Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Mar. 31, 2014 | 5-May-14 | 5-May-14 | |
No class common stock [Member] | Class A common stock [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Entity registrant name | 'MOSAIC CO | ' | ' |
Document type | '10-Q | ' | ' |
Entity central index key | '0001285785 | ' | ' |
Amendment flag | 'false | ' | ' |
Entity current reporting status | 'Yes | ' | ' |
Entity voluntary filers | 'No | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Document period end date | 31-Mar-14 | ' | ' |
Current fiscal year end date | '--12-31 | ' | ' |
Entity filer category | 'Large Accelerated Filer | ' | ' |
Entity well known seasoned issuer | 'Yes | ' | ' |
Entity common stock shares outstanding | ' | 340,031,066 | 43,629,406 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Earnings (Unaudited) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Net sales | $1,986.20 | $2,312.40 |
Cost of goods sold | 1,574.60 | 1,670.60 |
Gross margin | 411.6 | 641.8 |
Selling, general and administrative expenses | 120 | 91.9 |
Other operating expense | 25 | 58.8 |
Operating earnings | 266.6 | 491.1 |
Change in value of share repurchase agreement | -60 | 0 |
Interest (expense) income, net | -26.7 | 3.7 |
Foreign currency transaction gain | 43.4 | 16.9 |
Other expense | -4.9 | -0.4 |
Earnings from consolidated companies before income taxes | 218.4 | 511.3 |
(Benefit from) provision for income taxes | -2.6 | 133.7 |
Earnings from consolidated companies | 221 | 377.6 |
Equity in net earnings (loss) of nonconsolidated companies | -3.3 | 2.3 |
Net earnings including noncontrolling interests | 217.7 | 379.9 |
Less: Net earnings attributable to noncontrolling interests | 0.2 | 0.1 |
Net earnings attributable to Mosaic | $217.50 | $379.80 |
Basic net earnings per share attributable to Mosaic | $0.54 | $0.89 |
Diluted net earnings per share attributable to Mosaic | $0.54 | $0.89 |
Basic weighted average number of shares outstanding | 378.2 | 425.7 |
Diluted weighted average number of shares outstanding | 379.6 | 427.2 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net earnings, including noncontrolling interest | $217.70 | $379.90 |
Other comprehensive income (loss), net of tax | ' | ' |
Foreign currency translation, net of tax | -238.6 | -152.2 |
Net actuarial gain and prior service cost, net of tax | 3.4 | 3.8 |
Amortization of loss on interest rate swap | 0.7 | 0 |
Other comprehensive income (loss) | -234.5 | -148.4 |
Comprehensive income (loss) | -16.8 | 231.5 |
Less: Comprehensive income attributable to noncontrolling interest | 0.7 | 0.3 |
Comprehensive income (loss) attributable to Mosaic | ($17.50) | $231.20 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheet (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $2,490.70 | $5,293.10 |
Receivables, net | 597.4 | 543.1 |
Inventories | 1,606.60 | 1,432.90 |
Deferred income taxes | 156.5 | 129.9 |
Other current assets | 504.2 | 706.8 |
Total current assets | 5,355.40 | 8,105.80 |
Property, plant and equipment, net of accumulated depreciation | 9,551.90 | 8,576.60 |
Investments in nonconsolidated companies | 579.6 | 576.4 |
Goodwill | 1,764.70 | 1,794.40 |
Deferred income taxes | 189.2 | 152.2 |
Other assets | 671.5 | 348.6 |
Total assets | 18,112.30 | 19,554 |
Current liabilities: | ' | ' |
Short-term debt | 41.3 | 22.6 |
Current maturities of long-term debt | 0.4 | 0.4 |
Accounts payable | 592.8 | 570.2 |
Accrued liabilities | 753.2 | 666.3 |
Contractual share repurchase liability | 755.8 | 1,985.90 |
Deferred income taxes | 19.8 | 20.5 |
Total current liabilities | 2,163.30 | 3,265.90 |
Long-term debt, less current maturities | 3,009.10 | 3,008.90 |
Deferred income taxes | 993.2 | 1,031.50 |
Other noncurrent liabilities | 1,095.60 | 927.1 |
Stockholders' equity: | ' | ' |
Preferred stock, value | 0 | 0 |
Capital in excess of par value | 32.4 | 1.6 |
Retained earnings | 10,916.70 | 11,182.10 |
Accumulated other comprehensive income (loss) | -120.7 | 114.3 |
Total Mosaic stockholders' equity | 10,832.30 | 11,302.30 |
Noncontrolling interests | 18.8 | 18.3 |
Total equity | 10,851.10 | 11,320.60 |
Total liabilities and equity | 18,112.30 | 19,554 |
Class A common stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, value | 0.5 | 1.3 |
Class B Common Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, value | 0 | 0 |
No class common stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, value | $3.40 | $3 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement Of Financial Position Parenthetical [Line Items] | ' | ' |
Accumulated depreciation | $4,137.50 | $4,025 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized | 15,000,000 | 15,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Class A Common Stock [Member] | ' | ' |
Statement Of Financial Position Parenthetical [Line Items] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized | 211,380,055 | 254,300,000 |
Common stock, issued | 49,814,264 | 128,759,772 |
Common stock, outstanding | 49,814,264 | 85,839,827 |
Class B Common Stock [Member] | ' | ' |
Statement Of Financial Position Parenthetical [Line Items] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized | 87,008,602 | 87,008,602 |
Common stock, issued | 0 | 0 |
Common stock, outstanding | 0 | 0 |
No Class Common Stock [Member] | ' | ' |
Statement Of Financial Position Parenthetical [Line Items] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, issued | 352,215,782 | 352,204,571 |
Common stock, outstanding | 340,022,320 | 340,166,109 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows from Operating Activities | ' | ' |
Net earnings, including noncontrolling interest | $217.70 | $379.90 |
Depreciation, depletion and amortization | 174.3 | 155 |
Deferred income taxes | -58.9 | 4.4 |
Equity in net loss (earnings) of nonconsolidated companies, net of dividends | 3.3 | -4.6 |
Accretion expense for asset retirement obligations | 10.5 | 9.8 |
Share-based compensation expense | 34.9 | 3 |
Change in value of share repurchase agreement | 60 | 0 |
Unrealized (gain) loss on derivatives | 7.9 | 28.7 |
Other | 4 | 1.4 |
Changes in assets and liabilities: | ' | ' |
Receivables, net | -84.9 | -73.5 |
Inventories | -27.3 | 16.7 |
Other current and noncurrent assets | 151.4 | -26.7 |
Accounts payable | 86.8 | 5.2 |
Accrued liabilities and income taxes | 77.2 | 135.8 |
Other noncurrent liabilities | -29.9 | -55.7 |
Net cash provided by operating activities | 627 | 579.4 |
Cash Flows from Investing Activities | ' | ' |
Capital expenditures | -274.9 | -367.5 |
Acquisition of business | -1,353.60 | 0 |
Investments in nonconsolidated companies | -5.8 | -15 |
Other | 0 | 4 |
Net cash used in investing activities | -1,634.30 | -378.5 |
Cash Flows from Financing Activities | ' | ' |
Payments of short-term debt | -58.4 | -64.2 |
Proceeds from issuance of short-term debt | 65.9 | 83.2 |
Payments of long-term debt | -0.3 | -0.2 |
Proceeds from issuance of long-term debt | 0.2 | 0.6 |
Proceeds from stock option exercises | 0.2 | 0 |
Repurchases of stock | -1,677.90 | 0 |
Cash dividends paid | -99.7 | -106.4 |
Other | -0.3 | 2.2 |
Net cash used in financing activities | -1,770.30 | -84.8 |
Effect of exchange rate changes on cash | -24.8 | -10 |
Net change in cash and cash equivalents | -2,802.40 | 106.1 |
Cash and cash equivalents - beginning of period | 5,293.10 | 3,405.30 |
Cash and cash equivalents - end of period | 2,490.70 | 3,511.40 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Interest (net of amount capitalized) | 0 | 0 |
Income taxes (net of refunds) | $24.30 | $80.50 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flow Parenthetical (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Capitalized interest costs | $9.80 | $13.70 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Shareholders Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
In Millions, except Share data | ||||||
Beginning balance at May. 31, 2013 | $13,442.90 | $4.30 | $1,491.30 | $11,603.40 | $326.40 | $17.50 |
