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Financial Information and Accounting Policies | 9 Months Ended
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Sep. 30, 2022
Accounting Policies [Abstract] |
Financial Information and Accounting Policies | Financial Information and Accounting Policies In our opinion the condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("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 and nine months ended September 30, 2022 and 2021, cash flows for the nine months ended September 30, 2022 and 2021, changes in equity for the three and nine months ended September 30, 2022 and 2021, and our financial positions as of September 30, 2022 and December 31, 2021. All such adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. The results of operations for the three and nine months ended September 30, 2022 and 2021 are not necessarily indicative of the results of operations for the full year. The condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, and the related condensed consolidated statements of income (loss) and condensed consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2022 and 2021, condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021, and condensed consolidated statements of changes in equity for the three and nine months ended September 30, 2022 and 2021 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 for the year ended December 31, 2021 (the "2021 Form 10-K"). In the third quarter of 2022, we made the following changes: •Change in accounting principle for inventory costing •Change in accounting principle for net periodic benefit cost The effects of the above changes in accounting principle have been retrospectively applied to all periods presented and as such certain prior period financial statement line items have been adjusted. The cumulative effect of these changes in accounting principle, on periods prior to those presented, resulted in an increase of $98.5 million to retained earnings and $1.5 million to accumulated other comprehensive income (losses) as of December 31, 2020, which is the earliest period presented in the condensed consolidated statements of changes in equity. Change in Accounting Principle for Valuing Inventory Costing On July 1, 2022, we changed our method for inventory costing from the last-in, first-out (“LIFO”) cost method to the first-in, first-out (“FIFO”) cost method for inventory in the United States, which were the only operations that were using the LIFO cost method. All inventories outside the United States were already accounted for on the FIFO method. We believe this change in accounting method is preferable as it: •is consistent with how we manage our business •results in a uniform method to value our inventory across all regions of our business •is expected to better reflect the current value of inventory on the consolidated balance sheets and; •is on a more comparable basis with the majority of our industry peer companies Prior to the change in method, inventories valued on the LIFO cost method were approximately 38% of our total inventories. Change in Accounting Principle for Determining Net Periodic Benefit Cost On July 1, 2022, we also changed our method of accounting for the determination of the market-related value of assets for a class of assets within the qualified U.S. defined benefit plan ("the Plan"), impacting our net periodic benefit cost. The market-related value is used to determine both the expected return on plan assets and the amortization of net unamortized actuarial gains or losses expense components of net periodic benefit cost which are reflected on the Non-operating pension