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Business Segments | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Business Segments | 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. Our chief operating decision maker is our chief executive officer. For a description of our business segments, see Note 1 of our Notes to Consolidated Financial Statements. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We evaluate performance based on the gross margin and 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 business are included within Corporate, Eliminations and Other. Certain selling, general and administrative costs that are not controllable by the business segments are included within Corporate, Eliminations and Other. For the Phosphates, Potash and Mosaic Fertilizantes segments, the chief operating decision maker uses both segment gross margin and operating earnings to allocate resources to each segment, predominantly in the annual budget and forecasting process. The chief operating decision maker considers forecast-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments. The chief operating decision maker also uses segment gross margin for evaluating product pricing and segment profit or loss from operations to assess the performance for each segment by comparing the results and return on assets of each segment with one another. Segment information for the years 2024, 2023 and 2022 is as follows:
(in millions) |  | Phosphates |  | Potash |  | Mosaic Fertilizantes |  | Corporate, Eliminations and Other (a) |  | Total
Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 3,793.3 |  |  | $ | 2,371.0 |  |  | $ | 4,422.3 |  |  | $ | 536.2 |  |  | $ | 11,122.8 |
Intersegment net sales |  | 725.5 |  |  | 17.7 |  |  | — |  |  | (743.2) |  |  | — |
Net sales |  | 4,518.8 |  |  | 2,388.7 |  |  | 4,422.3 |  |  | (207.0) |  |  | 11,122.8 |
Cost of goods sold(b) |  | 3,924.8 |  |  | 1,745.5 |  |  | 4,015.7 |  |  | (75.1) |  |  | 9,610.9 |
Gross margin |  | 594.0 |  |  | 643.2 |  |  | 406.6 |  |  | (131.9) |  |  | 1,511.9 |
Canadian resource taxes |  | — |  |  | 232.2 |  |  | — |  |  | — |  |  | 232.2 |
Gross margin (excluding Canadian resource taxes) |  | 594.0 |  |  | 875.4 |  |  | 406.6 |  |  | (131.9) |  |  | 1,744.1 |
Selling, general and administrative(c) |  | 45.3 |  |  | 31.1 |  |  | 134.7 |  |  | 285.8 |  |  | 496.9 |
Other operating expenses(d) |  | 323.7 |  |  | 7.7 |  |  | 34.2 |  |  | 27.9 |  |  | 393.5 |
Operating earnings |  | 225.1 |  |  | 604.5 |  |  | 237.6 |  |  | (445.7) |  |  | 621.5 |
Gain on sale of equity method investment |  | 522.2 |  |  | — |  |  | — |  |  | — |  |  | 522.2 |
Capital expenditures |  | 660.7 |  |  | 297.5 |  |  | 242.8 |  |  | 50.8 |  |  | 1,251.8 |
Depreciation, depletion and amortization expense |  | 505.6 |  |  | 336.5 |  |  | 159.3 |  |  | 24.1 |  |  | 1,025.5 |
Equity in net earnings of nonconsolidated companies |  | 70.9 |  |  | — |  |  | — |  |  | 2.4 |  |  | 73.3 |
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 3,894.5 |  |  | $ | 3,203.1 |  |  | $ | 5,684.7 |  |  | $ | 913.8 |  |  | $ | 13,696.1 |
Intersegment net sales |  | 829.8 |  |  | 30.5 |  |  | — |  |  | (860.3) |  |  | — |
