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☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

or

☐			Transition Report Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

__________________________________________________________________________ 

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)

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

Large accelerated filer

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Accelerated filer

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Non-accelerated filer

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Smaller reporting company

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Emerging growth company

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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  ☒

 

			Page No.
Part I - FINANCIAL INFORMATION			3
Item 1. Financial Statements			3
Condensed Consolidated Statements of Income (Loss) - Three and nine months ended September 30, 2022 and 2021 (unaudited)			3
Condensed Consolidated Statements of Comprehensive Income (Loss) - Three and nine months ended September 30, 2022 and 2021 (unaudited)			4
Condensed Consolidated Balance Sheets - September 30, 2022 and December 31, 2021 (unaudited)			5
Condensed Consolidated Statements of Cash Flows - Nine months ended September 30, 2022 and 2021 (unaudited)			6
Condensed Consolidated Statements of Changes in Equity - Three and nine months ended September 30, 2022 and 2021 (unaudited)			8
Notes to Condensed Consolidated Financial Statements (unaudited)			10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			45
Item 3. Quantitative and Qualitative Disclosures About Market Risk			64
Item 4. Controls and Procedures			64
Part II - OTHER INFORMATION			66
Item 1. Legal Proceedings			66
Item 1A. Risk Factors			66
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			67
Item 5. Other Information			67
Item 6. Exhibits			68
Signatures			69

 

			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

			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.

(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

 

			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.

 

			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.

			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).

			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).

•Change in accounting principle for inventory costing

•Change in accounting principle for net periodic benefit cost

•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

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.

(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

(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

(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

(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

(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					$	—