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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 | |
---|---|---|---|---|---|---|---|---|
0.74 | 2.51% | 30.20 | 30.24 | 29.76 | 29.89 | 3,642,771 | 00:02:08 |
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: February 11, 2016 | 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 February 11, 2016, of The Mosaic Company regarding its earnings and results of operations for the quarter and full year ended December 31, 2015 | ||
99.2 | Performance data for the period ended December 31, 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 remaining potash expansion at Mosaic’s Esterhazy K3 site progressed on time and on budget with expected commissioning in 2017. When fully operational, Esterhazy K3 is expected to further reduce the Company’s on-going costs of production and provide the ability to eliminate brine inflow management costs and risk. |
▪ | Mosaic completed the integration of the Archer Daniels Midland Company's ("ADM") Brazil and Paraguay fertilizer distribution business acquired in December of 2014. Over time, the Company expects this acquisition to increase annual distribution from approximately four to six million metric tonnes of crop nutrients in key agricultural regions. |
▪ | The MicroEssentials® expansion continued to progress on time and on budget and is expected to add an incremental 1.2 million tonnes, bringing total capacity to 3.5 million tonnes by the end of 2016. |
▪ | Mosaic made equity contributions of $225 million to MWSPC to develop, own and operate integrated phosphate production facilities in the Kingdom of Saudi Arabia. The joint venture is expected to be the lowest cost producer of finished phosphates globally. |
▪ | Mosaic made excellent progress on aggressive cost savings initiatives which are positively impacting operating results: |
• | MOP cash costs per tonne of production declined by 16 percent from the prior year, benefiting from closures of high cost operations, lower spending and a weaker Canadian dollar. |
• | Phosphate rock cash production costs were near a five year low, as the Company effectively mitigated the effects of inflation. |
• | SG&A expenses declined six percent from the prior year to a six year low, despite a larger business footprint. |
▪ | Mosaic made significant progress on achieving balance sheet targets and providing meaningful capital returns to shareholders: |
• | Mosaic repurchased approximately 15.6 million shares for an aggregate amount of $698 million during the year. |
• | In March 2015, the Company’s Board of Directors approved an increase in the annual dividend to $1.10 from $1.00 per share. During 2015, Mosaic paid $385 million in dividends. |
• | Mosaic ended the year with $1.3 billion of cash and cash equivalents on the balance sheet. |
▪ | Mosaic entered into settlement agreements with federal and state regulators to resolve longstanding claims relating to the Company’s management of certain waste materials generated at fertilizer manufacturing facilities in Florida and Louisiana. |
▪ | Mosaic ended 2015 with a record low annual recordable injury frequency rate for the second consecutive year. |
Phosphates Results | 4Q 2015 Actual | 4Q 2015 Guidance |
Average DAP Selling Price | $410 | $410 to $440 |
Sales Volume | 2.2 million tonnes | 1.9 to 2.2 million tonnes |
Phosphate Production | 76% of operational capacity | Around 80% of operational capacity |
Potash Results | 4Q 2015 Actual | 4Q 2015 Guidance |
Average MOP Selling Price | $254 | $235 to $255 |
Sales Volume | 1.9 million tonnes | 1.8 to 2.1 million tonnes |
Potash Production | 70% of operational capacity | Around 70% of operational capacity |
ID Results | 4Q 2015 Actual | 4Q 2015 Guidance |
Sales Volume | 1.5 million tonnes | 1.3 to 1.6 million tonnes |
Gross Margin per Tonne | $26 per tonne | $23 to $28 per tonne |
• | SG&A expenses to range from $350 to $370 million with cost savings offsetting inflation. |
• | Canadian resource taxes and royalties to range from $180 to $220 million. |
• | Brine management costs to range from $160 to $180 million. |
• | The effective tax rate to be in the upper teens. |
• | Capital expenditures in the range of $0.9 to $1.1 billion and equity investments in MWSPC of approximately $300 million. |
• | Phosphates sales volumes in the range of 9 to 10 million tonnes. |
• | Potash sales volumes in the range of 7.5 to 8.5 million tonnes. |
• | International Distribution sales volumes in the range of 6 to 7 million tonnes. |
• | First quarter 2016 Potash gross margin rate, excluding Canadian resource taxes, is expected to be in the low to mid 30 percent range. |
