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Business Segments (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of segment reporting by segment

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.

Revenue from external customers by geographic areas

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.

Financial information relating to our operations by geographic area

						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.

Sales by product type

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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