Common stock shares outstanding, beginning balance at May. 31, 2013 | ' | 425,800,000 | ' | ' | ' | ' |
Total comprehensive income (loss) | 129.1 | ' | ' | 340 | -212.1 | 1.2 |
Stock option exercises | 1.1 | ' | 1.1 | ' | ' | ' |
Stock option exercises, shares | ' | 100,000 | ' | ' | ' | ' |
Amortization of stock based compensation | 23.3 | ' | 23.3 | ' | ' | ' |
Forward contract to repurchase class A Common Stock | -2,059.10 | ' | -1,511.30 | -547.8 | ' | ' |
Dividends | -213.5 | ' | ' | -213.5 | ' | ' |
Dividends for noncontrolling interests | -0.4 | ' | ' | ' | ' | -0.4 |
Tax shortfall related to share based compensation | -2.8 | ' | -2.8 | ' | ' | ' |
Ending balance at Dec. 31, 2013 | 11,320.60 | 4.3 | 1.6 | 11,182.10 | 114.3 | 18.3 |
Common stock shares outstanding, ending balance at Dec. 31, 2013 | ' | 425,900,000 | ' | ' | ' | ' |
Total comprehensive income (loss) | -16.8 | ' | ' | 217.5 | -235 | 0.7 |
Stock option exercises | 0.2 | ' | 0.2 | ' | ' | ' |
Stock option exercises, shares | ' | 100,000 | ' | ' | ' | ' |
Amortization of stock based compensation | 34.9 | ' | 34.9 | ' | ' | ' |
Forward contract and repurchase of stock | -387.8 | -0.4 | -4.2 | -383.2 | ' | ' |
Forward contract and repurchase of stock, shares | ' | -36,200,000 | ' | ' | ' | ' |
Dividends | -99.7 | ' | ' | -99.7 | ' | ' |
Dividends for noncontrolling interests | -0.2 | ' | ' | ' | ' | -0.2 |
Tax shortfall related to share based compensation | -0.1 | ' | -0.1 | ' | ' | ' |
Ending balance at Mar. 31, 2014 | $10,851.10 | $3.90 | $32.40 | $10,916.70 | ($120.70) | $18.80 |
Common stock shares outstanding, ending balance at Mar. 31, 2014 | ' | 389,800,000 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Shareholders Equity (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 7 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Dividends per share | $0.25 | $0.50 |
Organization_and_Nature_of_Bus
Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Nature of Business | ' |
Organization and Nature of Business | |
The Mosaic Company (“Mosaic”, and, with its consolidated subsidiaries, “we”, “us”, “our”, or the “Company”) produces and markets concentrated phosphate and potash crop nutrients. We conduct our business through wholly and majority owned subsidiaries as well as businesses in which we own less than a majority or a noncontrolling interest, including consolidated variable interest entities and investments accounted for by the equity method. We are organized into the following business segments: | |
Our Phosphates business segment owns and operates mines and production facilities in Florida which produce concentrated phosphate crop nutrients and phosphate-based animal feed ingredients, and processing plants in Louisiana which produce concentrated phosphate crop nutrients. Our Phosphates segment's results also include our international distribution activities. In fiscal 2011, the Phosphates segment acquired a 35% economic interest in a joint venture that owns the Miski Mayo Mine in Peru. On August 5, 2013, we entered into a Shareholders’ Agreement with Saudi Arabian Mining Company (“Ma’aden”) and Saudi Basic Industries Corporation (“SABIC”) under which the parties have formed a joint venture to develop, own and operate integrated phosphate production facilities in the Kingdom of Saudi Arabia (the “Northern Promise Joint Venture”). We own 25% of the joint venture and will market approximately 25% of the production of the joint venture. On March 17, 2014, we completed the acquisition of the Florida phosphate assets and assumption of certain related liabilities (“CF Phosphate Assets Acquisition”) of CF Industries, Inc. (“CF”). This transaction is further described in Note 17 to our Condensed Consolidated Financial Statements in this report. | |
Our Potash business segment owns and operates potash mines and production facilities in Canada and the U.S. which produce potash-based crop nutrients, animal feed ingredients and industrial products. Potash sales include domestic and international sales. We are a member of Canpotex, Limited (“Canpotex”), an export association of Canadian potash producers through which we sell our Canadian potash outside the U.S. and Canada. | |
Intersegment sales are eliminated within Corporate, Eliminations and Other. See Note 15 of our Condensed Consolidated Financial Statements in this report for segment results. |
Cargill_Transaction
Cargill Transaction | 3 Months Ended | |
Mar. 31, 2014 | ||
Stockholders' Equity Note [Abstract] | ' | |
Cargill Transaction | ' | |
Cargill Transaction | ||
As previously reported, on May 25, 2011, we facilitated the exit by Cargill, Incorporated ("Cargill") from its equity interest in us through a split-off to its stockholders and a debt exchange with its debt holders, and initiated the first in a series of transactions (the “Cargill Transaction”) intended to result in the ongoing orderly disposition of the approximately 64% (285.8 million) of our shares that Cargill formerly held. Among other previously reported actions in furtherance of the Cargill Transaction, on December 6, 2013, we entered into a share repurchase agreement (the “MAC Trusts Share Repurchase Agreement”) with two former Cargill stockholders (the "MAC Trusts") to purchase all of the remaining shares of Class A Common Stock ("Class A Shares") held by the MAC Trusts through a series of eight purchases occurring from January 8, 2014 through July 30, 2014. At March 31, 2014, pursuant to the MAC Trusts Share Repurchase Agreement, all 21,647,007 Class A Shares, Series A-3, held by the MAC Trusts, and 6,184,858 Class A Shares, Series A-2, had been repurchased for an aggregate of $1.3 billion. | ||
Subsequent to March 31, 2014, pursuant to the MAC Trusts Share Repurchase Agreement, an additional 6,184,858 Class A Shares, Series A-2, have been repurchased for an aggregate of approximately $300 million, and 9,277,292 Class A Shares, Series A-2, remain to be purchased, as set forth in the table below: | ||
Class A Common Stock, Series A-2 | ||
3-Jun-14 | 3,092,429 | |
1-Jul-14 | 3,092,429 | |
30-Jul-14 | 3,092,434 | |
Total | 9,277,292 | |
The MAC Trusts Share Repurchase Agreement provides for a per share price for each purchase equal to the Common Market Price, as defined in Mosaic’s Restated Certificate of Incorporation, as of the date of the purchase. In general and subject to the terms and provisions of the Restated Certificate of Incorporation, the Common Market Price as of any date is equal to the average of the volume weighted average trading price of Common Stock, for each trading day during the preceding 20-day trading period. | ||
As also previously reported, on February 14, 2014, we entered into share repurchase agreements with certain Cargill family member trusts (the “Family Trusts Share Repurchase Agreements” and together with the MAC Trusts Share Repurchase Agreement, the "Share Repurchase Agreements") to purchase an aggregate of approximately 8.2 million Class A Shares under our $1 billion share repurchase program (the "Repurchase Program"). The transaction was structured in two tranches with the first purchase of approximately 2.4 million shares completed February 14, 2014 and the second purchase of approximately 5.8 million shares completed March 17, 2014, for an aggregate purchase price of approximately $387.3 million. | ||
The Share Repurchase Agreements are accounted for as a forward contract with an initial liability established at fair value based on the average of the weighted average trading price for each of the preceding 20-day trading days as noted above and a corresponding reduction of equity. The contract is subsequently remeasured at the present value of the amount to be paid at settlement with the difference being recognized in the consolidated statement of earnings. We are required to exclude the common shares that are to be repurchased in calculating basic and diluted earnings per share (“EPS”). Any amounts, including contractual (accumulated) dividends and participation rights in undistributed earnings, attributable to shares that are to be repurchased that have not been recognized in the consolidated statement of earnings shall be deducted in computing income available to common shareholders, consistent with the two-class method. See the calculation of EPS in Note 6 of our Notes to Consolidated Financial Statements. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Statement Presentation and Basis of Consolidation | |
