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Form 8-K FMC CORP For: May 11

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May 11, 2015 7:12 AM EDT


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________
 FORM 8-K
_______________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 11, 2015
__________________________________________________________________________
FMC CORPORATION
(Exact name of registrant as specified in its charter)
__________________________________________________________________________ 
Delaware
1-2376
94-0479804
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer
Identification No.)
 
 
 
1735 Market Street
Philadelphia, Pennsylvania
 
19103
(Address of principal executive offices)
 
(Zip Code)

Registrant’s telephone number, including area code: 215-299-6000
__________________________________________________________________________

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act
 
 
o
Soliciting material pursuant to Rule 14a-2 under the Exchange Act
 
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
 
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act






ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On May 11, 2015, FMC Corporation issued a press release announcing the financial results for the three months ended March 31, 2015. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
99.1    Press Release





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
FMC CORPORATION
(Registrant)
 
 
 
 
 
 
By:
/S/ PAUL W. GRAVES
 
 
Paul W. Graves
Executive Vice President and
Chief Financial Officer
Date: May 11, 2015






EXHIBIT INDEX
Exhibit No.
  
Exhibit Description
 
 
 
99.1
  
Press Release





Exhibit 99.1
 
FMC Corporation
 
1735 Market Street
 
Philadelphia, PA 19103
 
USA
News Release
 
 
 
215.299.6000
 
 
 
fmc.com
 
 
 
 
 
For Release: Immediate
 
 
 
 
 
 
 
 
 
 
Media Contact: Jim Fitzwater - 215.299.6633
 
 
 
 
Investor Relations Contact: Brian Angeli - 215.299.6119
 
 
FMC Corporation Announces First Quarter Results and Long-Term Growth Plan at Investor Day

First Quarter 2015 Highlights
•
Consolidated revenues of $659 million, consolidated adjusted earnings per share of $0.62
•
Agricultural Solutions segment earnings of $82 million
•
Health and Nutrition segment earnings of $51 million
•
Lithium segment earnings of $6 million
•
Agreement signed for sale of Alkali Chemicals for $1.64 billion
•
Full-year 2015 adjusted earnings per share guidance of $3.10 to $3.40
Investor Day Highlights
•
Steps to transform portfolio completed
•
Revenue growth of 7 to 11 percent per year from 2016 through 2020
•
Reaffirms Cheminova synergy target of $120 million delivered in first three years
•
Adjusted operating profits growth of 11 to 15 percent per year from 2016 through 2020
•
Cash available for redeployment of over $2.5 billion over next five years
 
PHILADELPHIA, May 11, 2015 - FMC Corporation (NYSE:FMC) today released first quarter results and will host an Investor Day in New York City.
Pierre Brondeau, president, CEO and chairman, stated: “The first three months of 2015 were characterized by extremely volatile foreign exchange movements, a high degree of uncertainty in global agricultural markets and crop specific headwinds in the Brazil crop protection markets. In the quarter, currency movements reduced our revenues by approximately 4 percent and reduced our consolidated adjusted earnings per share by 11 cents.

-more-



Page 2/ FMC Corporation Announces First Quarter Results

“On February 3, 2015, we signed an agreement to sell Alkali Chemicals for $1.64 billion, resulting in discontinued operations treatment of Alkali Chemicals for the first quarter. The sale was completed on April 1, 2015. We also closed the Cheminova acquisition on April 21, 2015; however, this timing meant that Cheminova’s strong first quarter performance was not included in our first quarter earnings.
“The closing of these two transactions completes the key steps to transform our portfolio into one focused on agriculture, health and nutrition. Looking forward into 2016 and beyond, we expect to see stronger average annual rates of growth in revenues, adjusted operating earnings and adjusted earnings per share than we delivered between 2009 and 2014, with stronger cash generation. Underlying market growth, expanded market access, new technology introductions, operational excellence and near-term synergies from the Cheminova acquisition, plus stronger free cash flow and lower capital intensity, all will contribute to this financial performance between 2016 and 2020. We are excited about the prospects for the transformed FMC portfolio in the coming years.”
First Quarter Performance
First quarter revenue was $659.4 million, a 13 percent decrease versus the same period in 2014. The company reported a net loss of $46.8 million, or ($0.35) per diluted share, in the first quarter of 2015, compared to net income of $65.6 million, or $0.49 per diluted share, in the first quarter of 2014. First quarter results include charges of $130.6 million after tax, or $0.97 per diluted share, compared to charges of $39.4 million after tax, or $0.29 per diluted share, in the prior-year quarter. Excluding these items in both periods, adjusted earnings were $0.62 per diluted share, a decline of 21 percent versus the prior-year quarter of $0.78.
Segment Results
FMC Agricultural Solutions
First-quarter segment revenue for FMC Agricultural Solutions was $392.4 million, a decrease of 16 percent versus the prior-year quarter. First-quarter segment earnings were $81.8 million, a 32 percent decrease from the prior-year quarter. In the quarter, slow demand due to lower insect pressures and higher-than-normal channel inventories in Brazil, volatile exchange rates, and the decision to exit a distribution channel in Brazil responsible for third-party product sales negatively impacted results.
-more-



