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

 FORM 10-Q
_______________________________________________________________________
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2024
or
Transition Report Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
For the transition period from _______ to _______
Commission File Number 1-2376
__________________________________________________________________________
FMC CORPORATION
(Exact name of registrant as specified in its charter)
__________________________________________________________________________ 
Delaware 94-0479804
(State or other jurisdiction of
incorporation)
 (I.R.S. Employer
Identification No.)
2929 Walnut StreetPhiladelphiaPennsylvania19104
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 215-299-6000
__________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.10 per shareFMCNew York Stock Exchange

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

As of March 31, 2024, there were 124,817,570 of the registrant's common shares outstanding.



FMC CORPORATION
INDEX
 
 Page
No.

2


PART I - FINANCIAL INFORMATION
 
ITEM 1.    FINANCIAL STATEMENTS

FMC CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
 
Three Months Ended March 31,
20242023
(in Millions, Except Per Share Data)(unaudited)
Revenue$918.0 $1,344.3 
Costs and Expenses
Costs of sales and services578.3 763.0 
Gross margin$339.7 $581.3 
Selling, general and administrative expenses163.9 185.9 
Research and development expenses60.9 78.4 
Restructuring and other charges (income)40.9 12.5 
Total costs and expenses$844.0 $1,039.8 
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes$74.0 $304.5 
Non-operating pension and postretirement charges (income)4.3 4.6 
Interest expense, net61.7 51.4 
Income (loss) from continuing operations before income taxes$8.0 $248.5 
Provision (benefit) for income taxes(1.4)41.1 
Income (loss) from continuing operations$9.4 $207.4 
Discontinued operations, net of income taxes(12.5)(11.5)
Net income (loss)$(3.1)$195.9 
Less: Net income (loss) attributable to noncontrolling interests(0.4)(0.1)
Net income (loss) attributable to FMC stockholders$(2.7)$196.0 
Amounts attributable to FMC stockholders:
Continuing operations, net of income taxes$9.8 $207.5 
Discontinued operations, net of income taxes(12.5)(11.5)
Net income (loss) attributable to FMC stockholders$(2.7)$196.0 
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$0.08 $1.65 
Discontinued operations(0.10)(0.09)
Net income (loss) attributable to FMC stockholders$(0.02)$1.56 
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$0.08 $1.64 
Discontinued operations(0.10)(0.09)
Net income (loss) attributable to FMC stockholders$(0.02)$1.55 

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


FMC CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended March 31,
20242023
(in Millions)(unaudited)
Net income (loss)$(3.1)$195.9 
Other comprehensive income (loss), net of tax:
Foreign currency adjustments:
Foreign currency translation gain (loss) arising during the period$(36.7)$20.1 
Total foreign currency translation adjustments (1)
$(36.7)$20.1 
Derivative instruments:
Unrealized hedging gains (losses) and other, net of tax expense (benefit) of $1.9 and $(4.1) for the three months ended March 31, 2024 and 2023, respectively
$3.7 $(37.3)
Reclassification of deferred hedging (gains) losses and other, included in net income (loss), net of tax (expense) benefit of $(0.1) and $2.2 for the three months ended March 31, 2024 and 2023, respectively (2)
(0.3)6.0 
Total derivative instruments, net of tax expense (benefit) of $1.8 and $(1.9) for the three months ended March 31, 2024 and 2023, respectively
$3.4 $(31.3)
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 months ended March 31, 2024 and 2023, respectively
$(0.1)$0.1 
Reclassification of net actuarial and other (gains) losses and amortization of prior service costs and settlement charges, included in net income (loss), net of tax (expense) benefit of $0.7 and $0.8 for the three months ended March 31, 2024 and 2023, respectively (2)
2.6 2.8 
Total pension and other postretirement benefits, net of tax expense (benefit) of $0.7 and $0.8 for the three months ended March 31, 2024 and 2023, respectively
$2.5 $2.9 
Other comprehensive income (loss), net of tax$(30.8)$(8.3)
Comprehensive income (loss)$(33.9)$187.6 
Less: Comprehensive income (loss) attributable to the noncontrolling interest(1.1)0.8 
Comprehensive income (loss) attributable to FMC stockholders$(32.8)$186.8 
____________________ 
(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 consolidated statements of income (loss), see Note 13.
The accompanying Notes are an integral part of these consolidated financial statements.
4


FMC CORPORATION
CONSOLIDATED BALANCE SHEETS
(in Millions, Except Share and Par Value Data)March 31, 2024December 31, 2023
ASSETS(unaudited)
Current assets
Cash and cash equivalents$417.8 $302.4 
Trade receivables, net of allowance of $30.4 in 2024 and $29.1 in 2023
2,817.9 2,703.2 
Inventories1,587.1 1,724.6 
Prepaid and other current assets375.2 398.9 
Total current assets$5,198.0 $5,129.1 
Investments20.1 19.8 
Property, plant and equipment, net875.6 892.5 
Goodwill1,587.9 1,593.6 
Other intangibles, net2,432.9 2,465.1 
Other assets including long-term receivables, net488.8 489.5 
Deferred income taxes1,375.1 1,336.6 
Total assets$11,978.4 $11,926.2 
LIABILITIES AND EQUITY
Current liabilities
Short-term debt and current portion of long-term debt$1,311.1 $934.0 
Accounts payable, trade and other589.3 602.4 
Advance payments from customers88.7 482.1 
Accrued and other liabilities691.5 684.8 
Accrued customer rebates669.3 480.9 
Guarantees of vendor financing80.4 69.6 
Accrued pension and other postretirement benefits, current6.4 6.4 
Income taxes116.2 124.4 
Total current liabilities$3,552.9 $3,384.6 
Long-term debt, less current portion3,024.6 3,023.6 
Accrued pension and other postretirement benefits, long-term24.3 24.4 
Environmental liabilities, continuing and discontinued477.9 494.7 
Deferred income taxes151.6 158.1 
Other long-term liabilities414.2 407.4 
Commitments and contingent liabilities (Note 18)
Equity
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2024 or 2023
$ $ 
Common stock, $0.10 par value, authorized 260,000,000 shares in 2024 and 2023; 185,983,792 shares issued in 2024 and 2023
18.6 18.6 
Capital in excess of par value of common stock942.4 935.6 
Retained earnings6,511.8 6,587.1 
Accumulated other comprehensive income (loss)(436.6)(406.5)
Treasury stock, common, at cost - 2024: 61,166,222 shares, 2023: 61,223,032 shares
(2,724.7)(2,723.9)
Total FMC stockholders’ equity$4,311.5 $4,410.9 
Noncontrolling interests21.4 22.5 
Total equity$4,332.9 $4,433.4 
Total liabilities and equity$11,978.4 $11,926.2 