The accompanying unaudited Condensed Consolidated Financial Statements of Mosaic have been prepared on the accrual basis of accounting and in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. As permitted under these rules, certain footnotes and other financial information that are normally required by accounting principles generally accepted in the United States (“U.S. GAAP”) can be condensed or omitted. The Condensed Consolidated Financial Statements included in this document reflect, in the opinion of our management, all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of the results for the interim periods presented. The following notes should be read in conjunction with the accounting policies and other disclosures in the Notes to the Consolidated Financial Statements included in our Transition Report on Form 10-K filed with the SEC for the transition period from June 1, 2013 to December 31, 2013 (the "10-K Report"). Sales, expenses, cash flows, assets and liabilities can and do vary during the year as a result of seasonality and other factors. Therefore, interim results are not necessarily indicative of the results to be expected for the full fiscal year. | |
The accompanying Condensed Consolidated Financial Statements include the accounts of Mosaic and its majority owned subsidiaries. Certain investments in companies where we do not have control but have the ability to exercise significant influence are accounted for by the equity method. | |
Accounting Estimates | |
Preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. The more significant estimates made by management relate to the estimates of fair value of acquired assets and liabilities, the recoverability of non-current assets including goodwill, the useful lives and net realizable values of long-lived assets, environmental and reclamation liabilities including asset retirement obligations (“ARO”), the costs of our employee benefit obligations for pension plans and postretirement benefits, income tax related accounts, including the valuation allowance against deferred income tax assets, inventory valuation and accruals for pending legal and environmental matters. Actual results could differ from these estimates. |
Recently_Issued_Accounting_Gui
Recently Issued Accounting Guidance | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recently Issued Accounting Guidance | ' |
Recently Issued Accounting Guidance | |
Recently Adopted Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” which requires that an unrecognized tax benefit should be presented in the financial statements as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward when settlement in this manner is available under the law. This guidance was effective for us beginning January 1, 2014 and will be applied on a prospective basis to all unrecognized tax benefits that exist at the effective date. This guidance did not have a material impact on our results of operations or financial position. | |
Pronouncements Issued But Not Yet Adopted | |
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for reporting a discontinued operation. Under this standard, a disposal of part of an organization that has a major effect on its operations and financial results is a discontinued operation. This guidance is effective prospectively for us beginning January 1, 2015 with earlier application permitted, but only for disposals (or classifications as held for sale) that have not been reported previously. We do not expect this guidance will have a material impact on our results of operations or financial position. |
Other_Financial_Statement_Data
Other Financial Statement Data | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Financial Statement Data [Abstract] | ' | ||||||||
Other Financial Statement Data | ' | ||||||||
Other Financial Statement Data | |||||||||
The following provides additional information concerning selected balance sheet accounts: | |||||||||
(in millions) | March 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Other current assets | |||||||||
Final price deferred(a) | $ | 45.4 | $ | 154.3 | |||||
Income and other taxes receivable | 195.6 | 272.6 | |||||||
Prepaid expenses | 123 | 115.8 | |||||||
Assets held for sale(b) | 84.8 | 111.9 | |||||||
Other | 55.4 | 52.2 | |||||||
$ | 504.2 | $ | 706.8 | ||||||
Accrued liabilities | |||||||||
Payroll and employee benefits | 106.1 | 111.8 | |||||||
Asset retirement obligations | 113.2 | 86.3 | |||||||
Customer prepayments | 179.3 | 131.9 | |||||||
Other | 354.6 | 336.3 | |||||||
$ | 753.2 | $ | 666.3 | ||||||
Other noncurrent liabilities | |||||||||
Asset retirement obligations | $ | 794.8 | $ | 637.6 | |||||
Other | 300.8 | 289.5 | |||||||
$ | 1,095.60 | $ | 927.1 | ||||||
(a)Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon. This has not been included in inventory as risk of loss has passed to our customers. Amounts in this account are based on inventory cost. | |||||||||
(b)See further description of assets held for sale in Note 16. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
Earnings Per Share | ||||||||
We use the two-class method to compute basic and diluted EPS. Earnings for the period are allocated pro-rata between the common stockholders and the participating securities. Our only participating securities are related to the Share Repurchase Agreements. The numerator for basic and diluted EPS is net earnings for common stockholders. The denominator for basic EPS is the weighted-average number of shares outstanding during the period, excluding the effects of shares subject to forward contracts. The denominator for diluted EPS also includes the weighted average number of additional shares of common stock that would have been outstanding if the dilutive potential shares of common stock had been issued, unless the shares are anti-dilutive, and excludes the effects of shares subject to forward contracts. | ||||||||
The following is a reconciliation of the numerator and denominator for the basic and diluted EPS computations: | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net earnings attributed to Mosaic | $ | 217.5 | $ | 379.8 | ||||
Undistributed earnings attributable to participating securities | (12.4 | ) | — | |||||
Numerator for basic and diluted earnings available to common stockholders | 205.1 | 379.8 | ||||||
Basic weighted average number of shares outstanding | 401.1 | 425.7 | ||||||
Shares subject to forward contract | (22.9 | ) | — | |||||
Basic weighted average number of shares outstanding attributable to common stockholders | 378.2 | 425.7 | ||||||
Dilutive impact of share-based awards | 1.4 | 1.5 | ||||||
Diluted weighted average number of shares outstanding | 379.6 | 427.2 | ||||||
Basic net earnings per share | $ | 0.54 | $ | 0.89 | ||||
Diluted net earnings per share | $ | 0.54 | $ | 0.89 | ||||
A total of 1.3 million and 0.4 million shares of Common Stock subject to issuance upon exercise of stock options for the three months ended March 31, 2014 and 2013, respectively, have been excluded from the calculation of diluted EPS as the effect would have been anti-dilutive. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
We record unrecognized tax benefits in accordance with applicable accounting standards. During the three months ended March 31, 2014, gross unrecognized tax benefits increased by $12.5 million to $111.7 million. If recognized, approximately $94.8 million of the $111.7 million in unrecognized tax benefits would affect our effective tax rate in future periods. | |