• | Canadian resource taxes are expected to range from 21 to 25 percent of Potash gross margin excluding Canadian resource taxes. |
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 | $ | (41 | ) | $ | 5 | $ | (0.10 | ) | ||||||
Unrealized gain (loss) on derivatives | Corporate & Other | Cost of goods sold | 1 | — | — | |||||||||||
ARO year-end adjustment | Potash | Other operating expenses | (6 | ) | 1 | (0.02 | ) | |||||||||
ARO year-end adjustment | Phosphates | Other operating expenses | (26 | ) | 3 | (0.06 | ) | |||||||||
Discrete tax items | Consolidated | Benefit from income taxes | — | 6 | 0.02 | |||||||||||
Total Notable Items | $ | (72 | ) | $ | 15 | $ | (0.16 | ) |
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 | $ | 48 | $ | (14 | ) | $ | 0.09 | |||||||
Unrealized gain (loss) on derivatives | Corporate & Other | Cost of goods sold | (30 | ) | 9 | (0.06 | ) | |||||||||
Adjustment to assets held for sale | International Distribution | Other operating expenses | (10 | ) | 3 | (0.02 | ) | |||||||||
Loss on write-down of Carlsbad | Potash | Carlsbad restructuring expense | (59 | ) | 24 | (0.09 | ) | |||||||||
Insurance proceeds | Potash | Other operating expenses | 10 | (3 | ) | 0.02 | ||||||||||
ARO year-end adjustment | Phosphates | Other operating expenses | (22 | ) | 6 | (0.04 | ) | |||||||||
Discrete tax items | Consolidated | Benefit from income taxes | — | 76 | 0.20 | |||||||||||
Total Notable Items | $ | (63 | ) | $ | 101 | $ | 0.10 |
The Mosaic Company | (unaudited) |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net sales | $ | 2,163.2 | $ | 2,378.6 | $ | 8,895.3 | $ | 9,055.8 | ||||||||
Cost of goods sold | 1,807.7 | 1,799.5 | 7,177.4 | 7,129.2 | ||||||||||||
Gross margin | 355.5 | 579.1 | 1,717.9 | 1,926.6 | ||||||||||||
Selling, general and administrative expenses | 94.9 | 91.1 | 361.2 | 382.4 | ||||||||||||
(Gain) loss on assets sold and to be sold | — | 9.7 | — | (16.4 | ) | |||||||||||
Carlsbad restructuring expense | — | 58.4 | — | 125.4 | ||||||||||||
Other operating expenses | 56.3 | 55.3 | 77.9 | 123.4 | ||||||||||||
Operating earnings | 204.3 | 364.6 | 1,278.8 | 1,311.8 | ||||||||||||
(Loss) in value of share repurchase agreement | — | — | — | (60.2 | ) | |||||||||||
Interest (expense), net | (18.8 | ) | (31.0 | ) | (97.8 | ) | (107.6 | ) | ||||||||
Foreign currency transaction gain (loss) | (41.1 | ) | 47.3 | (60.5 | ) | 79.1 | ||||||||||
Other (expense) income | (2.7 | ) | 0.3 | (17.2 | ) | (5.8 | ) | |||||||||
Earnings from consolidated companies before income taxes | 141.7 | 381.2 | 1,103.3 | 1,217.3 | ||||||||||||
(Benefit from) provision for income taxes | (14.3 | ) | 27.0 | 99.1 | 184.7 | |||||||||||
Earnings from consolidated companies | 156.0 | 354.2 | 1,004.2 | 1,032.6 | ||||||||||||
Equity in net earnings (loss) of nonconsolidated companies | (0.5 | ) | 7.4 | (2.4 | ) | (2.2 | ) | |||||||||
Net earnings including noncontrolling interests | 155.5 | 361.6 | 1,001.8 | 1,030.4 | ||||||||||||
Less: Net earnings attributable to noncontrolling interests | 0.5 | 0.9 | 1.4 | 1.8 | ||||||||||||
Net earnings attributable to Mosaic | $ | 155.0 | $ | 360.7 | $ | 1,000.4 | $ | 1,028.6 | ||||||||
Diluted net earnings per share attributable to Mosaic | $ | 0.44 | $ | 0.97 | $ | 2.78 | $ | 2.68 | ||||||||
Diluted weighted average number of shares outstanding | 354.3 | 372.0 | 360.3 | 375.6 |
The Mosaic Company | (unaudited) |
December 31, 2015 | December 31, 2014 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,276.3 | $ | 2,374.6 | ||||
Receivables, net | 675.0 | 754.4 | ||||||
Inventories | 1,563.5 | 1,718.3 | ||||||
Other current assets | 629.9 | 368.2 | ||||||
Total current assets | 4,144.7 | 5,215.5 | ||||||
Property, plant and equipment, net | 8,721.0 | 9,313.9 | ||||||
Investments in nonconsolidated companies | 980.5 | 849.8 | ||||||
Goodwill | 1,595.3 | 1,806.5 | ||||||
Deferred income taxes | 691.9 | 543.1 | ||||||
Other assets | 1,279.0 | 554.2 | ||||||
Total assets | $ | 17,412.4 | $ | 18,283.0 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Short-term debt | $ | 25.5 | $ | 13.5 | ||||
Current maturities of long-term debt | 43.0 | 41.0 | ||||||
Structured accounts payable arrangements | 481.7 | 237.7 | ||||||
Accounts payable | 520.6 | 559.6 | ||||||
Accrued liabilities | 971.8 | 726.1 | ||||||
Accrued income taxes | 5.7 | 18.8 | ||||||
Total current liabilities | 2,048.3 | 1,596.7 | ||||||
Long-term debt, less current maturities | 3,791.1 | 3,778.0 | ||||||
Deferred income taxes | 977.4 | 987.7 | ||||||
Other noncurrent liabilities | 1,030.6 | 1,200.0 | ||||||
Equity: | ||||||||
Preferred stock, $0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of December 31, 2015 and 2014 | — | — | ||||||