Page 3/ FMC Corporation Announces First Quarter Results
Global crop protection markets are expected to be down by mid-single digit percent in 2015. The macroeconomic environment remains uncertain, mainly in light of current expectations of currency movements, interest rates, agricultural commodity prices and oil prices. FMC expects that earnings contributions from the Cheminova acquisition, including early synergy gains, the continued spread of weed resistance in North America and Latin America, and market share gains are expected to increase full-year segment earnings by high-single-digit to low-double-digit percent in 2015.
FMC Health and Nutrition
First-quarter segment revenue for FMC Health and Nutrition was $211.0 million, a decrease of 7 percent versus the prior-year quarter. Unfavorable foreign currency impacts, primarily a weaker Euro, decreased revenue by approximately 5 percent, and lower sales volumes, principally in alginates, reduced revenue by approximately 2 percent. Segment earnings of $51 million were flat versus the prior-year quarter as improved product mix offset the decline in revenue.
For 2015, full-year segment earnings are expected to increase by mid-single digit percent. Earnings growth is expected to come from continued demand for pharmaceutical excipients and benefits from ongoing operational improvement and restructuring programs.
FMC Lithium
First-quarter segment revenue for FMC Lithium was $56.0 million, a decrease of 12 percent from the prior-year quarter, driven by lower volumes for butyllithium. Segment earnings for the first quarter were $5.5 million, a decline of 17 percent versus the prior-year quarter. Improved operations were offset by the increasing cost environment in Argentina.
Demand for lithium is expected to remain strong in 2015, particularly for lithium hydroxide. However, the challenges of operating in Argentina are expected to continue to act as a drag on reported segment earnings. As a result, full-year reported segment earnings are expected to be within the range of $15 to $25 million.
Corporate and Other
Corporate and other expenses were $15.3 million, and interest expense, net, was $14.0 million. For the quarter, depreciation and amortization was $22.8 million, and capital additions were $15.4 million. On March 31, 2015, gross consolidated debt was $2.1 billion, and debt, net of cash, was $2.0 billion. The underlying adjusted tax rate was at 27.5 percent in the first quarter.
-more-



Page 4/ FMC Corporation Announces First Quarter Results


For the full year 2015, adjusted earnings per share are expected to be in the range of $3.10 to $3.40.
Cheminova
FMC closed the acquisition of Cheminova on April 21, 2015, and has commenced the process of integrating Cheminova’s operations into FMC. This process is expected to result in synergies of up to $120 million in the first three years, the majority of which will be achieved from various cost-related actions. By eliminating duplicated costs, integrating procurement and supply chain activities, and aggressively targeting cross-selling opportunities, the bulk of these synergies will be in place by mid-2016.

About FMC
FMC Corporation is a specialty company serving agricultural, industrial and consumer markets globally for more than a century with innovative solutions, applications and quality products. In 2014, FMC had annual sales of approximately $3.3 billion from continuing operations. FMC acquired Cheminova in April 2015, which had sales of DKK 6.8 billion in 2014. FMC employs approximately 7,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. For more information, visit www.FMC.com.

Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in FMC Corporation's 2014 Form 10-K and other SEC filings. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. FMC Corporation does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.

