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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________

 FORM 10-Q
_______________________________________________________________________
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2022
or
Transition Report Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
For the transition period from _______ to _______
Commission File Number 1-2376
__________________________________________________________________________
FMC CORPORATION
(Exact name of registrant as specified in its charter)
__________________________________________________________________________ 
Delaware   94-0479804
(State or other jurisdiction of
incorporation)
  (I.R.S. Employer
Identification No.)
2929 Walnut Street Philadelphia Pennsylvania 19104
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code: 215-299-6000
__________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, par value $0.10 per share FMC New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer      Accelerated filer  
Non-accelerated filer      Smaller reporting company  
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes      No  

As of September 30, 2022, there were 125,965,923 of the registrant's common shares outstanding.



FMC CORPORATION
INDEX
 
  Page
No.
3
3
3
4
5
6
8

2


PART I - FINANCIAL INFORMATION
 
ITEM 1.    FINANCIAL STATEMENTS

FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
 
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
(in Millions, Except Per Share Data) (unaudited) (unaudited)
Revenue $ 1,377.2  $ 1,194.0  $ 4,180.3  $ 3,631.6 
Costs and Expenses
Costs of sales and services 899.7  682.5  2,539.1  2,078.4 
Gross margin $ 477.5  $ 511.5  $ 1,641.2  $ 1,553.2 
Selling, general and administrative expenses 179.4  183.5  562.7  519.0 
Research and development expenses 78.5  79.5  229.8  219.4 
Restructuring and other charges (income) 9.0  32.8  98.9  52.3 
Total costs and expenses $ 1,166.6  $ 978.3  $ 3,430.5  $ 2,869.1 
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes $ 210.6  $ 215.7  $ 749.8  $ 762.5 
Non-operating pension and postretirement charges (income) (1.7) 1.5  6.5  3.9 
Interest expense, net 41.8  33.1  107.0  98.1 
Income (loss) from continuing operations before income taxes $ 170.5  $ 181.1  $ 636.3  $ 660.5 
Provision (benefit) for income taxes 36.0  9.2  133.0  75.8 
Income (loss) from continuing operations $ 134.5  $ 171.9  $ 503.3  $ 584.7 
Discontinued operations, net of income taxes (16.2) (9.7) (42.2) (32.4)
Net income (loss) $ 118.3  $ 162.2  $ 461.1  $ 552.3 
Less: Net income (loss) attributable to noncontrolling interests (2.7) 2.5  (1.5) 3.4 
Net income (loss) attributable to FMC stockholders $ 121.0  $ 159.7  $ 462.6  $ 548.9 
Amounts attributable to FMC stockholders:
Continuing operations, net of income taxes $ 137.2  $ 169.4  $ 504.8  $ 581.3 
Discontinued operations, net of income taxes (16.2) (9.7) (42.2) (32.4)
Net income (loss) attributable to FMC stockholders $ 121.0  $ 159.7  $ 462.6  $ 548.9 
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations $ 1.09  $ 1.32  $ 3.99  $ 4.51 
Discontinued operations (0.13) (0.08) (0.33) (0.25)
Net income (loss) attributable to FMC stockholders $ 0.96  $ 1.24  $ 3.66  $ 4.26 
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations $ 1.08  $ 1.32  $ 3.98  $ 4.48 
Discontinued operations (0.13) (0.08) (0.33) (0.25)
Net income (loss) attributable to FMC stockholders $ 0.95  $ 1.24  $ 3.65  $ 4.23 

The accompanying notes are an integral part of these condensed consolidated financial statements.
3


FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
(in Millions) (unaudited) (unaudited)
Net income (loss) $ 118.3  $ 162.2  $ 461.1  $ 552.3 
Other comprehensive income (loss), net of tax:
Foreign currency adjustments:
Foreign currency translation gain (loss) arising during the period $ (92.5) $ (26.8) $ (213.4) $ (61.3)
Reclassification of foreign currency translation (gains) losses —  —  4.2  — 
Total foreign currency translation adjustments (1)
$ (92.5) $ (26.8) $ (209.2) $ (61.3)
Derivative instruments:
Unrealized hedging gains (losses) and other, net of tax expense (benefit) of $(6.8) and $(9.4) for the three and nine months ended September 30, 2022 and $0.5 and $2.5 for the three and nine months ended September 30, 2021, respectively
$ 8.1  $ 41.6  $ (36.4) $ 34.1 
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax (expense) benefit of $6.1 and $11.3 for the three and nine months ended September 30, 2022 and $0.6 and $3.6 for the three and nine months ended September 30, 2021, respectively (2)
12.0  0.6  20.4  11.8 
Total derivative instruments, net of tax expense (benefit) of $(0.7) and $1.9 for the three and nine months ended September 30, 2022 and $1.1 and $6.1 for the three and nine months ended September 30, 2021, respectively
$ 20.1  $ 42.2  $ (16.0) $ 45.9 
Pension and other postretirement benefits:
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of zero and zero for the three and nine months ended September 30, 2022 and $(0.2) and $(0.6) for the three and nine months ended September 30, 2021, respectively
$ (0.1) $ (0.7) $ (0.1) $ (2.2)
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of zero and $1.8 for the three and nine months ended September 30, 2022 and $0.7 and $1.8 for the three and nine months ended September 30, 2021, respectively (2)
—  2.5  6.8  6.9 
Total pension and other postretirement benefits, net of tax expense (benefit) of zero and $1.8 for the three and nine months ended September 30, 2022 and $0.5 and $1.2 for the three and nine months ended September 30, 2021, respectively
$ (0.1) $ 1.8  $ 6.7  $ 4.7 
Other comprehensive income (loss), net of tax $ (72.5) $ 17.2  $ (218.5) $ (10.7)
Comprehensive income (loss) $ 45.8  $ 179.4  $ 242.6  $ 541.6 
Less: Comprehensive income (loss) attributable to the noncontrolling interest (3.4) 2.2  (3.5) 3.2 
Comprehensive income (loss) attributable to FMC stockholders $ 49.2  $ 177.2  $ 246.1  $ 538.4 
____________________ 
(1)Income taxes are not provided for foreign currency translation because the related investments are essentially permanent in duration.
(2)For more detail on the components of these reclassifications and the affected line item in the condensed consolidated statements of income (loss) see Note 14.


The accompanying notes are an integral part of these condensed consolidated financial statements.
4


FMC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in Millions, Except Share and Par Value Data) September 30, 2022 December 31, 2021
ASSETS (unaudited)
Current assets
Cash and cash equivalents $ 363.8  $ 516.8 
Trade receivables, net of allowance of $34.5 in 2022 and $37.4 in 2021
2,599.9  2,583.7 
Inventories 1,731.5  1,521.9 
Prepaid and other current assets 415.4  431.4 
Total current assets $ 5,110.6  $ 5,053.8 
Investments 10.3  9.2 
Property, plant and equipment, net 789.6  817.0 
Goodwill 1,574.1  1,463.3 
Other intangibles, net 2,472.7  2,521.9 
Other assets including long-term receivables, net 623.3  613.8 
Deferred income taxes 184.1  194.1 
Total assets $ 10,764.7  $ 10,673.1 
LIABILITIES AND EQUITY
Current liabilities
Short-term debt and current portion of long-term debt $ 826.3  $ 440.8 
Accounts payable, trade and other 1,045.7  1,135.0 
Advance payments from customers 3.3  630.7 
Accrued and other liabilities 611.4  631.2 
Accrued customer rebates 857.7  406.7 
Guarantees of vendor financing 184.2  206.2 
Accrued pension and other postretirement benefits, current 4.3  4.3 
Income taxes 99.3  65.4 
Total current liabilities $ 3,632.2  $ 3,520.3 
Long-term debt, less current portion 2,732.5  2,731.7 
Accrued pension and other postretirement benefits, long-term 38.8  41.8 
Environmental liabilities, continuing and discontinued 356.5  415.9 
Deferred income taxes 351.7  342.4 
Other long-term liabilities 449.4  477.3 
Commitments and contingent liabilities (Note 19)
Equity
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2022 or 2021
$ —  $ — 
Common stock, $0.10 par value, authorized 260,000,000 shares; 185,983,792 issued shares in 2022 and 2021
18.6  18.6 
Capital in excess of par value of common stock 903.3  880.4 
Retained earnings 5,354.8  5,092.9 
Accumulated other comprehensive income (loss) (542.0) (325.5)
Treasury stock, common, at cost - 2022: 60,017,869 shares, 2021: 60,284,313 shares
(2,546.5) (2,542.1)
Total FMC stockholders’ equity $ 3,188.2  $ 3,124.3 
Noncontrolling interests 15.4  19.4 
Total equity $ 3,203.6  $ 3,143.7 
Total liabilities and equity $ 10,764.7  $ 10,673.1 