We recognize interest and penalties related to unrecognized tax benefits as a component of our income tax provision. We had accrued interest and penalties totaling $20.7 million and $28.8 million as of March 31, 2014 and December 31, 2013, respectively, that were included in other noncurrent liabilities in the Condensed Consolidated Balance Sheets. | |
Based upon the information available as of March 31, 2014, we anticipate that the amount of uncertain tax positions will change in the next twelve months; however, the change cannot reasonably be estimated. | |
For the three months ended March 31, 2014, we recorded tax benefits specific to the period of $62.5 million, which primarily related to the intended sale of our distribution business in Argentina. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 32.4 | $ | 34 | |||||
Work in process | 558.4 | 433.6 | |||||||
Finished goods | 935.9 | 891.6 | |||||||
Operating materials and supplies | 79.9 | 73.7 | |||||||
$ | 1,606.60 | $ | 1,432.90 | ||||||
Goodwill
Goodwill | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Goodwill [Abstract] | ' | |||||||||||
Goodwill | ' | |||||||||||
Goodwill | ||||||||||||
The changes in the carrying amount of goodwill, by reporting unit, are as follows: | ||||||||||||
Phosphates | Potash | Total | ||||||||||
Balance as of December 31, 2013 | $ | 535.8 | $ | 1,258.60 | $ | 1,794.40 | ||||||
Foreign currency translation | — | (42.9 | ) | (42.9 | ) | |||||||
Goodwill acquired in CF acquisition (see Note 17) | 13.2 | — | 13.2 | |||||||||
Balance as of March 31, 2014 | $ | 549 | $ | 1,215.70 | $ | 1,764.70 | ||||||
We review goodwill for impairment annually or at any time events or circumstances indicate that the carrying value may not be fully recoverable. Under our accounting policy, an annual review is performed in October of each year, or more frequently if indicators of potential impairment exist. |
Financing_Arrangements
Financing Arrangements | 3 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Financing Arrangements | ' |
Financing Arrangements | |
Term Loan Facility | |
On March 20, 2014, Mosaic entered into an unsecured $800 million term loan facility (the “Term Loan Facility”) with certain financial institutions. Under the Term Loan Facility, Mosaic may on up to two occasions borrow, on a pro rata basis, up to $370 million under Term A-1 Loans (the “Term A-1 Loans”) and up to $430 million under Term A-2 Loans (“Term A-2 Loans,” and collectively with the Term A-1 Loans, “Loans”). The lenders' commitments to loan such amounts expire on the earlier of September 19, 2014, full funding of the Loans or earlier termination of the loan commitments (the “Commitment Termination Date”). Final maturity of the Term A-1 Loans is the third anniversary of the Commitment Termination Date and final maturity of the Term A-2 Loans is the fifth anniversary of the Commitment Termination Date. In addition, Mosaic is required to repay 5.00% of the Term A-1 loan balance on each of the first two anniversaries of the Commitment Termination Date and 5.00% of the Term A-2 loan balance on each of the first two anniversaries, 7.50% on the third anniversary, and 10.00% on the fourth anniversary of the Commitment Termination Date. A ticking fee accrues at an annual rate of 0.125% on the aggregate undrawn commitments under the Term Loan Facility beginning April 19, 2014. Mosaic may prepay the outstanding Loans at any time and from time to time, at its own discretion, without premium or penalty. | |
As of March 31, 2014, no borrowings have been made or are outstanding under the Term Loan Facility. Proceeds of borrowings under the Term Loan Facility may be used to replenish cash that Mosaic used to fund the CF Phosphate Assets Acquisition as described in Note 17 or for working capital, capital expenditures, dividends, share repurchases, other acquisitions and other lawful corporate purposes. | |
The Term Loan Facility has cross-default provisions that, in general, provide that a failure to pay principal or interest under any one item of other indebtedness in excess of $50 million or $75 million for multiple items of other indebtedness, or breach or default under such indebtedness that permits the holders thereof to accelerate the maturity thereof, will result in a cross-default. | |
The Term Loan Facility requires Mosaic to maintain certain financial ratios, including a maximum ratio of Total Debt to EBITDA (as defined) of 3.5 to 1.0, as well as a minimum Interest Coverage Ratio (as defined) of not less than 3.0 to 1.0. | |
The Term Loan Facility also contains other events of default and covenants that limit various matters. These provisions include limitations on indebtedness, liens, investments and acquisitions (other than capital expenditures), certain mergers, certain sales of assets and other matters customary for credit facilities of this nature. |
Contingencies
Contingencies | 3 Months Ended | |
Mar. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Contingencies | ' | |
Contingencies | ||
We have described below judicial and administrative proceedings to which we are subject. | ||
We have contingent environmental liabilities that arise principally from three sources: (i) facilities currently or formerly owned by our subsidiaries or their predecessors; (ii) facilities adjacent to currently or formerly owned facilities; and (iii) third-party Superfund or state equivalent sites. At facilities currently or formerly owned by our subsidiaries or their predecessors, the historical use and handling of regulated chemical substances, crop and animal nutrients and additives and by-product or process tailings have resulted in soil, surface water and/or groundwater contamination. Spills or other releases of regulated substances, subsidence from mining operations and other incidents arising out of operations, including accidents, have occurred previously at these facilities, and potentially could occur in the future, possibly requiring us to undertake or fund cleanup or result in monetary damage awards, fines, penalties, other liabilities, injunctions or other court or administrative rulings. In some instances, pursuant to consent orders or agreements with governmental agencies, we are undertaking certain remedial actions or investigations to determine whether remedial action may be required to address contamination. At other locations, we have entered into consent orders or agreements with appropriate governmental agencies to perform required remedial activities that will address identified site conditions. Taking into consideration established accruals of approximately $37.9 million and $31.3 million as of March 31, 2014 and December 31, 2013, respectively, expenditures for these known conditions currently are not expected, individually or in the aggregate, to have a material effect on our business or financial condition. However, material expenditures could be required in the future to remediate the contamination at known sites or at other current or former sites or as a result of other environmental, health and safety matters. Below is a discussion of the more significant environmental matters. | ||
