XML 38 R26.htm IDEA: XBRL DOCUMENT
v3.25.3

Business Segments | 9 Months Ended
--- | ---
Sep. 30, 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 and nine months ended September 30, 2025 and 2024 was as follows:
| Phosphate |  | Potash |  | Mosaic Fertilizantes |  | Corporate, Eliminations and Other(a) |  | Total
Three months ended September 30, 2025 |  |  |  |  |  |  |  |  |
Net sales to external customers | $ | 1,046.7 |  |  | $ | 698.8 |  |  | $ | 1,592.2 |  |  | $ | 114.4 |  |  | $ | 3,452.1 |
Intersegment net sales | 243.5 |  |  | (4.0) |  |  | — |  |  | (239.5) |  |  | — |
Net sales | 1,290.2 |  |  | 694.8 |  |  | 1,592.2 |  |  | (125.1) |  |  | 3,452.1 |
Cost of goods sold(b) | 1,146.3 |  |  | 458.9 |  |  | 1,409.8 |  |  | (115.2) |  |  | 2,899.8 |
Gross margin | 143.9 |  |  | 235.9 |  |  | 182.4 |  |  | (9.9) |  |  | 552.3 |
Canadian resource taxes | — |  |  | 86.8 |  |  | — |  |  | — |  |  | 86.8 |
Gross margin (excluding Canadian resource taxes) | 143.9 |  |  | 322.7 |  |  | 182.4 |  |  | (9.9) |  |  | 639.1 |
Selling, general and administrative(c) | 9.6 |  |  | 6.5 |  |  | 32.0 |  |  | 77.4 |  |  | 125.5 |
Other operating expenses(d) | 32.0 |  |  | 0.7 |  |  | 54.3 |  |  | — |  |  | 87.0 |
Operating earnings (loss) | 102.3 |  |  | 228.7 |  |  | 96.1 |  |  | (87.3) |  |  | 339.8 |
Capital expenditures | 220.8 |  |  | 71.8 |  |  | 70.5 |  |  | 1.3 |  |  | 364.4 |
Depreciation, depletion and amortization expense | 129.0 |  |  | 92.6 |  |  | 45.9 |  |  | 9.5 |  |  | 277.0 |
Three months ended September 30, 2024 |  |  |  |  |  |  |  |  |
Net sales to external customers | $ | 776.7 |  |  | $ | 521.7 |  |  | $ | 1,399.2 |  |  | $ | 113.3 |  |  | $ | 2,810.9 |
Intersegment net sales | 228.6 |  |  | 4.0 |  |  | — |  |  | (232.6) |  |  | — |
Net sales | 1,005.3 |  |  | 525.7 |  |  | 1,399.2 |  |  | (119.3) |  |  | 2,810.9 |
Cost of goods sold(b) | 863.0 |  |  | 403.8 |  |  | 1,271.4 |  |  | (144.1) |  |  | 2,394.1 |
Gross margin | 142.3 |  |  | 121.9 |  |  | 127.9 |  |  | 24.7 |  |  | 416.8 |
Canadian resource taxes | — |  |  | 44.5 |  |  | — |  |  | — |  |  | 44.5 |
Gross margin (excluding Canadian resource taxes) | 142.3 |  |  | 166.4 |  |  | 127.9 |  |  | 24.7 |  |  | 461.3 |
Selling, general and administrative(c) | 11.6 |  |  | 7.2 |  |  | 61.5 |  |  | 67.9 |  |  | 148.2 |
Other operating expenses(d) | 123.1 |  |  | 5.4 |  |  | 10.2 |  |  | 14.5 |  |  | 153.2 |
Operating earnings (loss) | 7.6 |  |  | 109.3 |  |  | 56.1 |  |  | (57.6) |  |  | 115.4 |
Capital expenditures | 126.5 |  |  | 61.2 |  |  | 51.6 |  |  | 1.5 |  |  | 240.8 |
Depreciation, depletion and amortization expense | 117.7 |  |  | 68.4 |  |  | 39.9 |  |  | 11.9 |  |  | 237.9 |