and postretirement income (charges) line on the condensed consolidated statements of income (loss). Previously, to calculate the expected return on plan assets and the amortization of net unamortized actuarial gains or losses expense components, we deferred asset gains and losses into the market-related value of assets ("MRVA") over a five year period. We changed our method of accounting to the fair value approach for our liability-hedging asset class, which does not involve deferring the impact of excess plan asset gains or losses in the determination of these two components of net periodic benefit cost. No change is being made to the accounting principle for the other classes of pension assets; however our U.S. qualified pension plan reached fully funded status during 2018 and since that point the portfolio has been 100 percent fixed income securities and cash. Given the Plan's investment strategy, we believe this approach is preferable as it more closely aligns the expected return on plan assets and amortization of net actuarial and other gain and loss expense components with the value reflected in the Plan's funded status. The following tables summarize the effect of these accounting changes on impacted line items in our condensed consolidated financial statements as follows: CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In millions, except per share data) | As computed under LIFO and Pension deferred MRVA Method | As reported under FIFO and Pension Fair Value Method |  | Effect of change |
Three Months Ended September 30, 2022 |  |  |  |  |
Cost of sales and services | $ | 899.7 |  | $ | 899.7 |  |  | $ | — |  |
Gross margin | $ | 477.5 |  | $ | 477.5 |  |  | $ | — |  |
Total costs and expenses | $ | 1,166.6 |  | $ | 1,166.6 |  |  | $ | — |  |
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 210.6 |  | $ | 210.6 |  |  | $ | — |  |
Non-operating pension and postretirement charges (income) | $ | 3.9 |  | $ | (1.7) |  |  | $ | (5.6) |  |
Income (loss) from continuing operations before income taxes | $ | 164.9 |  | $ | 170.5 |  |  | $ | 5.6 |  |
Provision (benefit) for income taxes | $ | 34.8 |  | $ | 36.0 |  |  | $ | 1.2 |  |
Income (loss) from continuing operations | $ | 130.1 |  | $ | 134.5 |  |  | $ | 4.4 |  |
Net income (loss) | $ | 113.9 |  | $ | 118.3 |  |  | $ | 4.4 |  |
Net income (loss) attributable to FMC stockholders | $ | 116.6 |  | $ | 121.0 |  |  | $ | 4.4 |  |
Basic earnings (loss) per common share attributable to FMC stockholders: |  |  |  |  |
Continuing operations | $ | 1.05 |  | $ | 1.09 |  |  | $ | 0.04 |  |
Net income (loss) attributable to FMC stockholders | $ | 0.92 |  | $ | 0.96 |  |  | $ | 0.04 |  |
Diluted earnings (loss) per common share attributable to FMC stockholders: |  |  |  |  |
Continuing operations | $ | 1.05 |  | $ | 1.08 |  |  | $ | 0.03 |  |
Net income (loss) attributable to FMC stockholders | $ | 0.92 |  | $ | 0.95 |  |  | $ | 0.03 |  |
(in Millions, except per share data) | As computed under LIFO and Pension deferred MRVA Method | As reported under FIFO and Pension Fair Value Method |  | Effect of change
Nine Months Ended September 30, 2022 |  |  |  |
Cost of sales and services | $ | 2,539.1 |  | $ | 2,539.1 |  |  | $ | — |
Gross margin | $ | 1,641.2 |  | $ | 1,641.2 |  |  | $ | — |
Total costs and expenses | $ | 3,430.5 |  | $ | 3,430.5 |  |  | $ | — |
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 749.8 |  | $ | 749.8 |  |  | $ | — |
Non-operating pension and postretirement charges (income) | $ | 12.1 |  | $ | 6.5 |  |  | $ | (5.6) |
Income (loss) from continuing operations before income taxes | $ | 630.7 |  | $ | 636.3 |  |  | $ | 5.6 |
