Maximum payment term (in days)

[Table of Contents](#i4552998170a04ab690e0e4bebd2d8dfd_7)  
FMC CORPORATIONNotes to Condensed Consolidated Financial Statements (unaudited) — (Continued)Note 3: Revenue RecognitionDisaggregation of revenueWe disaggregate revenue from contracts with customers by geographical areas and major product categories. We have three major agricultural product categories: insecticides, herbicides, and fungicides. Plant health, which includes biological products, is also included in the below table, because it is a growing part of our business. The disaggregated revenue tables are shown below for the three and nine months ended September 30, 2022 and 2021.  
The following table provides information about disaggregated revenue by major geographical region:

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|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
| (in Millions) | 2022 |  | 2021 |  | 2022 |  | 2021 |
| North America | $ | 241.2  |  |  | $ | 199.8  |  |  | $ | 995.6  |  |  | $ | 791.3  |  |
| Latin America | 697.1  |  |  | 516.9  |  |  | 1,394.5  |  |  | 1,019.7  |  |
| Europe, Middle East & Africa (EMEA) | 150.7  |  |  | 171.4  |  |  | 829.7  |  |  | 843.7  |  |
| Asia | 288.2  |  |  | 305.9  |  |  | 960.5  |  |  | 976.9  |  |
| Total Revenue | $ | 1,377.2  |  |  | $ | 1,194.0  |  |  | $ | 4,180.3  |  |  | $ | 3,631.6  |  |
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The following table provides information about disaggregated revenue by product category: 

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|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
| (in Millions) | 2022 |  | 2021 |  | 2022 |  | 2021 |
| Insecticides | $ | 872.3  |  |  | $ | 792.3  |  |  | $ | 2,536.1  |  |  | $ | 2,221.1  |  |
| Herbicides | 323.6  |  |  | 262.3  |  |  | 1,108.3  |  |  | 954.8  |  |
| Fungicides | 75.3  |  |  | 63.4  |  |  | 247.3  |  |  | 248.4  |  |
| Plant Health | 53.2  |  |  | 53.5  |  |  | 169.3  |  |  | 155.8  |  |
| Other | 52.8  |  |  | 22.5  |  |  | 119.3  |  |  | 51.5  |  |
| Total Revenue | $ | 1,377.2  |  |  | $ | 1,194.0  |  |  | $ | 4,180.3  |  |  | $ | 3,631.6  |  |
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We earn revenue from the sale of a wide range of products to a diversified base of customers around the world. We develop, market and sell all three major classes of crop protection chemicals (insecticides, herbicides and fungicides) as well as biologicals, crop nutrition, and seed treatment products, which we group as plant health. These products are used in agriculture to enhance crop yield and quality by controlling a broad spectrum of insects, weeds and disease, as well as in non-agricultural markets for pest control. The majority of our product lines consist of insecticides and herbicides, with a smaller portfolio of fungicides mainly used in high value crop segments. We are investing in plant health which includes our growing biological products. Our insecticides are used to control a wide spectrum of pests, while our herbicide portfolio primarily targets a large variety of difficult-to-control weeds. Products in the other category include various agricultural products such as smaller classes of pesticides, growth promoters, and other miscellaneous revenue sources. Sale of GoodsRevenue from product sales is recognized when (or as) we satisfy a performance obligation by transferring the promised goods to a customer, that is, when control of the good transfers to the customer. The customer is then invoiced at the agreed-upon price with payment terms generally ranging from 30 to 90 days, with some regions providing terms longer than 90 days. We do not typically give payment terms that exceed 360 days; however, in certain geographical regions such as Latin America, these terms may be given in limited circumstances. Additionally, a timing difference of over one year can exist between when products are delivered to the customer and when payment is received from the customer in these regions; however, the effect of these sales is not material to the financial statements as a whole. Furthermore, we have assessed the circumstances and arrangements in these regions and determined that the contracts with these customers do not contain a significant financing component. 21