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


FMC CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Three Months Ended March 31,
20242023
 (in Millions)
(unaudited)
Cash provided (required) by operating activities of continuing operations:
Net income (loss)$(3.1)$195.9 
Discontinued operations, net of income taxes12.5 11.5 
Income (loss) from continuing operations$9.4 $207.4 
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations:
Depreciation and amortization$45.7 $44.7 
Restructuring and other charges (income)40.9 12.5 
Deferred income taxes(56.7)(5.6)
Pension and other postretirement benefits5.0 5.4 
Share-based compensation7.5 7.3 
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Trade receivables, net(143.6)(288.8)
Guarantees of vendor financing10.8 (27.1)
Advance payments from customers(393.4)(665.9)
Accrued customer rebates193.2 271.4 
Inventories127.3 (257.9)
Accounts payable, trade and other1.6 (53.9)
Income taxes27.4 23.0 
Pension and other postretirement benefit contributions(0.5)(0.6)
Environmental spending, continuing, net of recoveries(5.2)(5.6)
Restructuring and other spending (1)
(42.4)(2.1)
Change in other operating assets and liabilities, net (2)
30.1 (115.5)
Cash provided (required) by operating activities of continuing operations$(142.9)$(851.3)
Cash provided (required) by operating activities of discontinued operations:
Environmental spending, discontinued, net of recoveries$(15.7)$(6.4)
Other discontinued spending(5.8)(6.2)
Cash provided (required) by operating activities of discontinued operations$(21.5)$(12.6)
____________________ 
(1)In addition to cash payments shown in our roll forward of restructuring reserves in Note 8 to our consolidated financial statements included within this Form 10-Q, the restructuring and other spending amount above for the three months ended March 31, 2024 and 2023 includes spending of $0.7 million and $0.5 million, respectively, related to the Furadan® asset retirement obligations. For additional detail on restructuring and other charges activities, see Note 8.
(2)Changes in all periods primarily represent timing of payments associated with all other operating assets and liabilities.

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


FMC CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
 
Three Months Ended March 31,
20242023
 (in Millions)(unaudited)
Cash provided (required) by investing activities of continuing operations:
Capital expenditures$(20.7)$(46.9)
Acquisitions, including cost and equity method, net
(0.3)(3.1)
Other investing activities(2.7)(4.4)
Cash provided (required) by investing activities of continuing operations$(23.7)$(54.4)
Cash provided (required) by financing activities of continuing operations:
Increase (decrease) in short-term debt$379.9 $941.4 
Issuances of common stock, net 2.3 
Dividends paid (3)
(72.5)(72.7)
Repurchases of common stock under publicly announced program (25.0)
Other repurchases of common stock(1.7)(5.7)
Cash provided (required) by financing activities of continuing operations$305.7 $840.3 
Effect of exchange rate changes on cash and cash equivalents(2.2)0.4 
Increase (decrease) in cash and cash equivalents$115.4 $(77.6)
Cash and cash equivalents, beginning of period$302.4 $572.0 
Cash and cash equivalents, end of period$417.8 $494.4 
____________________ 
(3)See Note 13 regarding the quarterly cash dividend.    
Supplemental disclosure of cash flow information: Cash paid for interest, net of capitalized interest was $27.2 million and $39.6 million, and income taxes paid, net of refunds were $20.9 million and $23.2 million for the three months ended March 31, 2024 and 2023, respectively. Non-cash additions to property, plant and equipment and other assets were $8.9 million and $22.5 million for the three months ended March 31, 2024 and 2023, respectively. Non-cash investing activities include a $9.9 investment representing the deferred purchase price in a trade receivables securitization program.

