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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 | |
---|---|---|---|---|---|---|---|---|
0.03 | 0.10% | 29.46 | 29.995 | 29.40 | 29.74 | 2,780,009 | 00:33:14 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
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)) | |||||||||||
Securities registered pursuant to Section 12(b) of the Act | |||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
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. ¨ |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit No. | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File, formatted in Inline XBRL |
THE MOSAIC COMPANY | |||||||||||||||||||||||
Date: November 7, 2023 | By: | /s/ Philip E. Bauer | |||||||||||||||||||||
Name: | Philip E. Bauer | ||||||||||||||||||||||
Title: | Senior Vice President, General Counsel | ||||||||||||||||||||||
and Corporate Secretary |
The Mosaic Company 101 E. Kennedy Blvd., Suite 2500 Tampa, FL 33602 www.mosaicco.com |
FOR IMMEDIATE RELEASE | ||||||||||||||
Investors Paul Massoud 813-775-4260 paul.massoud@mosaicco.com | Media Ben Pratt 813-775-4206 benjamin.pratt@mosaicco.com |
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 |
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 |
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 |
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 % |
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 |
Amount | Tax effect | EPS impact | ||||||||||||||||||||||||||||||
Description | Segment | Line item | (in millions) | (in millions) | (per 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) |
Amount | Tax effect | EPS impact | ||||||||||||||||||||||||||||||
Description | Segment | Line item | (in millions) | (in millions) | (per 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) |
The Mosaic Company | (unaudited) |
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 | ||||||||||||||||||||||
Other operating expense | 143.9 | 222.8 | 214.0 | 337.6 | ||||||||||||||||||||||
Operating earnings | 145.8 | 1,154.7 | 1,059.6 | 4,084.7 | ||||||||||||||||||||||
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 |
The Mosaic Company | (unaudited) |
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 | ||||||||||||
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 | ||||||||||||
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 |
The Mosaic Company | (unaudited) |
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) | — | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
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) | ||||||||||||||||||||||
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 |
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 |
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 |
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 | ||||||||||
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 | ||||||||||
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 |
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 | |||||||||||||||||
Less: Earnings from Consolidated Noncontrolling Interests | 8 | 12 | 14 | |||||||||||||||||
Plus: Notable Items | 136 | 109 | 226 | |||||||||||||||||
Adjusted EBITDA | $ | 201 | $ | 385 | $ | 481 |
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 |
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 | ||||||||||||||
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 | ||||||||||||||
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 |
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 | ||||||||||||||||||
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) | ||||||||||
Gross Margin Rate | 30 | % | 37 | % | 34 | % | 28 | % | 22 | % | 19 | % | 17 | % | 12 | % | ||||||||||
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 | ||||||||||
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 | ||||||||||
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) | ||||||||||
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 | ||||||||||
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 | ||||||||||
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 |
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 | ||||||||||||||||||
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 | ||||||||||
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 |
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 |
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 | — |
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) |
(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 | ||||||||||
Document and Entity Information |
Nov. 07, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 07, 2023 |
Entity Registrant Name | MOSAIC CO |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-32327 |
Entity Tax Identification Number | 20-1026454 |
Entity Address, Address Line One | 101 East Kennedy Blvd. |
Entity Address, Address Line Two | Suite 2500 |
Entity Address, City or Town | Tampa, |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 33602 |
City Area Code | 800 |
Local Phone Number | 918-8270 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of each class | Common Stock, par value $0.01 per share |
Trading Symbol | MOS |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001285785 |
Amendment Flag | false |
1 Year Mosaic Chart |
1 Month Mosaic Chart |
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