EPA RCRA Initiative. In 2003, the U.S. Environmental Protection Agency (“EPA”) Office of Enforcement and Compliance Assurance announced that it would be targeting facilities in mineral processing industries, including phosphoric acid producers, for a thorough review under the U.S. Resource Conservation and Recovery Act (“RCRA”) and related state laws. Mining and processing of phosphates generate residual materials that must be managed both during the operation of a facility and upon a facility’s closure. Certain solid wastes generated by our phosphate operations may be subject to regulation under RCRA and related state laws. The EPA rules exempt “extraction” and “beneficiation” wastes, as well as 20 specified “mineral processing” wastes, from the hazardous waste management requirements of RCRA. Accordingly, certain of the residual materials which our phosphate operations generate, as well as process wastewater from phosphoric acid production, are exempt from RCRA regulation. However, the generation and management of other solid wastes from phosphate operations may be subject to hazardous waste regulation if the waste is deemed to exhibit a “hazardous waste characteristic.” As part of its initiative, we understand that EPA has inspected all or nearly all facilities in the U.S. phosphoric acid production sector to ensure compliance with applicable RCRA regulations and to address any “imminent and substantial endangerment” found by the EPA under RCRA. We have provided the EPA with substantial amounts of information regarding the process water recycling practices and the hazardous waste handling practices at our phosphate production facilities in Florida and Louisiana, and the EPA has inspected all of our currently operating processing facilities in the U.S. In addition to the EPA’s inspections, our phosphates concentrates facilities have entered into consent orders to perform analyses of existing environmental data, to perform further environmental sampling as may be necessary, and to assess whether the facilities pose a risk of harm to human health or the surrounding environment. | ||
We have received Notices of Violation (“NOVs”) from the EPA related to the handling of hazardous waste at our Riverview (September 2005), New Wales (October 2005), Mulberry (June 2006), Green Bay (August 2006) and Bartow (September 2006) facilities in Florida. The EPA issued similar NOVs to our competitors, including with respect to the Plant City Facility acquired in the CF Phosphate Assets Acquisition as described in Note 17, and referred the NOVs to the U.S. Department of Justice (“DOJ”) for further enforcement. We currently are engaged in discussions with the DOJ and EPA with respect to our facilities (excluding the Plant City Facility). We believe we have substantial defenses to allegations in the NOVs, including but not limited to previous EPA regulatory interpretations and inspection reports finding that the process water handling practices in question comply with the requirements of the exemption for extraction and beneficiation wastes. We intend to evaluate various alternatives and continue discussions to determine if a negotiated resolution can be reached. If it cannot, we intend to vigorously defend these matters in any enforcement actions that may be pursued. | ||
We are negotiating the terms of a possible settlement with the EPA, the DOJ, the Florida Department of Environmental Protection and the Louisiana Department of Environmental Quality (collectively, the “Government”) and the final terms are not yet agreed upon or approved. If a settlement can be achieved, in all likelihood our commitments would be multi-faceted with key elements including, in general and among other elements, the following: | ||
• | Incurring capital expenditures likely to exceed $150 million in the aggregate over a period of several years. | |
• | Providing meaningful additional financial assurance for the estimated costs of closure and post-closure care (“Gypstack Closure Costs”) of our phosphogypsum management systems ("Gypstacks"). For financial reporting purposes, we recognize our estimated ARO, including Gypstack Closure Costs, at their present value. This present value determined for financial reporting purposes is reflected on our Consolidated Balance Sheets in accrued liabilities and other noncurrent liabilities. As of December 31, 2013, the undiscounted amount of our ARO, determined using the assumptions used for financial reporting purposes, was approximately $1.5 billion and the present value of our Gypstack Closure Costs reflected in our Consolidated Balance Sheet was approximately $465 million. Currently, financial assurance requirements in Florida and Louisiana for Gypstack Closure Costs can be satisfied through a variety of methods, including satisfaction of financial tests. In the context of a potential settlement of the Government’s enforcement action, we expect that we would agree to pre-fund a material portion of our Gypstack Closure Costs, primarily by depositing cash, currently estimated to be in the amount of approximately $625 million, into a trust fund which would increase over time with reinvestment of earnings. Amounts held in any such trust fund (including reinvested earnings) would be classified as restricted cash included in other assets on our Consolidated Balance Sheets. We expect that any final settlement of this matter would resolve all of our financial assurance obligations to the Government for Gypstack Closure Costs. Our actual Gypstack Closure Costs are generally expected to be paid by us in the normal course of our Phosphates business over a period that may not end until three decades or more after a Gypstack has been closed. | |
• | We have also established accruals to address the estimated cost of civil penalties in connection with this matter, which we do not believe, in light of the relevant regulatory history, would be material to our results of operations, liquidity or capital resources. | |
In light of our strong operating cash flows, liquidity and capital resources, we believe that we have sufficient liquidity and capital resources to be able to fund such capital expenditures, financial assurance requirements and civil penalties as part of a settlement. If a settlement cannot be agreed upon, we cannot predict the outcome of any litigation or estimate the potential amount or range of loss; however, we would face potential exposure to material costs should we fail in the defense of an enforcement action. | ||
See Note 17 for a discussion of how the EPA's RCRA Initiative and Florida financial assurance requirements affect the facilities we acquired in the CF Phosphate Assets Acquisition. | ||
EPA EPCRA Initiative. In July 2008, the DOJ sent a letter to major U.S. phosphoric acid manufacturers, including us, stating that the EPA’s ongoing investigation indicates apparent violations of Section 313 of the Emergency Planning and Community Right-to-Know Act (“EPCRA”) at their phosphoric acid manufacturing facilities. Section 313 of EPCRA requires annual reports to be submitted with respect to the use or presence of certain toxic chemicals. DOJ and EPA also stated that they believe that a number of these facilities have violated Section 304 of EPCRA and Section 103 of the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA") by failing to provide required notifications relating to the release of hydrogen fluoride from the facilities. The letter did not identify any specific violations by us or assert a demand for penalties against us. We cannot predict at this time whether the EPA and DOJ will initiate an enforcement action over this matter, what its scope would be, or what the range of outcomes of such a potential enforcement action might be. | ||
Florida Sulfuric Acid Plants. On April 8, 2010, the EPA Region 4 submitted an administrative subpoena to us under Section 114 of the Federal Clean Air Act (the “CAA”) regarding compliance of our Florida sulfuric acid plants with the “New Source Review” requirements of the CAA. The request received by Mosaic appears to be part of a broader EPA national enforcement initiative focusing on sulfuric acid plants. We cannot predict at this time whether the EPA and DOJ will initiate an enforcement action over this matter, what its scope would be, or what the range of outcomes of such a potential enforcement action might be. | ||
Other Environmental Matters. Superfund and equivalent state statutes impose liability without regard to fault or to the legality of a party’s conduct on certain categories of persons who are considered to have contributed to the release of “hazardous substances” into the environment. Under Superfund, or its various state analogues, one party may, under certain circumstances, be required to bear more than its proportionate share of cleanup costs at a site where it has liability if payments cannot be obtained from other responsible parties. Currently, certain of our subsidiaries are involved or concluding involvement at several Superfund or equivalent state sites. Our remedial liability from these sites, alone or in the aggregate, currently is not expected to have a material effect on our business or financial condition. As more information is obtained regarding these sites and the potentially responsible parties involved, this expectation could change. | ||