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


FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Nine Months Ended September 30,
2022 2021
 (in Millions)
(unaudited)
Cash provided (required) by operating activities of continuing operations:
Net income (loss) $ 461.1  $ 552.3 
Discontinued operations, net of income taxes 42.2  32.4 
Income (loss) from continuing operations $ 503.3  $ 584.7 
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations:
Depreciation and amortization $ 126.6  $ 128.5 
Restructuring and other charges (income) 98.9  52.3 
Deferred income taxes 10.0  9.2 
Pension and other postretirement benefits 9.4  7.6 
Share-based compensation 18.9  13.5 
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Trade receivables, net (203.5) (170.8)
Guarantees of vendor financing (22.0) 14.5 
Advance payments from customers (627.1) (343.9)
Accrued customer rebates 475.0  378.4 
Inventories (282.3) (367.4)
Accounts payable, trade and other (19.1) 147.2 
Income taxes (3.5) (22.0)
Pension and other postretirement benefit contributions (3.0) (2.9)
Environmental spending, continuing, net of recoveries (18.4) (51.2)
Restructuring and other spending (1)
(25.7) (21.9)
Transaction and integration costs (0.5) (8.4)
Change in other operating assets and liabilities, net (2)
(21.3) (49.2)
Cash provided (required) by operating activities of continuing operations $ 15.7  $ 298.2 
Cash provided (required) by operating activities of discontinued operations:
Environmental spending, discontinued, net of recoveries $ (27.7) $ (38.1)
Other discontinued spending (24.1) (15.8)
Cash provided (required) by operating activities of discontinued operations $ (51.8) $ (53.9)
____________________ 
(1)    The restructuring and other spending amount for the nine months ended September 30, 2022 and 2021 includes spending of $6.7 million and $2.0 million related to the Furadan® asset retirement obligations. The nine months ended September 30, 2022 also includes $6.3 million of additional spending not included in our roll forward of restructuring reserves in Note 9 to the condensed consolidated financial statements.
(2)    Changes in all periods primarily represent timing of payments associated with all other operating assets and liabilities.




The accompanying notes are an integral part of these condensed consolidated financial statements.
(continued)
6


FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
 
Nine Months Ended September 30,
2022 2021
 (in Millions) (unaudited)
Cash provided (required) by investing activities of continuing operations:
Capital expenditures $ (108.4) $ (76.4)
Investment in Enterprise Resource Planning system —  (12.7)
Acquisitions, including cost and equity method, net
(191.5) (4.6)
Other investing activities 5.7  (22.2)
Cash provided (required) by investing activities of continuing operations $ (294.2) $ (115.9)
Cash provided (required) by investing activities of discontinued operations:
Proceeds from disposal of property, plant and equipment $ —  $ 16.8 
Cash provided (required) by investing activities of discontinued operations $ —  $ 16.8 
Cash provided (required) by financing activities of continuing operations:
Increase (decrease) in short-term debt $ 401.4  $ 125.6 
Repayments of long-term debt (1.1) (2.6)
Financing fees (1.5) (1.7)
Issuances of common stock, net 8.4  5.9 
Dividends paid (3)
(200.6) (186.2)
Repurchases of common stock under publicly announced program —  (300.0)
Other repurchases of common stock (8.9) (8.0)
Cash provided (required) by financing activities of continuing operations $ 197.7  $ (367.0)
Effect of exchange rate changes on cash and cash equivalents (20.4) (6.1)
Increase (decrease) in cash and cash equivalents $ (153.0) $ (227.9)
Cash and cash equivalents, beginning of period $ 516.8  $ 568.9 
Cash and cash equivalents, end of period $ 363.8  $ 341.0 
____________________ 
(3)    See Note 14 regarding the quarterly cash dividend.

Supplemental disclosure of cash flow information: Cash paid for interest, net of capitalized interest was $91.2 million and $85.0 million, and income taxes paid, net of refunds were $91.7 million and $87.2 million for the nine months ended September 30, 2022 and 2021, respectively. Non-cash additions to property, plant and equipment and other assets were $19.0 million and $14.0 million for the nine months ended September 30, 2022 and 2021, respectively. Non-cash investing activities include a $19.3 million investment representing our beneficial interest in a trade receivables securitization program.

The accompanying notes are an integral part of these condensed consolidated financial statements.
7


FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
  FMC Stockholders’ Equity    
(in Millions, Except Per Share Data)
Common
Stock,
$0.10 Par
Value
Capital In Excess of Par Retained
Earnings
Accumulated Other Comprehensive Income (Loss) Treasury
Stock
Non-controlling
Interest
Total
Equity
Balance at December 31, 2021 $ 18.6  $ 880.4  $ 5,092.9  $ (325.5) $ (2,542.1) $ 19.4  $ 3,143.7 
Net income (loss) —  —  207.4  —  —  4.2  211.6 
Stock compensation plans —  10.5  —  —  4.0  —  14.5 
Shares for benefit plan trust —  —  —  —  0.1  —  0.1 
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1)
—  —  —  3.6  —  —  3.6 
Net hedging gains (losses) and other, net of income tax (1)
—  —  —  (84.1) —  —  (84.1)
Foreign currency translation adjustments (1)
—  —  —  (39.4) —  —  (39.4)
Dividends ($0.53 per share)
—  —  (66.9) —  —  —  (66.9)
Repurchases of common stock —  —  —  —  (8.6) —  (8.6)
Distributions to noncontrolling interests —  —  —  —  —  (0.5) (0.5)
Balance at March 31, 2022 $ 18.6  $ 890.9  $ 5,233.4  $ (445.4) $ (2,546.6) $ 23.1  $ 3,174.0 
Net income (loss) —  —  134.2  —  —  (3.0) 131.2 
Stock compensation plans —  6.6  —  —  0.3  —  6.9 
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1)
—  —  —  3.2  —  —  3.2 
Net hedging gains (losses) and other, net of income tax (1)
—  —  —  48.0  —  —  48.0 
Foreign currency translation adjustments (1)
—  —  —  (76.0) —  (1.3) (77.3)
Dividends ($0.53 per share)
—  —  (66.9) —  —  —  (66.9)
Balance at June 30, 2022 $ 18.6  $ 897.5  $ 5,300.7  $ (470.2) $ (2,546.3) $ 18.8  $ 3,219.1 
Net income —  —  121.0  —  —  (2.7) 118.3 
Stock compensation plans —  5.8  —  —  0.1  —  5.9 
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)
—  —  —  (91.8) —  (0.7) (92.5)
Dividends ($0.53 per share)
—  —  (66.9) —  —  —  (66.9)
Repurchases of common stock —  —  —  —  (0.3) —  (0.3)
Balance at September 30, 2022 $ 18.6  $ 903.3  $ 5,354.8  $ (542.0) $ (2,546.5) $ 15.4  $ 3,203.6 
____________________
(1)See condensed consolidated statements of comprehensive income (loss).
8