# # #




FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except per share amounts)
 
Three Months Ended
 
March 31
 
2015
 
2014
Revenue
$
659.4

 
$
756.9

 
 
 
 
Costs of sales and services
408.7

 
463.9

 
 
 
 
Gross margin
250.7

 
293.0

 
 
 
 
Selling, general and administrative expenses
297.9

 
114.6

Research and development expenses
26.6

 
25.8

Restructuring and other charges (income)
22.3

 
6.7

Business separation costs
—

 
3.0

Total costs and expenses
755.5

 
614.0

Income (loss) from operations
(96.1
)
 
142.9

Equity in (earnings) loss of affiliates
0.1

 
(0.3
)
Interest expense, net
14.0

 
11.6

 
 
 
 
Income (loss) from continuing operations before income taxes
(110.2
)
 
131.6

Provision (benefit) for income taxes
(49.1
)
 
34.6

Income (loss) from continuing operations
(61.1
)
 
97.0

Discontinued operations, net of income taxes
15.6

 
(26.6
)
Net income (loss)
$
(45.5
)

$
70.4

  Less: Net income attributable to noncontrolling interests
1.3

 
4.8

Net income (loss) attributable to FMC stockholders
$
(46.8
)

$
65.6

 
 
 
 
Amounts attributable to FMC stockholders:
 
 
 
  Income (loss) from continuing operations, net of tax
$
(62.4
)
 
$
93.8

  Discontinued operations, net of tax
15.6

 
(28.2
)
  Net income (loss)
$
(46.8
)
 
$
65.6

Basic earnings (loss) per common share attributable to FMC stockholders:
 
 
 
  Continuing operations
$
(0.47
)
 
$
0.70

  Discontinued operations
0.12

 
(0.21
)
  Basic earnings per common share
$
(0.35
)
 
$
0.49

Average number of shares outstanding used in basic earnings per share computations
133.6

 
133.1

Diluted earnings (loss) per common share attributable to FMC stockholders:
 
 
 
Continuing operations
$
(0.47
)
 
$
0.70

  Discontinued operations
0.12

 
(0.21
)
  Diluted earnings per common share
$
(0.35
)
 
$
0.49

Average number of shares outstanding used in diluted earnings per share computations
133.6

 
134.3

 
 
 
 
Other Data:
 
 
 
Capital additions
$
15.4

 
$
40.2

Depreciation and amortization expense
$
22.8

 
$
23.9


Press Release Schedules - Page 1



FMC CORPORATION
SCHEDULE OF ADJUSTED EARNINGS FROM CONTINUING OPERATIONS (NON-GAAP)(2) 
(Unaudited, in millions, except per share amounts)

 
Three Months Ended
 
March 31
 
2015
 
2014
Revenue
$
659.4

 
$
756.9

 
 
 
 
Costs of sales and services
408.7

 
460.8

 
 
 
 
Gross margin
250.7

 
296.1

 
 
 
 
Selling, general and administrative expenses
101.0

 
110.4

Research and development expenses
26.6

 
25.8

Equity in (earnings) loss of affiliates
0.1

 
(0.3
)
 
 
 
 
Total costs and expenses
536.4

 
596.7

 
 
 
 
Adjusted earnings from continuing operations, before interest, income taxes and noncontrolling interests (Non-GAAP) (1)
$
123.0

 
$
160.2

 
 
 
 
Interest expense, net
14.0

 
11.6

Adjusted earnings from continuing operations, before income taxes and noncontrolling interests
$
109.0

 
$
148.6

 
 
 
 
Provision for income taxes
23.9

 
40.4

Net income attributable to noncontrolling interests
1.3

 
3.2

Adjusted after-tax earnings from continuing operations, attributable to FMC stockholders (Non-GAAP) (2)
$
83.8

 
$
105.0

 
 
 
 
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders
$
0.62

 
$
0.78

Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations (3)
134.4

 
134.3

___________________
(1) Referred to as Adjusted Operating Profit.
(2) The Company believes that the Non-GAAP financial measure “Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders”, and its presentation on a per share basis, provides useful information about the Company’s operating results to investors and securities analysts. Adjusted earnings excludes the effects of Corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying businesses from period to period. Additionally, the above schedule is presented in a format which reflects the manner in which we manage our business and is not in accordance with GAAP.
(3)
The average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computation (Non-GAAP) includes 0.8 million diluted shares. This number of shares differs from the average number of shares outstanding used in diluted earnings per share computations (GAAP) as we had a net loss attributable to FMC stockholders.

Please see the reconciliation of Non-GAAP financial measures to GAAP financial results.

