MOSAIC CO0001285785false00012857852023-11-072023-11-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 7, 2023
 
THE MOSAIC COMPANY
(Exact name of registrant as specified in its charter)
 
 
DE001-3232720-1026454
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
101 East Kennedy Blvd.
33602
Suite 2500
Tampa,
Florida
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (800) 918-8270
Not applicable
(Former Name or Former Address, if Changed Since Last Report)  
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareMOSNew York Stock Exchange
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.
The following information is being “furnished” in accordance with General Instruction B.2. of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing:
Furnished herewith as Exhibit 99.1 and incorporated by reference herein is the text of The Mosaic Company’s (“Mosaic,” and Mosaic and its subsidiaries, individually or in any combination, “we,” “us” or “our”) announcement regarding its earnings and results of operations for the quarter ended September 30, 2023, as presented in a press release issued on November 7, 2023.
Furnished herewith as Exhibit 99.2 and incorporated by reference herein is certain performance data for the period ended September 30, 2023 to be published on Mosaic’s website.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits.
Reference is made to the Exhibit Index hereto with respect to the exhibits furnished herewith. The following exhibits are being “furnished” in accordance with General Instruction B.2. of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
THE MOSAIC COMPANY
Date: November 7, 2023By:/s/ Philip E. Bauer
Name:Philip E. Bauer
Title:Senior Vice President, General Counsel
and Corporate Secretary



Exhibit 99.1
image1a31.jpg
  
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
  

THE MOSAIC COMPANY REPORTS THIRD QUARTER 2023 RESULTS
TAMPA, FL, November 7, 2023 - The Mosaic Company (NYSE: MOS), reported net loss of $4 million, or $(0.01) per diluted share, for the third quarter of 2023. Adjusted EPS(1) was $0.68 and Adjusted EBITDA(1) was $594 million.
“Our third quarter results highlight the versatility of our business. Destocking inventories in Brazil early in the year left us well positioned for the second half of 2023 and 2024,” said CEO Joc O’Rourke. “As we look ahead, our outlook is positive. Around the world, growers are incentivized to maximize yields through appropriate levels of fertilizer application. As a result, demand for our products has rebounded this year, and we expect robust demand through 2024.”

Highlights:
•Third quarter revenues totaled $3.5 billion, down 34 percent from the year ago period, reflecting the impact of lower selling prices. The gross margin rate in the third quarter was 11.5 percent, down from 28.1 percent in the year ago period.
•Net loss in the third quarter totaled $4.2 million, compared with net earnings of $842 million in the year ago period. Current period results reflected the after-tax impact of notable items totaling $231 million, mainly reflecting the impact of a foreign currency transaction loss and an adjustment to asset retirement obligations. Adjusted EBITDA(1) totaled $594 million, compared with $1.7 billion in the third quarter of 2022. Cash from operating activities totaled $647 million and free cash flow(1) totaled $335 million. This compares to $889 million and $587 million, respectively, in the year ago period.
•Potash operating earnings were $200 million in the third quarter, compared to $793 million last year. Adjusted EBITDA(1) totaled $267 million, compared to $871 million in the same period last year, reflecting the impact of lower prices. The Colonsay potash mine was restarted in the third quarter to help meet strong North American demand during Esterhazy's planned turnaround in July.
•Phosphate reported an operating loss of $58 million in the third quarter, compared to operating income of $131 million in the prior year period. Adjusted EBITDA(1) totaled $201 million, compared to $481 million in the third quarter of 2022. Segment results reflect the impact of lower prices and production impacts following Hurricane Idalia and the power outage in Louisiana, partially offset by lower raw material costs.
•Mosaic Fertilizantes reported operating earnings of $77 million in the third quarter, compared to $323 million in the prior year period. Adjusted EBITDA(1) totaled $147 million during the quarter, down from $343 million in the third quarter of 2022, reflecting the impact of lower nutrient prices. Following inventory destocking that was completed early in the second quarter, third quarter distribution margins returned to historically normal levels and are expected to improve further through the end of the year.

(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
1

Capital Allocation Strategy
The company remains committed to a disciplined capital allocation strategy:
•Total capital expenditures are expected to be in the range of $1.3-$1.4 billion for 2023 and trend lower in 2024. Mosaic continues to focus on high-returning investments with modest capital requirements.
•Mosaic has returned $893 million of capital to shareholders through the third quarter of 2023, including share repurchases totaling $150 million in the third quarter. Mosaic remains committed to returning effectively all excess cash to shareholders in 2023 through a combination of dividends and share repurchases.
•Having already met its long-term debt reduction target of $1 billion, Mosaic is committed to maintaining a strong balance sheet that is sustainable through the cycle. Mosaic expects to refinance its upcoming $900 million maturity.