We believe that, pursuant to several indemnification agreements, our subsidiaries are entitled to at least partial, and in many instances complete, indemnification for the costs that may be expended by us or our subsidiaries to remedy environmental issues at certain facilities. These agreements address issues that resulted from activities occurring prior to our acquisition of facilities or businesses from parties including, but not limited to, ARCO (BP); Beatrice Fund for Environmental Liabilities; Conoco; Conserv; Estech, Inc.; Kaiser Aluminum & Chemical Corporation; Kerr-McGee Inc.; PPG Industries, Inc.; The Williams Companies; CF; and certain other private parties. Our subsidiaries have already received and anticipate receiving amounts pursuant to the indemnification agreements for certain of their expenses incurred to date as well as future anticipated expenditures. We record potential indemnifications as an offset to the established accruals when they are realizable or realized. | ||
MicroEssentials® Patent Lawsuit | ||
On January 9, 2009, John Sanders and Specialty Fertilizer Products, LLC filed a complaint against Mosaic, Mosaic Fertilizer, LLC, Cargill, Incorporated and Cargill Fertilizer, Inc. in the United States District Court for the Western District of Missouri (the “Missouri District Court”). The complaint alleges that our production of MicroEssentials® SZ, one of several types of the MicroEssentials® value-added ammoniated phosphate crop nutrient products that we produce, infringes on a patent held by the plaintiffs since 2001. Plaintiffs have since asserted that other MicroEssentials® products also infringe the patent. Plaintiffs seek to enjoin the alleged infringement and to recover an unspecified amount of damages and attorneys’ fees for past infringement. Our answer to the complaint responds that the plaintiffs’ patent is not infringed, is invalid and is unenforceable because the plaintiffs engaged in inequitable conduct during the prosecution of the patent. | ||
The Missouri District Court stayed the lawsuit pending an ex parte reexamination of plaintiffs’ patent claims by the U.S. Patent and Trademark Office (the “PTO”). That ex parte reexamination has now ended. On September 12, 2012, however, Shell Oil Company (“Shell”) filed an additional reexamination request which in part asserted that the claims as amended and added in connection with the ex parte reexamination are unpatentable. On October 4, 2012, the PTO issued an Ex Parte Reexamination Certificate in which certain claims of the plaintiffs’ patent were cancelled, disclaimed and amended, and new claims were added. Following the PTO’s grant of Shell’s request for an inter parties reexamination, on December 11, 2012, the PTO issued an initial rejection of all of plaintiffs’ remaining patent claims. On September 12, 2013, the PTO reversed its initial rejection of the plaintiffs’ remaining patent claims and allowed them to stand. Shell has appealed the PTO’s decision. A successful appeal by Shell could limit or eliminate the claims the plaintiffs can assert against us. | ||
We believe that the plaintiffs’ allegations are without merit and intend to defend vigorously against them. At this stage of the proceedings, we cannot predict the outcome of this litigation, estimate the potential amount or range of loss or determine whether it will have a material effect on our results of operations, liquidity or capital resources. | ||
Brazil Tax Contingencies | ||
Our Brazilian subsidiary is engaged in a number of judicial and administrative proceedings relating to various non-income tax matters. We estimate that our maximum potential liability with respect to these matters is approximately $96 million. Approximately $52 million of the maximum potential liability relates to PIS and Cofins tax credit cases while the majority of the remaining amount relates to various other non-income tax cases such as value added taxes. In the event that the Brazilian government was to prevail in connection with all judicial and administrative matters involving us and considering the amount of judicial deposits made, our maximum cash tax liability with respect to these matters would be approximately $95 million. Based on the current status of similar tax cases involving unrelated taxpayers, we believe we have recorded adequate accruals, which are immaterial, for the probable liability with respect to these Brazilian judicial and administrative proceedings. | ||
Other Claims | ||
We also have certain other contingent liabilities with respect to judicial, administrative and arbitration proceedings and claims of third parties, including tax matters, arising in the ordinary course of business. We do not believe that any of these contingent liabilities will have a material adverse impact on our business or financial condition, results of operations, and cash flows. |
Accounting_for_Derivative_Inst
Accounting for Derivative Instruments and Hedging Activities | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Accounting for Derivative Instruments and Hedging Activities | ' | |||||||||
Accounting for Derivative Instruments and Hedging Activities | ||||||||||
We periodically enter into derivatives to mitigate our exposure to foreign currency risks and the effects of changing commodity and freight prices. We record all derivatives on the Consolidated Balance Sheets at fair value. The fair value of these instruments is determined by using quoted market prices, third party comparables, or internal estimates. We net our derivative asset and liability positions when we have a master netting arrangement in place. Changes in the fair value of the foreign currency, commodity, and freight derivatives are immediately recognized in earnings because we do not apply hedge accounting treatment to these instruments. As of March 31, 2014 and December 31, 2013, the gross asset position of our derivative instruments was $8.5 million and $7.9 million, respectively, and the gross liability position of our liability instruments was $30.7 million and $20.4 million, respectively. | ||||||||||
We do not apply hedge accounting treatments to our foreign currency exchange contracts, commodities contracts, or freight contracts. Unrealized gains and (losses) on foreign currency exchange contracts used to hedge cash flows related to the production of our product are included in cost of goods sold in the Consolidated Statements of Earnings. Unrealized gains and (losses) on commodities contracts and certain forward freight agreements are also recorded in cost of goods sold in the Consolidated Statements of Earnings. Unrealized gains or (losses) on foreign currency exchange contracts used to hedge cash flows that are not related to the production of our products are included in the foreign currency transaction gain line in the Consolidated Statements of Earnings. | ||||||||||
As of March 31, 2014 and December 31, 2013, the following is the total absolute notional volume associated with our outstanding derivative instruments: | ||||||||||
(in millions of Units) | March 31, | December 31, | ||||||||
Derivative Instrument | Derivative Category | Unit of Measure | 2014 | 2013 | ||||||
Foreign currency derivatives | Foreign currency | US Dollars | 1,015.10 | 940.2 | ||||||
Natural gas derivatives | Commodity | MMbtu | 4.8 | 8.2 | ||||||
Ocean freight contracts | Freight | Tonnes | 0.2 | 0.3 | ||||||
Credit-Risk-Related Contingent Features | ||||||||||
