FMC CORPORATION PHILADELPHIA, Aug. 1, 2017 /PRNewswire/ --
Second Quarter 2017 Highlights
-- Consolidated revenue of $657 million, up 7 percent versus Q2 '16
-- Consolidated GAAP earnings of $0.56 per diluted share, up 14 percent
versus Q2 '16
-- Consolidated adjusted earnings per diluted share of $0.48, up 4 percent
versus Q2 '16
-- Agricultural Solutions segment earnings of $96 million, down 5 percent
versus Q2 '16
-- Lithium segment earnings of $24 million, up 47 percent versus Q2 '16
-- Narrowing guidance range for 2017 adjusted earnings per diluted share to
$2.30 to $2.50(1,2)
-- FMC's previously announced transactions with DuPont on track to close on
November 1, 2017
FMC Corporation (NYSE: FMC) today reported second quarter revenue of $657 million, which is an increase of 7 percent year-over-year. On a GAAP basis, the company reported earnings of $0.56 per diluted share in the second quarter, or $75 million, which is 14 percent higher than the GAAP earnings of $0.49 per diluted share, or $65 million, in the second quarter of 2016. Second quarter 2017 adjusted earnings per diluted share were $0.48, which excludes approximately 24 cents attributable to the reporting of Health and Nutrition in discontinued operations.
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Pierre Brondeau, FMC president, CEO and chairman said: "FMC delivered another solid quarter. In Ag Solutions, we saw strong volumes in Latin America and successful new product launches into Asia. Lithium earnings increased by over 45 percent, on higher pricing. Our lithium hydroxide expansion began selling product to customers in the second quarter and will be at full run rate by the fourth quarter."
FMC Agricultural Solutions
FMC Agricultural Solutions reported second quarter revenue of $583 million and segment earnings of $96 million. Second quarter segment revenue increased 6 percent year-over-year, with volume increasing 10 percent, partially offset by a 4 percent decline in price. Segment earnings decreased 5 percent compared to the second quarter of 2016, with price and geographic mix shift having the largest negative impact.
Agricultural Solutions full-year segment revenue is forecasted to be in the range of $2.3 billion to $2.4 billion, an increase of 3 percent at the mid-point compared to 2016, and full-year segment earnings are expected to be in the range of $415 million to $445 million, an increase of 8 percent at the mid-point.( 2) Segment earnings margin is expected to be approximately 20 percent in the second half of 2017. Third quarter segment earnings are forecasted to be in the range of $100 million to $120 million, an increase of 22 percent at the mid-point compared to the prior year quarter.
FMC Lithium
FMC Lithium reported second quarter segment revenue of $74 million, an increase of 17 percent from the prior-year quarter. Segment earnings increased 47 percent to $24 million in the quarter versus $17 million in the prior-year quarter. Significantly higher prices and improved mix were partially offset by increased costs.
The outlook for Lithium for the full year has been increased. Segment revenue for the full year of 2017 is forecasted to be in the range of $340 million to $360 million, an increase of 33 percent at the mid-point compared to 2016, while full-year segment earnings are expected to be between $115 million and $125 million. This revised forecast for full-year segment earnings represents an increase of $10 million versus prior guidance and an increase of over 70 percent at the mid-point compared to the prior year. Third quarter segment earnings are expected to be in the range of $30 million to $35 million, an increase of approximately 85 percent at the mid-point compared to the prior year quarter.
2017 Outlook
FMC expects adjusted earnings per share to be in the range of $2.30 to $2.50 for the full year 2017, excluding any benefit from the pending DuPont (NYSE:DD) Crop Protection transaction.(1,2)
Update on Transactions with DuPont
FMC continues to expect both the Crop Protection and Health and Nutrition transactions with DuPont will close on November 1, 2017.
Webcast and Supplemental Information
The company will post supplemental information on the web at www.FMC.com, including its 2017 Outlook Statement, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the nearest available GAAP term.
About FMC
For more than a century, FMC Corporation has served the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. Revenue totaled approximately $3.3 billion in 2016. FMC employs approximately 6,000 people throughout the world and operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On March 31, 2017, FMC announced the signing of a definitive agreement to acquire a significant portion of DuPont's Crop Protection business and to sell FMC Health and Nutrition to DuPont. Closing is expected to occur in the fourth quarter of 2017. 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 2016 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.
This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com. In addition, we have also provided on our website at www.fmc.com reconciliations of non-GAAP terms to the most directly comparable GAAP term.
