Chairman's - FMC Corporation

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The Board of Directors and Stockholders FMC Corporation: We have audited the accompanying consolidated balance sheets of FMC Corporation and subsidiaries as of December 31, 2009 and 2008, and the related consolidated statements of income, changes in equity, cash flows and comprehensive income for each of the years in the three-year period ended December 31, 2009. In connection with our audits of the consolidated financial statements, we have also audited the related financial statement schedule. These consolidated financial statements and the financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements and the financial statement schedule based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of FMC Corporation and subsidiaries as of December 31, 2009 and 2008, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2009, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements, taken as a whole, presents fairly, in all material respects, the information set forth therein. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), FMC Corporation’s internal control over financial reporting as of December 31, 2009, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated February 22, 2010, expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. /s/ KPMG LLP Philadelphia, Pennsylvania February 22, 2010 114
MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Exchange Act Rule 13a-15(f). FMC’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Internal control over financial reporting includes those written policies and procedures that: • pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of FMC; • provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles; • provide reasonable assurance that receipts and expenditures of FMC are being made only in accordance with authorization of management and directors of FMC; and • provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the consolidated financial statements. Internal control over financial reporting includes the controls themselves, monitoring and internal auditing practices and actions taken to correct deficiencies as identified. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We assessed the effectiveness of our internal control over financial reporting as of December 31, 2009. We based this assessment on criteria for effective internal control over financial reporting described in “Internal Control—Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission. Management’s assessment included an evaluation of the design of our internal control over financial reporting and testing of the operational effectiveness of our internal control over financial reporting. We reviewed the results of our assessment with the Audit Committee of our Board of Directors. Based on this assessment, we determined that, as of December 31, 2009, FMC has effective internal control over financial reporting. KPMG LLP, our independent registered public accounting Firm, has issued an attestation report on the effectiveness of internal control over financial reporting as of December 31, 2009, which appears on page 116. 115
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Chairman’s LETTER Eight years ago
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from acquisitions made in 2008. Lit
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1000 800 600 400 Dollars in Million
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Dollars in Millions 800 700 600 500
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SEGMENT REVENUE AND OPERATING EARNI
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NON-GAAP RECONCILIATIONS Segment op
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UNITED STATES SECURITIES AND EXCHAN
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PART I FMC Corporation (FMC) was in
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energy storage markets to serve the
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The following table summarizes the
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Specialty Chemicals Financial Infor
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The following chart summarizes the
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Overview Our Industrial Chemicals s
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and percarbonates) also function as
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cellulose and seaweed extract as we
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• Changing regulatory environment
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ITEM 3. LEGAL PROCEEDINGS Like hund
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PART II ITEM 5. MARKET FOR THE REGI
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For the three and twelve months end
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Footnotes: (1) Discontinued operati
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driven by higher volumes in most re
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Revenue of $1,051.6 million was one
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Industrial Chemicals Revenue ......
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• $5.6 million of charges represe
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Segment Results Agricultural Produc
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Other Charges (Income), Net • Sol
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corporate purposes, including issui
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Cash required by operating activiti
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indemnification obligations with re
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On January 19, 2009, the European C
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Environmental obligations. We provi
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Sensitivity analysis related to key
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Our debt portfolio, at December 31,
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FMC CORPORATION CONSOLIDATED STATEM
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FMC CORPORATION NOTES TO CONSOLIDAT
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Page 83 and 84: NOTE 3: ACQUISITIONS 2009 Acquisiti
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Page 131 and 132: FMC CORPORATION SCHEDULE II—VALUA
Page 133 and 134: ITEM 13. CERTAIN RELATIONSHIPS AND
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Page 139 and 140: Signature Title Date /S/ ROBERT C.
Page 141 and 142: COMPUTATION OF RATIO OF EARNINGS TO
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Page 145 and 146: I, W. Kim Foster, certify that: CHI
Page 147: CFO CERTIFICATION OF ANNUAL REPORT
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Chairman's - FMC Corporation

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