Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (USD $) | ||||
In Millions | 3 Months Ended
Jun. 30, 2009 | 3 Months Ended
Jun. 30, 2008 | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
Revenue | 700.3 | 806.6 | 1390.8 | 1556.8 |
Costs and Expenses | ||||
Costs of sales and services | 477.3 | 536.4 | 931.2 | 1035.6 |
Selling, general and administrative expense | 74.7 | 90 | 154.8 | 173.7 |
Research and development expenses | 21 | 23 | 41 | 44.8 |
Restructuring and other charges (income) | 30.1 | 10.7 | 52.6 | 2.4 |
Total costs and expenses | 603.1 | 660.1 | 1179.6 | 1256.5 |
Income from continuing operations before equity in (earnings) loss of affiliates, interest expense, net, and income taxes | 97.2 | 146.5 | 211.2 | 300.3 |
Equity in (earnings) loss of affiliates | 0.2 | -0.3 | -1.5 | -0.6 |
Interest expense, net | 6.5 | 8.3 | 13.5 | 17 |
Income from continuing operations before income taxes | 90.5 | 138.5 | 199.2 | 283.9 |
Provision (benefit) for income taxes | 13.6 | 42.5 | 47 | 84.7 |
Income from continuing operations | 76.9 | 96 | 152.2 | 199.2 |
Discontinued operations, net of income taxes | -5.2 | -7.8 | -9.6 | -14.2 |
Net income | 71.7 | 88.2 | 142.6 | 185 |
Less: Net income attributable to noncontrolling interests | 2.4 | 3.8 | 4.2 | 6.7 |
Net income attributable to FMC stockholders | 69.3 | 84.4 | 138.4 | 178.3 |
Amounts attributable to FMC stockholders: | ||||
Continuing operations, net of income taxes | 74.5 | 92.2 | 148 | 192.5 |
Discontinued operations, net of income taxes | -5.2 | -7.8 | -9.6 | -14.2 |
Net income attributable to FMC stockholders | 69.3 | 84.4 | 138.4 | 178.3 |
Basic earnings (loss) per common share attributable to FMC stockholders: | ||||
Continuing operations | 1.02 | 1.23 | 2.04 | 2.57 |
Discontinued operations | -0.07 | -0.1 | -0.13 | -0.19 |
Net income | 0.95 | 1.13 | 1.91 | 2.38 |
Diluted earnings (loss) per common share attributable to FMC stockholders: | ||||
Continuing operations | 1.01 | 1.2 | 2.02 | 2.52 |
Discontinued operations | -0.07 | -0.1 | -0.13 | -0.19 |
Net income | 0.94 | 1.1 | 1.89 | 2.33 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (USD $) | ||
In Millions | Jun. 30, 2009
| Dec. 31, 2008
|
Current assets | ||
Cash and cash equivalents | $67 | 52.4 |
Trade receivables, net of allowance | 701.5 | 687.7 |
Inventories | 390.4 | 380.8 |
Prepaid and other current assets | 132.8 | 135 |
Deferred income taxes | 132 | 176.9 |
Total current assets | 1423.7 | 1432.8 |
Investments | 21 | 20.6 |
Property, plant and equipment, net | 948.4 | 939.2 |
Goodwill | 201.9 | 197 |
Other assets | 194.2 | 160.7 |
Deferred income taxes | 239.3 | 243.6 |
Total assets | 3028.5 | 2993.9 |
Current liabilities | ||
Short-term debt | 66.7 | 28.6 |
Current portion of long-term debt | 5.9 | 2.1 |
Accounts payable, trade and other | 266.2 | 372.3 |
Accrued and other liabilities | 329 | 301 |
Guarantees of vendor financing | 27.9 | 20.3 |
Accrued pensions and other postretirement benefits, current | 10.2 | 10.2 |
Income taxes | 11.3 | 24.6 |
Total current liabilities | 717.2 | 759.1 |
Long-term debt, less current portion | 561.2 | 592.9 |
Accrued pension and other postretirement benefits, long-term | 339.1 | 366.1 |
Environmental liabilities, continuing and discontinued | 154.4 | 158.8 |
Reserve for discontinued operations | 40.8 | 37.5 |
Other long-term liabilities | 114.6 | 113.1 |
Equity | ||
Preferred stock | 0 | 0 |
Common stock | 9.3 | 9.3 |
Capital in excess of par value of common stock | 392.4 | 395.5 |
Retained earnings | 1644.9 | 1524.7 |
Accumulated other comprehensive income (loss) | -249.7 | -276.1 |
Treasury stock, common | -754.8 | -750.5 |
Total FMC stockholders' equity | 1042.1 | 902.9 |
Noncontrolling interests | 59.1 | 63.5 |
Total equity | 1101.2 | 966.4 |
Total liabilities and equity | 3028.5 | 2993.9 |
1_Condensed Consolidated Balanc
Condensed Consolidated Balance Sheets (Paranthetical Information) (USD $) | ||
In Millions, except Share data | Jun. 30, 2009
| Dec. 31, 2008
|
Condensed Consolidated Balance Sheets (Paranthetical Information) | ||
Allowance for Doubtful Accounts Receivable, Current | 21.1 | 16.3 |
Preferred Stock, No Par Value | 0 | 0 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | 0.1 | 0.1 |
Common Stock, Shares Authorized | 130,000,000 | 130,000,000 |
Common Stock, Shares, Issued | 92,991,896 | 92,991,896 |
Treasury Stock, Shares | 20,498,495 | 20,481,937 |
2_Condensed Consolidated Statem
Condensed Consolidated Statements of Cash Flows (USD $) | ||
In Millions | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
Cash provided (required) by operating activities of continuing operations: | ||
Net income attributable to FMC stockholders | 138.4 | 178.3 |
Discontinued operations | 9.6 | 14.2 |
Income from continuing operations | 148 | 192.5 |
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations: | ||
Depreciation and Amortization | 61.2 | 61.7 |
Equity in (earnings) loss of affiliates | -1.5 | -0.6 |
Restructuring and other charges (income) | 52.6 | 2.4 |
Deferred income taxes | 49.7 | 72.3 |
Net income attributable to noncontrolling interests | 4.2 | 6.7 |
Other | 21.4 | 9.1 |
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | ||
Trade receivables, net | -10.7 | -143.9 |
Guarantees of vendor financing | 7.6 | -4.4 |
Inventories | -12.6 | -39.3 |
Other current assets and other assets | 6.7 | -33.1 |
Accounts payable | -105.6 | 29 |
Accrued and other current liabilities and other liabilities | 12.8 | 25.7 |
Income taxes | -13.3 | 1.3 |
Accrued pension and other postretirement benefits, net | -31.4 | -27.5 |
Environmental spending, continuing, net of recoveries | -5.7 | -5.7 |
Restructuring and other spending | -9.5 | -7.8 |
Net Cash provided (required) by operating activities | 173.9 | 138.4 |
Cash provided (required) by operating activities of discontinued operations: | ||
Environmental spending, discontinued, net of recoveries | -11.8 | (16) |
Payments of other discontinued reserves | -8.3 | -10.7 |
Cash provided (required) by operating activities of discontinued operations | -20.1 | -26.7 |
Cash provided (required) by investing activities: | ||
Capital expenditures | -71.8 | -66.4 |
Proceeds from disposal of property, plant and equipment | 1.6 | 2.5 |