1. Although we provide forecasts for adjusted earnings per share and
adjusted cash from operations (both of which are non-GAAP financial
measures), we are not able to forecast the most directly comparable
measures calculated and presented in accordance with GAAP. Certain
elements of the composition of the GAAP amounts are not predictable,
making it impractical for us to forecast. Such elements include, but are
not limited to, restructuring, acquisition charges, and discontinued
operations and related cash activity. As a result, no GAAP outlook is
provided.
2. Outlook excludes any earnings from the pending acquisition of a
significant portion of DuPont's Crop Protection business, as well as
Health and Nutrition which is reported in discontinued operations.
FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited, in millions, except per share amounts)
-------------------------------------------------
Three Months Ended Six Months Ended
June 30 June 30
2017 2016 2017 2016
---- ---- ---- ----
Revenue $656.8 $615.3 $1,252.8 $1,221.7
Costs of sales and services 422.4 379.9 802.2 770.3
Gross margin 234.4 235.4 450.6 451.4
----- ----- ----- -----
Selling, general and administrative expenses 126.4 110.6 236.1 220.7
Research and development expenses 32.0 33.2 60.2 67.4
Restructuring and other charges (income) 6.9 9.1 15.2 18.6
---
Total costs and expenses 587.7 532.8 1,113.7 1,077.0
----- ----- ------- -------
Income (loss) from operations 69.1 82.5 139.1 144.7
Equity in (earnings) loss of affiliates (0.1) - (0.2) -
Interest expense, net 17.2 15.2 32.9 31.0
Income (loss) from continuing operations before income taxes 52.0 67.3 106.4 113.7
Provision (benefit) for income taxes 3.3 20.5 12.7 40.9
Income (loss) from continuing operations 48.7 46.8 93.7 72.8
Discontinued operations, net of income taxes 26.6 20.2 (142.2) 42.9
Net income (loss) $75.3 $67.0 $(48.5) $115.7
----- ----- ------ ------
Less: Net income attributable to noncontrolling interests 0.6 1.8 1.0 2.2
Net income (loss) attributable to FMC stockholders $74.7 $65.2 $(49.5) $113.5
===== ===== ====== ======
Amounts attributable to FMC stockholders:
Income (loss) from continuing operations, net of tax $48.2 $45.0 $92.7 $70.6
Discontinued operations, net of tax 26.5 20.2 (142.2) 42.9
----
Net income (loss) $74.7 $65.2 $(49.5) $113.5
===== ===== ====== ======
Basic earnings (loss) per common share attributable to FMC
stockholders:
Continuing operations $0.36 $0.34 $0.69 $0.52
Discontinued operations 0.20 0.15 (1.06) 0.32
Basic earnings per common share $0.56 $0.49 $(0.37) $0.84
===== ===== ====== =====
Average number of shares outstanding used in basic earnings per share computations 134.2 133.9 134.1 133.9
===== ===== ===== =====
Diluted earnings (loss) per common share attributable to FMC
stockholders:
Continuing operations $0.36 $0.34 $0.69 $0.52
Discontinued operations 0.20 0.15 (1.06) 0.32
Diluted earnings per common share $0.56 $0.49 $(0.37) $0.84
===== ===== ====== =====
Average number of shares outstanding used in diluted earnings per share 135.6 134.6 135.3 134.4
computations
Other Data:
-----------
Capital additions $15.2 $22.4 $26.7 $45.3
Depreciation and amortization expense $22.5 $24.7 $46.1 $49.6
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 Six Months Ended
June 30 June 30
2017 2016 2017 2016
---- ---- ---- ----
Net income (loss) attributable to FMC stockholders (GAAP) $74.7 $65.2 $(49.5) $113.5
Corporate special charges (income):
Restructuring and other charges (income) (a) 6.9 9.1 15.2 18.6
Non-operating pension and postretirement charges (income) (b) (4.1) 1.2 (8.7) 2.3
Acquisition-related charges (c) 20.7 5.0 29.9 12.4
Income tax expense (benefit) on Corporate special charges (income) (d) (8.1) (4.5) (12.5) (9.7)
Discontinued operations attributable to FMC stockholders, net of income taxes (e) (26.5) (20.2) 142.2 (42.9)
Tax adjustment (f) 1.2 6.5 6.6 16.1
Adjusted after-tax earnings from continuing operations $64.8 $62.3 $123.2 $110.3
attributable to FMC stockholders (Non-GAAP) (1)
Diluted earnings per common share (GAAP) $0.56 $0.49 $(0.37) $0.84
Corporate special charges (income) per diluted share, before tax:
Restructuring and other charges (income) 0.05 0.06 0.11 0.14
Non-operating pension and postretirement charges (0.03) 0.01 (0.06) 0.02
Acquisition-related charges 0.15 0.04 0.22 0.09
Income tax expense (benefit) on Corporate special charges (income), per diluted share (0.06) (0.03) (0.09) (0.07)
Discontinued operations per diluted share (0.20) (0.15) 1.05 (0.32)
Tax adjustments per diluted share 0.01 0.04 0.05 0.12
Diluted adjusted after-tax earnings from continuing $0.48 $0.46 $0.91 $0.82
operations per share, attributable to FMC stockholders (Non-
GAAP)
Average number of shares outstanding used in diluted adjusted 135.6 134.6 135.3 134.4
after-tax earnings from continuing operations per share
computations
____________________
(1) 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.