  FMC Stockholders’ Equity    
(in Millions, Except Per Share Data)
Common
Stock,
$0.10 Par
Value
Capital In Excess of Par Retained
Earnings
Accumulated Other Comprehensive Income (Loss) Treasury
Stock
Non-controlling
Interest
Total
Equity
Balance at December 31, 2020 (As previously reported) $ 18.6  $ 860.2  $ 4,506.4  $ (282.2) $ (2,141.2) $ 22.4  $ 2,984.2 
Cumulative Effect of Accounting Changes (See Note 1) —  —  98.5  1.5  —  —  100.0 
Balance at December 31, 2020 $ 18.6  $ 860.2  $ 4,604.9  $ (280.7) $ (2,141.2) $ 22.4  $ 3,084.2 
Net income (loss) —  —  184.5  —  —  0.6  185.1 
Stock compensation plans —  5.2  —  —  4.4  —  9.6 
Shares for benefit plan trust —  —  —  —  (0.1) —  (0.1)
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1)
—  —  —  1.4  —  —  1.4 
Net hedging gains (losses) and other, net of income tax (1)
—  —  —  44.6  —  —  44.6 
Foreign currency translation adjustments (1)
—  —  —  (49.5) —  (0.3) (49.8)
Dividends ($0.48 per share)
—  —  (62.0) —  —  —  (62.0)
Repurchases of common stock —  —  —  —  (82.7) —  (82.7)
Balance at March 31, 2021 $ 18.6  $ 865.4  $ 4,727.4  $ (284.2) $ (2,219.6) $ 22.7  $ 3,130.3 
Net income (loss) —  —  204.7  —  —  0.3  205.0 
Stock compensation plans —  5.1  —  —  0.5  —  5.6 
Shares for benefit plan trust —  —  —  —  2.5  —  2.5 
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1)
—  —  —  1.5  —  —  1.5 
Net hedging gains (losses) and other, net of income tax (1)
—  —  —  (40.9) —  —  (40.9)
Foreign currency translation adjustments (1)
—  —  —  14.9  —  0.4  15.3 
Dividends ($0.48 per share)
—  —  (62.0) —  —  —  (62.0)
Repurchases of common stock —  —  —  —  (25.2) —  (25.2)
Balance at June 30, 2021 $ 18.6  $ 870.5  $ 4,870.1  $ (308.7) $ (2,241.8) $ 23.4  $ 3,232.1 
Net income (loss) —  —  159.7  —  —  2.5  162.2 
Stock compensation plans —  4.1  —  —  —  —  4.1 
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 (1)
—  —  —  1.8  —  —  1.8 
Net hedging gains (losses) and other, net of income tax (1)
—  —  —  42.2  —  —  42.2 
Foreign currency translation adjustments (1)
—  —  —  (26.5) —  (0.3) (26.8)
Dividends ($0.44 per share)
—  —  (60.9) —  —  —  (60.9)
Repurchases of common stock —  —  —  —  (200.0) —  (200.0)
Balance at September 30, 2021 $ 18.6  $ 874.6  $ 4,968.9  $ (291.2) $ (2,442.5) $ 25.6  $ 3,154.0 
____________________
(1)See condensed consolidated statements of comprehensive income (loss).