Third Quarter Segment Results
Potash ResultsQ3 2023Q2 2023Q3 2022
Sales Volumes million tonnes*2.22.22.1
MOP Selling Price(2)
$266$326$666
Gross Margin (GAAP) per tonne$95$155$373
Adjusted Gross Margin (non-GAAP) per tonne(1)
$95$155$373
Operating Earnings - millions$200$328$793
Segment Adjusted EBITDA(1) - millions
$267$408$871
*Tonnes = finished product tonnes

Net sales in the Potash segment totaled $720 million, down from $1.4 billion one year ago. Gross margin was $210 million compared to $799 million in the third quarter of 2022, driven by lower average selling prices. Gross margin per tonne was $95 compared to $373 in the prior-year period.
Total potash production was 1.9 million tonnes, down from 2.3 million tonnes in the prior year period, reflecting the impact of Esterhazy's turnaround during the quarter. Sales volumes totaled 2.2 million tonnes, up from 2.1 million tonnes in the prior year quarter.
Sales volumes in the fourth quarter are expected to be in the range of 2.4-2.6 million tonnes. We expect realized mine-gate MOP prices in the range of $235-$260 per tonne.
Phosphate ResultsQ3 2023Q2 2023Q3 2022
Sales Volumes million tonnes*1.71.91.7
DAP Selling Price(4)
$487$585$809
Gross Margin (GAAP) per tonne$53$112$217
Adjusted Gross Margin (non-GAAP) per tonne(1)
$53$129$222
Operating Earnings - millions$(58)$146$131
Segment Adjusted EBITDA(1) - millions
$201$385$481
*Tonnes = finished product tonnes


(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
(2) Average MOP Selling Price (fob mine)
2

Net sales in the Phosphate segment were $1.0 billion, down from $1.6 billion in the prior year period. Gross margin was $88 million, compared to $358 million for the same period a year ago, as lower prices and higher conversion costs were partially offset by lower raw material costs. Gross margin per tonne was $53 compared to $217 in the prior-year period.
Production of finished phosphates totaled 1.6 million tonnes, down 4 percent year-over-year, and sales volumes totaled 1.7 million tonnes, in line year-over-year. Production volumes during the quarter were impacted by Hurricane Idalia in Florida and by the outage in Louisiana following a power disruption by the local utility.
Mosaic expects sales volumes in the fourth quarter to be 1.6-1.8 million tonnes. DAP prices at the plant are expected to be in the range of $530-$580 per tonne. Fourth quarter realized stripping margins are expected to be higher than the third quarter.
Mosaic Fertilizantes ResultsQ3 2023Q2 2023Q3 2022
Sales Volumes million tonnes*3.12.42.8
Finished Product Selling Price$566$595$931
Gross Margin (GAAP) per tonne$35$5$123
Adjusted Gross Margin (non GAAP) per tonne(1)
$35$11$118
Operating Earnings - millions$77$(20)$323
Segment Adjusted EBITDA(1) - millions
$147$66$343
*Tonnes = finished product tonnes

Net sales in the Mosaic Fertilizantes segment were $1.7 billion, down from $2.6 billion in the prior year period due to lower pricing. Gross margin was $106 million, compared to $348 million for the same period a year ago.
Inventory destocking was completed in the first half of 2023, and this resulted in third quarter distribution margins of $34 per tonne. Fourth quarter distribution margins are expected to be in the range of $40-$50 per tonne.
Other
Selling, general, and administrative costs (SG&A) were $120 million, down from $125 million in the year-ago period. The effective tax rate during the quarter was 31.7 percent. During the quarter, a non-cash settlement charge related to Canadian pension obligations resulted in other expenses of $42 million.
Mosaic recognized earnings from equity investments of $16 million.









(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
(4)Average DAP Selling Price (fob plant)
3

Market Outlook
Global grain and oilseed markets are expected to remain tight well into 2024. Crop production, threatened by geopolitical unrest, weather extremes and reduced fertilization, is struggling to keep up with strong demand driven by secular demographic changes and growing consumption from renewable fuels. As a result, global stocks-to-use ratios for grains and oilseeds are expected to remain under pressure for the foreseeable future.
Today's constructive agriculture back drop and favorable economics incentivize growers to maximize yields. After two years of under application, growers are seeking to replenish soil nutrients. In North America, a robust spring application season was followed by a successful summer fill program and very strong fall application. Brazil's Safra season led to a recovery of shipments and lower inventories, particularly for phosphate fertilizers. Across most major growing regions around the world, inventories of potash and phosphates have been depleted and will need to be replenished in 2024.
Potash supply remains uncertain. Belarusian exports in 2023 are expected to be down 3-4 million tonnes from pre-sanction levels, and only modest increases are expected for 2024 exports. Logistical constraints and geopolitical events are limiting other producers' ability to make up the shortfall. In phosphates, China's exports are expected to remain capped as domestic agriculture and industrial demand is prioritized over fertilizer exports. These factors together suggest global phosphates and potash markets will remain tight through the rest of the year and into 2024.
2023 Expectations and Key Assumptions
The Company provides the following modeling assumptions for the full year 2023:
Modeling AssumptionsFull 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 rateMid 20’s %
Cash tax rateMid 30's %
Sensitivities Table
The Company provides the following sensitivities to price and foreign exchange rates to help investors anticipate the potential impact of movements in these factors. These sensitivities are based on 2022 actual realized pricing and sales volumes.
Sensitivity
Full year adj. EBITDA impact(1)
2022 Actual
Average MOP Price / tonne (fob mine)(6)
$10/mt price change = $60 million (5)
$632
Average DAP Price / tonne (fob plant)(6)
$10/mt price change = $90 million$804
Average BRL / USD
0.10 change, unhedged = $10 million(7)
5.16
(1)See “Non-GAAP Financial Measures” for additional information and reconciliation.
(5) Includes impact of Canadian Resource Tax
(6) Approximately 20% of DAP price sensitivity impact is expected to be in the Mosaic Fertilizantes segment.; approximately 5% of the MOP price sensitivity impact is expected to be in the Mosaic Fertilizantes segment.
(7) The company hedged about 50 percent of the annual sensitivity. Over longer periods of time, inflation is expected to offset a portion of currency benefits.


