash and cash equivalents, end of period | $ | $ |
FMC Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
(in Millions, Except Per Share Data) | Common Stock, $ Value | Capital In Excess of Par | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Non-controlling Interest | Total Equity | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Stock compensation plans | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Shares for benefit plan trust | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net hedging gains (losses) and other, net of income tax (1) | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments (1) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dividends ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Repurchases of common stock | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Stock compensation plans | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Shares for benefit plan trust | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net hedging gains (losses) and other, net of income tax (1) | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments (1) | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
Dividends ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Repurchases of common stock | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income (loss) | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock compensation plans | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Shares for benefit plan trust | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net hedging gains (losses) and other, net of income tax (1) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments (1) | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
Dividends ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
FMC Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
(in Millions, Except Per Share Data) | Common Stock, $ 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 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Stock compensation plans | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Shares for benefit plan trust | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net hedging gains (losses) and other, net of income tax (1) | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments (1) | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Dividends ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Repurchases of common stock | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Stock compensation plans | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net hedging gains (losses) and other, net of income tax (1) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments (1) | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
Dividends ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Stock compensation plans | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1) | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Net hedging gains (losses) and other, net of income tax (1) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments (1) | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
Dividends ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Repurchases of common stock | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in Millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
North America | $ | $ | $ | $ | |||||||||||||||||||
Latin America | |||||||||||||||||||||||
Europe, Middle East & Africa (EMEA) | |||||||||||||||||||||||
Asia | |||||||||||||||||||||||
Total Revenue | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in Millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Insecticides | $ | $ | $ | $ | |||||||||||||||||||
Herbicides | |||||||||||||||||||||||
Fungicides | |||||||||||||||||||||||
Plant Health | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total Revenue | $ | $ | $ | $ | |||||||||||||||||||
(in Millions) | Balance as of December 31, 2022 | Balance as of September 30, 2023 | Increase (Decrease) | ||||||||||||||
Receivables from contracts with customers, net of allowances (1) | $ | $ | $ | ( | |||||||||||||
Contract liabilities: Advance Payments from customers | ( |
(in Millions) | Total | ||||
Balance, December 31, 2022 | $ | ||||
Foreign currency adjustments | ( | ||||
Balance, September 30, 2023 | $ |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
(in Millions) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||||||||||||
Intangible assets subject to amortization (finite-lived) | |||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Patents | ( | ( | |||||||||||||||||||||||||||||||||
Brands (1) | ( | ( | |||||||||||||||||||||||||||||||||
Purchased and licensed technologies | ( | ( | |||||||||||||||||||||||||||||||||
Other intangibles | ( | ( | |||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | $ | ( | $ |
Intangible assets not subject to amortization (indefinite-lived) | |||||||||||||||||||||||||||||||||||
Crop Protection Brands (2) | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Brands (1) | |||||||||||||||||||||||||||||||||||
In-process research & development | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in Millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Amortization expense | $ | $ | $ | $ |
Purchase Price Allocation | |||||
(in Millions) | |||||
Fair Value of Assets Acquired | |||||
Cash | $ | ||||
Intangible assets | |||||
Developed Technology (1) | |||||
In-process research & development | |||||
Goodwill | |||||
Other Assets | |||||
Total Assets | $ | ||||
Fair Value of Liabilities Assumed | |||||
Deferred income tax liabilities | $ | ||||
Other Liabilities | |||||
Total Liabilities | |||||
Net Assets | $ | ||||
Total Purchase Consideration: | Amount | ||||
Cash purchase price, net of acquired cash | $ | ||||
____________________ | |||||
(1) Expected life is | |||||
(in Millions) | |||||
Balance, December 31, 2021 | $ | ||||
Additions - charged to expense | |||||
Transfer from (to) allowance for credit losses (see below) | |||||
Net recoveries, write-offs and other | ( | ||||
Balance, December 31, 2022 | $ | ||||
Additions - charged to expense | |||||
Transfer from (to) allowance for credit losses (see below) | ( | ||||
Net recoveries, write-offs and other | |||||
Balance, September 30, 2023 | $ |
(in Millions) | |||||
Balance, December 31, 2021 | $ | ||||
Additions - charged (credited) to expense | ( | ||||
Transfer from (to) allowance for doubtful accounts (see above) | ( | ||||
Foreign currency adjustments | |||||
Net recoveries, write-offs and other | |||||
Balance, December 31, 2022 | $ | ||||
Additions - charged (credited) to expense | |||||
Transfer from (to) allowance for doubtful accounts (see above) | |||||
Foreign currency adjustments | |||||
Net recoveries, write-offs and other(1) | ( | ||||
Balance, September 30, 2023 | $ | ||||
____________________ | |||||
(1) Relates to activity settled during the period that was provisioned for during prior periods. |
(in Millions) | September 30, 2023 | December 31, 2022 | |||||||||
Finished goods | $ | $ | |||||||||
Work in process | |||||||||||
Raw materials, supplies and other | |||||||||||
Net inventories | $ | $ |
(in Millions) | September 30, 2023 | December 31, 2022 | |||||||||
Property, plant and equipment | $ | $ | |||||||||
Accumulated depreciation | ( | ( | |||||||||
Property, plant and equipment, net | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in Millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Restructuring charges | $ | $ | $ | $ | |||||||||||||||||||
Other charges (income), net | |||||||||||||||||||||||
Total restructuring and other charges (income) | $ | $ | $ | $ |
(in Millions) | Severance and Employee Benefits | Other Charges (Income) (1) | Asset Disposal Charges (Income) (2) | Total | |||||||||||||||||||
Other items (3) | |||||||||||||||||||||||
Three Months Ended September 30, 2023 | $ | $ | $ | $ | |||||||||||||||||||
DuPont Crop restructuring (4) | $ | $ | $ | $ | |||||||||||||||||||
Regional realignment (5) | |||||||||||||||||||||||
Other items | |||||||||||||||||||||||
Three Months Ended September 30, 2022 | $ | $ | $ | $ | |||||||||||||||||||
DuPont Crop restructuring | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Other items (3) | |||||||||||||||||||||||
Nine Months Ended September 30, 2023 | $ | $ | ( | $ | $ | ||||||||||||||||||
DuPont Crop restructuring (4) | $ | $ | $ | $ | |||||||||||||||||||
Regional realignment (5) | |||||||||||||||||||||||
Other items | |||||||||||||||||||||||
Nine Months Ended September 30, 2022 | $ | $ | $ | $ |
(in Millions) | Balance at 12/31/22 (6) | Change in reserves (4) | Cash payments | Other (5) | Balance at 9/30/23 (6) | ||||||||||||||||||||||||
DuPont Crop restructuring (1) | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||
Regional realignment (2) | ( | ||||||||||||||||||||||||||||
Other workforce related and facility shutdowns (3) | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in Millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Environmental charges, net | $ | $ | $ | $ | |||||||||||||||||||
Exit from Russian operations | |||||||||||||||||||||||
Currency devaluation charges | |||||||||||||||||||||||
IPR&D asset acquisition charge | |||||||||||||||||||||||
Other items, net | |||||||||||||||||||||||
Other charges (income), net | $ | $ | $ | $ |
(in Millions) | September 30, 2023 | December 31, 2022 | |||||||||
Short-term foreign debt (1) | $ | $ | |||||||||
Commercial paper (2) | |||||||||||
Total short-term debt | $ | $ | |||||||||
Current portion of long-term debt | |||||||||||
Total short-term debt and current portion of long-term debt (3) | $ | $ |
(in Millions) | September 30, 2023 | ||||||||||||||||||||||
Interest Rate Percentage | Maturity Date | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||
Pollution control and industrial revenue bonds (less unamortized discounts of $ | 2032 | $ | $ | ||||||||||||||||||||
Senior notes (less unamortized discount of $ | 2024 - 2053 | ||||||||||||||||||||||
2021 Term Loan Facility | — | ||||||||||||||||||||||
Revolving Credit Facility (1) | 2027 | ||||||||||||||||||||||
Foreign debt | 2023 - 2024 | ||||||||||||||||||||||
Debt issuance cost | ( | ( | |||||||||||||||||||||
Total long-term debt | $ | $ | |||||||||||||||||||||
Less: debt maturing within one year | |||||||||||||||||||||||
Total long-term debt, less current portion | $ | $ |
(in Millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Adjustment for workers’ compensation, product liability, other postretirement benefits and other, net of income tax benefit (expense) of | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Provision for environmental liabilities and expenses, net of recoveries, net of income tax benefit (expense) of $ | ( | ( | ( | ( | |||||||||||||||||||
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit (expense) of $ | ( | ( | ( | ( | |||||||||||||||||||
Discontinued operations, net of income taxes | $ | ( | $ | ( | $ | ( | $ | ( |
(in Millions) | Gross | Recoveries (3) | Net | ||||||||||||||
Total environmental reserves at December 31, 2022 | $ | $ | ( | $ | |||||||||||||
Provision (Benefit) | ( | ||||||||||||||||
(Spending) Recoveries | ( | ( | |||||||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||||||||
Net change | $ | ( | $ | $ | ( | ||||||||||||
Total environmental reserves at September 30, 2023 | $ | $ | ( | $ | |||||||||||||
Environmental reserves, current (1) | $ | $ | ( | $ | |||||||||||||
Environmental reserves, long-term (2) | ( | ||||||||||||||||
Total environmental reserves at September 30, 2023 | $ | $ | ( | $ |
(in Millions) | December 31, 2022 | Increase (Decrease) in recoveries | Cash received | September 30, 2023 | |||||||||||||||||||
Environmental recoveries | $ | $ | $ | ( | $ | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in Millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Environmental provisions, net - recorded to liabilities (1) | $ | $ | $ | $ | |||||||||||||||||||
Environmental provisions, net - recorded to assets (2) | ( | ( | ( | ( | |||||||||||||||||||
Environmental provision, net | $ | $ | $ | $ | |||||||||||||||||||
Continuing operations (3) | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations (4) | |||||||||||||||||||||||
Environmental provision, net | $ | $ | $ | $ |
(in Millions, Except Share and Per Share Data) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Earnings (loss) attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations, net of income taxes | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations, net of income taxes | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | ( | $ | $ | $ | ||||||||||||||||||
Less: Distributed and undistributed earnings allocable to restricted award holders | ( | ( | |||||||||||||||||||||
Net income (loss) allocable to common stockholders | $ | ( | $ | $ | $ | ||||||||||||||||||
Basic earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | ( | $ | $ | $ | ||||||||||||||||||
Diluted earnings (loss) per common share attributable to FMC stockholders: | |||||||||||||||||||||||
Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) attributable to FMC stockholders | $ | ( | $ | $ | $ | ||||||||||||||||||
Shares (in thousands): | |||||||||||||||||||||||
Weighted average number of shares of common stock outstanding - Basic | |||||||||||||||||||||||
Weighted average additional shares assuming conversion of potential common shares | |||||||||||||||||||||||
Shares – diluted basis |
(in Millions) | Foreign currency adjustments | Derivative Instruments (1) | Pension and other postretirement benefits (2) | Total | |||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax at December 31, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
2023 Activity | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||||||||||||||
Net current period other comprehensive income (loss) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Accumulated other comprehensive income (loss), net of tax at September 30, 2023 | $ | ( | $ | ( | $ | ( | $ | ( |
(in Millions) | Foreign currency adjustments | Derivative Instruments (1) | Pension and other postretirement benefits (2) | Total | |||||||||||||||||||
Accumulated other comprehensive income (loss), net of tax at December 31, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
2022 Activity | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ( | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||||||||||||||
Net current period other comprehensive income (loss) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Accumulated other comprehensive income (loss), net of tax at September 30, 2022 | $ | ( | $ | ( | $ | ( | $ | ( |
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1) | Affected Line Item in the Condensed Consolidated Statements of Income (Loss) | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in Millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Foreign currency translation adjustments: | ||||||||||||||||||||||||||
Exit from Russia operations (2) | $ | $ | $ | $ | ( | Restructuring and other charges (income) | ||||||||||||||||||||
Derivative instruments | ||||||||||||||||||||||||||
Gain (loss) on foreign currency contracts | $ | ( | $ | ( | $ | ( | $ | ( | Costs of sales and services | |||||||||||||||||
Gain (loss) on foreign currency contracts | Selling, general and administrative expenses | |||||||||||||||||||||||||
Gain (loss) on interest rate contracts | ( | ( | ( | ( | Interest expense, net | |||||||||||||||||||||
Total before tax | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Provision for income taxes | ||||||||||||||||||||||||||
Amount included in net income (loss) | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Pension and other postretirement benefits (3) | ||||||||||||||||||||||||||
Amortization of prior service costs | $ | $ | $ | $ | Selling, general and administrative expenses | |||||||||||||||||||||
Amortization of unrecognized net actuarial and other gains (losses) | ( | ( | ( | Non-operating pension and postretirement charges (income) | ||||||||||||||||||||||
Recognized loss due to curtailment and settlement | ( | ( | Non-operating pension and postretirement charges (income); Discontinued operations, net of income taxes | |||||||||||||||||||||||
Total before tax | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||
Provision for income taxes; Discontinued operations, net of income taxes | ||||||||||||||||||||||||||
Amount included in net income (loss) | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||
Total reclassifications for the period | $ | ( | $ | ( | $ | ( | $ | ( | Amount included in net income |
(in Millions) | Classification | September 30, 2023 | December 31, 2022 | |||||||||||
Assets | ||||||||||||||
Operating lease ROU assets | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Operating lease current liabilities | $ | $ | ||||||||||||
Operating lease noncurrent liabilities | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in Millions) | Lease Cost Classification | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||
Lease Cost | ||||||||||||||||||||||||||
Operating lease cost | Costs of sales and services / Selling, general and administrative expenses | $ | $ | $ | $ | |||||||||||||||||||||
Variable lease cost | Costs of sales and services / Selling, general and administrative expenses | |||||||||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
September 30, 2023 | |||||
Operating Lease Term and Discount Rate | |||||
Weighted-average remaining lease term (years) | |||||
Weighted-average discount rate | % | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in Millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Other Information | |||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||
Operating cash flows from operating leases | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets: | |||||||||||||||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | $ | $ | $ | |||||||||||||||||||
(in Millions) | Operating Leases Total | ||||
Maturity of Lease Liabilities | |||||
2023 (excluding the nine months ending September 30, 2023) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total undiscounted lease payments | $ | ||||
Less: Present value adjustment | ( | ||||
Present value of lease liabilities | $ |
(in Millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
Pensions | Other Benefits | Pensions | Other Benefits | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | |||||||||||||||||||||||||||||||||||||||||||||||
Recognized net actuarial and other (gain) loss | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Recognized loss due to settlement (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost (income) | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( |
Financial Instrument | Valuation Method | |||||||
Foreign exchange forward contracts | Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on current market prices for applicable currencies. | |||||||
Commodity forward contracts | Estimated amounts that would be received or paid to terminate the contracts at the reporting date based on quoted market prices for applicable commodities. | |||||||
Debt | Our estimates and information obtained from independent third parties using market data, such as bid/ask spreads for the last business day of the reporting period. |
September 30, 2023 | |||||||||||||||||||||||||||||
Gross Amount of Derivatives | |||||||||||||||||||||||||||||
(in Millions) | Designated as Cash Flow Hedges | Not Designated as Hedging Instruments | Total Gross Amounts | Gross Amounts Offset in the Condensed Consolidated Balance Sheet (3) | Net Amounts | ||||||||||||||||||||||||
Foreign exchange contracts | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Total derivative assets (1) | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Foreign exchange contracts | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
Total derivative liabilities (2) | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
Net derivative assets (liabilities) | $ | ( | $ | ( | $ | ( | $ | — | $ | ( |
December 31, 2022 | |||||||||||||||||||||||||||||
Gross Amount of Derivatives | |||||||||||||||||||||||||||||
(in Millions) | Designated as Cash Flow Hedges | Not Designated as Hedging Instruments | Total Gross Amounts | Gross Amounts Offset in the Condensed Consolidated Balance Sheet (3) | Net Amounts | ||||||||||||||||||||||||
Foreign exchange contracts | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||||||||
Total derivative assets (1) | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Foreign exchange contracts | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
Total derivative liabilities (2) | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
Net derivative assets (liabilities) | $ | ( | $ | ( | $ | ( | $ | — | $ | ( |
Contracts | |||||||||||||||||||||||||||||||||||