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


FMC CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
 FMC Stockholders’ Equity  
(in Millions, Except Per Share Data)
Common
Stock,
$0.10 Par
Value
Capital In Excess of ParRetained
Earnings
Accumulated Other Comprehensive Income (Loss)Treasury
Stock
Non-controlling
Interest
Total
Equity
Balance at December 31, 2023$18.6 $935.6 $6,587.1 $(406.5)$(2,723.9)$22.5 $4,433.4 
Net income (loss)— — (2.7)— — (0.4)(3.1)
Stock compensation plans— 6.8 — — 1.4 — 8.2 
Shares for benefit plan trust— — — — (0.5)— (0.5)
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1)
— — — 2.5 — — 2.5 
Net hedging gains (losses) and other, net of income tax (1)
— — — 3.4 — — 3.4 
Foreign currency translation adjustments (1)
— — — (36.0)— (0.7)(36.7)
Dividends ($0.58 per share)
— — (72.6)— — — (72.6)
Repurchases of common stock— — — — (1.7)— (1.7)
Balance at March 31, 2024$18.6 $942.4 $6,511.8 $(436.6)$(2,724.7)$21.4 $4,332.9 
____________________
(1)See 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 ParRetained
Earnings
Accumulated Other Comprehensive Income (Loss)Treasury
Stock
Non-controlling
Interest
Total
Equity
Balance at December 31, 2022$18.6 $909.2 $5,555.9 $(459.6)$(2,646.2)$23.0 $3,400.9 
Net income (loss)— — 196.0 — — (0.1)195.9 
Stock compensation plans— 7.2 — — 2.4 — 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)
— — — 2.9 — — 2.9 
Net hedging gains (losses) and other, net of income tax (1)
— — — (31.3)— — (31.3)
Foreign currency translation adjustments (1)
— — — 19.2 — 0.9 20.1 
Dividends ($0.58 per share)
— — (72.7)— — — (72.7)
Repurchases of common stock— — — — (30.8)— (30.8)
Balance at March 31, 2023$18.6 $916.4 $5,679.2 $(468.8)$(2,674.7)$23.8 $3,494.5 
____________________
(1)See consolidated statements of comprehensive income (loss).

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

8


FMC CORPORATION
Notes to Consolidated Financial Statements (unaudited)
Note 1: Financial Information and Accounting Policies
In our opinion, the consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") applicable to interim period financial statements and reflect all adjustments necessary for a fair statement of results of operations for the three months ended March 31, 2024 and 2023, cash flows for the three months ended March 31, 2024 and 2023, changes in equity for the three months ended March 31, 2024 and 2023, and our financial positions as of March 31, 2024 and December 31, 2023. All such adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results of operations for the full year. The consolidated balance sheets as of March 31, 2024 and December 31, 2023, and the related consolidated statements of income (loss) and consolidated statements of comprehensive income (loss) for the three months ended March 31, 2024 and 2023, consolidated statements of cash flows for the three months ended March 31, 2024 and 2023, and consolidated statements of changes in equity for the three months ended March 31, 2024 and 2023 have been reviewed by our independent registered public accountants. The review is described more fully in their report included herein. Our accounting policies are set forth in detail in Note 1 to the consolidated financial statements included with our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") for the year ended December 31, 2023 (the "2023 Form 10-K").
Note 2: Recently Issued and Adopted Accounting Pronouncements and Regulatory Items
New accounting guidance and regulatory items
On March 6, 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which will require registrants to provide certain climate-related information in their registration statements and periodic reports. The required disclosures will include, but are not limited to, specific disclosures about climate-related risks and their actual or likely material impacts on the registrant’s business, strategy, and outlook; the governance of climate-related risks and relevant risk management processes; Scope 1 and 2 greenhouse gas (GHG) emissions, if material or included in announced emission targets; certain climate-related financial statement metrics and related disclosures in a note to the audited financial statements; and information about climate-related targets and goals. The rules are effective on a rolling basis for various fiscal years, beginning for the Company with annual reports for the year ending December 31, 2025. However, the SEC voluntarily stayed the rules on April 4, 2024 in response to various legal challenges, which may impact the effective date of the rules. We are currently gathering the required data and information to comply with the rules by the current effective date and we will continue to monitor any developments on these rules and expected timing for compliance.
On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Changes to the Disclosure Requirements for Income Taxes, to improve the transparency and decision usefulness of income tax disclosures. The standard requires companies to disclose a tabular effective rate reconciliation with certain reconciling items broken out by nature and/or jurisdiction as well as more robust disclosures of income taxes paid, specifically broken out between federal, state and foreign. The standard can be applied prospectively or retrospectively and early adoption is permitted. The ASU is effective for FMC beginning with the Form 10-K for the year ended December 31, 2025. We are currently evaluating the impacts this standard will have on our income tax disclosures.
On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve the disclosures about a public entity's reportable segments and expenses. The standard requires disclosure of the chief operating decision maker's (the "CODM") title and position as well as multiple measures of segment profit and loss reviewed by the CODM. Companies with multiple reportable segments as well as companies with a single reportable segment are required to adopt the standard and it should be applied retrospectively to all periods presented. The ASU is effective for FMC beginning with the Form 10-K for the year ended December 31, 2024. Early adoption is permitted. As we operate as a single reportable segment, we are currently evaluating the impacts this standard will have on our existing segment disclosures.
9


FMC CORPORATION
Notes to Consolidated Financial Statements (unaudited) — (Continued)
Recently adopted accounting guidance
On December 20, 2021, the Organization for Economic Co-operation and Development (the "OECD") released Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15 percent. The OECD continues to release additional guidance on the two-pillar framework. Pillar Two legislation has been enacted in certain jurisdictions in which the Company operates, which became effective for the Company’s financial year beginning January 1, 2024. We have performed an assessment of our potential exposure to Pillar Two income taxes for these jurisdictions, which was not material. We are continuing to evaluate this estimate as well as the potential impact on future periods of the Pillar Two Framework, pending legislative adoption by individual countries.
In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. In accordance with the new disclosure requirements, which we have adopted beginning January 1, 2023, we have included information regarding our key program terms and the amount outstanding that remains unpaid at period end as further described below. We will adopt the roll forward disclosure requirement when it becomes effective beginning with the Form 10-K for the year ended December 31, 2024.
We work with suppliers to optimize payment terms and conditions on accounts payable to improve working capital and cash flows. We offer to a select group of suppliers a voluntary Supply Chain Finance (“SCF”) program with a global financial institution. The suppliers, at their sole discretion, may sell their receivables to the financial institution based on terms negotiated between them. Our obligations to our suppliers are not impacted by our suppliers’ decisions to sell under these arrangements. Obligations outstanding under this program are recorded within "Accounts payable, trade and other" in our consolidated balance sheets and the associated payments are included in operating activities within our consolidated statements of cash flows.
Our payment terms with our suppliers are consistent, regardless of whether a supplier participates in the program. We deem these terms to be commercially reasonable and consistent with the range of industry standards within their respective regions. Under the terms of the agreement, we do not pledge assets as security or make any other forms of guarantees.
FMC's outstanding obligations confirmed as valid under the SCF was $62.4 million and $71.9 million as of March 31, 2024 and December 31, 2023, respectively.
Note 3: Revenue Recognition
Disaggregation of revenue
We disaggregate revenue from contracts with customers by geographical areas and major product categories. We have three major agricultural product categories: insecticides, herbicides, and fungicides. Plant health, which includes biological products, is also included in the below table. The disaggregated revenue tables are shown below for the three months ended March 31, 2024 and 2023.
The following table provides information about disaggregated revenue by major geographical region:
Three Months Ended March 31,
(in Millions)20242023
North America$259.1 $497.3 
Latin America188.0 233.6 
Europe, Middle East & Africa (EMEA)306.8 383.0 
Asia164.1 230.4 
Total Revenue$918.0 $1,344.3 
10