Certain of our derivative instruments contain provisions that are governed by International Swap and Derivatives Association (“ISDA”) agreements with the counterparties. These agreements contain provisions that allow us to settle for the net amount between payments and receipts, and also state that if our debt were to be rated below investment grade, certain counterparties could request full collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position as of March 31, 2014 and December 31, 2013, was $19.8 million and $12.3 million, respectively. We have no cash collateral posted in association with these contracts. If the credit-risk-related contingent features underlying these agreements were triggered on March 31, 2014, we would be required to post $17.4 million of collateral assets, which are either cash or U.S. Treasury instruments, to the counterparties. | ||||||||||
Counterparty Credit Risk | ||||||||||
We enter into foreign exchange and certain commodity and interest rate derivatives, primarily with a diversified group of highly rated counterparties. We continually monitor our positions and the credit ratings of the counterparties involved and limit the amount of credit exposure to any one party. While we may be exposed to potential losses due to the credit risk of non-performance by these counterparties, material losses are not anticipated. We closely monitor the credit risk associated with our counterparties and customers and to date have not experienced material losses. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Following is a summary of the valuation techniques for assets and liabilities recorded in our Consolidated Balance Sheets at fair value on a recurring basis: | |||||||||||||||||
Foreign Currency Derivatives-The foreign currency derivative instruments that we currently use are forward contracts, zero-cost collars, and futures, which typically expire within one year. Valuations are based on exchange-quoted prices, which are classified as Level 1. Some of the valuations are adjusted by a forward yield curve or interest rates. In such cases, these derivative contracts are classified within Level 2. Changes in the fair market values of these contracts are recognized in the Consolidated Financial Statements as a component of cost of goods sold or foreign currency transaction (gain) loss. As of March 31, 2014 and December 31, 2013, the gross asset position of our foreign currency derivative instruments was $2.3 million and $0.6 million, respectively, and the gross liability position of our foreign currency derivative instruments was $29.9 million and $18.1 million, respectively. | |||||||||||||||||
Commodity Derivatives-The commodity contracts primarily relate to natural gas. The commodity derivative instruments that we currently use are forward purchase contracts, swaps, and three-way collars. The natural gas contracts settle using NYMEX futures or AECO price indexes, which represent fair value at any given time. The contracts’ maturities are for future months and settlements are scheduled to coincide with anticipated gas purchases during those future periods. Quoted market prices from NYMEX and AECO are used to determine the fair value of these instruments. These market prices are adjusted by a forward yield curve and are classified within Level 2. Changes in the fair market values of these contracts are recognized in the Consolidated Financial Statements as a component of cost of goods sold. As of March 31, 2014 and December 31, 2013, the gross asset position of our commodity derivative instruments was $5.6 million and $6.0 million, respectively, and the gross liability position of our commodity derivative instruments was $0.4 million and $2.0 million, respectively. | |||||||||||||||||
Freight Derivatives-The freight derivatives that we currently use are forward freight agreements. We estimate fair market values based on exchange-quoted prices, adjusted for differences in local markets. These differences are generally valued using inputs from broker quotations. Therefore, these contracts are classified in Level 2. Certain ocean freight derivatives are traded in less active markets with less availability of pricing information and require internally-developed inputs that might not be observable in or corroborated by the market. These contracts are classified within Level 3. Changes in the fair market values of these contracts are recognized in the Consolidated Financial Statements as a component of cost of goods sold. As of March 31, 2014 and December 31, 2013, the gross asset position of our freight derivative instruments was $0.6 million and $1.3 million, respectively, and the gross liability position of our freight derivative instruments was $0.4 million and $0.3 million, respectively. | |||||||||||||||||
Financial Instruments | |||||||||||||||||
The carrying amounts and estimated fair values of our financial instruments are as follows: | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Cash and cash equivalents | $ | 2,490.70 | $ | 2,490.70 | $ | 5,293.10 | $ | 5,293.10 | |||||||||
Receivables, net | 597.4 | 597.4 | 543.1 | 543.1 | |||||||||||||
Accounts payable | 592.8 | 592.8 | 570.2 | 570.2 | |||||||||||||
Short-term debt | 41.3 | 41.3 | 22.6 | 22.6 | |||||||||||||
Long-term debt, including current portion | 3,009.50 | 3,159.10 | 3,009.30 | 3,059.60 | |||||||||||||
For cash and cash equivalents, receivables, net, accounts payable and short-term debt, the carrying amount approximates fair value because of the short-term maturity of those instruments. The fair value of long-term debt, including current portion, is estimated using quoted market prices for the publicly registered notes and debentures, classified as Level 1 and Level 2, respectively, within the fair value hierarchy, depending on the market liquidity of the debt. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Related Party Transactions | ' | |||||||
Related Party Transactions | ||||||||
We enter into transactions and agreements with certain of our non-consolidated companies from time to time. As of March 31, 2014 and December 31, 2013, the net amount due from our non-consolidated companies totaled $28.0 million and $52.6 million, respectively. | ||||||||
The Condensed Consolidated Statements of Earnings included the following transactions with our non-consolidated companies: | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Transactions with non-consolidated companies included in net sales | $ | 205 | $ | 337.9 | ||||
Transactions with non-consolidated companies included in cost of goods sold | 97.3 | 109.1 | ||||||
Business_Segments
Business Segments | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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. For a description of our business segments see Note 1 to the Condensed Consolidated Financial Statements in this report. We evaluate performance based on the 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. Corporate, Eliminations and Other primarily represents unallocated corporate office activities and eliminations. All intersegment transactions are eliminated within Corporate, Eliminations and Other. Segment information for the three months ended March 31, 2014 and 2013 was as follows: | ||||||||||||||||
Phosphates | Potash | Corporate, Eliminations and Other | Total | |||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||
Net sales to external customers | $ | 1,253.60 | $ | 726.4 | $ | 6.2 | $ | 1,986.20 | ||||||||
Intersegment net sales | — | 6.9 | (6.9 | ) | — | |||||||||||
Net sales | 1,253.60 | 733.3 | (0.7 | ) | 1,986.20 | |||||||||||
Gross margin | 207.2 | 212.1 | (7.7 | ) | 411.6 | |||||||||||
Operating earnings | 138.2 | 166.2 | (37.8 | ) | 266.6 | |||||||||||
Capital expenditures | 123.5 | 143.9 | 7.5 | 274.9 | ||||||||||||
Depreciation, depletion and amortization expense | 81.4 | 86.8 | 6.1 | 174.3 | ||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||
Net sales to external customers | $ | 1,500.80 | $ | 808.3 | $ | 3.3 | $ | 2,312.40 | ||||||||
Intersegment net sales | — | 16.2 | (16.2 | ) | — | |||||||||||