Foreign Exchange | Interest rate | Total | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
(in Millions) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax (1) | |||||||||||||||||||||||||||||||||||
Total derivative instrument impact on comprehensive income, net of tax | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||||||||||||
Foreign Exchange | Interest rate | Total | |||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
(in Millions) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Unrealized hedging gains (losses) and other, net of tax | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||||
Reclassification of deferred hedging (gains) losses, net of tax (1) | |||||||||||||||||||||||||||||||||||
Total derivative instrument impact on comprehensive income, net of tax | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( |
Amount of Pre-tax Gain (Loss) Recognized in Income on Derivatives (1) | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in Millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Foreign exchange contracts | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | ( |
(in Millions) | September 30, 2023 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Derivatives – Foreign exchange (1) | $ | $ | $ | $ | |||||||||||||||||||
Other (2) (3) | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives – Foreign exchange (1) | $ | $ | $ | $ | |||||||||||||||||||
Other (2) | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
(in Millions) | December 31, 2022 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Derivatives – Foreign exchange (1) | $ | $ | $ | $ | |||||||||||||||||||
Derivatives - Interest Rate (1) | |||||||||||||||||||||||
Other (2) (3) | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives – Foreign exchange (1) | $ | $ | $ | $ | |||||||||||||||||||
Other (2) | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
(in Millions) | |||||
Guarantees: | |||||
Guarantees of vendor financing - short-term (1) | $ | ||||
Other debt guarantees (2) | |||||
Total | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in Millions) | (unaudited) | (unaudited) | |||||||||||||||||||||
Revenue | $ | 981.9 | $ | 1,377.2 | $ | 3,340.7 | $ | 4,180.3 | |||||||||||||||
Costs and Expenses | |||||||||||||||||||||||
Costs of sales and services | 600.7 | 899.7 | 1,945.4 | 2,539.1 | |||||||||||||||||||
Gross margin | $ | 381.2 | $ | 477.5 | $ | 1,395.3 | $ | 1,641.2 | |||||||||||||||
Selling, general and administrative expenses | 171.3 | 179.4 | 562.8 | 562.7 | |||||||||||||||||||
Research and development expenses | 80.9 | 78.5 | 247.0 | 229.8 | |||||||||||||||||||
Restructuring and other charges (income) | 28.2 | 9.0 | 48.0 | 98.9 | |||||||||||||||||||
Total costs and expenses | $ | 881.1 | $ | 1,166.6 | $ | 2,803.2 | $ | 3,430.5 | |||||||||||||||
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes(1) | $ | 100.8 | $ | 210.6 | $ | 537.5 | $ | 749.8 | |||||||||||||||
Non-operating pension and postretirement charges (income) | 4.2 | (1.7) | 13.4 | 6.5 | |||||||||||||||||||
Income from continuing operations before interest expense, net and income taxes | $ | 96.6 | $ | 212.3 | $ | 524.1 | $ | 743.3 | |||||||||||||||
Interest expense, net | 64.6 | 41.8 | 180.5 | 107.0 | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 32.0 | $ | 170.5 | $ | 343.6 | $ | 636.3 | |||||||||||||||
Provision (benefit) for income taxes | 27.4 | 36.0 | 77.7 | 133.0 | |||||||||||||||||||
Income (loss) from continuing operations | $ | 4.6 | $ | 134.5 | $ | 265.9 | $ | 503.3 | |||||||||||||||
Discontinued operations, net of income taxes | (8.3) | (16.2) | (41.3) | (42.2) | |||||||||||||||||||
Net income (loss) (GAAP) | $ | (3.7) | $ | 118.3 | $ | 224.6 | $ | 461.1 | |||||||||||||||
Adjustments to arrive at Adjusted EBITDA (Non-GAAP)(2): | |||||||||||||||||||||||
Corporate special charges (income): | |||||||||||||||||||||||
Restructuring and other charges (income)(3) | $ | 28.2 | $ | 9.0 | $ | 48.0 | $ | 98.9 | |||||||||||||||
Non-operating pension and postretirement charges (income)(4) | 4.2 | (1.7) | 13.4 | 6.5 | |||||||||||||||||||
Discontinued operations, net of income taxes | 8.3 | 16.2 | 41.3 | 42.2 | |||||||||||||||||||
Interest expense, net | 64.6 | 41.8 | 180.5 | 107.0 | |||||||||||||||||||
Depreciation and amortization | 45.6 | 41.4 | 138.4 | 126.6 | |||||||||||||||||||
Provision (benefit) for income taxes | 27.4 | 36.0 | 77.7 | 133.0 | |||||||||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 174.6 | $ | 261.0 | $ | 723.9 | $ | 975.3 |
ADJUSTED EARNINGS RECONCILIATION | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in Millions) | (unaudited) | (unaudited) | |||||||||||||||||||||
Net income (loss) attributable to FMC stockholders (GAAP) | $ | (3.5) | $ | 121.0 | $ | 223.0 | $ | 462.6 | |||||||||||||||
Corporate special charges (income), pre-tax (1) | 32.4 | 7.3 | 61.4 | 105.4 | |||||||||||||||||||
Income tax expense (benefit) on Corporate special charges (income) (2) | (4.2) | (1.0) | (8.5) | (2.8) | |||||||||||||||||||
Corporate special charges (income), net of income taxes | $ | 28.2 | $ | 6.3 | $ | 52.9 | $ | 102.6 | |||||||||||||||
Adjustment for noncontrolling interest, net of tax on Corporate special charges (income) | 0.4 | — | (1.6) | — | |||||||||||||||||||
Discontinued operations attributable to FMC Stockholders, net of income taxes | 8.3 | 16.2 | 41.3 | 42.2 | |||||||||||||||||||
Non-GAAP tax adjustments (3) | 22.0 | 12.1 | 25.5 | 32.0 | |||||||||||||||||||
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) | $ | 55.4 | $ | 155.6 | $ | 341.1 | $ | 639.4 |
Three Months Ended September 30, 2023 vs. 2022 | Nine Months Ended September 30, 2023 vs. 2022 | ||||||||||
Total Revenue Change (GAAP) | (29) | % | (20) | % | |||||||
Less: Foreign Currency Impact | — | % | (2) | % | |||||||
Organic Revenue Change (Non-GAAP) | (29) | % | (18) | % | |||||||
Total Revenue by Region | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in Millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
North America | $ | 159.6 | $ | 241.2 | $ | 929.4 | $ | 995.6 | |||||||||||||||
Latin America | 466.1 | 697.1 | 968.4 | 1,394.5 | |||||||||||||||||||
Europe, Middle East & Africa (EMEA) | 149.0 | 150.7 | 739.6 | 829.7 | |||||||||||||||||||
Asia | 207.2 | 288.2 | 703.3 | 960.5 | |||||||||||||||||||
Total Revenue | $ | 981.9 | $ | 1,377.2 | $ | 3,340.7 | $ | 4,180.3 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in Millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Restructuring charges | $ | 2.9 | $ | 2.0 | $ | 2.9 | $ | 16.6 | |||||||||||||||
Other charges (income), net | 25.3 | 7.0 | 45.1 | 82.3 | |||||||||||||||||||
Total restructuring and other charges (income) | $ | 28.2 | $ | 9.0 | $ | 48.0 | $ | 98.9 |
Three Months Ended September 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in Millions) | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | |||||||||||||||||
GAAP - Continuing operations | $ | 32.0 | $ | 27.4 | 85.6 | % | $ | 170.5 | $ | 36.0 | 21.1 | % | |||||||||||
Corporate special charges (income) | 32.4 | 4.2 | 7.3 | 1.0 | |||||||||||||||||||
Tax adjustments (1) | — | (22.0) | — | (12.1) | |||||||||||||||||||
Non-GAAP - Continuing operations | $ | 64.4 | $ | 9.6 | 15.0 | % | $ | 177.8 | $ | 24.9 | 14.0 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in Millions) | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | Income (Expense) | Tax Provision (Benefit) | Effective Tax Rate | |||||||||||||||||
GAAP - Continuing operations | $ | 343.6 | $ | 77.7 | 22.6 | % | $ | 636.3 | $ | 133.0 | 20.9 | % | |||||||||||
Corporate special charges (income) (1) | 61.4 | 8.5 | 105.4 | 2.8 | |||||||||||||||||||
Tax adjustments (2) | — | (25.5) | — | (32.0) | |||||||||||||||||||
Non-GAAP - Continuing operations | $ | 405.0 | $ | 60.7 | 15.0 | % | $ | 741.7 | $ | 103.8 | 14.0 | % |
(in Millions) | Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes (GAAP) | $ | 537.5 | $ | 749.8 | |||||||
Restructuring and other charges (income) and depreciation and amortization | 186.4 | 225.5 | |||||||||
Operating income before depreciation and amortization | $ | 723.9 | $ | 975.3 | |||||||
Change in trade receivables, net (1) | 312.4 | (203.5) | |||||||||
Change in guarantees of vendor financing | (46.4) | (22.0) | |||||||||
Change in advance payments from customers (2) | (678.2) | (627.1) | |||||||||
Change in accrued customer rebates (3) | 348.3 | 475.0 | |||||||||
Change in inventories (4) | (363.2) | (282.3) | |||||||||
Change in accounts payable (5) | (562.0) | (19.1) | |||||||||
Change in all other operating assets and liabilities (6) | (33.5) | (50.1) | |||||||||
Restructuring and other spending (7) | (17.2) | (25.7) | |||||||||
Environmental spending, continuing, net of recoveries (8) | (22.7) | (18.4) | |||||||||
Pension and other postretirement benefit contributions (9) | (1.4) | (3.0) | |||||||||
Net interest payments (10) | (135.0) | (91.2) | |||||||||
Tax payments, net of refunds (10) | (143.2) | (91.7) | |||||||||
Transaction and integration costs (11) | — | (0.5) | |||||||||
Cash provided (required) by operating activities of continuing operations (GAAP) | $ | (618.2) | $ | 15.7 |
(in Millions) | Nine Months Ended September 30, | ||||||||||
2023 | 2022 | ||||||||||
Cash provided (required) by operating activities of continuing operations (GAAP) | $ | (618.2) | $ | 15.7 | |||||||
Transaction and integration costs (1) | — | 0.5 | |||||||||
Adjusted cash from operations (2) | $ | (618.2) | $ | 16.2 | |||||||
Capital expenditures (3) | (108.8) | (108.4) | |||||||||
Other investing activities (3)(4) | (7.8) | 5.7 | |||||||||
Capital additions and other investing activities | $ | (116.6) | $ | (102.7) | |||||||
Cash provided (required) by operating activities of discontinued operations (5) | (61.0) | (51.8) | |||||||||
Proceeds from land disposition (6) | 5.8 | — | |||||||||
Transaction and integration costs (1) | — | (0.5) | |||||||||
Legacy and transformation (7) | $ | (55.2) | $ | (52.3) | |||||||
Free cash flow (Non-GAAP) | $ | (790.0) | $ | (138.8) |
(in Millions) | Net Asset / (Liability) Position on Condensed Consolidated Balance Sheets | 10% Strengthening | 10% Weakening | ||||||||||||||
Net asset (liability) position at September 30, 2023 | $ | (29.8) | $ | 30.6 | $ | (74.4) | |||||||||||
Net asset (liability) position at December 31, 2022 | (17.0) | 45.9 | (79.7) |
(in Millions) | Net Asset / (Liability) Position on Condensed Consolidated Balance Sheets | 1% Increase | 1% Decrease | ||||||||||||||
Net asset (liability) position at September 30, 2023 | $ | — | $ | — | $ | — | |||||||||||
Net asset (liability) position at December 31, 2022 | 12.4 | 33.4 | (8.6) |
Publicly Announced Program | ||||||||||||||||||||||||||||||||
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased | Total Dollar Amount Purchased | Maximum Dollar Value of Shares that May Yet be Purchased | |||||||||||||||||||||||||||
July 2023 | 373 | $ | 95.61 | — | — | $ | 825,000,141 | |||||||||||||||||||||||||
August 2023 | 1,480 | 88.10 | — | — | 825,000,141 | |||||||||||||||||||||||||||
September 2023 | 2,151 | 75.34 | — | — | 825,000,141 | |||||||||||||||||||||||||||
Total Q3 2023 | 4,004 | $ | 81.95 | — | — | $ | 825,000,141 | |||||||||||||||||||||||||
*10.1 | ||||||||
15 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | Interactive Data File (The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.) |
FMC CORPORATION (Registrant) | |||||||||||
By: | /s/ ANDREW D. SANDIFER | ||||||||||
Andrew D. Sandifer Executive Vice President and Chief Financial Officer |
/s/ Mark A. Douglas | ||
Mark A. Douglas | ||
President and Chief Executive Officer |
/s/ Andrew D. Sandifer | ||
Andrew D. Sandifer | ||
Executive Vice President | ||
and Chief Financial Officer |
/s/ Mark A. Douglas | ||
Mark A. Douglas | ||
President and Chief Executive Officer |
/s/ Andrew D. Sandifer | ||
Andrew D. Sandifer | ||
Executive Vice President | ||
and Chief Financial Officer |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Unrealized hedging gains (losses) and other, tax | $ (5.8) | $ (6.8) | $ (17.6) | $ (9.4) |
Reclassification of deferred hedging (gains) losses and other, included in net income, tax | 9.5 | 6.1 | 18.3 | 11.3 |
Total derivative instruments, tax | 3.7 | (0.7) | 0.7 | 1.9 |
Unrealized actuarial gains (losses) and prior service (costs) credits, tax | 0.0 | 0.0 | 0.0 | 0.0 |
Provision (benefit) for income taxes | $ (27.4) | $ (36.0) | $ (77.7) | $ (133.0) |
Condensed Consolidated Balance Sheets - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Current assets | ||
Cash and cash equivalents | $ 323.8 | $ 572.0 |
Trade receivables, net of allowance of $36.7 in 2023 and $33.9 in 2022 | 2,564.5 | 2,871.4 |
Inventories | 1,998.6 | 1,651.6 |
Prepaid and other current assets | 435.4 | 343.6 |
Total current assets | 5,322.3 | 5,438.6 |
Noncurrent assets | ||
Investments | 19.3 | 14.5 |
Property, plant and equipment, net | 872.5 | 849.6 |
Goodwill | 1,584.7 | 1,589.3 |
Other intangibles, net | 2,453.1 | 2,508.1 |
Other assets including long-term receivables, net | 495.2 | 560.5 |
Deferred income taxes | 209.3 | 210.7 |
Total assets | 10,956.4 | 11,171.3 |
Current liabilities | ||
Short-term debt and current portion of long-term debt | 1,092.8 | 540.8 |
Accounts payable, trade and other | 662.5 | 1,252.2 |
Advance payments from customers | 1.7 | 680.5 |
Accrued and other liabilities | 673.1 | 601.8 |
Accrued customer rebates | 809.5 | 465.3 |
Guarantees of vendor financing | 95.6 | 142.0 |
Accrued pension and other postretirement benefits, current | 3.5 | 2.3 |
Income taxes | 107.8 | 114.7 |
Total current liabilities | 3,446.5 | 3,799.6 |
Noncurrent liabilities | ||
Long-term debt, less current portion | 3,022.9 | 2,733.2 |
Accrued pension and other postretirement benefits, long-term | 29.6 | 31.6 |
Environmental liabilities, continuing and discontinued | 416.0 | 439.1 |
Deferred income taxes | 321.1 | 321.5 |
Other long-term liabilities | 405.8 | 445.4 |
Commitments and contingent liabilities (Note 19) | ||
Equity | ||
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2023 or 2022 | 0.0 | 0.0 |
Common stock, $0.10 par value, authorized 260,000,000 shares in 2023 and 2022; 185,983,792 shares issued in 2023 and 2022 | 18.6 | 18.6 |
Capital in excess of par value of common stock | 929.5 | 909.2 |
Retained earnings | 5,561.1 | 5,555.9 |
Accumulated other comprehensive income (loss) | (494.5) | (459.6) |
Treasury stock, common, at cost - 2023: 61,224,905 shares, 2022: 60,872,988 shares | (2,723.8) | (2,646.2) |
Total FMC stockholders’ equity | 3,290.9 | 3,377.9 |
Noncontrolling interests | 23.6 | 23.0 |
Total equity | 3,314.5 | 3,400.9 |
Total liabilities and equity | $ 10,956.4 | $ 11,171.3 |
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Current assets | ||
Allowance for trade receivables | $ 36.7 | $ 33.9 |
Equity | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 260,000,000 | 185,983,792 |
Common stock, shares issued (in shares) | 185,983,792 | 185,983,792 |
Treasury Stock, Common, Shares | 61,224,905 | 60,872,988 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions |
9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
||||||||||||
Cash provided (required) by operating activities of continuing operations: | |||||||||||||
Net income (loss) | $ 224.6 | $ 461.1 | |||||||||||
Discontinued operations, net of income taxes | 41.3 | 42.2 | |||||||||||
Income (loss) from continuing operations | 265.9 | 503.3 | |||||||||||
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations: | |||||||||||||
Depreciation and amortization | 138.4 | 126.6 | |||||||||||
Restructuring and other charges (income) | 48.0 | 98.9 | |||||||||||
Deferred income taxes | 2.4 | 10.0 | |||||||||||
Pension and other postretirement benefits | 15.5 | 9.4 | |||||||||||
Share-based compensation | 19.8 | 18.9 | |||||||||||
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | |||||||||||||
Trade receivables, net | 312.4 | (203.5) | |||||||||||
Guarantees of vendor financing | (46.4) | (22.0) | |||||||||||
Advance payments from customers | (678.2) | (627.1) | |||||||||||
Accrued customer rebates | 348.3 | 475.0 | |||||||||||
Inventories | (363.2) | (282.3) | |||||||||||
Accounts payable, trade and other | (562.0) | (19.1) | |||||||||||
Income taxes | (96.9) | (3.5) | |||||||||||
Pension and other postretirement benefit contributions | (1.4) | (3.0) | |||||||||||
Environmental spending, continuing, net of recoveries | (22.7) | (18.4) | |||||||||||
Restructuring and other spending | [1] | (17.2) | (25.7) | ||||||||||
Transaction and integration costs | 0.0 | (0.5) | |||||||||||
Change in other operating assets and liabilities, net | [2] | 19.1 | (21.3) | ||||||||||
Cash provided (required) by operating activities of continuing operations | (618.2) | 15.7 | |||||||||||
Cash provided (required) by operating activities of discontinued operations: | |||||||||||||
Environmental spending, discontinued, net of recoveries | (34.4) | (27.7) | |||||||||||
Other discontinued spending | (26.6) | (24.1) | |||||||||||
Cash provided (required) by operating activities of discontinued operations | (61.0) | (51.8) | |||||||||||
Cash provided (required) by investing activities of continuing operations: | |||||||||||||
Capital expenditures | (108.8) | (108.4) | |||||||||||
Acquisitions, including cost and equity method, net(3) | [3] | (16.0) | (191.5) | ||||||||||
Proceeds from land disposition | 5.8 | 0.0 | [4] | ||||||||||
Other investing activities | (7.8) | 5.7 | |||||||||||
Cash provided (required) by investing activities of continuing operations | (126.8) | (294.2) | |||||||||||
Cash provided (required) by financing activities of continuing operations: | |||||||||||||
Increase (decrease) in short-term debt | 158.4 | 401.4 | |||||||||||
Repayments of long-term debt | (800.0) | (1.1) | |||||||||||
Proceeds from borrowings of long-term debt | 1,498.6 | 0.0 | |||||||||||
Financing fees and interest rate swap settlements | (0.4) | (1.5) | |||||||||||
Distributions to noncontrolling interests | (0.6) | 0.0 | |||||||||||
Issuances of common stock, net | 5.2 | 8.4 | |||||||||||
Dividends paid | [5] | (217.9) | (200.6) | ||||||||||
Repurchases of common stock under publicly announced program | (75.0) | 0.0 | |||||||||||
Other repurchases of common stock | (6.2) | (8.9) | |||||||||||
Cash provided (required) by financing activities of continuing operations | 562.1 | 197.7 | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | (4.3) | (20.4) | |||||||||||
Increase (decrease) in cash and cash equivalents | (248.2) | (153.0) | |||||||||||
Cash and cash equivalents, beginning of period | 572.0 | 516.8 | |||||||||||
Cash and cash equivalents, end of period | $ 323.8 | $ 363.8 | |||||||||||
|
Condensed Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
IPR&D asset acquisition charge | $ 11.9 | $ 0.0 | $ 11.9 | $ 0.0 |
Beneficial interest in trade receivables securitization program | 19.3 | |||
Cash paid for interest, net of capitalized interest | 135.0 | 91.2 | ||
Income taxes paid, net of refunds | 143.2 | 91.7 | ||
Capital expenditures | 20.2 | 19.0 | ||
Furadan Product Exit | ||||
Asset retirement obligation | $ 3.4 | $ 6.7 | $ 3.4 | $ 6.7 |
Condensed Consolidated Statements of Changes in Equity Statement - USD ($) $ in Millions |
Total |
Common Stock, $0.10 Par Value |
Capital In Excess of Par |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
Non-controlling Interest |
||||
---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2021 | $ 3,143.7 | $ 18.6 | $ 880.4 | $ 5,092.9 | $ (325.5) | $ (2,542.1) | $ 19.4 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 211.6 | 207.4 | 4.2 | ||||||||
Stock compensation plans | 14.5 | 10.5 | 4.0 | ||||||||
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 | (66.9) | (66.9) | |||||||||
Repurchases of common stock | (8.6) | (8.6) | |||||||||
Distributions to noncontrolling interests | (0.5) | (0.5) | |||||||||
Ending balance at Mar. 31, 2022 | 3,174.0 | 18.6 | 890.9 | 5,233.4 | (445.4) | (2,546.6) | 23.1 | ||||
Beginning balance at Dec. 31, 2021 | 3,143.7 | 18.6 | 880.4 | 5,092.9 | (325.5) | (2,542.1) | 19.4 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 461.1 | ||||||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax | 6.7 | ||||||||||
Ending balance at Sep. 30, 2022 | 3,203.6 | 18.6 | 903.3 | 5,354.8 | (542.0) | (2,546.5) | 15.4 | ||||
Beginning balance at Mar. 31, 2022 | 3,174.0 | 18.6 | 890.9 | 5,233.4 | (445.4) | (2,546.6) | 23.1 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 131.2 | 134.2 | (3.0) | ||||||||
Stock compensation plans | 6.9 | 6.6 | 0.3 | ||||||||
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] | (77.3) | (76.0) | (1.3) | |||||||
Dividends | (66.9) | (66.9) | |||||||||
Ending balance at Jun. 30, 2022 | 3,219.1 | 18.6 | 897.5 | 5,300.7 | (470.2) | (2,546.3) | 18.8 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 118.3 | 121.0 | (2.7) | ||||||||