FMC CORPORATION
Notes to Consolidated Financial Statements (unaudited) — (Continued)
The following table provides information about disaggregated revenue by product category:
Three Months Ended March 31,
(in Millions)20242023
Insecticides$501.3 $746.7 
Herbicides294.9 442.8 
Fungicides70.4 101.0 
Plant Health44.8 52.3 
Other6.6 1.5 
Total Revenue$918.0 $1,344.3 
We earn revenue from the sale of a wide range of products to a diversified base of customers around the world. We develop, market and sell all three major classes of crop protection chemicals (insecticides, herbicides and fungicides) as well as biologicals, crop nutrition, and seed treatment products, which we group as plant health. These products are used in agriculture to enhance crop yield and quality by controlling a broad spectrum of insects, weeds and disease, as well as in non-agricultural markets for pest control. The majority of our product lines consist of insecticides and herbicides, with a smaller portfolio of fungicides mainly used in high value crop segments. We are investing in plant health which includes our growing biological products. Our insecticides are used to control a wide spectrum of pests, while our herbicide portfolio primarily targets a large variety of difficult-to-control weeds. Products in the other category include various agricultural products such as smaller classes of pesticides, growth promoters, and other miscellaneous revenue sources.
For additional detail on revenue recognition policies and procedures, see Note 3 to our consolidated financial statements included within our 2023 Form 10-K.
Contract Asset and Contract Liability Balances
We satisfy our obligations by transferring goods and services in exchange for consideration from customers. The timing of performance sometimes differs from the timing the associated consideration is received from the customer, thus resulting in the recognition of a contract asset or contract liability. We recognize a contract liability if the customer's payment of consideration is received prior to completion of our related performance obligation.
The following table presents the opening and closing balances of our receivables, net of allowances and contract liabilities from contracts with customers:
(in Millions)Balance as of December 31, 2023Balance as of March 31, 2024Increase (Decrease)
Receivables from contracts with customers, net of allowances (1)
$2,722.7 $2,832.9 $110.2 
Contract liabilities: Advance Payments from customers (2)
482.1 88.7 (393.4)
____________________ 
(1)Amount includes $2,817.9 million of trade receivables and $15.0 million of net long-term customer receivables as of March 31, 2024. See Note 5 for more information.
(2)The amount of revenue recognized in the three months ended March 31, 2024 that was included in the opening contract liability balance is $393.4 million.
The balance of receivables from contracts with customers listed in the table above include both current trade receivables and long-term receivables, net of allowance for doubtful accounts. The allowance for receivables represents our best estimate of the probable losses associated with potential customer defaults. We determine the allowance based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. The change in allowance for doubtful accounts for both current trade receivables and long-term receivables is representative of the impairment of receivables as of March 31, 2024. Refer to Note 5 for further information.
11


FMC CORPORATION
Notes to Consolidated Financial Statements (unaudited) — (Continued)
We periodically enter into prepayment arrangements with customers and receive advance payments for product to be delivered in future periods. We recognize these prepayments as a liability under "Advance payments from customers" on the consolidated balance sheets when they are received. Revenue associated with advance payments is recognized as shipments are made and transfer of control to the customer takes place.
Note 4: Goodwill and Intangible Assets
The changes in the carrying amount of goodwill are presented in the table below:
(in Millions)Total
Balance, December 31, 2023$1,593.6 
Foreign currency adjustments
(5.7)
Balance, March 31, 2024$1,587.9 
There were no events or circumstances indicating that goodwill might be impaired as of March 31, 2024.
Our intangible assets, other than goodwill, consist of the following:
March 31, 2024December 31, 2023
(in Millions)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Intangible assets subject to amortization (finite-lived)
Customer relationships$1,129.7 $(425.9)$703.8 $1,136.7 $(414.2)$722.5 
Patents1.8 (1.6)0.2 1.8 (1.6)0.2 
Brands (1)
49.0 (13.1)35.9 49.3 (12.9)36.4 
Purchased and licensed technologies129.0 (46.7)82.3 131.1 (46.2)84.9 
Other intangibles2.3 (1.8)0.5 2.3 (1.8)0.5 
$1,311.8 $(489.1)$822.7 $1,321.2 $(476.7)$844.5 
Intangible assets not subject to amortization (indefinite-lived)
Crop Protection Brands (2)
$1,259.0 $1,259.0 $1,259.0 $1,259.0 
Brands (1)
340.1 340.1 350.3 350.3 
In-process research & development11.1 11.1 11.3 11.3 
$1,610.2 $1,610.2 $1,620.6 $1,620.6 
Total intangible assets$2,922.0 $(489.1)$2,432.9 $2,941.8 $(476.7)$2,465.1 
____________________ 
(1)Represents trademarks, trade names and know-how.
(2)Represents proprietary brand portfolios, consisting of trademarks, trade names and know-how, of our crop protection brands.