4

About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. More information on the company is available at www.mosaicco.com.

Mosaic has posted prepared comments and related slides on its website, www.mosaicco.com/investors, concurrently with the posting of this release and performance data. In addition, the company will provide access to a fireside chat addressing questions on the quarter, current market conditions, and other topics on Wednesday, November 8, 2023, at 11 am Eastern. The fireside chat will be available both on the website and via telephone at the following number: 412-902-6506, Conference ID: 0099306 . All earnings-related material, including audio, will be available up to one year from the time of the earnings call.

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about proposed or pending future transactions or strategic plans and other statements about future financial and operating results. Such statements are based upon the current beliefs and expectations of The Mosaic Company’s management and are subject to significant risks and uncertainties. These risks and uncertainties include, but are not limited to: political and economic instability and changes in government policies in Brazil and other countries in which we have operations; the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation markets that are subject to competitive and other pressures and economic and credit market conditions; the level of inventories in the distribution channels for crop nutrients; the economic impact and operating impacts of the coronavirus (Covid-19) pandemic, the effect of future product innovations or development of new technologies on demand for our products; changes in foreign currency and exchange rates; international trade risks and other risks associated with Mosaic’s international operations and those of joint ventures in which Mosaic participates, including the performance of the Wa’ad Al Shamal Phosphate Company (also known as MWSPC), the future success of current plans for MWSPC and any future changes in those plans; difficulties with realization of the benefits of our natural gas based pricing ammonia supply agreement with CF Industries, Inc., including the risk that the cost savings initially anticipated from the agreement may not be fully realized over its term or that the price of natural gas or ammonia during the term are at levels at which the pricing is disadvantageous to Mosaic; customer defaults; the effects of Mosaic’s decisions to exit business operations or locations; changes in government policy; changes in environmental and other governmental regulation, including expansion of the types and extent of water resources regulated under federal law, carbon taxes or other greenhouse gas regulation, implementation of numeric water quality standards for the discharge of nutrients into Florida waterways or efforts to reduce the flow of excess nutrients into the Mississippi River basin, the Gulf of Mexico or elsewhere; further developments in judicial or administrative proceedings, or complaints that Mosaic’s operations are adversely impacting nearby farms, business operations or properties; difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased financial assurance requirements; resolution of global tax audit activity; the effectiveness of Mosaic’s processes for managing its strategic priorities; adverse weather conditions affecting operations in Central Florida, the Mississippi River basin, the Gulf Coast of the United States, Canada or Brazil, and including potential hurricanes, excess heat, cold, snow, rainfall or drought; actual costs of various items differing from management’s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation, Canadian resources taxes and royalties, or the costs of the MWSPC; reduction of Mosaic’s available cash and liquidity, and increased leverage, due to its use of cash and/or available debt capacity to fund financial assurance requirements and strategic investments; brine inflows at Mosaic’s potash mines; other accidents and disruptions involving Mosaic’s operations, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile chemicals; and risks associated with cyber security, including reputational loss; as well as other risks and uncertainties reported from time to time in The Mosaic Company’s reports filed with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements.

###



5

Non-GAAP Financial Measures
This press release includes the presentation and discussion of non-GAAP diluted net earnings per share guidance, or adjusted EPS, and adjusted EBITDA, adjusted gross margin referred to as non-GAAP financial measures and free cash flow. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles, or GAAP. Non-GAAP financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because non-GAAP measures are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies. Adjusted metrics, including adjusted EPS and adjusted EBITDA are calculated by excluding the impact of notable items from the GAAP measure. Notable items impact on gross margin and EBITDA is pretax. Notable items impact on diluted net earnings per share is calculated as the notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Free cash flow is defined as net cash provided by operating activities less capital expenditures, and adjusted for changes in working capital financing. Management believes that these adjusted measures provide securities analysts, investors, management and others with useful supplemental information regarding our performance by excluding and/or including certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes these adjusted measures in analyzing and assessing Mosaic’s overall performance and financial trends, for financial and operating decision-making, and to forecast and plan for future periods. These adjusted measures also assist our management in comparing our and our competitors' operating results. Reconciliations for current and historical periods beginning with the quarter ended December 31, 2021, for consolidated adjusted EPS and adjusted EBITDA, as well as segment adjusted EBITDA and adjusted gross margin per tonne are provided in the Selected Calendar Quarter Financial Information performance data for the related periods. This information is being furnished under Exhibit 99.2 of the Form 8-K and available on our website at www.mosaicco.com in the “Financial Information - Quarterly Earnings” section under the “Investors” tab.
6

