MOSAIC CO0001285785false00012857852023-11-072023-11-07
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 7, 2023
THE MOSAIC COMPANY
(Exact name of registrant as specified in its charter)
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DE | | 001-32327 | | 20-1026454 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
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101 East Kennedy Blvd. | 33602 |
Suite 2500 |
Tampa, | Florida |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (800) 918-8270
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $0.01 per share | MOS | New York Stock Exchange |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. |
☐ | Emerging growth company | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ |
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Item 2.02. | Results of Operations and Financial Condition. |
The following information is being “furnished” in accordance with General Instruction B.2. of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing:
Furnished herewith as Exhibit 99.1 and incorporated by reference herein is the text of The Mosaic Company’s (“Mosaic,” and Mosaic and its subsidiaries, individually or in any combination, “we,” “us” or “our”) announcement regarding its earnings and results of operations for the quarter ended September 30, 2023, as presented in a press release issued on November 7, 2023.
Furnished herewith as Exhibit 99.2 and incorporated by reference herein is certain performance data for the period ended September 30, 2023 to be published on Mosaic’s website.
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Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
Reference is made to the Exhibit Index hereto with respect to the exhibits furnished herewith. The following exhibits are being “furnished” in accordance with General Instruction B.2. of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
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Exhibit No. | | Description |
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99.1 | | |
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99.2 | | |
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104 | | Cover Page Interactive Data File, formatted in Inline XBRL |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | | | THE MOSAIC COMPANY |
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Date: November 7, 2023 | | | | | By: | | /s/ Philip E. Bauer |
| | | | | Name: | | Philip E. Bauer |
| | | | | Title: | | Senior Vice President, General Counsel |
| | | | | | | and Corporate Secretary |
Exhibit 99.1
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| | | | The Mosaic Company 101 E. Kennedy Blvd., Suite 2500 Tampa, FL 33602 www.mosaicco.com |
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FOR IMMEDIATE RELEASE | | | | |
Investors Paul Massoud 813-775-4260 paul.massoud@mosaicco.com | | Media Ben Pratt 813-775-4206 benjamin.pratt@mosaicco.com | | |
THE MOSAIC COMPANY REPORTS THIRD QUARTER 2023 RESULTS
TAMPA, FL, November 7, 2023 - The Mosaic Company (NYSE: MOS), reported net loss of $4 million, or $(0.01) per diluted share, for the third quarter of 2023. Adjusted EPS(1) was $0.68 and Adjusted EBITDA(1) was $594 million.
“Our third quarter results highlight the versatility of our business. Destocking inventories in Brazil early in the year left us well positioned for the second half of 2023 and 2024,” said CEO Joc O’Rourke. “As we look ahead, our outlook is positive. Around the world, growers are incentivized to maximize yields through appropriate levels of fertilizer application. As a result, demand for our products has rebounded this year, and we expect robust demand through 2024.”
Highlights:
•Third quarter revenues totaled $3.5 billion, down 34 percent from the year ago period, reflecting the impact of lower selling prices. The gross margin rate in the third quarter was 11.5 percent, down from 28.1 percent in the year ago period.
•Net loss in the third quarter totaled $4.2 million, compared with net earnings of $842 million in the year ago period. Current period results reflected the after-tax impact of notable items totaling $231 million, mainly reflecting the impact of a foreign currency transaction loss and an adjustment to asset retirement obligations. Adjusted EBITDA(1) totaled $594 million, compared with $1.7 billion in the third quarter of 2022. Cash from operating activities totaled $647 million and free cash flow(1) totaled $335 million. This compares to $889 million and $587 million, respectively, in the year ago period.
•Potash operating earnings were $200 million in the third quarter, compared to $793 million last year. Adjusted EBITDA(1) totaled $267 million, compared to $871 million in the same period last year, reflecting the impact of lower prices. The Colonsay potash mine was restarted in the third quarter to help meet strong North American demand during Esterhazy's planned turnaround in July.
•Phosphate reported an operating loss of $58 million in the third quarter, compared to operating income of $131 million in the prior year period. Adjusted EBITDA(1) totaled $201 million, compared to $481 million in the third quarter of 2022. Segment results reflect the impact of lower prices and production impacts following Hurricane Idalia and the power outage in Louisiana, partially offset by lower raw material costs.
•Mosaic Fertilizantes reported operating earnings of $77 million in the third quarter, compared to $323 million in the prior year period. Adjusted EBITDA(1) totaled $147 million during the quarter, down from $343 million in the third quarter of 2022, reflecting the impact of lower nutrient prices. Following inventory destocking that was completed early in the second quarter, third quarter distribution margins returned to historically normal levels and are expected to improve further through the end of the year.
(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
Capital Allocation Strategy
The company remains committed to a disciplined capital allocation strategy:
•Total capital expenditures are expected to be in the range of $1.3-$1.4 billion for 2023 and trend lower in 2024. Mosaic continues to focus on high-returning investments with modest capital requirements.
•Mosaic has returned $893 million of capital to shareholders through the third quarter of 2023, including share repurchases totaling $150 million in the third quarter. Mosaic remains committed to returning effectively all excess cash to shareholders in 2023 through a combination of dividends and share repurchases.
•Having already met its long-term debt reduction target of $1 billion, Mosaic is committed to maintaining a strong balance sheet that is sustainable through the cycle. Mosaic expects to refinance its upcoming $900 million maturity.
Third Quarter Segment Results
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Potash Results | Q3 2023 | Q2 2023 | Q3 2022 |
Sales Volumes million tonnes* | 2.2 | 2.2 | 2.1 |
MOP Selling Price(2) | $266 | $326 | $666 |
Gross Margin (GAAP) per tonne | $95 | $155 | $373 |
Adjusted Gross Margin (non-GAAP) per tonne(1) | $95 | $155 | $373 |
Operating Earnings - millions | $200 | $328 | $793 |
Segment Adjusted EBITDA(1) - millions | $267 | $408 | $871 |
*Tonnes = finished product tonnes
Net sales in the Potash segment totaled $720 million, down from $1.4 billion one year ago. Gross margin was $210 million compared to $799 million in the third quarter of 2022, driven by lower average selling prices. Gross margin per tonne was $95 compared to $373 in the prior-year period.
Total potash production was 1.9 million tonnes, down from 2.3 million tonnes in the prior year period, reflecting the impact of Esterhazy's turnaround during the quarter. Sales volumes totaled 2.2 million tonnes, up from 2.1 million tonnes in the prior year quarter.
Sales volumes in the fourth quarter are expected to be in the range of 2.4-2.6 million tonnes. We expect realized mine-gate MOP prices in the range of $235-$260 per tonne.
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Phosphate Results | Q3 2023 | Q2 2023 | Q3 2022 |
Sales Volumes million tonnes* | 1.7 | 1.9 | 1.7 |
DAP Selling Price(4) | $487 | $585 | $809 |
Gross Margin (GAAP) per tonne | $53 | $112 | $217 |
Adjusted Gross Margin (non-GAAP) per tonne(1) | $53 | $129 | $222 |
Operating Earnings - millions | $(58) | $146 | $131 |
Segment Adjusted EBITDA(1) - millions | $201 | $385 | $481 |
*Tonnes = finished product tonnes
(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
(2) Average MOP Selling Price (fob mine)
Net sales in the Phosphate segment were $1.0 billion, down from $1.6 billion in the prior year period. Gross margin was $88 million, compared to $358 million for the same period a year ago, as lower prices and higher conversion costs were partially offset by lower raw material costs. Gross margin per tonne was $53 compared to $217 in the prior-year period.
Production of finished phosphates totaled 1.6 million tonnes, down 4 percent year-over-year, and sales volumes totaled 1.7 million tonnes, in line year-over-year. Production volumes during the quarter were impacted by Hurricane Idalia in Florida and by the outage in Louisiana following a power disruption by the local utility.
Mosaic expects sales volumes in the fourth quarter to be 1.6-1.8 million tonnes. DAP prices at the plant are expected to be in the range of $530-$580 per tonne. Fourth quarter realized stripping margins are expected to be higher than the third quarter.
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Mosaic Fertilizantes Results | Q3 2023 | Q2 2023 | Q3 2022 |
Sales Volumes million tonnes* | 3.1 | 2.4 | 2.8 |
Finished Product Selling Price | $566 | $595 | $931 |
Gross Margin (GAAP) per tonne | $35 | $5 | $123 |
Adjusted Gross Margin (non GAAP) per tonne(1) | $35 | $11 | $118 |
Operating Earnings - millions | $77 | $(20) | $323 |
Segment Adjusted EBITDA(1) - millions | $147 | $66 | $343 |
*Tonnes = finished product tonnes
Net sales in the Mosaic Fertilizantes segment were $1.7 billion, down from $2.6 billion in the prior year period due to lower pricing. Gross margin was $106 million, compared to $348 million for the same period a year ago.
Inventory destocking was completed in the first half of 2023, and this resulted in third quarter distribution margins of $34 per tonne. Fourth quarter distribution margins are expected to be in the range of $40-$50 per tonne.
Other
Selling, general, and administrative costs (SG&A) were $120 million, down from $125 million in the year-ago period. The effective tax rate during the quarter was 31.7 percent. During the quarter, a non-cash settlement charge related to Canadian pension obligations resulted in other expenses of $42 million.
Mosaic recognized earnings from equity investments of $16 million.
(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
(4)Average DAP Selling Price (fob plant)
Market Outlook
Global grain and oilseed markets are expected to remain tight well into 2024. Crop production, threatened by geopolitical unrest, weather extremes and reduced fertilization, is struggling to keep up with strong demand driven by secular demographic changes and growing consumption from renewable fuels. As a result, global stocks-to-use ratios for grains and oilseeds are expected to remain under pressure for the foreseeable future.
Today's constructive agriculture back drop and favorable economics incentivize growers to maximize yields. After two years of under application, growers are seeking to replenish soil nutrients. In North America, a robust spring application season was followed by a successful summer fill program and very strong fall application. Brazil's Safra season led to a recovery of shipments and lower inventories, particularly for phosphate fertilizers. Across most major growing regions around the world, inventories of potash and phosphates have been depleted and will need to be replenished in 2024.
Potash supply remains uncertain. Belarusian exports in 2023 are expected to be down 3-4 million tonnes from pre-sanction levels, and only modest increases are expected for 2024 exports. Logistical constraints and geopolitical events are limiting other producers' ability to make up the shortfall. In phosphates, China's exports are expected to remain capped as domestic agriculture and industrial demand is prioritized over fertilizer exports. These factors together suggest global phosphates and potash markets will remain tight through the rest of the year and into 2024.
2023 Expectations and Key Assumptions
The Company provides the following modeling assumptions for the full year 2023:
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Modeling Assumptions | Full Year 2023 |
Total Capital Expenditures | $1.3 - 1.4 billion |
Depreciation, Depletion & Amortization | $850 - $900 million |
Selling, General, and Administrative Expense | $475 - $500 million |
Net Interest Expense | $150 - $170 million |
Effective tax rate | Mid 20’s % |
Cash tax rate | Mid 30's % |
Sensitivities Table
The Company provides the following sensitivities to price and foreign exchange rates to help investors anticipate the potential impact of movements in these factors. These sensitivities are based on 2022 actual realized pricing and sales volumes.