Three Months Ended March 31,
(in Millions)20242023
Amortization expense$16.4 $16.0 
The full year estimated pre-tax amortization expense for the year ended December 31, 2024 and each of the succeeding five years is approximately $63 million, $68 million, $70 million, $69 million, $69 million, and $69 million, respectively.
12


FMC CORPORATION
Notes to Consolidated Financial Statements (unaudited) — (Continued)
Note 5: Receivables
The following table displays a roll forward of the allowance for doubtful trade receivables.
(in Millions)
Balance, December 31, 2022$33.9 
Additions - charged to expense
4.7 
Transfer from (to) allowance for credit losses (see below)(1.5)
Net recoveries, write-offs and other
(8.0)
Balance, December 31, 2023$29.1 
Additions - charged to expense
1.4 
Transfer from (to) allowance for credit losses (see below)0.1 
Net recoveries, write-offs and other(0.2)
Balance, March 31, 2024$30.4 
We have non-current receivables that represent long-term customer receivable balances related to past due accounts which are not expected to be collected within the current year. The net long-term customer receivables were $15.0 million as of March 31, 2024. These long-term customer receivable balances and the corresponding allowance are included in "Other assets including long-term receivables, net" on the consolidated balance sheets.
A portion of these long-term receivables have payment contracts. We have no reason to believe payments will not be made based upon the credit quality of these customers. Additionally, we also hold significant collateral against these customers including rights to property or other assets as a form of credit guarantee. If the customer does not pay or gives indication that they will not pay, these guarantees allow us to start legal action to block the sale of the customer’s harvest. On an ongoing basis, we continue to evaluate the credit quality of our non-current receivables using aging of receivables, collection experience and write-offs, as well as evaluating existing economic conditions, to determine if an additional allowance is necessary.
The following table displays a roll forward of the allowance for credit losses related to long-term customer receivables:
(in Millions)
Balance, December 31, 2022$44.5 
Additions - charged (credited) to expense
1.6 
Transfer from (to) allowance for doubtful accounts (see above)1.5 
Foreign currency adjustments0.8 
Net recoveries, write-offs and other(21.3)
Balance, December 31, 2023$27.1 
Additions - charged (credited) to expense
0.4 
Transfer from (to) allowance for doubtful accounts (see above)(0.1)
Foreign currency adjustments(0.4)
Balance, March 31, 2024$27.0 
Receivables Securitization Facility:
FMC participates in certain trade receivables securitization programs, primarily impacting our Brazilian operations. On a revolving basis, FMC may sell certain trade receivables into the facilities in exchange for cash. A portion of the total receivables sold are deferred as an asset on our consolidated balance sheets representing FMC’s beneficial interest in the securitization funds.
13


FMC CORPORATION
Notes to Consolidated Financial Statements (unaudited) — (Continued)
In all instances, the transferred financial assets are sold on a non-recourse basis and have met the true sale criteria under ASC Topic 860. FMC has surrendered control of the receivables and as a result they are no longer recognized on the consolidated balance sheets. FMC may be engaged to serve as a special servicer for any delinquent receivables. In that capacity, we are entitled to market rate compensation for those services.
Cash receipts from the sale of trade receivables under the securitization arrangements, received at the time of sale, are classified as cash flows from operating activities.
There were $61.0 million in receivables sold under the securitization programs during the three months ended March 31, 2024. A $4.4 million charge associated with the transfer of these financial assets is included as a component within selling, general and administrative expense during the three months ended March 31, 2024. There was no activity for the three months ended March 31, 2023.
As part of funding our interest for all outstanding arrangements under the securitization programs, approximately $29.1 million of the sales have been retained by the investment fund and will be returned to FMC, including interest, at the maturity of the securitization. This asset is recorded within "Other assets including long-term receivables, net" on the consolidated balance sheets.
Other Receivable Factoring:
In addition to the above, we may sell trade receivables on a non-recourse basis to third-party financial institutions. These sales are normally driven by specific market conditions, including, but not limited to, foreign exchange environments, customer credit management, as well as other factors where the receivables may lay.
We account for these transactions as true sales and as a result they are no longer recognized on the consolidated balance sheets because the agreements transfer effective control and risk related to the receivables to the buyers. The net cash proceeds received are presented within cash provided by operating activities within our consolidated statements of cash flows. The cost of factoring these accounts receivables is recorded within "Selling, general and administrative expenses" on the consolidated statements of income (loss) and has been inconsequential during each reporting period. During the three months ended March 31, 2024, there was $21.3 million in non-recourse factoring. There was no non-recourse factoring during the three months ended March 31, 2023.
Note 6: Inventories

Inventories consisted of the following:
 (in Millions)March 31, 2024December 31, 2023
Finished goods$669.2 $643.8 
Work in process647.8 732.2 
Raw materials, supplies and other270.1 348.6 
Net inventories$1,587.1 $1,724.6 

Note 7: Property, Plant and Equipment
Property, plant and equipment consisted of the following:
(in Millions)March 31, 2024December 31, 2023
Property, plant and equipment$1,567.8 $1,559.8 
Accumulated depreciation(692.2)(667.3)
Property, plant and equipment, net$875.6 $892.5 