Press Release Schedules - Page 2


FMC CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP)
TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS,
ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP)
(Unaudited, in millions, except per share amounts)
 
Three Months Ended
 
March 31
 
2015
 
2014
Net income (loss) attributable to FMC stockholders (GAAP)
$
(46.8
)
 
$
65.6

Corporate special charges (income):
 
 
 
Restructuring and other charges (income) (a)
22.3

 
6.7

Non-operating pension and postretirement charges (b)
6.2

 
4.2

Business separation costs (c)
—


3.0

Acquisition related charges (d)
190.7

 
3.1

Income tax expense (benefit) on Corporate special charges (income)
(80.5
)
 
(5.8
)
Discontinued operations attributable to FMC stockholders, net of income taxes (e)
(15.6
)
 
28.2

Tax adjustment (f)
7.5

 
—

 
 
 
 
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP)
$
83.8

 
$
105.0

 
 
 
 
Diluted earnings per common share (GAAP)
$
(0.35
)
 
$
0.49

Corporate special charges (income) per diluted share, before tax:
 
 
 
Restructuring and other charges (income)
0.17

 
0.05

Non-operating pension and postretirement charges
0.05

 
0.03

Business separation costs
—

 
0.02

Acquisition related charges
1.42

 
0.02

Income tax expense (benefit) on Corporate special charges (income), per diluted share
(0.60
)
 
(0.04
)
Discontinued operations per diluted share
(0.12
)
 
0.21

Tax adjustments per diluted share
0.05

 
—

 
 
 
 
Diluted adjusted after-tax earnings from continuing operations per share, attributable to FMC stockholders (Non-GAAP)
$
0.62

 
$
0.78

 
 
 
 
Average number of shares outstanding used in diluted adjusted after-tax earnings from continuing operations per share computations
134.4

 
134.3

____________________
(a) Three Months Ended March 31, 2015:
Restructuring and other charges (income) includes a charge of $15.0 million associated with a license agreement entered into for the purpose of obtaining certain technology and intellectual property rights relating to new compounds still under development both of which pertain our FMC Agricultural Solutions segment. Additionally, restructuring and other charges includes charges of $2.1 million associated with a reorganization of our Health and Nutrition segment and continuing environmental sites treated as a Corporate charge of $1.9 million. Remaining restructuring and other charges (income) includes net miscellaneous charges of $3.3 million.
Three Months Ended March 31, 2014:
Restructuring and other charges (income) includes a charge of $4.9 million associated with a reorganization of our Health and Nutrition segment. Additionally, this amount includes charges associated with continuing environmental sites treated as a Corporate charge of $1.4 million. Remaining restructuring and other charges (income) includes net miscellaneous charges of $0.4 million.
(b) Our non-operating pension and postretirement costs are defined as those costs related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These costs are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We exclude these non-operating pension and postretirement costs from our segments as we believe that removing them provides a better understanding of the underlying profitability of our businesses, provides increased transparency and clarity in the performance of our retirement plans and enhances period-over-period comparability. We continue to include the service cost and amortization of prior service cost in our

Press Release Schedules - Page 3


Adjusted Earnings results noted above. We believe these elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees.
(c) Three Months Ended March 31, 2015 and 2014:
On September 8, 2014, we announced that we will no longer proceed with the planned separation as a result of the planned acquisition of Cheminova A/S and divestiture of our FMC Alkali Chemicals division. Business separation costs for the three months ended March 31, 2014 represent charges associated with the planned separation activities through March 31, 2014.
(d) Charges related to the expensing of the inventory fair value step-up resulting from the application of purchase accounting, legal and professional fees and gains or losses on hedging purchase price associated with the planned or completed acquisitions. Amounts represent the following:
 
Three Months Ended
 
March 31
(in Millions)
2015
 
2014
Acquisition related charges - Cheminova A/S
 
 
 
Legal and professional fees (1)
$
10.6

 
$
—

Loss/(gain) on hedging purchase price (1)
180.1

 
—

Acquisition related charges - Epax
 
 
 
Inventory fair value step-up amortization (2)
—

 
3.1

Acquisition/divestiture related charges
$
190.7

 
$
3.1

____________________
(1)
On the condensed consolidated statements of income (loss), these charges are included in “Selling, general and administrative expenses.”
(2)
On the condensed consolidated statements of income (loss), these charges are included in “Costs of sales and services.”

(e) Three Months Ended March 31,2015
Discontinued operations includes our FMC Alkali business results as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. 
Three Months Ended March 31, 2014
Discontinued operations includes our FMC Alkali and FMC Peroxygens business results as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations. For the three months ended March 31, 2014 the balance includes the final divestiture charge associated with the sale of FMC Peroxygens business which was completed on February 28, 2014.
(f) The tax adjustments in the three months ended March 31, 2015 were related to revisions to recognition of a valuation allowance against existing deferred tax assets in one of our foreign subsidiaries. There were no tax adjustments for the three months ended March 31, 2014.