Stock compensation plans | 5.9 | 5.8 | 0.1 | ||||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax | [1] | (0.1) | (0.1) | ||||||||
Net hedging gains (losses) and other, net of income tax | [1] | 20.1 | 20.1 | ||||||||
Foreign currency translation adjustments | [1] | (92.5) | (91.8) | (0.7) | |||||||
Dividends | [1] | (66.9) | (66.9) | ||||||||
Repurchases of common stock | (0.3) | (0.3) | |||||||||
Ending balance at Sep. 30, 2022 | 3,203.6 | 18.6 | 903.3 | 5,354.8 | (542.0) | (2,546.5) | 15.4 | ||||
Beginning balance at Dec. 31, 2022 | 3,400.9 | 18.6 | 909.2 | 5,555.9 | (459.6) | (2,646.2) | 23.0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 195.9 | 196.0 | (0.1) | ||||||||
Stock compensation plans | 9.6 | 7.2 | 2.4 | ||||||||
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 | [2] | 2.9 | 2.9 | ||||||||
Net hedging gains (losses) and other, net of income tax | [2] | (31.3) | (31.3) | ||||||||
Foreign currency translation adjustments | [2] | 20.1 | 19.2 | 0.9 | |||||||
Dividends | (72.7) | (72.7) | |||||||||
Repurchases of common stock | (30.8) | (30.8) | |||||||||
Ending balance at Mar. 31, 2023 | 3,494.5 | 18.6 | 916.4 | 5,679.2 | (468.8) | (2,674.7) | 23.8 | ||||
Beginning balance at Dec. 31, 2022 | 3,400.9 | 18.6 | 909.2 | 5,555.9 | (459.6) | (2,646.2) | 23.0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 224.6 | ||||||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax | 8.2 | ||||||||||
Ending balance at Sep. 30, 2023 | 3,314.5 | 18.6 | 929.5 | 5,561.1 | (494.5) | (2,723.8) | 23.6 | ||||
Beginning balance at Mar. 31, 2023 | 3,494.5 | 18.6 | 916.4 | 5,679.2 | (468.8) | (2,674.7) | 23.8 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | 32.4 | 30.5 | 1.9 | ||||||||
Stock compensation plans | 8.4 | 6.0 | 2.4 | ||||||||
Shares for benefit plan trust | (0.7) | (0.7) | |||||||||
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax | [2] | 2.8 | 2.8 | ||||||||
Net hedging gains (losses) and other, net of income tax | [2] | (23.7) | (23.7) | ||||||||
Foreign currency translation adjustments | [2] | (12.7) | (11.4) | (1.3) | |||||||
Dividends | (72.5) | (72.5) | |||||||||
Repurchases of common stock | (51.1) | (51.1) | |||||||||
Ending balance at Jun. 30, 2023 | 3,377.4 | 18.6 | 922.4 | 5,637.2 | (501.1) | (2,724.1) | 24.4 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income (loss) | (3.7) | (3.5) | (0.2) | ||||||||
Stock compensation plans | 7.5 | 7.1 | 0.4 | ||||||||
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 | [2] | 2.5 | 2.5 | ||||||||
Net hedging gains (losses) and other, net of income tax | [2] | 44.2 | 44.2 | ||||||||
Foreign currency translation adjustments | [2] | (40.7) | (40.1) | (0.6) | |||||||
Dividends | (72.6) | (72.6) | |||||||||
Ending balance at Sep. 30, 2023 | $ 3,314.5 | $ 18.6 | $ 929.5 | $ 5,561.1 | $ (494.5) | $ (2,723.8) | $ 23.6 | ||||
|
Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||||||
Common stock, par value (in USD per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 |
Dividends (in USD per share) | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.53 | $ 0.53 | $ 0.53 |
Financial Information and Accounting Policies |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Financial Information and Accounting Policies | Financial Information and Accounting PoliciesIn 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 nine months ended September 30, 2023 and 2022, cash flows for the nine months ended September 30, 2023 and 2022, changes in equity for the three and nine months ended September 30, 2023 and 2022, and our financial positions as of September 30, 2023 and December 31, 2022. 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 nine months ended September 30, 2023 and 2022 are not necessarily indicative of the results of operations for the full year. The condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, and the related condensed consolidated statements of income (loss) and condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2023 and 2022, condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022, and condensed consolidated statements of changes in equity for the three and nine months ended September 30, 2023 and 2022 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, 2022 (the "2022 Form 10-K"). |
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Recently Issued and Adopted Accounting Pronouncements and Regulatory Items | 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 Standard Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, to provide 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 reference rate. In December 2022, the FASB finalized ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which defers the sunset date for Topic 848 from December 31, 2022 to December 31, 2024. This standard amends the definition of the SOFR Swap Rate under Topic 815 so that it is not limited to the Overnight Indexed Swap rate based on SOFR and includes other rates based on SOFR. These amendments were effective upon issuance and should be applied prospectively. We are evaluating the impacts this standard will have on accounting for contracts and hedging relationships but do not believe it will have a material impact on our consolidated financial statements. On December 20, 2021, the Organization for Economic Co-operation and Development (the "OECD") released Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD continues to release additional guidance on the two-pillar framework, which could begin in 2024 for countries that choose to enact the legislation. We are continuing to evaluate the potential impact on future periods of the Pillar Two Framework, pending legislative adoption by individual countries. Recently adopted accounting guidance In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU enhances the transparency of supplier finance programs and their effect on working capital, liquidity, and cash flows. The new standard is effective for fiscal years beginning after December 15, 2022 (i.e. a January 1, 2023 effective date), including interim periods within those years. The amendments in the ASU should be applied retrospectively to all periods in which a balance sheet is presented, except for the amendment on roll forward information, which should be applied prospectively on an annual basis. In accordance with the new disclosure requirements, which we have adopted beginning January 1, 2023, we have included information regarding our key program terms and the amount outstanding that remains unpaid at period end as further described below. We work with suppliers to optimize payment terms and conditions on accounts payable to improve working capital and cash flows. We offer to a select group of suppliers a voluntary Supply Chain Finance (“SCF”) program with a global financial institution. The suppliers, at their sole discretion, may sell their receivables to the financial institution based on terms negotiated between them. Our obligations to our suppliers are not impacted by our suppliers’ decisions to sell under these arrangements. Obligations outstanding under this program are recorded within "Accounts payable, trade and other" in our condensed consolidated balance sheets and the associated payments are included in operating activities within our condensed consolidated statements of cash flows. Our payment terms with our suppliers are consistent, regardless of whether a supplier participates in the program. We deem these terms to be commercially reasonable and consistent with the range of industry standards within their respective regions. Under the terms of the agreement, we do not pledge assets as security or make any other forms of guarantees. FMC's outstanding obligations confirmed as valid under the SCF was $126.8 million and $307.5 million as of September 30, 2023 and December 31, 2022, respectively.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | 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. The disaggregated revenue tables are shown below for the three and nine months ended September 30, 2023 and 2022. The following table provides information about disaggregated revenue by major geographical region:
The following table provides information about disaggregated revenue by product category:
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 products, 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 90 days. We do not typically give payment terms that exceed 360 days; however, in certain geographical regions such as Latin America, these terms may be given in limited circumstances. Additionally, a timing difference of over one year can exist between when products are delivered to the customer and when payment is received from the customer in these regions; however, the effect of these sales is not material to the financial statements as a whole. Furthermore, we have assessed the circumstances and arrangements in these regions and determined that the contracts with these customers do not contain a significant financing component. In determining when the control of goods is transferred, we typically assess, among other things, the transfer of risk and title and the shipping terms of the contract. The transfer of title and risk typically occurs either upon shipment to the customer or upon receipt by the customer. As such, we typically recognize revenue when goods are shipped based on the relevant Incoterm for the product order, or in some regions, when delivery to the customer’s requested destination has occurred. When we perform shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. For FOB shipping point terms, revenue is recognized at the time of shipment since the customer gains control at this point in time. We record amounts billed for shipping and handling fees as revenue. Costs incurred for shipping and handling are recorded as costs of sales and services. Amounts billed for sales and use taxes, value-added taxes, and certain excise and other specific transactional taxes imposed on revenue-producing transactions are presented on a net basis and excluded from sales in the consolidated income statements. We record a liability until remitted to the respective taxing authority. Sales Incentives and Other Variable Considerations As a part of our customary business practice, we offer a number of sales incentives to our customers including volume discounts, retailer incentives, and prepayment options. The variable considerations given can differ by products, support levels and other eligibility criteria. For all such contracts that include any variable consideration, we estimate the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Although determining the transaction price for these considerations requires significant judgment, we have significant historical experience with incentives provided to customers and estimate the expected consideration considering historical patterns of incentive payouts. These estimates are reassessed each reporting period as required. In addition to the variable considerations described above, in certain instances, we may require our customers to meet certain volume thresholds within their contract term. We estimate what amount of variable consideration should be included in the transaction price at contract inception and continually reassess this estimation each reporting period to determine situations when the minimum volume thresholds will not be met. Right of Return We extend an assurance warranty offering customers a right of refund or exchange in case delivered product does not conform to specifications. Additionally, in certain regions and arrangements, we may offer a right of return for a specified period. Both instances are accounted for as a right of return and transaction price is adjusted for an estimate of expected returns. Replacement products are accounted for under the warranty guidance if the customer exchanges one product for another of the same kind, quality, and price. We have significant experience with historical return patterns and use this experience to include returns in the estimate of transaction price. Contract Asset and Contract Liability Balances We satisfy our obligations by transferring goods and services in exchange for consideration from customers. The timing of performance sometimes differs from the timing the associated consideration is received from the customer, thus resulting in the recognition of a contract asset or contract liability. We recognize a contract liability if the customer's payment of consideration is received prior to completion of our related performance obligation. The following table presents the opening and closing balances of our receivables, net of allowances and contract liabilities from contracts with customers:
(1)Amount includes $2,564.5 million of trade receivables and $23.5 million of net long-term customer receivables as of September 30, 2023. See Note 6 for more information. The balance of receivables from contracts with customers listed in the table above include both current trade receivables and long-term receivables, net of allowance for doubtful accounts. The allowance for receivables represents our best estimate of the probable losses associated with potential customer defaults. We determine the allowance based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. The change in allowance for doubtful accounts for both current trade receivables and long-term receivables is representative of the impairment of receivables as of September 30, 2023. Refer to Note 6 for further information. The amount of revenue recognized in the nine months ended September 30, 2023 that was included in the opening contract liability balance is $678.8 million. We periodically enter into prepayment arrangements with customers and receive advance payments for product to be delivered in future periods. Prepayment terms are extended to customers/distributors in order to capitalize on surplus cash with growers. Growers receive bulk payments for their produce, which they leverage to buy our products from distributors through prepayment options. This in turn creates opportunity for distributors to make large prepayments to us for securing the future supply of products to be sold to growers. Prepayments are typically received in the fourth quarter of the fiscal year and are for the following marketing year indicating that the time difference between prepayment and performance of corresponding performance obligations does not exceed one year. We recognize these prepayments as a liability under "Advance payments from customers" on the condensed consolidated balance sheets when they are received. Revenue associated with advance payments is recognized as shipments are made and transfer of control to the customer takes place. Advance payments from customers were $1.7 million and $680.5 million as of September 30, 2023 and December 31, 2022
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Leases |
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Leases | Leases We lease office space, vehicles and other equipment under non-cancellable leases with initial terms typically ranging from to 20 years, with some leases having terms greater than 20 years. Our lease portfolio includes agreements with renewal options, purchase options and clauses for early termination based on the terms specific to the agreement. At contract inception, we review the facts and circumstances of the arrangement to determine if the contract is a lease. We follow the guidance in ASC 842-10-15 and consider the following: whether the contract has an identified asset; if we have the right to obtain substantially all economic benefits from the asset; and if we have the right to direct the use of the underlying asset. When determining if a contract has an identified asset, we consider both explicit and implicit assets, and whether the supplier has the right to substitute the asset. When determining if we have the right to obtain substantially all economic benefits from the asset, we consider the primary outputs of the identified asset throughout the period of use and determine if we receive greater than 90 percent of those benefits. When determining if we have the right to direct the use of an underlying asset, we consider if we have the right to direct how and for what purpose the asset is used throughout the period of use and if we control the decision-making rights over the asset. All leased assets are classified as operating or finance under ASC 842. The lease term is determined as the non-cancellable period of the lease, together with all of the following: periods covered by an option to extend the lease which are reasonably certain to be exercised, periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option, and periods covered by an option to extend (or not to terminate) the lease in which exercise of the option is controlled by the lessor. At commencement, we assess whether any options included in the lease are reasonably certain to be exercised by considering all relevant economic factors including contract-based, asset-based, market-based, and company-based factors. To determine the present value of future minimum lease payments, we use the implicit rate when readily determinable or our incremental borrowing rate at the lease commencement date. When determining our incremental borrowing rate, we consider our centralized treasury function and our current credit profile. We then make adjustments to this rate for securitization, the length of the lease term, and leases denominated in foreign currencies. Minimum lease payments are expensed over the term of the lease on a straight-line basis. Some leases may require additional contingent or variable lease payments based on factors specific to the individual agreement. Variable lease payments which we are typically responsible for include payment of vehicle insurance, real estate taxes, and maintenance expenses. Most leases within our portfolio are classified as operating leases under the standard. Operating leases are included in "Other assets including long-term receivables, net", "Accrued and other liabilities", and "Other long-term liabilities" in our condensed consolidated balance sheets. Operating lease right-of-use ("ROU") assets are subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of any lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Operating leases relate to office spaces, IT equipment, transportation equipment, machinery equipment, furniture and fixtures, and plant and facilities under non-cancellable lease agreements. Leases primarily have fixed rental periods, with many of the real estate leases requiring additional payments for property taxes and occupancy-related costs. Leases for real estate typically have initial terms ranging from to 20 years, with some leases having terms greater than 20 years. Leases for non-real estate (transportation, IT) typically have initial terms ranging from to 10 years. We have elected not to record short-term leases on the balance sheet whose term is 12 months or less and does not include a purchase option or extension that is reasonably certain to be exercised. We rent or sublease a small number of assets including equipment and office space to third party companies. Rental income from all subleases is not material to our business. The ROU asset and lease liability balances as of September 30, 2023 and December 31, 2022 were as follows:
The components of lease expense for the three and nine months ended September 30, 2023 and 2022 were as follows:
The following table represents our future minimum operating lease payments as of, and subsequent to, September 30, 2023 under ASC 842:
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill are presented in the table below:
We perform our goodwill and indefinite-lived intangible asset impairment tests at least annually. Our fiscal year 2023 annual goodwill and indefinite-lived intangible asset impairment test was performed during the three months ended September 30, 2023. We determined no goodwill impairment existed and that the fair value was substantially in excess of the carrying value. Additionally, no indefinite-lived asset impairment existed and the estimated fair values also exceeded the carrying value for each of our indefinite-lived intangible assets. Our intangible assets, other than goodwill, consist of the following:
(1)Represents trademarks, trade names and know-how. (2)Represents proprietary brand portfolios, consisting of trademarks, trade names and know-how, of our crop protection brands.
The full year estimated pre-tax amortization expense for the year ended December 31, 2023 and each of the succeeding five years is approximately $64 million, $63 million, $68 million, $69 million, $69 million, and $70 million, respectively.
