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Business Segments
 12 Months Ended
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)PhosphatesPotashMosaic 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 sales725.5 17.7 — (743.2)— 
Net sales4,518.8 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 margin594.0 643.2 406.6 (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 investment522.2 — — — 522.2 
Capital expenditures660.7 297.5 242.8 50.8 1,251.8 
Depreciation, depletion and amortization expense505.6 336.5 159.3 24.1 1,025.5 
Equity in net earnings of nonconsolidated companies70.9 — — 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 sales829.8 30.5 — (860.3)— 
Net sales4,724.3 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 margin702.1 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 earnings375.7 1,151.5 74.5 (263.6)1,338.1 
Capital expenditures625.9 357.4 336.3 82.8 1,402.4 
Depreciation, depletion and amortization expense485.7 299.0 165.5 10.4 960.6 
Equity in net earnings of nonconsolidated companies56.4 — — 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 sales1,637.8 85.7 — (1,723.5)— 
Net sales6,184.2 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 margin1,759.0 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 earnings1,347.2 2,767.7 910.4 (240.0)4,785.3 
Capital expenditures631.8 281.6 306.4 27.5 1,247.3 
Depreciation, depletion and amortization expense485.1 307.3 125.5 16.0 933.9 
Equity in net earnings of nonconsolidated companies192.4 — — 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, 202310,295.9 8,971.9 5,256.3 (1,491.3)23,032.8 
Total assets as of December 31, 20229,570.5 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)202420232022
Net sales(a):
Brazil$4,296.2 $5,480.9 $8,045.5 
Canpotex(b)
884.3 1,275.7 2,961.6 
China536.9 556.1 648.2 
Canada520.1 411.6 966.0 
Paraguay178.5 222.8 227.1 
Argentina141.8 75.2 224.6 
Japan130.8 157.7 162.0 
Colombia118.7 103.2 125.9 
India72.8 350.8 512.5 
Australia57.9 69.0 101.6 
Peru49.2 77.5 70.2 
Mexico42.2 125.5 165.5 
Honduras25.7 30.0 31.2 
Dominican Republic14.7 16.7 34.1 
Thailand6.0 8.4 6.3 
Other76.3 55.9 100.8 
Total international countries7,152.1 9,017.0 14,383.1 
United States3,970.7 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)20242023
Long-lived assets:
Canada$5,390.5 $4,876.1 
Brazil2,012.8 2,467.8 
Other545.8 1,521.3 
Total international countries7,949.1 8,865.2 
United States8,457.2 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)202420232022
Sales by product type:
Phosphate Crop Nutrients$2,978.7 $3,277.5 $4,465.0 
Potash Crop Nutrients2,808.6 4,107.7 6,484.1 
Crop Nutrient Blends1,253.4 2,107.4 2,970.0 
Performance Products(a)
2,264.2 2,453.3 3,025.8 
Phosphate Rock217.2 125.9 125.9 
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.