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Financing Arrangements Financing Arrangements | 9 Months Ended
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Sep. 30, 2020
Financing Arrangements [Abstract] |
Debt Disclosure | Financing Arrangements Structured Accounts Payable Arrangements In Brazil, we finance some of our potash-based fertilizer, sulfur, ammonia and other raw material product purchases through third-party financing arrangements. These arrangements provide that the third-party intermediary advance the amount of the scheduled payment to the vendor, less an appropriate discount, at a scheduled payment date and Mosaic makes payment to the third-party intermediary at a later date, stipulated in accordance with the commercial terms negotiated. As of September 30, 2020 and December 31, 2019, the total structured accounts payable arrangements were $626.5 million and $740.6 million, respectively. Inventory Financing Arrangement On January 7, 2020, we entered into an inventory financing arrangement with a bank to sell up to $400 million of certain commodities inventory for cash and subsequently repurchase the inventory at an agreed upon price and time in the future, not to exceed 180 days. Under the terms of the agreement, we may borrow up to 90% of the value of the inventory. It is later repurchased by Mosaic at the original sale price plus interest and any transaction costs. As of September 30, 2020, the outstanding balance under this facility was $0. Receivable Purchasing Arrangement On March 4, 2020, we entered into a Receivable Purchasing Agreement ("RPA"), with a bank whereby, from time-to-time, we sell certain receivables. The net face value of the purchased receivables may not exceed $150 million at any point in time. The purchase price of the receivable sold under the RPA is the face value of the receivable less an agreed upon discount. We record the purchase price as short-term debt, and recognize interest expense by accreting the liability through the due date of the underlying receivables. As of September 30, 2020, we had non-recourse short-term debt of $100.6 million related to the RPA. Following the sale to the bank, we continue to service the collection of the receivables on behalf of the bank without further consideration. The weighted average interest rate of the RPA related debt as of September 30, 2020 was 1.13%. In October 2020, subsequent to quarter end, the RPA was fully repaid. Mosaic Credit Facility In July 2020, we entered into a First Amendment to the Second Amended and Restated Credit Agreement, Extension Agreement, and Increase Agreement (the “First Amendment”) to our unsecured and committed revolving credit facility, dated as of November 18, 2016 (the “Mosaic Credit Facility”). The First Amendment extends the maturity date of the Mosaic Credit Facility by one year, to November 18, 2022, and increases the revolving credit facility from $2.0 billion to $2.2 billion. The First Amendment also makes certain adjustments to the interest rate margins and pricing grid in a manner congruent with the debt ratings of the Company. No changes were made to the covenants in the Mosaic Credit Facility with respect to interest coverage and leverage ratio requirements pursuant to the First Amendment. There are no borrowings outstanding under the Mosaic Credit Facility, and the net amount available for borrowing is approximately $2.2 billion, reflecting letters of credit outstanding under the Mosaic Credit Facility of approximately $13.0 million. Unused commitment fees under the Mosaic Credit Facility currently accrue at an annual rate of 0.40%.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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