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v3.25.1

Business Segments | 3 Months Ended
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Mar. 31, 2025
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 (“CODM”). Our CODM is our chief executive officer. Our CODM uses more than one measure to evaluate performance of our segments and allocate resources, including gross margin and operating earnings, for each segment. The financial results of our business segments includes certain allocations of corporate selling, general and administrative expenses. Therefore, the results may not represent the actual results that would be expected if the segments 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, 2025 and 2024 was as follows:
| Phosphate |  | Potash |  | Mosaic Fertilizantes |  | Corporate, Eliminations and Other(a) |  | Total
Three months ended March 31, 2025 |  |  |  |  |  |  |  |  |
Net sales to external customers | $ | 964.8 |  |  | $ | 570.2 |  |  | $ | 933.8 |  |  | $ | 152.1 |  |  | $ | 2,620.9 |
Intersegment net sales | 133.8 |  |  | — |  |  | — |  |  | (133.8) |  |  | — |
Net sales | 1,098.6 |  |  | 570.2 |  |  | 933.8 |  |  | 18.3 |  |  | 2,620.9 |
Cost of goods sold(b) | 931.3 |  |  | 401.6 |  |  | 806.8 |  |  | (7.2) |  |  | 2,132.5 |
Gross margin | 167.3 |  |  | 168.6 |  |  | 127.0 |  |  | 25.5 |  |  | 488.4 |
Canadian resource taxes | — |  |  | 47.3 |  |  | — |  |  | — |  |  | 47.3 |
Gross margin (excluding Canadian resource taxes) | 167.3 |  |  | 215.9 |  |  | 127.0 |  |  | 25.5 |  |  | 535.7 |
Selling, general and administrative(c) | 12.1 |  |  | 7.8 |  |  | 23.2 |  |  | 79.5 |  |  | 122.6 |
Other operating expenses(d) | 15.8 |  |  | 4.1 |  |  | 5.3 |  |  | 2.1 |  |  | 27.3 |
Operating earnings (loss) | 139.4 |  |  | 156.8 |  |  | 98.5 |  |  | (56.2) |  |  | 338.5 |
Capital expenditures | 236.3 |  |  | 45.1 |  |  | 59.2 |  |  | 0.2 |  |  | 340.8 |
Depreciation, depletion and amortization expense | 113.2 |  |  | 81.0 |  |  | 38.1 |  |  | 10.7 |  |  | 243.0 |
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 sales | 145.7 |  |  | 8.4 |  |  | — |  |  | (154.1) |  |  | — |
Net sales | 1,168.7 |  |  | 643.1 |  |  | 886.4 |  |  | (18.8) |  |  | 2,679.4 |
Cost of goods sold(b) | 1,009.3 |  |  | 431.4 |  |  | 811.2 |  |  | 28.3 |  |  | 2,280.2 |
Gross margin | 159.4 |  |  | 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 |
Selling, general and administrative(c) | 12.8 |  |  | 8.5 |  |  | 29.9 |  |  | 55.6 |  |  | 106.8 |
Other operating expenses(d) | 106.3 |  |  | 5.2 |  |  | 3.3 |  |  | 4.7 |  |  | 119.5 |
Operating earnings (loss) | 40.3 |  |  | 198.0 |  |  | 42.0 |  |  | (107.4) |  |  | 172.9 |
Capital expenditures | 197.7 |  |  | 96.7 |  |  | 81.8 |  |  | 6.8 |  |  | 383.0 |
Depreciation, depletion and amortization expense | 116.9 |  |  | 81.7 |  |  | 40.0 |  |  | 2.5 |  |  | 241.1 |
Total Assets(e) |  |  |  |  |  |  |  |  |
As of March 31, 2025 | $ | 9,497.3 |  |  | $ | 6,517.3 |  |  | $ | 4,697.8 |  |  | $ | 2,453.3 |  |  | $ | 23,165.7 |
As of December 31, 2024 | 9,419.5 |  |  | 6,480.6 |  |  | 4,372.0 |  |  | 2,651.9 |  |  | 22,924.0 |
______________________________ (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, 2025, distribution operations in India and China collectively had revenue of $147.4 million and gross margin of $20.3 million. 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. 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. (e)In 2025, the information about segment assets regularly provided to and reviewed by our CODM, was revised to no longer include intercompany assets and segment cash and to include an allocation of certain fixed assets from Corporate to the Phosphate and Potash segments. As a result, the December 31, 2024 balances have been recast to reflect these changes. Financial information relating to our operations by geographic area is as follows:
| Three Months Ended March 31, |  |
(in millions) | 2025 |  | 2024 |  |  |  |
Net sales(a): |  |  |  |  |  |  |
Brazil | $ | 907.0 |  |  | $ | 852.8 |  |  |  |  |
Canpotex(b) | 215.5 |  |  | 220.8 |  |  |  |  |
China | 136.4 |  |  | 124.0 |  |  |  |  |
Canada | 124.9 |  |  | 142.0 |  |  |  |  |
Japan | 32.1 |  |  | 41.3 |  |  |  |  |
Paraguay | 28.6 |  |  | 36.9 |  |  |  |  |
Argentina | 24.1 |  |  | 11.2 |  |  |  |  |
Australia | 20.7 |  |  | 16.9 |  |  |  |  |
Colombia | 20.4 |  |  | 32.6 |  |  |  |  |
Dominican Republic | 8.5 |  |  | — |  |  |  |  |
Mexico | 5.9 |  |  | 22.4 |  |  |  |  |
India | 5.7 |  |  | 7.2 |  |  |  |  |
Peru | 4.1 |  |  | 11.6 |  |  |  |  |
Honduras | 3.5 |  |  | 5.0 |  |  |  |  |
Other | 20.7 |  |  | 10.5 |  |  |  |  |
Total international countries | 1,558.1 |  |  | 1,535.2 |  |  |  |  |
United States | 1,062.8 |  |  | 1,144.2 |  |  |  |  |
Consolidated | $ | 2,620.9 |  |  | $ | 2,679.4 |  |  |  |  |
______________________________ (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. Net sales by product type are as follows:
| Three Months Ended March 31, |  |
(in millions) | 2025 |  | 2024 |  |  |  |
Sales by product type: |  |  |  |  |  |  |
Phosphate Crop Nutrients | $ | 720.3 |  |  | $ | 671.1 |  |  |  |  |
Potash Crop Nutrients | 507.4 |  |  | 682.6 |  |  |  |  |
Crop Nutrient Blends | 340.1 |  |  | 352.2 |  |  |  |  |
Performance Products(a) | 497.8 |  |  | 466.8 |  |  |  |  |
Phosphate Rock | 119.9 |  |  | 40.8 |  |  |  |  |
Other(b) | 435.4 |  |  | 465.9 |  |  |  |  |
| $ | 2,620.9 |  |  | $ | 2,679.4 |  |  |  |  |
____________________________________________ (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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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