14


FMC CORPORATION
Notes to Consolidated Financial Statements (unaudited) — (Continued)
Note 8: Restructuring and Other Charges (Income)
Our restructuring and other charges (income) are comprised of restructuring, asset disposals and other charges (income) as noted below.
 Three Months Ended March 31,
(in Millions)20242023
Restructuring charges$33.7 $0.9 
Other charges (income), net7.2 11.6 
Total restructuring and other charges (income)$40.9 $12.5 
Restructuring charges
For detail on restructuring activities which commenced prior to 2024, see Note 8 to our consolidated financial statements included within our 2023 Form 10-K.
Restructuring Charges
(in Millions)
Severance and Employee Benefits
Other Charges (Income) (1)
Asset Disposal Charges (Income) (2)
Total
Project Focus$18.9 $12.2 $2.3 $33.4 
Other items  0.3  0.3 
Three Months Ended March 31, 2024$18.9 $12.5 $2.3 $33.7 
DuPont Crop restructuring $ $(2.4)$2.8 $0.4 
Other items 0.5  0.5 
Three Months Ended March 31, 2023$ $(1.9)$2.8 $0.9 
____________________ 
(1)Primarily represents other charges associated with restructuring activities, including third-party costs. Other income, if applicable, primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring.
(2)Primarily represents asset write-offs (recoveries) and accelerated depreciation on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, are also included within the asset disposal charges.

Project Focus
In response to the unprecedented downturn in the global crop protection market that resulted in severe channel destocking, which materially impacted volumes in 2023, we initiated a global restructuring plan, referred to as "Project Focus." This program is designed to right-size our cost base and optimize our footprint and organizational structure with a focus on driving significant cost improvement and productivity. We expect the plan to be fully executed by the end of 2025.
During the three months ended March 31, 2024, charges incurred related to Project Focus include $18.9 million of severance and employee separation costs in connection with various global workforce reduction actions, $11.7 million of professional service provider costs associated with the project, accelerated depreciation of $2.3 million on assets identified for disposal in connection with the restructuring initiative, and $0.5 million of other miscellaneous charges. The charges incurred during the three months ended March 31, 2024 are included in the total estimated range for Project Focus. See Note 8 to our consolidated financial statements in our 2023 Form 10-K for details of the costs previously incurred for Project Focus. The remaining amounts will be reflected in our consolidated results of operations as they become probable and estimable or a triggering event is identified in accordance with the relevant accounting guidance.
15


FMC CORPORATION
Notes to Consolidated Financial Statements (unaudited) — (Continued)
Contract Manufacturing Termination Agreement - Subsequent Event
As previously disclosed as part of Project Focus, we are evaluating our manufacturing footprint which includes a combination of owned facilities and a network of contract manufacturers. During the second quarter of 2024, we finalized a termination agreement to exit a contract with one of our third-party manufacturers. The decision to exit the agreement was driven in part by our ability to source these materials from lower cost locations.

As a result, we expect to incur an asset write-off charge of approximately $53 million, which is the unamortized balance on a prepaid asset representing advances made and established as part of the original contract terms. The asset is recorded within "Other assets, including long-term receivables, net" on the consolidated balance sheet as of March 31, 2024. The non-cash charge will be recorded during the three months ended June 30, 2024. There are no other cash charges associated with the termination.
Roll forward of restructuring reserves
The following table shows a roll forward of restructuring reserves, that will result in cash spending. These amounts exclude accelerated depreciation on fixed assets, asset impairment charges and asset retirement obligations.
(in Millions)
Balance at
12/31/23 (6)
Change in
reserves (4)
Cash
payments
Other (5)
Balance at
3/31/24 (6)
Project Focus (1)
$43.1 $30.5 $(39.9)$ $33.7 
DuPont Crop restructuring (2)
3.9  (0.4) 3.5 
Other workforce related and facility shutdowns (3)
3.4 0.3 (1.4)(0.4)1.9 
Total$50.4 $30.8 $(41.7)$(0.4)$39.1 
____________________ 
(1)Relates to the global restructuring plan initiated in 2023 and primarily consists of severance charges related to workforce reduction actions across all regions.
(2)Represents remaining cash spending on facility separation costs associated with DuPont Crop restructuring activities.
(3)Exit costs related to workforce reductions and facility shutdowns on previously implemented restructuring initiatives.
(4)Primarily severance and employee separation costs as well as third-party provider fees. The accelerated depreciation and asset impairment charges associated with these restructurings that have impacted our property, plant and equipment or intangible balances are not included in this table.
(5)Primarily foreign currency translation and other non-cash adjustments.
(6)Included in "Accrued and other liabilities" and "Other long-term liabilities" on the consolidated balance sheets.

Other charges (income), net
 Three Months Ended March 31,
(in Millions)20242023
Environmental charges, net$3.3 $2.3 
Currency related matters 6.9 
Other items, net3.9 2.4 
Other charges (income), net$7.2 $11.6 
Environmental charges, net
Environmental charges represent the net charges associated with environmental remediation at continuing operating sites. See Note 11 for additional details. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations.
16


FMC CORPORATION
Notes to Consolidated Financial Statements (unaudited) — (Continued)
Currency related matters
Charges of $6.9 million relate to a remeasurement charge recognized for the three months ended March 31, 2023 resulting from the significant currency depreciation of the Pakistani Rupee. On January 25, 2023, the Pakistani Rupee experienced its largest single day drop against the US dollar in over two decades following the removal of the USD-PKR exchange cap in place on the country's currency. This action, combined with the decision by Pakistan's central bank to raise interest rates to record highs during the quarter, resulted in the immediate and significant devaluation of the Pakistani Rupee. These losses have been recorded as part of our Restructuring and other charges (income) line item within our consolidated statements of income (loss).
Note 9: Debt
Debt maturing within one year:
(in Millions)March 31, 2024December 31, 2023
Short-term foreign debt (1)
$108.2 $98.0 
Commercial paper (2)
1,109.2 739.5 
Total short-term debt$1,217.4 $837.5 
Current portion of long-term debt93.7 96.5 
Total short-term debt and current portion of long-term debt (3)
$1,311.1 $934.0 
____________________
(1)At March 31, 2024, the average effective interest rate on the borrowings was 13.0 percent.
(2)At March 31, 2024, the average effective interest rate on the borrowings was 6.1 percent.
(3)Based on cash generated from operations, our existing liquidity facilities, which includes the revolving credit agreement with the option to increase capacity up to $2.75 billion, and our continued access to debt capital markets, we have adequate liquidity to meet any of the company's debt obligations in the near term including any current portion of long-term debt.