Class A common stock, $0.01 par value, 194,203,987 shares authorized, none issued and outstanding as of December 31, 2015, 17,176,046 shares issued and outstanding as of December 31, 2014 | — | 0.2 | ||||||
Class B common stock, $0.01 par value, 87,008,602 shares authorized, none issued and outstanding as of December 31, 2015 and 2014 | — | — | ||||||
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 387,697,547 shares issued and 352,515,256 shares outstanding as of December 31, 2015, 369,987,783 shares issued and 350,364,236 shares outstanding as of December 31, 2014 | 3.5 | 3.5 | ||||||
Capital in excess of par value | 6.4 | 4.2 | ||||||
Retained earnings | 11,014.8 | 11,168.9 | ||||||
Accumulated other comprehensive income | (1,492.9 | ) | (473.7 | ) | ||||
Total Mosaic stockholders’ equity | 9,531.8 | 10,703.1 | ||||||
Non-controlling interests | 33.2 | 17.5 | ||||||
Total equity | 9,565.0 | 10,720.6 | ||||||
Total liabilities and equity | $ | 17,412.4 | $ | 18,283.0 |
The Mosaic Company | (unaudited) |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net cash provided by operating activities | $ | 302.3 | $ | 346.6 | $ | 1,807.6 | $ | 2,122.1 | ||||||||
Cash Flows from Investing Activities: | ||||||||||||||||
Capital expenditures | (298.1 | ) | (251.8 | ) | (1,000.3 | ) | (929.1 | ) | ||||||||
Proceeds from sale of businesses | — | 26.4 | — | 81.4 | ||||||||||||
Restricted cash | — | — | (630.0 | ) | — | |||||||||||
Acquisition of businesses | — | (349.6 | ) | — | (1,725.4 | ) | ||||||||||
Proceeds from adjustment to acquisition of business | — | — | 47.9 | — | ||||||||||||
Investments in nonconsolidated companies | (102.1 | ) | (2.6 | ) | (227.1 | ) | (154.6 | ) | ||||||||
Return of investment from nonconsolidated companies | — | — | 54.4 | — | ||||||||||||
Other | 0.7 | (8.8 | ) | 6.7 | (11.4 | ) | ||||||||||
Net cash (used in) investing activities | (399.5 | ) | (586.4 | ) | (1,748.4 | ) | (2,739.1 | ) | ||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Payments of short-term debt | (70.2 | ) | (1.0 | ) | (367.2 | ) | (220.4 | ) | ||||||||
Proceeds from issuance of short-term debt | 77.2 | 14.2 | 379.7 | 200.2 | ||||||||||||
Payments of structured accounts payable arrangements | (83.1 | ) | (55.5 | ) | (395.7 | ) | (177.6 | ) | ||||||||
Proceeds from structured accounts payable arrangements | 288.8 | 90.7 | 635.2 | 349.2 | ||||||||||||
Payments of long-term debt | (1.2 | ) | (0.6 | ) | (59.6 | ) | (2.1 | ) | ||||||||
Proceeds from issuance of long-term debt | (1.2 | ) | 4.8 | 4.7 | 812.0 | |||||||||||
Repurchase of stock | (0.1 | ) | (247.6 | ) | (709.5 | ) | (2,755.3 | ) | ||||||||
Cash dividends paid | (96.9 | ) | (93.9 | ) | (384.7 | ) | (382.5 | ) | ||||||||
Other | 6.7 | 5.6 | 3.7 | 8.1 | ||||||||||||
Net cash provided by (used in) financing activities | 120.0 | (283.3 | ) | (893.4 | ) | (2,168.4 | ) | |||||||||
Effect of exchange rate changes on cash | (31.4 | ) | (72.9 | ) | (264.1 | ) | (133.1 | ) | ||||||||
Net change in cash and cash equivalents | (8.6 | ) | (596.0 | ) | (1,098.3 | ) | (2,918.5 | ) | ||||||||
Cash and cash equivalents - beginning of period | 1,284.9 | 2,970.6 | 2,374.6 | 5,293.1 | ||||||||||||
Cash and cash equivalents - end of period | $ | 1,276.3 | $ | 2,374.6 | $ | 1,276.3 | $ | 2,374.6 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Sales | $ | 572.5 | $ | 763.1 | $ | 2,447.0 | $ | 2,851.6 | ||||||||
Gross margin | 154.6 | 326.8 | 788.3 | 923.2 | ||||||||||||
Canadian resource taxes | 55.9 | 47.7 | 248.0 | 168.4 | ||||||||||||
Gross margin, excluding Canadian resource taxes (CRT) | $ | 210.5 | $ | 374.5 | $ | 1,036.3 | $ | 1,091.6 | ||||||||
Gross margin percentage, excluding CRT | 36.8 | % | 49.1 | % | 42.3 | % | 38.3 | % |
Twelve Months Ended December 31, | ||||
2015 | ||||
Net cash provided by operating activities | $ | 1,807.6 | ||
Capital Expenditures | (1,000.3 | ) | ||
Investments in Wa'ad Al Shamal | (225.2 | ) | ||
Free cash flow | $ | 582.1 |
Three months ended December 31, | |||||||
2015 | 2014 | ||||||
Diluted earnings per share, as reported | $ | 0.44 | $ | 0.97 | |||
Items included in earnings per share: | |||||||
Foreign currency transaction (gain) loss | 0.10 | (0.09 | ) | ||||
Unrealized (gain) loss on derivatives | — | 0.06 | |||||
Discrete tax items | (0.02 | ) | (0.20 | ) | |||
ARO Adjustment | 0.08 | 0.04 | |||||
Tax rate adjustment | (0.07 | ) | — | ||||
Adjustments to assets held for sale | — | 0.02 | |||||
Loss on write-down of Carlsbad | — | 0.09 | |||||
Carlsbad insurance proceeds | — | (0.02 | ) | ||||
Adjusted diluted earnings per share | $ | 0.53 | $ | 0.87 |
Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net earnings attributed to Mosaic | $ | 155.0 | $ | 360.7 | $ | 1,000.4 | $ | 1,028.6 | ||||||||
Undistributed earnings attributable to participating securities | — | — | — | (22.3 | ) | |||||||||||
Numerator for basic and diluted earnings available to common stockholders | $ | 155.0 | $ | 360.7 | $ | 1,000.4 | $ | 1,006.3 | ||||||||
Basic weighted average number of shares outstanding | 352.5 | 370.2 | 358.5 | 382.4 | ||||||||||||
Shares subject to forward contract | — | — | — | (8.3 | ) | |||||||||||
Basic weighted average number of shares outstanding attributable to common stockholders | 352.5 | 370.2 | 358.5 | 374.1 | ||||||||||||
Dilutive impact of share-based awards | 1.8 | 1.8 | 1.8 | 1.5 | ||||||||||||
Diluted weighted average number of shares outstanding | 354.3 | 372.0 | 360.3 | 375.6 | ||||||||||||
Basic net earnings per share | $ | 0.44 | $ | 0.97 | $ | 2.79 | $ | 2.69 | ||||||||
Diluted net earnings per share | $ | 0.44 | $ | 0.97 | $ | 2.78 | $ | 2.68 |
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | |||||||||||||||||||||||||
Consolidated data (in millions, except per share) | ||||||||||||||||||||||||||||||||
Diluted net earnings per share | $ | 0.54 | $ | 0.64 | $ | 0.54 | $ | 0.97 | $ | 0.80 | $ | 1.08 | $ | 0.45 | $ | 0.44 | ||||||||||||||||
Diluted weighted average # of shares outstanding(a) | 379.6 | 376.2 | 375.9 | 372.0 | 367.9 | 363.3 | 356.0 | 354.3 | ||||||||||||||||||||||||
Total Net Sales | $ | 1,986 | $ | 2,440 | $ | 2,251 | $ | 2,379 | $ | 2,139 | $ | 2,488 | $ | 2,106 | $ | 2,163 | ||||||||||||||||
Gross Margin | $ | 412 | $ | 521 | $ | 415 | $ | 579 | $ | 419 | $ | 608 | $ | 335 | $ | 356 | ||||||||||||||||
As % of Sales | 21 | % | 21 | % | 18 | % | 24 | % | 20 | % | 24 | % | 16 | % | 17 | % | ||||||||||||||||
SG&A | 120 | 88 | 84 | 91 | 100 | 89 | 77 | 95 | ||||||||||||||||||||||||
Consolidated Foreign Currency Gain/(Loss) | 43 | (39 | ) | 27 | 47 | 45 | (16 | ) | (49 | ) | (41 | ) | ||||||||||||||||||||
Effective Tax Rate(b) | (1 | )% | 25 | % | 27 | % | 7 | % | 9 | % | 16 | % | 6 | % | (10 | )% | ||||||||||||||||
Net Income | $ | 218 | $ | 248 | $ | 202 | $ | 361 | $ | 295 | $ | 391 | $ | 160 | $ | 155 | ||||||||||||||||
As % of Sales | 11 | % | 10 | % | 9 | % | 15 | % | 14 | % | 16 | % | 8 | % | 7 | % | ||||||||||||||||
EBITDA(c) | ||||||||||||||||||||||||||||||||
Potash | $ | 257 | $ | 281 | $ | 158 | $ | 316 | $ | 283 | $ | 341 | $ | 141 | $ | 188 | ||||||||||||||||
Phosphate | 221 | 309 | 275 | 261 | 282 | 358 | 252 | 148 | ||||||||||||||||||||||||
International Distribution | 10 | 18 | 32 | 24 | 6 | 13 | 47 | 17 | ||||||||||||||||||||||||
Corporate and Other(d) | (50 | ) | (13 | ) | (2 | ) | (36 | ) | (71 | ) | (10 | ) | (14 | ) | 37 | |||||||||||||||||
Consolidated EBITDA(c) | $ | 438 | $ | 595 | $ | 463 | $ | 565 | $ | 500 | $ | 702 | $ | 426 | $ | 390 | ||||||||||||||||
Short-term debt | $ | 41 | $ | 13 | $ | — | $ | 14 | $ | 10 | $ | 27 | $ | 18 | $ | 26 | ||||||||||||||||
Current maturities of long-term debt | 1 | 1 | 41 | 41 | 41 | 57 | 42 | 43 | ||||||||||||||||||||||||
Long-term debt, less current maturities | 3,009 | 3,013 | 3,774 | 3,778 | 3,775 | 3,762 | 3,738 | 3,791 | ||||||||||||||||||||||||
Cash & cash equivalents | 2,491 | 2,367 | 2,971 | 2,375 | 2,517 | 2,210 | 1,285 | 1,276 | ||||||||||||||||||||||||
Net | $ | 560 | $ | 660 | $ | 844 | $ | 1,458 | $ | 1,309 | $ | 1,636 | $ | 2,513 | $ | 2,584 | ||||||||||||||||
Cash flow from operations | $ | 610 | $ | 789 | $ | 376 | $ | 347 | $ | 729 | $ | 603 | $ | 173 | $ | 302 | ||||||||||||||||
Cash flow from investments | (1,634 | ) | (360 | ) | (158 | ) | (586 | ) | (183 | ) | (343 | ) | (823 | ) | (400 | ) | ||||||||||||||||
Cash flow from financing | (1,753 | ) | (568 | ) | 436 | (284 | ) | (300 | ) | (597 | ) | (115 | ) | 120 | ||||||||||||||||||
Effect of exchange rate changes on cash | (25 | ) | 15 | (50 | ) | (73 | ) | (103 | ) | 30 | (160 | ) | (31 | ) | ||||||||||||||||||
Net cash flow | $ | (2,802 | ) | $ | (124 | ) | $ | 604 | $ | (596 | ) | $ | 143 | $ | (307 | ) | $ | (925 | ) | $ | (9 | ) | ||||||||||
Cash dividends paid | $ | (100 | ) | $ | (95 | ) | $ | (94 | ) | $ | (94 | ) | $ | (91 | ) | $ | (98 | ) | $ | (98 | ) | $ | (97 | ) | ||||||||
Operating Earnings | ||||||||||||||||||||||||||||||||
Potash | $ | 170 | $ | 189 | $ | 69 | $ | 229 | $ | 204 | $ | 259 | $ | 66 | $ | 113 | ||||||||||||||||
Phosphates | 146 | 219 | 188 | 157 | 190 | 259 | 157 | 47 | ||||||||||||||||||||||||
International Distribution | 8 | 16 | 30 | 22 | 3 | 8 | 44 | 14 | ||||||||||||||||||||||||
Corporate and Other(d) | (57 | ) | (21 | ) | (10 | ) | (43 | ) | (78 | ) | (16 | ) | (21 | ) | 30 | |||||||||||||||||