For the three months ended September 30, 2023, the company reported the following notable items which, combined, negatively impacted earnings per share by $(0.69): 
AmountTax effectEPS impact
DescriptionSegmentLine item(in millions)(in millions)(per share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss) $(107)$27 $(0.23)
Unrealized gain (loss) on derivatives Corporate and OtherCost of goods sold(45)12 (0.10)
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(12)3 (0.03)
FX functional currencyMosaic FertilizantesCost of goods sold(2)1 — 
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)(6)1 (0.01)
ARO AdjustmentPhosphateOther operating income (expense)(123)32 (0.28)
Environmental reservePhosphateOther operating income (expense)(3)1 (0.01)
Pension plan termination settlementPotashOther non-operating income (expense)(42)10 (0.10)
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— 22 0.07 
Total Notable Items$(340)$109 $(0.69)
For the three months ended September 30, 2022, the company reported the following notable items which, combined, negatively impacted earnings per share by $(0.80): 
AmountTax effectEPS impact
DescriptionSegmentLine item(in millions)(in millions)(per share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss) $(61)$16 $(0.13)
Unrealized gain (loss) on derivatives Corporate and OtherCost of goods sold(76)20 (0.16)
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(12)4 (0.02)
FX functional currencyMosaic FertilizantesCost of goods sold14 (4)0.03 
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— (12)(0.04)
ARO AdjustmentPhosphatesOther operating income (expense)(143)36 (0.31)
Environmental reservePhosphatesOther operating income (expense)(71)18 (0.15)
Hurricane Ian idle costsPhosphatesCost of goods sold(9)2 (0.02)
Insurance proceedsPhosphatesOther operating income (expense)4 (1)0.01 
ARO AdjustmentMosaic FertilizantesOther operating income (expense)(3)1 (0.01)
Total Notable Items$(357)$80 $(0.80)
 
7

Condensed Consolidated Statements of Earnings (Loss)
(in millions, except per share amounts)
 
The Mosaic Company  (unaudited)
 
Three months endedNine months ended
 September 30,September 30,
 2023202220232022
Net sales$3,548.3 $5,348.5 $10,546.6 $14,643.9 
Cost of goods sold3,138.7 3,846.5 8,895.5 9,856.5 
Gross margin409.6 1,502.0 1,651.1 4,787.4 
Selling, general and administrative expenses119.9 124.5 377.5 365.1 
Other operating expense143.9 222.8 214.0 337.6 
Operating earnings145.8 1,154.7 1,059.6 4,084.7 
Interest expense, net(17.4)(30.6)(94.5)(104.0)
Foreign currency transaction (loss) gain (96.9)(61.1)103.0 22.4 
Other expense(50.1)(2.3)(66.1)(37.8)
(Loss) earnings from consolidated companies before income taxes(18.6)1,060.7 1,002.0 3,965.3 
(Benefit from) provision for income taxes(5.9)276.6 220.8 1,018.3 
(Loss) earnings from consolidated companies(12.7)784.1 781.2 2,947.0 
Equity in net earnings of nonconsolidated companies15.8 72.1 60.0 138.7 
Net earnings including noncontrolling interests3.1 856.2 841.2 3,085.7 
Less: Net earnings attributable to noncontrolling interests7.3 14.5 41.6 26.1 
Net (loss) earnings attributable to Mosaic$(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 outstanding331.5 347.7 335.1 360.1 
8

Condensed Consolidated Balance Sheets
(in millions, except per share amounts)
The Mosaic Company  (unaudited)
 September 30, 2023December 31, 2022
Assets
Current assets:
Cash and cash equivalents$591.0 $735.4 
Receivables, net, including affiliate receivables of $175.8 and $291.5, respectively1,399.2 1,699.9 
Inventories2,453.2 3,543.1 
Other current assets713.4 578.2 
Total current assets5,156.8 6,556.6 
Property, plant and equipment, net of accumulated depreciation of $9,596.1 and $8,944.9, respectively13,140.1 12,678.7 
Investments in nonconsolidated companies910.5 885.9 
Goodwill1,115.3 1,116.3 
Deferred income taxes801.7 752.3 
Other assets1,530.0 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 debt954.6 985.3 
Structured accounts payable arrangements600.6 751.2 
Accounts payable, including affiliate payables of $269.8 and $353.2, respectively1,105.7 1,292.5 
Accrued liabilities1,735.6 2,279.9 
Total current liabilities4,696.3 5,533.8 
Long-term debt, less current maturities2,402.2 2,411.9 
Deferred income taxes1,017.8 1,010.1 
Other noncurrent liabilities2,331.0 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, 20223.3 3.4 
Capital in excess of par value— — 
Retained earnings14,156.5 14,203.4 
Accumulated other comprehensive loss(2,109.5)(2,152.2)
Total Mosaic stockholders' equity12,050.3 12,054.6 
Noncontrolling interests156.8 139.6 
Total equity12,207.1 12,194.2 
Total liabilities and equity$22,654.4 $23,386.0 
9

 Condensed Consolidated Statements of Cash Flows
(in millions, except per share amounts)
The Mosaic Company  (unaudited)
 Three months endedNine months ended
September 30,September 30,
 2023202220232022
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 - restricted214.9 29.4 1,011.7 444.6 
Proceeds from sale of business— — 158.4 — 
Acquisition of business— — (41.0)— 
Other2.6 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 debt1,537.6 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 arrangements238.6 224.2 834.0 1,020.6 
Collections of transferred receivables290.9 600.1 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 period640.8 857.4 754.1 786.3 
Cash, cash equivalents and restricted cash - end of period$601.8 $722.5 $601.8 $722.5 


10

Three months ended
September 30, 2023September 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 assets9.4 8.6 
Restricted cash in other assets1.4 11.1 
Total cash, cash equivalents and restricted cash shown in the unaudited statements of cash flows$601.8 $722.5 
Reconciliation of Non-GAAP Financial Measures
Earnings Per Share Calculation
 