Press Release Schedules - Page 4



RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUING OPERATIONS, BEFORE INTEREST AND INCOME TAXES (NON-GAAP)
(Unaudited, in millions)
 
Three Months Ended
 
March 31
 
2015
 
2014
Net income (loss) (GAAP)
$
(45.5
)
 
$
70.4

Restructuring and other charges (income)
22.3

 
6.7

Non-operating pension and postretirement charges
6.2

 
4.2

Business separation costs
—

 
3.0

Acquisition related charges
190.7

 
3.1

Discontinued operations, net of income taxes
(15.6
)
 
26.6

Interest expense, net
14.0

 
11.6

Provision (benefit) for income taxes
(49.1
)
 
34.6

Adjusted earnings from continuing operations,
before interest, income taxes and noncontrolling interests (Non-GAAP) (1)
$
123.0

 
$
160.2

___________________
(1)
Referred to as Adjusted Operating Profit.

RECONCILIATION OF CONTINUING OPERATIONS EFFECTIVE TAX RATE (GAAP) TO
UNDERLYING ADJUSTED TAX RATE (NON-GAAP)
(Unaudited, in millions, except percentages)

 
Three Months Ended
 
March 31
 
2015
 
2014
 
Before Tax
 
Tax
Tax Rate
 
Before Tax
 
Tax
Tax Rate
 
Continuing operations
$
(110.2
)
(4) 
$
(49.1
)
44.6
%
 
$
131.6

(4) 
$
34.6

26.3
%
 
Adjusted earnings tax adjustments:
 
 
 
 
 
 
 
 
 
 
Corporate special charges (income) (1)
219.2

 
80.5

 
 
17.0

 
5.8

 
 
Tax expense adjustments (1)
—

 
(7.5
)
 
 
—

 
—

 
 
Adjusted Earnings (Non-GAAP)
$
109.0

(5) 
$
23.9

21.9
%
 
$
148.6

(5) 
$
40.4

27.2
%
 
Foreign currency remeasurement and foreign currency discrete items (2)
—

 
6.1

 
 
—

 
—

 
 
Adjusted earnings excluding foreign currency remeasurement and foreign currency discrete items (Non-GAAP)
$
109.0

 
$
30.0

27.5
%
(3) 
$
148.6

 
$
40.4

27.2
%
(3) 
___________________
(1)
Refer to the Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP) for more detail.
(2)
Primarily represents tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations. These tax adjustments are treated as permanent items in accordance GAAP.
(3)
Referred to as Underlying Adjusted Tax Rate.
(4)
Referred to as Income (loss) from continuing operations before income taxes.
(5)
Referred to as Adjusted earnings from continuing operations, before income taxes and noncontrolling interests.


Press Release Schedules - Page 5


FMC CORPORATION
INDUSTRY SEGMENT DATA
(Unaudited, in millions)
 
Three Months Ended
 
March 31
 
2015
 
2014
Revenue
 
 
 
FMC Agricultural Solutions
$
392.4

 
$
466.9

FMC Health and Nutrition
211.0

 
226.2

FMC Lithium
56.0

 
63.8

Eliminations
—

 
—

Total
$
659.4

 
$
756.9

Income from continuing operations before income taxes
 
 
 
FMC Agricultural Solutions
81.8

 
120.1

FMC Health and Nutrition
51.0

 
50.9

FMC Lithium
5.5

 
6.6

Eliminations
—

 
—

Segment operating profit (a)
138.3

 
177.6

Corporate and other
(15.3
)
 
(17.4
)
Adjusted earnings from continuing operations, before interest, income taxes and noncontrolling interests (Non-GAAP)
$
123.0

 
$
160.2

 
 
 
 
Interest expense, net
(14.0
)
 
(11.6
)
Corporate special (charges) income:
 
 
 
Restructuring and other (charges) income (b)
(22.3
)
 
(6.7
)
Non-operating pension and postretirement charges (c)
(6.2
)
 
(4.2
)
Business separation charges (d)
—

 
(3.0
)
Acquisition/divestiture related charges (e)
(190.7
)
 
(3.1
)
(Provision) benefit for income taxes
49.1

 
(34.6
)
Discontinued operations, net of income taxes (f)
15.6

 
(26.6
)
Net income attributable to noncontrolling interests
(1.3
)
 