Provision (benefit) for income taxes | $ | 131.8 |  | $ | 133.0 |  |  | $ | 1.2 |
Income (loss) from continuing operations | $ | 498.9 |  | $ | 503.3 |  |  | $ | 4.4 |
Net income (loss) | $ | 456.7 |  | $ | 461.1 |  |  | $ | 4.4 |
Net income (loss) attributable to FMC stockholders | $ | 458.2 |  | $ | 462.6 |  |  | $ | 4.4 |
Basic earnings (loss) per common share attributable to FMC stockholders: |  |  |  |
Continuing operations | $ | 3.96 |  | $ | 3.99 |  |  | $ | 0.03 |
Net income (loss) attributable to FMC stockholders | $ | 3.63 |  | $ | 3.66 |  |  | $ | 0.03 |
Diluted earnings (loss) per common share attributable to FMC stockholders: |  |  |  |
Continuing operations | $ | 3.94 |  | $ | 3.98 |  |  | $ | 0.04 |
Net income (loss) attributable to FMC stockholders | $ | 3.61 |  | $ | 3.65 |  |  | $ | 0.04 |
(in Millions, except per share data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Three Months Ended September 30, 2021 |  |  |  |  |
Cost of sales and services | $ | 681.2 |  | $ | 1.3 |  | $ | — |  | $ | 1.3 |  | $ | 682.5 |
Gross margin | $ | 512.8 |  | $ | (1.3) |  | $ | — |  | $ | (1.3) |  | $ | 511.5 |
Total costs and expenses | $ | 977.0 |  | $ | 1.3 |  | $ | — |  | $ | 1.3 |  | $ | 978.3 |
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 217.0 |  | $ | (1.3) |  | $ | — |  | $ | (1.3) |  | $ | 215.7 |
Non-operating pension and postretirement charges (income) | $ | 5.1 |  | $ | — |  | $ | (3.6) |  | $ | (3.6) |  | $ | 1.5 |
Income (loss) from continuing operations before income taxes | $ | 178.8 |  | $ | (1.3) |  | $ | 3.6 |  | $ | 2.3 |  | $ | 181.1 |
Provision (benefit) for income taxes | $ | 8.7 |  | $ | (0.3) |  | $ | 0.8 |  | $ | 0.5 |  | $ | 9.2 |
Income (loss) from continuing operations | $ | 170.1 |  | $ | (1.0) |  | $ | 2.8 |  | $ | 1.8 |  | $ | 171.9 |
Net income (loss) | $ | 160.4 |  | $ | (1.0) |  | $ | 2.8 |  | $ | 1.8 |  | $ | 162.2 |
Net income (loss) attributable to FMC stockholders | $ | 157.9 |  | $ | (1.0) |  | $ | 2.8 |  | $ | 1.8 |  | $ | 159.7 |
Basic earnings (loss) per common share attributable to FMC stockholders: |  |  |  |  |
Continuing operations | $ | 1.30 |  | $ | — |  | $ | 0.02 |  | $ | 0.02 |  | $ | 1.32 |
Net income (loss) attributable to FMC stockholders | $ | 1.22 |  | $ | — |  | $ | 0.02 |  | $ | 0.02 |  | $ | 1.24 |
Diluted earnings (loss) per common share attributable to FMC stockholders: |  |  |  |  |
Continuing operations | $ | 1.30 |  | $ | — |  | $ | 0.02 |  | $ | 0.02 |  | $ | 1.32 |
Net income (loss) attributable to FMC stockholders | $ | 1.22 |  | $ | — |  | $ | 0.02 |  | $ | 0.02 |  | $ | 1.24 |
(in Millions, except per share data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Nine Months Ended September 30, 2021 |  |  |  |  |
Cost of sales and services | $ | 2,074.6 |  | $ | 3.8 |  | $ | — |  | $ | 3.8 |  | $ | 2,078.4 |
Gross margin | $ | 1,557.0 |  | $ | (3.8) |  | $ | — |  | $ | (3.8) |  | $ | 1,553.2 |
Total costs and expenses | $ | 2,865.3 |  | $ | 3.8 |  | $ | — |  | $ | 3.8 |  | $ | 2,869.1 |
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes | $ | 766.3 |  | $ | (3.8) |  | $ | — |  | $ | (3.8) |  | $ | 762.5 |
Non-operating pension and postretirement charges (income) | $ | 14.7 |  | $ | — |  | $ | (10.8) |  | $ | (10.8) |  | $ | 3.9 |
Income (loss) from continuing operations before income taxes | $ | 653.5 |  | $ | (3.8) |  | $ | 10.8 |  | $ | 7.0 |  | $ | 660.5 |
Provision (benefit) for income taxes | $ | 74.3 |  | $ | (0.8) |  | $ | 2.3 |  | $ | 1.5 |  | $ | 75.8 |
Income (loss) from continuing operations | $ | 579.2 |  | $ | (3.0) |  | $ | 8.5 |  | $ | 5.5 |  | $ | 584.7 |
Net income (loss) | $ | 546.8 |  | $ | (3.0) |  | $ | 8.5 |  | $ | 5.5 |  | $ | 552.3 |