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Net income (loss) attributable to Mosaic$(4.2)$841.7 $799.6 $3,059.6 
Basic weighted average number of shares outstanding331.5 344.2 333.0 356.5 
Dilutive impact of share-based awards— 3.5 2.1 3.6 
Diluted weighted average number of shares outstanding331.5 347.7 335.1 360.1 
Basic net income (loss) per share attributable to Mosaic$(0.01)$2.45 $2.40 $8.58 
Diluted net income (loss) per share attributable to Mosaic$(0.01)$2.42 $2.39 $8.50 
Notable items impact on net income per share attributable to Mosaic(0.69)(0.80)(0.48)(0.81)
Adjusted diluted net income per share attributable to Mosaic $0.68 $3.22 $2.87 $9.31 


Free Cash Flow
Three months ended September 30,
 20232022
Net cash provided by operating activities$647 $889 
Capital expenditures(412)(353)
Working capital financing(a)
100 51 
Free cash flow$335 $587 
(a) Includes net proceeds (payments) from inventory financing arrangements, structured accounts payable arrangements and commercial paper borrowings.






11

Adjusted EBITDA

Consolidated Earnings (in millions)
Three months ended September 30,
 20232022
Consolidated net earnings (loss) attributable to Mosaic$(4)$842 
Less: Consolidated interest expense, net(17)(31)
Plus: Consolidated depreciation, depletion and amortization239 229 
Plus: Accretion expense23 19 
Plus: Share-based compensation expense6 6 
Plus: Consolidated provision for income taxes(6)277 
Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends16 72 
Plus: Notable items335 354 
Adjusted EBITDA$594 $1,686 

Three months ended
September 30,June 30,September 30,
Potash Earnings (in millions)
202320232022
Operating Earnings$200 $328 $793 
Plus: Depreciation, Depletion and Amortization66 74 76 
Plus: Accretion Expense2 2 2 
Plus: Foreign Exchange Gain (Loss)(26)23 (19)
Plus: Other Income (Expense)(43)— — 
Plus: Notable Items68 (19)19 
Adjusted EBITDA$267 $408 $871 

Three months ended
September 30,June 30,September 30,
Phosphates Earnings (in millions)
202320232022
Operating Earnings (Loss)$(58)$146 $131 
Plus: Depreciation, Depletion and Amortization117 129 121 
Plus: Accretion Expense16 16 13 
Plus: Foreign Exchange Gain (Loss)4 (2)3 
Plus: Other Income (Expense)(6)(1)1 
Less: Earnings from Consolidated Noncontrolling Interests8 12 14 
Plus: Notable Items136 109 226 
Adjusted EBITDA$201 $385 $481 

12

Three months ended
September 30,June 30,September 30,
Mosaic Fertilizantes (in millions)
202320232022
Operating Earnings (Loss)$77 $(20)$323 
Plus: Depreciation, Depletion and Amortization54 38 28 
Plus: Accretion Expense5 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 Items60 (31)55 
Adjusted EBITDA$147 $66 $343 

Three months ended
Potash Gross Margin (per tonne)
September 30,June 30,September 30,
202320232022
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,
202320232022
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,
202320232022
Gross margin / tonne$35 $5 $123 
Notable items in gross margin / tonne— 6 (5)
Adjusted gross margin / tonne$35 $11 $118 


13

Exhibit 99.2
The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)
Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 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 outstanding377.5 370.1 363.1 347.7 343.8 338.7 333.7 332.0 
Total Net Sales $3,841 $3,922 $5,373 $5,348 $4,481 $3,604 $3,395 $3,548 
Cost of goods sold2,693 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&A123 133 108 124 133 127 130 120 
Other operating (income) expense55 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 taxes886 1,527 1,377 1,061 677 546 474 (19)
Provision for (benefit from) income taxes245 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 companies20 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 $(231)
Gross Margin Rate30 %37 %34 %28 %22 %19 %17 %12 %
Effective Tax Rate (including discrete tax)28 %24 %27 %26 %30 %22 %23 %32 %
Discrete Tax benefit (expense)$(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 equivalents770 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 
Potash897 1,060 1,580 1,432 1,136 907 849 720 
Mosaic Fertilizantes1,535 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)
Potash443 563 915 793 497 402 328 200 
Mosaic Fertilizantes195 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 Fertilizantes2,347 1,822 2,320 2,824 2,472 2,080 2,385 3,060 
Corporate and Other432 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 


The Mosaic Company - Phosphate Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 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 Sold1,006 968 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&A15 8 10 8 15 10 11 10 
Other operating (income) expense27 27 54 219 72 (17)59 135 
Operating Earnings$418 $493 $578 $131 $145 $266 $146 $(58)
Plus: Depreciation, Depletion and Amortization115 120 133 121 111 116 129 117 
Plus: Accretion Expense13 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 Items33 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 sales31 %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/MAP907 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 Rate75 %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 production20 %34 %22 %5 %42 %29 %44 %32 %
Sulfur used in production$848 $818 $764 $781 $745 $840 $771 $735 
% prilled sulfur used in production17 %11 %5 %— %3 %7 %11 %5 %
Realized costs ($/tonne)
Ammonia (tonne)(j)
$463 $532 $591 $665 $653 $605 $441 $353 
Sulfur (long ton)(k)
$229 $281 $385 $436 $348 $236 $195 $156 
Blended rock $64 $61 $64 $68 $78 $77 $79 $81 
Phosphate cash conversion costs, production / tonne(r)
$71 $76 $86 $85 $96 $96 $105 $105 
Cash costs of U.S. mined rock/production tonne(s)
$44 $50 $46 $41 $48 $58 $56 $56 
ARO cash spending (in millions)$26 $33 $28 $33 $43 $41 $41 $42 