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Acquisitions |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions On June 29, 2022, we announced a definitive agreement to acquire BioPhero ApS ("BioPhero"), a Denmark-based pheromone research and production company. The acquisition added state-of-the-art biologically produced pheromone insect control technology to our product portfolio and R&D pipeline, underscoring our role as a leader in delivering innovative and sustainable crop protection solutions. The purchase price of approximately $193 million was primarily paid at closing on July 19, 2022. The acquisition, which was accounted for as a business combination, included all of BioPhero’s technology, IP, supply agreements, employees and net assets of the business. Purchase Price Allocation The allocation of the purchase price to the assets acquired and liabilities assumed, including the residual amount allocated to goodwill, is considered complete. The allocation was subject to change within the measurement period (up to one year from the acquisition date) if additional information concerning final asset and liability valuations was obtained. There were no adjustments to the initial purchase price allocation during the measurement period. The following table summarizes the consideration paid for the BioPhero acquisition and the amounts of the assets acquired and liabilities assumed.
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Receivables |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | Receivables The following table displays a roll forward of the allowance for doubtful trade receivables.
We have non-current receivables that represent long-term customer receivable balances related to past due accounts which are not expected to be collected within the current year. The net long-term customer receivables were $23.5 million as of September 30, 2023. These long-term customer receivable balances and the corresponding allowance are included in "Other assets including long-term receivables, net" on the condensed consolidated balance sheets. A portion of these long-term receivables have payment contracts. We have no reason to believe payments will not be made based upon the credit quality of these customers. Additionally, we also hold significant collateral against these customers including rights to property or other assets as a form of credit guarantee. If the customer does not pay or gives indication that they will not pay, these guarantees allow us to start legal action to block the sale of the customer’s harvest. On an ongoing basis, we continue to evaluate the credit quality of our non-current receivables using aging of receivables, collection experience and write-offs, as well as evaluating existing economic conditions, to determine if an additional allowance is necessary. The following table displays a roll forward of the allowance for credit losses related to long-term customer receivables:
Receivables Securitization Facility: FMC entered into a trade receivables securitization program, primarily impacting our Brazilian operations during the third quarter of 2022. On a revolving basis, FMC may sell certain trade receivables into the facility in exchange for cash. A portion of the total receivables sold are deferred as an asset on our condensed consolidated balance sheets representing FMC’s beneficial interest in the securitization fund. In all instances, the transferred financial assets are sold on a non-recourse basis and have met the true sale criteria under ASC Topic 860. FMC has surrendered control of the receivables and as a result they will no longer be recognized on the condensed consolidated balance sheets. FMC may be engaged to serve as a special servicer for any delinquent receivables. In that capacity, we are entitled to market rate compensation for those services. Cash receipts from the sale of trade receivables under the securitization arrangement, received at the time of sale, are classified as cash flows from operating activities. There were $97.3 million in receivables sold under the securitization program during the nine months ended September 30, 2023. A $6.5 million charge associated with the transfer of these financial assets is included as a component within selling, general and administrative expense during the nine months ended September 30, 2023. There were $50.5 million in receivables sold under the securitization program during the nine months ended September 30, 2022. As part of the initial funding, approximately $19 million of the 2022 sale was retained by the investment fund and will be returned to FMC, including interest, at the maturity of the securitization. A $5.2 million charge associated with the transfer of these financial assets is included as a component within selling, general and administrative expense during the nine months ended September 30, 2022. Other Receivable Factoring: In addition to the above, we may sell trade receivables on a non-recourse basis to third-party financial institutions. These sales are normally driven by specific market conditions, including, but not limited to, foreign exchange environments, customer credit management, as well as other factors where the receivables may lay. We account for these transactions as true sales and as a result they will no longer be recognized on the condensed consolidated balance sheets because the agreements transfer effective control and risk related to the receivables to the buyers. The net cash proceeds received are presented within cash provided by operating activities within our condensed consolidated statements of cash flows. The cost of factoring these accounts receivables is recorded as an expense within the condensed consolidated statements of income (loss) and has been inconsequential during each reporting period. During the nine months ended September 30, 2023, there was $155.0 million in non-recourse factoring. There was no non-recourse factoring during the nine months ended September 30, 2022.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consisted of the following:
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Property, Plant and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consisted of the following:
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Restructuring and Other Charges (Income) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Charges (Income) | Restructuring and Other Charges (Income) Our restructuring and other charges (income) are comprised of restructuring, asset disposals and other charges (income) as noted below.
Restructuring charges For detail on restructuring activities which commenced prior to 2023, see Note 9 to our consolidated financial statements included within our 2022 Form 10-K.
____________________ (1)Primarily represents costs associated with miscellaneous restructuring activities, including third-party costs. Other income, if applicable, primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring. The nine months ended September 30, 2023 includes the recognition of a gain of $5.8 million for land disposition related to a transfer agreement with the Shanghai Municipal People's Government, which was executed in December 2022. (2)Primarily represents asset write-offs (recoveries) and accelerated depreciation on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, are also included within the asset disposal charges. The amount for the nine months ended September 30, 2022 represents fixed asset charges resulting from the closure of certain manufacturing sites during the period. (3)During the nine months ended September 30, 2023, we incurred severance charges associated with a targeted work force reduction initiative, primarily impacting our EMEA and APAC operations. (4)Restructuring charges related to DuPont Crop restructuring during the three and nine months ended September 30, 2022 represent the remaining in-flight restructuring charges as we completed the established DuPont Crop Restructuring program associated with integration. These charges are primarily associated with accelerated depreciation on certain fixed assets, severance, and other costs as we exit certain facilities. (5)Beginning in the second quarter of 2021, we began to consolidate our global operations into centralized regional headquarters within EMEA and APAC. The regional realignment restructuring charges during the three and nine months ended September 30, 2022 are primarily related to severance and other exit costs resulting from this consolidation. Roll forward of restructuring reserves The following table shows a roll forward of restructuring reserves, that will result in cash spending. These amounts exclude asset retirement obligations.
(1)Primarily consists of residual separation costs associated with DuPont Crop restructuring activities. (2)Primarily consists of severance and employee relocation costs as well as other costs associated with the relocation of our European headquarters and the consolidation of our Asia Pacific operations into a single regional headquarters in Singapore. (3)Primarily severance costs and other exit costs related to workforce reductions and facility shutdowns. (4)Primarily other miscellaneous exit costs. The accelerated depreciation and asset impairment charges associated with these restructurings that have impacted our property, plant and equipment or intangible balances are not included in this table. (5)Primarily foreign currency translation adjustments. (6)Included in "Accrued and other liabilities" and "Other long-term liabilities" on the consolidated balance sheets. Other charges (income), net
Environmental charges, net Environmental charges represent the net charges associated with environmental remediation at continuing operating sites. See Note 12 for additional details. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations. Exit from Russian operations As the Russia-Ukraine war continues, our values as a company as well as the sanctions imposed on, and cross-sanctions imposed and announced by, the Russian Federation led us to cease operations and business in Russia. This decision was made in mid-April of 2022 when we concluded that it was not sustainable to continue operations. As a result of this decision, we recorded a charge of approximately $76.1 million during the nine months ended September 30, 2022. The charge primarily consists of noncash asset write offs, mainly working capital as well as the value of a packaging and formulation facility. This charge includes approximately $7 million of cash that was stranded and not accessible to us. Currency devaluation charges During the three months ended September 30, 2023, we incurred $4.9 million in losses related to the devaluation of the Argentine peso driven by government actions during the period. The nine months ended September 30, 2023, also includes a $6.9 million remeasurement charge resulting from the significant currency depreciation of the Pakistani Rupee during the first quarter of 2023. On January 25, 2023, the Pakistani Rupee experienced its largest single day drop against the US dollar in over two decades following the removal of the USD-PKR exchange cap in place on the country's currency. This action, combined with the decision by Pakistan's central bank to raise interest rates to record highs during the quarter, resulted in the immediate and significant devaluation of the Pakistani Rupee. IPR&D asset acquisition charge During the third quarter of 2023, we finalized a development agreement which will bring to market a new herbicide active ingredient used to control weeds in rice. As part of the agreement, FMC acquired a data set that includes studies and technical research that will be used to support the development of formulations and product registrations. Acquired in-process research and development assets are expensed as incurred and included as a component of "Restructuring and other charges (income)" on the consolidated statements of income (loss).
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Debt maturing within one year:
____________________ (1)At September 30, 2023, the average effective interest rate on the borrowings was 14.1 percent. (2)At September 30, 2023, the average effective interest rate on the borrowings was 6.0 percent. (3)Based on cash generated from operations, our existing liquidity facilities, which includes the revolving credit agreement with the option to increase capacity up to $2.75 billion, and our continued access to debt capital markets, we have adequate liquidity to meet any of the company's debt obligations in the near term including any current portion of long-term debt. Long-term debt:
____________________ (1)Letters of credit outstanding under our Revolving Credit Facility totaled $243.1 million and available funds under this facility were $1,289.6 million at September 30, 2023. Senior Notes On May 18, 2023, we issued $500 million aggregate principal amount of 5.150% Senior Notes due 2026, $500 million aggregate principal amount of 5.650% Senior Notes due 2033 and $500 million aggregate principal amount of 6.375% Senior Notes due 2053 (together the "Senior Notes"). The net proceeds from the offering were used to pay down both outstanding commercial paper and the 2021 Term Loan Facility as well as for general corporate purposes. Covenants Among other restrictions, our Revolving Credit Facility contains financial covenants applicable to FMC and its consolidated subsidiaries related to leverage (measured as the ratio of debt to adjusted earnings) and interest coverage (measured as the ratio of adjusted earnings to interest expense). On June 30, 2023, the Company entered into Amendment No. 1 to that certain Fifth Amended and Restated Credit Agreement, dated as of June 17, 2022, which increased the maximum leverage ratio to 4.0 for a period of time, which has now been amended further as described below. Our actual leverage for the four consecutive quarters ended September 30, 2023 was 3.80, which is below the maximum leverage of 4.00 at September 30, 2023. Our actual interest coverage for the four consecutive quarters ended September 30, 2023 was 4.96, which is above the minimum interest coverage of 3.50. We were in compliance with all covenants at September 30, 2023. November 7, 2023 Amendment On November 7, 2023, the Company amended its credit agreement to provide additional financial flexibility given current market challenges, which are expected to persist during the covenant relief period. As defined in the amendment, the maximum leverage ratio is increased to 6.50 through the period ending June 30, 2024. The maximum leverage ratio will incrementally step down during the covenant relief period ending at 3.75 for the quarter ended September 30, 2025. The amendment also lowers the minimum interest coverage ratio to 2.50 beginning with the quarter ended December 31, 2023 and then incrementally increases during the covenant relief period. The minimum interest coverage ratio will return to the current level of 3.50 beginning with the quarter ended September 30, 2025. Additionally, the Company shall not repurchase shares during the covenant relief period, with the exception of share repurchases under our equity compensation plans.
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Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations Discontinued operations include adjustments to retained assets and liabilities as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations and retained liabilities. The primary liabilities retained include environmental liabilities, other postretirement benefit liabilities, self-insurance, long-term obligations related to legal proceedings and historical restructuring activities. Our discontinued operations comprised the following:
(1)The provision for the nine months ended September 30, 2023 includes a $11.7 million charge resulting from a settlement agreement related to one of our foreign environmental remediation sites. The charge recorded adjusts the reserve to the anticipated payment amount. The agreement removes any future remediation obligations for the site.
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Environmental Obligations |
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Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Obligations | Environmental Obligations We have reserves for potential environmental obligations which we consider probable and which we can reasonably estimate. The following table is a roll forward of our total environmental reserves, continuing and discontinued:
____________________ (1)These amounts are included within "Accrued and other liabilities" on the condensed consolidated balance sheets. (2)These amounts are included in "Environmental liabilities, continuing and discontinued" on the condensed consolidated balance sheets. (3)These recorded recoveries represent probable realization of claims against U.S. government agencies and are recorded as an offset to our environmental reserves in the condensed consolidated balance sheets. The estimated reasonably possible environmental loss contingencies, net of expected recoveries, exceed amounts accrued by approximately $200 million at September 30, 2023. This reasonably possible estimate is based upon information available as of the date of the filing but the actual future losses may be higher given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of potentially responsible parties, technology and information related to individual sites. Potential environmental obligations that have not been reserved may be material to any one quarter's or year's results of operations in the future. However, we believe any such liability arising from such potential environmental obligations is not likely to have a material adverse effect on our liquidity or financial condition as it may be satisfied over many years. The table below provides a roll forward of our environmental recoveries representing probable realization of claims against insurance carriers and other third parties. These recoveries are recorded as "Prepaid and other current assets" and "Other assets including long-term receivables, net" in the condensed consolidated balance sheets.
Our net environmental provisions relate to costs for the continued cleanup of both continuing and discontinued manufacturing operations from previous years. The net provisions are comprised as follows:
____________________ (1)See above roll forward of our total environmental reserves as presented on the condensed consolidated balance sheets. (2)See above roll forward of our total environmental recoveries as presented on the condensed consolidated balance sheets. (3)Recorded as a component of "Restructuring and other charges (income)" on the condensed consolidated statements of income (loss). See Note 9. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations. (4)Recorded as a component of "Discontinued operations, net of income taxes" on the condensed consolidated statements of income (loss). The nine months ended September 30, 2023 includes a $11.7 million charge resulting from a settlement agreement with the other party involved at one of our foreign environmental remediation sites. See Note 11. A more complete description of our environmental contingencies and the nature of our potential obligations are included in Notes 1 and 12 to our consolidated financial statements in our 2022 Form 10-K. See Note 12 to our consolidated financial statements in our 2022 Form 10-K for a description of significant updates to material environmental sites. There have been no significant updates since the information included in our 2022 Form 10-K.
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Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Earnings per common share ("EPS") is computed by dividing net income by the weighted average number of common shares outstanding during the period on a basic and diluted basis. Our potentially dilutive securities include potential common shares related to our stock options, restricted stock and restricted stock units. Diluted earnings per share ("Diluted EPS") considers the impact of potentially dilutive securities except in periods in which there is a loss from continuing operations because the inclusion of the potential common shares would have an antidilutive effect. Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. For the three and nine months ended September 30, 2023 there were 1.0 million and 0.6 million potential common shares excluded from Diluted EPS, respectively. For the three and nine months ended September 30, 2022 there were 0.5 million and 0.4 million potential common shares excluded from Diluted EPS, respectively. Our non-vested restricted stock awards contain rights to receive non-forfeitable dividends, and thus, are participating securities requiring the two-class method of computing EPS. The two-class method determines EPS by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average number of shares outstanding during the period. Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows:
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Equity |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity Accumulated other comprehensive income (loss) Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax.
____________________ (1) See Note 18 for more information. (2) See Note 16 for more information. Reclassifications of accumulated other comprehensive income (loss) The table below provides details about the reclassifications from accumulated other comprehensive income (loss) and the affected line items in the condensed consolidated statements of income (loss) for each of the periods presented:
____________________ (1)Amounts in parentheses indicate charges to the condensed consolidated statements of income (loss). (2)The reclassification of historical cumulative translation adjustments was the result of the exit from our Russian operations. See Note 9 within these consolidated financial statements for more information. (3)Pension and other postretirement benefits amounts include the impact from both continuing and discontinued operations. For detail on the continuing operations components of pension and other postretirement benefits, see Note 16. Dividends and Share Repurchases During the nine months ended September 30, 2023 and September 30, 2022, we paid dividends of $217.9 million and $200.6 million, respectively. On October 19, 2023, we paid dividends totaling $72.5 million to our shareholders of record as of September 29, 2023. This amount is included in "Accrued and other liabilities" on the condensed consolidated balance sheet as of September 30, 2023. During the nine months ended September 30, 2023, 651,052 shares were repurchased under the publicly announced repurchase program. At September 30, 2023, $825 million remained unused under our Board-authorized repurchase program. This repurchase program does not include a specific timetable or price targets and may be suspended or terminated at any time. Shares may be purchased through open market or privately negotiated transactions at the discretion of management based on its evaluation of market conditions and other factors. We also reacquire shares from time to time from employees in connection with the vesting, exercise and forfeiture of awards under our equity compensation plans. Beginning January 1, 2023, share repurchases in excess of issuances are subject to a 1% excise tax imposed by the Inflation Reduction Act. This tax is included as part of the cost basis of the shares acquired and was not material during the nine months ended September 30, 2023.
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Pensions and Other Postretirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits The following table summarizes the components of net annual benefit cost (income):
(1)Settlement charge relates to the U.S. nonqualified defined benefit pension plan.
