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Revenue | 12 Months Ended
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Dec. 31, 2018
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer [Text Block] | REVENUE Adoption of ASC Topic 606, “Revenue with Customers” On January 1, 2018, we adopted ASC Topic 606, “Revenue from Contracts with Customers” and related amendments (“new revenue standard”) using the modified retrospective method applied to those revenue contracts which were not completed as of January 1, 2018. We recognized the cumulative effect of initially applying the new revenue standard as a net increase to opening retained earnings of $2.7 million, net of tax, as of January 1, 2018, with the impact primarily related to deferred North America revenue at December 31, 2017. The comparative information for the years ended December 31, 2017 and 2016 has not been restated and continues to be reported under the accounting standards in effect for those periods. The adoption of the new standard has not had a significant impact on our results of operations on an ongoing basis. The cumulative effects of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of the new revenue standard were as follows (in millions):
| Balance at |  | Adjustments |  | Balance at
| December 31, 2017 |  | upon adoption |  | January 1, 2018
Balance Sheet |  |  |  |  |
Receivables, net | $ | 642.6 |  |  | $ | 18.2 |  |  | $ | 660.8 |
Inventories | 1,547.2 |  |  | (13.3 | ) |  | 1,533.9 |
Deferred income tax asset | 254.6 |  |  | (1.3 | ) |  | 253.3 |
Accrued Liabilities | 754.4 |  |  | 0.9 |  |  | 755.3 |
Retained earnings | 10,631.1 |  |  | 2.7 |  |  | 10,633.8 |
Revenue Recognition We generate revenues primarily by producing and marketing phosphate and potash crop nutrients. Revenue is recognized when control of the product is transferred to the customer, which is generally upon transfer of title to the customer based on the contractual terms of each arrangement. Title is typically transferred to the customer upon shipment of the product. In certain circumstances, which are referred to as final price deferred arrangements, we ship product prior to the establishment of a valid sales contract. In such cases, we retain control of the product and do not recognize revenue until a sales contract has been agreed to with the customer. Revenue is measured as the amount of consideration we expect to receive in exchange for the transfer of our goods. Our products are generally sold based on market prices prevailing at the time the sales contract is signed or through contracts which are priced at the time of shipment based on a formula. Sales incentives are estimated as earned by the customer and recorded as a reduction of revenue. Shipping and handling costs are included as a component of cost of goods sold. For information regarding sales by product type and by geographic area, see Note 25 of our Notes to Consolidated Financial Statements. Under the new revenue standard, the timing of revenue recognition is accelerated for certain sales arrangements due to the emphasis on transfer of control rather than risks and rewards. Certain sales where revenue was previously deferred until risk was fully assumed by the customer will now be recognized when the product is shipped. Additionally, the timing of when we record revenue on sales by Canpotex has been impacted by their adoption of new revenue standards. The total impact of adoption on our condensed consolidated statement of earnings and balance sheet was as follows (in millions):
| For the year ended December 31, 2018
|  |  | Elimination of Revenue Deferral |  | Canpotex Impact (a) |  | Balances Without New Revenue Standards |  |
| As Reported |  |  |  | Impact
Income Statement |  |  |  |  |  |  |  |  |
Net sales | $ | 9,587.3 |  |  | $ | (87.9 | ) |  | $ | 96.4 |  |  | $ | 9,595.8 |  |  | (8.5 | )
Cost of goods sold | 8,088.9 |  |  | (64.3 | ) |  | 54.1 |  |  | 8,078.7 |  |  | 10.2 |
Provision for (benefit from) income taxes | 77.1 |  |  | (2.1 | ) |  | 5.8 |  |  | 80.8 |  |  | (3.7 | )
Net earnings (loss) attributable to Mosaic | 470.0 |  |  | (21.5 | ) |  | 36.5 |  |  | 485.0 |  |  | (15.0 | )
Balance Sheet |  |  |  |  |  |  |  |  |
Receivables, net | $ | 838.5 |  |  | $ | (107.3 | ) |  | $ | 96.4 |  |  | $ | 827.6 |  |  | $ | 10.9 |
Inventories | 2,270.2 |  |  | 48.1 |  |  | (42.8 | ) |  | 2,275.5 |  |  | (5.3 | )
Other current assets | 280.6 |  |  | 23.5 |  |  | — |  |  | 304.1 |  |  | (23.5 | )
Deferred income tax asset | 343.8 |  |  | 3.4 |  |  | (5.8 | ) |  | 341.4 |  |  | 2.4 |
Accrued liabilities | 1,092.5 |  |  | (8.1 | ) |  | 11.4 |  |  | 1,095.8 |  |  | (3.3 | )
Retained earnings | 11,064.7 |  |  | (24.2 | ) |  | 36.4 |  |  | 11,076.9 |  |  | (12.2 | )
______________________________
(a) | Includes impact from Canpotex's adoption of new revenue standards, resulting in a deferral of approximately 450,000 tonnes as of December 31, 2018.
Practical Expedients and Exemptions We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses. We have elected to recognize the cost for freight and shipping as an expense in cost of sales, when control over the product has passed to the customer.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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