Proceeds from sale of Princeton property | 0 | 59.4 |
Proceeds from sale of sodium sulfate assets | 0 | 16.7 |
Acquisitions, net of cash acquired | -31.8 | 0 |
Other investing activities | -4.5 | -2.7 |
Cash provided (required) by investing activities | -106.5 | 9.5 |
Cash provided (required) by financing activities: | ||
Net borrowings (repayments) under committed credit facilities | -49.4 | 59.9 |
Increase (decrease) in other short-term debt | 37.9 | 14.8 |
Proceeds from borrowings of long-term debt | 18.9 | 0 |
Repayments of long-term debt | 0 | -77.7 |
Distributions to noncontrolling interests | -8.5 | -5.7 |
Issuances of common stock, net | 2.3 | 10.8 |
Dividends paid | -18.2 | -15.8 |
Repurchases of common stock | -16.1 | -61.6 |
Cash provided (required) by financing activities | -33.1 | -75.3 |
Effect of exchange rate changes on cash and cash equivalents | 0.4 | 1.9 |
Increase (decrease) in cash and cash equivalents | 14.6 | 47.8 |
Cash and cash equivalents, beginning of period | 52.4 | 75.5 |
Cash and cash equivalents, end of period | $67 | 123.3 |
3_Condensed Consolidated Statem
Condensed Consolidated Statements of Cash Flows (Paranthetical Information) (USD $) | ||
In Millions | 6 Months Ended
Jun. 30, 2009 | 6 Months Ended
Jun. 30, 2008 |
Condensed Consolidated Statements of Cash Flows (Paranthetical Information) | ||
Cash paid for interest | 10.9 | 19.9 |
Income taxes paid, net of refunds | 13.6 | 11.2 |
Financial Information and Accou
Financial Information and Accounting Policies | |
6 Months Ended
Jun. 30, 2009 | |
Financial Information and Accounting Policies abstract | |
Financial Information and Accounting Policies | 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 (GAAP) applicable to interim period financial statements and reflect all adjustments necessary for a fair statement of results of operations and cash flows for the six months ended June 30, 2009 and 2008, and our financial position as of June 30, 2009. All such adjustments are of a normal recurring nature. The results of operations for the three and six months ended June 30, 2009 and 2008 are not necessarily indicative of the results of operations for the full year. The condensed consolidated balance sheets as of June 30, 2009 and December 31, 2008 and the related condensed consolidated statements of operations for the three and six months ended June 30, 2009 and 2008, and condensed consolidated statements of cash flows for the six months ended June 30, 2009 and 2008, have been reviewed by our independent registered public accountants. The review is described more fully in their report included herein. We have evaluated all subsequent events for recognition or disclosure through August 5, 2009, the date of filing of this 10-Q. 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, 2008 (the 2008 Form 10-K). Certain prior year amounts have been reclassified to conform to the current years presentation. |
Recently Issued and Adopted Acc
Recently Issued and Adopted Accounting Pronoucements | |
6 Months Ended
Jun. 30, 2009 | |
Recently Issued and Adopted Accounting Pronoucements (RecentlyIssuedAndAdoptedAccountingPronoucements) | |
Recently Issued and Adopted Accounting Pronoucements | Note 2: Recently Issued and Adopted Accounting Pronouncements New accounting standards FSP FAS 132(R)-1 In December 2008, the Financial Accounting Standards Board (FASB) issued FASB Staff Position (FSP) FAS 132(R)-1, "Employers' Disclosures about Postretirement Benefit Plan Assets". This FSP amends FASB Statement No. 132 (revised 2003) Employers' Disclosures about Pensions and Other Postretirement Benefits, to provide guidance on an employer's disclosures about plan assets of a defined benefit pension or other postretirement plan. The FSP requires additional disclosure regarding how investment allocation decisions are made, more information about major categories of plan assets, including concentrations of risk and fair-value measurements, and the fair-value techniques and inputs used to measure plan assets. We are required to adopt this Statement beginning with our 2009 Form 10-K. We are currently in the process of evaluating the effect that this Statement will have on the disclosures in our consolidated financial statements. SFAS No. 168 In June 2009, the FASB issued Statement of Financial Accounting Standards (SFAS) No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles - A Replacement of FASB Statement No. 162. This Statement establishes the FASB Accounting Standards Codification (Codification) as the source of authoritative GAAP recognized by the FASB. The Codification is effective for financial statements for interim or annual reporting periods ending after September 15, 2009. This Statement does not change GAAP therefore it will not have an impact on our consolidated financial statements. SFAS No. 167 In June 2009, the FASB issued Statement of Financial Accounting Standards (SFAS) No. 167, Amendments to FASB Interpretation No. 46(R). SFAS No. 167 amends FASB Interpretation (FIN) No. 46(R), Consolidation of Variable Interest Entities, by altering how a company determines when an entity that is insufficiently capitalized or not controlled through voting should be consolidated. An entity has to determine whether it should consolidate an entity based upon the entity's purpose and design and the parent company's ability to direct the entity's actions. We are required to adopt this Statement starting in 2010. Early adoption of this statement is prohibited and we are currently in the process of evaluating the effect that this Statement will have on our consolidated financial statements. SFAS No. 166 In June 2009, the FASB issued Statement of Financial Accounting Standards (SFAS) No. 166, Accounting for Transfers of Financial Assets. FAS No. 166 revises FAS No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, and will require entities to provide more information about sales of securitized financial assets and similar transactions, particularly if the seller retains some risk to the assets. This Statement eliminates the concept of a qualifying special-purpose entity, changes the requirements for the de-recognition of financial assets, and requires sellers of the assets to make add |
Acquisitions
Acquisitions | |
6 Months Ended
