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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mosaic Company | NYSE:MOS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.04 | -0.13% | 30.24 | 30.39 | 30.03 | 30.16 | 2,670,272 | 01:00:00 |
Delaware | 001-32327 | 20-1026454 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
3033 Campus Drive Suite E490 Plymouth, Minnesota | 55441 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
THE MOSAIC COMPANY | ||||||
Date: November 3, 2015 | By: | /s/ Mark J. Isaacson | ||||
Name: | Mark J. Isaacson | |||||
Title: | Senior Vice President, General Counsel | |||||
and Corporate Secretary |
Exhibit No. | Description | ||
99.1 | Press release, dated November 3, 2015, of The Mosaic Company regarding its earnings and results of operations for quarter ended September 30, 2015 | ||
99.2 | Performance data for the period ended September 30, 2015 |
The Mosaic Company 3033 Campus Drive, Suite E490 Plymouth, MN 55441 www.mosaicco.com |
Media Ben Pratt The Mosaic Company 763-577-6102 benjamin.pratt@mosaicco.com | Investors Laura Gagnon The Mosaic Company 763-577-8213 investor@mosaicco.com |
• | The Company’s progress against strategic priorities is positively impacting financial results. During the third quarter Mosaic delivered: |
◦ | MOP cash production costs of $105 per tonne, including $20 per tonne of brine management expenses, despite a low operating rate during the current quarter. |
◦ | Record International Distribution quarterly sales volumes of 2.0 million tonnes. |
◦ | The lowest quarterly Selling, General and Administrative expenses in the last six years despite an expanded business footprint. |
• | Mosaic received the first shipment of prilled sulfur in preparation for the planned completion of its new sulfur melter in Florida. |
• | The Company completed its previously announced $500 million accelerated share repurchase program and repurchased an additional $75 million during the quarter. |
• | Mosaic continued to maintain a strong balance sheet, ending the quarter with $1.3 billion of cash and cash equivalents on the balance sheet. |
• | The Company entered into settlement agreements with federal and state environmental agencies that, when effective, will resolve claims relating to how Mosaic has managed certain onsite waste materials at its fertilizer plants in Florida and Louisiana. After the settlement agreements are effective, Mosaic will deposit approximately $630 million into trusts to provide financial assurance for estimated future asset retirement obligations. |
Phosphates Results | 3Q 2015 Actual | 3Q 2015 Guidance |
Average DAP Selling Price | $451 | $435 to $455 |
Sales Volume | 2.1 million tonnes | 2.1 to 2.4 million tonnes |
Phosphate Production | 83% of operational capacity | Mid 80% of operational capacity |
Potash Results | 3Q 2015 Actual | 3Q 2015 Guidance |
Average MOP Selling Price | $265 | $260 to $280 |
Sales Volume | 1.6 million tonnes | 1.6 to 2.0 million tonnes |
Potash Production | 67% of operational capacity | Mid 60% of operational capacity |
ID Results | 3Q 2015 Actual | 3Q 2015 Guidance |
Sales Volume | 2.0 million tonnes | 1.9 to 2.2 million tonnes |
Gross Margin per Tonne | $30 per tonne | $20 to $26 per tonne |
• | Canadian resource taxes and royalties to be in the range of $265 to $295 million, compared to prior guidance of $310 to $350 million. |
• | Capital expenditures and investments to be approximately $1.1 to $1.2 billion, compared to prior guidance of $1.1 to $1.3 billion. |
• | Brine management costs to be in the range of $170 to $180 million, compared to prior guidance of $180 to $200 million. |
• | SG&A expenses in the $350 to $370 million range, compared to prior guidance of $360 to $380 million. |
• | The effective tax rate to be in the mid to high teens, excluding discrete items, compared to the prior estimate of high teens. |
Amount | Tax effect | EPS impact | ||||||||||||||
Description | Segment | Line item | (in millions) | (in millions) | (per share) | |||||||||||
Foreign currency transaction (loss) gain | Consolidated | Foreign currency transaction (loss) gain | $ | (49 | ) | $ | 8 | $ | (0.12 | ) | ||||||
Unrealized gain (loss) on derivatives | Corporate & Other | Cost of goods sold | (22 | ) | 4 | (0.05 | ) | |||||||||
Discrete tax items | Consolidated | Provision for income taxes | — | 3 | 0.01 | |||||||||||
Write-off of fixed assets | Phosphates | Other operating expense | (10 | ) | 2 | (0.02 | ) | |||||||||
Consumption tax refund | Potash | Cost of goods sold | 6 | (1 | ) | 0.01 | ||||||||||
Total Notable Items | $ | (75 | ) | $ | 16 | $ | (0.17 | ) |
Amount | Tax effect | EPS impact | ||||||||||||||
Description | Segment | Line item | (in millions) | (in millions) | (per share) | |||||||||||