Long-term debt:
(in Millions)March 31, 2024  
Interest Rate PercentageMaturity
Date
March 31, 2024December 31, 2023
Pollution control and industrial revenue bonds (less unamortized discounts of $0.1 and $0.1, respectively)
6.45%
2032
$49.9 $49.9 
Senior notes (less unamortized discount of $1.8 and $1.8, respectively)
3.2% - 6.4%
2026 - 2053
2,998.2 2,998.2 
Revolving Credit Facility (1)
8.0%2027  
Foreign debt
14.6% - 17.4%
2024
93.7 96.5 
Debt issuance cost(23.5)(24.5)
Total long-term debt$3,118.3 $3,120.1 
Less: debt maturing within one year93.7 96.5 
Total long-term debt, less current portion$3,024.6 $3,023.6 
____________________
(1)Letters of credit outstanding under our Revolving Credit Facility totaled $251.2 million and available funds under this facility were $639.6 million at March 31, 2024.
17


FMC CORPORATION
Notes to Consolidated Financial Statements (unaudited) — (Continued)
Covenants
Among other restrictions, our Revolving Credit Facility contains financial covenants applicable to FMC and its consolidated subsidiaries related to leverage (measured as the ratio of debt to adjusted earnings) and interest coverage (measured as the ratio of adjusted earnings to interest expense). The maximum leverage ratio through the period ending June 30, 2024 is 6.50 and will incrementally step down over time ending at 3.75 for the quarter ended September 30, 2025. Our actual leverage for the four consecutive quarters ended March 31, 2024 was 5.71, which is below the maximum leverage of 6.50. The minimum interest coverage ratio is 2.50 through the period ending September 30, 2024 and will incrementally increase over time ending at 3.50 for the quarter ended September 30, 2025. Our actual interest coverage for the four consecutive quarters ended March 31, 2024 was 3.08, which is above the minimum interest coverage of 2.50. We were in compliance with all covenants at March 31, 2024.
Note 10: Discontinued Operations
Discontinued operations include adjustments to retained assets and liabilities as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations and retained liabilities. The primary liabilities retained include environmental liabilities, other postretirement benefit liabilities, self-insurance, long-term obligations related to legal proceedings and historical restructuring activities.
Our discontinued operations comprised the following:
(in Millions)Three Months Ended March 31,
20242023
Adjustment for workers’ compensation, product liability, other postretirement benefits and other, net of income tax benefit (expense) of $(0.6) and $(0.4) for the three months ended March 31, 2024 and 2023, respectively
$(1.0)$(0.1)
Provision for environmental liabilities and expenses, net of recoveries, net of income tax benefit (expense) of $0.5 and $0.5 for the three months ended March 31, 2024 and 2023, respectively
(1.7)(2.2)
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit (expense) of $2.6 and $2.4 for the three months ended March 31, 2024 and 2023, respectively
(9.8)(9.2)
Discontinued operations, net of income taxes$(12.5)$(11.5)
Note 11: Environmental Obligations
We have reserves for potential environmental obligations which we consider probable and which we can reasonably estimate. The following table is a roll forward of our total environmental reserves, continuing and discontinued:
(in Millions)Gross
Recoveries (3)
Net
Total environmental reserves at December 31, 2023$601.8 $(9.7)$592.1 
Provision (Benefit)6.1 (0.2)5.9 
(Spending) Recoveries(21.4)0.1 (21.3)
Foreign currency translation adjustments(2.7) (2.7)
Net change$(18.0)$(0.1)$(18.1)
Total environmental reserves at March 31, 2024$583.8 $(9.8)$574.0 
Environmental reserves, current (1)
$97.2 $(1.1)$96.1 
Environmental reserves, long-term (2)
486.6 (8.7)477.9 
Total environmental reserves at March 31, 2024$583.8 $(9.8)$574.0 
____________________
(1)These amounts are included within "Accrued and other liabilities" on the consolidated balance sheets.
(2)These amounts are included in "Environmental liabilities, continuing and discontinued" on the consolidated balance sheets.
(3)These recorded recoveries represent probable realization of claims against U.S. government agencies and are recorded as an offset to our environmental reserves in the consolidated balance sheets.
18