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Sensitivity | Full year adj. EBITDA impact(1) | 2022 Actual |
Average MOP Price / tonne (fob mine)(6) | $10/mt price change = $60 million (5) | $632 |
Average DAP Price / tonne (fob plant)(6) | $10/mt price change = $90 million | $804 |
Average BRL / USD | 0.10 change, unhedged = $10 million(7) | 5.16 |
(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.(5) Includes impact of Canadian Resource Tax
(6) Approximately 20% of DAP price sensitivity impact is expected to be in the Mosaic Fertilizantes segment.; approximately 5% of the MOP price sensitivity impact is expected to be in the Mosaic Fertilizantes segment.
(7) The company hedged about 50 percent of the annual sensitivity. Over longer periods of time, inflation is expected to offset a portion of currency benefits.
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. More information on the company is available at www.mosaicco.com.
Mosaic has posted prepared comments and related slides on its website, www.mosaicco.com/investors, concurrently with the posting of this release and performance data. In addition, the company will provide access to a fireside chat addressing questions on the quarter, current market conditions, and other topics on Wednesday, November 8, 2023, at 11 am Eastern. The fireside chat will be available both on the website and via telephone at the following number: 412-902-6506, Conference ID: 0099306 . All earnings-related material, including audio, will be available up to one year from the time of the earnings call.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about proposed or pending future transactions or strategic plans and other statements about future financial and operating results. Such statements are based upon the current beliefs and expectations of The Mosaic Company’s management and are subject to significant risks and uncertainties. These risks and uncertainties include, but are not limited to: political and economic instability and changes in government policies in Brazil and other countries in which we have operations; the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation markets that are subject to competitive and other pressures and economic and credit market conditions; the level of inventories in the distribution channels for crop nutrients; the economic impact and operating impacts of the coronavirus (Covid-19) pandemic, the effect of future product innovations or development of new technologies on demand for our products; changes in foreign currency and exchange rates; international trade risks and other risks associated with Mosaic’s international operations and those of joint ventures in which Mosaic participates, including the performance of the Wa’ad Al Shamal Phosphate Company (also known as MWSPC), the future success of current plans for MWSPC and any future changes in those plans; difficulties with realization of the benefits of our natural gas based pricing ammonia supply agreement with CF Industries, Inc., including the risk that the cost savings initially anticipated from the agreement may not be fully realized over its term or that the price of natural gas or ammonia during the term are at levels at which the pricing is disadvantageous to Mosaic; customer defaults; the effects of Mosaic’s decisions to exit business operations or locations; changes in government policy; changes in environmental and other governmental regulation, including expansion of the types and extent of water resources regulated under federal law, carbon taxes or other greenhouse gas regulation, implementation of numeric water quality standards for the discharge of nutrients into Florida waterways or efforts to reduce the flow of excess nutrients into the Mississippi River basin, the Gulf of Mexico or elsewhere; further developments in judicial or administrative proceedings, or complaints that Mosaic’s operations are adversely impacting nearby farms, business operations or properties; difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased financial assurance requirements; resolution of global tax audit activity; the effectiveness of Mosaic’s processes for managing its strategic priorities; adverse weather conditions affecting operations in Central Florida, the Mississippi River basin, the Gulf Coast of the United States, Canada or Brazil, and including potential hurricanes, excess heat, cold, snow, rainfall or drought; actual costs of various items differing from management’s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation, Canadian resources taxes and royalties, or the costs of the MWSPC; reduction of Mosaic’s available cash and liquidity, and increased leverage, due to its use of cash and/or available debt capacity to fund financial assurance requirements and strategic investments; brine inflows at Mosaic’s potash mines; other accidents and disruptions involving Mosaic’s operations, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile chemicals; and risks associated with cyber security, including reputational loss; as well as other risks and uncertainties reported from time to time in The Mosaic Company’s reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements.
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Non-GAAP Financial Measures
This press release includes the presentation and discussion of non-GAAP diluted net earnings per share guidance, or adjusted EPS, and adjusted EBITDA, adjusted gross margin referred to as non-GAAP financial measures and free cash flow. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles, or GAAP. Non-GAAP financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because non-GAAP measures are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies. Adjusted metrics, including adjusted EPS and adjusted EBITDA are calculated by excluding the impact of notable items from the GAAP measure. Notable items impact on gross margin and EBITDA is pretax. Notable items impact on diluted net earnings per share is calculated as the notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Free cash flow is defined as net cash provided by operating activities less capital expenditures, and adjusted for changes in working capital financing. Management believes that these adjusted measures provide securities analysts, investors, management and others with useful supplemental information regarding our performance by excluding and/or including certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes these adjusted measures in analyzing and assessing Mosaic’s overall performance and financial trends, for financial and operating decision-making, and to forecast and plan for future periods. These adjusted measures also assist our management in comparing our and our competitors' operating results. Reconciliations for current and historical periods beginning with the quarter ended December 31, 2021, for consolidated adjusted EPS and adjusted EBITDA, as well as segment adjusted EBITDA and adjusted gross margin per tonne are provided in the Selected Calendar Quarter Financial Information performance data for the related periods. This information is being furnished under Exhibit 99.2 of the Form 8-K and available on our website at www.mosaicco.com in the “Financial Information - Quarterly Earnings” section under the “Investors” tab.
For the three months ended September 30, 2023, the company reported the following notable items which, combined, negatively impacted earnings per share by $(0.69):
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| | | | | | Amount | | Tax effect | | EPS impact |
Description | | Segment | | Line item | | (in millions) | | (in millions) | | (per share) |
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Foreign currency transaction gain (loss) | | Consolidated | | Foreign currency transaction gain (loss) | | $ | (107) | | | $ | 27 | | | $ | (0.23) | |
Unrealized gain (loss) on derivatives | | Corporate and Other | | Cost of goods sold | | (45) | | | 12 | | | (0.10) | |
Closed and indefinitely idled facility costs | | Phosphate | | Other operating income (expense) | | (12) | | | 3 | | | (0.03) | |
FX functional currency | | Mosaic Fertilizantes | | Cost of goods sold | | (2) | | | 1 | | | — | |
Realized gain (loss) on RCRA Trust Securities | | Phosphate | | Other non-operating income (expense) | | (6) | | | 1 | | | (0.01) | |
ARO Adjustment | | Phosphate | | Other operating income (expense) | | (123) | | | 32 | | | (0.28) | |
Environmental reserve | | Phosphate | | Other operating income (expense) | | (3) | | | 1 | | | (0.01) | |
Pension plan termination settlement | | Potash | | Other non-operating income (expense) | | (42) | | | 10 | | | (0.10) | |
Discrete tax items | | Consolidated | | (Provision for) benefit from income taxes | | — | | | 22 | | | 0.07 | |
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Total Notable Items | | | | | | $ | (340) | | | $ | 109 | | | $ | (0.69) | |
For the three months ended September 30, 2022, the company reported the following notable items which, combined, negatively impacted earnings per share by $(0.80):
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| | | | | | Amount | | Tax effect | | EPS impact |
Description | | Segment | | Line item | | (in millions) | | (in millions) | | (per share) |
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Foreign currency transaction gain (loss) | | Consolidated | | Foreign currency transaction gain (loss) | | $ | (61) | | | $ | 16 | | | $ | (0.13) | |
Unrealized gain (loss) on derivatives | | Corporate and Other | | Cost of goods sold | | (76) | | | 20 | | | (0.16) | |
Closed and indefinitely idled facility costs | | Phosphate | | Other operating income (expense) | | (12) | | | 4 | | | (0.02) | |
FX functional currency | | Mosaic Fertilizantes | | Cost of goods sold | | 14 | | | (4) | | | 0.03 | |
Discrete tax items | | Consolidated | | (Provision for) benefit from income taxes | | — | | | (12) | | | (0.04) | |
ARO Adjustment | | Phosphates | | Other operating income (expense) | | (143) | | | 36 | | | (0.31) | |
Environmental reserve | | Phosphates | | Other operating income (expense) | | (71) | | | 18 | | | (0.15) | |
Hurricane Ian idle costs | | Phosphates | | Cost of goods sold | | (9) | | | 2 | | | (0.02) | |