Jun. 30, 2009 | |
Acquisitions (Acquisitions) | |
Acquisitions | Note 3: Acquisitions 2009 Acquisitions In February 2009, we acquired the CB Professional Products line of insect control products from Waterbury Companies, Inc. and in June 2009, we acquired the proprietary fungicide Benalaxyl from Isagro S.p.A. Both of these bolt-on acquisitions are being integrated into our Agricultural Products Group and fit our strategic goal of offering an expanded product portfolio in focus markets and geographic segments. The CB Professional Products line provides a comprehensive set of solutions to pest management professionals primarily in the United States. Benalaxyl is a highly effective systematic fungicide and is registered in more than 50 countries with the majority of sales expected in the European Union and Latin America.. The combined purchase price for both acquisitions was approximately $34million. The results of operations of the above acquisitions have been included in the Agricultural Products segment since their acquisition dates of February and June 2009, respectively. The CB acquisition included intangible assets of $12.1million (primarily customer relationships and trade names) and inventory of $1.7million. Approximately $1.0 million of the purchase price has been accrued as contingent consideration. The Benalaxyl acquisition totaled $20.0 million and consisted of registration rights and trademarks. The acquired intangible assets from these acquisitions that are subject to amortization, primarily customer relationships, registration rights and developed formulations, have useful lives ranging from 5 to 20 years. Pro forma revenue, net income and earnings per share information related to these acquisitions are not presented because its impact on these measures in our condensed consolidated statements of income is not significant. 2008 Acquisitions During the third quarter of 2008, we acquired the two businesses described below for approximately $97 million. We paid $89.7 million in cash for these two businesses which represents the purchase price of approximately $97 million less cash acquired. The businesses were integrated into our Specialty Chemicals segments BioPolymer Division. In August 2008, we acquired the hydrocolloids ingredients business of International Specialty Products Inc. (ISP) based in Girvan, Scotland. This acquisition is intended to strengthen our position in hydrocolloids and enhance service to the global customers in food, pharmaceutical and specialty industries. Under the agreement, we acquired ISPs alginates and food blends business (other than ISPs Germinal blending business based in Brazil), including ISPs Girvan, Scotland, manufacturing facility and employees. The results of operations of the ISP business have been included in the Specialty Chemicals segment since the acquisition date of August 18, 2008. In September 2008, we acquired shares and assets comprising the food ingredients business of the Co-Living Group. The acquisition is intended to enhance our position in supplying specialty hydrocolloid products and services to the rapidly growing food ingredients market in China. The results of operations of the CoLiving busin |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | |
6 Months Ended
Jun. 30, 2009 | |
Goodwill and Intangible Assets (GoodwillAndIntangibleAssets) | |
Goodwill and Intangible Assets | Note 4: Goodwill and Intangible Assets The changes in the carrying amount of goodwill by business segment for the six months ended June 30, 2009 are presented in the table below: (in Millions) Agricultural Products Specialty Chemicals Industrial Chemicals Total Balance, December 31, 2008 $2.7 $193.7 $0.6 $197.0 Acquisitions 0.1 - - 0.1 Purchase Price Allocation Adjustments - 3.1 - 3.1 Foreign Currency Adjustments - 1.7 - 1.7 Balance, June 30, 2009 $2.8 $198.5 $0.6 $201.9 Acquisitions for the six months ended June 30, 2009 relate to the CB Professional Products acquisition described in Note 3. Our indefinite life intangible assets totaled $2.4 million at June 30, 2009. We did not have any indefinite life intangible assets at December 31, 2008. The indefinite life intangible assets consist of trade names acquired as part of the CB Professional Products acquisition in our Agricultural Products segment as discussed in Note 3. Our definite life intangible assets totaled $53.9 million and $25.9 million at June 30, 2009 and December 31, 2008, respectively. At June 30, 2009, these definite life intangibles were allocated among our business segments as follows: $35.5 million in Agricultural Products, $17.4 million in Specialty Chemicals and $1.0 million in Industrial Chemicals. Definite life intangible assets consist primarily of patents, customer relationships, access and registration rights, industry licenses, developed formulations and other intangibles and are included in Other assets in the condensed consolidated balance sheets. The increase in definite life intangibles during the six months ended June, 2009 was due to the intangible assets acquired in connection with the acquisitions described in Note 3. Amortization was not significant in the periods presented. |
Financial Instruments and Risk
Financial Instruments and Risk Management | |
6 Months Ended
Jun. 30, 2009 | |
Financial Instruments and Risk Management (FinancialInstrumentsAndRiskManagement) | |