MWSPC equity earnings (loss)$20 $31 $34 $72 $58 $31 $10 $17 
MWSPC total sales tonnes (DAP/MAP/NPK)653 592 413 599 684 762 649 771 
Miski Mayo external sales revenue$18 $26 $21 $33 $38 $41 $47 $33 


The Mosaic Company - Potash Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 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 Sold433 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&A11 7 8 6 9 8 7 6 
Other operating (income) expense10 9 5 — 32 3 1 4 
Operating Earnings$443 $563 $915 $793 $497 $402 $328 $200 
Plus: Depreciation, Depletion and Amortization68 77 81 76 73 70 74 66 
Plus: Accretion Expense2 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 Items1 (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 sales52 %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)
MOP1,870 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 America610 618 727 439 594 739 881 1,129 
Crop Nutrients International1,301 1,020 1,415 1,574 1,145 1,053 1,144 1,007 
Non-Agricultural161 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 Volume2,208 2,200 2,436 2,266 2,151 1,944 1,921 1,854 
Operating Rate81 %80 %87 %81 %77 %69 %69 %66 %
MOP cash costs of production including brine / production tonne(n)
$71 $81 $78 $78 $76 $81 $74 $73 
ARO cash spending (in millions)$15 $18 $13 $11 $5 $3 $3 $3 
Average CAD / USD$1.261 $1.267 $1.276 $1.304 $1.358 $1.352 $1.343 $1.342 


The Mosaic Company - Mosaic Fertilizantes Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 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 Sold1,313 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 Margin23 (18)— 14 (1)— (13)(2)
Adjusted Gross Margin(b)
$199 $237 $450 $334 $29 $(1)$26 $108 
SG&A24 21 27 25 29 26 29 26 
Other operating (income) expense3 11 3 — 19 5 4 3 
Operating Earnings$195 $187 $420 $323 $(20)$(32)$(20)$77 
Plus: Depreciation, Depletion and Amortization28 25 27 28 45 32 38 54 
Plus: Accretion Expense4 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 Items2 (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 sales14 %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 Brazil599 737 638 488 505 510 611 622 
Potash produced in Brazil59 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 Product2,347 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 $566 
Production Volumes ('000 tonnes)
MAP233 261 266 174 261 235 219 160 
TSP102 131 129 85 82 106 88 131 
SSP349 312 275 343 332 283 240 321 
DCP124 127 85 114 126 108 133 133 
NPK55 64 55 25 49 45 56 62 
Total phosphate tonnes produced863 895 810 741 851 777 736 807 
MOP97 94 38 69 100 82 61 106 
Phosphate operating rate89 %92 %83 %76 %87 %78 %74 %81 %
Potash operating rate74 %72 %29 %55 %80 %65 %49 %85 %
Realized Costs ($/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 Mosaic89 102 102 30 38 146 117 20 
MicroEssentials® from Mosaic243 248 448 370 205 277 427 152 
Potash from Mosaic/Canpotex550 398 663 798 417 235 756 672 
Phosphate cash conversion costs in BRL, production / tonne(r)
 R$388  R$403  R$506  R$533  R$483  R$538  R$540  R$495
Potash cash conversion costs in BRL, production / tonne R$1,059  R$1,296  R$2,285  R$1,591  R$1,176  R$1,455  R$1,701  R$1,143
Mined rock costs in BRL, cash produced / tonne R$456  R$557  R$500  R$525  R$632  R$606  R$533  R$498
ARO cash spending (in millions)$5 $2 $4 $5 $11 $3 $4 $6 
Average BRL / USD$5.579 $5.235 $4.917 $5.244 $5.255 $5.196 $4.954 $4.880 



The Mosaic Company - Corporate and Other Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 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)$51 
SG&A73 97 63 85 80 83 83 78 
Other operating (income) expense15 3 3 5 13 7 8 2 
Operating Earnings (Loss)$(86)$13 $(239)$(93)$78 $(91)$(85)$(74)
Plus: Depreciation, Depletion and Amortization3 4 4 4 4 2 3 2 
Plus: Share-Based Compensation Expense6 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 Items23 (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 Mosaic4 15 — 15 1 16 3 — 
Potash from Mosaic/Canpotex304 220 471 332 337 296 126 — 



The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)

Notable Items
Q3 2023
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss) $(107)$27 $(0.23)
Unrealized gain (loss) on derivatives Corporate and OtherCost of goods sold(45)12 (0.10)
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(12)3 (0.03)
FX functional currencyMosaic FertilizantesCost of goods sold(2)1 — 
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)(6)1 (0.01)
ARO AdjustmentPhosphateOther operating income (expense)(123)32 (0.28)
Environmental reservePhosphateOther operating income (expense)(3)1 (0.01)
Pension plan termination settlementPotashOther non-operating income (expense)(42)10 (0.10)
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— 22 0.07 
Total Notable Items$(340)$109 $(0.69)
Q2 2023
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Unrealized foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$114 $(28)$0.26 
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold34 (9)0.08 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(12)3 (0.03)
FX functional currencyMosaic FertilizantesCost of goods sold(13)3 (0.03)
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)2 — — 
ARO AdjustmentPhosphateOther operating income (expense)(28)7 (0.06)
Environmental reservePhosphateOther operating income (expense)(37)9 (0.08)
Land reclamationPhosphateCost of goods sold(31)8 (0.07)
Total Notable Items$29 $(7)$0.07 