Insurance proceeds | | Phosphates | | Other operating income (expense) | | 4 | | | (1) | | | 0.01 | |
ARO Adjustment | | Mosaic Fertilizantes | | Other operating income (expense) | | (3) | | | 1 | | | (0.01) | |
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Total Notable Items | | | | | | $ | (357) | | | $ | 80 | | | $ | (0.80) | |
Condensed Consolidated Statements of Earnings (Loss)
(in millions, except per share amounts)
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The Mosaic Company | | (unaudited) |
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| | Three months ended | | Nine months ended |
| | September 30, | | September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
Net sales | | $ | 3,548.3 | | | $ | 5,348.5 | | | $ | 10,546.6 | | | $ | 14,643.9 | |
Cost of goods sold | | 3,138.7 | | | 3,846.5 | | | 8,895.5 | | | 9,856.5 | |
Gross margin | | 409.6 | | | 1,502.0 | | | 1,651.1 | | | 4,787.4 | |
Selling, general and administrative expenses | | 119.9 | | | 124.5 | | | 377.5 | | | 365.1 | |
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Other operating expense | | 143.9 | | | 222.8 | | | 214.0 | | | 337.6 | |
Operating earnings | | 145.8 | | | 1,154.7 | | | 1,059.6 | | | 4,084.7 | |
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Interest expense, net | | (17.4) | | | (30.6) | | | (94.5) | | | (104.0) | |
Foreign currency transaction (loss) gain | | (96.9) | | | (61.1) | | | 103.0 | | | 22.4 | |
Other expense | | (50.1) | | | (2.3) | | | (66.1) | | | (37.8) | |
(Loss) earnings from consolidated companies before income taxes | | (18.6) | | | 1,060.7 | | | 1,002.0 | | | 3,965.3 | |
(Benefit from) provision for income taxes | | (5.9) | | | 276.6 | | | 220.8 | | | 1,018.3 | |
(Loss) earnings from consolidated companies | | (12.7) | | | 784.1 | | | 781.2 | | | 2,947.0 | |
Equity in net earnings of nonconsolidated companies | | 15.8 | | | 72.1 | | | 60.0 | | | 138.7 | |
Net earnings including noncontrolling interests | | 3.1 | | | 856.2 | | | 841.2 | | | 3,085.7 | |
Less: Net earnings attributable to noncontrolling interests | | 7.3 | | | 14.5 | | | 41.6 | | | 26.1 | |
Net (loss) earnings attributable to Mosaic | | $ | (4.2) | | | $ | 841.7 | | | $ | 799.6 | | | $ | 3,059.6 | |
Diluted net (loss) earnings per share attributable to Mosaic | | $ | (0.01) | | | $ | 2.42 | | | $ | 2.39 | | | $ | 8.50 | |
Diluted weighted average number of shares outstanding | | 331.5 | | | 347.7 | | | 335.1 | | | 360.1 | |
Condensed Consolidated Balance Sheets
(in millions, except per share amounts) | | | | | | | | |
The Mosaic Company | | (unaudited) |
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| | September 30, 2023 | | December 31, 2022 |
Assets | | | | |
Current assets: | | | | |
Cash and cash equivalents | | $ | 591.0 | | | $ | 735.4 | |
Receivables, net, including affiliate receivables of $175.8 and $291.5, respectively | | 1,399.2 | | | 1,699.9 | |
Inventories | | 2,453.2 | | | 3,543.1 | |
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Other current assets | | 713.4 | | | 578.2 | |
Total current assets | | 5,156.8 | | | 6,556.6 | |
Property, plant and equipment, net of accumulated depreciation of $9,596.1 and $8,944.9, respectively | | 13,140.1 | | | 12,678.7 | |
Investments in nonconsolidated companies | | 910.5 | | | 885.9 | |
Goodwill | | 1,115.3 | | | 1,116.3 | |
Deferred income taxes | | 801.7 | | | 752.3 | |
Other assets | | 1,530.0 | | | 1,396.2 | |
Total assets | | $ | 22,654.4 | | | $ | 23,386.0 | |
Liabilities and Equity | | | | |
Current liabilities: | | | | |
Short-term debt | | $ | 299.8 | | | $ | 224.9 | |
Current maturities of long-term debt | | 954.6 | | | 985.3 | |
Structured accounts payable arrangements | | 600.6 | | | 751.2 | |
Accounts payable, including affiliate payables of $269.8 and $353.2, respectively | | 1,105.7 | | | 1,292.5 | |
Accrued liabilities | | 1,735.6 | | | 2,279.9 | |
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Total current liabilities | | 4,696.3 | | | 5,533.8 | |
Long-term debt, less current maturities | | 2,402.2 | | | 2,411.9 | |
Deferred income taxes | | 1,017.8 | | | 1,010.1 | |
Other noncurrent liabilities | | 2,331.0 | | | 2,236.0 | |
Equity: | | | | |
Preferred Stock, $0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of September 30, 2023 and December 31, 2022 | | — | | | — | |
Common Stock, $0.01 par value, 1,000,000,000 shares authorized, 393,866,695 shares issued and 328,333,935 shares outstanding as of September 30, 2023, 391,964,464 shares issued and 339,071,423 shares outstanding as of December 31, 2022 | | 3.3 | | | 3.4 | |
Capital in excess of par value | | — | | | — | |
Retained earnings | | 14,156.5 | | | 14,203.4 | |
Accumulated other comprehensive loss | | (2,109.5) | | | (2,152.2) | |
Total Mosaic stockholders' equity | | 12,050.3 | | | 12,054.6 | |
Noncontrolling interests | | 156.8 | | | 139.6 | |
Total equity | | 12,207.1 | | | 12,194.2 | |
Total liabilities and equity | | $ | 22,654.4 | | | $ | 23,386.0 | |
Condensed Consolidated Statements of Cash Flows
(in millions, except per share amounts)
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The Mosaic Company | | (unaudited) |
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| | Three months ended | | Nine months ended |
| | September 30, | | September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
Cash Flows from Operating Activities: | | | | | | | | |
Net cash provided by operating activities | | $ | 647.4 | | | $ | 888.8 | | | $ | 1,869.1 | | | $ | 2,980.1 | |
Cash Flows from Investing Activities: | | | | | | | | |
Capital expenditures | | (411.7) | | | (353.7) | | | (1,043.5) | | | (906.8) | |
Purchases of available-for-sale securities - restricted | | (227.9) | | | (33.7) | | | (1,039.7) | | | (459.6) | |
Proceeds from sale of available-for-sale securities - restricted | | 214.9 | | | 29.4 | | | 1,011.7 | | | 444.6 | |
Proceeds from sale of business | | — | | | — | | | 158.4 | | | — | |
Acquisition of business | | — | | | — | | | (41.0) | | | — | |
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Other | | 2.6 | | | 3.4 | | | (0.9) | | | 5.3 | |
Net cash used in investing activities | | (422.1) | | | (354.6) | | | (955.0) | | | (916.5) | |
Cash Flows from Financing Activities: | | | | | | | | |
Payments of short-term debt | | (1,466.3) | | | (39.3) | | | (6,761.9) | | | (158.6) | |
Proceeds from issuance of short-term debt | | 1,537.6 | | | 22.5 | | | 6,837.1 | | | 152.8 | |
Payments of inventory financing arrangement | | — | | | (200.6) | | | (601.4) | | | (1,451.0) | |
Proceeds from inventory financing arrangement | | — | | | 401.1 | | | 601.4 | | | 1,348.8 | |
Payments of structured accounts payable arrangements | | (238.7) | | | (373.4) | | | (1,010.6) | | | (1,144.1) | |
Proceeds from structured accounts payable arrangements | | 238.6 | | | 224.2 | | | 834.0 | | | 1,020.6 | |
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Collections of transferred receivables | | 290.9 | | | 600.1 | | | 1,468.6 | | | 1,283.6 | |
Payments of transferred receivables | | (381.1) | | | (598.9) | | | (1,468.6) | | | (1,363.5) | |
Payments of long-term debt | | (15.7) | | | (15.9) | | | (44.8) | | | (44.5) | |
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Repurchases of stock | | (150.0) | | | (601.8) | | | (606.0) | | | (1,601.2) | |
Cash dividends paid | | (66.4) | | | (52.1) | | | (286.5) | | | (146.6) | |
Other | | (3.1) | | | (15.4) | | | (31.1) | | | (2.0) | |
Net cash used in financing activities | | (254.2) | | | (649.5) | | | (1,069.8) | | | (2,105.7) | |
Effect of exchange rate changes on cash | | (10.1) | | | (19.6) | | | 3.4 | | | (21.7) | |
Net change in cash, cash equivalents and restricted cash | | (39.0) | | | (134.9) | | | (152.3) | | | (63.8) | |
Cash, cash equivalents and restricted cash - beginning of period | | 640.8 | | | 857.4 | | | 754.1 | | | 786.3 | |
Cash, cash equivalents and restricted cash - end of period | | $ | 601.8 | | | $ | 722.5 | | | $ | 601.8 | | | $ | 722.5 | |
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| | Three months ended |
| | | | |
| | September 30, 2023 | | September 30, 2022 |
Reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets to the unaudited statements of cash flows: | | | | |
Cash and cash equivalents | | $ | 591.0 | | | $ | 702.8 | |
Restricted cash in other current assets | | 9.4 | | | 8.6 | |
Restricted cash in other assets | | 1.4 | | | 11.1 | |
Total cash, cash equivalents and restricted cash shown in the unaudited statements of cash flows | | $ | 601.8 | | | $ | 722.5 | |
Reconciliation of Non-GAAP Financial Measures
Earnings Per Share Calculation
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| | Three months ended September 30, | | Nine months ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
Net income (loss) attributable to Mosaic | | $ | (4.2) | | | $ | 841.7 | | | $ | 799.6 | | | $ | 3,059.6 | |
Basic weighted average number of shares outstanding | | 331.5 | | | 344.2 | | | 333.0 | | | 356.5 | |
Dilutive impact of share-based awards | | — | | | 3.5 | | | 2.1 | | | 3.6 | |
Diluted weighted average number of shares outstanding | | 331.5 | | | 347.7 | | | 335.1 | | | 360.1 | |
Basic net income (loss) per share attributable to Mosaic | | $ | (0.01) | | | $ | 2.45 | | | $ | 2.40 | | | $ | 8.58 | |
Diluted net income (loss) per share attributable to Mosaic | | $ | (0.01) | | | $ | 2.42 | | | $ | 2.39 | | | $ | 8.50 | |
Notable items impact on net income per share attributable to Mosaic | | (0.69) | | | (0.80) | | | (0.48) | | | (0.81) | |
Adjusted diluted net income per share attributable to Mosaic | | $ | 0.68 | | | $ | 3.22 | | | $ | 2.87 | | | $ | 9.31 | |
Free Cash Flow
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| | Three months ended September 30, |
| | 2023 | | 2022 |
Net cash provided by operating activities | | $ | 647 | | | $ | 889 | |
Capital expenditures | | (412) | | | (353) | |
Working capital financing(a) | | 100 | | | 51 | |
Free cash flow | | $ | 335 | | | $ | 587 | |
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(a) Includes net proceeds (payments) from inventory financing arrangements, structured accounts payable arrangements and commercial paper borrowings.