Financial Instruments and Risk Management | Note 5: Financial Instruments and Risk Management Fair Value of Financial Instruments Our financial instruments include cash and cash equivalents, trade receivables, other current assets, accounts payable, and amounts included in investments and accruals meeting the definition of financial instruments. These financial instruments are stated at their carrying value, which is a reasonable estimate of fair value. 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. Energy Forward Option 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. The estimated fair value of the financial instruments in the above chart is based on estimated fair-value amounts that have been determined using available market information and appropriate valuation methods. 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 value of foreign exchange forward contracts and energy forward option contracts which is equivalent to their carrying amounts are included in the below tables under the Accounting for Derivative Instruments and Hedging Activities section. The estimated fair value of debt is $615.6 million and $566.0 million and the carrying amount is $633.8 million and $623.6 million as of June 30, 2009 and December 31, 2008, respectively. Use of Derivative Financial Instruments to Manage Risk We mitigate certain financial exposures, including currency risk, interest rate risk, and energy purchase exposures, through a program of risk management that includes the use of derivative financial instruments. We enter into foreign exchange contracts, including forward and purchased option contracts, to reduce the effects of fluctuating foreign currency exchange rates. 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 formally 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 hed |
Fair Value Measurements
Fair Value Measurements | |
6 Months Ended
Jun. 30, 2009 | |
Fair Value Measurements (FairValueMeasurements) | |
Fair Value Measurements | Note 6: Fair Value Measurements We adopted the provisions of SFASNo.157 on January 1, 2008 and the provisions of FSP FAS 157-2 on January 1, 2009. See Note 2 for additional details. SFAS 157 defines fair value as 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. Other than new disclosure, there was no impact to our condensed consolidated financial statements upon adoption of SFAS 157 and FSP FAS 157-2. Fair Value Hierarchy In accordance with SFASNo.157, 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 (Level1)and the lowest priority to unobservable inputs (Level3). 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. Our assets and liabilities required to be measured at fair value are recorded on the condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: Level1. Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we have the ability to access (examples include active exchange-traded equity securities, exchange-traded derivatives and most U.S.Government and agency securities). Level2. Assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Examples of Level2 inputs include quoted prices for identical or similar assets or liabilities in non-active markets and pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including interest rate, currency swaps and energy derivatives). Level3. Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect managements own assumptions about the assumptions a market participant would use in pricing the asset or liability. The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis in our condensed consolidated balance sheets as of June 30, 2009. (in Millions) 6/30/2009 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant |
Inventories
Inventories | |
6 Months Ended
Jun. 30, 2009 | |
Inventories (Inventories) | |
Inventories | Note 7: Inventories Inventories consisted of the following: June 30, December31, 2009 2008 (in Millions) Finished goods and work in process......................................................................................................... $ 251.1 $ 249.7 Raw materials.............................................................................................................................................. 139.3 131.1 Net inventory................................................................................................................................................ $ 390.4 $ 380.8 |
Property, Plant and Equipment
Property, Plant and Equipment | |
6 Months Ended
Jun. 30, 2009 | |
Property, Plant and Equipment (PropertyPlantAndEquipment) | |
Property, Plant and Equipment | Note 8: Property, Plant and Equipment Property, plant and equipment consisted of the following: June 30, December31, 2009 2008 (in Millions) Property, plant and equipment................................................................................................................. $2,669.5 $2,641.5 Accumulated depreciation......................................................................................................................... 1,721.1 1,702.3 Property, plant and equipment, net.......................................................................................................... $ 948.4 $ 939.2 In August 2008, we entered into an agreement with Princeton South Development, LLC to lease our new RD facility (which was still under construction as of June 30, 2009) in Ewing Township, NJ. The facility is being developed, owned, and operated by a nonaffiliated company. We are required to be treated, for accounting purposes only, as the owner of the Princeton facility, in accordance with EITF 9710, The Effect of Lessee Involvement in Asset Construction. At June 30, 2009, the cost of the asset is included in construction in progress in the amount of $7.3 million, with an offset to Other long-term liabilities on the condensed consolidated balance sheets. |
Asset Retirement Obligations
Asset Retirement Obligations | |
6 Months Ended
Jun. 30, 2009 | |
Asset Retirement Obligations (AssetRetirementObligations) | |
Asset Retirement Obligations | Note 9: Asset Retirement Obligations As of June 30, 2009, the balance of our asset retirement obligations was $16.9 million. This amount increased approximately $9.2 million from December31, 2008 primarily due to the revised estimates of the timing of settlement of asset retirement obligation liabilities associated with our decision to shut down our Barcelona, Bayport butyllithium and Santa Clara facilities, partially offset by payments against the reserve. A more complete description of our policy related to asset retirement obligations can be found in Note 9 to our 2008 consolidated financial statements on our 2008 Form 10-K. |
Restructuring and Other Charges
Restructuring and Other Charges (Income) | |
6 Months Ended
Jun. 30, 2009 | |
Restructuring and Other Charges (Income) | |