(4.8
)
Net income (loss) attributable to FMC stockholders
$
(46.8
)
 
$
65.6

____________________
(a) Referred to as Segment Earnings.
(b) Three Months Ended March 31, 2015: Amounts related to FMC Agricultural Solutions of $18.3 million, FMC Health and Nutrition charges of $2.2 million, FMC Lithium charges of $0.3 million, and Corporate charges of $1.5 million.
Three Months Ended March 31, 2014: Amounts related to FMC Health and Nutrition charges of $4.9 million, FMC Lithium charges of $0.1 million and Corporate charges of $1.7 million.
(c) See Note (b) to the schedule “Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)” for further details on the components that make up this line item.
(d) See Note (c) to the schedule “Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)” for further details on the components that make up this line item.
(e) See Note (d) to the schedule “Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)” for further details on the components that make up this line item.
(f) See Note (e) to the schedule “Reconciliation of Net Income (Loss) Attributable to FMC Stockholders (GAAP) to Adjusted After-Tax Earnings from Continuing Operations, Attributable to FMC Stockholders (Non-GAAP)” for further details on the components that make up this line item.

Press Release Schedules - Page 6


FMC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions)
 
March 31, 2015
 
December 31, 2014
Cash and cash equivalents
$
105.2

 
$
109.5

Trade receivables, net
1,537.4

 
1,602.5

Inventories
640.8

 
607.6

Other current assets
287.3

 
188.8

Deferred income taxes
147.1

 
222.7

Current assets of discontinued operations held for sale
611.8

 
203.3

Total current assets
3,329.6

 
2,934.4

 
 
 
 
Property, plant and equipment, net
902.6

 
930.0

Goodwill
324.1

 
352.5

Deferred income taxes
235.7

 
200.1

Other long-term assets
519.7

 
522.0

Noncurrent assets held for sale
—

 
401.5

Total assets
$
5,311.7

 
$
5,340.5

 
 
 
 
Short-term debt and current portion of long-term debt
$
907.3

 
$
525.2

Accounts payable, trade and other
316.5

 
378.3

Accrued customer rebates
323.0

 
236.0

Guarantees of vendor financing
67.4

 
50.2

Accrued pensions and other postretirement benefits, current
6.6

 
12.7

Other current liabilities
315.0

 
619.6

Current liabilities of discontinued operations held for sale
79.8

 
88.4

Total current liabilities
2,015.6

 
1,910.4

 
 
 
 
Long-term debt
1,150.9

 
1,153.4

Long-term liabilities
675.8

 
708.0

Long-term liabilities of discontinued operations held for sale
—

 
4.7

Equity
1,469.4

 
1,564.0

Total liabilities and equity
$
5,311.7

 
$
5,340.5




Press Release Schedules - Page 7


FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)
 
Three Months ended March 31
 
2015
 
2014
Cash provided (required) by operating activities of continuing operations (1)
$
(304.9
)
 
$
(106.0
)
 
 
 
 
Cash provided (required) by operating activities of discontinued operations
7.7

 
9.2

 
 
 
 
Cash provided (required) by investing activities of continuing operations
(54.2
)
 
(64.4
)
 
 
 
 
Cash provided (required) by investing activities of discontinued operations
(15.6
)
 
188.0

 
 
 
 
Cash provided (required) by financing activities of continuing operations:
 
 
 
Increase (decrease) in short-term debt
383.0

 
(39.6
)
Repayments of long-term debt
(0.4
)
 
(0.7
)
Net distributions to and acquisitions of noncontrolling interests
—

 
(3.0
)
Dividends paid
(20.1
)
 
(18.0
)
Other repurchases of common stock
(2.9
)
 
(4.0
)
Excess tax benefits from share-based compensation
1.7

 
3.4

Issuances of common stock, net
3.5

 
5.2

Cash provided (required) by financing activities
364.8

 
(56.7
)
Effect of exchange rate changes on cash
(2.1
)
 
(0.8
)
Increase (decrease) in cash and cash equivalents
(4.3
)
 
(30.7
)
 
 
 
 
Cash and cash equivalents, beginning of year
109.5

 
123.2

 
 
 
 
Cash and cash equivalents, end of period
$
105.2

 
$
92.5

______________
(1)
The three months ended March 31, 2015 includes $273.8 million in payments associated with the purchase price hedges for the Cheminova A/S acquisition.

Press Release Schedules - Page 8

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