for legal reserves and expenses related to discontinued operations. Discontinued environmental charges include environmental remediation costs at sites of discontinued businesses for which we are responsible for environmental compliance. 

## Net income attributable to FMC stockholders 

Net income attributable to FMC stockholders decreased to $228.5 million in 2009 compared with $304.6 million in 2008. The decrease was primarily due to lower Industrial Chemicals segment operating profit and significantly higher restructuring and other charges (income). Partially offsetting these decreases were higher profits in our Agricultural Products segment and to a lesser extent, our Specialty Chemicals segment. 

## Liquidity and Capital resources 

Cash and cash equivalents at December 31, 2010 and 2009 were $161.5 million and $76.6 million, respectively. We had total debt of $637.9 million and $643.9 million at December 31, 2010 and 2009, respectively. This included $503.0 million and $588.0 million of long-term debt (excluding current portions of $116.4 million and $22.5 million) at December 31, 2010 and 2009, respectively. Short-term debt, which consists of foreign borrowings, decreased to $18.5 million at December 31, 2010 compared to $33.4 million at December 31, 2009. 

## 2009 Senior Notes Offering 

On November 30, 2009, we issued $300 million aggregate principal amount of 5.20% Senior Notes due 2019. The net proceeds from the offering were used to pay down existing indebtedness under our revolving credit agreements and for general corporate purposes. 

## Domestic Credit Agreement 

On August 28, 2007, we executed a credit agreement (the “Domestic Credit Agreement”), which provided for a five-year, $600 million revolving credit facility. The proceeds from this facility are available for general corporate purposes, including issuing letters of credit up to a $300 million sub-limit. The Domestic Credit Agreement also contains an option under which, subject to certain conditions, we may request an increase in the facility to $1 billion. 

Loans under the facility bear interest at a floating rate, either a base rate as defined, or the applicable euro currency rate for the relevant term plus an applicable margin. The margin is 0.3 percent per year, subject to adjustment based on the credit rating assigned to our senior unsecured debt. At December 31, 2010, the applicable borrowing rate under our Domestic Credit Agreement was 0.6 percent per annum. 

We had no borrowings under our Domestic Credit Agreement at December 31, 2010 and December 31, 2009. Letters of credit outstanding under the Domestic Credit Agreement totaled $130.4 million and $153.2 million at December 31, 2010 and 2009, respectively. Available funds under the Domestic Credit Agreement were $469.6 million and $446.8 million at December 31, 2010 and 2009, respectively. 

## European Credit Agreement 

On December 16, 2005, FMC Finance B.V., our Dutch finance subsidiary, executed a credit agreement (the “European Credit Agreement”), which provides for an unsecured revolving credit facility 

in the amount of €220 million. Borrowings may be denominated in euros or U.S. dollars. FMC and our Dutch finance subsidiary’s direct parent provide guarantees of amounts due under the European Credit Agreement. On August 13, 2010, we amended this agreement to extend its maturity to August 2012. 

Loans under the European Credit Agreement bear interest at a euro currency base rate, which for loans denominated in euros is the Euro InterBank Offered Rate, and for loans denominated in dollars is London Interbank Offered Rate (“LIBOR”) in each case plus a margin. The applicable margin under our European Credit Agreement is subject to adjustment based on the rating assigned to FMC by each of Moody’s and S&P. At December 31, 2010, the applicable margin was 1.8 percent and the applicable borrowing rate under the European Credit Agreement was 2.5 percent per annum. 

At December 31, 2010 and 2009 we had no borrowings, in revolving credit facility borrowings under the European Credit Agreement, resulting in available funds of $289.1 million and $315.4 million, respectively. 

Among other restrictions, the Domestic Credit Agreement and the European Credit Agreement contain 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). Our actual leverage for the four consecutive quarters ended December 31, 2010 was 1.2 which is below the maximum leverage of 3.5. Our actual interest coverage for the four consecutive quarters ended December 31, 2010 was 14.9 which is above the minimum interest coverage of 3.5. We were in compliance with all covenants at December 31, 2010. 

## Statement of Cash Flows 

## Cash provided by operating activities for 2010 was $399.7 million 

Income from continuing operations of $218.5 million reflected restructuring and other charges of $151.9 million, of which $81.1 million was for non-cash asset write-downs related to the exit of various facilities announced in 2010 and $46.1 million of other facilities exit costs to be settled in cash, mainly for severance costs and lease obligations. Cash spending on restructuring and other charges in 2010 was $53.4 million. Also included in income from continuing operations was $14.2 million for environmental and remediation at our operating sites, which will be spent in years beyond 2010. Net cash spending on environmental remediation at our operating sites in 2010 was $8.9 million which was recorded against pre-existing reserves. Income from continuing operations is also adjusted for other non-cash items which include stock- based compensation expense and excess tax benefits from share-based compensation. There was a significant increase in excess tax benefits from share-based compensation because we utilized our remaining U.S. federal net operating losses in 2010. See Note 14 to our consolidated financial statements included in this Form 10-K for further discussion on these excess tax benefits. 

Receivables were a use of cash of $109.9 million due to revenue increases in our businesses, particularly for Agricultural Products sales in Brazil where terms are significantly longer than in the rest of our businesses. Partially offsetting the higher receivables were accrued customer rebates which increased by $33.2 million due to increased sales primarily in our Agricultural Products segment. These rebates are primarily in North America and Brazil and generally settle in the fourth quarter of each year, however, have increased from the prior year due to higher 