Share repurchase | Consolidated | Gain (loss) in value of share repurchase agreement | $ | 5 | $ | — | $ | 0.01 | ||||||||
Severance | Corporate & Other | Other operating expense | (3 | ) | 1 | (0.01 | ) | |||||||||
Foreign currency transaction (loss) gain | Consolidated | Foreign currency transaction (loss) gain | 27 | (8 | ) | 0.06 | ||||||||||
Unrealized gain (loss) on derivatives | Corporate & Other | Cost of goods sold | (23 | ) | 6 | (0.04 | ) | |||||||||
Adjustments to Argentine assets held for sale | International Distribution | Other operating expense | 18 | (5 | ) | 0.03 | ||||||||||
Gain on sale of Hersey | Potash | Other operating expense | 14 | (4 | ) | 0.03 | ||||||||||
Carlsbad restructuring expense | Potash | Restructuring expense | (67 | ) | 28 | (0.10 | ) | |||||||||
Total Notable Items | $ | (29 | ) | $ | 18 | $ | (0.02 | ) |
The Mosaic Company | (unaudited) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net sales | $ | 2,105.5 | $ | 2,250.7 | $ | 6,732.1 | $ | 6,677.2 | ||||||||
Cost of goods sold | 1,770.2 | 1,836.0 | 5,369.7 | 5,329.7 | ||||||||||||
Gross margin | 335.3 | 414.7 | 1,362.4 | 1,347.5 | ||||||||||||
Selling, general and administrative expenses | 76.6 | 83.9 | 266.3 | 291.3 | ||||||||||||
Gain on assets sold and to be sold | — | (31.7 | ) | — | (26.1 | ) | ||||||||||
Carlsbad restructuring expense | — | 67.0 | — | 67.0 | ||||||||||||
Other operating expense | 12.7 | 18.2 | 21.6 | 68.1 | ||||||||||||
Operating earnings | 246.0 | 277.3 | 1,074.5 | 947.2 | ||||||||||||
Gain (loss) in value of share repurchase agreement | — | 5.3 | — | (60.2 | ) | |||||||||||
Interest expense, net | (24.2 | ) | (25.2 | ) | (79.0 | ) | (76.6 | ) | ||||||||
Foreign currency transaction (loss) gain | (48.6 | ) | 27.1 | (19.4 | ) | 31.8 | ||||||||||
Other (expense) income | (1.1 | ) | 0.1 | (14.5 | ) | (6.1 | ) | |||||||||
Earnings from consolidated companies before income taxes | 172.1 | 284.6 | 961.6 | 836.1 | ||||||||||||
Provision for income taxes | 10.1 | 77.6 | 113.4 | 157.7 | ||||||||||||
Earnings from consolidated companies | 162.0 | 207.0 | 848.2 | 678.4 | ||||||||||||
Equity in net earnings of nonconsolidated companies | (1.3 | ) | (4.1 | ) | (1.9 | ) | (9.6 | ) | ||||||||
Net earnings including noncontrolling interests | 160.7 | 202.9 | 846.3 | 668.8 | ||||||||||||
Less: Net earnings attributable to noncontrolling interests | 0.7 | 1.0 | 0.9 | 0.9 | ||||||||||||
Net earnings attributable to Mosaic | $ | 160.0 | $ | 201.9 | $ | 845.4 | $ | 667.9 | ||||||||
Diluted net earnings per share attributable to Mosaic | $ | 0.45 | $ | 0.54 | $ | 2.33 | $ | 1.72 | ||||||||
Diluted weighted average number of shares outstanding | 356.0 | 375.9 | 362.3 | 377.0 |
The Mosaic Company | (unaudited) |
September 30, 2015 | December 31, 2014 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,284.9 | $ | 2,374.6 | ||||
Receivables, net | 675.1 | 754.4 | ||||||
Inventories | 1,549.5 | 1,718.3 | ||||||
Deferred income taxes | 175.0 | 148.7 | ||||||
Other current assets | 578.5 | 368.2 | ||||||
Total current assets | 4,263.0 | 5,364.2 | ||||||
Property, plant and equipment, net | 8,734.0 | 9,313.9 | ||||||
Investments in nonconsolidated companies | 876.1 | 849.8 | ||||||
Goodwill | 1,625.0 | 1,806.5 | ||||||
Deferred income taxes | 423.6 | 394.4 | ||||||
Other assets (including cash set aside to fund RCRA) | 1,196.2 | 554.2 | ||||||
Total assets | $ | 17,117.9 | $ | 18,283.0 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Short-term debt | $ | 18.0 | $ | 13.5 | ||||
Current maturities of long-term debt | 42.2 | 41.0 | ||||||
Structured accounts payable arrangements | 257.9 | 237.7 | ||||||
Accounts payable | 657.0 | 559.6 | ||||||
Accrued liabilities | 896.3 | 726.1 | ||||||
Deferred income taxes | — | 3.7 | ||||||
Accrued income taxes | 0.1 | 18.8 | ||||||
Total current liabilities | 1,871.5 | 1,600.4 | ||||||
Long-term debt, less current maturities | 3,738.1 | 3,778.0 | ||||||
Deferred income taxes | 895.3 | 984.0 | ||||||
Other noncurrent liabilities | 986.0 | 1,200.0 | ||||||
Equity: | ||||||||
Preferred Stock, $0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of September 30, 2015 and December 31, 2014 | — | — | ||||||
Class A Common Stock, $0.01 par value, 194,203,987 shares authorized, 17,176,046 shares issued and outstanding as of September 30, 2015 and December 31, 2014 | 0.2 | 0.2 | ||||||
Class B Common Stock, $0.01 par value, 87,008,602 shares authorized, none issued and outstanding as of September 30, 2015 and December 31, 2014 | — | — | ||||||
Common Stock, $0.01 par value, 1,000,000,000 shares authorized, 370,498,658 shares issued and 335,316,367 shares outstanding as of September 30, 2015, 369,987,783 shares issued and 350,364,236 shares outstanding as of December 31, 2014 | 3.4 | 3.5 | ||||||