Net income (loss) attributable to FMC stockholders | $ | 543.4 |  | $ | (3.0) |  | $ | 8.5 |  | $ | 5.5 |  | $ | 548.9 |
Basic earnings (loss) per common share attributable to FMC stockholders: |  |  |  |  |
Continuing operations | $ | 4.46 |  | $ | (0.02) |  | $ | 0.07 |  | $ | 0.05 |  | $ | 4.51 |
Net income (loss) attributable to FMC stockholders | $ | 4.21 |  | $ | (0.02) |  | $ | 0.07 |  | $ | 0.05 |  | $ | 4.26 |
Diluted earnings (loss) per common share attributable to FMC stockholders: |  |  |  |  |
Continuing operations | $ | 4.44 |  | $ | (0.03) |  | $ | 0.07 |  | $ | 0.04 |  | $ | 4.48 |
Net income (loss) attributable to FMC stockholders | $ | 4.19 |  | $ | (0.03) |  | $ | 0.07 |  | $ | 0.04 |  | $ | 4.23 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in Millions, except per share data) | As computed under LIFO and Pension deferred MRVA Method | As reported under FIFO and Pension Fair Value Method |  | Effect of change |
Three Months Ended September 30, 2022 |  |  |  |  |
Net income (loss) | $ | 113.9 |  | $ | 118.3 |  |  | $ | 4.4 |  |
Pension and other postretirement benefits: |  |  |  |  |
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of zero as computed and zero as reported for the three months ended September 30, 2022 | $ | (0.1) |  | $ | (0.1) |  |  | $ | — |  |
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $1.2 as computed and zero as reported for the three months ended September 30, 2022 | $ | 4.4 |  | $ | — |  |  | $ | (4.4) |  |
Total pension and other postretirement benefits, net of tax expense (benefit) of $1.2 as computed and zero as reported for the three months ended September 30, 2022 | $ | 4.3 |  | $ | (0.1) |  |  | $ | (4.4) |  |
Other comprehensive income (loss), net of tax | $ | (68.1) |  | $ | (72.5) |  |  | $ | (4.4) |  |
Comprehensive income (loss) | $ | 45.8 |  | $ | 45.8 |  |  | $ | — |  |
Comprehensive income (loss) attributable to FMC stockholders | $ | 49.2 |  | $ | 49.2 |  |  | $ | — |  |
(in Millions, except per share data) | As computed under LIFO and Pension deferred MRVA Method | As reported under FIFO and Pension Fair Value Method |  | Effect of change
Nine Months Ended September 30, 2022 |  |  |  |
Net income (loss) | $ | 456.7 |  | $ | 461.1 |  |  | $ | 4.4 |
Pension and other postretirement benefits: |  |  |  |
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of zero as computed and zero as reported for the nine months ended September 30, 2022 | $ | (0.1) |  | $ | (0.1) |  |  | $ | — |
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $2.7 as computed and $1.8 as reported for the nine months ended September 30, 2022 | $ | 11.2 |  | $ | 6.8 |  |  | $ | (4.4) |
Total pension and other postretirement benefits, net of tax expense (benefit) of $2.7 as computed and $1.8 as reported for the nine months ended September 30, 2022 | $ | 11.1 |  | $ | 6.7 |  |  | $ | (4.4) |
Other comprehensive income (loss), net of tax | $ | (214.1) |  | $ | (218.5) |  |  | $ | (4.4) |
Comprehensive income (loss) | $ | 242.6 |  | $ | 242.6 |  |  | $ | — |
Comprehensive income (loss) attributable to FMC stockholders | $ | 246.1 |  | $ | 246.1 |  |  | $ | — |
(in Millions, except per share data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Three Months Ended September 30, 2021 |  |  |  |  |
Net income (loss) | $ | 160.4 |  | $ | (1.0) |  | $ | 2.8 |  | $ | 1.8 |  | $ | 162.2 |
Pension and other postretirement benefits: |  |  |  |  |
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of $(0.2) as adjusted and zero as previously reported for the three months ended September 30, 2021 | $ | 0.1 |  | $ | — |  | $ | (0.8) |  | $ | (0.8) |  | $ | (0.7) |