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

9


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1: Financial Information and Accounting Policies
In our opinion the condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") applicable to interim period financial statements and reflect all adjustments necessary for a fair statement of results of operations for the three and nine months ended September 30, 2022 and 2021, cash flows for the nine months ended September 30, 2022 and 2021, changes in equity for the three and nine months ended September 30, 2022 and 2021, and our financial positions as of September 30, 2022 and December 31, 2021. All such adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. The results of operations for the three and nine months ended September 30, 2022 and 2021 are not necessarily indicative of the results of operations for the full year. The condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, and the related condensed consolidated statements of income (loss) and condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2022 and 2021, condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021, and condensed consolidated statements of changes in equity for the three and nine months ended September 30, 2022 and 2021 have been reviewed by our independent registered public accountants. The review is described more fully in their report included herein. Our accounting policies are set forth in detail in Note 1 to the consolidated financial statements included with our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2021 (the "2021 Form 10-K").
In the third quarter of 2022, we made the following changes:
Change in accounting principle for inventory costing
Change in accounting principle for net periodic benefit cost
The effects of the above changes in accounting principle have been retrospectively applied to all periods presented and as such certain prior period financial statement line items have been adjusted. The cumulative effect of these changes in accounting principle, on periods prior to those presented, resulted in an increase of $98.5 million to retained earnings and $1.5 million to accumulated other comprehensive income (losses) as of December 31, 2020, which is the earliest period presented in the condensed consolidated statements of changes in equity.
Change in Accounting Principle for Valuing Inventory Costing
On July 1, 2022, we changed our method for inventory costing from the last-in, first-out (“LIFO”) cost method to the first-in, first-out (“FIFO”) cost method for inventory in the United States, which were the only operations that were using the LIFO cost method. All inventories outside the United States were already accounted for on the FIFO method. We believe this change in accounting method is preferable as it:
is consistent with how we manage our business
results in a uniform method to value our inventory across all regions of our business
is expected to better reflect the current value of inventory on the consolidated balance sheets and;
is on a more comparable basis with the majority of our industry peer companies
Prior to the change in method, inventories valued on the LIFO cost method were approximately 38% of our total inventories.
Change in Accounting Principle for Determining Net Periodic Benefit Cost
On July 1, 2022, we also changed our method of accounting for the determination of the market-related value of assets for a class of assets within the qualified U.S. defined benefit plan ("the Plan"), impacting our net periodic benefit cost. The market-related value is used to determine both the expected return on plan assets and the amortization of net unamortized actuarial gains or losses expense components of net periodic benefit cost which are reflected on the Non-operating pension and postretirement income (charges) line on the condensed consolidated statements of income (loss). Previously, to calculate the expected return on plan assets and the amortization of net unamortized actuarial gains or losses expense components, we deferred asset gains and losses into the market-related value of assets ("MRVA") over a five year period.
We changed our method of accounting to the fair value approach for our liability-hedging asset class, which does not involve deferring the impact of excess plan asset gains or losses in the determination of these two components of net periodic benefit
10


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
cost. No change is being made to the accounting principle for the other classes of pension assets; however our U.S. qualified pension plan reached fully funded status during 2018 and since that point the portfolio has been 100 percent fixed income securities and cash. Given the Plan's investment strategy, we believe this approach is preferable as it more closely aligns the expected return on plan assets and amortization of net actuarial and other gain and loss expense components with the value reflected in the Plan's funded status.

The following tables summarize the effect of these accounting changes on impacted line items in our condensed consolidated financial statements as follows:
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In millions, except per share data) As computed under LIFO and Pension deferred MRVA Method As reported under FIFO and Pension Fair Value Method Effect of change
Three Months Ended September 30, 2022
Cost of sales and services $ 899.7  $ 899.7  $ — 
Gross margin $ 477.5  $ 477.5  $ — 
Total costs and expenses $ 1,166.6  $ 1,166.6  $ — 
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes $ 210.6  $ 210.6  $ — 
Non-operating pension and postretirement charges (income) $ 3.9  $ (1.7) $ (5.6)
Income (loss) from continuing operations before income taxes $ 164.9  $ 170.5  $ 5.6 
Provision (benefit) for income taxes $ 34.8  $ 36.0  $ 1.2 
Income (loss) from continuing operations $ 130.1  $ 134.5  $ 4.4 
Net income (loss) $ 113.9  $ 118.3  $ 4.4 
Net income (loss) attributable to FMC stockholders $ 116.6  $ 121.0  $ 4.4 
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations $ 1.05  $ 1.09  $ 0.04 
Net income (loss) attributable to FMC stockholders $ 0.92  $ 0.96  $ 0.04 
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations $ 1.05  $ 1.08  $ 0.03 
Net income (loss) attributable to FMC stockholders $ 0.92  $ 0.95  $ 0.03 
11