Capital in excess of par value | 0.9 | 4.2 | ||||||
Retained earnings | 11,058.5 | 11,168.9 | ||||||
Accumulated other comprehensive income (loss) | (1,448.7 | ) | (473.7 | ) | ||||
Total Mosaic stockholders' equity | 9,614.3 | 10,703.1 | ||||||
Noncontrolling interests | 12.7 | 17.5 | ||||||
Total equity | 9,627.0 | 10,720.6 | ||||||
Total liabilities and equity | $ | 17,117.9 | $ | 18,283.0 |
The Mosaic Company | (unaudited) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net cash provided by operating activities | 184.0 | 375.2 | $ | 1,520.7 | $ | 1,779.8 | ||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||
Capital expenditures | (245.3 | ) | (188.4 | ) | (702.2 | ) | (677.3 | ) | ||||||||
Proceeds from sale of business | — | 55.0 | — | 55.0 | ||||||||||||
Restricted cash | (630.0 | ) | — | (630.0 | ) | — | ||||||||||
Acquisition of business | — | (22.2 | ) | — | (1,375.8 | ) | ||||||||||
Proceeds from adjustment to acquisition of business | — | — | 47.9 | — | ||||||||||||
Investments in nonconsolidated companies | — | (2.4 | ) | (125.0 | ) | (152.0 | ) | |||||||||
Return of investment | 54.4 | — | 54.4 | — | ||||||||||||
Other | (1.7 | ) | (0.1 | ) | 6.0 | (2.6 | ) | |||||||||
Net cash used in investing activities | (822.6 | ) | (158.1 | ) | (1,348.9 | ) | (2,152.7 | ) | ||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Payments of short-term debt | (152.2 | ) | (95.5 | ) | (297.0 | ) | (219.4 | ) | ||||||||
Proceeds from issuance of short-term debt | 144.0 | 83.2 | 302.5 | 186.0 | ||||||||||||
Payments of structured accounts payable arrangements | (69.3 | ) | (48.0 | ) | (311.4 | ) | (120.9 | ) | ||||||||
Proceeds from structured accounts payable arrangements | 185.8 | 161.4 | 329.8 | 253.0 | ||||||||||||
Payments of long-term debt | (56.0 | ) | (0.5 | ) | (58.4 | ) | (1.5 | ) | ||||||||
Proceeds from issuance of long-term debt | 2.1 | 803.1 | 5.9 | 807.2 | ||||||||||||
Proceeds from stock option exercises | 1.1 | 1.0 | 5.3 | 2.3 | ||||||||||||
Repurchases of stock | (74.9 | ) | (375.0 | ) | (709.4 | ) | (2,507.7 | ) | ||||||||
Cash dividends paid | (98.3 | ) | (93.8 | ) | (287.8 | ) | (288.6 | ) | ||||||||
Other | (8.8 | ) | 0.8 | (8.3 | ) | 0.2 | ||||||||||
Net cash used in financing activities | (126.5 | ) | 436.7 | (1,028.8 | ) | (1,889.4 | ) | |||||||||
Effect of exchange rate changes on cash | (159.9 | ) | (50.2 | ) | (232.7 | ) | (60.2 | ) | ||||||||
Net change in cash and cash equivalents | (925.0 | ) | 603.6 | (1,089.7 | ) | (2,322.5 | ) | |||||||||
Cash and cash equivalents - beginning of period | 2,209.9 | 2,367.0 | 2,374.6 | 5,293.1 | ||||||||||||
Cash and cash equivalents - end of period | $ | 1,284.9 | $ | 2,970.6 | $ | 1,284.9 | $ | 2,970.6 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Sales | $ | 491.5 | $ | 593.0 | $ | 1,874.5 | $ | 2,088.5 | ||||||||
Gross margin | 96.9 | 154.1 | 633.7 | 596.4 | ||||||||||||
Canadian resource taxes | 59.1 | 45.6 | 192.1 | 120.7 | ||||||||||||
Canadian royalties | 6.7 | 5.5 | 27.0 | 18.6 | ||||||||||||
Gross margin, excluding Canadian resource taxes and royalties (CRT) | $ | 162.7 | $ | 205.2 | $ | 852.8 | $ | 735.7 | ||||||||
Gross margin percentage, excluding CRT | 33.1 | % | 34.6 | % | 45.5 | % | 35.2 | % |
Three months ended September 30, | |||||
2015 | 2014 | ||||
Diluted earnings per share, as reported | $0.45 | $0.54 | |||
Items included in earnings per share: | |||||
Foreign currency transaction (gain) loss | 0.12 | (0.06 | ) | ||
Unrealized (gain) loss on derivatives | 0.05 | 0.04 | |||
Discrete tax items | (0.01 | ) | — | ||
Write-off of fixed assets | 0.02 | — | |||
Consumption tax refund | (0.01 | ) | — | ||
Share repurchase | — | (0.01 | ) | ||
Severance | — | 0.01 | |||
Adjustments to Argentine assets held for sale | — | (0.03 | ) | ||
Gain on sale of Hersey | — | (0.03 | ) | ||
Carlsbad restructuring expense | — | 0.10 | |||
Adjusted diluted earnings per share | $0.62 | $0.56 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net earnings attributed to Mosaic | $ | 160.0 | $ | 201.9 | $ | 845.4 | $ | 667.9 | ||||||||
Undistributed earnings attributable to participating securities | — | (0.5 | ) | — | (19.2 | ) | ||||||||||
Numerator for basic and diluted earnings available to common stockholders | $ | 160.0 | $ | 201.4 | $ | 845.4 | $ | 648.7 | ||||||||
Basic weighted average number of shares outstanding | 354.3 | 375.0 | 360.5 | 386.6 | ||||||||||||
Shares subject to forward contract | — | (1.0 | ) | — | (11.1 | ) | ||||||||||
Basic weighted average number of shares outstanding attributable to common stockholders | 354.3 | 374.0 | 360.5 | 375.5 | ||||||||||||
Dilutive impact of share-based awards | 1.7 | 1.9 | 1.8 | 1.5 | ||||||||||||
Diluted weighted average number of shares outstanding | 356.0 | 375.9 | 362.3 | 377.0 | ||||||||||||