Q1 2023
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$51 $(12)$0.11 
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold(1)— — 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(12)3 (0.03)
Gain on sale of Streamsong ResortPhosphateOther operating income (expense)57 (14)0.13 
Realized gain (loss) on RCRA Trust SecuritiesPhosphateOther non-operating income (expense)(8)2 (0.02)
ARO AdjustmentPhosphateOther operating income (expense)(20)5 (0.04)
Environmental reservePhosphateOther operating income (expense)(6)1 (0.01)
Total Notable Items$61 $(15)$0.14 

Q4 2022
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$75 $(18)$0.16 
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold14 (4)0.03 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(11)3 (0.03)
FX functional currencyMosaic FertilizantesCost of goods sold(1)— — 
Fixed asset write-offPhosphateOther operating income (expense)(6)2 (0.01)
ARO AdjustmentPotashOther operating income (expense)3 (1)0.01 
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— (9)(0.03)
Realized gain (loss) on RCRA Trust SecuritiesPhosphatesOther non-operating income (expense)(20)5 (0.04)
Environmental reservePhosphatesOther operating income (expense)(44)11 (0.09)
Hurricane Ian idle costsPhosphatesCost of goods sold(30)8 (0.07)
Insurance proceedsPhosphatesOther operating income (expense)5 (1)0.01 
Pension plan termination settlementConsolidatedOther non-operating income (expense)(42)10 (0.09)
Environmental reservePotashOther operating income (expense)(28)7 (0.06)
Lease termination and severanceCorporate and OtherOther operating income (expense)(4)1 (0.01)
Total Notable Items$(89)$14 $(0.22)


Q3 2022
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$(61)$16 $(0.13)
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold(76)20 (0.16)
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(12)4 (0.02)
FX functional currencyMosaic FertilizantesCost of goods sold14 (4)0.03 
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— (12)(0.04)
ARO AdjustmentPhosphatesOther operating income (expense)(143)36 (0.31)
Environmental reservePhosphatesOther operating income (expense)(71)18 (0.15)
Hurricane Ian idle costsPhosphatesCost of goods sold(9)2 (0.02)
Insurance proceedsPhosphatesOther operating income (expense)4 (1)0.01 
ARO AdjustmentMosaic FertilizantesOther operating income (expense)(3)1 (0.01)
Total Notable Items$(357)$80 $(0.80)
Q2 2022
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$(227)$57 $(0.47)
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold(59)15 (0.12)
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(9)3 (0.03)
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— (14)(0.04)
Realized gain (loss) on RCRA Trust SecuritiesPhosphatesOther non-operating income (expense)(26)7 (0.05)
Gain on sale of plantMosaic FertilizantesOther operating income (expense)7 (2)0.02 
ARO AdjustmentPhosphatesOther operating income (expense)(5)1 (0.01)
Environmental reservePhosphatesOther operating income (expense)(30)7 (0.06)
Write down of investmentCorporate and OtherOther non-operating income (expense)(12)3 (0.02)
Inventory lower of cost or marketCorporate and OtherCost of goods sold(3)1 (0.01)
Total Notable Items$(364)$78 $(0.79)


Q1 2022
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$311 $(78)$0.62 
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold100 (25)0.21 
Closed and indefinitely idled facility costsPhosphateOther operating income (expense)(9)3 (0.02)
FX functional currencyMosaic FertilizantesCost of goods sold(18)5 (0.03)
Fixed asset write-offPhosphateOther operating income (expense)(4)1 (0.01)
ARO AdjustmentPotashOther operating income (expense)(9)2 (0.02)
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— 9 0.03 
Total Notable Items$371 $(83)$0.78 

Q4 2021
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(t)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss)$(44)$11 $(0.09)
Unrealized gain (loss) on derivativesCorporate and OtherCost of goods sold(18)5 (0.03)
Closed and indefinitely idled facility costsPhosphatesOther operating income (expense)(9)3 (0.02)
Pre-acquisition reserve adjustmentMosaic FertilizantesOther operating income (expense)5 (2)0.01 
Realized gain on RCRA Trust SecuritiesPhosphatesOther non-operating income (expense)(2)1 — 
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— (26)(0.06)
ARO AdjustmentPhosphatesOther operating income (expense)(5)1 (0.01)
FX functional currencyMosaic FertilizantesCost of goods sold23 (6)0.04 
Hurricane Ida recoveryPhosphatesCost of goods sold/Other income (expense)(9)2 (0.02)
ARO AdjustmentPotashOther operating income (expense)(4)1 (0.01)
Total Notable Items$(63)$(10)$(0.19)