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
(in Millions, except per share data) As computed under LIFO and Pension deferred MRVA Method As reported under FIFO and Pension Fair Value Method Effect of change
Nine Months Ended September 30, 2022
Cost of sales and services $ 2,539.1  $ 2,539.1  $ — 
Gross margin $ 1,641.2  $ 1,641.2  $ — 
Total costs and expenses $ 3,430.5  $ 3,430.5  $ — 
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes $ 749.8  $ 749.8  $ — 
Non-operating pension and postretirement charges (income) $ 12.1  $ 6.5  $ (5.6)
Income (loss) from continuing operations before income taxes $ 630.7  $ 636.3  $ 5.6 
Provision (benefit) for income taxes $ 131.8  $ 133.0  $ 1.2 
Income (loss) from continuing operations $ 498.9  $ 503.3  $ 4.4 
Net income (loss) $ 456.7  $ 461.1  $ 4.4 
Net income (loss) attributable to FMC stockholders $ 458.2  $ 462.6  $ 4.4 
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations $ 3.96  $ 3.99  $ 0.03 
Net income (loss) attributable to FMC stockholders $ 3.63  $ 3.66  $ 0.03 
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations $ 3.94  $ 3.98  $ 0.04 
Net income (loss) attributable to FMC stockholders $ 3.61  $ 3.65  $ 0.04 
12


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
(in Millions, except per share data) As Previously Reported Effect of FIFO Change Effect of Pension Change Combined Effect of Changes As Adjusted
Three Months Ended September 30, 2021
Cost of sales and services $ 681.2  $ 1.3  $ —  $ 1.3  $ 682.5 
Gross margin $ 512.8  $ (1.3) $ —  $ (1.3) $ 511.5 
Total costs and expenses $ 977.0  $ 1.3  $ —  $ 1.3  $ 978.3 
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes $ 217.0  $ (1.3) $ —  $ (1.3) $ 215.7 
Non-operating pension and postretirement charges (income) $ 5.1  $ —  $ (3.6) $ (3.6) $ 1.5 
Income (loss) from continuing operations before income taxes $ 178.8  $ (1.3) $ 3.6  $ 2.3  $ 181.1 
Provision (benefit) for income taxes $ 8.7  $ (0.3) $ 0.8  $ 0.5  $ 9.2 
Income (loss) from continuing operations $ 170.1  $ (1.0) $ 2.8  $ 1.8  $ 171.9 
Net income (loss) $ 160.4  $ (1.0) $ 2.8  $ 1.8  $ 162.2 
Net income (loss) attributable to FMC stockholders $ 157.9  $ (1.0) $ 2.8  $ 1.8  $ 159.7 
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations $ 1.30  $ —  $ 0.02  $ 0.02  $ 1.32 
Net income (loss) attributable to FMC stockholders $ 1.22  $ —  $ 0.02  $ 0.02  $ 1.24 
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations $ 1.30  $ —  $ 0.02  $ 0.02  $ 1.32 
Net income (loss) attributable to FMC stockholders $ 1.22  $ —  $ 0.02  $ 0.02  $ 1.24 
13


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
(in Millions, except per share data) As Previously Reported Effect of FIFO Change Effect of Pension Change Combined Effect of Changes As Adjusted
Nine Months Ended September 30, 2021
Cost of sales and services $ 2,074.6  $ 3.8  $ —  $ 3.8  $ 2,078.4 
Gross margin $ 1,557.0  $ (3.8) $ —  $ (3.8) $ 1,553.2 
Total costs and expenses $ 2,865.3  $ 3.8  $ —  $ 3.8  $ 2,869.1 
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes $ 766.3  $ (3.8) $ —  $ (3.8) $ 762.5 
Non-operating pension and postretirement charges (income) $ 14.7  $ —  $ (10.8) $ (10.8) $ 3.9 
Income (loss) from continuing operations before income taxes $ 653.5  $ (3.8) $ 10.8  $ 7.0  $ 660.5 
Provision (benefit) for income taxes $ 74.3  $ (0.8) $ 2.3  $ 1.5  $ 75.8 
Income (loss) from continuing operations $ 579.2  $ (3.0) $ 8.5  $ 5.5  $ 584.7 
Net income (loss) $ 546.8  $ (3.0) $ 8.5  $ 5.5  $ 552.3 
Net income (loss) attributable to FMC stockholders $ 543.4  $ (3.0) $ 8.5  $ 5.5  $ 548.9 
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations $ 4.46  $ (0.02) $ 0.07  $ 0.05  $ 4.51 
Net income (loss) attributable to FMC stockholders $ 4.21  $ (0.02) $ 0.07  $ 0.05  $ 4.26 
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations $ 4.44  $ (0.03) $ 0.07  $ 0.04  $ 4.48 
Net income (loss) attributable to FMC stockholders $ 4.19  $ (0.03) $ 0.07  $ 0.04  $ 4.23 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in Millions, except per share data) As computed under LIFO and Pension deferred MRVA Method As reported under FIFO and Pension Fair Value Method Effect of change
Three Months Ended September 30, 2022
Net income (loss) $ 113.9  $ 118.3  $ 4.4 
Pension and other postretirement benefits:
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of zero as computed and zero as reported for the three months ended September 30, 2022
$ (0.1) $ (0.1) $ — 
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $1.2 as computed and zero as reported for the three months ended September 30, 2022
$ 4.4  $ —  $ (4.4)
Total pension and other postretirement benefits, net of tax expense (benefit) of $1.2 as computed and zero as reported for the three months ended September 30, 2022
$ 4.3  $ (0.1) $ (4.4)
Other comprehensive income (loss), net of tax $ (68.1) $ (72.5) $ (4.4)
Comprehensive income (loss) $ 45.8  $ 45.8  $ — 
Comprehensive income (loss) attributable to FMC stockholders $ 49.2  $ 49.2  $ — 
14