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $0.7 as adjusted and $1.2 as previously reported for the three months ended September 30, 2021 | $ | 4.5 |  | $ | — |  | $ | (2.0) |  | $ | (2.0) |  | $ | 2.5 |
Total pension and other postretirement benefits, net of tax expense (benefit) of $0.5 as adjusted and $1.2 as previously reported for the three months ended September 30, 2021 | $ | 4.6 |  | $ | — |  | $ | (2.8) |  | $ | (2.8) |  | $ | 1.8 |
Other comprehensive income (loss), net of tax | $ | 20.0 |  | $ | — |  | $ | (2.8) |  | $ | (2.8) |  | $ | 17.2 |
Comprehensive income (loss) | $ | 180.4 |  | $ | (1.0) |  | $ | — |  | $ | (1.0) |  | $ | 179.4 |
Comprehensive income (loss) attributable to FMC stockholders | $ | 178.2 |  | $ | (1.0) |  | $ | — |  | $ | (1.0) |  | $ | 177.2 |
(in Millions, except per share data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Nine Months Ended September 30, 2021 |  |  |  |  |
Net income (loss) | $ | 546.8 |  | $ | (3.0) |  | $ | 8.5 |  | $ | 5.5 |  | $ | 552.3 |
Pension and other postretirement benefits: |  |  |  |  |
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of $(0.6) as adjusted and zero as previously reported for the nine months ended September 30, 2021 | $ | — |  | $ | — |  | $ | (2.2) |  | $ | (2.2) |  | $ | (2.2) |
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $1.8 as adjusted and $3.5 as previously reported for the nine months ended September 30, 2021 | $ | 13.2 |  | $ | — |  | $ | (6.3) |  | $ | (6.3) |  | $ | 6.9 |
Total pension and other postretirement benefits, net of tax expense (benefit) of $1.2 as adjusted and $3.5 as previously reported for the nine months ended September 30, 2021 | $ | 13.2 |  | $ | — |  | $ | (8.5) |  | $ | (8.5) |  | $ | 4.7 |
Other comprehensive income (loss), net of tax | $ | (2.2) |  | $ | — |  | $ | (8.5) |  | $ | (8.5) |  | $ | (10.7) |
Comprehensive income (loss) | $ | 544.6 |  | $ | (3.0) |  | $ | — |  | $ | (3.0) |  | $ | 541.6 |
Comprehensive income (loss) attributable to FMC stockholders | $ | 541.4 |  | $ | (3.0) |  | $ | — |  | $ | (3.0) |  | $ | 538.4 |
CONDENSED CONSOLIDATED BALANCE SHEETS
(in Millions) | As computed under LIFO and Pension deferred MRVA Method | As reported under FIFO and Pension Fair Value Method | Effect of change |  |
September 30, 2022 |  |  |  |  |
Inventories | $ | 1,615.3 |  | $ | 1,731.5 |  | $ | 116.2 |  |  |
Total current assets | $ | 4,994.4 |  | $ | 5,110.6 |  | $ | 116.2 |  |  |
Deferred income taxes | $ | 208.5 |  | $ | 184.1 |  | $ | (24.4) |  |  |
TOTAL ASSETS | $ | 10,672.9 |  | $ | 10,764.7 |  | $ | 91.8 |  |  |
Retained earnings | $ | 5,248.8 |  | $ | 5,354.8 |  | $ | 106.0 |  |  |
Accumulated other comprehensive income (loss) | $ | (527.8) |  | $ | (542.0) |  | $ | (14.2) |  |  |
Total FMC stockholders’ equity | $ | 3,096.4 |  | $ | 3,188.2 |  | $ | 91.8 |  |  |
Total equity | $ | 3,111.8 |  | $ | 3,203.6 |  | $ | 91.8 |  |  |
TOTAL LIABILITIES AND EQUITY | $ | 10,672.9 |  | $ | 10,764.7 |  | $ | 91.8 |  |  |
(in Millions) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
December 31, 2021 |  |  |  |  |
Inventories | $ | 1,405.7 |  | $ | 116.2 |  | $ | — |  | $ | 116.2 |  | $ | 1,521.9 |
Total current assets | $ | 4,937.6 |  | $ | 116.2 |  | $ | — |  | $ | 116.2 |  | $ | 5,053.8 |
Deferred income taxes | $ | 218.5 |  | $ | (24.4) |  | $ | — |  | $ | (24.4) |  | $ | 194.1 |
TOTAL ASSETS | $ | 10,581.3 |  | $ | 91.8 |  | $ | — |  | $ | 91.8 |  | $ | 10,673.1 |
Retained earnings | $ | 4,991.3 |  | $ | 91.8 |  | $ | 9.8 |  | $ | 101.6 |  | $ | 5,092.9 |
Accumulated other comprehensive income (loss) | $ | (315.7) |  | $ | — |  | $ | (9.8) |  | $ | (9.8) |  | $ | (325.5) |