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Income Taxes |
9 Months Ended |
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Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesOur effective income tax rates from continuing operations for the three and nine months ended September 30, 2023 were 85.6 percent and 22.6 percent, respectively. Our effective income tax rates from continuing operations for the three and nine months ended September 30, 2022 were 21.1 percent and 20.9 percent, respectively. The increase in the effective income tax rate for the three and nine months ended September 30, 2023 as compared to the three and nine months ended September 30, 2022 was driven by the global mix of reduced earnings with minimal tax benefit primarily due to valuation allowances in Latin America. Separately, impacting the effective tax rate for the nine months ended September 30, 2022 was our decision to cease operations and business in Russia during the second quarter of 2022. As a result, we recorded a pre-tax charge of $76.1 million during the nine months ended September 30, 2022 with minimal tax benefit. Refer to Note 9 for additional information on our exit from Russia. We determine our interim tax provision using an Estimated Annual Effective Tax Rate methodology ("EAETR") in accordance with U.S. GAAP. The EAETR is applied to the year-to-date ordinary income, exclusive of discrete items. The tax effects of discrete items are then included to arrive at the total reported interim tax provision. The determination of the EAETR is based upon a number of estimates, including the estimated annual pretax ordinary income in each tax jurisdiction in which we operate. As our projections of ordinary income change throughout the year, the EAETR will change period-to-period. A significant amount of our earnings is generated by our foreign subsidiaries, which tax earnings at lower statutory rates than the United States federal statutory rate. Our future effective tax rates may be materially impacted by a future change in the composition of earnings from foreign and domestic tax jurisdictions. The tax effects of discrete items are recognized in the tax provision in the period they occur in accordance with U.S. GAAP. Depending on various factors, such as the item’s significance in relation to total income and the rate of tax applicable in the jurisdiction to which it relates, discrete items in any quarter can materially impact the reported effective tax rate. As a global enterprise, our tax expense can be impacted by changes in tax rates or laws, the finalization of tax audits and reviews, as well as other factors. As a result, there can be significant volatility in interim tax provisions. |
Financial Instruments, Risk Management and Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments, Risk Management and Fair Value Measurements | Financial Instruments, Risk Management and Fair Value Measurements Our financial instruments include cash and cash equivalents, trade receivables, other current assets, certain receivables classified as other long-term assets, accounts payable, and amounts included in investments and accruals meeting the definition of financial instruments. The carrying value of these financial instruments approximates their fair value. Our other financial instruments include the following:
The estimated fair value of the financial instruments in the above table have been determined using standard pricing models which take into account the present value of expected future cash flows discounted to the balance sheet date. These standard pricing models utilize inputs derived from or corroborated by observable market data such as interest rate yield curves and currency and commodity spot and forward rates. In addition, we test a subset of our valuations against valuations received from the transaction's counterparty to validate the accuracy of our standard pricing models. Accordingly, the estimates presented may not be indicative of the amounts that we would realize in a market exchange at settlement date and do not represent potential gains or losses on these agreements. The estimated fair values of foreign exchange forward contracts and commodity forward contracts are included in the tables within this Note. The estimated fair value of debt is $3,937.6 million and $3,118.6 million and the carrying amount is $4,115.7 million and $3,274.0 million as of September 30, 2023 and December 31, 2022, respectively. We enter into various financial instruments with off-balance sheet risk as part of the normal course of business. These off-balance sheet instruments include financial guarantees and contractual commitments to extend financial guarantees under letters of credit, and other assistance to customers. See Note 19 for more information. Decisions to extend financial guarantees to customers and the amount of collateral required under these guarantees are based on our evaluation of creditworthiness on a case-by-case basis. Use of Derivative Financial Instruments to Manage Risk We mitigate certain financial exposures, including currency risk, commodity purchase exposures and interest rate risk, through a program of risk management that includes the use of derivative financial instruments. We enter into derivative contracts, including forward contracts and purchased options, to reduce the effects of fluctuating currency exchange rates, interest rates, and commodity prices. A detailed description of these risks including a discussion on the concentration of credit risk is provided in Note 19 to our consolidated financial statements on our 2022 Form 10-K. We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also assess, both at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. Accounting for Derivative Instruments and Hedging Activities Cash Flow Hedges We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We record in accumulated other comprehensive income ("AOCI") changes in the fair value of derivatives that are designated as and meet all the required criteria for a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. In contrast, we immediately record in earnings changes in the fair value of derivatives that are not designated as cash flow hedges. As of September 30, 2023, we had open foreign currency forward contracts in AOCI in a net after tax loss position of $23.1 million designated as cash flow hedges of underlying forecasted sales and purchases. Current open contracts hedge forecasted transactions until December 31, 2024. At September 30, 2023, we had open forward contracts designated as cash flow hedges with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $1,069.4 million. At September 30, 2023, we had no outstanding interest rate swap contracts. In conjunction with the issuance of the Senior Notes on May 18, 2023, we settled on various interest rate swap agreements, which were entered into to hedge the variability in treasury rates. This settlement resulted in a gain of $29.7 million, which was recorded in other comprehensive income and will be amortized over the various terms of the Senior Notes. Refer to Note 11 for further details on the Senior Notes. Additionally, in prior periods, we settled on various interest rate swap agreements related to several bond issuances and recorded a loss in other comprehensive income, which is also being amortized over the various terms of those notes. As of September 30, 2023, there was a remaining net after-tax loss of $28.9 million in AOCI related to these settlements. As of September 30, 2023, we had no open commodity contracts in AOCI designated as cash flow hedges of underlying forecasted purchases. At September 30, 2023, we had no mmBTUs (millions of British Thermal Units) in aggregate notional volume of outstanding natural gas commodity forward contracts to hedge forecasted purchases. Approximately $24.0 million of the net losses after-tax, representing open foreign currency exchange will be realized in earnings during the twelve months ending September 30, 2024 if spot rates in the future are consistent with forward rates as of September 30, 2023. The actual effect on earnings will be dependent on the actual spot rates when the forecasted transactions occur. Derivatives Not Designated As Hedging Instruments We hold certain forward contracts that have not been designated as cash flow hedging instruments for accounting purposes. Contracts used to hedge the exposure to foreign currency fluctuations associated with certain monetary assets and liabilities are not designated as cash flow hedging instruments, and changes in the fair value of these items are recorded in earnings. We had open forward contracts not designated as cash flow hedging instruments for accounting purposes with various expiration dates to buy, sell or exchange foreign currencies with a U.S. dollar equivalent of approximately $1,931.1 million at September 30, 2023. Fair Value of Derivative Instruments The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments.
(1) Net balance is included in "Prepaid and other current assets" in the condensed consolidated balance sheets. (2) Net balance is included in "Accrued and other liabilities" in the condensed consolidated balance sheets. (3) Represents net derivatives positions subject to master netting arrangements. The tables below summarize the gains or losses related to our cash flow hedges and derivatives not designated as hedging instruments. Derivatives in Cash Flow Hedging Relationships
______________ (1)See Note 14 for classification of amounts within the condensed consolidated statements of income (loss). Derivatives Not Designated as Hedging Instruments
(1)Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. These amounts are included in " " and to a lesser extent "Selling, general, and administrative expenses" on the consolidated statements of income (loss). Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers or sellers in the principle or most advantageous market for the asset or liability that are independent of the reporting entity, knowledgeable and able and willing to transact for the asset or liability. Fair Value Hierarchy We have categorized our assets and liabilities 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 priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets and liabilities fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Recurring Fair Value Measurements The following tables present our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis in the condensed consolidated balance sheets. During the periods presented there were no transfers between fair value hierarchy levels.
____________________ (1)See the Fair Value of Derivative Instruments table within this Note for classification on the condensed consolidated balance sheets. (2)Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheets. Both the asset and liability are recorded at fair value. Asset amounts are included in "Other assets including long-term receivables, net" in the condensed consolidated balance sheets. Liability amounts are included in "Other long-term liabilities" in the condensed consolidated balance sheets. (3)FMC maintains a beneficial interest in a trade receivables securitization fund. The fair value of the beneficial interest is determined by calculating the expected amount of cash to be received on the fund’s outstanding credit notes. As part of this evaluation, we rely on unobservable inputs, including estimating the anticipated credit losses. We consider historical information, current conditions and other reasonable factors as part of this assessment. The amount is included in "Other assets including long-term receivables, net" in the condensed consolidated balance sheets. Nonrecurring Fair Value Measurements There were no nonrecurring fair value measurements in the condensed consolidated balance sheets during the periods presented.
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Guarantees, Commitments, and Contingencies |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Guarantees, Commitments, and Contingencies | Guarantees, Commitments, and Contingencies We continue to monitor the conditions that are subject to guarantees and indemnifications to identify whether a liability must be recognized in our financial statements. Guarantees and Other Commitments The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at September 30, 2023. These guarantees arise during the ordinary course of business from relationships with customers and non-consolidated affiliates. Non-performance by the guaranteed party triggers the obligation requiring us to make payments to the beneficiary of the guarantee. Based on our experience, these types of guarantees have not had a material effect on our consolidated financial position or on our liquidity. Our expectation is that future payment or performance related to the non-performance of others is considered unlikely.
____________________ (1)Represents guarantees to financial institutions on behalf of certain customers for their seasonal borrowing. This short-term amount is recorded within "Guarantees of vendor financing" on the condensed consolidated balance sheets. (2)These guarantees represent the outstanding commitment provided to third-party banks for credit extended to various direct and indirect customers. The liability for the guarantees is recorded at an amount that approximates fair value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. Historically, the fair value of these guarantees has been and continues to be in the current reporting period, immaterial and the majority of these guarantees have had an expiration date of less than one year. Excluded from the chart above are parent-company guarantees we provide to lending institutions that extend credit to our foreign subsidiaries. Since these guarantees are provided for consolidated subsidiaries, the consolidated financial position is not affected by the issuance of these guarantees. Also excluded from the chart, in connection with our property and asset sales and divestitures, we have agreed to indemnify the buyer for certain liabilities, including environmental contamination and taxes that occurred prior to the date of sale or provided guarantees to third parties relating to certain contracts assumed by the buyer. Our indemnification or guarantee obligations with respect to certain liabilities may be indefinite as to duration and may or may not be subject to a deductible, minimum claim amount or cap. As such, it is not possible for us to predict the likelihood that a claim will be made or to make a reasonable estimate of the maximum potential loss or range of loss. If triggered, we may be able to recover some of the indemnity payments from third parties. Therefore, we have not recorded any specific liabilities for these guarantees. For certain obligations related to our divestitures for which we can make a reasonable estimate of the maximum potential loss or range of loss and is probable, a liability in those instances has been recorded. Contingencies A detailed discussion related to our outstanding contingencies can be found in Note 20 to our consolidated financial statements included within our 2022 Form 10-K. There have been no significant updates since the information included in our 2022 Form 10-K.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (3.5) | $ 121.0 | $ 223.0 | $ 462.6 |
Insider Trading Arrangements |
3 Months Ended | 9 Months Ended |
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Sep. 30, 2023
shares
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Sep. 30, 2023
shares
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Mark Douglas [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On August 16, 2023, Mark Douglas, President and Chief Executive Officer (an officer of the Company as defined in Rule 16a-1(f) of the Securities and Exchange Act of 1934), adopted a trading plan (the "Plan") intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Securities Exchange Act of 1934. The Plan provides for the exercise of 9,969 options (granted on February 17, 2014 and set to expire on February 17, 2024) to purchase shares of the Company's stock and the subsequent sale of the shares received from the exercise of such options. The Plan will terminate on the earlier of (i) February 16, 2024, (ii) the execution of all trades contemplated by the Plan, or (iii) the valid exercise of termination rights under the Plan by either Mark Douglas or the broker of the Plan. | |
Name | Mark Douglas | |
Title | President and Chief Executive Officer (an officer of the Company as defined in Rule 16a-1(f) of the Securities and Exchange Act of 1934) | |
Rule 10b5-1 Arrangement Adopted | true | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Adoption Date | August 16, 2023 | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Arrangement Duration | 184 days | |
Aggregate Available | 9,969 | 9,969 |
Director And Officer Trading Arrangement [Member] | ||
Trading Arrangements, by Individual | ||
Rule 10b5-1 Arrangement Adopted | false | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false |
Financial Information and Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of accounting | 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 nine months ended September 30, 2023 and 2022, cash flows for the nine months ended September 30, 2023 and 2022, changes in equity for the three and nine months ended September 30, 2023 and 2022, and our financial positions as of September 30, 2023 and December 31, 2022. All such adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. |
New accounting guidance and regulatory items and recently adopted accounting guidance | In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU enhances the transparency of supplier finance programs and their effect on working capital, liquidity, and cash flows. The new standard is effective for fiscal years beginning after December 15, 2022 (i.e. a January 1, 2023 effective date), including interim periods within those years. The amendments in the ASU should be applied retrospectively to all periods in which a balance sheet is presented, except for the amendment on roll forward information, which should be applied prospectively on an annual basis. In accordance with the new disclosure requirements, which we have adopted beginning January 1, 2023, we have included information regarding our key program terms and the amount outstanding that remains unpaid at period end as further described below. We work with suppliers to optimize payment terms and conditions on accounts payable to improve working capital and cash flows. We offer to a select group of suppliers a voluntary Supply Chain Finance (“SCF”) program with a global financial institution. The suppliers, at their sole discretion, may sell their receivables to the financial institution based on terms negotiated between them. Our obligations to our suppliers are not impacted by our suppliers’ decisions to sell under these arrangements. Obligations outstanding under this program are recorded within "Accounts payable, trade and other" in our condensed consolidated balance sheets and the associated payments are included in operating activities within our condensed consolidated statements of cash flows. Our payment terms with our suppliers are consistent, regardless of whether a supplier participates in the program. We deem these terms to be commercially reasonable and consistent with the range of industry standards within their respective regions. Under the terms of the agreement, we do not pledge assets as security or make any other forms of guarantees. FMC's outstanding obligations confirmed as valid under the SCF was $126.8 million and $307.5 million as of September 30, 2023 and December 31, 2022, respectively.
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Revenue | 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 products, 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 90 days. We do not typically give payment terms that exceed 360 days; however, in certain geographical regions such as Latin America, these terms may be given in limited circumstances. Additionally, a timing difference of over one year can exist between when products are delivered to the customer and when payment is received from the customer in these regions; however, the effect of these sales is not material to the financial statements as a whole. Furthermore, we have assessed the circumstances and arrangements in these regions and determined that the contracts with these customers do not contain a significant financing component. In determining when the control of goods is transferred, we typically assess, among other things, the transfer of risk and title and the shipping terms of the contract. The transfer of title and risk typically occurs either upon shipment to the customer or upon receipt by the customer. As such, we typically recognize revenue when goods are shipped based on the relevant Incoterm for the product order, or in some regions, when delivery to the customer’s requested destination has occurred. When we perform shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. For FOB shipping point terms, revenue is recognized at the time of shipment since the customer gains control at this point in time. We record amounts billed for shipping and handling fees as revenue. Costs incurred for shipping and handling are recorded as costs of sales and services. Amounts billed for sales and use taxes, value-added taxes, and certain excise and other specific transactional taxes imposed on revenue-producing transactions are presented on a net basis and excluded from sales in the consolidated income statements. We record a liability until remitted to the respective taxing authority. Sales Incentives and Other Variable Considerations As a part of our customary business practice, we offer a number of sales incentives to our customers including volume discounts, retailer incentives, and prepayment options. The variable considerations given can differ by products, support levels and other eligibility criteria. For all such contracts that include any variable consideration, we estimate the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Although determining the transaction price for these considerations requires significant judgment, we have significant historical experience with incentives provided to customers and estimate the expected consideration considering historical patterns of incentive payouts. These estimates are reassessed each reporting period as required. In addition to the variable considerations described above, in certain instances, we may require our customers to meet certain volume thresholds within their contract term. We estimate what amount of variable consideration should be included in the transaction price at contract inception and continually reassess this estimation each reporting period to determine situations when the minimum volume thresholds will not be met. Right of Return We extend an assurance warranty offering customers a right of refund or exchange in case delivered product does not conform to specifications. Additionally, in certain regions and arrangements, we may offer a right of return for a specified period. Both instances are accounted for as a right of return and transaction price is adjusted for an estimate of expected returns. Replacement products are accounted for under the warranty guidance if the customer exchanges one product for another of the same kind, quality, and price. We have significant experience with historical return patterns and use this experience to include returns in the estimate of transaction price. Contract Asset and Contract Liability Balances We satisfy our obligations by transferring goods and services in exchange for consideration from customers. The timing of performance sometimes differs from the timing the associated consideration is received from the customer, thus resulting in the recognition of a contract asset or contract liability. We recognize a contract liability if the customer's payment of consideration is received prior to completion of our related performance obligation. We periodically enter into prepayment arrangements with customers and receive advance payments for product to be delivered in future periods. Prepayment terms are extended to customers/distributors in order to capitalize on surplus cash with growers. Growers receive bulk payments for their produce, which they leverage to buy our products from distributors through prepayment options. This in turn creates opportunity for distributors to make large prepayments to us for securing the future supply of products to be sold to growers. Prepayments are typically received in the fourth quarter of the fiscal year and are for the following marketing year indicating that the time difference between prepayment and performance of corresponding performance obligations does not exceed one year.We recognize these prepayments as a liability under "Advance payments from customers" on the condensed consolidated balance sheets when they are received. Revenue associated with advance payments is recognized as shipments are made and transfer of control to the customer takes place.
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Leases | We lease office space, vehicles and other equipment under non-cancellable leases with initial terms typically ranging from to 20 years, with some leases having terms greater than 20 years. Our lease portfolio includes agreements with renewal options, purchase options and clauses for early termination based on the terms specific to the agreement. At contract inception, we review the facts and circumstances of the arrangement to determine if the contract is a lease. We follow the guidance in ASC 842-10-15 and consider the following: whether the contract has an identified asset; if we have the right to obtain substantially all economic benefits from the asset; and if we have the right to direct the use of the underlying asset. When determining if a contract has an identified asset, we consider both explicit and implicit assets, and whether the supplier has the right to substitute the asset. When determining if we have the right to obtain substantially all economic benefits from the asset, we consider the primary outputs of the identified asset throughout the period of use and determine if we receive greater than 90 percent of those benefits. When determining if we have the right to direct the use of an underlying asset, we consider if we have the right to direct how and for what purpose the asset is used throughout the period of use and if we control the decision-making rights over the asset. All leased assets are classified as operating or finance under ASC 842. The lease term is determined as the non-cancellable period of the lease, together with all of the following: periods covered by an option to extend the lease which are reasonably certain to be exercised, periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option, and periods covered by an option to extend (or not to terminate) the lease in which exercise of the option is controlled by the lessor. At commencement, we assess whether any options included in the lease are reasonably certain to be exercised by considering all relevant economic factors including contract-based, asset-based, market-based, and company-based factors. To determine the present value of future minimum lease payments, we use the implicit rate when readily determinable or our incremental borrowing rate at the lease commencement date. When determining our incremental borrowing rate, we consider our centralized treasury function and our current credit profile. We then make adjustments to this rate for securitization, the length of the lease term, and leases denominated in foreign currencies. Minimum lease payments are expensed over the term of the lease on a straight-line basis. Some leases may require additional contingent or variable lease payments based on factors specific to the individual agreement. Variable lease payments which we are typically responsible for include payment of vehicle insurance, real estate taxes, and maintenance expenses. Most leases within our portfolio are classified as operating leases under the standard. Operating leases are included in "Other assets including long-term receivables, net", "Accrued and other liabilities", and "Other long-term liabilities" in our condensed consolidated balance sheets. Operating lease right-of-use ("ROU") assets are subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of any lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Operating leases relate to office spaces, IT equipment, transportation equipment, machinery equipment, furniture and fixtures, and plant and facilities under non-cancellable lease agreements. Leases primarily have fixed rental periods, with many of the real estate leases requiring additional payments for property taxes and occupancy-related costs. Leases for real estate typically have initial terms ranging from to 20 years, with some leases having terms greater than 20 years. Leases for non-real estate (transportation, IT) typically have initial terms ranging from to 10 years. We have elected not to record short-term leases on the balance sheet whose term is 12 months or less and does not include a purchase option or extension that is reasonably certain to be exercised. We rent or sublease a small number of assets including equipment and office space to third party companies. Rental income from all subleases is not material to our business.