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
(in Millions, except per share data) As computed under LIFO and Pension deferred MRVA Method As reported under FIFO and Pension Fair Value Method Effect of change
Nine Months Ended September 30, 2022
Net income (loss) $ 456.7  $ 461.1  $ 4.4 
Pension and other postretirement benefits:
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of zero as computed and zero as reported for the nine months ended September 30, 2022
$ (0.1) $ (0.1) $ — 
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $2.7 as computed and $1.8 as reported for the nine months ended September 30, 2022
$ 11.2  $ 6.8  $ (4.4)
Total pension and other postretirement benefits, net of tax expense (benefit) of $2.7 as computed and $1.8 as reported for the nine months ended September 30, 2022
$ 11.1  $ 6.7  $ (4.4)
Other comprehensive income (loss), net of tax $ (214.1) $ (218.5) $ (4.4)
Comprehensive income (loss) $ 242.6  $ 242.6  $ — 
Comprehensive income (loss) attributable to FMC stockholders $ 246.1  $ 246.1  $ — 

(in Millions, except per share data) As Previously Reported Effect of FIFO Change Effect of Pension Change Combined Effect of Changes As Adjusted
Three Months Ended September 30, 2021
Net income (loss) $ 160.4  $ (1.0) $ 2.8  $ 1.8  $ 162.2 
Pension and other postretirement benefits:
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of $(0.2) as adjusted and zero as previously reported for the three months ended September 30, 2021
$ 0.1  $ —  $ (0.8) $ (0.8) $ (0.7)
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $0.7 as adjusted and $1.2 as previously reported for the three months ended September 30, 2021
$ 4.5  $ —  $ (2.0) $ (2.0) $ 2.5 
Total pension and other postretirement benefits, net of tax expense (benefit) of $0.5 as adjusted and $1.2 as previously reported for the three months ended September 30, 2021
$ 4.6  $ —  $ (2.8) $ (2.8) $ 1.8 
Other comprehensive income (loss), net of tax $ 20.0  $ —  $ (2.8) $ (2.8) $ 17.2 
Comprehensive income (loss) $ 180.4  $ (1.0) $ —  $ (1.0) $ 179.4 
Comprehensive income (loss) attributable to FMC stockholders $ 178.2  $ (1.0) $ —  $ (1.0) $ 177.2 
15


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
(in Millions, except per share data) As Previously Reported Effect of FIFO Change Effect of Pension Change Combined Effect of Changes As Adjusted
Nine Months Ended September 30, 2021
Net income (loss) $ 546.8  $ (3.0) $ 8.5  $ 5.5  $ 552.3 
Pension and other postretirement benefits:
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of $(0.6) as adjusted and zero as previously reported for the nine months ended September 30, 2021
$ —  $ —  $ (2.2) $ (2.2) $ (2.2)
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $1.8 as adjusted and $3.5 as previously reported for the nine months ended September 30, 2021
$ 13.2  $ —  $ (6.3) $ (6.3) $ 6.9 
Total pension and other postretirement benefits, net of tax expense (benefit) of $1.2 as adjusted and $3.5 as previously reported for the nine months ended September 30, 2021
$ 13.2  $ —  $ (8.5) $ (8.5) $ 4.7 
Other comprehensive income (loss), net of tax $ (2.2) $ —  $ (8.5) $ (8.5) $ (10.7)
Comprehensive income (loss) $ 544.6  $ (3.0) $ —  $ (3.0) $ 541.6 
Comprehensive income (loss) attributable to FMC stockholders $ 541.4  $ (3.0) $ —  $ (3.0) $ 538.4 

CONDENSED CONSOLIDATED BALANCE SHEETS
(in Millions) As computed under LIFO and Pension deferred MRVA Method As reported under FIFO and Pension Fair Value Method Effect of change
September 30, 2022
Inventories $ 1,615.3  $ 1,731.5  $ 116.2 
Total current assets $ 4,994.4  $ 5,110.6  $ 116.2 
Deferred income taxes $ 208.5  $ 184.1  $ (24.4)
TOTAL ASSETS $ 10,672.9  $ 10,764.7  $ 91.8 
Retained earnings $ 5,248.8  $ 5,354.8  $ 106.0 
Accumulated other comprehensive income (loss) $ (527.8) $ (542.0) $ (14.2)
Total FMC stockholders’ equity $ 3,096.4  $ 3,188.2  $ 91.8 
Total equity $ 3,111.8  $ 3,203.6  $ 91.8 
TOTAL LIABILITIES AND EQUITY $ 10,672.9  $ 10,764.7  $ 91.8 
16