Basic net earnings per share | $ | 0.45 | $ | 0.54 | $ | 2.35 | $ | 1.73 | ||||||||
Diluted net earnings per share | $ | 0.45 | $ | 0.54 | $ | 2.33 | $ | 1.72 |
Q4 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | |||||||||||||||||||||||||
Consolidated data (in millions, except per share) | ||||||||||||||||||||||||||||||||
Diluted net earnings per share | $ | 0.30 | $ | 0.54 | $ | 0.64 | $ | 0.54 | $ | 0.97 | $ | 0.80 | $ | 1.08 | $ | 0.45 | ||||||||||||||||
Diluted weighted average # of shares outstanding(a) | 415.5 | 379.6 | 376.2 | 375.9 | 372.0 | 367.9 | 363.3 | 356.0 | ||||||||||||||||||||||||
Total Net Sales | $ | 2,182 | $ | 1,986 | $ | 2,440 | $ | 2,251 | $ | 2,379 | $ | 2,139 | $ | 2,488 | $ | 2,106 | ||||||||||||||||
Gross Margin | $ | 322 | $ | 412 | $ | 521 | $ | 415 | $ | 579 | $ | 419 | $ | 608 | $ | 335 | ||||||||||||||||
As % of Sales | 15 | % | 21 | % | 21 | % | 18 | % | 24 | % | 20 | % | 24 | % | 16 | % | ||||||||||||||||
SG&A | 91 | 120 | 88 | 84 | 91 | 100 | 89 | 77 | ||||||||||||||||||||||||
Consolidated Foreign Currency Gain/(Loss) | 25 | 43 | (39 | ) | 27 | 47 | 45 | (16 | ) | (49 | ) | |||||||||||||||||||||
Effective Tax Rate(b) | 51 | % | (1 | )% | 25 | % | 27 | % | 7 | % | 9 | % | 16 | % | 6 | % | ||||||||||||||||
Net Income | $ | 129 | $ | 218 | $ | 248 | $ | 202 | $ | 361 | $ | 295 | $ | 391 | $ | 160 | ||||||||||||||||
As % of Sales | 6 | % | 11 | % | 10 | % | 9 | % | 15 | % | 14 | % | 16 | % | 8 | % | ||||||||||||||||
EBITDA(c) | ||||||||||||||||||||||||||||||||
Potash | $ | 173 | $ | 257 | $ | 281 | $ | 158 | $ | 316 | $ | 283 | $ | 341 | $ | 141 | ||||||||||||||||
Phosphate | 143 | 221 | 309 | 275 | 261 | 282 | 358 | 252 | ||||||||||||||||||||||||
International Distribution | 12 | 10 | 18 | 32 | 24 | 6 | 13 | 47 | ||||||||||||||||||||||||
Corporate and Other(d) | 23 | (50 | ) | (13 | ) | (2 | ) | (36 | ) | (71 | ) | (10 | ) | (14 | ) | |||||||||||||||||
Consolidated EBITDA(c) | $ | 351 | $ | 438 | $ | 595 | $ | 463 | $ | 565 | $ | 500 | $ | 702 | $ | 426 | ||||||||||||||||
Short-term debt | $ | 23 | $ | 41 | $ | 13 | $ | — | $ | 14 | $ | 10 | $ | 27 | $ | 18 | ||||||||||||||||
Current maturities of long-term debt | — | 1 | 1 | 41 | 41 | 41 | 57 | 42 | ||||||||||||||||||||||||
Long-term debt, less current maturities | 3,009 | 3,009 | 3,013 | 3,774 | 3,778 | 3,775 | 3,762 | 3,738 | ||||||||||||||||||||||||
Cash & cash equivalents | 5,293 | 2,491 | 2,367 | 2,971 | 2,375 | 2,517 | 2,210 | 1,285 | ||||||||||||||||||||||||
Net | $ | (2,261 | ) | $ | 560 | $ | 660 | $ | 844 | $ | 1,458 | $ | 1,309 | $ | 1,636 | $ | 2,513 | |||||||||||||||
Cash flow from operations | $ | 485 | $ | 610 | $ | 795 | $ | 375 | $ | 342 | $ | 730 | $ | 607 | $ | 184 | ||||||||||||||||
Cash flow from investments | (370 | ) | (1,634 | ) | (360 | ) | (158 | ) | (586 | ) | (183 | ) | (343 | ) | (823 | ) | ||||||||||||||||
Cash flow from financing | 1,860 | (1,753 | ) | (574 | ) | 437 | (279 | ) | (301 | ) | (601 | ) | (126 | ) | ||||||||||||||||||
Effect of exchange rate changes on cash | (20 | ) | (25 | ) | 15 | (50 | ) | (73 | ) | (103 | ) | 30 | (160 | ) | ||||||||||||||||||
Net cash flow | $ | 1,955 | $ | (2,802 | ) | $ | (124 | ) | $ | 604 | $ | (596 | ) | $ | 143 | $ | (307 | ) | $ | (925 | ) | |||||||||||
Cash dividends paid | $ | (107 | ) | $ | (100 | ) | $ | (95 | ) | $ | (94 | ) | $ | (94 | ) | $ | (91 | ) | $ | (98 | ) | $ | (98 | ) | ||||||||
Operating Earnings | ||||||||||||||||||||||||||||||||
Potash | $ | 89 | $ | 170 | $ | 189 | $ | 69 | $ | 229 | $ | 204 | $ | 259 | $ | 66 | ||||||||||||||||
Phosphates | 64 | 146 | 219 | 188 | 157 | 190 | 259 | 157 | ||||||||||||||||||||||||
International Distribution | 10 | 8 | 16 | 30 | 22 | 3 | 8 | 44 | ||||||||||||||||||||||||
Corporate and Other(d) | 16 | (57 | ) | (21 | ) | (10 | ) | (43 | ) | (78 | ) | (16 | ) | (21 | ) | |||||||||||||||||
Consolidated Operating Earnings | $ | 179 | $ | 267 | $ | 403 | $ | 277 | $ | 365 | $ | 319 | $ | 510 | $ | 246 | ||||||||||||||||
Segment data (in millions, except per tonne) | ||||||||||||||||||||||||||||||||
Phosphates | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes)(e)(f) | 2,395 | 2,051 | 2,637 | 2,176 | 2,392 | 2,297 | 2,788 | 2,049 | ||||||||||||||||||||||||
Realized average DAP price/tonne(g) | $ | 370 | $ | 413 | $ | 465 | $ | 463 | $ | 447 | $ | 458 | $ | 450 | $ | 451 | ||||||||||||||||
Revenue | $ | 1,072 | $ | 959 | $ | 1,333 | $ | 1,133 | $ | 1,212 | $ | 1,172 | $ | 1,385 | $ | 1,032 | ||||||||||||||||
Segment Gross Margin | $ | 134 | $ | 200 | $ | 271 | $ | 236 | $ | 231 | $ | 222 | $ | 296 | $ | 199 | ||||||||||||||||
As % of Sales | 13 | % | 21 | % | 20 | % | 21 | % | 19 | % | 19 | % | 21 | % | 19 | % | ||||||||||||||||
Potash | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes)(f) | 1,862 | 2,355 | 2,500 | 1,808 | 2,309 | 2,027 | 2,342 | 1,626 | ||||||||||||||||||||||||