Restructuring and other charges (income) disclosure | Note 10: Restructuring and other charges (income) Three and Six Months Ended June 30, 2009 Barcelona Facility Shutdown In June 2009, we made the decision to phase out operations of our Barcelona, Spain facility by March 2010. The facility is part of Foret which is included in our Industrial Chemicals segment. High costs at the Barcelona facility coupled with reduced demand for product manufactured at that site have made it uneconomical for FMC to continue operations at the Barcelona facility. We recorded charges totaling $12.5 million during the three and six months ended June 30, 2009 which primarily consisted of severance and employee benefits. Santa Clara Shutdown In March 2009, we made the decision to shut down our manufacturing operations at our Peroxygens facility in Santa Clara, Mexico, which is part of our Industrial Chemicals segment. The decision to shut down the Santa Clara operations was made in an effort to maximize cost savings and improve efficiencies. We recorded charges totaling $0.2 million during the three months ended June 30, 2009 which related to accelerated depreciation on fixed assets to be abandoned. We recorded charges totaling $6.6 million during the six months ended June 30, 2009 which consisted of (i) accelerated depreciation on fixed assets to be abandoned of approximately $3.4 million, (ii) severance and employee benefits of $1.5 million, and (iii) other shut down costs of approximately $1.7 million. Bayport Butyllithium Shutdown In March 2009, we made the decision to close our Bayport butyllithium facility located in Bayport, Texas. The Bayport butyllithium facility is part of our Lithium division which is included in our Specialty Chemicals segment. Our decision is consistent with our ongoing strategy to be globally competitive and focus on products consistent with market demands. We recorded charges totaling $3.4 million during the three months ended June 30, 2009 which related to accelerated depreciation on fixed assets to be abandoned. We recorded charges totaling $7.5 million during the six months ended June 30, 2009 which consisted of (i) accelerated depreciation on fixed assets to be abandoned of approximately $6.8 million and (ii) severance and employee benefits of $0.7 million. Alginates Restructuring In January 2009, we announced plans to realign our BioPolymer alginates manufacturing operations in Norway and the United Kingdom as we continue integration of the International Specialty Products (ISP) alginates business acquired in August 2008. A portion of the restructuring charges associated with this realignment were recognized as liabilities in the purchase price allocation described in Note 3. We recorded charges related to the pre-existing operations totaling $3.5 million during the three months ended June 30, 2009 which consisted of (i) accelerated depreciation on fixed assets to be abandoned of approximately $2.0 million, (ii) severance and employee benefits of $1.3 million and (iii) other shut down charges of $0.2 million. We recorded charges related to the pre-existing operations totaling $6.3 million during |
Debt
Debt | |
6 Months Ended
Jun. 30, 2009 | |
Debt (Debt) | |
Debt | Note 11: Debt Debt maturing within one year: Debt maturing within one year consists of the following: (in Millions) June 30, 2009 December 31, 2008 Short-term debt $66.7 $28.6 Current portion of long-term debt 5.9 2.1 Total debt maturing within one year $72.6 $30.7 Short-term debt consisted of foreign credit lines at June 30, 2009 and December 31, 2008. We provide parent-company guarantees to lending institutions providing credit to our foreign subsidiaries. Long-term debt: Long-term debt consists of the following: (in Millions) June 30, 2009 Interest Rate Percentage Maturity Date 6/30/2009 12/31/2008 Pollution control and industrial revenue bonds (less unamortized discounts of $0.3 million and $0.3 million, respectively) 0.40-7.05% 2009-2035 $200.4 $189.4 Debentures (less unamortized discounts of $0.1 million and $0.1 million, respectively) 7.75% 2011 45.4 45.4 European credit agreement 1.13-2.05% 2010 146.3 157.2 Domestic credit agreement 0.67-3.25% 2012 167.0 203.0 Foreign debt 8.0 - Total debt 567.1 595.0 Less: debt maturing within one year 5.9 2.1 Total long-term debt $561.2 $592.9 At June 30, 2009, we had $146.3 million in U.S. dollar equivalent revolving credit facility borrowings under the European Credit Agreement compared to $157.2 million at December 31, 2008. Available funds under this facility were $163.2 million and $150.2 million at June 30, 2009 and December 31, 2008, respectively. We had $167.0 million of borrowings under our Domestic Credit Agreement at June 30, 2009 compared to $203.0 million of borrowings at December 31, 2008. Letters of credit outstanding under the Domestic Credit Agreement totaled $148.8 million and $151.5 million at June 30, 2009 and December31, 2008, respectively. As such, available funds under the Domestic Credit Agreement were $284.2 million and $245.5 million at June 30, 2009 and December 31, 2008, respectively. Among other restrictions, the Domestic Credit Agreement and the European Credit Agreement contain 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). Our actual leverage for the four consecutive quarters ended June 30, 2009 was 1.2 which is below the maximum leverage 3.5. Our actual interest coverage for the four consecutive quarters ended June 30, 2009 was 20.2 which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at June 30, 2009. |
Discontinued Operations
Discontinued Operations | |
6 Months Ended
Jun. 30, 2009 | |
Discontinued Operations (DiscontinuedOperations) | |