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Cash flow hedges and derivatives not designated as hedging instruments | Use of Derivative Financial Instruments to Manage Risk We mitigate certain financial exposures, including currency risk, commodity purchase exposures and interest rate risk, through a program of risk management that includes the use of derivative financial instruments. We enter into derivative contracts, including forward contracts and purchased options, to reduce the effects of fluctuating currency exchange rates, interest rates, and commodity prices. A detailed description of these risks including a discussion on the concentration of credit risk is provided in Note 19 to our consolidated financial statements on our 2022 Form 10-K. We formally document all relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes relating derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. We also assess, both at the inception of the hedge and on an ongoing basis, whether each derivative is highly effective in offsetting changes in fair values or cash flows of the hedged item. If we determine that a derivative is not highly effective as a hedge, or if a derivative ceases to be a highly effective hedge, we discontinue hedge accounting with respect to that derivative prospectively. Accounting for Derivative Instruments and Hedging Activities Cash Flow Hedges We recognize all derivatives on the balance sheet at fair value. On the date the derivative instrument is entered into, we generally designate the derivative as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We record in accumulated other comprehensive income ("AOCI") changes in the fair value of derivatives that are designated as and meet all the required criteria for a cash flow hedge. We then reclassify these amounts into earnings as the underlying hedged item affects earnings. In contrast, we immediately record in earnings changes in the fair value of derivatives that are not designated as cash flow hedges. We hold certain forward contracts that have not been designated as cash flow hedging instruments for accounting purposes. Contracts used to hedge the exposure to foreign currency fluctuations associated with certain monetary assets and liabilities are not designated as cash flow hedging instruments, and changes in the fair value of these items are recorded in earnings.
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Fair Value Hierarchy | We have categorized our assets and liabilities 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 priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets and liabilities fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. |
Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of revenue | The following table provides information about disaggregated revenue by major geographical region:
The following table provides information about disaggregated revenue by product category:
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Receivables and contract liabilities | The following table presents the opening and closing balances of our receivables, net of allowances and contract liabilities from contracts with customers:
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Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset and lease liability | The ROU asset and lease liability balances as of September 30, 2023 and December 31, 2022 were as follows:
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Components of lease expense, lease term and discount rate | The components of lease expense for the three and nine months ended September 30, 2023 and 2022 were as follows:
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Future minimum lease payments | The following table represents our future minimum operating lease payments as of, and subsequent to, September 30, 2023 under ASC 842:
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Goodwill and Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in goodwill | The changes in the carrying amount of goodwill are presented in the table below:
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Schedule of finite-lived intangible assets | Our intangible assets, other than goodwill, consist of the following:
(1)Represents trademarks, trade names and know-how. (2)Represents proprietary brand portfolios, consisting of trademarks, trade names and know-how, of our crop protection brands.
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Schedule of indefinite-lived intangible assets | Our intangible assets, other than goodwill, consist of the following:
(1)Represents trademarks, trade names and know-how. (2)Represents proprietary brand portfolios, consisting of trademarks, trade names and know-how, of our crop protection brands.
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Schedule of finite-lived intangible assets amortization expense |
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Acquisitions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of purchase price allocation | The following table summarizes the consideration paid for the BioPhero acquisition and the amounts of the assets acquired and liabilities assumed.
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Receivables (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for doubtful trade receivables | The following table displays a roll forward of the allowance for doubtful trade receivables.
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Schedule of allowance for credit losses rollforward | The following table displays a roll forward of the allowance for credit losses related to long-term customer receivables:
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventories | Inventories consisted of the following:
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Property, Plant and Equipment (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property, plant and equipment | Property, plant and equipment consisted of the following:
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Restructuring and Other Charges (Income) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of restructuring and other charges (income) | Our restructuring and other charges (income) are comprised of restructuring, asset disposals and other charges (income) as noted below.
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Schedule of restructuring charges and asset disposals |
____________________ (1)Primarily represents costs associated with miscellaneous restructuring activities, including third-party costs. Other income, if applicable, primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring. The nine months ended September 30, 2023 includes the recognition of a gain of $5.8 million for land disposition related to a transfer agreement with the Shanghai Municipal People's Government, which was executed in December 2022. (2)Primarily represents asset write-offs (recoveries) and accelerated depreciation on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, are also included within the asset disposal charges. The amount for the nine months ended September 30, 2022 represents fixed asset charges resulting from the closure of certain manufacturing sites during the period. (3)During the nine months ended September 30, 2023, we incurred severance charges associated with a targeted work force reduction initiative, primarily impacting our EMEA and APAC operations. (4)Restructuring charges related to DuPont Crop restructuring during the three and nine months ended September 30, 2022 represent the remaining in-flight restructuring charges as we completed the established DuPont Crop Restructuring program associated with integration. These charges are primarily associated with accelerated depreciation on certain fixed assets, severance, and other costs as we exit certain facilities. (5)Beginning in the second quarter of 2021, we began to consolidate our global operations into centralized regional headquarters within EMEA and APAC. The regional realignment restructuring charges during the three and nine months ended September 30, 2022 are primarily related to severance and other exit costs resulting from this consolidation.
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Restructuring reserve rollforward | The following table shows a roll forward of restructuring reserves, that will result in cash spending. These amounts exclude asset retirement obligations.
(1)Primarily consists of residual separation costs associated with DuPont Crop restructuring activities. (2)Primarily consists of severance and employee relocation costs as well as other costs associated with the relocation of our European headquarters and the consolidation of our Asia Pacific operations into a single regional headquarters in Singapore. (3)Primarily severance costs and other exit costs related to workforce reductions and facility shutdowns. (4)Primarily other miscellaneous exit costs. The accelerated depreciation and asset impairment charges associated with these restructurings that have impacted our property, plant and equipment or intangible balances are not included in this table. (5)Primarily foreign currency translation adjustments. (6)Included in "Accrued and other liabilities" and "Other long-term liabilities" on the consolidated balance sheets.
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Schedule of other charges (income), net |
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Debt (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt maturing within one year | Debt maturing within one year:
____________________ (1)At September 30, 2023, the average effective interest rate on the borrowings was 14.1 percent. (2)At September 30, 2023, the average effective interest rate on the borrowings was 6.0 percent. (3)Based on cash generated from operations, our existing liquidity facilities, which includes the revolving credit agreement with the option to increase capacity up to $2.75 billion, and our continued access to debt capital markets, we have adequate liquidity to meet any of the company's debt obligations in the near term including any current portion of long-term debt.
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Schedule of long-term debt | Long-term debt:
____________________ (1)Letters of credit outstanding under our Revolving Credit Facility totaled $243.1 million and available funds under this facility were $1,289.6 million at September 30, 2023.
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Discontinued Operations (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of discontinued operations | Our discontinued operations comprised the following:
(1)The provision for the nine months ended September 30, 2023 includes a $11.7 million charge resulting from a settlement agreement related to one of our foreign environmental remediation sites. The charge recorded adjusts the reserve to the anticipated payment amount. The agreement removes any future remediation obligations for the site.
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Environmental Obligations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental reserves rollforward, continuing and discontinued | The following table is a roll forward of our total environmental reserves, continuing and discontinued:
____________________ (1)These amounts are included within "Accrued and other liabilities" on the condensed consolidated balance sheets. (2)These amounts are included in "Environmental liabilities, continuing and discontinued" on the condensed consolidated balance sheets. (3)These recorded recoveries represent probable realization of claims against U.S. government agencies and are recorded as an offset to our environmental reserves in the condensed consolidated balance sheets.
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Schedule of environmental recoveries | The table below provides a roll forward of our environmental recoveries representing probable realization of claims against insurance carriers and other third parties. These recoveries are recorded as "Prepaid and other current assets" and "Other assets including long-term receivables, net" in the condensed consolidated balance sheets.
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Schedule of net environmental provision by operating and discontinued sites | The net provisions are comprised as follows:
____________________ (1)See above roll forward of our total environmental reserves as presented on the condensed consolidated balance sheets. (2)See above roll forward of our total environmental recoveries as presented on the condensed consolidated balance sheets. (3)Recorded as a component of "Restructuring and other charges (income)" on the condensed consolidated statements of income (loss). See Note 9. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations. (4)Recorded as a component of "Discontinued operations, net of income taxes" on the condensed consolidated statements of income (loss). The nine months ended September 30, 2023 includes a $11.7 million charge resulting from a settlement agreement with the other party involved at one of our foreign environmental remediation sites. See Note 11.
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Earnings Per Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of basic and diluted earnings per share | Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows:
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Equity (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accumulated other comprehensive income (loss) | Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax.
____________________ (1) See Note 18 for more information. (2) See Note 16 for more information.
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Reclassification out of accumulated other comprehensive income | The table below provides details about the reclassifications from accumulated other comprehensive income (loss) and the affected line items in the condensed consolidated statements of income (loss) for each of the periods presented:
____________________ (1)Amounts in parentheses indicate charges to the condensed consolidated statements of income (loss). (2)The reclassification of historical cumulative translation adjustments was the result of the exit from our Russian operations. See Note 9 within these consolidated financial statements for more information. (3)Pension and other postretirement benefits amounts include the impact from both continuing and discontinued operations. For detail on the continuing operations components of pension and other postretirement benefits, see Note 16.
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Pensions and Other Postretirement Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of net annual benefit cost (income) | The following table summarizes the components of net annual benefit cost (income):
(1)Settlement charge relates to the U.S. nonqualified defined benefit pension plan.
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Financial Instruments, Risk Management and Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value of financial instruments | The carrying value of these financial instruments approximates their fair value. Our other financial instruments include the following:
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Schedule of derivative instruments in statement of financial position, fair value | The following tables provide the gross fair value and net balance sheet presentation of our derivative instruments.
(1) Net balance is included in "Prepaid and other current assets" in the condensed consolidated balance sheets. (2) Net balance is included in "Accrued and other liabilities" in the condensed consolidated balance sheets. (3) Represents net derivatives positions subject to master netting arrangements.
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Schedule of derivative instruments, gain (loss) in statement of financial performance | The tables below summarize the gains or losses related to our cash flow hedges and derivatives not designated as hedging instruments. Derivatives in Cash Flow Hedging Relationships
______________ (1)See Note 14 for classification of amounts within the condensed consolidated statements of income (loss). Derivatives Not Designated as Hedging Instruments
(1)Amounts in the columns represent the gain or loss on the derivative instrument offset by the gain or loss on the hedged item. These amounts are included in " " and to a lesser extent "Selling, general, and administrative expenses" on the consolidated statements of income (loss).
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Schedule of fair value, assets and liabilities measured on recurring basis | The following tables present our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis in the condensed consolidated balance sheets. During the periods presented there were no transfers between fair value hierarchy levels.
____________________ (1)See the Fair Value of Derivative Instruments table within this Note for classification on the condensed consolidated balance sheets. (2)Consists of a deferred compensation arrangement, through which we hold various investment securities, recognized on our balance sheets. Both the asset and liability are recorded at fair value. Asset amounts are included in "Other assets including long-term receivables, net" in the condensed consolidated balance sheets. Liability amounts are included in "Other long-term liabilities" in the condensed consolidated balance sheets. (3)FMC maintains a beneficial interest in a trade receivables securitization fund. The fair value of the beneficial interest is determined by calculating the expected amount of cash to be received on the fund’s outstanding credit notes. As part of this evaluation, we rely on unobservable inputs, including estimating the anticipated credit losses. We consider historical information, current conditions and other reasonable factors as part of this assessment. The amount is included in "Other assets including long-term receivables, net" in the condensed consolidated balance sheets. Nonrecurring Fair Value Measurements There were no nonrecurring fair value measurements in the condensed consolidated balance sheets during the periods presented.
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Guarantees, Commitments, and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of estimated undiscounted potential future payments for guarantees | The following table provides the estimated undiscounted amount of potential future payments for each major group of guarantees at September 30, 2023. These guarantees arise during the ordinary course of business from relationships with customers and non-consolidated affiliates. Non-performance by the guaranteed party triggers the obligation requiring us to make payments to the beneficiary of the guarantee. Based on our experience, these types of guarantees have not had a material effect on our consolidated financial position or on our liquidity. Our expectation is that future payment or performance related to the non-performance of others is considered unlikely.
____________________ (1)Represents guarantees to financial institutions on behalf of certain customers for their seasonal borrowing. This short-term amount is recorded within "Guarantees of vendor financing" on the condensed consolidated balance sheets. (2)These guarantees represent the outstanding commitment provided to third-party banks for credit extended to various direct and indirect customers. The liability for the guarantees is recorded at an amount that approximates fair value (i.e. representing the stand-ready obligation) based on our historical collection experience and a current assessment of credit exposure. Historically, the fair value of these guarantees has been and continues to be in the current reporting period, immaterial and the majority of these guarantees have had an expiration date of less than one year.