FMC CORPORATION
Notes to Consolidated Financial Statements (unaudited) — (Continued)
The estimated reasonably possible environmental loss contingencies, net of expected recoveries, exceed amounts accrued by approximately $240 million at March 31, 2024. This reasonably possible estimate is based upon information available as of the date of the filing but the actual future losses may be higher given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of potentially responsible parties, technology and information related to individual sites. Potential environmental obligations that have not been reserved may be material to any one quarter's or year's results of operations in the future. However, we believe any such liability arising from such potential environmental obligations is not likely to have a material adverse effect on our liquidity or financial condition as it may be satisfied over many years.
The table below provides a roll forward of our environmental recoveries representing probable realization of claims against insurance carriers and other third parties. These recoveries are recorded as "Prepaid and other current assets" and "Other assets including long-term receivables, net" in the consolidated balance sheets.
(in Millions)December 31, 2023Increase (Decrease) in recoveriesCash receivedMarch 31, 2024
Environmental recoveries$4.9 $0.1 $(0.4)$4.6 
Our net environmental provisions relate to costs for the continued cleanup of both continuing and discontinued manufacturing operations from previous years. The net provisions are comprised as follows:
Three Months Ended March 31,
(in Millions)20242023
Environmental provisions, net - recorded to liabilities (1)
$5.9 $5.3 
Environmental provisions, net - recorded to assets (2)
(0.4)(0.3)
Environmental provision, net$5.5 $5.0 
Continuing operations (3)
$3.3 $2.3 
Discontinued operations (4)
2.2 2.7 
Environmental provision, net$5.5 $5.0 
____________________
(1)See above roll forward of our total environmental reserves as presented on the consolidated balance sheets.
(2)See above roll forward of our total environmental recoveries as presented on the consolidated balance sheets.
(3)Recorded as a component of "Restructuring and other charges (income)" on the consolidated statements of income (loss). See Note 8. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations.
(4)Recorded as a component of "Discontinued operations, net of income taxes" on the consolidated statements of income (loss).
A more complete description of our environmental contingencies and the nature of our potential obligations are included in Notes 1 and 11 to our consolidated financial statements in our 2023 Form 10-K. See Note 11 to our consolidated financial statements in our 2023 Form 10-K for a description of significant updates to material environmental sites. There have been no significant updates since the information included in our 2023 Form 10-K.
19


FMC CORPORATION
Notes to Consolidated Financial Statements (unaudited) — (Continued)
Note 12: Earnings Per Share
Earnings per common share ("EPS") is computed by dividing net income by the weighted average number of common shares outstanding during the period on a basic and diluted basis.
Our potentially dilutive securities include potential common shares related to our stock options, restricted stock and restricted stock units. Diluted earnings per share ("Diluted EPS") considers the impact of potentially dilutive securities except in periods in which there is a loss from continuing operations because the inclusion of the potential common shares would have an antidilutive effect. Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. For the three months ended March 31, 2024 and 2023 there were 1.7 million and 0.3 million potential common shares excluded from Diluted EPS, respectively.
Our non-vested restricted stock awards contain rights to receive non-forfeitable dividends, and thus, are participating securities requiring the two-class method of computing EPS. The two-class method determines EPS by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average number of shares outstanding during the period.
Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows:
(in Millions, Except Share and Per Share Data)Three Months Ended March 31,
20242023
Earnings (loss) attributable to FMC stockholders:
Continuing operations, net of income taxes$9.8 $207.5 
Discontinued operations, net of income taxes(12.5)(11.5)
Net income (loss) attributable to FMC stockholders$(2.7)$196.0 
Less: Distributed and undistributed earnings allocable to restricted award holders (0.4)
Net income (loss) allocable to common stockholders$(2.7)$195.6 
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$0.08 $1.65 
Discontinued operations(0.10)(0.09)
Net income (loss) attributable to FMC stockholders$(0.02)$1.56 
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations$0.08 $1.64 
Discontinued operations(0.10)(0.09)
Net income (loss) attributable to FMC stockholders$(0.02)$1.55 
Shares (in thousands):
Weighted average number of shares of common stock outstanding - Basic124,945 125,341 
Weighted average additional shares assuming conversion of potential common shares297 790 
Shares – diluted basis125,242 126,131 
20


FMC CORPORATION
Notes to Consolidated Financial Statements (unaudited) — (Continued)
Note 13: Equity
Accumulated other comprehensive income (loss)
Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax.
(in Millions)Foreign currency adjustments
Derivative Instruments (1)
Pension and other postretirement benefits
Total
Accumulated other comprehensive income (loss), net of tax at December 31, 2023$(131.3)$(50.2)$(225.0)$(406.5)
2024 Activity
Other comprehensive income (loss) before reclassifications(36.0)3.7 (0.1)(32.4)
Amounts reclassified from accumulated other comprehensive income (loss) (0.3)2.6 2.3 
Net current period other comprehensive income (loss)$(36.0)$3.4 $2.5 $(30.1)
Accumulated other comprehensive income (loss), net of tax at March 31, 2024$(167.3)$(46.8)$(222.5)$(436.6)

(in Millions)Foreign currency adjustments
Derivative Instruments (1)
Pension and other postretirement benefits
Total
Accumulated other comprehensive income (loss), net of tax at December 31, 2022$(160.5)$(51.7)$(247.4)$(459.6)
2023 Activity
Other comprehensive income (loss) before reclassifications 19.2 (37.3)0.1 (18.0)
Amounts reclassified from accumulated other comprehensive income (loss) 6.0 2.8 8.8 
Net current period other comprehensive income (loss)$19.2 $(31.3)$2.9 $(9.2)
Accumulated other comprehensive income (loss), net of tax at March 31, 2023$(141.3)$(83.0)$(244.5)$(468.8)
____________________
(1)    See Note 17 for more information.


21


FMC CORPORATION
Notes to Consolidated Financial Statements (unaudited) — (Continued)
Reclassifications of accumulated other comprehensive income (loss)
The table below provides details about the reclassifications from accumulated other comprehensive income (loss) and the affected line items in the consolidated statements of income (loss) for each of the periods presented:
Details about Accumulated Other Comprehensive Income Components
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1)
Affected Line Item in the Consolidated Statements of Income (Loss)
Three Months Ended March 31,
(in Millions)20242023
Foreign currency translation adjustments:
Derivative instruments
Gain (loss) on foreign currency contracts$0.8 $(7.4)Costs of sales and services
Gain (loss) on foreign currency contracts0.1 0.3 Selling, general and administrative expenses
Gain (loss) on interest rate contracts(0.5)(1.1)Interest expense, net
Total before tax$