Discontinued Operations | Note 12: Discontinued Operations Our results of discontinued operations comprised the following: (in Millions) Three months ended June 30, Six months ended June 30, Income/(Expense) 2009 2008 2009 2008 Adjustment for workers compensation, product liability, and other postretirement benefits related to previously discontinued operations (net of income tax expense of $0.4 million and $0.3 million for the three and six months ended June 30, 2009 and $0.0 million and $0.1 million for the three and six months ended June 30, 2008, respectively) 0.7 - 0.6 0.3 Provision for environmental liabilities and legal reserves and expenses related to previously discontinued operations (net of income tax benefit of $3.6 million and $6.3 million for the three and six months ended June 30, 2009 and $4.8 million and $8.8 million for the three and six months ended June 30, 2008, respectively) (5.9) (7.8) (10.2) (14.5) Discontinued operations, net of income taxes $(5.2) $(7.8) $(9.6) $(14.2) 2009 During the three and six months ended June 30, 2009, we recorded a $9.5 million ($5.9 million after-tax) charge and a $16.5 million ($10.2 million after-tax) charge, respectively, to discontinued operations related to environmental issues and legal reserves and expenses. Environmental charges of $3.9 million ($2.4 million after-tax) and $4.7 million ($2.9 million after-tax) for the three and six months ended June 30, 2009, respectively, related primarily to operating and maintenance activities. We also recorded increases to legal reserves and expenses in the amount of $5.6 million ($3.5 million after-tax) and $11.8 million ($7.3 million after-tax) for the three and six months ended June 30, 2009, respectively. At June 30, 2009 and December 31, 2008, substantially all other discontinued operations reserves recorded on our condensed consolidated balance sheets were related to other post-retirement benefit liabilities, self-insurance and long-term obligations related to legal proceedings associated with operations discontinued between 1976 and 2001. 2008 During the three and six months ended June 30, 2008, we recorded a $12.6 million ($7.8 million after-tax) charge and a $23.3 million ($14.5 million after-tax) charge, respectively, to discontinued operations related to environmental issues and legal reserves and expenses. Environmental charges of $6.6 million ($4.1 million after-tax) and $10.1 million ($6.3 million after-tax) for the three and six months ended June 30, 2008, respectively, related to a provision to increase our reserves for environmental issues primarily at our Middleport site as well as for operating and maintenance activities. We also recorded increases to legal reserves and expenses in the amount of $6.0 million ($3.7 million after-tax) and $13.2 million ($8.2 million after-tax) for the three and six months ended June 30, 2008, respectively. |
Environmental Obligations
Environmental Obligations | |
6 Months Ended
Jun. 30, 2009 | |
Environmental Obligations (EnvironmentalObligations) | |
Environmental Obligations | Note 13: Environmental Obligations We have provided reserves for potential environmental obligations, which management considers probable and for which a reasonable estimate of the obligation could be made. Accordingly, reserves of $185.6 million and $194.2 million, excluding recoveries, have been provided at June 30, 2009 and December 31, 2008, respectively. At June 30, 2009 and December 31, 2008, expected recoveries were $46.6 million and $47.7 million, respectively, with the majority at each date relating to existing contractual arrangements with U.S. government agencies, insurance carriers and other third parties. Recoveries are recorded as either an offset to the Environmental liabilities, continuing and discontinued balance totaling $19.3 million and $21.5 million at June 30, 2009 and December 31, 2008, respectively, or as Other assets totaling $27.3 million and $26.2 million at both June 30, 2009 and December 31, 2008, respectively, in the condensed consolidated balance sheets. Cash recoveries recorded as realized claims against third parties were $3.7 million in the first six months of 2009. Total cash recoveries recorded for the year ended December 31, 2008 were $5.6 million. The long-term portion of environmental reserves, net of recoveries, totaling $154.4 million and $158.8 million at June 30, 2009 and December 31, 2008, respectively, is included in Environmental liabilities, continuing and discontinued. The short-term portion of continuing obligations is recorded as Accrued and other liabilities. We have estimated that reasonably possible environmental loss contingencies may exceed amounts accrued by approximately $80 million at June 30, 2009. Obligations that have not been reserved for may be material to any one quarters or years results of operations in the future. However, we believe any such liability arising from potential environmental obligations is not likely to have a materially adverse effect on our liquidity or financial condition and may be satisfied over the next twenty years or longer. The table below is a rollforward of our environmental reserves, continuing and discontinued, from December 31, 2008 to June 30, 2009: Operating and Discontinued Sites Total (in Millions) Total environmental reserves, net of recoveries at December31, 2008 $ 172.7 Provision ........................................................................................................... 11.1 Spending, net of recoveries............................................................................ (17.5) Net Change....................................................................................................... (6.4) Total environmental reserves, net of recoveries at June 30, 2009.... 166.3 Environmental reserves, current, net of recoveries (1) ............................. 11.9 Environmental reserves, long-term continuing and discontinued, net of recoveries 154.4 Total environmental reserves, net of recoveries at June 30, 2009 166.3 (1) Current includes only those reserves rela |
Earnings Per Share
Earnings Per Share | |
6 Months Ended
Jun. 30, 2009 | |
Earnings Per Share (EarningsPerShareAbstracts) | |
Earnings Per Share | 14: 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 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. There were 280,163 potential common shares excluded from Diluted EPS for the three and six months ended June 30, 2009. There were no potential common shares excluded from Diluted EPS for the three and six months ended June 30, 2008. As discussed in Note 2, we adopted FSP EITF 03-6-1 on January 1, 2009. Our non-vested restricted stock awards contain rights to receive nonforfeitable 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 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: (in Millions Except Share and Per Share Data) Three months Ended June 30, Six months Ended June 30, 2009 2008 2009 2008 Earnings attributable to FMC stockholders: Income from continuing operations attributable to FMC stockholders $74.5 $92.2 $148.0 $192.5 Discontinued operations, net of income taxes (5.2) (7.8) (9.6) (14.2) Net income $69.3 $84.4 $138.4 $178.3 Less: Distributed and undistributed earnings allocable to restricted award holders (0.4) (0.5) (0.7) (0.9) Net income allocable to common stockholders $68.9 $83.9 $137.7 $177.4 Basic earnings per common share attributable to FMC stockholders Continuing operations $1.02 $1.23 $2.04 $2.57 Discontinued operations (0.07) (0.10) (0.13) (0.19) Net income $0.95 $1.13 $1.91 $2.38 Diluted earnings per common share attributable to FMC stockholders Continuing operations $1.01 $1.20 $2.02 $2.52 Discontinued operations (0.07) (0.10) (0.13) (0.19) Net income $0.94 $1.10 |
