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Business Segments
 3 Months Ended
Mar. 31, 2024
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 months ended March 31, 2024 and 2023 was as follows:
PhosphatePotashMosaic Fertilizantes
Corporate, Eliminations and Other(a)
Total
Three months ended March 31, 2024
Net sales to external customers$1,023.0 $634.7 $886.4 $135.3 $2,679.4 
Intersegment net sales145.7 8.4 — (154.1)— 
Net sales1,168.7 643.1 886.4 (18.8)2,679.4 
Gross margin159.4 211.7 75.2 (47.1)399.2 
Canadian resource taxes— 64.5 — — 64.5 
Gross margin (excluding Canadian resource taxes)159.4 276.2 75.2 (47.1)463.7 
Operating earnings (loss)40.3 198.0 42.0 (107.4)172.9 
Capital expenditures197.7 96.7 81.8 6.8 383.0 
Depreciation, depletion and amortization expense116.9 81.7 40.0 2.5 241.1 
Three months ended March 31, 2023
Net sales to external customers$1,088.9 $900.4 $1,343.3 $271.7 $3,604.3 
Intersegment net sales293.2 6.2 — (299.4)— 
Net sales1,382.1 906.6 1,343.3 (27.7)3,604.3 
Gross margin259.3 413.3 (1.1)(1.1)670.4 
Canadian resource taxes— 120.8 — — 120.8 
Gross margin (excluding Canadian resource taxes)259.3 534.1 (1.1)(1.1)791.2 
Operating earnings (loss)266.2 401.5 (32.1)(91.0)544.6 
Capital expenditures141.7 92.8 86.7 0.3 321.5 
Depreciation, depletion and amortization expense116.6 69.6 31.6 2.2 220.0 
Total Assets
As of March 31, 2024$10,437.0 $8,628.4 $5,047.4 $(1,239.8)$22,873.0 
As of December 31, 202310,295.9 8,971.9 5,256.3 (1,491.3)23,032.8 

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(a)The “Corporate, Eliminations and Other” category includes the results of our ancillary distribution operations in India and China. For the three months ended March 31, 2024, distribution operations in India and China collectively had revenue of $129.3 million, and gross margin of $7.6 million. For the three months ended March 31, 2023, distribution operations in India and China collectively had revenue of $266.8 million, and gross margin of $(10.8) million.
Financial information relating to our operations by geographic area is as follows:
 Three Months Ended 
 
March 31,
(in millions)20242023
Net sales(a):
Brazil$852.8 $1,300.6 
Canpotex(b)
220.8 431.3 
Canada142.0 81.1 
China124.0 145.4 
Japan41.3 38.5 
Paraguay36.9 45.6 
Colombia32.6 39.0 
Mexico22.4 77.7 
Australia16.9 20.3 
Peru11.6 6.7 
Argentina11.2 18.9 
India7.2 121.4 
Honduras5.0 8.0 
Other10.5 21.1 
Total international countries1,535.2 2,355.6 
United States1,144.2 1,248.7 
Consolidated$2,679.4 $3,604.3 
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(a)Revenues are attributed to countries based on location of customer.
(b)Canpotex is the export association of two Saskatchewan potash producers. Canpotex annualized sales to the ultimate third-party customers are approximately: 35% to customers based in Brazil, 12% to customers based in China, 9% to customers in Bangladesh, 7% to customers based in India, and 37% to customers based in the rest of the world.
Net sales by product type are as follows:
 Three Months Ended 
 
March 31,
(in millions)20242023
Sales by product type:
Phosphate Crop Nutrients$671.1 $896.5 
Potash Crop Nutrients682.6 1,015.3 
Crop Nutrient Blends352.2 653.4 
Performance Products(a)
466.8 540.5 
Phosphate Rock40.8 40.8 
Other(b)
465.9 457.8 
$2,679.4 $3,604.3 
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(a)Includes sales of MicroEssentials®, K-Mag® and Aspire®.
(b)Includes sales of industrial potash, feed products, nitrogen and other products.