Adjusted EBITDA
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Consolidated Earnings (in millions) | | Three months ended September 30, | | | | | | |
| | 2023 | | 2022 | | | | | | |
Consolidated net earnings (loss) attributable to Mosaic | | $ | (4) | | | $ | 842 | | | | | | | |
Less: Consolidated interest expense, net | | (17) | | | (31) | | | | | | | |
Plus: Consolidated depreciation, depletion and amortization | | 239 | | | 229 | | | | | | | |
Plus: Accretion expense | | 23 | | | 19 | | | | | | | |
Plus: Share-based compensation expense | | 6 | | | 6 | | | | | | | |
Plus: Consolidated provision for income taxes | | (6) | | | 277 | | | | | | | |
Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends | | 16 | | | 72 | | | | | | | |
Plus: Notable items | | 335 | | | 354 | | | | | | | |
Adjusted EBITDA | | $ | 594 | | | $ | 1,686 | | | | | | | |
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| | Three months ended |
| | September 30, | | June 30, | | September 30, |
Potash Earnings (in millions) | | 2023 | | 2023 | | 2022 |
Operating Earnings | | $ | 200 | | | $ | 328 | | | $ | 793 | |
Plus: Depreciation, Depletion and Amortization | | 66 | | | 74 | | | 76 | |
Plus: Accretion Expense | | 2 | | | 2 | | | 2 | |
Plus: Foreign Exchange Gain (Loss) | | (26) | | | 23 | | | (19) | |
Plus: Other Income (Expense) | | (43) | | | — | | | — | |
Plus: Notable Items | | 68 | | | (19) | | | 19 | |
Adjusted EBITDA | | $ | 267 | | | $ | 408 | | | $ | 871 | |
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| | Three months ended |
| | September 30, | | June 30, | | September 30, |
Phosphates Earnings (in millions) | | 2023 | | 2023 | | 2022 |
Operating Earnings (Loss) | | $ | (58) | | | $ | 146 | | | $ | 131 | |
Plus: Depreciation, Depletion and Amortization | | 117 | | | 129 | | | 121 | |
Plus: Accretion Expense | | 16 | | | 16 | | | 13 | |
Plus: Foreign Exchange Gain (Loss) | | 4 | | | (2) | | | 3 | |
Plus: Other Income (Expense) | | (6) | | | (1) | | | 1 | |
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Less: Earnings from Consolidated Noncontrolling Interests | | 8 | | | 12 | | | 14 | |
Plus: Notable Items | | 136 | | | 109 | | | 226 | |
Adjusted EBITDA | | $ | 201 | | | $ | 385 | | | $ | 481 | |
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| | Three months ended |
| | September 30, | | June 30, | | September 30, |
Mosaic Fertilizantes (in millions) | | 2023 | | 2023 | | 2022 |
Operating Earnings (Loss) | | $ | 77 | | | $ | (20) | | | $ | 323 | |
Plus: Depreciation, Depletion and Amortization | | 54 | | | 38 | | | 28 | |
Plus: Accretion Expense | | 5 | | | 5 | | | 4 | |
Plus: Foreign Exchange Gain (Loss) | | (48) | | | 73 | | | (66) | |
Plus: Other Income (Expense) | | (1) | | | (1) | | | (1) | |
Less: Earnings (Loss) from Consolidated Noncontrolling Interests | | — | | | (2) | | | — | |
Plus: Notable Items | | 60 | | | (31) | | | 55 | |
Adjusted EBITDA | | $ | 147 | | | $ | 66 | | | $ | 343 | |
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| | Three months ended |
Potash Gross Margin (per tonne) | | September 30, | | June 30, | | September 30, |
| | 2023 | | 2023 | | 2022 |
Gross margin / tonne | | $ | 95 | | | $ | 155 | | | $ | 373 | |
Notable items in gross margin / tonne | | — | | | — | | | — | |
Adjusted gross margin / tonne | | $ | 95 | | | $ | 155 | | | $ | 373 | |
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| | Three months ended |
Phosphate Gross Margin (per tonne) | | September 30, | | June 30, | | September 30, |
| | 2023 | | 2023 | | 2022 |
Gross margin / tonne | | $ | 53 | | | $ | 112 | | | $ | 217 | |
Notable items in gross margin / tonne | | — | | | 17 | | | 5 | |
Adjusted gross margin / tonne | | $ | 53 | | | $ | 129 | | | $ | 222 | |
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| | Three months ended |
Mosaic Fertilizantes Gross Margin (per tonne) | | September 30, | | June 30, | | September 30, |
| | 2023 | | 2023 | | 2022 |
Gross margin / tonne | | $ | 35 | | | $ | 5 | | | $ | 123 | |
Notable items in gross margin / tonne | | — | | | 6 | | | (5) | |
Adjusted gross margin / tonne | | $ | 35 | | | $ | 11 | | | $ | 118 | |
Exhibit 99.2
The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)
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| Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 |
Consolidated data (in millions, except per share) | | | | | | | | |
Diluted net earnings (loss) per share | $ | 1.76 | | $ | 3.19 | | $ | 2.85 | | $ | 2.42 | | $ | 1.52 | | $ | 1.28 | | $ | 1.11 | | $ | (0.01) | |
Notable items impact on earnings per share(a) | (0.19) | | 0.78 | | (0.79) | | (0.80) | | (0.22) | | 0.14 | | 0.07 | | (0.69) | |
Adjusted diluted net earnings per share(a) | $ | 1.95 | | $ | 2.41 | | $ | 3.64 | | $ | 3.22 | | $ | 1.74 | | $ | 1.14 | | $ | 1.04 | | $ | 0.68 | |
Diluted weighted average # of shares outstanding | 377.5 | | 370.1 | | 363.1 | | 347.7 | | 343.8 | | 338.7 | | 333.7 | | 332.0 | |
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Total Net Sales | $ | 3,841 | | $ | 3,922 | | $ | 5,373 | | $ | 5,348 | | $ | 4,481 | | $ | 3,604 | | $ | 3,395 | | $ | 3,548 | |
Cost of goods sold | 2,693 | | 2,483 | | 3,526 | | 3,846 | | 3,512 | | 2,934 | | 2,824 | | 3,139 | |
Gross Margin | $ | 1,148 | | $ | 1,439 | | $ | 1,847 | | $ | 1,502 | | $ | 969 | | $ | 670 | | $ | 571 | | $ | 409 | |
SG&A | 123 | | 133 | | 108 | | 124 | | 133 | | 127 | | 130 | | 120 | |
Other operating (income) expense | 55 | | 50 | | 65 | | 224 | | 136 | | (2) | | 72 | | 144 | |
Operating earnings | $ | 970 | | $ | 1,256 | | $ | 1,674 | | $ | 1,154 | | $ | 700 | | $ | 545 | | $ | 369 | | $ | 145 | |
Interest expense, net | (39) | | (40) | | (34) | | (31) | | (34) | | (41) | | (36) | | (17) | |
Consolidated foreign currency gain/(loss) | (44) | | 311 | | (227) | | (61) | | 75 | | 51 | | 149 | | (97) | |
Earnings from consolidated companies before income taxes | 886 | | 1,527 | | 1,377 | | 1,061 | | 677 | | 546 | | 474 | | (19) | |
Provision for (benefit from) income taxes | 245 | | 372 | | 369 | | 277 | | 206 | | 118 | | 108 | | (6) | |
Earnings (loss) from consolidated companies | $ | 641 | | $ | 1,155 | | $ | 1,008 | | $ | 784 | | $ | 471 | | $ | 428 | | $ | 366 | | $ | (13) | |
Equity in net earnings (loss) of nonconsolidated companies | 20 | | 31 | | 36 | | 72 | | 57 | | 31 | | 13 | | 16 | |
Less: Net earnings (loss) attributable to noncontrolling interests | (4) | | 4 | | 8 | | 14 | | 5 | | 24 | | 10 | | 7 | |
Net earnings (loss) attributable to Mosaic | $ | 665 | | $ | 1,182 | | $ | 1,036 | | $ | 842 | | $ | 523 | | $ | 435 | | $ | 369 | | $ | (4) | |
After tax Notable items included in earnings | $ | (73) | | $ | 288 | | $ | (286) | | $ | (277) | | $ | (75) | | $ | 46 | | $ | 22 | | $ | (231) | |
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Gross Margin Rate | 30 | % | 37 | % | 34 | % | 28 | % | 22 | % | 19 | % | 17 | % | 12 | % |
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Effective Tax Rate (including discrete tax) | 28 | % | 24 | % | 27 | % | 26 | % | 30 | % | 22 | % | 23 | % | 32 | % |
Discrete Tax benefit (expense) | $ | (26) | | $ | 9 | | $ | (14) | | $ | (12) | | $ | (9) | | $ | 14 | | $ | 10 | | $ | 17 | |
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Depreciation, Depletion and Amortization | $ | 214 | | $ | 226 | | $ | 245 | | $ | 229 | | $ | 233 | | $ | 220 | | $ | 244 | | $ | 239 | |
Accretion Expense | $ | 19 | | $ | 20 | | $ | 20 | | $ | 19 | | $ | 22 | | $ | 23 | | $ | 23 | | $ | 23 | |
Share-Based Compensation Expense | $ | 6 | | $ | 16 | | $ | (1) | | $ | 6 | | $ | 6 | | $ | 12 | | $ | 9 | | $ | 6 | |
Notable Items | $ | 59 | | $ | (374) | | $ | 361 | | $ | 354 | | $ | 84 | | $ | (66) | | $ | (32) | | $ | 335 | |
Adjusted EBITDA(b) | $ | 1,227 | | $ | 1,451 | | $ | 2,028 | | $ | 1,686 | | $ | 1,051 | | $ | 777 | | $ | 744 | | $ | 594 | |
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Net cash provided by (used in) operating activities | $ | 431 | | $ | 506 | | $ | 1,585 | | $ | 889 | | $ | 956 | | $ | 149 | | $ | 1,073 | | $ | 647 | |
Cash paid for interest (net of amount capitalized) | 82 | | 4 | | 80 | | 3 | | 83 | | 8 | | 80 | | 5 | |
Cash paid for income taxes (net of refunds) | 36 | | 259 | | 233 | | 253 | | 370 | | 226 | | 147 | | 49 | |
Net cash used in investing activities | $ | (392) | | $ | (297) | | $ | (265) | | $ | (355) | | $ | (343) | | $ | (221) | | $ | (312) | | $ | (422) | |
Capital expenditures | (363) | | (291) | | (263) | | (354) | | (341) | | (322) | | (310) | | (412) | |
Net cash (used in) provided by financing activities | $ | (107) | | $ | (125) | | $ | (1,331) | | $ | (650) | | $ | (573) | | $ | (209) | | $ | (607) | | $ | (254) | |
Cash dividends paid | (28) | | (41) | | (54) | | (51) | | (51) | | (152) | | (68) | | (66) | |
Effect of exchange rate changes on cash | $ | (5) | | $ | 31 | | $ | (33) | | $ | (20) | | $ | (8) | | $ | 4 | | $ | 9 | | $ | (10) | |
Net change in cash and cash equivalents | $ | (72) | | $ | 115 | | $ | (44) | | $ | (135) | | $ | 32 | | $ | (277) | | $ | 164 | | $ | (39) | |
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Short-term debt | $ | 303 | | $ | 481 | | $ | 17 | | $ | 201 | | $ | 225 | | $ | 855 | | $ | 229 | | $ | 300 | |
Long-term debt (including current portion) | 3,979 | | 3,977 | | 3,960 | | 3,959 | | 3,397 | | 3,389 | | 3,393 | | 3,357 | |
Cash & cash equivalents | 770 | | 882 | | 839 | | 703 | | 735 | | 465 | | 626 | | 591 | |
Net debt | $ | 3,512 | | $ | 3,576 | | $ | 3,138 | | $ | 3,457 | | $ | 2,887 | | $ | 3,779 | | $ | 2,996 | | $ | 3,066 | |
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Segment Contributions (in millions) | | | | | | | | |