Total FMC stockholders’ equity | $ | 3,032.5 |  | $ | 91.8 |  | $ | — |  | $ | 91.8 |  | $ | 3,124.3 |
Total equity | $ | 3,051.9 |  | $ | 91.8 |  | $ | — |  | $ | 91.8 |  | $ | 3,143.7 |
TOTAL LIABILITIES AND EQUITY | $ | 10,581.3 |  | $ | 91.8 |  | $ | — |  | $ | 91.8 |  | $ | 10,673.1 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in Millions) | As computed under LIFO and Pension deferred MRVA Method | As reported under FIFO and Pension Fair Value Method | Effect of change |  |
Nine Months Ended September 30, 2022 |  |  |  |  |
Cash provided (required) by operating activities of continuing operations: |  |  |  |  |
Net income (loss) | $ | 456.7 |  | $ | 461.1 |  | $ | 4.4 |  |  |
Income (loss) from continuing operations | $ | 498.9 |  | $ | 503.3 |  | $ | 4.4 |  |  |
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations: |  |  |  |  |
Pension and other postretirement benefits | $ | 15.0 |  | $ | 9.4 |  | $ | (5.6) |  |  |
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: |  |  |  |  |
Inventories | $ | (282.3) |  | $ | (282.3) |  | $ | — |  |  |
Income taxes | $ | (4.7) |  | $ | (3.5) |  | $ | 1.2 |  |  |
Net cash provided (required) by operating activities of continuing operations | $ | 15.7 |  | $ | 15.7 |  | $ | — |  |  |
(in Millions) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Nine Months Ended September 30, 2021 |  |  |  |  |
Cash provided (required) by operating activities of continuing operations: |  |  |  |  |
Net income (loss) | $ | 546.8 |  | $ | (3.0) |  | $ | 8.5 |  | $ | 5.5 |  | $ | 552.3 |
Income (loss) from continuing operations | $ | 579.2 |  | $ | (3.0) |  | $ | 8.5 |  | $ | 5.5 |  | $ | 584.7 |
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations: |  |  |  |  |
Pension and other postretirement benefits | $ | 18.4 |  | $ | — |  | $ | (10.8) |  | $ | (10.8) |  | $ | 7.6 |
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: |  |  |  |  |
Inventories | $ | (371.2) |  | $ | 3.8 |  | $ | — |  | $ | 3.8 |  | $ | (367.4) |
Income taxes | $ | (23.5) |  | $ | (0.8) |  | $ | 2.3 |  | $ | 1.5 |  | $ | (22.0) |
Net cash provided (required) by operating activities of continuing operations | $ | 298.2 |  | $ | — |  | $ | — |  | $ | — |  | $ | 298.2 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| FMC Stockholders’ Equity
(in Millions, Except Per Share Data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Balance at December 31, 2020 |  |  |  |  |
Retained earnings | $ | 4,506.4 |  | $ | 100.0 |  | $ | (1.5) |  | $ | 98.5 |  | $ | 4,604.9 |
Accumulated Other Comprehensive Income (Loss) | $ | (282.2) |  | $ | — |  | $ | 1.5 |  | $ | 1.5 |  | $ | (280.7) |
Total equity | $ | 2,984.2 |  | $ | 100.0 |  | $ | — |  | $ | 100.0 |  | $ | 3,084.2 |
| FMC Stockholders’ Equity
(in Millions, Except Per Share Data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Balance at March 31, 2021 |  |  |  |  |
Retained earnings | $ | 4,627.0 |  | $ | 99.0 |  | $ | 1.4 |  | $ | 100.4 |  | $ | 4,727.4 |
Accumulated Other Comprehensive Income (Loss) | $ | (282.8) |  | $ | — |  | $ | (1.4) |  | $ | (1.4) |  | $ | (284.2) |
Total equity | $ | 3,031.3 |  | $ | 99.0 |  | $ | — |  | $ | 99.0 |  | $ | 3,130.3 |
| FMC Stockholders’ Equity
(in Millions, Except Per Share Data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Balance at June 30, 2021 |  |  |  |  |
Retained earnings | $ | 4,767.9 |  | $ | 98.0 |  | $ | 4.2 |  | $ | 102.2 |  | $ | 4,870.1 |
Accumulated Other Comprehensive Income (Loss) | $ | (304.5) |  | $ | — |  | $ | (4.2) |  | $ | (4.2) |  | $ | (308.7) |
Total equity | $ | 3,134.1 |  | $ | 98.0 |  | $ | — |  | $ | 98.0 |  | $ | 3,232.1 |
| FMC Stockholders’ Equity