Realized average MOP price/tonne(g) | $ | 303 | $ | 267 | $ | 267 | $ | 291 | $ | 295 | $ | 288 | $ | 280 | $ | 265 | ||||||||||||||||
Revenue | $ | 652 | $ | 733 | $ | 762 | $ | 593 | $ | 763 | $ | 653 | $ | 730 | $ | 492 | ||||||||||||||||
Segment Gross Margin | $ | 135 | $ | 216 | $ | 226 | $ | 154 | $ | 327 | $ | 242 | $ | 295 | $ | 97 | ||||||||||||||||
As % of Sales | 21 | % | 29 | % | 30 | % | 26 | % | 43 | % | 37 | % | 40 | % | 20 | % | ||||||||||||||||
International Distribution | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes) | 1,133 | 870 | 1,185 | 1,398 | 1,113 | 976 | 1,477 | 2,046 | ||||||||||||||||||||||||
Realized average Blend price/tonne(g) | $ | 466 | $ | 438 | $ | 452 | $ | 481 | $ | 427 | $ | 444 | $ | 427 | $ | 400 | ||||||||||||||||
Revenue | $ | 549 | $ | 393 | $ | 542 | $ | 684 | $ | 516 | $ | 439 | $ | 637 | $ | 825 | ||||||||||||||||
Segment Gross Margin | $ | 29 | $ | 22 | $ | 34 | $ | 51 | $ | 41 | $ | 21 | $ | 29 | $ | 61 | ||||||||||||||||
As % of Sales | 5 | % | 6 | % | 6 | % | 7 | % | 8 | % | 5 | % | 4 | % | 7 | % |
Q4 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | |||||||||||||||||||||||||
Net Sales and Gross Margin (in millions, except per tonne) | ||||||||||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||||||||||
North America | $ | 470 | $ | 506 | $ | 435 | $ | 371 | $ | 467 | $ | 345 | $ | 372 | $ | 250 | ||||||||||||||||
International | 182 | 227 | 327 | 222 | 296 | 308 | 358 | 242 | ||||||||||||||||||||||||
Net Sales | $ | 652 | $ | 733 | $ | 762 | $ | 593 | $ | 763 | $ | 653 | $ | 730 | $ | 492 | ||||||||||||||||
Cost of Goods Sold | 517 | 517 | 536 | 439 | 436 | 411 | 435 | 395 | ||||||||||||||||||||||||
Gross Margin | $ | 135 | $ | 216 | $ | 226 | $ | 154 | $ | 327 | $ | 242 | $ | 295 | $ | 97 | ||||||||||||||||
As % of Sales | 21 | % | 29 | % | 30 | % | 26 | % | 43 | % | 37 | % | 40 | % | 20 | % | ||||||||||||||||
Freight included in revenue & cost of goods sold (in millions)(h) | $ | 61 | $ | 73 | $ | 57 | $ | 51 | $ | 69 | $ | 47 | $ | 47 | $ | 34 | ||||||||||||||||
Net sales less freight | $ | 591 | $ | 660 | $ | 705 | $ | 542 | $ | 694 | $ | 606 | $ | 683 | $ | 458 | ||||||||||||||||
Cost of Goods Sold less freight | $ | 456 | $ | 444 | $ | 479 | $ | 388 | $ | 367 | $ | 364 | $ | 388 | $ | 361 | ||||||||||||||||
Resources Taxes | $ | 57 | $ | 30 | $ | 45 | $ | 46 | $ | 48 | $ | 78 | $ | 55 | $ | 59 | ||||||||||||||||
Royalties | 9 | 6 | 7 | 6 | 8 | 11 | 9 | 7 | ||||||||||||||||||||||||
Total Resources Taxes & Royalties | $ | 66 | $ | 36 | $ | 52 | $ | 52 | $ | 56 | $ | 89 | $ | 64 | $ | 66 | ||||||||||||||||
Gross Margin (excluding Resources Taxes & Royalties)(i) | $ | 201 | $ | 252 | $ | 278 | $ | 206 | $ | 383 | $ | 331 | $ | 359 | $ | 163 | ||||||||||||||||
As % of Sales | 31 | % | 34 | % | 36 | % | 35 | % | 50 | % | 51 | % | 49 | % | 33 | % | ||||||||||||||||
Segment Operating Earnings | $ | 89 | $ | 170 | $ | 189 | $ | 69 | $ | 229 | $ | 204 | $ | 259 | $ | 66 | ||||||||||||||||
Depreciation, Depletion and Amortization | 84 | 87 | 92 | 89 | 87 | 79 | 82 | 75 | ||||||||||||||||||||||||
EBITDA(c) | $ | 173 | $ | 257 | $ | 281 | $ | 158 | $ | 316 | $ | 283 | $ | 341 | $ | 141 | ||||||||||||||||
Cost of Goods Sold Detail (in millions) | ||||||||||||||||||||||||||||||||
COGS additional detail | ||||||||||||||||||||||||||||||||
Resource Taxes | $ | 57 | $ | 30 | $ | 45 | $ | 46 | $ | 48 | $ | 78 | $ | 55 | $ | 59 | ||||||||||||||||
Royalties | 9 | 6 | 7 | 6 | 8 | 11 | 9 | 7 | ||||||||||||||||||||||||
Brine Inflow Expenses | 50 | 44 | 46 | 44 | 47 | 44 | 45 | 37 | ||||||||||||||||||||||||
Depreciation, Depletion and Amortization | 84 | 87 | 92 | 89 | 87 | 79 | 82 | 75 | ||||||||||||||||||||||||
Total | $ | 200 | $ | 167 | $ | 190 | $ | 185 | $ | 190 | $ | 212 | $ | 191 | $ | 178 | ||||||||||||||||
Operating Data | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes) | ||||||||||||||||||||||||||||||||
Crop Nutrients North America(f) | 933 | 1,111 | 873 | 691 | 964 | 572 | 641 | 419 | ||||||||||||||||||||||||
Crop Nutrients International(f) | 744 | 1,065 | 1,427 | 919 | 1,228 | 1,248 | 1,544 | 1,041 | ||||||||||||||||||||||||
Non-Agricultural | 185 | 179 | 200 | 198 | 117 | 207 | 157 | 166 | ||||||||||||||||||||||||
Total(f) | 1,862 | 2,355 | 2,500 | 1,808 | 2,309 | 2,027 | 2,342 | 1,626 | ||||||||||||||||||||||||
Production Volumes ('000 tonnes) | ||||||||||||||||||||||||||||||||
Production Volume | 1,741 | 1,871 | 2,044 | 1,666 | 2,584 | 2,451 | 2,362 | 1,749 | ||||||||||||||||||||||||
Operating Rate(j) | 65 | % | 70 | % | 76 | % | 62 | % | 91 | % | 93 | % | 90 | % | 67 | % | ||||||||||||||||
Realized prices (FOB plant, $/tonne) | ||||||||||||||||||||||||||||||||