Phosphate | $ | 1,466 | | $ | 1,496 | | $ | 1,801 | | $ | 1,577 | | $ | 1,310 | | $ | 1,382 | | $ | 1,286 | | $ | 986 | |
Potash | 897 | | 1,060 | | 1,580 | | 1,432 | | 1,136 | | 907 | | 849 | | 720 | |
Mosaic Fertilizantes | 1,535 | | 1,488 | | 2,260 | | 2,629 | | 1,910 | | 1,343 | | 1,419 | | 1,731 | |
Corporate and Other(c) | (57) | | (122) | | (268) | | (290) | | 125 | | (28) | | (159) | | 111 | |
Total net sales | $ | 3,841 | | $ | 3,922 | | $ | 5,373 | | $ | 5,348 | | $ | 4,481 | | $ | 3,604 | | $ | 3,395 | | $ | 3,548 | |
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Phosphate | $ | 418 | | $ | 493 | | $ | 578 | | $ | 131 | | $ | 145 | | $ | 266 | | $ | 146 | | $ | (58) | |
Potash | 443 | | 563 | | 915 | | 793 | | 497 | | 402 | | 328 | | 200 | |
Mosaic Fertilizantes | 195 | | 187 | | 420 | | 323 | | (20) | | (32) | | (20) | | 77 | |
Corporate and Other(c) | (86) | | 13 | | (239) | | (93) | | 78 | | (91) | | (85) | | (74) | |
Consolidated operating earnings | $ | 970 | | $ | 1,256 | | $ | 1,674 | | $ | 1,154 | | $ | 700 | | $ | 545 | | $ | 369 | | $ | 145 | |
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Phosphate(d) | 1,813 | | 1,661 | | 1,675 | | 1,651 | | 1,571 | | 1,836 | | 1,922 | | 1,651 | |
Potash(d) | 2,072 | | 1,792 | | 2,304 | | 2,142 | | 1,863 | | 1,910 | | 2,163 | | 2,220 | |
Mosaic Fertilizantes | 2,347 | | 1,822 | | 2,320 | | 2,824 | | 2,472 | | 2,080 | | 2,385 | | 3,060 | |
Corporate and Other | 432 | | 370 | | 533 | | 221 | | 466 | | 420 | | 359 | | 482 | |
Total finished product tonnes sold ('000 tonnes) | 6,664 | | 5,645 | | 6,832 | | 6,838 | | 6,372 | | 6,246 | | 6,829 | | 7,413 | |
Sales of Performance Products ('000 tonnes)(e) | 1,077 | | 711 | | 741 | | 790 | | 1,265 | | 819 | | 977 | | 1,305 | |
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The Mosaic Company - Phosphate Segment
Selected Calendar Quarter Financial Information
(Unaudited)
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| Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 |
Net Sales and Gross Margin (in millions, except per tonne) | | | | | | | | |
Segment income statement | | | | | | | | |
Net Sales | $ | 1,466 | | $ | 1,496 | | $ | 1,801 | | $ | 1,577 | | $ | 1,310 | | $ | 1,382 | | $ | 1,286 | | $ | 986 | |
Cost of Goods Sold | 1,006 | | 968 | | 1,159 | | 1,219 | | 1,078 | | 1,123 | | 1,070 | | 899 | |
Gross Margin | $ | 460 | | $ | 528 | | $ | 642 | | $ | 358 | | $ | 232 | | $ | 259 | | $ | 216 | | $ | 87 | |
Notable Items Included in Gross Margin | (9) | | — | | — | | (9) | | (30) | | — | | (31) | | — | |
Adjusted Gross Margin(b) | $ | 469 | | $ | 528 | | $ | 642 | | $ | 367 | | $ | 262 | | $ | 259 | | $ | 247 | | $ | 87 | |
| | | | | | | | |
SG&A | 15 | | 8 | | 10 | | 8 | | 15 | | 10 | | 11 | | 10 | |
Other operating (income) expense | 27 | | 27 | | 54 | | 219 | | 72 | | (17) | | 59 | | 135 | |
| | | | | | | | |
Operating Earnings | $ | 418 | | $ | 493 | | $ | 578 | | $ | 131 | | $ | 145 | | $ | 266 | | $ | 146 | | $ | (58) | |
Plus: Depreciation, Depletion and Amortization | 115 | | 120 | | 133 | | 121 | | 111 | | 116 | | 129 | | 117 | |
Plus: Accretion Expense | 13 | | 13 | | 14 | | 13 | | 15 | | 16 | | 16 | | 16 | |
Plus: Foreign Exchange Gain (Loss) | (11) | | (7) | | — | | 3 | | (4) | | (2) | | (2) | | 4 | |
Plus: Other Income (Expense) | — | | — | | (24) | | 1 | | (9) | | — | | (1) | | (6) | |
Plus: Dividends from equity investments | — | | — | | — | | — | | — | | 25 | | — | | — | |
Less: Earnings (loss) from Consolidated Noncontrolling Interests | (3) | | 4 | | 9 | | 14 | | 5 | | 25 | | 12 | | 8 | |
Plus: Notables Items | 33 | | 17 | | 66 | | 226 | | 95 | | (14) | | 109 | | 136 | |
Adjusted EBITDA(b) | $ | 571 | | $ | 632 | | $ | 758 | | $ | 481 | | $ | 348 | | $ | 382 | | $ | 385 | | $ | 201 | |
| | | | | | | | |
Capital expenditures | $ | 187 | | $ | 148 | | $ | 157 | | $ | 168 | | $ | 159 | | $ | 142 | | $ | 119 | | $ | 157 | |
Gross Margin $ / tonne of finished product | $ | 254 | | $ | 318 | | $ | 383 | | $ | 217 | | $ | 148 | | $ | 141 | | $ | 112 | | $ | 53 | |
Adjusted Gross Margin $ / tonne of finished product | $ | 259 | | $ | 318 | | $ | 383 | | $ | 222 | | $ | 167 | | $ | 141 | | $ | 129 | | $ | 53 | |
Gross margin as a percent of sales | 31 | % | 35 | % | 36 | % | 23 | % | 18 | % | 19 | % | 17 | % | 9 | % |
| | | | | | | | |
Freight included in finished goods (in millions) | $ | 103 | | $ | 90 | | $ | 94 | | $ | 98 | | $ | 95 | | $ | 96 | | $ | 102 | | $ | 92 | |
Idle/Turnaround costs (excluding notable items) | $ | 25 | | $ | 31 | | $ | 79 | | $ | 79 | | $ | 70 | | $ | 42 | | $ | 34 | | $ | 25 | |
| | | | | | | | |
Operating Data | | | | | | | | |
Sales volumes ('000 tonnes)(d) | | | | | | | | |
DAP/MAP | 907 | | 917 | | 814 | | 824 | | 844 | | 1,022 | | 928 | | 913 | |
Performance & other products(f) | 813 | | 659 | | 780 | | 750 | | 640 | | 740 | | 919 | | 673 | |
Other products(i) | 93 | | 85 | | 81 | | 77 | | 87 | | 74 | | 75 | | 65 | |
Total Finished Product(d) | 1,813 | | 1,661 | | 1,675 | | 1,651 | | 1,571 | | 1,836 | | 1,922 | | 1,651 | |
| | | | | | | | |
DAP selling price (fob plant)(q) | $ | 676 | | $ | 785 | | $ | 920 | | $ | 809 | | $ | 722 | | $ | 660 | | $ | 585 | | $ | 487 | |
Average finished product selling price (destination)(g) | $ | 758 | | $ | 877 | | $ | 1,048 | | $ | 924 | | $ | 794 | | $ | 717 | | $ | 634 | | $ | 569 | |
| | | | | | | | |
Production Volumes ('000 tonnes) | | | | | | | | |
Total tonnes produced(h) | 1,857 | | 1,745 | | 1,636 | | 1,664 | | 1,602 | | 1,836 | | 1,660 | | 1,593 | |
Operating Rate | 75 | % | 70 | % | 66 | % | 67 | % | 65 | % | 74 | % | 67 | % | 64 | % |
| | | | | | | | |
Raw Materials | | | | | | | | |
Ammonia used in production | $ | 287 | | $ | 258 | | $ | 236 | | $ | 236 | | $ | 243 | | $ | 274 | | $ | 240 | | $ | 234 | |
% manufactured ammonia used in production | 20 | % | 34 | % | 22 | % | 5 | % | 42 | % | 29 | % | 44 | % | 32 | % |
Sulfur used in production | $ | 848 | | $ | 818 | | $ | 764 | | $ | 781 | | $ | 745 | | $ | 840 | | $ | 771 | | $ | 735 | |
% prilled sulfur used in production | 17 | % | 11 | % | 5 | % | — | % | 3 | % | 7 | % | 11 | % | 5 | % |
| | | | | | | | |
Realized costs ($/tonne) | | | | | | | | |
Ammonia (tonne)(j) | $ | 463 | | $ | 532 | | $ | 591 | | $ | 665 | | $ | 653 | | $ | 605 | | $ | 441 | | $ | 353 | |
Sulfur (long ton)(k) | $ | 229 | | $ | 281 | | $ | 385 | | $ | 436 | | $ | 348 | | $ | 236 | | $ | 195 | | $ | 156 | |
Blended rock | $ | 64 | | $ | 61 | | $ | 64 | | $ | 68 | | $ | 78 | | $ | 77 | | $ | 79 | | $ | 81 | |
| | | | | | | | |
Phosphate cash conversion costs, production / tonne(r) | $ | 71 | | $ | 76 | | $ | 86 | | $ | 85 | | $ | 96 | | $ | 96 | | $ | 105 | | $ | 105 | |
Cash costs of U.S. mined rock/production tonne(s) | $ | 44 | | $ | 50 | | $ | 46 | | $ | 41 | | $ | 48 | | $ | 58 | | $ | 56 | | $ | 56 | |
| | | | | | | | |
ARO cash spending (in millions) | $ | 26 | | $ | 33 | | $ | 28 | | $ | 33 | | $ | 43 | | $ | 41 | | $ | 41 | | $ | 42 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
MWSPC equity earnings (loss) | $ | 20 | | $ | 31 | | $ | 34 | | $ | 72 | | $ | 58 | | $ | 31 | | $ | 10 | | $ | 17 | |
MWSPC total sales tonnes (DAP/MAP/NPK) | 653 | | 592 | | 413 | | 599 | | 684 | | 762 | | 649 | | 771 | |
| | | | | | | | |
Miski Mayo external sales revenue | $ | 18 | | $ | 26 | | $ | 21 | | $ | 33 | | $ | 38 | | $ | 41 | | $ | 47 | | $ | 33 | |
| | | | | | | | |
The Mosaic Company - Potash Segment
Selected Calendar Quarter Financial Information
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 |
Net Sales and Gross Margin (in millions, except per tonne) | | | | | | | | |
Segment income statement | | | | | | | | |
Net Sales | $ | 897 | | $ | 1,060 | | $ | 1,580 | | $ | 1,432 | | $ | 1,136 | | $ | 907 | | $ | 849 | | $ | 720 | |
Cost of Goods Sold | 433 | | 481 | | 652 | | 633 | | 598 | | 494 | | 513 | | 510 | |
Gross Margin | $ | 464 | | $ | 579 | | $ | 928 | | $ | 799 | | $ | 538 | | $ | 413 | | $ | 336 | | $ | 210 | |
Notable Items Included in Gross Margin | — | | — | | — | | — | | — | | — | | — | | — | |
Adjusted Gross Margin(b) | $ | 464 | | $ | 579 | | $ | 928 | | $ | 799 | | $ | 538 | | $ | 413 | | $ | 336 | | $ | 210 | |
| | | | | | | | |
SG&A | 11 | | 7 | | 8 | | 6 | | 9 | | 8 | | 7 | | 6 | |
Other operating (income) expense | 10 | | 9 | | 5 | | — | | 32 | | 3 | | 1 | | 4 | |
| | | | | | | | |
Operating Earnings | $ | 443 | | $ | 563 | | $ | 915 | | $ | 793 | | $ | 497 | | $ | 402 | | $ | 328 | | $ | 200 | |
Plus: Depreciation, Depletion and Amortization | 68 | | 77 | | 81 | | 76 | | 73 | | 70 | | 74 | | 66 | |
Plus: Accretion Expense | 2 | | 2 | | 2 | | 2 | | 2 | | 2 | | 2 | | 2 | |
Plus: Foreign Exchange Gain (Loss) | 3 | | 17 | | (23) | | (19) | | 6 | | 3 | | 23 | | (26) | |
Plus: Other Income (Expense) | — | | — | | — | | — | | — | | — | | — | | (43) | |
Plus: Notable Items | 1 | | (8) | | 23 | | 19 | | 19 | | (3) | | (19) | | 68 | |
Adjusted EBITDA(b) | $ | 517 | | $ | 651 | | $ | 998 | | $ | 871 | | $ | 597 | | $ | 474 | | $ | 408 | | $ | 267 | |
| | | | | | | | |
Capital expenditures | $ | 92 | | $ | 65 | | $ | 67 | | $ | 78 | | $ | 72 | | $ | 93 | | $ | 74 | | $ | 85 | |
Gross Margin $ / tonne of finished product | $ | 224 | | $ | 323 | | $ | 403 | | $ | 373 | | $ | 289 | | $ | 216 | | $ | 155 | | $ | 95 | |
Adjusted Gross Margin $ / tonne of finished product | $ | 224 | | $ | 323 | | $ | 403 | | $ | 373 | | $ | 289 | | $ | 216 | | $ | 155 | | $ | 95 | |
Gross margin as a percent of sales | 52 | % | 55 | % | 59 | % | 56 | % | 47 | % | 46 | % | 40 | % | 29 | % |
| | | | | | | | |
Supplemental Cost Information | | | | | | | | |
Canadian resource taxes | $ | 113 | | $ | 157 | | $ | 274 | | $ | 258 | | $ | 238 | | $ | 121 | | $ | 95 | | $ | 86 | |
Royalties | $ | 15 | | $ | 27 | | $ | 32 | | $ | 31 | | $ | 24 | | $ | 19 | | $ | 13 | | $ | 9 | |
Freight(l) | $ | 65 | | $ | 70 | | $ | 76 | | $ | 55 | | $ | 66 | | $ | 80 | | $ | 94 | | $ | 99 | |
Idle/Turnaround costs (excluding notable items) | $ | 11 | | $ | 15 | | $ | 9 | | $ | 13 | | $ | 24 | | $ | 22 | | $ | 35 | | $ | 37 | |
| | | | | | | | |
Operating Data | | | | | | | | |
Sales volumes ('000 tonnes)(d) | | | | | | | | |
MOP | 1,870 | | 1,532 | | 2,045 | | 1,952 | | 1,707 | | 1,696 | | 1,883 | | 2,031 | |
Performance & other products(m) | 187 | | 243 | | 245 | | 178 | | 143 | | 201 | | 270 | | 177 | |
Other products(i) | 15 | | 17 | | 14 | | 12 | | 13 | | 13 | | 10 | | 12 | |
Total Finished Product(d) | 2,072 | | 1,792 | | 2,304 | | 2,142 | | 1,863 | | 1,910 | | 2,163 | | 2,220 | |
| | | | | | | | |
Crop Nutrients North America | 610 | | 618 | | 727 | | 439 | | 594 | | 739 | | 881 | | 1,129 | |
Crop Nutrients International | 1,301 | | 1,020 | | 1,415 | | 1,574 | | 1,145 | | 1,053 | | 1,144 | | 1,007 | |
Non-Agricultural | 161 | | 154 | | 162 | | 129 | | 125 | | 118 | | 138 | | 84 | |
Total Finished Product(d) | 2,072 | | 1,792 | | 2,304 | | 2,142 | | 1,863 | | 1,910 | | 2,163 | | 2,220 | |
| | | | | | | | |
MOP selling price (fob mine)(o) | $ | 414 | | $ | 582 | | $ | 678 | | $ | 666 | | $ | 581 | | $ | 421 | | $ | 326 | | $ | 266 | |
Average finished product selling price (destination)(g) | $ | 433 | | $ | 591 | | $ | 686 | | $ | 669 | | $ | 610 | | $ | 475 | | $ | 392 | | $ | 324 | |
| | | | | | | | |
Production Volumes ('000 tonnes) | | | | | | | | |
Production Volume | 2,208 | | 2,200 | | 2,436 | | 2,266 | | 2,151 | | 1,944 | | 1,921 | | 1,854 | |
Operating Rate | 81 | % | 80 | % | 87 | % | 81 | % | 77 | % | 69 | % | 69 | % | 66 | % |
| | | | | | | | |
MOP cash costs of production including brine / production tonne(n) | $ | 71 | | $ | 81 | | $ | 78 | | $ | 78 | | $ | 76 | | $ | 81 | | $ | 74 | | $ | 73 | |
ARO cash spending (in millions) | $ | 15 | | $ | 18 | | $ | 13 | | $ | 11 | | $ | 5 | | $ | 3 | | $ | 3 | | $ | 3 | |
| | | | | | | | |
Average CAD / USD | $ | 1.261 | | $ | 1.267 | | $ | 1.276 | | $ | 1.304 | | $ | 1.358 | | $ | 1.352 | | $ | 1.343 | | $ | 1.342 | |
The Mosaic Company - Mosaic Fertilizantes Segment
Selected Calendar Quarter Financial Information
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 |
Net Sales and Gross Margin (in millions, except per tonne) | | | | | | | | |
Segment income statement | | | | | | | | |
Net Sales | $ | 1,535 | | $ | 1,488 | | $ | 2,260 | | $ | 2,629 | | $ | 1,910 | | $ | 1,343 | | $ | 1,419 | | $ | 1,731 | |
Cost of Goods Sold | 1,313 | | 1,269 | | 1,810 | | 2,281 | | 1,882 | | 1,344 | | 1,406 | | 1,625 | |
Gross Margin | $ | 222 | | $ | 219 | | $ | 450 | | $ | 348 | | $ | 28 | | $ | (1) | | $ | 13 | | $ | 106 | |
Notable Items Included in Gross Margin | 23 | | (18) | | — | | 14 | | (1) | | — | | (13) | | (2) | |
Adjusted Gross Margin(b) | $ | 199 | | $ | 237 | | $ | 450 | | $ | 334 | | $ | 29 | | $ | (1) | | $ | 26 | | $ | 108 | |
| | | | | | | | |
SG&A | 24 | | 21 | | 27 | | 25 | | 29 | | 26 | | 29 | | 26 | |
Other operating (income) expense | 3 | | 11 | | 3 | | — | | 19 | | 5 | | 4 | | 3 | |
| | | | | | | | |
Operating Earnings | $ | 195 | | $ | 187 | | $ | 420 | | $ | 323 | | $ | (20) | | $ | (32) | | $ | (20) | | $ | 77 | |
Plus: Depreciation, Depletion and Amortization | 28 | | 25 | | 27 | | 28 | | 45 | | 32 | | 38 | | 54 | |
Plus: Accretion Expense | 4 | | 4 | | 4 | | 4 | | 5 | | 5 | | 5 | | 5 | |
Plus: Foreign Exchange Gain (Loss) | (31) | | 119 | | (83) | | (66) | | 38 | | 23 | | 73 | | (48) | |
Plus: Other Income (Expense) | (1) | | (1) | | (1) | | (1) | | (1) | | (1) | | (1) | | (1) | |
Less: Earnings from Consolidated Noncontrolling Interests | — | | — | | (1) | | — | | — | | — | | (2) | | — | |
Plus: Notable Items | 2 | | (101) | | 76 | | 55 | | (38) | | (24) | | (31) | | 60 | |
Adjusted EBITDA(b) | $ | 197 | | $ | 233 | | $ | 444 | | $ | 343 | | $ | 29 | | $ | 3 | | $ | 66 | | $ | 147 | |
| | | | | | | | |
Capital expenditures | $ | 81 | | $ | 75 | | $ | 39 | | $ | 92 | | $ | 100 | | $ | 87 | | $ | 63 | | $ | 118 | |
Gross Margin $ / tonne of finished product | $ | 95 | | $ | 120 | | $ | 194 | | $ | 123 | | $ | 11 | | $ | (1) | | $ | 5 | | $ | 35 | |
Adjusted Gross Margin $ / tonne of finished product | $ | 85 | | $ | 130 | | $ | 194 | | $ | 118 | | $ | 12 | | $ | (1) | | $ | 11 | | $ | 35 | |
Gross margin as a percent of sales | 14 | % | 15 | % | 20 | % | 13 | % | 1 | % | — | % | 1 | % | 6 | % |
Idle/Turnaround costs (excluding notable items) | $ | 25 | | $ | 9 | | $ | 30 | | $ | 44 | | $ | 29 | | $ | 11 | | $ | 30 | | 28 | |
| | | | | | | | |
Operating Data | | | | | | | | |
Sales volumes ('000 tonnes) | | | | | | | | |
Phosphate produced in Brazil | 599 | | 737 | | 638 | | 488 | | 505 | | 510 | | 611 | | 622 | |
Potash produced in Brazil | 59 | | 46 | | 46 | | 33 | | 40 | | 44 | | 44 | | 62 | |
Purchased nutrients for distribution(p) | 1,689 | | 1,039 | | 1,636 | | 2,303 | | 1,927 | | 1,526 | | 1,730 | | 2,376 | |
Total Finished Product | 2,347 | | 1,822 | | 2,320 | | 2,824 | | 2,472 | | 2,080 | | 2,385 | | 3,060 | |
| | | | | | | | |
Sales of Performance Products ('000 tonnes)(e) | 375 | | 155 | | 290 | | 574 | | 473 | | 211 | | 283 | | 660 | |
| | | | | | | | |
Brazil MAP price (Brazil production delivered price to third party) | $ | 765 | | $ | 882 | | $ | 1,021 | | $ | 866 | | $ | 663 | | $ | 669 | | $ | 653 | | $ | 533 | |
Average finished product selling price (destination)(g) | $ | 654 | | $ | 817 | | $ | 974 | | $ | 931 | | $ | 773 | | $ | 646 | | $ | 595 | | $ | 566 | |
| | | | | | | | |
Production Volumes ('000 tonnes) | | | | | | | | |
MAP | 233 | | 261 | | 266 | | 174 | | 261 | | 235 | | 219 | | 160 | |
TSP | 102 | | 131 | | 129 | | 85 | | 82 | | 106 | | 88 | | 131 | |
SSP | 349 | | 312 | | 275 | | 343 | | 332 | | 283 | | 240 | | 321 | |
DCP | 124 | | 127 | | 85 | | 114 | | 126 | | 108 | | 133 | | 133 | |
NPK | 55 | | 64 | | 55 | | 25 | | 49 | | 45 | | 56 | | 62 | |
Total phosphate tonnes produced | 863 | | 895 | | 810 | | 741 | | 851 | | 777 | | 736 | | 807 | |
MOP | 97 | | 94 | | 38 | | 69 | | 100 | | 82 | | 61 | | 106 | |
| | | | | | | | |
Phosphate operating rate | 89 | % | 92 | % | 83 | % | 76 | % | 87 | % | 78 | % | 74 | % | 81 | % |
Potash operating rate | 74 | % | 72 | % | 29 | % | 55 | % | 80 | % | 65 | % | 49 | % | 85 | % |
| | | | | | | | |
Realized Costs ($/tonne) | | | | | | | | |
Ammonia/tonne | $ | 775 | | $ | 1,145 | | $ | 1,396 | | $ | 1,267 | | $ | 1,354 | | $ | 1,150 | | $ | 912 | | $ | 667 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Sulfur (long ton) | $ | 251 | | $ | 337 | | $ | 384 | | $ | 432 | | $ | 402 | | $ | 278 | | $ | 258 | | $ | 219 | |
Blended rock | $ | 83 | | $ | 105 | | $ | 102 | | $ | 106 | | $ | 106 | | $ | 124 | | $ | 128 | | $ | 117 | |
| | | | | | | | |
Purchases ('000 tonnes) | | | | | | | | |
DAP/MAP from Mosaic | 89 | | 102 | | 102 | | 30 | | 38 | | 146 | | 117 | | 20 | |
MicroEssentials® from Mosaic | 243 | | 248 | | 448 | | 370 | | 205 | | 277 | | 427 | | 152 | |
Potash from Mosaic/Canpotex | 550 | | 398 | | 663 | | 798 | | 417 | | 235 | | 756 | | 672 | |
| | | | | | | | |
Phosphate cash conversion costs in BRL, production / tonne(r) | R$388 | R$403 | R$506 | R$533 | R$483 | R$538 | R$540 | R$495 |
Potash cash conversion costs in BRL, production / tonne | R$1,059 | R$1,296 | R$2,285 | R$1,591 | R$1,176 | R$1,455 | R$1,701 | R$1,143 |
Mined rock costs in BRL, cash produced / tonne | R$456 | R$557 | R$500 | R$525 | R$632 | R$606 | R$533 | R$498 |
ARO cash spending (in millions) | $ | 5 | | $ | 2 | | $ | 4 | | $ | 5 | | $ | 11 | | $ | 3 | | $ | 4 | | $ | 6 | |
| | | | | | | | |
Average BRL / USD | $ | 5.579 | | $ | 5.235 | | $ | 4.917 | | $ | 5.244 | | $ | 5.255 | | $ | 5.196 | | $ | 4.954 | | $ | 4.880 | |
The Mosaic Company - Corporate and Other Segment
Selected Calendar Quarter Financial Information
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 |
Net Sales and Gross Margin (in millions) | | | | | | | | |
Segment income statement | | | | | | | | |
Net Sales | $ | (57) | | $ | (122) | | $ | (268) | | $ | (290) | | $ | 125 | | $ | (28) | | $ | (159) | | $ | 111 | |
Cost of Goods Sold | (59) | | (235) | | (95) | | (287) | | (46) | | (27) | | (165) | | 105 | |
Gross Margin (Loss) | $ | 2 | | $ | 113 | | $ | (173) | | $ | (3) | | $ | 171 | | $ | (1) | | $ | 6 | | $ | 6 | |
Notable items Included in Gross Margin | (18) | | 100 | | (62) | | (76) | | 14 | | (1) | | 34 | | (45) | |
Adjusted Gross Margin (Loss)(b) | $ | 20 | | $ | 13 | | $ | (111) | | $ | 73 | | $ | 157 | | $ | — | | $ | (28) | | $ | 51 | |
| | | | | | | | |
SG&A | 73 | | 97 | | 63 | | 85 | | 80 | | 83 | | 83 | | 78 | |
Other operating (income) expense | 15 | | 3 | | 3 | | 5 | | 13 | | 7 | | 8 | | 2 | |
| | | | | | | | |
Operating Earnings (Loss) | $ | (86) | | $ | 13 | | $ | (239) | | $ | (93) | | $ | 78 | | $ | (91) | | $ | (85) | | $ | (74) | |
Plus: Depreciation, Depletion and Amortization | 3 | | 4 | | 4 | | 4 | | 4 | | 2 | | 3 | | 2 | |
Plus: Share-Based Compensation Expense | 6 | | 16 | | (1) | | 6 | | 6 | | 12 | | 9 | | 6 | |
Plus: Foreign Exchange Gain (Loss) | (4) | | 182 | | (121) | | 21 | | 34 | | 27 | | 54 | | (26) | |
Plus: Other Income (Expense) | — | | 2 | | (11) | | (1) | | (53) | | (7) | | (5) | | — | |
Less: Earnings (Loss) from Consolidated Noncontrolling Interests | — | | — | | — | | — | | — | | — | | — | | — | |
Plus: Notable Items | 23 | | (282) | | 196 | | 54 | | 8 | | (25) | | (91) | | 71 | |