Consolidated Operating Earnings | $ | 267 | $ | 403 | $ | 277 | $ | 365 | $ | 319 | $ | 510 | $ | 246 | $ | 204 | ||||||||||||||||
Segment data (in millions, except per tonne) | ||||||||||||||||||||||||||||||||
Phosphates | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes)(e) | 2,051 | 2,637 | 2,176 | 2,392 | 2,297 | 2,788 | 2,049 | 2,212 | ||||||||||||||||||||||||
Realized average DAP price/tonne(f) | $ | 413 | $ | 465 | $ | 463 | $ | 447 | $ | 458 | $ | 450 | $ | 451 | $ | 410 | ||||||||||||||||
Revenue | $ | 959 | $ | 1,333 | $ | 1,133 | $ | 1,212 | $ | 1,172 | $ | 1,385 | $ | 1,032 | $ | 1,031 | ||||||||||||||||
Segment Gross Margin | $ | 200 | $ | 271 | $ | 236 | $ | 231 | $ | 222 | $ | 296 | $ | 199 | $ | 121 | ||||||||||||||||
As % of Sales | 21 | % | 20 | % | 21 | % | 19 | % | 19 | % | 21 | % | 19 | % | 12 | % | ||||||||||||||||
Potash | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes)(e) | 2,355 | 2,500 | 1,808 | 2,309 | 2,027 | 2,342 | 1,626 | 1,931 | ||||||||||||||||||||||||
Realized average MOP price/tonne(f) | $ | 267 | $ | 267 | $ | 291 | $ | 295 | $ | 288 | $ | 280 | $ | 265 | $ | 254 | ||||||||||||||||
Revenue | $ | 733 | $ | 762 | $ | 593 | $ | 763 | $ | 653 | $ | 730 | $ | 492 | $ | 572 | ||||||||||||||||
Segment Gross Margin (excluding CRT)(g) | $ | 246 | $ | 271 | $ | 200 | $ | 375 | $ | 320 | $ | 350 | $ | 156 | $ | 211 | ||||||||||||||||
As % of Sales | 34 | % | 36 | % | 34 | % | 49 | % | 49 | % | 48 | % | 32 | % | 37 | % | ||||||||||||||||
International Distribution | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes) | 870 | 1,185 | 1,398 | 1,113 | 976 | 1,477 | 2,046 | 1,478 | ||||||||||||||||||||||||
Realized average Blend price/tonne(f) | $ | 438 | $ | 452 | $ | 481 | $ | 427 | $ | 444 | $ | 427 | $ | 400 | $ | 407 | ||||||||||||||||
Revenue | $ | 393 | $ | 542 | $ | 684 | $ | 516 | $ | 439 | $ | 637 | $ | 825 | $ | 605 | ||||||||||||||||
Segment Gross Margin | $ | 22 | $ | 34 | $ | 51 | $ | 41 | $ | 21 | $ | 29 | $ | 61 | $ | 38 | ||||||||||||||||
As % of Sales | 6 | % | 6 | % | 7 | % | 8 | % | 5 | % | 4 | % | 7 | % | 6 | % |
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | |||||||||||||||||||||||||
Net Sales and Gross Margin (in millions, except per tonne) | ||||||||||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||||||||||
North America | $ | 506 | $ | 435 | $ | 371 | $ | 467 | $ | 351 | $ | 372 | $ | 250 | $ | 364 | ||||||||||||||||
International | 227 | 327 | 222 | 296 | 302 | 358 | 242 | 208 | ||||||||||||||||||||||||
Net Sales | $ | 733 | $ | 762 | $ | 593 | $ | 763 | $ | 653 | $ | 730 | $ | 492 | $ | 572 | ||||||||||||||||
Cost of Goods Sold | 517 | 536 | 439 | 436 | 411 | 435 | 395 | 417 | ||||||||||||||||||||||||
Gross Margin | $ | 216 | $ | 226 | $ | 154 | $ | 327 | $ | 242 | $ | 295 | $ | 97 | $ | 155 | ||||||||||||||||
As % of Sales | 29 | % | 30 | % | 26 | % | 43 | % | 37 | % | 40 | % | 20 | % | 27 | % | ||||||||||||||||
Canadian resource taxes | 30 | 45 | 46 | 48 | 78 | 55 | 59 | 56 | ||||||||||||||||||||||||
Gross Margin (excluding CRT)(g) | $ | 246 | $ | 271 | $ | 200 | $ | 375 | $ | 320 | $ | 350 | $ | 156 | $ | 211 | ||||||||||||||||
As % of Sales | 34 | % | 36 | % | 34 | % | 49 | % | 49 | % | 48 | % | 32 | % | 37 | % | ||||||||||||||||
Freight included in revenue & cost of goods sold (in millions)(h) | $ | 73 | $ | 57 | $ | 51 | $ | 69 | $ | 47 | $ | 47 | $ | 34 | $ | 56 | ||||||||||||||||
Net sales less freight | $ | 660 | $ | 705 | $ | 542 | $ | 694 | $ | 606 | $ | 683 | $ | 458 | $ | 516 | ||||||||||||||||
Cost of Goods Sold less freight | $ | 444 | $ | 479 | $ | 388 | $ | 367 | $ | 364 | $ | 388 | $ | 361 | $ | 361 | ||||||||||||||||
Segment Operating Earnings | $ | 170 | $ | 189 | $ | 69 | $ | 229 | $ | 204 | $ | 259 | $ | 66 | $ | 113 | ||||||||||||||||
Depreciation, Depletion and Amortization | 87 | 92 | 89 | 87 | 79 | 82 | 75 | 75 | ||||||||||||||||||||||||
EBITDA(c) | $ | 257 | $ | 281 | $ | 158 | $ | 316 | $ | 283 | $ | 341 | $ | 141 | $ | 188 | ||||||||||||||||
Cost of Goods Sold Detail (in millions) | ||||||||||||||||||||||||||||||||
COGS additional detail | ||||||||||||||||||||||||||||||||
Canadian resource taxes | $ | 30 | $ | 45 | $ | 46 | $ | 48 | $ | 78 | $ | 55 | $ | 59 | $ | 56 | ||||||||||||||||
Royalties | 6 | 7 | 6 | 8 | 11 | 9 | 7 | 6 | ||||||||||||||||||||||||
Brine Inflow Expenses | 44 | 46 | 44 | 47 | 44 | 45 | 37 | 39 | ||||||||||||||||||||||||
Depreciation, Depletion and Amortization | 87 | 92 | 89 | 87 | 79 | 82 | 75 | 75 | ||||||||||||||||||||||||
Total | $ | 167 | $ | 190 | $ | 185 | $ | 190 | $ | 212 | $ | 191 | $ | 178 | $ | 176 | ||||||||||||||||
Operating Data | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes) | ||||||||||||||||||||||||||||||||