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Recently Issued and Adopted Accounting Pronouncements and Regulatory Items - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounting Policies [Abstract] | ||
Contractual Obligation | $ 126.8 | $ 307.5 |
Revenue Recognition - Narrative (Details) $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2023
USD ($)
product
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Sep. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
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Disaggregation of Revenue [Line Items] | |||
Number of product categories | product | 3 | ||
Maximum payment term (in days) | 360 days | ||
Period between delivery and receipt of payment (in years) | 1 year | ||
Period between prepayment and performance of obligations (in years) | 1 year | ||
Contract with customer, liability | $ | $ 1.7 | $ 1.7 | $ 680.5 |
Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Contract payment term (in days) | 30 days | ||
Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Contract payment term (in days) | 90 days |
Revenue Recognition - Disaggregation of Revenue by Major Geographical Region (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 981.9 | $ 1,377.2 | $ 3,340.7 | $ 4,180.3 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 159.6 | 241.2 | 929.4 | 995.6 |
Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 466.1 | 697.1 | 968.4 | 1,394.5 |
Europe, Middle East & Africa (EMEA) | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 149.0 | 150.7 | 739.6 | 829.7 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 207.2 | $ 288.2 | $ 703.3 | $ 960.5 |
Revenue Recognition - Disaggregation of Revenue By Major Product Category (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 981.9 | $ 1,377.2 | $ 3,340.7 | $ 4,180.3 |
Insecticides | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 582.4 | 872.3 | 1,988.0 | 2,536.1 |
Herbicides | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 268.0 | 323.6 | 936.3 | 1,108.3 |
Fungicides | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 55.5 | 75.3 | 228.8 | 247.3 |
Plant Health | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 42.6 | 53.2 | 138.3 | 169.3 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 33.4 | $ 52.8 | $ 49.3 | $ 119.3 |
Revenue Recognition - Assets and Liabilities (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
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Revenue from Contract with Customer [Abstract] | ||
Receivables from contracts with customers, net of allowances | $ 2,588.0 | $ 2,932.2 |
Contract with customer, liability | 1.7 | 680.5 |
Trade receivables | 2,564.5 | $ 2,871.4 |
Net long-term customer receivables | 23.5 | |
Receivables from contracts with customers, net of allowances increase (decrease) | (344.2) | |
Contract liabilities: Advance Payments from customers, increase (decrease) | $ 678.8 |
Leases - Narrative (Details) |
Sep. 30, 2023 |
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Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease term (in years) | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease term (in years) | 20 years |
Real Estate Properties | Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease term (in years) | 1 year |
Real Estate Properties | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease term (in years) | 20 years |
Non-Real Estate Properties | Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease term (in years) | 1 year |
Non-Real Estate Properties | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease term (in years) | 10 years |
Leases - ROU Asset and Lease Liability (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets | ||
Operating lease ROU assets | $ 122.5 | $ 123.8 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position | Other assets including long-term receivables, net | Other assets including long-term receivables, net |
Liabilities | ||
Operating lease current liabilities | $ 23.5 | $ 22.0 |
Operating lease noncurrent liabilities | $ 124.1 | $ 128.6 |
Operating Lease, Liability, Current, Statement of Financial Position | Accrued and other liabilities | Accrued and other liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position | Other long-term liabilities | Other long-term liabilities |
Leases - Components of Lease Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Leases [Abstract] | ||||
Operating lease cost | $ 8.6 | $ 8.5 | $ 24.4 | $ 25.3 |
Variable lease cost | 3.6 | 1.8 | 9.5 | 4.4 |
Total lease cost | $ 12.2 | $ 10.3 | $ 33.9 | $ 29.7 |
Leases - Operating Lease Term and Discount Rate (Details) |
Sep. 30, 2023 |
---|---|
Leases [Abstract] | |
Weighted-average remaining lease term (years) | 7 years 7 months 6 days |
Weighted-average discount rate | 4.40% |
Leases - Cash Flow Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ (8.7) | $ (8.1) | $ (25.7) | $ (25.2) |
Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets: | ||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 4.0 | $ 5.4 | $ 15.9 | $ 15.5 |
Leases - Future Minimum Lease Payments (Details) $ in Millions |
Sep. 30, 2023
USD ($)
|
---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2023 (excluding the nine months ending September 30, 2023) | $ 7.7 |
2024 | 27.7 |
2025 | 24.0 |
2026 | 21.4 |
2027 | 20.2 |
Thereafter | 73.6 |
Total undiscounted lease payments | 174.6 |
Less: Present value adjustment | (27.0) |
Present value of lease liabilities | $ 147.6 |
Goodwill and Intangible Assets - Goodwill (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Goodwill [Roll Forward] | |
Balance, December 31, 2022 | $ 1,589.3 |
Foreign currency adjustments | (4.6) |
Balance, September 30, 2023 | $ 1,584.7 |
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Intangible assets subject to amortization (finite-lived) | ||
Gross | $ 1,303.6 | $ 1,275.9 |
Accumulated Amortization | (454.0) | (407.9) |
Net | 849.6 | 868.0 |
Intangible assets not subject to amortization (indefinite-lived) | ||
Indefinite-lived intangible assets | 1,603.5 | 1,640.1 |
Finite and Indefinite lived intangible assets, gross | 2,907.1 | 2,916.0 |
Intangible assets net | 2,453.1 | 2,508.1 |
Crop Protection Brands | ||
Intangible assets not subject to amortization (indefinite-lived) | ||
Indefinite-lived intangible assets | 1,259.0 | 1,259.0 |
Brands | ||
Intangible assets not subject to amortization (indefinite-lived) | ||
Indefinite-lived intangible assets | 333.7 | 370.1 |
In-process research & development | ||
Intangible assets not subject to amortization (indefinite-lived) | ||
Indefinite-lived intangible assets | 10.8 | 11.0 |
Customer relationships | ||
Intangible assets subject to amortization (finite-lived) | ||
Gross | 1,123.7 | 1,127.9 |
Accumulated Amortization | (393.8) | (351.3) |
Net | 729.9 | 776.6 |
Patents | ||
Intangible assets subject to amortization (finite-lived) | ||
Gross | 1.8 | 1.7 |
Accumulated Amortization | (1.5) | (1.4) |
Net | 0.3 | 0.3 |
Brands | ||
Intangible assets subject to amortization (finite-lived) | ||
Gross | 48.6 | 16.1 |
Accumulated Amortization | (11.9) | (10.6) |
Net | 36.7 | 5.5 |
Purchased and licensed technologies | ||
Intangible assets subject to amortization (finite-lived) | ||
Gross | 127.2 | 128.4 |
Accumulated Amortization | (45.0) | (42.9) |
Net | 82.2 | 85.5 |
Other intangibles | ||
Intangible assets subject to amortization (finite-lived) | ||
Gross | 2.3 | 1.8 |
Accumulated Amortization | (1.8) | (1.7) |
Net | $ 0.5 | $ 0.1 |
Goodwill and Intangible Assets - Intangible Asset Amortization (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 16.2 | $ 15.0 | $ 48.3 | $ 45.7 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Remainder of fiscal year | 64.0 | 64.0 | ||
2023 | 63.0 | 63.0 | ||
2024 | 68.0 | 68.0 | ||
2025 | 69.0 | 69.0 | ||
2026 | 69.0 | 69.0 | ||
2027 | $ 70.0 | $ 70.0 |
Acquisitions - Narrative (Details) $ in Millions |
Jul. 19, 2022
USD ($)
|
---|---|
BioPhero | |
Business Acquisition [Line Items] | |
Purchase price | $ 193 |
Acquisitions - Summary of Assets and Liabilities Acquired (Details) - USD ($) $ in Millions |
Jul. 19, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|---|
Intangible assets | |||
Goodwill | $ 1,584.7 | $ 1,589.3 | |
BioPhero | |||
Fair Value of Assets Acquired | |||
Cash | $ 10.0 | ||
Intangible assets | |||
Goodwill | 130.7 | ||
Other Assets | 3.4 | ||
Total Assets | 220.9 | ||
Fair Value of Liabilities Assumed | |||
Deferred income tax liabilities | 16.6 | ||
Other Liabilities | 1.1 | ||
Total Liabilities | 17.7 | ||
Net Assets | 203.2 | ||
Cash purchase price, net of acquired cash | 193.2 | ||
BioPhero | Developed Technology | |||
Intangible assets | |||
Intangible assets | $ 66.3 | ||
Fair Value of Liabilities Assumed | |||
Useful life (in years) | 15 years | ||
BioPhero | In-process research & development | |||
Intangible assets | |||
Intangible assets | $ 10.5 |
Receivables - Allowance for Doubtful Trade Receivables and Credit Losses (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
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Allowance for short term receivables [Roll Forward] | ||
Beginning balance | $ 33.9 | $ 37.4 |
Additions - charged to expense | 2.9 | 0.7 |
Transfer from (to) allowance for credit losses (see below) | (1.5) | 0.5 |
Net recoveries, write-offs and other | 1.4 | (4.7) |
Ending balance | 36.7 | 33.9 |
Allowance for long term customer receivables [Roll Forward] | ||
Beginning balance | 44.5 | 27.7 |
Additions - charged (credited) to expense | 0.6 | (1.2) |
Transfer from (to) allowance for doubtful accounts (see above) | 1.5 | (0.5) |
Foreign currency adjustments | 0.2 | 8.1 |
Net recoveries, write-offs and other | (17.0) | 10.4 |
Ending balance | $ 29.8 | $ 44.5 |
Receivables - Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Receivables [Abstract] | ||
Net long-term customer receivables | $ 23.5 | |
Cash receipts from sale of trade receivable | 97.3 | $ 50.5 |
Transfer charge | 6.5 | 5.2 |
Receivables retained from securitization | 19.0 | |
Accounts receivable, nonrecourse | $ 155.0 | $ 0.0 |
Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 631.2 | $ 577.5 |
Work in process | 1,002.7 | 807.4 |
Raw materials, supplies and other | 364.7 | 266.7 |
Net inventories | $ 1,998.6 | $ 1,651.6 |
Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment | $ 1,511.3 | $ 1,415.5 |
Accumulated depreciation | (638.8) | (565.9) |
Property, plant and equipment, net | $ 872.5 | $ 849.6 |
Restructuring and Other Charges (Income) - Summary (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Restructuring and Related Activities [Abstract] | ||||
Restructuring charges | $ 2.9 | $ 2.0 | $ 2.9 | $ 16.6 |
Other charges (income), net | 25.3 | 7.0 | 45.1 | 82.3 |
Total restructuring and other charges (income) | $ 28.2 | $ 9.0 | $ 48.0 | $ 98.9 |
Restructuring and Other Charges (Income) - Restructuring Charges (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Restructuring Charges [Abstract] | ||||
Severance and Employee Benefits | $ 2.5 | $ 0.5 | $ 6.8 | $ 3.8 |
Other Charges (Income) | 0.4 | 1.5 | (6.7) | 4.6 |
Asset Disposal Charges (Income) | 0.0 | 0.0 | 2.8 | 8.2 |
Total | 2.9 | 2.0 | 2.9 | 16.6 |
DuPont Crop restructuring | ||||
Restructuring Charges [Abstract] | ||||
Severance and Employee Benefits | 0.0 | 0.0 | 0.0 | |
Other Charges (Income) | 0.1 | (8.1) | 0.6 | |
Asset Disposal Charges (Income) | 0.0 | 2.8 | 0.0 | |
Total | 0.1 | (5.3) | 0.6 | |
Regional Realignment | ||||
Restructuring Charges [Abstract] | ||||
Severance and Employee Benefits | 0.4 | 3.8 | ||
Other Charges (Income) | 0.7 | 2.2 | ||
Asset Disposal Charges (Income) | 0.0 | 0.0 | ||
Total | 1.1 | 6.0 | ||
Other items (3) | ||||
Restructuring Charges [Abstract] | ||||
Severance and Employee Benefits | 2.5 | 0.1 | 6.8 | 0.0 |
Other Charges (Income) | 0.4 | 0.7 | 1.4 | 1.8 |
Asset Disposal Charges (Income) | 0.0 | 0.0 | 0.0 | 8.2 |
Total | $ 2.9 | $ 0.8 | 8.2 | $ 10.0 |
Shanghai Municipal People's Government | ||||
Restructuring Charges [Abstract] | ||||
Gain on land disposition | $ 5.8 |
Restructuring and Other Charges (Income) - Rollforward of Restructuring Reserves (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | $ 10.6 |
Restructuring charges | 9.1 |
Cash payments | (10.6) |
Other | 0.2 |
Restructuring reserve, ending balance | 9.3 |
DuPont Crop restructuring | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 5.0 |
Restructuring charges | 0.2 |
Cash payments | (1.2) |
Other | (0.1) |
Restructuring reserve, ending balance | 3.9 |
Regional Realignment | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 3.0 |
Restructuring charges | 0.1 |
Cash payments | (2.2) |
Other | 0.0 |
Restructuring reserve, ending balance | 0.9 |
Other workforce related and facility shutdowns | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 2.6 |
Restructuring charges | 8.8 |
Cash payments | (7.2) |
Other | 0.3 |
Restructuring reserve, ending balance | $ 4.5 |
Restructuring and Other Charges (Income) - Other Charges (Income), Net (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Restructuring and Related Activities [Abstract] | |||||
Environmental charges, net | $ 4.5 | $ 3.4 | $ 14.3 | $ 1.0 | |
Exit from Russian operations | 0.0 | 0.0 | 0.0 | 76.1 | |
Currency devaluation charges | 4.9 | $ (6.9) | 0.0 | 11.8 | 0.0 |
IPR&D asset acquisition charge | 11.9 | 0.0 | 11.9 | 0.0 | |
Other items, net | 4.0 | 3.6 | 7.1 | 5.2 | |
Other charges (income), net | $ 25.3 | $ 7.0 | $ 45.1 | $ 82.3 |
Restructuring and Other Charges (Income) - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Restructuring and Related Activities [Abstract] | |||||
Exit from Russian operations | $ 0.0 | $ 0.0 | $ 0.0 | $ 76.1 | |
Cash lost in exit from Russia | 7.0 | ||||
Currency devaluation charges | $ (4.9) | $ 6.9 | $ 0.0 | $ (11.8) | $ 0.0 |
Debt - Maturing within One Year (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Short-term Debt [Line Items] | ||
Total short-term debt | $ 599.7 | $ 452.3 |
Current portion of long-term debt | 493.1 | 88.5 |
Total short-term debt and current portion of long-term debt | 1,092.8 | 540.8 |
Revolving Credit Facility | Line of Credit | ||
Short-term Debt [Line Items] | ||
Line of credit, maximum increase | 2,750.0 | |
Short-term foreign debt | ||
Short-term Debt [Line Items] | ||
Total short-term debt | $ 132.4 | 81.8 |
Average effective interest rate | 14.10% | |
Commercial paper | ||
Short-term Debt [Line Items] | ||
Total short-term debt | $ 467.3 | $ 370.5 |
Average effective interest rate | 6.00% |
Debt - Long-term (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Debt issuance cost | $ (25.1) | $ (16.1) |
Total long-term debt | 3,516.0 | 2,821.7 |
Less: debt maturing within one year | 493.1 | 88.5 |
Total long-term debt, less current portion | 3,022.9 | 2,733.2 |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 0.0 | 0.0 |
Letters of credit outstanding amount | 243.1 | |
Pollution Control and Industrial Revenue Bonds | ||
Debt Instrument [Line Items] | ||
Unamortized discount | 0.1 | 0.1 |
Long-term debt, gross | $ 49.9 | 49.9 |
Pollution Control and Industrial Revenue Bonds | Minimum | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 6.45% | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Unamortized discount | $ 1.9 | 0.6 |
Long-term debt, gross | $ 3,398.1 | 1,899.4 |
Senior Notes | Minimum | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 3.20% | |
Senior Notes | Maximum | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 6.40% | |
2021 Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 0.00% | |
Long-term debt, gross | $ 0.0 | 800.0 |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 8.00% | |
Foreign debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 93.1 | $ 88.5 |
Foreign debt | Minimum | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 0.00% | |
Foreign debt | Maximum | ||
Debt Instrument [Line Items] | ||
Interest Rate Percentage | 17.90% | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit agreement, available funds | $ 1,289.6 |
Debt - Narrative (Details) $ in Millions |
3 Months Ended | 8 Months Ended | 12 Months Ended | 15 Months Ended | |||
---|---|---|---|---|---|---|---|
Jun. 17, 2022 |
Sep. 30, 2025 |
Dec. 31, 2023 |
Jun. 30, 2024 |
Sep. 30, 2023
USD ($)
|
Sep. 30, 2025 |
Dec. 31, 2022
USD ($)
|
|
Debt Instrument [Line Items] | |||||||
Debt issuance cost | $ 25.1 | $ 16.1 | |||||
Line of Credit | Revolving Credit Facility And Term Loan Facility 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Covenant compliance, actual leverage ratio | 3.80 | ||||||
Credit Agreement, covenant terms, maximum leverage ratio | 4.0 | 4.00 | |||||
Covenant compliance, actual interest coverage ratio | 4.96 | ||||||
Minimum interest coverage | 3.50 | ||||||
Line of Credit | Revolving Credit Facility And Term Loan Facility 2017 | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Credit Agreement, covenant terms, maximum leverage ratio | 6.50 | 3.75 | |||||
Minimum interest coverage | 3.50 | 2.50 |
Debt - Senior Notes (Details) - Senior Notes |
May 18, 2023
USD ($)
|
---|---|
Senior Notes Due 2026 | |
Debt Instrument [Line Items] | |
Aggregate principal amount | $ 500,000,000 |
Interest rate | 5.15% |
Senior Notes Due 2033 | |
Debt Instrument [Line Items] | |
Aggregate principal amount | $ 500,000,000 |
Interest rate | 5.65% |
Senior Notes Due 2053 | |
Debt Instrument [Line Items] | |
Aggregate principal amount | $ 500,000,000 |
Interest rate | 6.375% |
Discontinued Operations - Components of Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | $ (8.3) | $ (16.2) | $ (41.3) | $ (42.2) |
Adjustment for workers' compensation, product liability, and other postretirement benefits and other, tax | 0.0 | (0.7) | (1.3) | (2.4) |
Provision for environmental liabilities, net of recoveries, tax | 0.5 | 1.0 | 4.8 | 1.9 |
Provision for legal reserves and expenses, net of recoveries, tax | 1.6 | 3.1 | 6.0 | 8.4 |
Adjustment for workers’ compensation, product liability, and other postretirement benefits and other, net of income tax benefit (expense) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | (0.7) | (1.6) | (3.1) | (5.1) |
Provision for environmental liabilities, net of recoveries, net of income tax benefit (expense) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | (1.7) | (2.8) | (15.8) | (5.5) |
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit (expense) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | (5.9) | $ (11.8) | $ (22.4) | $ (31.6) |
Discontinued Foreign Environmental Liabilities | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations, net of income taxes | $ (11.7) |
Environmental Obligations - Environmental Reserve Rollforward and Recoveries and Reserves (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Environmental reserves, long-term | $ 416.0 | $ 416.0 | $ 439.1 | ||
Recorded Recoveries [Roll Forward] | |||||
Environmental charges, net | 4.5 | $ 3.4 | 14.3 | $ 1.0 | |
Environmental provision, net | 6.7 | 7.2 | 34.9 | 8.4 | |
Continuing Operations | |||||
Recorded Recoveries [Roll Forward] | |||||
Environmental charges, net | 4.5 | 3.4 | 14.3 | 1.0 | |
Discontinued Operations | |||||
Recorded Recoveries [Roll Forward] | |||||
Environmental charges, net | 2.2 | 3.8 | 20.6 | 7.4 | |
Discontinued Foreign Operations | |||||
Recorded Recoveries [Roll Forward] | |||||
Environmental charges, net | 11.7 | 11.7 | |||
Other Assets Including Long-term Receivables, Net | |||||
Recorded Recoveries [Roll Forward] | |||||
Environmental recoveries, beginning | 6.4 | ||||
Increase (Decrease) in recoveries | 0.8 | ||||
Cash received | (3.3) | ||||
Environmental recoveries, ending | 3.9 | 3.9 | |||
Other Liabilities | |||||
Recorded Recoveries [Roll Forward] | |||||
Environmental remediation provision, net | 7.6 | 7.3 | 35.8 | 10.4 | |
Other Assets | |||||
Recorded Recoveries [Roll Forward] | |||||
Environmental remediation provision, net | (0.9) | $ (0.1) | (0.9) | $ (2.0) | |
Gross | |||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Total environmental reserves at December 31, 2022 | 543.1 | ||||
