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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:
PhosphatePotashMosaic 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 sales243.5 (4.0)— (239.5)— 
Net sales1,290.2 694.8 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 margin143.9 235.9 182.4 (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 expenditures220.8 71.8 70.5 1.3 364.4 
Depreciation, depletion and amortization expense129.0 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 sales228.6 4.0 — (232.6)— 
Net sales1,005.3 525.7 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 margin142.3 121.9 127.9 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 expenditures126.5 61.2 51.6 1.5 240.8 
Depreciation, depletion and amortization expense117.7 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 sales565.7 (5.2)— (560.5)— 
Net sales3,561.8 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 margin414.2 613.9 471.1 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 expenditures641.8 190.1 175.3 2.6 1,009.8 
Depreciation, depletion and amortization expense371.4 253.0 127.9 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 sales564.6 20.4 — (585.0)— 
Net sales3,353.5 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 margin455.4 520.0 304.9 (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 expenditures501.1 232.9 179.8 43.9 957.7 
Depreciation, depletion and amortization expense362.5 244.0 120.0 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, 20249,419.5 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)2025202420252024
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 
China91.4 149.7 349.0 386.5 
Canada63.3 68.2 269.2 357.4 
Japan34.8 33.7 90.7 103.1 
Paraguay48.1 58.1 109.8 140.0 
Argentina70.8 28.4 135.2 69.9 
Australia22.8 21.1 44.4 38.0 
Colombia9.7 23.8 65.4 82.4 
Dominican Republic7.8 6.2 17.4 10.2 
Mexico17.6 9.8 23.7 39.4 
India21.9 31.3 34.6 50.5 
Peru17.5 20.2 61.7 39.2 
Honduras6.6 7.7 22.5 21.4 
Other15.3 30.9 49.9 54.6 
Total international countries2,323.1 2,057.2 5,761.4 5,294.2 
United States1,129.0 753.7 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)2025202420252024
Sales by product type:
Phosphate Crop Nutrients$952.0 $810.4 $2,577.1 $2,201.0 
Potash Crop Nutrients888.0 656.8 2,145.9 2,171.2 
Crop Nutrient Blends413.4 361.9 1,022.4 1,022.0 
Performance Products(a)
729.6 620.5 1,986.2 1,602.0 
Phosphate Rock37.0 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.