Crop Nutrients North America(e) | 1,114 | 879 | 696 | 912 | 572 | 641 | 419 | 794 | ||||||||||||||||||||||||
Crop Nutrients International(e) | 1,065 | 1,427 | 919 | 1,228 | 1,248 | 1,544 | 1,041 | 991 | ||||||||||||||||||||||||
Non-Agricultural | 176 | 194 | 193 | 169 | 207 | 157 | 166 | 146 | ||||||||||||||||||||||||
Total(e) | 2,355 | 2,500 | 1,808 | 2,309 | 2,027 | 2,342 | 1,626 | 1,931 | ||||||||||||||||||||||||
Production Volumes ('000 tonnes) | ||||||||||||||||||||||||||||||||
Production Volume | 1,871 | 2,044 | 1,666 | 2,584 | 2,451 | 2,362 | 1,749 | 1,850 | ||||||||||||||||||||||||
Operating Rate(i) | 70 | % | 76 | % | 62 | % | 91 | % | 93 | % | 90 | % | 67 | % | 70 | % | ||||||||||||||||
Realized prices (FOB plant, $/tonne) | ||||||||||||||||||||||||||||||||
MOP - North America crop nutrients(f)(j) | $ | 300 | $ | 308 | $ | 344 | $ | 355 | $ | 362 | $ | 345 | $ | 293 | $ | 264 | ||||||||||||||||
MOP - International(f) | $ | 209 | $ | 225 | $ | 232 | $ | 239 | $ | 245 | $ | 244 | $ | 236 | $ | 227 | ||||||||||||||||
MOP - Average(f) | $ | 267 | $ | 267 | $ | 291 | $ | 295 | $ | 288 | $ | 280 | $ | 265 | $ | 254 | ||||||||||||||||
Brine inflow cost/production tonne | $ | 24 | $ | 23 | $ | 26 | $ | 18 | $ | 18 | $ | 19 | $ | 21 | $ | 21 | ||||||||||||||||
Cash COGS/sales tonne | $ | 136 | $ | 134 | $ | 137 | $ | 97 | $ | 97 | $ | 103 | $ | 135 | $ | 116 | ||||||||||||||||
EBITDA(c)/sales tonne(k) | $ | 109 | $ | 112 | $ | 87 | $ | 137 | $ | 140 | $ | 146 | $ | 87 | $ | 97 | ||||||||||||||||
Potash CAPEX (in millions) | $ | 144 | $ | 94 | $ | 92 | $ | 141 | $ | 95 | $ | 88 | $ | 119 | $ | 130 |
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | |||||||||||||||||||||||||
Net Sales and Gross Margin (in millions, except per tonne) | ||||||||||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||||||||||
North America | $ | 559 | $ | 725 | $ | 636 | $ | 714 | $ | 683 | $ | 705 | $ | 570 | $ | 809 | ||||||||||||||||
International | 400 | 608 | 497 | 498 | 489 | 680 | 462 | 222 | ||||||||||||||||||||||||
Net Sales | $ | 959 | $ | 1,333 | $ | 1,133 | $ | 1,212 | $ | 1,172 | $ | 1,385 | $ | 1,032 | $ | 1,031 | ||||||||||||||||
Cost of Goods Sold | 759 | 1,062 | 897 | 981 | 950 | 1,089 | 833 | 910 | ||||||||||||||||||||||||
Gross Margin | $ | 200 | $ | 271 | $ | 236 | $ | 231 | $ | 222 | $ | 296 | $ | 199 | $ | 121 | ||||||||||||||||
As % of Sales | 21 | % | 20 | % | 21 | % | 19 | % | 19 | % | 21 | % | 19 | % | 12 | % | ||||||||||||||||
Freight included in revenue & cost of goods sold (in millions) | $ | 81 | $ | 100 | $ | 88 | $ | 103 | $ | 82 | $ | 98 | $ | 79 | $ | 84 | ||||||||||||||||
Net sales less freight | $ | 878 | $ | 1,233 | $ | 1,045 | $ | 1,109 | $ | 1,090 | $ | 1,287 | $ | 953 | $ | 947 | ||||||||||||||||
Cost of Goods Sold less freight | $ | 678 | $ | 962 | $ | 809 | $ | 878 | $ | 868 | $ | 991 | $ | 754 | $ | 826 | ||||||||||||||||
Segment Operating Earnings | $ | 146 | $ | 219 | $ | 188 | $ | 157 | $ | 190 | $ | 259 | $ | 157 | $ | 47 | ||||||||||||||||
Depreciation, Depletion and Amortization | 79 | 93 | 91 | 97 | 94 | 99 | 96 | 101 | ||||||||||||||||||||||||
Equity Earnings (Loss) | (4 | ) | (3 | ) | (4 | ) | 7 | (2 | ) | — | (1 | ) | — | |||||||||||||||||||
EBITDA(c) | $ | 221 | $ | 309 | $ | 275 | $ | 261 | $ | 282 | $ | 358 | $ | 252 | $ | 148 | ||||||||||||||||
Operating Data | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes) | ||||||||||||||||||||||||||||||||
North America - DAP/MAP | 747 | 948 | 805 | 837 | 951 | 895 | 709 | 1,049 | ||||||||||||||||||||||||
International - DAP/MAP(e) | 650 | 1,040 | 878 | 882 | 754 | 1,224 | 819 | 595 | ||||||||||||||||||||||||
MicroEssentials®(e) | 510 | 481 | 357 | 502 | 440 | 516 | 389 | 437 | ||||||||||||||||||||||||
Feed and Other | 144 | 168 | 136 | 171 | 152 | 153 | 132 | 131 | ||||||||||||||||||||||||
Total | 2,051 | 2,637 | 2,176 | 2,392 | 2,297 | 2,788 | 2,049 | 2,212 | ||||||||||||||||||||||||
Production Volumes ('000 tonnes) | ||||||||||||||||||||||||||||||||
Total tonnes produced(l) | 1,971 | 2,458 | 2,480 | 2,364 | 2,299 | 2,504 | 2,434 | 2,226 | ||||||||||||||||||||||||
Operating Rate | 79 | % | 84 | % | 85 | % | 81 | % | 79 | % | 86 | % | 83 | % | 76 | % | ||||||||||||||||
Realized prices ($/tonne) | ||||||||||||||||||||||||||||||||
DAP (FOB plant)(f) | $ | 413 | $ | 465 | $ | 463 | $ | 447 | $ | 458 | $ | 450 | $ | 451 | $ | 410 | ||||||||||||||||
Realized costs ($/tonne) | ||||||||||||||||||||||||||||||||
Ammonia (tonne)(m) | $ | 374 | $ | 473 | $ | 508 | $ | 544 | $ | 519 | $ | 417 | $ | 418 | $ | 404 | ||||||||||||||||
Sulfur (long ton)(n) | $ | 96 | $ | 128 | $ | 148 | $ | 154 | $ | 145 | $ | 161 | $ | 151 | $ | 146 | ||||||||||||||||