Comprehensive Income
Comprehensive Income | |
6 Months Ended
Jun. 30, 2009 | |
Comprehensive Income (ComprehensiveIncome) | |
Comprehensive Income | Note 15: Comprehensive Income Comprehensive income includes all changes in equity during the period except those resulting from investments by owners and distributions to owners. Our comprehensive income for the three and six months ended June 30, 2009 and 2008 consisted of the following: (in Millions) Three months ended June 30, Six months ended June 30, 2009 2008 2009 2008 Net income $71.7 $88.2 $142.6 $185.0 Reclassification adjustments for losses (gains) included in net income, net of income tax expense of $4.5 and $8.6 and $1.4 and $2.0 for the three and six months ended June 30, 2009 and 2008, respectively 7.6 2.0 14.1 2.9 Foreign currency translation adjustment 30.8 (0.9) 6.4 20.1 Net deferral of hedging gains (losses) and other 5.0 12.1 7.5 13.8 Net realized actuarial gains/(losses) and prior service (cost) credits (1.6) (1.3) (1.7) (1.6) Comprehensive income 113.5 100.1 168.9 220.2 Less: Comprehensive income attributable to the noncontrolling interest 2.6 3.7 4.1 6.9 Comprehensive income attributable to FMC stockholders $110.9 $96.4 $164.8 $213.3 |
Equity
Equity | |
6 Months Ended
Jun. 30, 2009 | |
Equity (Equity) | |
Equity | Note 16: Equity As discussed in Note 2, we adopted the provision of SFASNo. 160 on January 1, 2009. The standard requires additional disclosures around equity, equity attributable to the parent, and equity attributable to noncontrolling interests. Refer to the below table for a reconciliation of these items: FMCs Stockholders Equity Noncontrolling Interest Total Equity (in Millions, Except Par Value) Balance December31, 2008 $902.9 $63.5 $966.4 Net income 138.4 4.2 142.6 Stock compensation plans 7.9 - 7.9 Shares for benefit plan trust (0.3) - (0.3) Reclassification adjustments for losses (gains) included in net income, net of income tax expense of $8.6 14.1 - 14.1 Change in pension and post-retirement benefit plans, net of income tax benefit of $1.0 (1.7) - (1.7) Net deferred gain (loss) on derivative contracts, net of income tax expense of $4.6 7.5 - 7.5 Foreign currency translation adjustments 6.5 (0.1) 6.4 Dividends ($0.125 per share) (18.2) - (18.2) Repurchase of common stock (15.0) - (15.0) Distributions to noncontrolling interests - (8.5) (8.5) Balance June 30, 2009 $1,042.1 $59.1 $1,101.2 Dividends and Share Repurchases On July 16, 2009, we paid dividends aggregating $9.1 million to our shareholders of record as of June 30, 2009. This amount is included in Accrued and other liabilities on the condensed consolidated balance sheets as of June 30, 2009. For the six months ended June 30, 2009 and June 30, 2008, we paid $18.2 million and $15.8 million in dividends, respectively. In April 2007, the Board of Directors authorized the repurchase of up to $250 million of our common stock. In October 2008, the Board authorized the repurchase of up to an additional $250 million of our common stock. Although the repurchase program does not include a specific timetable or price targets and may be suspended or terminated at any time, we expect that the program will be accomplished over a two-year period. 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 in connection with the vesting and exercise of awards under our equity compensation plans. During the six months ended June 30, 2009, we repurchased 297,315 shares under the publicly announced repurchase program for $15 million. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | |
6 Months Ended
Jun. 30, 2009 | |
Pensions and Other Postretirement Benefits (PensionsAndOtherPostretirementBenefits) | |
Pensions and Other Postretirement Benefits | Note 17: Pensions and Other Postretirement Benefits The following table summarizes the components of net annual benefit cost (income) for the three and six months ended June 30, 2009 and 2008: (in Millions) Three months ended June 30, Six months ended June 30, Pensions Other Benefits Pensions Other Benefits 2009 2008 2009 2008 2009 2008 2009 2008 Components of net annual benefit cost: Service cost $4.5 $4.5 $0.1 $0.2 $8.9 $9.0 $0.2 $0.2 Interest cost 15.8 15.2 0.7 0.7 31.6 30.5 1.4 1.4 Expected return on plan assets (18.8) (19.4) -- -- (37.6) (39.0) -- -- Amortization of prior service cost 0.2 0.3 (0.3) (0.4) 0.4 0.6 (0.5) (0.7) Recognized net actuarial (gain) loss 1.2 0.7 (0.2) (0.2) 2.4 1.4 (0.4) (0.4) Recognized loss due to settlement 0.5 -- -- -- 0.5 -- - -- Net periodic benefit cost from continuing operations $3.4 $1.3 $0.3 $0.3 $6.2 $2.5 $0.7 $0.5 We made voluntary cash contributions to our U.S. defined benefit pension plan of $25 million in the six months ended June 30, 2009. We expect that our total voluntary cash contributions to the plan for 2009 will be approximately $75 million. In the second quarter of 2009, we closed out our obligations associated with our Canadian defined benefit pension plan through the purchase of an insurance annuity. This event resulted in a settlement charge of $0.5 million. |
Income Taxes
Income Taxes | |
6 Months Ended
Jun. 30, 2009 | |
Income Taxes (IncomeTaxes) | |