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
(in Millions) As Previously Reported Effect of FIFO Change Effect of Pension Change Combined Effect of Changes As Adjusted
December 31, 2021
Inventories $ 1,405.7  $ 116.2  $ —  $ 116.2  $ 1,521.9 
Total current assets $ 4,937.6  $ 116.2  $ —  $ 116.2  $ 5,053.8 
Deferred income taxes $ 218.5  $ (24.4) $ —  $ (24.4) $ 194.1 
TOTAL ASSETS $ 10,581.3  $ 91.8  $ —  $ 91.8  $ 10,673.1 
Retained earnings $ 4,991.3  $ 91.8  $ 9.8  $ 101.6  $ 5,092.9 
Accumulated other comprehensive income (loss) $ (315.7) $ —  $ (9.8) $ (9.8) $ (325.5)
Total FMC stockholders’ equity $ 3,032.5  $ 91.8  $ —  $ 91.8  $ 3,124.3 
Total equity $ 3,051.9  $ 91.8  $ —  $ 91.8  $ 3,143.7 
TOTAL LIABILITIES AND EQUITY $ 10,581.3  $ 91.8  $ —  $ 91.8  $ 10,673.1 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in Millions) As computed under LIFO and Pension deferred MRVA Method As reported under FIFO and Pension Fair Value Method Effect of change
Nine Months Ended September 30, 2022
Cash provided (required) by operating activities of continuing operations:
Net income (loss) $ 456.7  $ 461.1  $ 4.4 
Income (loss) from continuing operations $ 498.9  $ 503.3  $ 4.4 
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:
Pension and other postretirement benefits $ 15.0  $ 9.4  $ (5.6)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Inventories $ (282.3) $ (282.3) $ — 
Income taxes $ (4.7) $ (3.5) $ 1.2 
Net cash provided (required) by operating activities of continuing operations $ 15.7  $ 15.7  $ — 
17


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
(in Millions) As Previously Reported Effect of FIFO Change Effect of Pension Change Combined Effect of Changes As Adjusted
Nine Months Ended September 30, 2021
Cash provided (required) by operating activities of continuing operations:
Net income (loss) $ 546.8  $ (3.0) $ 8.5  $ 5.5  $ 552.3 
Income (loss) from continuing operations $ 579.2  $ (3.0) $ 8.5  $ 5.5  $ 584.7 
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:
Pension and other postretirement benefits $ 18.4  $ —  $ (10.8) $ (10.8) $ 7.6 
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Inventories $ (371.2) $ 3.8  $ —  $ 3.8  $ (367.4)
Income taxes $ (23.5) $ (0.8) $ 2.3  $ 1.5  $ (22.0)
Net cash provided (required) by operating activities of continuing operations $ 298.2  $ —  $ —  $ —  $ 298.2 


CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
  FMC Stockholders’ Equity
(in Millions, Except Per Share Data) As Previously Reported Effect of FIFO Change Effect of Pension Change Combined Effect of Changes As Adjusted
Balance at December 31, 2020
Retained earnings $ 4,506.4  $ 100.0  $ (1.5) $ 98.5  $ 4,604.9 
Accumulated Other Comprehensive Income (Loss)
$ (282.2) $ —  $ 1.5  $ 1.5  $ (280.7)
Total equity $ 2,984.2  $ 100.0  $ —  $ 100.0  $ 3,084.2 
FMC Stockholders’ Equity
(in Millions, Except Per Share Data) As Previously Reported Effect of FIFO Change Effect of Pension Change Combined Effect of Changes As Adjusted
Balance at March 31, 2021
Retained earnings $ 4,627.0  $ 99.0  $ 1.4  $ 100.4  $ 4,727.4 
Accumulated Other Comprehensive Income (Loss)
$ (282.8) $ —  $ (1.4) $ (1.4) $ (284.2)
Total equity $ 3,031.3  $ 99.0  $ —  $ 99.0  $ 3,130.3 
18


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
FMC Stockholders’ Equity
(in Millions, Except Per Share Data) As Previously Reported Effect of FIFO Change Effect of Pension Change Combined Effect of Changes As Adjusted
Balance at June 30, 2021
Retained earnings $ 4,767.9  $ 98.0  $ 4.2  $ 102.2  $ 4,870.1 
Accumulated Other Comprehensive Income (Loss)
$ (304.5) $ —  $ (4.2) $ (4.2) $ (308.7)
Total equity $ 3,134.1  $ 98.0  $ —  $ 98.0  $ 3,232.1 
FMC Stockholders’ Equity
(in Millions, Except Per Share Data) As Previously Reported Effect of FIFO Change Effect of Pension Change