Blended rock | $ | 64 | $ | 68 | $ | 60 | $ | 58 | $ | 61 | $ | 61 | $ | 61 | $ | 60 | ||||||||||||||||
Average Market prices ($/tonne) | ||||||||||||||||||||||||||||||||
Ammonia (tonne)(o) | $ | 455 | $ | 557 | $ | 547 | $ | 625 | $ | 497 | $ | 462 | $ | 454 | $ | 412 | ||||||||||||||||
Sulfur (long ton)(p) | $ | 104 | $ | 131 | $ | 135 | $ | 131 | $ | 141 | $ | 135 | $ | 136 | $ | 115 | ||||||||||||||||
Natural Gas(q) | $ | 4.7 | $ | 4.6 | $ | 4.0 | $ | 3.9 | $ | 2.8 | $ | 2.7 | $ | 2.7 | $ | 2.2 | ||||||||||||||||
Full production conversion cost/production tonne | $ | 89 | $ | 87 | $ | 82 | $ | 90 | $ | 91 | $ | 83 | $ | 89 | $ | 100 | ||||||||||||||||
EBITDA(c)/sales tonne(k) | $ | 108 | $ | 117 | $ | 126 | $ | 109 | $ | 123 | $ | 128 | $ | 123 | $ | 67 | ||||||||||||||||
Phosphates CAPEX (in millions) | $ | 116 | $ | 104 | $ | 85 | $ | 98 | $ | 129 | $ | 128 | $ | 118 | $ | 153 |
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | |||||||||||||||||||||||||
Net Sales and Gross Margin (in millions, except per tonne) | ||||||||||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||||||||||
Net Sales | $ | 393 | $ | 542 | $ | 684 | $ | 516 | $ | 439 | $ | 637 | $ | 825 | $ | 605 | ||||||||||||||||
Cost of Goods Sold | 371 | 508 | 633 | 475 | 418 | 608 | 764 | 567 | ||||||||||||||||||||||||
Gross Margin | $ | 22 | $ | 34 | $ | 51 | $ | 41 | $ | 21 | $ | 29 | $ | 61 | $ | 38 | ||||||||||||||||
As % of Sales | 6 | % | 6 | % | 7 | % | 8 | % | 5 | % | 4 | % | 7 | % | 6 | % | ||||||||||||||||
Per tonne | $ | 25 | $ | 29 | $ | 36 | $ | 37 | $ | 21 | $ | 19 | $ | 30 | $ | 26 | ||||||||||||||||
SG&A and Other Operating Expenses | $ | 14 | $ | 18 | $ | 21 | $ | 19 | $ | 18 | $ | 21 | $ | 17 | $ | 24 | ||||||||||||||||
Segment Operating Earnings | $ | 8 | $ | 16 | $ | 30 | $ | 22 | $ | 3 | $ | 8 | $ | 44 | $ | 14 | ||||||||||||||||
Depreciation, Depletion and Amortization | 2 | 2 | 2 | 2 | 3 | 5 | 3 | 3 | ||||||||||||||||||||||||
EBITDA(c) | $ | 10 | $ | 18 | $ | 32 | $ | 24 | $ | 6 | $ | 13 | $ | 47 | $ | 17 | ||||||||||||||||
Operating Data | ||||||||||||||||||||||||||||||||
Sales volumes ('000 tonnes) | ||||||||||||||||||||||||||||||||
Total | 870 | 1,185 | 1,398 | 1,113 | 976 | 1,477 | 2,046 | 1,478 | ||||||||||||||||||||||||
Realized prices ($/tonne) | ||||||||||||||||||||||||||||||||
Average selling price (FOB destination) | $ | 438 | $ | 452 | $ | 481 | $ | 456 | $ | 444 | $ | 427 | $ | 400 | $ | 407 | ||||||||||||||||
Purchases ('000 tonnes) | ||||||||||||||||||||||||||||||||
DAP/MAP from Mosaic | 93 | 290 | 331 | 214 | 138 | 363 | 349 | 137 | ||||||||||||||||||||||||
MicroEssentials® from Mosaic | 147 | 168 | 83 | 56 | 125 | 198 | 155 | 11 | ||||||||||||||||||||||||
Potash from Mosaic/Canpotex | 269 | 484 | 261 | 334 | 249 | 769 | 556 | 464 | ||||||||||||||||||||||||
International Distribution CAPEX (in millions) | $ | 8 | $ | 11 | $ | 7 | $ | 9 | $ | 4 | $ | 6 | $ | 4 | $ | 9 | ||||||||||||||||
Working Capital (in millions)(r) | $ | 168 | $ | 188 | $ | 184 | $ | 186 | $ | 145 | $ | 149 | $ | 105 | $ | 109 | ||||||||||||||||
EBITDA(c)/sales tonne(k) | $ | 11 | $ | 15 | $ | 23 | $ | 22 | $ | 6 | $ | 9 | $ | 23 | $ | 12 |
Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | |||||||||||||||||||||||||
Net Sales and Gross Margin (in millions) | ||||||||||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||||||||||
Net Sales | $ | (99 | ) | $ | (197 | ) | $ | (159 | ) | $ | (112 | ) | $ | (125 | ) | $ | (265 | ) | $ | (243 | ) | $ | (45 | ) | ||||||||
Cost of Goods Sold | (73 | ) | (187 | ) | (133 | ) | (92 | ) | (60 | ) | (253 | ) | (222 | ) | (87 | ) | ||||||||||||||||
Gross Margin (loss) | $ | (26 | ) | $ | (10 | ) | $ | (26 | ) | $ | (20 | ) | $ | (65 | ) | $ | (12 | ) | $ | (21 | ) | $ | 42 | |||||||||
Elimination of profit in inventory (income) loss included in COGS | $ | (9 | ) | $ | (29 | ) | $ | 3 | $ | 18 | $ | (18 | ) | $ | (34 | ) | $ | 12 | $ | 50 | ||||||||||||
Unrealized (gain) loss on derivatives included in COGS | $ | (4 | ) | $ | 26 | $ | (23 | ) | $ | (31 | ) | $ | (38 | ) | $ | 27 | $ | (22 | ) | $ | 1 | |||||||||||
Segment Operating Earnings (Loss) | $ | (57 | ) | $ | (21 | ) | $ | (10 | ) | $ | (43 | ) | $ | (78 | ) | $ | (16 | ) | $ | (21 | ) | $ | 30 | |||||||||
Depreciation, Depletion and Amortization | 6 | 7 | 8 | 7 | 6 | 5 | 7 | 7 | ||||||||||||||||||||||||
Equity Earnings (Loss) | 1 | 1 | — | — | 1 | 1 | — | — | ||||||||||||||||||||||||
EBITDA(c) | $ | (50 | ) | $ | (13 | ) | $ | (2 | ) | $ | (36 | ) | $ | (71 | ) | $ | (10 | ) | $ | (14 | ) | $ | 37 |
(a) | For Q1 2014 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 $6 million in Q4 2015. |