Nine months ended September 30, 2025 |  |  |  |  |  |  |  |  |
Net sales to external customers | $ | 2,996.1 |  |  | $ | 1,980.7 |  |  | $ | 3,700.9 |  |  | $ | 401.0 |  |  | $ | 9,078.7 |
Intersegment net sales | 565.7 |  |  | (5.2) |  |  | — |  |  | (560.5) |  |  | — |
Net sales | 3,561.8 |  |  | 1,975.5 |  |  | 3,700.9 |  |  | (159.5) |  |  | 9,078.7 |
Cost of goods sold(b) | 3,147.6 |  |  | 1,361.6 |  |  | 3,229.8 |  |  | (219.6) |  |  | 7,519.4 |
Gross margin | 414.2 |  |  | 613.9 |  |  | 471.1 |  |  | 60.1 |  |  | 1,559.3 |
Canadian resource taxes | — |  |  | 195.8 |  |  | — |  |  | — |  |  | 195.8 |
Gross margin (excluding Canadian resource taxes) | 414.2 |  |  | 809.7 |  |  | 471.1 |  |  | 60.1 |  |  | 1,755.1 |
Selling, general and administrative(c) | 34.1 |  |  | 22.6 |  |  | 116.4 |  |  | 242.2 |  |  | 415.3 |
Other operating expenses(d) | 146.3 |  |  | 11.7 |  |  | 51.1 |  |  | 12.2 |  |  | 221.3 |
Operating earnings (loss) | 233.8 |  |  | 579.6 |  |  | 303.6 |  |  | (194.3) |  |  | 922.7 |
Capital expenditures | 641.8 |  |  | 190.1 |  |  | 175.3 |  |  | 2.6 |  |  | 1,009.8 |
Depreciation, depletion and amortization expense | 371.4 |  |  | 253.0 |  |  | 127.9 |  |  | 29.4 |  |  | 781.7 |
Nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |
Net sales to external customers | $ | 2,788.9 |  |  | $ | 1,811.5 |  |  | $ | 3,334.5 |  |  | $ | 372.0 |  |  | $ | 8,306.9 |
Intersegment net sales | 564.6 |  |  | 20.4 |  |  | — |  |  | (585.0) |  |  | — |
Net sales | 3,353.5 |  |  | 1,831.9 |  |  | 3,334.5 |  |  | (213.0) |  |  | 8,306.9 |
Cost of goods sold(b) | 2,898.1 |  |  | 1,311.9 |  |  | 3,029.7 |  |  | (142.8) |  |  | 7,096.9 |
Gross margin | 455.4 |  |  | 520.0 |  |  | 304.9 |  |  | (70.3) |  |  | 1,210.0 |
Canadian resource taxes | — |  |  | 175.8 |  |  | — |  |  | — |  |  | 175.8 |
Gross margin (excluding Canadian resource taxes) | 455.4 |  |  | 695.8 |  |  | 304.9 |  |  | (70.3) |  |  | 1,385.8 |
Selling, general and administrative(c) | 34.7 |  |  | 22.8 |  |  | 118.6 |  |  | 207.3 |  |  | 383.4 |
Other operating expenses(d) | 239.9 |  |  | 15.5 |  |  | 26.9 |  |  | 22.7 |  |  | 305.0 |
Operating earnings (loss) | 180.8 |  |  | 481.7 |  |  | 159.3 |  |  | (300.2) |  |  | 521.6 |
Capital expenditures | 501.1 |  |  | 232.9 |  |  | 179.8 |  |  | 43.9 |  |  | 957.7 |
Depreciation, depletion and amortization expense | 362.5 |  |  | 244.0 |  |  | 120.0 |  |  | 16.9 |  |  | 743.4 |
Total Assets(e) |  |  |  |  |  |  |  |  |
As of September 30, 2025 | $ | 9,798.8 |  |  | $ | 6,677.2 |  |  | $ | 5,285.7 |  |  | $ | 2,905.8 |  |  | $ | 24,667.5 |