MOP - North America crop nutrients(g)(k) | $ | 332 | $ | 300 | $ | 308 | $ | 344 | $ | 355 | $ | 362 | $ | 345 | $ | 293 | ||||||||||||||||
MOP - International(g) | $ | 225 | $ | 209 | $ | 225 | $ | 232 | $ | 239 | $ | 245 | $ | 244 | $ | 236 | ||||||||||||||||
MOP - Average(g) | $ | 303 | $ | 267 | $ | 267 | $ | 291 | $ | 295 | $ | 288 | $ | 280 | $ | 265 | ||||||||||||||||
Brine inflow cost/production tonne | $ | 29 | $ | 24 | $ | 23 | $ | 26 | $ | 18 | $ | 18 | $ | 19 | $ | 21 | ||||||||||||||||
Cash COGS/sales tonne | $ | 164 | $ | 136 | $ | 134 | $ | 137 | $ | 97 | $ | 97 | $ | 103 | $ | 135 | ||||||||||||||||
EBITDA(c)/sales tonne(l) | $ | 93 | $ | 109 | $ | 112 | $ | 87 | $ | 137 | $ | 140 | $ | 146 | $ | 87 | ||||||||||||||||
Potash CAPEX (in millions) | $ | 197 | $ | 144 | $ | 94 | $ | 92 | $ | 141 | $ | 95 | $ | 88 | $ | 119 |
Q4 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | |||||||||||||||||||||||||
Net Sales and Gross Margin (in millions, except per tonne) | ||||||||||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||||||||||
North America | $ | 721 | $ | 559 | $ | 725 | $ | 636 | $ | 714 | $ | 668 | $ | 705 | $ | 570 | ||||||||||||||||
International | 351 | 400 | 608 | 497 | 498 | 504 | 680 | 462 | ||||||||||||||||||||||||
Net Sales | $ | 1,072 | $ | 959 | $ | 1,333 | $ | 1,133 | $ | 1,212 | $ | 1,172 | $ | 1,385 | $ | 1,032 | ||||||||||||||||
Cost of Goods Sold | 938 | 759 | 1,062 | 897 | 981 | 950 | 1,089 | 833 | ||||||||||||||||||||||||
Gross Margin | $ | 134 | $ | 200 | $ | 271 | $ | 236 | $ | 231 | $ | 222 | $ | 296 | $ | 199 | ||||||||||||||||
As % of Sales | 13 | % | 21 | % | 20 | % | 21 | % | 19 | % | 19 | % | 21 | % | 19 | % | ||||||||||||||||
Freight included in revenue & cost of goods sold (in millions) | $ | 112 | $ | 81 | $ | 100 | $ | 88 | $ | 103 | $ | 82 | $ | 98 | $ | 79 | ||||||||||||||||
Net sales less freight | $ | 960 | $ | 878 | $ | 1,233 | $ | 1,045 | $ | 1,109 | $ | 1,090 | $ | 1,287 | $ | 953 | ||||||||||||||||
Cost of Goods Sold less freight | $ | 826 | $ | 678 | $ | 962 | $ | 809 | $ | 878 | $ | 868 | $ | 991 | $ | 754 | ||||||||||||||||
PhosChem sales of other member | $ | 23 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Segment Operating Earnings | $ | 64 | $ | 146 | $ | 219 | $ | 188 | $ | 157 | $ | 190 | $ | 259 | $ | 157 | ||||||||||||||||
Depreciation, Depletion and Amortization | 75 | 79 | 93 | 91 | 97 | 94 | 99 | 96 | ||||||||||||||||||||||||
Equity Earnings (Loss) | 4 | (4 | ) | (3 | ) | (4 | ) | 7 | (2 | ) | — | (1 | ) | |||||||||||||||||||
EBITDA(c) | $ | 143 | $ | 221 | $ | 309 | $ | 275 | $ | 261 | $ | 282 | $ | 358 | $ | 252 | ||||||||||||||||
Operating Data | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes) | ||||||||||||||||||||||||||||||||
North America - DAP/MAP | 1,116 | 747 | 948 | 805 | 837 | 951 | 895 | 709 | ||||||||||||||||||||||||
International - DAP/MAP(f) | 577 | 650 | 1,040 | 878 | 882 | 754 | 1,224 | 819 | ||||||||||||||||||||||||
MicroEssentials®(f) | 541 | 510 | 481 | 357 | 502 | 440 | 516 | 389 | ||||||||||||||||||||||||
Feed and Other | 161 | 144 | 168 | 136 | 171 | 152 | 153 | 132 | ||||||||||||||||||||||||
Total(e) | 2,395 | 2,051 | 2,637 | 2,176 | 2,392 | 2,297 | 2,788 | 2,049 | ||||||||||||||||||||||||
Production Volumes ('000 tonnes) | ||||||||||||||||||||||||||||||||
Total tonnes produced(m) | 1,960 | 1,971 | 2,458 | 2,480 | 2,364 | 2,299 | 2,504 | 2,434 | ||||||||||||||||||||||||
Operating Rate | 81 | % | 79 | % | 84 | % | 85 | % | 81 | % | 79 | % | 86 | % | 83 | % | ||||||||||||||||
Realized prices ($/tonne) | ||||||||||||||||||||||||||||||||
DAP (FOB plant)(g) | $ | 370 | $ | 413 | $ | 465 | $ | 463 | $ | 447 | $ | 458 | $ | 450 | $ | 451 | ||||||||||||||||
Realized costs ($/tonne) | ||||||||||||||||||||||||||||||||
Ammonia (tonne)(n) | $ | 422 | $ | 374 | $ | 473 | $ | 508 | $ | 544 | $ | 519 | $ | 417 | $ | 418 | ||||||||||||||||
Sulfur (long ton)(o) | $ | 123 | $ | 96 | $ | 128 | $ | 148 | $ | 154 | $ | 145 | $ | 161 | $ | 151 | ||||||||||||||||
Blended rock | $ | 62 | $ | 64 | $ | 68 | $ | 60 | $ | 58 | $ | 61 | $ | 61 | $ | 61 | ||||||||||||||||
Average Market prices ($/tonne) | ||||||||||||||||||||||||||||||||
Ammonia (tonne)(p) | $ | 467 | $ | 455 | $ | 557 | $ | 547 | $ | 625 | $ | 497 | $ | 462 | $ | 454 | ||||||||||||||||
Sulfur (long ton)(q) | $ | 77 | $ | 104 | $ | 131 | $ | 135 | $ | 131 | $ | 141 | $ | 135 | $ | 136 | ||||||||||||||||
Natural Gas(r) | $ | 3.9 | $ | 4.7 | $ | 4.6 | $ | 4.0 | $ | 3.9 | $ | 2.8 | $ | 2.7 | $ | 2.7 | ||||||||||||||||
Full production conversion cost/production tonne | $ | 81 | $ | 89 | $ | 87 | $ | 82 | $ | 90 | $ | 91 | $ | 83 | $ | 89 | ||||||||||||||||
EBITDA(c)/sales tonne(l) | $ | 60 | $ | 108 | $ | 117 | $ | 126 | $ | 100 | $ | 123 | $ | 128 | $ | 123 | ||||||||||||||||