(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) | Sales volumes include intersegment sales. |
(f) | FOB Plant, sales to unrelated parties. |
(g) | Gross margin excluding CRT, a non-GAAP financial measure, is calculated as GAAP gross margin less Canadian resource taxes (CRT). 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 provides a measure that we believe enhances the reader’s ability to compare our gross margin with that of other peer companies that incur CRT expense and classify it in a manner differently than we do in their statement of earnings. Because securities analysts, investors, lenders and others use gross margin excluding CRT, our management believes that our presentation of gross margin (excluding CRT) for Potash affords them greater transparency in assessing our financial performance against competitors. When measuring the performance of our Potash business, our management regularly utilizes gross margin before CRT. Gross margin excluding CRT should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation of gross margin excluding CRT to GAAP gross margin is included in the Company’s earnings news release dated February 11, 2016. |
(h) | Includes inbound freight, outbound freight and warehousing costs on domestic MOP sales. |
(i) | Q4 2014 operating rate includes an additional 600 thousand metric tonnes of annual capacity from our Colonsay expansion. |
(j) | This price excludes industrial and feed sales. |
(k) | Calculated as EBITDA divided by sales tonnes. |
(l) | Includes crop nutrient dry concentrates and animal feed ingredients. |
(m) | Amounts are representative of our average ammonia costs in cost of goods sold. |
(n) | Amounts are representative of our average sulfur cost in cost of goods sold. |
(o) | Three point quarterly average (Fertecon). |
(p) | Three point quarterly average (Green Markets). |
(q) | Three point quarterly average (NYMEX). |
(r) | Calculated as current assets less current liabilities for the International Distribution segment. |
(in millions) | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | ||||||||||||||||||||||||
Potash EBITDA(c) | $ | 257 | $ | 281 | $ | 158 | $ | 316 | $ | 283 | $ | 341 | $ | 141 | $ | 188 | ||||||||||||||||
Phosphates EBITDA(c) | 221 | 309 | 275 | 261 | 282 | 358 | 252 | 148 | ||||||||||||||||||||||||
ID EBITDA(c) | 10 | 18 | 32 | 24 | 6 | 13 | 47 | 17 | ||||||||||||||||||||||||
Corporate EBITDA(c) | (50 | ) | (13 | ) | (2 | ) | (36 | ) | (71 | ) | (10 | ) | (14 | ) | 37 | |||||||||||||||||
Consolidated EBITDA(c) | $ | 438 | $ | 595 | $ | 463 | $ | 565 | $ | 500 | $ | 702 | $ | 426 | $ | 390 | ||||||||||||||||
Consolidated Foreign Currency Gain/(Loss) | 43 | (39 | ) | 27 | 47 | 45 | (16 | ) | (49 | ) | (41 | ) | ||||||||||||||||||||
Consolidated Gain (Loss) in Value of Share Repurchase Agreement | (60 | ) | (5 | ) | 5 | — | — | — | — | — | ||||||||||||||||||||||
Consolidated Interest Income/(Expense) | (27 | ) | (25 | ) | (25 | ) | (31 | ) | (31 | ) | (24 | ) | (24 | ) | (19 | ) | ||||||||||||||||
Consolidated Depreciation, Depletion & Amortization | (174 | ) | (194 | ) | (190 | ) | (193 | ) | (182 | ) | (191 | ) | (181 | ) | (186 | ) | ||||||||||||||||
Consolidated Non-Controlling Interest | — | — | (1 | ) | (1 | ) | — | — | (1 | ) | — | |||||||||||||||||||||
Consolidated Provision from/(Benefit for)Income Taxes | 3 | (83 | ) | (78 | ) | (27 | ) | (31 | ) | (73 | ) | (10 | ) | 14 | ||||||||||||||||||
Consolidated Other Income (Expense) | (5 | ) | (1 | ) | 1 | 1 | (6 | ) | (7 | ) | (1 | ) | (3 | ) | ||||||||||||||||||
Consolidated Net Income | $ | 218 | $ | 248 | $ | 202 | $ | 361 | $ | 295 | $ | 391 | $ | 160 | $ | 155 |
(in millions, except sales tonnes) | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | ||||||||||||||||||||||||
Cash COGS/sales tonne | $ | 136 | $ | 134 | $ | 137 | $ | 97 | $ | 97 | $ | 103 | $ | 135 | $ | 116 | ||||||||||||||||
Sales tonnes (in thousands) | 2,355 | 2,500 | 1,808 | 2,309 | 2,027 | 2,342 | 1,626 | 1,931 | ||||||||||||||||||||||||
Cash Cost of Goods Sold | $ | 321 | $ | 335 | $ | 247 | $ | 224 | $ | 196 | $ | 242 | $ | 220 | $ | 224 | ||||||||||||||||
Potash Depreciation, Depletion & Amortization | 87 | 92 | 89 | 87 | 79 | 82 | 75 | 75 | ||||||||||||||||||||||||
Royalties | 6 | 7 | 6 | 8 | 11 | 9 | 7 | 6 | ||||||||||||||||||||||||
Canadian resource taxes | 30 | 45 | 46 | 48 | 78 | 55 | 59 | 56 | ||||||||||||||||||||||||
Freight included in revenue & cost of goods sold (in millions)(g) | 73 | 57 | 51 | 69 | 47 | 47 | 34 | 56 | ||||||||||||||||||||||||
Potash Cost of Goods Sold | $ | 517 | $ | 536 | $ | 439 | $ | 436 | $ | 411 | $ | 435 | $ | 395 | $ | 417 |
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