(in Millions, Except Per Share Data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Balance at September 30, 2021 |  |  |  |  |
Retained earnings | $ | 4,864.9 |  | $ | 97.0 |  | $ | 7.0 |  | $ | 104.0 |  | $ | 4,968.9 |
Accumulated Other Comprehensive Income (Loss) | $ | (284.2) |  | $ | — |  | $ | (7.0) |  | $ | (7.0) |  | $ | (291.2) |
Total equity | $ | 3,057.0 |  | $ | 97.0 |  | $ | — |  | $ | 97.0 |  | $ | 3,154.0 |
| FMC Stockholders’ Equity
(in Millions, Except Per Share Data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Balance at December 31, 2021 |  |  |  |  |
Retained earnings | $ | 4,991.3 |  | $ | 91.8 |  | $ | 9.8 |  | $ | 101.6 |  | $ | 5,092.9 |
Accumulated Other Comprehensive Income (Loss) | $ | (315.7) |  | $ | — |  | $ | (9.8) |  | $ | (9.8) |  | $ | (325.5) |
Total equity | $ | 3,051.9 |  | $ | 91.8 |  | $ | — |  | $ | 91.8 |  | $ | 3,143.7 |
| FMC Stockholders’ Equity
(in Millions, Except Per Share Data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Balance at March 31, 2022 |  |  |  |  |
Retained earnings | $ | 5,131.8 |  | $ | 91.8 |  | $ | 9.8 |  | $ | 101.6 |  | $ | 5,233.4 |
Accumulated Other Comprehensive Income (Loss) | $ | (435.6) |  | $ | — |  | $ | (9.8) |  | $ | (9.8) |  | $ | (445.4) |
Total equity | $ | 3,082.2 |  | $ | 91.8 |  | $ | — |  | $ | 91.8 |  | $ | 3,174.0 |
| FMC Stockholders’ Equity
(in Millions, Except Per Share Data) | As Previously Reported | Effect of FIFO Change | Effect of Pension Change | Combined Effect of Changes | As Adjusted
Balance at June 30, 2022 |  |  |  |  |
Retained earnings | $ | 5,199.1 |  | $ | 91.8 |  | $ | 9.8 |  | $ | 101.6 |  | $ | 5,300.7 |
Accumulated Other Comprehensive Income (Loss) | $ | (460.4) |  | $ | — |  | $ | (9.8) |  | $ | (9.8) |  | $ | (470.2) |
Total equity | $ | 3,127.3 |  | $ | 91.8 |  | $ | — |  | $ | 91.8 |  | $ | 3,219.1 |
| FMC Stockholders’ Equity
(in Millions, Except Per Share Data) | As computed under LIFO and Pension deferred MRVA Method | As reported under FIFO and Pension Fair Value Method | Effect of change |  |
Balance at September 30, 2022 |  |  |  |  |
Retained earnings | $ | 5,248.8 |  | $ | 5,354.8 |  | $ | 106.0 |  |  |
Accumulated Other Comprehensive Income (Loss) | $ | (527.8) |  | $ | (542.0) |  | $ | (14.2) |  |  |
Total equity | $ | 3,111.8 |  | $ | 3,203.6 |  | $ | 91.8 |  |  |
COVID-19 Pandemic Given the COVID-19 pandemic ("COVID"), many countries, including the United States, subsequently imposed restrictions on both travel and business closures in an effort to mitigate the spread of COVID. As an agriculture sciences company, we are considered an "essential" industry in the countries in which we operate and have avoided significant plant closures and all our manufacturing facilities and distribution warehouses are operational. The extent to which COVID will continue to impact us will depend on future developments, many of which remain uncertain and cannot be predicted with confidence, including the duration of the pandemic, further actions to be taken to contain the pandemic or mitigate its impact, and the extent of the direct and indirect economic effects of the pandemic and containment measures, among others.

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- Definition The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -URI https://asc.fasb.org/topic&trid=2122149 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI https://asc.fasb.org/topic&trid=2197479 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI https://asc.fasb.org/topic&trid=2122369 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI https://asc.fasb.org/topic&trid=2134479 + Details
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