Provision (Benefit) | 36.4 | ||||
(Spending) Recoveries | (61.4) | ||||
Foreign currency translation adjustments | (1.0) | ||||
Net change | (26.0) | ||||
Total environmental reserves at September 30, 2023 | 517.1 | 517.1 | |||
Environmental reserves, current | 88.3 | 88.3 | |||
Environmental reserves, long-term | 428.8 | 428.8 | |||
Total environmental reserves at September 30, 2023 | 517.1 | 517.1 | 543.1 | ||
Recoveries | |||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Total environmental reserves at December 31, 2022 | 13.9 | ||||
Provision (Benefit) | (0.6) | ||||
(Spending) Recoveries | 1.0 | ||||
Foreign currency translation adjustments | 0.0 | ||||
Net change | 0.4 | ||||
Total environmental reserves at September 30, 2023 | 13.5 | 13.5 | |||
Environmental reserves, current | 0.7 | 0.7 | |||
Environmental reserves, long-term | 12.8 | 12.8 | |||
Total environmental reserves at September 30, 2023 | 13.5 | 13.5 | 13.9 | ||
Net | |||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Total environmental reserves at December 31, 2022 | 529.2 | ||||
Provision (Benefit) | 35.8 | ||||
(Spending) Recoveries | (60.4) | ||||
Foreign currency translation adjustments | (1.0) | ||||
Net change | (25.6) | ||||
Total environmental reserves at September 30, 2023 | 503.6 | 503.6 | |||
Environmental reserves, current | 87.6 | 87.6 | |||
Environmental reserves, long-term | 416.0 | 416.0 | |||
Total environmental reserves at September 30, 2023 | $ 503.6 | $ 503.6 | $ 529.2 |
Environmental Obligations - Narrative (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
| |
Environmental Remediation Obligations [Abstract] | |
Environmental loss contingencies, net of expected recoveries, in excess of accrual | $ 200 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||
Antidilutive shares excluded from diluted EPS (in shares) | 1,000 | 500 | 600 | 400 |
Earnings (loss) attributable to FMC stockholders: | ||||
Continuing operations, net of income taxes | $ 4.8 | $ 137.2 | $ 264.3 | $ 504.8 |
Discontinued operations, net of income taxes | (8.3) | (16.2) | (41.3) | (42.2) |
Net income (loss) attributable to FMC stockholders | (3.5) | 121.0 | 223.0 | 462.6 |
Less: Distributed and undistributed earnings allocable to restricted award holders | 0.0 | (0.3) | 0.3 | (1.1) |
Net income (loss) allocable to common stockholders | $ (3.5) | $ 120.7 | $ 223.3 | $ 461.5 |
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||
Continuing operations (in USD per share) | $ 0.04 | $ 1.09 | $ 2.11 | $ 3.99 |
Discontinued operations (in USD per share) | (0.07) | (0.13) | (0.33) | (0.33) |
Net income (loss) attributable to FMC stockholders (in USD per share) | (0.03) | 0.96 | 1.78 | 3.66 |
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||
Continuing operations (in USD per share) | 0.04 | 1.08 | 2.10 | 3.98 |
Discontinued operations (in USD per share) | (0.07) | (0.13) | (0.33) | (0.33) |
Net income (loss) attributable to FMC stockholders (in USD per share) | $ (0.03) | $ 0.95 | $ 1.77 | $ 3.65 |
Shares (in thousands): | ||||
Weighted average number of shares of common stock outstanding - Basic (in shares) | 124,887 | 126,224 | 125,109 | 126,157 |
Weighted average additional shares assuming conversion of potential common shares (in shares) | 373 | 667 | 575 | 722 |
Shares – diluted basis (in shares) | 125,260 | 126,891 | 125,684 | 126,879 |
Equity - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 3,377.4 | $ 3,219.1 | $ 3,400.9 | $ 3,143.7 |
Other comprehensive income (loss), net of tax | 6.0 | (72.5) | (35.9) | (218.5) |
Ending balance | 3,314.5 | 3,203.6 | 3,314.5 | 3,203.6 |
Total | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (501.1) | (470.2) | (459.6) | (325.5) |
Other comprehensive income (loss) before reclassifications | (87.5) | (247.9) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 52.6 | 31.4 | ||
Other comprehensive income (loss), net of tax | (34.9) | (216.5) | ||
Ending balance | (494.5) | (542.0) | (494.5) | (542.0) |
Foreign currency adjustments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (160.5) | (62.5) | ||
Other comprehensive income (loss) before reclassifications | (32.3) | (211.4) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | 4.2 | ||
Other comprehensive income (loss), net of tax | (32.3) | (207.2) | ||
Ending balance | (192.8) | (269.7) | (192.8) | (269.7) |
Derivative instruments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (51.7) | (22.2) | ||
Other comprehensive income (loss) before reclassifications | (55.2) | (36.4) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 44.4 | 20.4 | ||
Other comprehensive income (loss), net of tax | (10.8) | (16.0) | ||
Ending balance | (62.5) | (38.2) | (62.5) | (38.2) |
Pension and other postretirement benefits | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (247.4) | (240.8) | ||
Other comprehensive income (loss) before reclassifications | 0.0 | (0.1) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 8.2 | 6.8 | ||
Other comprehensive income (loss), net of tax | 8.2 | 6.7 | ||
Ending balance | $ (239.2) | $ (234.1) | $ (239.2) | $ (234.1) |
Equity - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Foreign currency translation adjustments: | ||||||||
Restructuring and other charges (income) | $ 28.2 | $ 9.0 | $ 48.0 | $ 98.9 | ||||
Derivative instruments | ||||||||
Costs of sales and services | 600.7 | 899.7 | 1,945.4 | 2,539.1 | ||||
Selling, general and administrative expenses | 171.3 | 179.4 | 562.8 | 562.7 | ||||
Non-operating pension and postretirement charges (income) | 4.2 | (1.7) | 13.4 | 6.5 | ||||
Interest expense, net | (64.6) | (41.8) | (180.5) | (107.0) | ||||
Income (loss) from continuing operations before income taxes | 32.0 | 170.5 | 343.6 | 636.3 | ||||
Provision for income taxes | (27.4) | (36.0) | (77.7) | (133.0) | ||||
Pension and other postretirement benefits | ||||||||
Selling, general and administrative expenses | 171.3 | 179.4 | 562.8 | 562.7 | ||||
Net income (loss) | (3.7) | $ 32.4 | $ 195.9 | 118.3 | $ 131.2 | $ 211.6 | 224.6 | 461.1 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||
Pension and other postretirement benefits | ||||||||
Net income (loss) | (25.1) | (12.0) | (52.6) | (31.4) | ||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Derivative instruments | ||||||||
Derivative instruments | ||||||||
Income (loss) from continuing operations before income taxes | (32.1) | (18.1) | (62.7) | (31.7) | ||||
Provision for income taxes | 9.5 | 6.1 | 18.3 | 11.3 | ||||
Pension and other postretirement benefits | ||||||||
Net income (loss) | (22.6) | (12.0) | (44.4) | (20.4) | ||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Pension and other postretirement benefits | ||||||||
Derivative instruments | ||||||||
Income (loss) from continuing operations before income taxes | (3.2) | 0.0 | (10.4) | (8.6) | ||||
Provision for income taxes | 0.7 | 0.0 | 2.2 | 1.8 | ||||
Pension and other postretirement benefits | ||||||||
Net income (loss) | (2.5) | 0.0 | (8.2) | (6.8) | ||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Amortization of prior service costs | ||||||||
Derivative instruments | ||||||||
Selling, general and administrative expenses | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Pension and other postretirement benefits | ||||||||
Selling, general and administrative expenses | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Amortization of unrecognized net actuarial and other gains (losses) | ||||||||
Derivative instruments | ||||||||
Non-operating pension and postretirement charges (income) | (3.2) | 0.1 | (10.4) | (8.1) | ||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Recognized loss due to curtailment and settlement | ||||||||
Derivative instruments | ||||||||
Non-operating pension and postretirement charges (income) | 0.0 | (0.1) | 0.0 | (0.5) | ||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Foreign currency adjustments | ||||||||
Foreign currency translation adjustments: | ||||||||
Restructuring and other charges (income) | 0.0 | 0.0 | 0.0 | (4.2) | ||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Gain (loss) on foreign currency contracts | Derivative instruments | ||||||||
Derivative instruments | ||||||||
Costs of sales and services | (33.4) | (17.6) | (64.8) | (32.7) | ||||
Selling, general and administrative expenses | 1.7 | 0.5 | 4.3 | 4.0 | ||||
Pension and other postretirement benefits | ||||||||
Selling, general and administrative expenses | 1.7 | 0.5 | 4.3 | 4.0 | ||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Interest rate contracts | Derivative instruments | ||||||||
Derivative instruments | ||||||||
Interest expense, net | $ (0.4) | $ (1.0) | $ (2.2) | $ (3.0) |
Equity - Additional Information (Details) - USD ($) $ in Millions |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Apr. 21, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
[1] | ||||
Equity [Abstract] | |||||||
Dividend paid | $ 72.5 | $ 217.9 | [1] | $ 200.6 | |||
Shares repurchased under repurchase program (in shares) | 651,052 | ||||||
Stock repurchase program, remaining authorized repurchase amount | $ 825.0 | ||||||
|
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Pensions | ||||
Components of net annual benefit cost (income): | ||||
Service cost | $ 0.6 | $ 0.4 | $ 2.0 | $ 2.7 |
Interest cost | 12.6 | 7.5 | 37.7 | 22.0 |
Expected return on plan assets | (11.8) | (9.3) | (35.5) | (24.8) |
Amortization of prior service cost (credit) | 0.1 | 0.0 | 0.1 | 0.1 |
Recognized net actuarial and other (gain) loss | 3.6 | 0.2 | 11.5 | 9.2 |
Recognized loss due to settlement | 0.0 | 0.1 | 0.0 | 0.5 |
Net periodic benefit cost (income) | 5.1 | (1.1) | 15.8 | 9.7 |
Other Benefits | ||||
Components of net annual benefit cost (income): | ||||
Service cost | 0.0 | 0.0 | 0.0 | 0.0 |
Interest cost | 0.1 | 0.0 | 0.4 | 0.2 |
Expected return on plan assets | 0.0 | 0.0 | 0.0 | 0.0 |
Amortization of prior service cost (credit) | 0.0 | 0.0 | 0.0 | 0.0 |
Recognized net actuarial and other (gain) loss | (0.3) | (0.2) | (0.7) | (0.6) |
Recognized loss due to settlement | 0.0 | 0.0 | 0.0 | 0.0 |
Net periodic benefit cost (income) | $ (0.2) | $ (0.2) | $ (0.3) | $ (0.4) |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Effective tax rate (percent) | 85.60% | 21.10% | 22.60% | 20.90% |
Exit from Russian operations | $ 0.0 | $ 0.0 | $ 0.0 | $ 76.1 |
Financial Instruments, Risk Management and Fair Value Measurements - Narrative (Details) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
MMBTU
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
MMBTU
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|||
Derivative [Line Items] | |||||||
Estimated fair value of debt | $ 3,937.6 | $ 3,937.6 | $ 3,118.6 | ||||
Carrying value of debt | 4,115.7 | 4,115.7 | $ 3,274.0 | ||||
Gain on settlement of cash flow hedge | [1] | (22.6) | $ (12.0) | (44.4) | $ (20.4) | ||
Designated as Cash Flow Hedges | |||||||
Derivative [Line Items] | |||||||
Gain on settlement of cash flow hedge | (22.6) | (12.0) | (44.4) | (20.4) | |||
Designated as Cash Flow Hedges | Foreign exchange contracts | |||||||
Derivative [Line Items] | |||||||
Gain on settlement of cash flow hedge | (22.2) | (11.2) | (42.7) | (18.0) | |||
Designated as Cash Flow Hedges | Interest rate contracts | |||||||
Derivative [Line Items] | |||||||
Gain on settlement of cash flow hedge | $ (0.4) | $ (0.8) | $ (1.7) | $ (2.4) | |||
Designated as Cash Flow Hedges | Energy contracts | |||||||
Derivative [Line Items] | |||||||
Nonmonetary notional amount of price risk cash flow hedge (in mmBTUs) | MMBTU | 0 | 0 | |||||
Designated as Cash Flow Hedges | Foreign Currency and Energy Contracts | |||||||
Derivative [Line Items] | |||||||
Net gains (losses) on cash flow hedges | $ (24.0) | $ (24.0) | |||||
Not Designated as Hedging Instruments | Foreign exchange contracts | |||||||
Derivative [Line Items] | |||||||
Derivative, notional amount | 1,931.1 | 1,931.1 | |||||
Cash Flow Hedging | Designated as Cash Flow Hedges | Foreign exchange contracts | |||||||
Derivative [Line Items] | |||||||
Net gains (losses) on cash flow hedges | (23.1) | (23.1) | |||||
Cash Flow Hedging | Designated as Cash Flow Hedges | Interest rate contracts | |||||||
Derivative [Line Items] | |||||||
Net gains (losses) on cash flow hedges | (28.9) | (28.9) | |||||
Gain on settlement of cash flow hedge | 29.7 | ||||||
Cash Flow Hedging | Designated as Cash Flow Hedges | Forward Contracts | |||||||
Derivative [Line Items] | |||||||
Net gains (losses) on cash flow hedges | $ 1,069.4 | $ 1,069.4 | |||||
|
Financial Instruments, Risk Management and Fair Value Measurements - Fair Value of Derivatives by Balance Sheet Location (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative Asset [Abstract] | ||
Total Gross Amounts | $ 25.6 | $ 29.3 |
Gross amounts offset in the condensed consolidated balance sheet | (24.7) | (16.1) |
Net Amounts | 0.9 | 13.2 |
Derivative Liability [Abstract] | ||
Derivative Liabilities | (55.4) | (33.9) |
Gross amounts offset in the condensed consolidated balance sheet | 24.7 | 16.1 |
Net Amounts | (30.7) | (17.8) |
Net derivative assets (liabilities) | (29.8) | (4.6) |
Net amounts of derivative assets (liabilities) | (29.8) | (4.6) |
Foreign exchange contracts | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 25.6 | 16.9 |
Gross amounts offset in the condensed consolidated balance sheet | (24.7) | (16.1) |
Net Amounts | 0.9 | 0.8 |
Derivative Liability [Abstract] | ||
Derivative Liabilities | (55.4) | (33.9) |
Gross amounts offset in the condensed consolidated balance sheet | 24.7 | 16.1 |
Net Amounts | (30.7) | (17.8) |
Interest rate contracts | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 12.4 | |
Gross amounts offset in the condensed consolidated balance sheet | 0.0 | |
Net Amounts | 12.4 | |
Designated as Cash Flow Hedges | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 22.4 | 22.9 |
Derivative Liability [Abstract] | ||
Derivative Liabilities | (49.3) | (25.1) |
Net derivative assets (liabilities) | (26.9) | (2.2) |
Designated as Cash Flow Hedges | Foreign exchange contracts | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 22.4 | 10.5 |
Derivative Liability [Abstract] | ||
Derivative Liabilities | (49.3) | (25.1) |
Designated as Cash Flow Hedges | Interest rate contracts | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 12.4 | |
Not Designated as Hedging Instruments | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 3.2 | 6.4 |
Derivative Liability [Abstract] | ||
Derivative Liabilities | (6.1) | (8.8) |
Net derivative assets (liabilities) | (2.9) | (2.4) |
Not Designated as Hedging Instruments | Foreign exchange contracts | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | 3.2 | 6.4 |
Derivative Liability [Abstract] | ||
Derivative Liabilities | $ (6.1) | (8.8) |
Not Designated as Hedging Instruments | Interest rate contracts | ||
Derivative Asset [Abstract] | ||
Total Gross Amounts | $ 0.0 |
Financial Instruments, Risk Management and Fair Value Measurements - Derivatives Gain (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||
Derivatives Designated as Hedging Instruments | ||||||
Unrealized hedging gains (losses) and other, net of tax | $ 21.6 | $ 8.1 | $ (55.2) | $ (36.4) | ||
Reclassification of deferred hedging (gains) losses, net of tax | [1] | 22.6 | 12.0 | 44.4 | 20.4 | |
Total derivative instrument impact on comprehensive income, net of tax | $ 44.2 | $ 20.1 | $ (10.8) | $ (16.0) | ||
Derivatives Not Designated as Hedging Instruments | ||||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Costs of sales and services | Costs of sales and services | Costs of sales and services | Costs of sales and services | ||
Designated as Cash Flow Hedges | ||||||
Derivatives Designated as Hedging Instruments | ||||||
Unrealized hedging gains (losses) and other, net of tax | $ 21.6 | $ 8.1 | $ (55.2) | $ (36.4) | ||
Reclassification of deferred hedging (gains) losses, net of tax | 22.6 | 12.0 | 44.4 | 20.4 | ||
Total derivative instrument impact on comprehensive income, net of tax | 44.2 | 20.1 | (10.8) | (16.0) | ||
Designated as Cash Flow Hedges | Foreign exchange contracts | ||||||
Derivatives Designated as Hedging Instruments | ||||||
Unrealized hedging gains (losses) and other, net of tax | 21.6 | (3.2) | (54.8) | (58.7) | ||
Reclassification of deferred hedging (gains) losses, net of tax | 22.2 | 11.2 | 42.7 | 18.0 | ||
Total derivative instrument impact on comprehensive income, net of tax | 43.8 | 8.0 | (12.1) | (40.7) | ||
Designated as Cash Flow Hedges | Interest rate contracts | ||||||
Derivatives Designated as Hedging Instruments | ||||||
Unrealized hedging gains (losses) and other, net of tax | 0.0 | 11.3 | (0.4) | 22.3 | ||
Reclassification of deferred hedging (gains) losses, net of tax | 0.4 | 0.8 | 1.7 | 2.4 | ||
Total derivative instrument impact on comprehensive income, net of tax | 0.4 | 12.1 | 1.3 | 24.7 | ||
Not Designated as Hedging Instruments | ||||||
Derivatives Not Designated as Hedging Instruments | ||||||
Amount of pre-tax gain or (loss) recognized in income on derivatives | (18.8) | 6.3 | (36.7) | (28.8) | ||
Not Designated as Hedging Instruments | Foreign exchange contracts | ||||||
Derivatives Not Designated as Hedging Instruments | ||||||
Amount of pre-tax gain or (loss) recognized in income on derivatives | $ (18.8) | $ 6.3 | $ (36.7) | $ (28.8) | ||
|
Financial Instruments, Risk Management and Fair Value Measurements - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets | ||
Derivatives Assets | $ 25.6 | $ 29.3 |
Liabilities | ||
Derivative Liabilities | 55.4 | 33.9 |
Foreign exchange contracts | ||
Assets | ||
Derivatives Assets | 25.6 | 16.9 |
Liabilities | ||
Derivative Liabilities | 55.4 | 33.9 |
Interest rate contracts | ||
Assets | ||
Derivatives Assets | 12.4 | |
Fair Value, Measurements, Recurring | ||
Assets | ||
Other | 43.1 | 41.8 |
Total assets | 44.0 | 55.0 |
Liabilities | ||
Other | 23.6 | 23.5 |
Total liabilities | 54.3 | 41.3 |
Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Assets | ||
Derivatives Assets | 0.9 | 0.8 |
Liabilities | ||
Derivative Liabilities | 30.7 | 17.8 |
Fair Value, Measurements, Recurring | Interest rate contracts | ||
Assets | ||
Derivatives Assets | 12.4 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Other | 19.9 | 22.5 |
Total assets | 19.9 | 22.5 |
Liabilities | ||
Other | 23.6 | 23.5 |
Total liabilities | 23.6 | 23.5 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange contracts | ||
Assets | ||
Derivatives Assets | 0.0 | 0.0 |
Liabilities | ||
Derivative Liabilities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate contracts | ||
Assets | ||
Derivatives Assets | 0.0 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Other | 0.0 | 0.0 |
Total assets | 0.9 | 13.2 |
Liabilities | ||
Other | 0.0 | 0.0 |
Total liabilities | 30.7 | 17.8 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign exchange contracts | ||
Assets | ||
Derivatives Assets | 0.9 | 0.8 |
Liabilities | ||
Derivative Liabilities | 30.7 | 17.8 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate contracts | ||
Assets | ||
Derivatives Assets | 12.4 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Other | 23.2 | 19.3 |
Total assets | 23.2 | 19.3 |
Liabilities | ||
Other | 0.0 | 0.0 |
Total liabilities | 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Foreign exchange contracts | ||
Assets | ||
Derivatives Assets | 0.0 | 0.0 |
Liabilities | ||
Derivative Liabilities | $ 0.0 | 0.0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest rate contracts | ||
Assets | ||
Derivatives Assets | $ 0.0 |
Guarantees, Commitments, and Contingencies (Details) $ in Millions |
Sep. 30, 2023
USD ($)
|
---|---|
Guarantor Obligations [Line Items] | |
Guarantees | $ 138.7 |
Guarantees of vendor financing - short-term | |
Guarantor Obligations [Line Items] | |
Guarantees | 95.6 |
Other debt guarantees | |
Guarantor Obligations [Line Items] | |
Guarantees | $ 43.1 |
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