Net sales |  | 4,724.3 |  |  | 3,233.6 |  |  | 5,684.7 |  |  | 53.5 |  |  | 13,696.1 |
Cost of goods sold(b) |  | 4,022.2 |  |  | 2,018.6 |  |  | 5,473.1 |  |  | (28.4) |  |  | 11,485.5 |
Gross margin |  | 702.1 |  |  | 1,215.0 |  |  | 211.6 |  |  | 81.9 |  |  | 2,210.6 |
Canadian resource taxes |  | — |  |  | 403.4 |  |  | — |  |  | — |  |  | 403.4 |
Gross margin (excluding Canadian resource taxes) |  | 702.1 |  |  | 1,618.4 |  |  | 211.6 |  |  | 81.9 |  |  | 2,614.0 |
Selling, general and administrative(c) |  | 42.0 |  |  | 30.0 |  |  | 110.1 |  |  | 318.4 |  |  | 500.5 |
Other operating expenses(d) |  | 284.3 |  |  | 33.5 |  |  | 27.0 |  |  | 27.2 |  |  | 372.0 |
Operating earnings |  | 375.7 |  |  | 1,151.5 |  |  | 74.5 |  |  | (263.6) |  |  | 1,338.1 |
Capital expenditures |  | 625.9 |  |  | 357.4 |  |  | 336.3 |  |  | 82.8 |  |  | 1,402.4 |
Depreciation, depletion and amortization expense |  | 485.7 |  |  | 299.0 |  |  | 165.5 |  |  | 10.4 |  |  | 960.6 |
Equity in net earnings of nonconsolidated companies |  | 56.4 |  |  | — |  |  | — |  |  | 3.9 |  |  | 60.3 |
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 4,546.4 |  |  | $ | 5,122.8 |  |  | $ | 8,287.2 |  |  | $ | 1,168.8 |  |  | $ | 19,125.2 |
Intersegment net sales |  | 1,637.8 |  |  | 85.7 |  |  | — |  |  | (1,723.5) |  |  | — |
Net sales |  | 6,184.2 |  |  | 5,208.5 |  |  | 8,287.2 |  |  | (554.7) |  |  | 19,125.2 |
Cost of goods sold(b) |  | 4,425.2 |  |  | 2,365.5 |  |  | 7,241.6 |  |  | (662.9) |  |  | 13,369.4 |
Gross margin |  | 1,759.0 |  |  | 2,843.0 |  |  | 1,045.6 |  |  | 108.2 |  |  | 5,755.8 |
Canadian resource taxes |  | — |  |  | 927.9 |  |  | — |  |  | — |  |  | 927.9 |
Gross margin (excluding Canadian resource taxes) |  | 1,759.0 |  |  | 3,770.9 |  |  | 1,045.6 |  |  | 108.2 |  |  | 6,683.7 |
Selling, general and administrative(c) |  | 40.7 |  |  | 30.3 |  |  | 101.9 |  |  | 325.1 |  |  | 498.0 |
Other operating expenses(d) |  | 371.1 |  |  | 45.1 |  |  | 33.3 |  |  | 23.0 |  |  | 472.5 |
Operating earnings |  | 1,347.2 |  |  | 2,767.7 |  |  | 910.4 |  |  | (240.0) |  |  | 4,785.3 |
Capital expenditures |  | 631.8 |  |  | 281.6 |  |  | 306.4 |  |  | 27.5 |  |  | 1,247.3 |
Depreciation, depletion and amortization expense |  | 485.1 |  |  | 307.3 |  |  | 125.5 |  |  | 16.0 |  |  | 933.9 |
Equity in net earnings of nonconsolidated companies |  | 192.4 |  |  | — |  |  | — |  |  | 3.6 |  |  | 196.0 |
Total assets as of December 31, 2024 |  | $ | 12,806.2 |  |  | $ | 7,762.8 |  |  | $ | 4,266.9 |  |  | $ | (1,911.9) |  |  | $ | 22,924.0 |
Total assets as of December 31, 2023 |  | 10,295.9 |  |  | 8,971.9 |  |  | 5,256.3 |  |  | (1,491.3) |  |  | 23,032.8 |
Total assets 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 years ended December 31, 2024, 2023 and 2022, distribution operations in India and China had revenues of $519.6 million, $898.9 million and $1.1 billion, respectively, and gross margins of $39.7 million, $(16.8) million and $130.9 million, respectively. These operations do not meet the quantitative thresholds for determining reportable segments. (b)The primary components of cost of goods sold are raw material purchases, including sulfur