Adjusted EBITDA(b) | $ | (58) | | $ | (65) | | $ | (172) | | $ | (9) | | $ | 77 | | $ | (82) | | $ | (115) | | $ | (21) | |
| | | | | | | | |
Elimination of profit in inventory included in COGS | $ | (29) | | $ | (76) | | $ | (180) | | $ | 104 | | $ | 171 | | $ | 20 | | $ | 35 | | $ | 45 | |
Unrealized gain (loss) on derivatives included in COGS | $ | (17) | | $ | 100 | | $ | (59) | | $ | (76) | | $ | 14 | | $ | (1) | | $ | 34 | | $ | (45) | |
| | | | | | | | |
Operating Data | | | | | | | | |
Sales volumes ('000 tonnes) | 432 | | 370 | | 533 | | 221 | | 466 | | 420 | | 359 | | 482 | |
Sales of Performance Products ('000 tonnes) | 12 | | 1 | | 14 | | 9 | | 6 | | — | | — | | — | |
| | | | | | | | |
Average finished product selling price (destination)(g) | $ | 539 | | $ | 597 | | $ | 732 | | $ | 720 | | $ | 692 | | $ | 636 | | $ | 478 | | $ | 423 | |
| | | | | | | | |
Purchases ('000 tonnes) | | | | | | | | |
DAP/MAP from Mosaic | — | | — | | — | | 6 | | 47 | | — | | 31 | | — | |
MicroEssentials® from Mosaic | 4 | | 15 | | — | | 15 | | 1 | | 16 | | 3 | | — | |
Potash from Mosaic/Canpotex | 304 | | 220 | | 471 | | 332 | | 337 | | 296 | | 126 | | — | |
The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)
Notable Items
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Q3 2023 |
Description | Segment | Line Item | | Amount (in millions) | | Tax Effect(t) (in millions) | | EPS Impact (per basic share) |
| | | | | | | | |
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | | $ | (107) | | | $ | 27 | | | $ | (0.23) | |
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | | (45) | | | 12 | | | (0.10) | |
Closed and indefinitely idled facility costs | Phosphate | Other operating income (expense) | | (12) | | | 3 | | | (0.03) | |
FX functional currency | Mosaic Fertilizantes | Cost of goods sold | | (2) | | | 1 | | | — | |
Realized gain (loss) on RCRA Trust Securities | Phosphate | Other non-operating income (expense) | | (6) | | | 1 | | | (0.01) | |
ARO Adjustment | Phosphate | Other operating income (expense) | | (123) | | | 32 | | | (0.28) | |
Environmental reserve | Phosphate | Other operating income (expense) | | (3) | | | 1 | | | (0.01) | |
Pension plan termination settlement | Potash | Other non-operating income (expense) | | (42) | | | 10 | | | (0.10) | |
Discrete tax items | Consolidated | (Provision for) benefit from income taxes | | — | | | 22 | | | 0.07 | |
Total Notable Items | | | | $ | (340) | | | $ | 109 | | | $ | (0.69) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Q2 2023 |
Description | Segment | Line Item | | Amount (in millions) | | Tax Effect(t) (in millions) | | EPS Impact (per basic share) |
| | | | | | | | |
Unrealized foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | | $ | 114 | | | $ | (28) | | | $ | 0.26 | |
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | | 34 | | | (9) | | | 0.08 | |
Closed and indefinitely idled facility costs | Phosphate | Other operating income (expense) | | (12) | | | 3 | | | (0.03) | |
FX functional currency | Mosaic Fertilizantes | Cost of goods sold | | (13) | | | 3 | | | (0.03) | |
Realized gain (loss) on RCRA Trust Securities | Phosphate | Other non-operating income (expense) | | 2 | | | — | | | — | |
ARO Adjustment | Phosphate | Other operating income (expense) | | (28) | | | 7 | | | (0.06) | |
Environmental reserve | Phosphate | Other operating income (expense) | | (37) | | | 9 | | | (0.08) | |
Land reclamation | Phosphate | Cost of goods sold | | (31) | | | 8 | | | (0.07) | |
Total Notable Items | | | | $ | 29 | | | $ | (7) | | | $ | 0.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Q1 2023 |
Description | Segment | Line Item | | Amount (in millions) | | Tax Effect(t) (in millions) | | EPS Impact (per basic share) |
| | | | | | | | |
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | | $ | 51 | | | $ | (12) | | | $ | 0.11 | |
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | | (1) | | | — | | | — | |
Closed and indefinitely idled facility costs | Phosphate | Other operating income (expense) | | (12) | | | 3 | | | (0.03) | |
Gain on sale of Streamsong Resort | Phosphate | Other operating income (expense) | | 57 | | | (14) | | | 0.13 | |
Realized gain (loss) on RCRA Trust Securities | Phosphate | Other non-operating income (expense) | | (8) | | | 2 | | | (0.02) | |
ARO Adjustment | Phosphate | Other operating income (expense) | | (20) | | | 5 | | | (0.04) | |
Environmental reserve | Phosphate | Other operating income (expense) | | (6) | | | 1 | | | (0.01) | |
Total Notable Items | | | | $ | 61 | | | $ | (15) | | | $ | 0.14 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Q4 2022 |
Description | Segment | Line Item | | Amount (in millions) | | Tax Effect(t) (in millions) | | EPS Impact (per basic share) |
| | | | | | | | |
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | | $ | 75 | | | $ | (18) | | | $ | 0.16 | |
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | | 14 | | | (4) | | | 0.03 | |
Closed and indefinitely idled facility costs | Phosphate | Other operating income (expense) | | (11) | | | 3 | | | (0.03) | |
FX functional currency | Mosaic Fertilizantes | Cost of goods sold | | (1) | | | — | | | — | |
Fixed asset write-off | Phosphate | Other operating income (expense) | | (6) | | | 2 | | | (0.01) | |
ARO Adjustment | Potash | Other operating income (expense) | | 3 | | | (1) | | | 0.01 | |
Discrete tax items | Consolidated | (Provision for) benefit from income taxes | | — | | | (9) | | | (0.03) | |
Realized gain (loss) on RCRA Trust Securities | Phosphates | Other non-operating income (expense) | | (20) | | | 5 | | | (0.04) | |
Environmental reserve | Phosphates | Other operating income (expense) | | (44) | | | 11 | | | (0.09) | |
Hurricane Ian idle costs | Phosphates | Cost of goods sold | | (30) | | | 8 | | | (0.07) | |
Insurance proceeds | Phosphates | Other operating income (expense) | | 5 | | | (1) | | | 0.01 | |
Pension plan termination settlement | Consolidated | Other non-operating income (expense) | | (42) | | | 10 | | | (0.09) | |
Environmental reserve | Potash | Other operating income (expense) | | (28) | | | 7 | | | (0.06) | |
Lease termination and severance | Corporate and Other | Other operating income (expense) | | (4) | | | 1 | | | (0.01) | |
Total Notable Items | | | | $ | (89) | | | $ | 14 | | | $ | (0.22) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Q3 2022 |
Description | Segment | Line Item | | Amount (in millions) | | Tax Effect(t) (in millions) | | EPS Impact (per basic share) |
| | | | | | | | |
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | | $ | (61) | | | $ | 16 | | | $ | (0.13) | |
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | | (76) | | | 20 | | | (0.16) | |
Closed and indefinitely idled facility costs | Phosphate | Other operating income (expense) | | (12) | | | 4 | | | (0.02) | |
FX functional currency | Mosaic Fertilizantes | Cost of goods sold | | 14 | | | (4) | | | 0.03 | |
Discrete tax items | Consolidated | (Provision for) benefit from income taxes | | — | | | (12) | | | (0.04) | |
ARO Adjustment | Phosphates | Other operating income (expense) | | (143) | | | 36 | | | (0.31) | |
Environmental reserve | Phosphates | Other operating income (expense) | | (71) | | | 18 | | | (0.15) | |
Hurricane Ian idle costs | Phosphates | Cost of goods sold | | (9) | | | 2 | | | (0.02) | |
Insurance proceeds | Phosphates | Other operating income (expense) | | 4 | | | (1) | | | 0.01 | |
ARO Adjustment | Mosaic Fertilizantes | Other operating income (expense) | | (3) | | | 1 | | | (0.01) | |
Total Notable Items | | | | $ | (357) | | | $ | 80 | | | $ | (0.80) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Q2 2022 |
Description | Segment | Line Item | | Amount (in millions) | | Tax Effect(t) (in millions) | | EPS Impact (per basic share) |
| | | | | | | | |
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | | $ | (227) | | | $ | 57 | | | $ | (0.47) | |
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | | (59) | | | 15 | | | (0.12) | |
Closed and indefinitely idled facility costs | Phosphate | Other operating income (expense) | | (9) | | | 3 | | | (0.03) | |
Discrete tax items | Consolidated | (Provision for) benefit from income taxes | | — | | | (14) | | | (0.04) | |
Realized gain (loss) on RCRA Trust Securities | Phosphates | Other non-operating income (expense) | | (26) | | | 7 | | | (0.05) | |
Gain on sale of plant | Mosaic Fertilizantes | Other operating income (expense) | | 7 | | | (2) | | | 0.02 | |
ARO Adjustment | Phosphates | Other operating income (expense) | | (5) | | | 1 | | | (0.01) | |
Environmental reserve | Phosphates | Other operating income (expense) | | (30) | | | 7 | | | (0.06) | |
Write down of investment | Corporate and Other | Other non-operating income (expense) | | (12) | | | 3 | | | (0.02) | |
Inventory lower of cost or market | Corporate and Other | Cost of goods sold | | (3) | | | 1 | | | (0.01) | |
Total Notable Items | | | | $ | (364) | | | $ | 78 | | | $ | (0.79) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Q1 2022 |
Description | Segment | Line Item | | Amount (in millions) | | Tax Effect(t) (in millions) | | EPS Impact (per basic share) |
| | | | | | | | |
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | | $ | 311 | | | $ | (78) | | | $ | 0.62 | |
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | | 100 | | | (25) | | | 0.21 | |
Closed and indefinitely idled facility costs | Phosphate | Other operating income (expense) | | (9) | | | 3 | | | (0.02) | |
FX functional currency | Mosaic Fertilizantes | Cost of goods sold | | (18) | | | 5 | | | (0.03) | |
Fixed asset write-off | Phosphate | Other operating income (expense) | | (4) | | | 1 | | | (0.01) | |
ARO Adjustment | Potash | Other operating income (expense) | | (9) | | | 2 | | | (0.02) | |
Discrete tax items | Consolidated | (Provision for) benefit from income taxes | | — | | | 9 | | | 0.03 | |
Total Notable Items | | | | $ | 371 | | | $ | (83) | | | $ | 0.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Q4 2021 |
Description | Segment | Line Item | | Amount (in millions) | | Tax Effect(t) (in millions) | | EPS Impact (per basic share) |
| | | | | | | | |
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | | $ | (44) | | | $ | 11 | | | $ | (0.09) | |
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | | (18) | | | 5 | | | (0.03) | |
Closed and indefinitely idled facility costs | Phosphates | Other operating income (expense) | | (9) | | | 3 | | | (0.02) | |
Pre-acquisition reserve adjustment | Mosaic Fertilizantes | Other operating income (expense) | | 5 | | | (2) | | | 0.01 | |
Realized gain on RCRA Trust Securities | Phosphates | Other non-operating income (expense) | | (2) | | | 1 | | | — | |
Discrete tax items | Consolidated | (Provision for) benefit from income taxes | | — | | | (26) | | | (0.06) | |
ARO Adjustment | Phosphates | Other operating income (expense) | | (5) | | | 1 | | | (0.01) | |
FX functional currency | Mosaic Fertilizantes | Cost of goods sold | | 23 | | | (6) | | | 0.04 | |
Hurricane Ida recovery | Phosphates | Cost of goods sold/Other income (expense) | | (9) | | | 2 | | | (0.02) | |
ARO Adjustment | Potash | Other operating income (expense) | | (4) | | | 1 | | | (0.01) | |
Total Notable Items | | | | $ | (63) | | | $ | (10) | | | $ | (0.19) | |
Footnotes
(a)Notable items impact on Earnings Per Share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Adjusted Diluted Net Earnings per Share is defined as diluted net earnings (loss) per share excluding the impact of notable items. See "Non-GAAP Reconciliations".
(b)See definitions of Adjusted EBITDA and Adjusted Gross Margin under “Non-GAAP Reconciliations”.
(c)Includes elimination of intersegment sales.
(d)Finished product sales volumes include intersegment sales.
(e)Includes MicroEssentials, K-Mag, Aspire and Sus-Terra sales tonnes.
(f)Includes MicroEssentials performance products.
(g)Average price of all finished products sold by Potash, Phosphate, Mosaic Fertilizantes and India/China.
(h)Includes crop nutrient dry concentrates and animal feed ingredients.
(i)Includes finished goods sales of feed and other products.
(j)Amounts are representative of our average ammonia costs in cost of goods sold.
(k)Amounts are representative of our average sulfur costs in cost of goods sold.
(l)Includes inbound freight, outbound freight and warehousing costs on K-Mag, animal feed and domestic MOP sales.
(m)Includes K-Mag, and Aspire finished performance products.
(n)MOP cash costs of production are reflective of actual costs during the period excluding brine management costs, depreciation, depletion, accretion, carbon-based and Canadian resource tax, idle and turnaround costs. Total Production costs for MOP production excludes K-Mag costs, Aspire raw material costs and incremental Aspire operating costs.
(o)Excludes industrial and feed sales. Price has been calculated using the average monthly foreign exchange rate.
(p)Includes sales volumes of phosphate and potash nutrients purchased from other Mosaic segments and Canpotex.
(q)Includes intersegment sales.
(r)Total production costs less depreciation, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of finished phosphate production in the period.
(s)Total production cost less depreciation/depletion, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of rock produced in the period.
(t)Tax impact is based on our expected annual effective rate.
The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), Mosaic has presented in this Selected Calendar Quarter Financial Information certain non-GAAP financial measures, or measures calculated based on non-GAAP financial measures, including: Adjusted Diluted Net Earnings Per Share, Consolidated Adjusted EBITDA, Segment Adjusted EBITDA, and Adjusted Gross Margin. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Each of the non-GAAP financial measures we present is determined as described below.
The non-GAAP financial measures we present should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because these non-GAAP measures, as presented, are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies.
Adjusted Diluted Net Earnings Per Share
Adjusted diluted net earnings per share is defined as diluted net earnings per share, excluding the impact of notable items. Notable items impact on diluted net earnings per share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Management believes that adjusted diluted net earnings per share provides securities analysts, investors and others, in addition to management, with useful supplemental information regarding our performance by excluding certain items that may not be indicative of or are unrelated to our core operating results. Management utilizes adjusted diluted net earnings per share in analyzing and assessing Mosaic’s overall performance, for financial and operating decision-making, and to forecast and plan for the future periods. Adjusted diluted net earnings per share also assists our management in comparing our and our competitors' operating results. Reconciliations of adjusted diluted net earnings per share to diluted net earnings per share for the periods presented are provided under “Consolidated Data” on the first page of this Selected Calendar Quarter Financial Information.
Consolidated Adjusted EBITDA
Consolidated Adjusted EBITDA is defined as consolidated Net Income (Loss) before net interest expense, depreciation, depletion and amortization, asset retirement obligation accretion, share-based compensation expense and provision for/(benefit from) income taxes less equity in net earnings (loss) of nonconsolidated companies, net of dividends. Consolidated Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. Consolidated Adjusted EBITDA is a non-GAAP financial measure that we provide to assist securities analysts, investors, lenders and others in their comparisons of operational performance, valuation and debt capacity across companies with differing capital, tax and legal structures. Consolidated Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, consolidated Net Income (Loss) as a measure of operating performance. A reconciliation of Consolidated Net Income (Loss) to Consolidated Adjusted EBITDA is provided below.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 |
Consolidated Net Income (Loss) | $ | 665 | | $ | 1,182 | | $ | 1,036 | | $ | 842 | | $ | 523 | | $ | 435 | | $ | 369 | | $ | (4) | |
Less: Consolidated Interest Expense, Net | (39) | | (40) | | (34) | | (31) | | (34) | | (41) | | (36) | | (17) | |
Plus: Consolidated Depreciation, Depletion & Amortization | 214 | | 226 | | 245 | | 229 | | 233 | | 220 | | 244 | | 239 | |
Plus: Accretion Expense | 19 | | 20 | | 20 | | 19 | | 22 | | 23 | | 23 | | 23 | |
Plus: Share-Based Compensation Expense (Benefit) | 6 | | 16 | | (1) | | 6 | | 6 | | 12 | | 9 | | 6 | |
Plus: Consolidated Provision for (Benefit from) Income Taxes | 245 | | 372 | | 369 | | 277 | | 206 | | 118 | | 108 | | (6) | |
Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends | 20 | | 31 | | 36 | | 72 | | 57 | | 6 | | 13 | | 16 | |
Plus: Notable Items | 59 | | (374) | | 361 | | 354 | | 84 | | (66) | | (32) | | 335 | |
Consolidated Adjusted EBITDA | $ | 1,227 | | $ | 1,451 | | $ | 2,028 | | $ | 1,686 | | $ | 1,051 | | $ | 777 | | $ | 744 | | $ | 594 | |
| | | | | | | | |
Segment Adjusted EBITDA
Adjusted EBITDA presented at the segment level is defined as the related segment's operating earnings (loss) plus depreciation, depletion and amortization, plus asset retirement obligation accretion, plus foreign exchange gain (loss), plus other income (expense), plus dividends from equity investments, less equity earnings (loss) from noncontrolling interests. Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. We provide these non-GAAP financial measures because we believe they are relevant and useful to securities analysts, investors and others because they are part of our internal management reporting and planning process, and our management uses these measures to evaluate the operational performance and valuation of our segments. Management also uses these measures as a method of comparing segment, performance with that of its competitors. Segment Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, segment Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, as measures of operating performance. Management believes Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, are the most directly comparable GAAP measures because we do not allocate taxes on a segment basis. Reconciliations of Segment Adjusted EBITDA to segment Operating Earnings (Loss) and segment Operating (Loss) Earnings/sales tonne, respectively, are provided as part of each segment's Selected Calendar Quarter Financial Information.
Adjusted Gross Margin
Adjusted gross margin is defined as gross margin excluding the impact of notable items. Management believes the adjusted measures provides security analysts, investors, management & others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes adjusted gross margin in analyzing and assessing Mosaic's overall performance for financial and operating decision-making and to forecast and plan for future periods.
v3.23.3
Document and Entity Information
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Nov. 07, 2023 |
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