Phosphates CAPEX (in millions) | $ | 135 | $ | 116 | $ | 104 | $ | 85 | $ | 98 | $ | 129 | $ | 128 | $ | 118 |
Q4 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | |||||||||||||||||||||||||
Net Sales and Gross Margin (in millions, except per tonne) | ||||||||||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||||||||||
Net Sales | $ | 549 | $ | 393 | $ | 542 | $ | 684 | $ | 516 | $ | 439 | $ | 637 | $ | 825 | ||||||||||||||||
Cost of Goods Sold | 520 | 371 | 508 | 633 | 475 | 418 | 608 | 764 | ||||||||||||||||||||||||
Gross Margin | $ | 29 | $ | 22 | $ | 34 | $ | 51 | $ | 41 | $ | 21 | $ | 29 | $ | 61 | ||||||||||||||||
As % of Sales | 5 | % | 6 | % | 6 | % | 7 | % | 8 | % | 5 | % | 4 | % | 7 | % | ||||||||||||||||
Per tonne | $ | 26 | $ | 25 | $ | 29 | $ | 36 | $ | 37 | $ | 21 | $ | 19 | $ | 30 | ||||||||||||||||
SG&A and Other Operating Expenses | $ | 19 | $ | 14 | $ | 18 | $ | 21 | $ | 19 | $ | 18 | $ | 21 | $ | 17 | ||||||||||||||||
Segment Operating Earnings | $ | 10 | $ | 8 | $ | 16 | $ | 30 | $ | 22 | $ | 3 | $ | 8 | $ | 44 | ||||||||||||||||
Depreciation, Depletion and Amortization | 2 | 2 | 2 | 2 | 2 | 3 | 5 | 3 | ||||||||||||||||||||||||
EBITDA(c) | $ | 12 | $ | 10 | $ | 18 | $ | 32 | $ | 24 | $ | 6 | $ | 13 | $ | 47 | ||||||||||||||||
Operating Data | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes) | ||||||||||||||||||||||||||||||||
Total | 1,133 | 870 | 1,185 | 1,398 | 1,113 | 976 | 1,477 | 2,046 | ||||||||||||||||||||||||
Realized prices ($/tonne) | ||||||||||||||||||||||||||||||||
Average selling price (FOB destination) | $ | 466 | $ | 438 | $ | 452 | $ | 481 | $ | 456 | $ | 444 | $ | 427 | $ | 400 | ||||||||||||||||
Purchases ('000 tonnes) | ||||||||||||||||||||||||||||||||
DAP/MAP from Mosaic | 212 | 93 | 290 | 331 | 214 | 138 | 363 | 349 | ||||||||||||||||||||||||
MicroEssentials® from Mosaic | 131 | 147 | 168 | 83 | 56 | 125 | 198 | 155 | ||||||||||||||||||||||||
Potash from Mosaic/Canpotex | 340 | 269 | 484 | 261 | 334 | 249 | 769 | 556 | ||||||||||||||||||||||||
International Distribution CAPEX (in millions) | $ | 8 | $ | 8 | $ | 11 | $ | 7 | $ | 9 | $ | 4 | $ | 6 | $ | 4 | ||||||||||||||||
Working Capital (in millions)(s) | $ | 153 | $ | 168 | $ | 188 | $ | 184 | $ | 186 | $ | 145 | $ | 149 | $ | 105 | ||||||||||||||||
EBITDA(c)/sales tonne(l) | $ | 11 | $ | 11 | $ | 15 | $ | 23 | $ | 22 | $ | 6 | $ | 9 | $ | 23 |
Q4 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | |||||||||||||||||||||||||
Net Sales and Gross Margin (in millions) | ||||||||||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||||||||||
Net Sales | $ | (91 | ) | $ | (99 | ) | $ | (197 | ) | $ | (159 | ) | $ | (112 | ) | $ | (125 | ) | $ | (265 | ) | $ | (243 | ) | ||||||||
Cost of Goods Sold | (115 | ) | (73 | ) | (187 | ) | (133 | ) | (92 | ) | (60 | ) | (253 | ) | (222 | ) | ||||||||||||||||
Gross Margin (loss) | $ | 24 | $ | (26 | ) | $ | (10 | ) | $ | (26 | ) | $ | (20 | ) | $ | (65 | ) | $ | (12 | ) | $ | (21 | ) | |||||||||
Elimination of profit in inventory (income) loss included in COGS | $ | (30 | ) | $ | 9 | $ | 29 | $ | (3 | ) | $ | (18 | ) | $ | 18 | $ | 34 | $ | (12 | ) | ||||||||||||
Unrealized (gain) loss on derivatives included in COGS | $ | 3 | $ | 4 | $ | (26 | ) | $ | 23 | $ | 31 | $ | 38 | $ | (27 | ) | $ | (22 | ) | |||||||||||||
Segment Operating Earnings | $ | 16 | $ | (57 | ) | $ | (21 | ) | $ | (10 | ) | $ | (43 | ) | $ | (78 | ) | $ | (16 | ) | $ | (21 | ) | |||||||||
Depreciation, Depletion and Amortization | 6 | 6 | 7 | 8 | 7 | 6 | 5 | 7 | ||||||||||||||||||||||||
Equity Earnings (Loss) | 1 | 1 | 1 | — | — | 1 | 1 | — | ||||||||||||||||||||||||
EBITDA(c) | $ | 23 | $ | (50 | ) | $ | (13 | ) | $ | (2 | ) | $ | (36 | ) | $ | (71 | ) | $ | (10 | ) | $ | (14 | ) |
(a) | For Q4 2013 through Q4 2014, diluted weighted average number of shares reflects the impact of shares subject to the forward contract for our contractual share repurchase obligations. |
(b) | Includes a discrete income tax benefit of approximately $63 million in Q1 2014, $14 million in Q2 2014, $29 million in Q3 2014, $100 million in Q4 2014, $28 million in Q1 2015, $10 million in Q2 2015, $3 million in Q3 2015 and a discrete income tax expense of approximately $104 million in Q4 2013. |
(c) | The Company defines EBITDA as operating earnings plus depreciation, depletion and amortization plus equity earnings in nonconsolidated companies. EBITDA is a non-GAAP financial measure. 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 ("GAAP"). A reconciliation of EBITDA to the nearest comparable GAAP measure and an explanation of why we include EBITDA appear below under "Non-GAAP Reconciliation". |
(d) | Includes elimination of intersegment sales. |
(e) | Excludes tonnes sold by PhosChem for its other member. Effective December 31, 2013, we and PhosChem's other member each assumed responsibility for PhosChem's former activities as they related to our respective products. We subsequently dissolved PhosChem. |