Income Taxes | Note 18: Income Taxes Income tax expense was $13.6 million resulting in an effective tax rate of 15.0% for the three months ended June 30, 2009 compared to expense of $42.5 million resulting in an effective tax rate of 30.7% for the three months ended June 30, 2008. The decrease in the effective tax rate was primarily a result of a reduction in our liability for unrecognized tax benefits of approximately $18 million as a result of settlements of audits and expiration of statute of limitations. Income tax expense was $47.0 million resulting in an effective tax rate of 23.6% for the six months ended June 30, 2009 compared to expense of $84.7 million resulting in an effective tax rate of 29.8% for the six months ended June 30, 2008. The change in the effective tax rate is consistent with the change in the three months ended June 30, 2009 as discussed in the previous paragraph partially offset by a change in the mix of domestic income compared to income earned outside of the U.S. Income we earn domestically is typically taxed at rates higher than income earned outside the U.S. |
Guarantees, Commitments and Con
Guarantees, Commitments and Contingencies | |
6 Months Ended
Jun. 30, 2009 | |
Guarantees, Commitments and Contingencies Abstract | |
Guarantees, Commitments and Contingencies | Note 19: 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 June 30, 2009: (in Millions) June 30, 2009 Guarantees: - FMC Technologies, Inc. performance guarantees $ 0.8 - Guarantees of vendor financing 27.9 - Foreign equity method investment debt guarantees 8.1 Total $36.8 We guarantee the performance by FMC Technologies, Inc. (Technologies) of a debt instrument outstanding in the principal amount of $0.8 million as of June 30, 2009 and December31, 2008. We provide guarantees to financial institutions on behalf of certain Agricultural Products customers, principally in Brazil, for their seasonal borrowing. The total of these guarantees was $27.9 million and $20.3 million at June 30, 2009 and December 31, 2008, respectively, and are recorded on the condensed consolidated balance sheets for each date as Guarantees of vendor financing. We guarantee repayment of some of the borrowings of certain foreign affiliates accounted for using the equity method for investments. The other equity investors provide parallel agreements. As of June 30, 2009, these guarantees had maximum potential payments of $8.1 million, compared to $6.8 million at December 31, 2008. 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. Our indemnification obligations with respect to these 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 certain of the indemnity payments from third parties. We have not recorded any specific liabilities for these guarantees. We spun off FMC Technologies, Inc. (Technologies) in 2001. At this time, we entered into a tax sharing agreement wherein each company is obligated for those taxes associated with its respective business, generally determined as if each company filed its own consolidated, combined or unitary tax returns for any period where Technologies is included in the consolidated, combined or unitary tax return of us or our subsidiaries. The statute of limitations for the 2001 U.S. federal income tax year has now closed and no questions regarding the spin-off were raised during the IRS audit for 2000-2001, therefore any liability for taxes if the spin-off of Technologies were not tax free due to an action taken by Technologies has been favorably concluded. The tax sharing agreement continues to be in force with respect to certain items, which we do not believe woul |
Segment Information
Segment Information | |
6 Months Ended
Jun. 30, 2009 | |
Segment Information (SegmentInformation) | |
Segment Information | Note 20: Segment Information (in Millions) Three Months Ended June 30, Six Months Ended June 30, 2009 2008 2009 2008 Revenue Agricultural Products $252.4 $276.6 $513.8 $554.1 Specialty Chemicals 192.7 192.4 367.2 376.2 Industrial Chemicals 256.2 338.9 512.2 629.3 Eliminations (1.0) (1.3) (2.4) (2.8) Total $700.3 $806.6 $1,390.8 $1,556.8 Income (loss) from continuing operations before income taxes Agricultural Products $90.5 $84.4 $183.0 $167.4 Specialty Chemicals 40.5 41.5 78.6 81.0 Industrial Chemicals 13.5 45.3 36.3 80.8 Eliminations 0.1 ---- (0.1) (0.2) Segment operating profit (1) 144.6 171.2 297.8 329.0 Corporate (10.3) (13.1) (21.6) (25.0) Other income (expense), net (9.2) (4.4) (12.8) (7.4) Operating profit before the items listed below 125.1 153.7 263.4 296.6 Interest expense, net (6.5) (8.3) (13.5) (17.0) Restructuring and other income (charges) (2) (30.1) (10.7) (52.6) (2.4) Purchase accounting inventory fair value impact (3) (0.4) - (2.3) - Provision for income taxes (13.6) (42.5) (47.0) (84.7) Discontinued operations, net of income taxes (5.2) (7.8) (9.6) (14.2) Net income attributable to FMC stockholders $69.3 $84.4 $138.4 $178.3 (1) Results for all segments are net of noncontrolling interests of $2.4 million and $4.2 million in the three and six months ended June 30, 2009, respectively and $3.8 million and $6.7 million in the three and six months ended June 30, 2008, respectively. The majority of these noncontrolling interests pertain to our Industrial Chemicals segment. (2) See Note 10 for details of restructuring and other charges (income). Amounts in this line item for the three months ended June 30, 2009 related to Agricultural Products ($0.6 million), Industrial Chemicals ($15.1 million), Specialty Chemicals ($9.1 million) and Corporate ($5.3 million). Amounts in this line item for the three months ended June 30, 2008 related to Agricultural Products ($8.4 million), Industrial Chemicals ($1.2 million), and Corporate ($1.1 million). Amounts in this line item for the six months ended June 30, 2009 related to Agricultural Products ($4.9 million), Industrial Chemicals ($25.3 million), Specialty Chemicals ($15.8 million) and Corporate ($6.6 million). Amounts in this line item for the six months ended June 30, 2008 related to Agricultural Products ($26.2 million), Industrial Chemicals ($0.6 million - gain), Specialty Chemicals ($0.3 million) and Corporate ($23.5 million - gain). (3) Charges related to amortization of the inventory fair value step-up resultin |
Document Information
Document Information | |
6 Months Ended
Jun. 30, 2009 | |
Document Information | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | 2009-06-30 |
Entity Information
Entity Information (USD $) | ||
6 Months Ended
Jun. 30, 2009 | Jun. 30, 2008
| |
Entity Information | ||
Entity Registrant Name | FMC Corporation | |
Entity Central Index Key | 0000037785 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Public Float | $5,739,115,705 | |
Entity Common Stock, Shares Outstanding | 72,493,401 |