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 and nine months ended September 30, 2025, distribution operations in India and China collectively had revenue of $112.4 million and $392.3 million, respectively, and gross margin of $13.2 million and $53.2 million, respectively. For the three and nine months ended September 30, 2024, distribution operations in India and China collectively had revenue of $111.1 million and $361.2 million, respectively, and gross margin of $15.9 million and $25.9 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. (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 September 30, |  | Nine Months Ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Net sales(a): |  |  |  |  |  |  |
Brazil | $ | 1,527.5 |  |  | $ | 1,350.8 |  |  | $ | 3,586.1 |  |  | $ | 3,241.5 |
Canpotex(b) | 368.0 |  |  | 217.3 |  |  | 901.8 |  |  | 660.1 |
China | 91.4 |  |  | 149.7 |  |  | 349.0 |  |  | 386.5 |
Canada | 63.3 |  |  | 68.2 |  |  | 269.2 |  |  | 357.4 |
Japan | 34.8 |  |  | 33.7 |  |  | 90.7 |  |  | 103.1 |
Paraguay | 48.1 |  |  | 58.1 |  |  | 109.8 |  |  | 140.0 |
Argentina | 70.8 |  |  | 28.4 |  |  | 135.2 |  |  | 69.9 |
Australia | 22.8 |  |  | 21.1 |  |  | 44.4 |  |  | 38.0 |
Colombia | 9.7 |  |  | 23.8 |  |  | 65.4 |  |  | 82.4 |
Dominican Republic | 7.8 |  |  | 6.2 |  |  | 17.4 |  |  | 10.2 |
Mexico | 17.6 |  |  | 9.8 |  |  | 23.7 |  |  | 39.4 |
India | 21.9 |  |  | 31.3 |  |  | 34.6 |  |  | 50.5 |
Peru | 17.5 |  |  | 20.2 |  |  | 61.7 |  |  | 39.2 |
Honduras | 6.6 |  |  | 7.7 |  |  | 22.5 |  |  | 21.4 |
Other | 15.3 |  |  | 30.9 |  |  | 49.9 |  |  | 54.6 |
Total international countries | 2,323.1 |  |  | 2,057.2 |  |  | 5,761.4 |  |  | 5,294.2 |
United States | 1,129.0 |  |  | 753.7 |  |  | 3,317.3 |  |  | 3,012.7 |
Consolidated | $ | 3,452.1 |  |  | $ | 2,810.9 |  |  | $ | 9,078.7 |  |  | $ | 8,306.9 |
______________________________ (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 September 30, |  | Nine Months Ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Sales by product type: |  |  |  |  |  |  |
Phosphate Crop Nutrients | $ | 952.0 |  |  | $ | 810.4 |  |  | $ | 2,577.1 |  |  | $ | 2,201.0 |
Potash Crop Nutrients | 888.0 |  |  | 656.8 |  |  | 2,145.9 |  |  | 2,171.2 |
Crop Nutrient Blends | 413.4 |  |  | 361.9 |  |  | 1,022.4 |  |  | 1,022.0 |
Performance Products(a) | 729.6 |  |  | 620.5 |  |  | 1,986.2 |  |  | 1,602.0 |
Phosphate Rock | 37.0 |  |  | 28.0 |  |  | 96.7 |  |  | 106.5 |
Other(b) | 432.1 |  |  | 333.3 |  |  | 1,250.4 |  |  | 1,204.2 |
| $ | 3,452.1 |  |  | $ | 2,810.9 |  |  | $ | 9,078.7 |  |  | $ | 8,306.9 |
____________________________________________ (a)Includes sales of MicroEssentials®, K-Mag® and Aspire®. (b)Includes sales of industrial potash, feed products, nitrogen and other products.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration