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v3.23.3

Business Segments | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segment Reporting Disclosure | Business Segments The reportable segments are determined by management based upon factors such as products and services, production processes, technologies, market dynamics and for which segment financial information is available for our chief operating decision maker. We evaluate performance based on the operating earnings of the respective business segments, which includes certain allocations of corporate selling, general and administrative expenses. The segment results may not represent the actual results that would be expected if they were independent, stand-alone businesses. Intersegment eliminations, including profit on intersegment sales, mark-to-market gains/losses on derivatives, debt expenses and the results of the China and India distribution businesses are included within Corporate, Eliminations and Other. For a description of our business segments, see Note 1 to the Condensed Consolidated Financial Statements. Segment information for the three and nine months ended September 30, 2023 and 2022 was as follows:
| Phosphate |  | Potash |  | Mosaic Fertilizantes |  | Corporate, Eliminations and Other(a) |  | Total
Three months ended September 30, 2023 |  |  |  |  |  |  |  |  |
Net sales to external customers | $ | 898.8 |  |  | $ | 713.4 |  |  | $ | 1,730.6 |  |  | $ | 205.5 |  |  | $ | 3,548.3 |
Intersegment net sales | 87.6 |  |  | 6.5 |  |  | — |  |  | (94.1) |  |  | — |
Net sales | 986.4 |  |  | 719.9 |  |  | 1,730.6 |  |  | 111.4 |  |  | 3,548.3 |
Gross margin | 87.5 |  |  | 210.3 |  |  | 106.1 |  |  | 5.7 |  |  | 409.6 |
Canadian resource taxes | — |  |  | 85.6 |  |  | — |  |  | — |  |  | 85.6 |
Gross margin (excluding Canadian resource taxes) | 87.5 |  |  | 295.9 |  |  | 106.1 |  |  | 5.7 |  |  | 495.2 |
Operating earnings (loss) | (57.5) |  |  | 200.0 |  |  | 77.3 |  |  | (74.0) |  |  | 145.8 |
Capital expenditures | 157.3 |  |  | 84.5 |  |  | 117.7 |  |  | 52.2 |  |  | 411.7 |
Depreciation, depletion and amortization expense | 116.5 |  |  | 65.8 |  |  | 53.9 |  |  | 2.5 |  |  | 238.7 |
Three months ended September 30, 2022 |  |  |  |  |  |  |  |  |
Net sales to external customers | $ | 1,151.0 |  |  | $ | 1,399.3 |  |  | $ | 2,628.7 |  |  | $ | 169.5 |  |  | $ | 5,348.5 |
Intersegment net sales | 426.6 |  |  | 32.8 |  |  | — |  |  | (459.4) |  |  | — |
Net sales | 1,577.6 |  |  | 1,432.1 |  |  | 2,628.7 |  |  | (289.9) |  |  | 5,348.5 |
Gross margin | 357.9 |  |  | 798.7 |  |  | 348.3 |  |  | (2.9) |  |  | 1,502.0 |
Canadian resource taxes | — |  |  | 258.4 |  |  | — |  |  | — |  |  | 258.4 |
Gross margin (excluding Canadian resource taxes) | 357.9 |  |  | 1,057.1 |  |  | 348.3 |  |  | (2.9) |  |  | 1,760.4 |
Operating earnings (loss) | 131.2 |  |  | 793.0 |  |  | 323.0 |  |  | (92.5) |  |  | 1,154.7 |
Capital expenditures | 167.7 |  |  | 77.6 |  |  | 92.5 |  |  | 15.9 |  |  | 353.7 |
Depreciation, depletion and amortization expense | 120.9 |  |  | 76.0 |  |  | 28.5 |  |  | 3.8 |  |  | 229.2 |
Nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |
Net sales to external customers | $ | 2,951.7 |  |  | $ | 2,449.7 |  |  | $ | 4,492.7 |  |  | $ | 652.5 |  |  | $ | 10,546.6 |
Intersegment net sales | 702.5 |  |  | 25.5 |  |  | — |  |  | (728.0) |  |  | — |
Net sales | 3,654.2 |  |  | 2,475.2 |  |  | 4,492.7 |  |  | (75.5) |  |  | 10,546.6 |
Gross margin | 563.0 |  |  | 959.7 |  |  | 117.8 |  |  | 10.6 |  |  | 1,651.1 |
Canadian resource taxes | — |  |  | 301.4 |  |  | — |  |  | — |  |  | 301.4 |
Gross margin (excluding Canadian resource taxes) | 563.0 |  |  | 1,261.1 |  |  | 117.8 |  |  | 10.6 |  |  | 1,952.5 |
Operating earnings (loss) | 354.9 |  |  | 929.3 |  |  | 25.1 |  |  | (249.7) |  |  | 1,059.6 |
Capital expenditures | 418.3 |  |  | 251.5 |  |  | 267.6 |  |  | 106.1 |  |  | 1,043.5 |
Depreciation, depletion and amortization expense | 362.1 |  |  | 209.8 |  |  | 123.3 |  |  | 7.7 |  |  | 702.9 |
Nine months ended September 30, 2022 |  |  |  |  |  |  |  |  |
Net sales to external customers | $ | 3,442.3 |  |  | $ | 3,998.1 |  |  | $ | 6,377.0 |  |  | $ | 826.5 |  |  | $ | 14,643.9 |
Intersegment net sales | 1,432.2 |  |  | 74.0 |  |  | — |  |  | (1,506.2) |  |  | — |
Net sales | 4,874.5 |  |  | 4,072.1 |  |  | 6,377.0 |  |  | (679.7) |  |  | 14,643.9 |
Gross margin | 1,527.2 |  |  | 2,305.2 |  |  | 1,017.8 |  |  | (62.8) |  |  | 4,787.4 |
Canadian resource taxes | — |  |  | 690.1 |  |  | — |  |  | — |  |  | 690.1 |
Gross margin (excluding Canadian resource taxes) | 1,527.2 |  |  | 2,995.3 |  |  | 1,017.8 |  |  | (62.8) |  |  | 5,477.5 |
Operating earnings (loss) | 1,201.8 |  |  | 2,271.4 |  |  | 930.2 |  |  | (318.7) |  |  | 4,084.7 |
Capital expenditures | 472.7 |  |  | 209.6 |  |  | 206.0 |  |  | 18.5 |  |  | 906.8 |
Depreciation, depletion and amortization expense | 374.4 |  |  | 234.1 |  |  | 80.4 |  |  | 12.0 |  |  | 700.9 |
Total Assets |  |  |  |  |  |  |  |  |
As of September 30, 2023 | $ | 9,460.0 |  |  | $ | 9,622.7 |  |  | $ | 4,976.4 |  |  | $ | (1,404.7) |  |  | $ | 22,654.4 |
As of December 31, 2022 | 9,570.5 |  |  | 9,582.2 |  |  | 5,562.7 |  |  | (1,329.4) |  |  | 23,386.0 |
______________________________ (a)The “Corporate, Eliminations and Other” category includes the results of our ancillary distribution operations in India and China. For the three and nine months ended September 30, 2023, distribution operations in India and China collectively had revenue of $204.1 million and $642.6 million, respectively, and gross margin of $12.4 million and $(42.7) million, respectively. For the three and nine months ended September 30, 2022, distribution operations in India and China collectively had revenue of $158.6 million and $769.5 million, respectively, and gross margin of $(13.7) million and $137.6 million, respectively. Financial information relating to our operations by geographic area is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Net sales(a): |  |  |  |  |  |  |
Brazil | $ | 1,659.3 |  |  | $ | 2,555.0 |  |  | $ | 4,327.2 |  |  | $ | 6,198.5 |
Canpotex(b) | 209.9 |  |  | 968.9 |  |  | 942.0 |  |  | 2,355.2 |
China | 123.8 |  |  | 64.5 |  |  | 358.6 |  |  | 530.2 |
India | 80.3 |  |  | 163.3 |  |  | 291.2 |  |  | 308.2 |
Paraguay | 80.2 |  |  | 71.7 |  |  | 177.0 |  |  | 166.6 |
Canada | 58.8 |  |  | 182.2 |  |  | 274.7 |  |  | 683.9 |
Japan | 33.1 |  |  | 32.8 |  |  | 131.1 |  |  | 104.6 |
Peru | 30.2 |  |  | 17.4 |  |  | 52.2 |  |  | 27.9 |
Mexico | 27.7 |  |  | 29.4 |  |  | 118.8 |  |  | 157.8 |
Argentina | 27.2 |  |  | 93.0 |  |  | 70.3 |  |  | 229.3 |
Australia | 20.4 |  |  | — |  |  | 47.8 |  |  | 63.0 |
Colombia | 16.8 |  |  | 7.3 |  |  | 79.2 |  |  | 109.2 |
Honduras | 4.9 |  |  | 1.5 |  |  | 25.2 |  |  | 25.7 |
Dominican Republic | 2.0 |  |  | 11.6 |  |  | 13.1 |  |  | 24.9 |
Other | 18.8 |  |  | 28.9 |  |  | 54.7 |  |  | 71.3 |
Total international countries | 2,393.4 |  |  | 4,227.5 |  |  | 6,963.1 |  |  | 11,056.3 |
United States | 1,154.9 |  |  | 1,121.0 |  |  | 3,583.5 |  |  | 3,587.6 |
Consolidated | $ | 3,548.3 |  |  | $ | 5,348.5 |  |  | $ | 10,546.6 |  |  | $ | 14,643.9 |
______________________________ (a)Revenues are attributed to countries based on location of customer. (b)Canpotex is the export association of two Saskatchewan potash producers. The net sales of potash from Mosaic to Canpotex included in our consolidated financial statements in the Net Sales line represent Mosaic’s sales of potash to Canpotex and are recognized upon delivery to the unrelated third-party customer. Canpotex annual sales to the ultimate third-party customers are approximately: 30% to customers based in Brazil, 14% to customers based in Indonesia, 11% to customers based in China, 6% to customers based in India, and 39% to customers based in the rest of the world. Net sales by product type are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Sales by product type: |  |  |  |  |  |  |
Phosphate Crop Nutrients | $ | 876.3 |  |  | $ | 1,154.6 |  |  | $ | 2,601.2 |  |  | $ | 3,442.5 |
Potash Crop Nutrients | 1,087.1 |  |  | 1,918.6 |  |  | 3,107.4 |  |  | 5,084.8 |
Crop Nutrient Blends | 556.4 |  |  | 867.7 |  |  | 1,633.0 |  |  | 2,158.2 |
Performance Products(a) | 624.5 |  |  | 916.8 |  |  | 1,855.4 |  |  | 2,286.4 |
Phosphate Rock | 36.9 |  |  | 34.4 |  |  | 125.9 |  |  | 83.7 |
Other(b) | 367.1 |  |  | 456.4 |  |  | 1,223.7 |  |  | 1,588.3 |
| $ | 3,548.3 |  |  | $ | 5,348.5 |  |  | $ | 10,546.6 |  |  | $ | 14,643.9 |
____________________________________________ (a)Includes sales of MicroEssentials®, K-Mag® and Aspire®. (b)Includes sales of industrial potash, feed products, nitrogen and other products.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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