(a) Three Months Ended June 30, 2017:
Restructuring and other charges (income)
represents $0.2 million associated with
our FMC Agricultural Solutions segment.
Additionally, restructuring and other
charges (income) includes charges of
continuing environmental sites treated as
a Corporate charge of $3.3 million and
other Corporate charges of $3.4 million.
Three Months Ended June 30, 2016:
Restructuring and other charges (income)
includes charges of $5.9 million
representing adjustments to severance and
asset write-offs primarily associated
with the integration of Cheminova with
FMC Agricultural Solutions. Additionally,
restructuring and other charges (income)
includes charges of continuing
environmental sites treated as a
Corporate charge of $2.5 million.
Remaining restructuring and other charges
includes net miscellaneous charges of
$0.7 million.
Six Months Ended June 30, 2017:
Restructuring and other charges (income)
represents $4.7 million of exit costs
related to the termination of our
interest in a variable interest entity
that was previously consolidated and part
of our FMC Agricultural Solutions
segment. Additionally, restructuring and
other charges (income) includes charges
of continuing environmental sites treated
as a Corporate charge of $5.6 million and
other Corporate charges of $4.9 million.
Six Months Ended June 30, 2016:
Restructuring and other charges (income)
includes charges of $8.9 million
representing adjustments to severance and
asset write-offs primarily associated
with the integration of Cheminova with
FMC Agricultural Solutions. Amounts also
include $4.2 million associated as a
result of the Argentina government's
action to devalue its currency.
Additionally, restructuring and other
charges includes charges of continuing
environmental sites treated as a
Corporate charge of $9.1 million.
Remaining restructuring and other charges
includes net miscellaneous charges
(income) of $(3.6) 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 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) Charges related to the legal and
professional fees associated with the
planned or completed acquisitions.
Amounts represent the following:
Three Months Ended June 30 Six Months Ended June 30
(in Millions) 2017 2016 2017 2016
---- ---- ---- ----
Acquisition-related charges
Legal and professional fees (1) $20.7 $5.0 $29.9 $12.4
Total Acquisition-related charges (2) $20.7 $5.0 $29.9 $12.4
____________________
(1) Represents transaction costs, costs for
transitional employees, other acquired
employees related costs and integration-
related legal and professional third-party
fees. These charges are recorded as a
component of "Selling, general and
administrative expense" on the condensed
consolidated statements of income (loss).
(2) Acquisition-related charges for the three
and six months ended June 30, 2017 relate
to the previously announced definitive
agreement to acquire a significant portion
of DuPont's crop protection business, while
charges for the three and six months ended
June 30, 2016 relate to the integration of
Cheminova with FMC Agricultural Solutions,
which were completed at the end of 2016.
(d) The income tax expense (benefit) on
Corporate special charges (income) is
determined using the applicable rates in
the taxing jurisdictions in which the
corporate special charge or income
occurred and includes both current and
deferred income tax expense (benefit)
based on the nature of the non-GAAP
performance measure.
(e) Three and Six Months Ended June 30, 2017
and 2016
Discontinued operations include the
results of FMC Health and Nutrition as
well as provisions, net of recoveries,
for environmental liabilities and legal
reserves and expenses related to
previously discontinued operations.
Assets held for sale under U.S. GAAP are
required to be reported at the lower of
carrying value or fair value, less costs
to sell. We expect a significant gain on
the FMC Health and Nutrition assets to be
sold to DuPont and therefore these assets
held for sale are reported at carrying
value. However, the fair value of the
Omega-3 business, which was previously
part of the broader FMC Health and
Nutrition reporting unit, is
significantly less than its carrying
value, which includes accumulated foreign
currency translation adjustments that
would be reclassified to earnings upon
completion of sale. As a result, we
recorded an impairment charge of
approximately $185 million ($165 million,
net of tax) during the three months ended
March 31, 2017. On June 22, 2017, we
announced that we signed a definitive
agreement to sell the Omega-3 business.
