FMC (US:FMC)2025-02-28 18:39Employment and Workforce - As of December 31, 2024, the company employed approximately 5,700 people, with 41% in Asia, 26% in Europe, Middle East & Africa, 21% in North America, and 12% in Latin America[62] Safety and Sustainability Goals - The company's Total Recordable Incident Rate is 0.0995, placing it among the safest organizations in the chemical industry globally[67] - The company aims for 100% research and development spend on sustainably advantaged products by 2025, with a total recordable incident rate of less than 0.1[68] - By 2030, the company targets a 42% reduction in Scopes 1 and 2 greenhouse gas emissions and a 25% reduction in Scope 3 emissions[68] - The company has established 2025 and 2035 sustainability goals aligned with the UN Sustainable Development Goals, including net-zero greenhouse gas emissions by 2035[68] Financial Performance - Revenue for 2024 was $4,246.1 million, a decrease of 5.4% compared to $4,486.8 million in 2023[289] - Gross margin for 2024 was $1,648.9 million, down from $1,831.0 million in 2023, reflecting a decline of 9.9%[289] - Net income attributable to FMC stockholders for 2024 was $341.1 million, a significant decrease of 74.1% from $1,321.5 million in 2023[291] - Basic earnings per share for continuing operations in 2024 was $3.22, compared to $11.34 in 2023, representing a decline of 71.6%[289] - Comprehensive income attributable to FMC stockholders for 2024 was $337.0 million, down from $1,374.6 million in 2023, a decline of 75.5%[291] - Net income for 2024 was $341.6 million, a decrease of 74.1% compared to $1,321.0 million in 2023[300] Assets and Liabilities - Total assets decreased to $11,653.3 million in 2024 from $11,926.2 million in 2023, a reduction of 2.3%[298] - Total liabilities decreased to $7,164.4 million in 2024 from $7,418.1 million in 2023, a decrease of 3.4%[298] - Cash and cash equivalents increased to $357.3 million in 2024 from $302.4 million in 2023, an increase of 18.2%[298] - Trade receivables increased to $2,903.2 million in 2024, up from $2,703.2 million in 2023, reflecting a growth of 7.4%[298] Capital Expenditures and Investments - Capital expenditures for 2024 were $67.9 million, down from $133.9 million in 2023, indicating a reduction in investment[305] - The company paid dividends of $290.6 million in 2024, consistent with $290.5 million in 2023[305] Environmental and Restructuring Charges - Environmental charges for the year ended December 31, 2024, amounted to $74.7 million, an increase from $66.9 million in 2023[417] - Restructuring charges for the year ended December 31, 2024, totaled $303.0 million, significantly higher than $48.4 million in 2023[405] - The company incurred $132.1 million in contract abandonment charges during 2024 as part of its restructuring efforts[410] Research and Development - Research and development expenses for 2024 were $278.0 million, down from $328.8 million in 2023, a decrease of 15.4%[289] - The company operates as a single business segment providing innovative solutions to growers globally[349] Revenue Recognition and Customer Contracts - The company recognizes revenue when the customer obtains control of the good or service, with rebates due to customers accrued as a reduction of revenue[337] - Receivables from contracts with customers increased by $220.2 million to $2,942.9 million as of December 31, 2024, compared to $2,722.7 million in 2023[386] Currency and Interest Rate Impact - A one percentage point increase in interest rates would increase gross interest expense by $2.6 million for the year ended December 31, 2024[285] - The foreign currency translation adjustments resulted in a loss of $53.6 million in 2024, compared to a gain of $29.7 million in 2023, indicating a significant negative shift[312] Legal and Regulatory Matters - The SEC's new climate-related disclosure rules will be effective for the company starting with annual reports for the year ending December 31, 2025[365] - The company is evaluating the impacts of the new income tax disclosure requirements effective for the year ended December 31, 2025[366] Divestitures and Acquisitions - Proceeds from the sale of the Global Specialty Solutions business amounted to $340.0 million in 2024[305] - A gain of $174.4 million, net of divestiture transaction costs, was recorded within "Restructuring and other charges (income)" for the year ended December 31, 2024[363] Environmental Provisions and Liabilities - The company accrued reserves for potential environmental obligations totaling $623.2 million and $601.8 million at December 31, 2024 and 2023, respectively[446] - Estimated reasonably possible environmental loss contingencies exceed accrued amounts by approximately $290.0 million as of December 31, 2024[447]