(f) | Sales volumes include intersegment sales. |
(g) | FOB Plant, sales to unrelated parties. |
(h) | Includes inbound freight, outbound freight and warehousing costs on domestic MOP sales. |
(i) | The Company has presented gross margin excluding Canadian resource taxes and royalties (“CRT”) for Potash which is a non-GAAP financial measure. 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. Gross margin excluding CRT provides a measure that we believe enhances the reader’s ability to compare our gross margin with that of other companies which incur CRT expense and classify it in a manner different than the Company in their statement of earnings. Because securities analysts, investors, lenders and others use gross margin excluding CRT, the Company’s management believes that the Company's presentation of gross margin excluding CRT for Potash affords them greater transparency in assessing the Company’s financial performance against competitors. Because not all companies use identical calculations, investors should consider that the Company's calculation may not be comparable to other similarly titled measures presented by other companies. Gross margin excluding CRT, should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. |
(j) | Q4 2014 operating rate includes an additional 600 thousand metric tonnes of annual capacity from our Colonsay expansion. |
(k) | This price excludes industrial and feed sales. |
(l) | Calculated as EBITDA divided by sales tonnes. |
(m) | Includes crop nutrient dry concentrates and animal feed ingredients. |
(n) | Amounts are representative of our average ammonia costs in cost of goods sold. |
(o) | Amounts are representative of our average sulfur cost in cost of goods sold. |
(p) | Three point quarterly average (Fertecon). |
(q) | Three point quarterly average (Green Markets). |
(r) | Three point quarterly average (NYMEX). |
(s) | Calculated as current assets less cash and liabilities for the International Distribution segment. |
Q4 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | |||||||||||||||||||||||||
Potash EBITDA(c) | $ | 173 | $ | 257 | $ | 281 | $ | 158 | $ | 316 | $ | 283 | $ | 341 | $ | 141 | ||||||||||||||||
Phosphates EBITDA(c) | 143 | 221 | 309 | 275 | 261 | 282 | 358 | 252 | ||||||||||||||||||||||||
ID EBITDA(c) | 12 | 10 | 18 | 32 | 24 | 6 | 13 | 47 | ||||||||||||||||||||||||
Corporate EBITDA(c) | 23 | (50 | ) | (13 | ) | (2 | ) | (36 | ) | (71 | ) | (10 | ) | (14 | ) | |||||||||||||||||
Consolidated EBITDA(c) | $ | 351 | $ | 438 | $ | 595 | $ | 463 | $ | 565 | $ | 500 | $ | 702 | $ | 426 | ||||||||||||||||
Consolidated Foreign Currency Gain/(Loss) | 25 | 43 | (39 | ) | 27 | 47 | 45 | (16 | ) | (49 | ) | |||||||||||||||||||||
Consolidated Gain (Loss) in Value of Share Repurchase Agreement | 73 | (60 | ) | (5 | ) | 5 | — | — | — | — | ||||||||||||||||||||||
Consolidated Interest Income/(Expense) | (12 | ) | (27 | ) | (25 | ) | (25 | ) | (31 | ) | (31 | ) | (24 | ) | (24 | ) | ||||||||||||||||
Consolidated Depreciation, Depletion & Amortization | (167 | ) | (174 | ) | (194 | ) | (190 | ) | (193 | ) | (182 | ) | (191 | ) | (181 | ) | ||||||||||||||||
Consolidated Non-Controlling Interest | (1 | ) | — | — | (1 | ) | (1 | ) | — | — | (1 | ) | ||||||||||||||||||||
Consolidated Provision from/(Benefit for)Income Taxes | (131 | ) | 3 | (83 | ) | (78 | ) | (27 | ) | (31 | ) | (73 | ) | (10 | ) | |||||||||||||||||
Consolidated Other Income (Expense) | (9 | ) | (5 | ) | (1 | ) | 1 | 1 | (6 | ) | (7 | ) | (1 | ) | ||||||||||||||||||
Consolidated Net Income | $ | 129 | $ | 218 | $ | 248 | $ | 202 | $ | 361 | $ | 295 | $ | 391 | $ | 160 |
(in millions, except sales tonnes) | Q4 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | ||||||||||||||||||||||||
Cash COGS/sales tonne | $ | 164 | $ | 136 | $ | 134 | $ | 137 | $ | 97 | $ | 97 | $ | 103 | $ | 135 | ||||||||||||||||
Sales tonnes (in thousands) | 1,862 | 2,355 | 2,500 | 1,808 | 2,309 | 2,027 | 2,342 | 1,626 | ||||||||||||||||||||||||
Cash Cost of Goods Sold | $ | 306 | $ | 321 | $ | 335 | $ | 247 | $ | 224 | $ | 196 | $ | 242 | $ | 220 | ||||||||||||||||
Potash Depreciation, Depletion & Amortization | 84 | 87 | 92 | 89 | 87 | 79 | 82 | 75 | ||||||||||||||||||||||||
Royalties | 9 | 6 | 7 | 6 | 8 | 11 | 9 | 7 | ||||||||||||||||||||||||
Resources Taxes | 57 | 30 | 45 | 46 | 48 | 78 | 55 | 59 | ||||||||||||||||||||||||
Freight included in revenue & cost of goods sold (in millions)(h) | 61 | 73 | 57 | 51 | 69 | 47 | 47 | 34 | ||||||||||||||||||||||||
Potash Cost of Goods Sold | $ | 517 | $ | 517 | $ | 536 | $ | 439 | $ | 436 | $ | 411 | $ | 435 | $ | 395 |
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