and ammonia, conversion costs and transportation costs. (c)Selling, general and administrative expenses include nonmanufacturing payroll expense and professional services expense. (d)Other operating expenses typically relate to five major categories: (1) AROs, (2) environmental and legal reserves, (3) idle facility costs, (4) insurance reimbursements, and (5) gain/loss on sale or disposal of fixed assets. Financial information relating to our operations by geographic area is as follows:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Net sales(a): |  |  |  |  |
Brazil | $ | 4,296.2 |  |  | $ | 5,480.9 |  |  | $ | 8,045.5 |
Canpotex(b) | 884.3 |  |  | 1,275.7 |  |  | 2,961.6 |
China | 536.9 |  |  | 556.1 |  |  | 648.2 |
Canada | 520.1 |  |  | 411.6 |  |  | 966.0 |
Paraguay | 178.5 |  |  | 222.8 |  |  | 227.1 |
Argentina | 141.8 |  |  | 75.2 |  |  | 224.6 |
Japan | 130.8 |  |  | 157.7 |  |  | 162.0 |
Colombia | 118.7 |  |  | 103.2 |  |  | 125.9 |
India | 72.8 |  |  | 350.8 |  |  | 512.5 |
Australia | 57.9 |  |  | 69.0 |  |  | 101.6 |
Peru | 49.2 |  |  | 77.5 |  |  | 70.2 |
Mexico | 42.2 |  |  | 125.5 |  |  | 165.5 |
Honduras | 25.7 |  |  | 30.0 |  |  | 31.2 |
Dominican Republic | 14.7 |  |  | 16.7 |  |  | 34.1 |
Thailand | 6.0 |  |  | 8.4 |  |  | 6.3 |
Other | 76.3 |  |  | 55.9 |  |  | 100.8 |
Total international countries | 7,152.1 |  |  | 9,017.0 |  |  | 14,383.1 |
United States | 3,970.7 |  |  | 4,679.1 |  |  | 4,742.1 |
Consolidated | $ | 11,122.8 |  |  | $ | 13,696.1 |  |  | $ | 19,125.2 |
______________________________ (a)Revenues are attributed to countries based on location of customer. (b)Canpotex sales to the ultimate third-party customers are made to customers in various countries. The countries with the largest portion of third-party customer sales are Brazil, China, India, and Indonesia.
|  | December 31,
(in millions) |  | 2024 |  | 2023
Long-lived assets: |  |  |  |
Canada |  | $ | 5,390.5 |  |  | $ | 4,876.1 |
Brazil |  | 2,012.8 |  |  | 2,467.8 |
Other |  | 545.8 |  |  | 1,521.3 |
Total international countries |  | 7,949.1 |  |  | 8,865.2 |
United States |  | 8,457.2 |  |  | 7,204.8 |
Consolidated |  | $ | 16,406.3 |  |  | $ | 16,070.0 |
Excluded from the table above as of December 31, 2024 and 2023, are goodwill of $1,061.1 million and $1,138.6 million and deferred income tax assets of $958.3 million and $1,079.2 million, respectively. Net sales by product type for the years 2024, 2023 and 2022 are as follows:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Sales by product type: |  |  |  |  |
Phosphate Crop Nutrients | $ | 2,978.7 |  |  | $ | 3,277.5 |  |  | $ | 4,465.0 |
Potash Crop Nutrients | 2,808.6 |  |  | 4,107.7 |  |  | 6,484.1 |
Crop Nutrient Blends | 1,253.4 |  |  | 2,107.4 |  |  | 2,970.0 |
Performance Products(a) | 2,264.2 |  |  | 2,453.3 |  |  | 3,025.8 |
Phosphate Rock | 217.2 |  |  | 125.9 |  |  | 125.9 |
Other(b) | 1,600.7 |  |  | 1,624.3 |  |  | 2,054.4 |
| $ | 11,122.8 |  |  | $ | 13,696.1 |  |  | $ | 19,125.2 |
______________________________ (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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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