As a result, the fair value of the Omega-
3 business was revised in the three
months ended June 30, 2017 to reflect the
sales price. The impairment charge for
the six months ended June 30, 2017 was
approximately $171 million ($151 million,
net of tax).
(f) We exclude the GAAP tax provision,
including discrete items, from the Non-
GAAP measure of income, and instead
include a Non-GAAP tax provision based
upon the projected annual Non-GAAP
effective tax rate. The GAAP tax
provision includes certain discrete tax
items including, but are not limited to:
income tax expenses or benefits that are
not related to ongoing business
operations in the current year; tax
adjustments associated with fluctuations
in foreign currency remeasurement of
certain foreign operations; certain
changes in estimates of tax matters
related to prior fiscal years; certain
changes in the realizability of deferred
tax assets and related interim accounting
impacts; and changes in tax law.
Management believes excluding these
discrete tax items assists investors and
securities analysts in understanding the
tax provision and the effective tax rate
related to ongoing operations thereby
providing investors with useful
supplemental information about FMC's
operational performance.
Three Months Ended Six Months Ended
June 30 June 30
(in Millions) 2017 2016 2017 2016
---- ---- ---- ----
Non-GAAP tax adjustments:
Revisions to our tax liabilities due to finalization of prior year tax returns $(0.8) $0.1 $(0.8) $1.6
Revisions to valuation allowances of historical deferred tax assets (3.5) - (0.1) -
Foreign currency remeasurement and other discrete items 5.5 6.4 7.5 14.5
Total Non-GAAP tax adjustments $1.2 $6.5 $6.6 $16.1
==== ==== ==== =====
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 Six Months Ended
June 30 June 30
2017 2016 2017 2016
---- ---- ---- ----
Net income (loss) (GAAP) $75.3 $67.0 $(48.5) $115.7
Restructuring and other charges (income) 6.9 9.1 15.2 18.6
Non-operating pension and postretirement charges (4.1) 1.2 (8.7) 2.3
Acquisition-related charges 20.7 5.0 29.9 12.4
Discontinued operations, net of income taxes (26.6) (20.2) 142.2 (42.9)
Interest expense, net 17.2 15.2 32.9 31.0
Provision (benefit) for income taxes 3.3 20.5 12.7 40.9
Adjusted earnings from continuing operations, $92.7 $97.8 $175.7 $178.0
before interest, income taxes and noncontrolling interests
(Non-GAAP) (1)
___________________
(1) Referred to as Adjusted Operating Profit.
RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES (GAAP) TO
ADJUSTED CASH FROM OPERATIONS (NON-GAAP)
(Unaudited, in millions)
Six Months Ended
June 30
2017 2016
---- ----
Cash
provided
(required)
by
operating
activities
(GAAP) $205.0 $160.1
Transaction
and
integration
costs
related
to
acquisitions (9.0) (12.4)
Adjusted
cash
from
operations
(Non-
GAAP)
(1) $196.0 $147.7
====== ======
___________________
(1) The Company believes that the Non-GAAP
financial measure "Adjusted cash from
operations" provides useful information
about the Company's cash flows to
investors and securities analysts.
Adjusted cash from operations excludes
the effects of acquisition-related cash
flows. The Company also believes that
excluding the effects of these items
from cash provided (required) by
operating activities allows management
and investors to compare more easily the
cash flows from period to period.
FMC CORPORATION
INDUSTRY SEGMENT DATA
(Unaudited, in millions)
-----------------------
Three Months Ended Six Months Ended
June 30 June 30
2017 2016 2017 2016
---- ---- ---- ----
Revenue
-------
FMC Agricultural Solutions $582.8 $552.0 $1,113.2 $1,098.1
FMC Lithium 74.0 63.3 139.6 123.6
Total $656.8 $615.3 $1,252.8 $1,221.7
====== ====== ======== ========
Income from continuing operations before income taxes
-----------------------------------------------------
FMC Agricultural Solutions 95.7 100.7 178.7 182.7
FMC Lithium 24.2 16.5 45.8 31.4
Segment operating profit (a) 119.9 117.2 224.5 214.1
Corporate and other (27.2) (19.4) (48.8) (36.1)
----- -----
Adjusted earnings from continuing operations, before interest, $92.7 $97.8 $175.7 $178.0
income taxes and noncontrolling interests (Non-GAAP)
Interest expense, net (17.2) (15.2) (32.9) (31.0)
Corporate special (charges) income:
Restructuring and other (charges) income (b) (6.9) (9.1) (15.2) (18.6)
Non-operating pension and postretirement (charges) income (c) 4.1 (1.2) 8.7 (2.3)
Acquisition-related charges (d) (20.7) (5.0) (29.9) (12.4)
(Provision) benefit for income taxes (3.3) (20.5) (12.7) (40.9)
Discontinued operations, net of income taxes (e) 26.6 20.2 (142.2) 42.9
Net income attributable to noncontrolling interests (0.6) (1.8) (1.0) (2.2)
---- ---- ---- ----
Net income (loss) attributable to FMC stockholders $74.7 $65.2 $(49.5) $113.5
===== ===== ====== ======
____________________
(a) Referred to as Segment Earnings.
(b) Below provides the details of
restructuring and other (charges) income
by segment.
Three Months Ended June 30 Six Months Ended June 30
2017 2016 2017 2016
---- ---- ---- ----
FMC Agricultural Solutions $(0.2) $(5.9) $(4.7) $(12.5)
FMC Lithium - - - (0.6)
Corporate (6.7) (3.2) (10.5) (5.5)
Restructuring and other (charges) income $(6.9) $(9.1) $(15.2) $(18.6)
===== ===== ====== ======
(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 (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.
FMC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in millions)
-----------------------
June 30, 2017 December 31, 2016
------------- -----------------
Cash and cash equivalents $113.2 $64.2
Trade receivables, net of allowance of $28.5 in 2017 and $17.6 in 2016 1,442.3 1,692.5
Inventories 546.3 478.9
Prepaid and other current assets 261.4 232.1
Current assets of discontinued operations held for sale 1,122.6 381.5
------- -----
Total current assets $3,485.8 $2,849.2
-------- --------
Property, plant and equipment, net 538.3 538.1
Goodwill 501.0 498.7
Deferred income taxes 237.2 242.1
Other long-term assets 1,222.0 1,175.6
Noncurrent assets of discontinued operations held for sale - 835.6
--- -----
Total assets $5,984.3 $6,139.3
======== ========
Short-term debt and current portion of long-term debt $192.5 $94.2
Accounts payable, trade and other 433.5 317.4
Accrued customer rebates 347.8 246.7
Guarantees of vendor financing 65.2 104.5
Accrued pensions and other postretirement benefits, current 7.1 7.1
Other current liabilities 356.2 609.3
Current liabilities of discontinued operations held for sale 139.6 59.0
Total current liabilities $1,541.9 $1,438.2
-------- --------
Long-term debt, less current portion 1,592.3 1,798.8
Long-term liabilities 823.4 841.6
Long-term liabilities of discontinued operations held for sale - 67.7
Equity 2,026.7 1,993.0
------- -------
Total liabilities and equity $5,984.3 $6,139.3
======== ========
FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)
-----------------------
Six Months Ended June 30
2017 2016
---- ----
Cash provided (required) by operating activities of continuing operations $205.0 $160.1
------ ------
Cash provided (required) by operating activities of discontinued operations 55.1 64.4
---- ----
Cash provided (required) by investing activities of continuing operations (51.2) (45.0)
----- -----
Cash provided (required) by investing activities of discontinued operations (12.8) (14.7)
----- -----
Cash provided (required) by financing activities of continuing operations:
Net borrowings (repayments) under committed credit facilities - -
Increase (decrease) in short-term debt (4.0) (59.4)
Financing Fees (11.0) (0.7)
Proceeds from borrowings of long-term debt 97.9 2.8
Repayments of long-term debt (200.7) (50.8)
Issuances of common stock, net 14.3 2.1
Excess tax benefits from share-based compensation - 0.4
Transactions with noncontrolling interests (0.5) -
Dividends paid (44.3) (44.3)
Other repurchases of common stock (1.5) (1.2)
Cash provided (required) by financing activities (149.8) (151.1)
------ ------
Effect of exchange rate changes on cash 2.7 1.3
--- ---
Increase (decrease) in cash and cash equivalents 49.0 15.0
Cash and cash equivalents, beginning of year 64.2 78.6
Cash and cash equivalents, end of period $113.2 $93.6
====== =====
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SOURCE FMC Corporation