Footnotes
 
(a)Notable items impact on Earnings Per Share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Adjusted Diluted Net Earnings per Share is defined as diluted net earnings (loss) per share excluding the impact of notable items. See "Non-GAAP Reconciliations".
(b)See definitions of Adjusted EBITDA and Adjusted Gross Margin under “Non-GAAP Reconciliations”.
(c)Includes elimination of intersegment sales.
(d)Finished product sales volumes include intersegment sales.
(e)Includes MicroEssentials, K-Mag, Aspire and Sus-Terra sales tonnes.
(f)Includes MicroEssentials performance products.
(g)Average price of all finished products sold by Potash, Phosphate, Mosaic Fertilizantes and India/China.
(h)Includes crop nutrient dry concentrates and animal feed ingredients.
(i)Includes finished goods sales of feed and other products.
(j)Amounts are representative of our average ammonia costs in cost of goods sold.
(k)Amounts are representative of our average sulfur costs in cost of goods sold.
(l)Includes inbound freight, outbound freight and warehousing costs on K-Mag, animal feed and domestic MOP sales.
(m)Includes K-Mag, and Aspire finished performance products.
(n)MOP cash costs of production are reflective of actual costs during the period excluding brine management costs, depreciation, depletion, accretion, carbon-based and Canadian resource tax, idle and turnaround costs. Total Production costs for MOP production excludes K-Mag costs, Aspire raw material costs and incremental Aspire operating costs.
(o)Excludes industrial and feed sales. Price has been calculated using the average monthly foreign exchange rate.
(p)Includes sales volumes of phosphate and potash nutrients purchased from other Mosaic segments and Canpotex.
(q)Includes intersegment sales.
(r)Total production costs less depreciation, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of finished phosphate production in the period. 
(s)Total production cost less depreciation/depletion, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of rock produced in the period.
(t)Tax impact is based on our expected annual effective rate.





The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)

Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), Mosaic has presented in this Selected Calendar Quarter Financial Information certain non-GAAP financial measures, or measures calculated based on non-GAAP financial measures, including: Adjusted Diluted Net Earnings Per Share, Consolidated Adjusted EBITDA, Segment Adjusted EBITDA, and Adjusted Gross Margin. Generally, a non-GAAP financial measure is a supplemental numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Each of the non-GAAP financial measures we present is determined as described below.
The non-GAAP financial measures we present should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because these non-GAAP measures, as presented, are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies.
Adjusted Diluted Net Earnings Per Share
Adjusted diluted net earnings per share is defined as diluted net earnings per share, excluding the impact of notable items. Notable items impact on diluted net earnings per share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Management believes that adjusted diluted net earnings per share provides securities analysts, investors and others, in addition to management, with useful supplemental information regarding our performance by excluding certain items that may not be indicative of or are unrelated to our core operating results. Management utilizes adjusted diluted net earnings per share in analyzing and assessing Mosaic’s overall performance, for financial and operating decision-making, and to forecast and plan for the future periods. Adjusted diluted net earnings per share also assists our management in comparing our and our competitors' operating results. Reconciliations of adjusted diluted net earnings per share to diluted net earnings per share for the periods presented are provided under “Consolidated Data” on the first page of this Selected Calendar Quarter Financial Information.
Consolidated Adjusted EBITDA
Consolidated Adjusted EBITDA is defined as consolidated Net Income (Loss) before net interest expense, depreciation, depletion and amortization, asset retirement obligation accretion, share-based compensation expense and provision for/(benefit from) income taxes less equity in net earnings (loss) of nonconsolidated companies, net of dividends. Consolidated Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. Consolidated Adjusted EBITDA is a non-GAAP financial measure that we provide to assist securities analysts, investors, lenders and others in their comparisons of operational performance, valuation and debt capacity across companies with differing capital, tax and legal structures. Consolidated Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, consolidated Net Income (Loss) as a measure of operating performance. A reconciliation of Consolidated Net Income (Loss) to Consolidated Adjusted EBITDA is provided below.
(in millions)
Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 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 & Amortization214 226 245 229 233 220 244 239 
Plus: Accretion Expense19 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 Taxes245 372 369 277 206 118 108 (6)
Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends20 31 36 72 57 6 13 16 
Plus: Notable Items59 (374)361 354 84 (66)(32)335 
Consolidated Adjusted EBITDA$1,227 $1,451 $2,028 $1,686 $1,051 $777 $744 $594 



Segment Adjusted EBITDA
Adjusted EBITDA presented at the segment level is defined as the related segment's operating earnings (loss) plus depreciation, depletion and amortization, plus asset retirement obligation accretion, plus foreign exchange gain (loss), plus other income (expense), plus dividends from equity investments, less equity earnings (loss) from noncontrolling interests. Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. We provide these non-GAAP financial measures because we believe they are relevant and useful to securities analysts, investors and others because they are part of our internal management reporting and planning process, and our management uses these measures to evaluate the operational performance and valuation of our segments. Management also uses these measures as a method of comparing segment, performance with that of its competitors. Segment Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, segment Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, as measures of operating performance. Management believes Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, are the most directly comparable GAAP measures because we do not allocate taxes on a segment basis. Reconciliations of Segment Adjusted EBITDA to segment Operating Earnings (Loss) and segment Operating (Loss) Earnings/sales tonne, respectively, are provided as part of each segment's Selected Calendar Quarter Financial Information.
Adjusted Gross Margin
Adjusted gross margin is defined as gross margin excluding the impact of notable items. Management believes the adjusted measures provides security analysts, investors, management & others with useful supplemental information regarding our performance by excluding certain items that may not be indicative of, or are unrelated to, our core operating results. Management utilizes adjusted gross margin in analyzing and assessing Mosaic's overall performance for financial and operating decision-making and to forecast and plan for future periods.


v3.23.3
Document and Entity Information
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
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