Net sales | 1,500.80 | 824.5 | (12.9 | ) | 2,312.40 | |||||||||||
Gross margin | 253 | 396.9 | (8.1 | ) | 641.8 | |||||||||||
Operating earnings | 184.7 | 306.2 | 0.2 | 491.1 | ||||||||||||
Capital expenditures | 100.2 | 234.8 | 32.5 | 367.5 | ||||||||||||
Depreciation, depletion and amortization expense | 71.8 | 78.9 | 4.3 | 155 | ||||||||||||
Total assets as of March 31, 2014 | $ | 10,512.00 | $ | 9,641.70 | $ | (2,041.4 | ) | $ | 18,112.30 | |||||||
Total assets as of December 31, 2013 | 9,945.10 | 9,597.40 | 11.5 | 19,554.00 | ||||||||||||
Assets_Held_for_Sale
Assets Held for Sale | 3 Months Ended |
Mar. 31, 2014 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | ' |
Assets Held for Sale | ' |
Assets Held for Sale | |
We decided to exit our distribution businesses in Argentina and Chile. In connection with this decision in 2013, we wrote down the related assets by approximately $50 million pre-tax to their estimated fair value, which was included in loss on write down of assets in the Consolidated Statement of Earnings in our 10-K Report. As a result of new information regarding the structure of the intended disposition of Argentina's distribution business as an asset sale, during the three months ended March 31, 2014, we recorded a $53.6 million tax benefit. The assets related to these distribution businesses qualify for asset held for sale accounting. At March 31, 2014, we included $84.8 million in other current assets and $13.1 million in accrued liabilities in our Condensed Consolidated Balance Sheet as assets held for sale. We expect to continue to sell our products in these countries by using other distribution channels. | |
We also decided to sell the salt operations of our Hersey, Michigan mine and close the related potash operations. We are currently decommissioning the potash assets which precluded the Hersey facility from qualifying as an asset held for sale at March 31, 2014. In connection with the planned sale of this mine in 2013, we wrote down the related assets by approximately $48 million pre-tax to their estimated fair value and recorded a corresponding tax benefit of approximately $17 million reflected in the Consolidated Statement of Earnings in our 10-K Report. |
CF_Acquisition
CF Acquisition | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Business Combination Disclosure | ' | |||||||
CF Acquisition | ||||||||
On March 17, 2014, we completed the CF Phosphate Assets Acquisition for $1,149.9 million plus an additional $203.7 million (all in cash) to fund CF’s asset retirement obligation trust and escrow. We acquired CF's phosphate mining and production operations in Central Florida and terminal and warehouse facilities in Tampa, Florida. This acquisition allows us to take advantage of synergies associated with combining our phosphate operations and logistical capabilities in Central Florida with those of CF. In addition, we will be able to forego the construction of a beneficiation plant at Ona and the construction of an ammonia plant. The results of the CF phosphates operations have been included in our condensed consolidated financial statements for the period from March 17, 2014 through March 31, 2014. | ||||||||
As part of the CF Phosphate Assets Acquisition, we assumed certain ARO related to Gypstack Closure Costs at both the Plant City, Florida phosphate concentrates facility (the "Plant City Facility") and a closed Florida phosphate concentrates facility in Bartow, Florida (the “Bonnie Facility”) that we acquired. Associated with these assets are two related financial assurance arrangements for which we became responsible and that pre-fund the estimated Gypstack Closure Costs for these facilities, pursuant to federal or state law. One is a trust (the “Plant City Trust”) established to meet the requirements under a consent decree with the EPA and the FDEP with respect to RCRA compliance at Plant City (the “Plant City Consent Decree”) that also satisfies Florida financial assurance requirements at that site. The other is an escrow account (the “Bonnie Facility Escrow”) established to meet the requirements under Florida financial assurance regulations (the “Florida Financial Assurance Requirement”) that apply to the Bonnie Facility. In the CF Phosphate Assets Acquisition, we deposited $189.2 million into the Plant City Trust as a substitute for funds that CF had deposited into trust. The Plant City Trust is currently fully funded. In addition, upon approval of the FDEP (which we have requested), we expect to deposit $14.5 million into the Bonnie Facility Escrow to substitute for funds that CF has deposited into escrow. We expect we will be required to deposit up to an additional $4 million in the Bonnie Facility Escrow near the end of 2015. Both financial assurance funding obligations require estimates of future expenditures that could be impacted by refinements in scope, technological developments, cost inflation, changes in regulations, discount rates and the timing of activities. Additional funding would be required in the future if increases in cost estimates exceed investment earnings in the Plant City Trust or the Bonnie Facility Escrow. The deposits into the Plant City Trust and the Bonnie Facility Escrow are reflected in the Statement of Cash Flows components of the $1,353.6 million cash used in the CF Phosphate Assets Acquisition. | ||||||||
At March 31, 2014, the aggregate amount of AROs associated with the Plant City Facility and the Bonnie Facility included in our consolidated balance sheet was $100 million. The aggregate amount held in the Plant City Trust and the Bonnie Facility Escrow exceed the aggregate amount of AROs associated with the Plant City Facility and the Bonnie Facility because the amount required to be held in the Plant City Trust represents the aggregate undiscounted estimated amount to be paid by us in the normal course of our Phosphates business over a period that may not end until three decades or more after the Gypstack has been closed, while the ARO included in our Condensed Consolidated Balance Sheet reflect the discounted present value of those estimated amounts. As part of the acquisition we also acquired ARO related to land reclamation. | ||||||||
The following table summarizes the amounts of the assets acquired and liabilities assumed as recognized at the acquisition date. The fair value of these assets and liabilities is provisional pending receipt of the final valuation: | ||||||||
(in millions) | ||||||||
Inventory | $ | 144.1 | ||||||
Other current assets | 0.5 | |||||||
Mineral properties and rights | 515.1 | |||||||
Property, plant and equipment | 627.1 | |||||||
Trust and escrow funds for asset retirement obligations (1) | 203.7 | |||||||
Goodwill | 13.2 | |||||||
Other assets | 56.8 | |||||||
Current liabilities | (12.1 | ) | ||||||
Other liabilities | (9.0 | ) | ||||||
Asset retirement obligation | (185.8 | ) | ||||||
$ | 1,353.60 | |||||||
(1) Included with other assets in the Condensed Consolidated Balance Sheet as of March 31, 2014 | ||||||||
We also signed two strategic supply agreements with CF under which CF will provide Mosaic with ammonia for its production purposes (“CF Ammonia Supply Agreements”). Under one agreement, which is expected to commence prior to January 1, 2017, Mosaic will purchase approximately 545,000 to 725,000 tonnes annually for up to fifteen years at a price tied to the prevailing price of U.S. natural gas. The execution of this agreement was not contingent upon the completion of the acquisition; therefore, no corresponding asset or liability was recorded as part of the acquisition accounting. | ||||||||
Under the second agreement, which became effective on the acquisition date, Mosaic will purchase approximately 270,000 tonnes annually for three years from CF’s Trinidad operations at CFR Tampa market-based pricing. The effectiveness of this agreement was a condition to the acquisition and included in the acquisition accounting, but its impacts were not material. | ||||||||
We recognized approximately $5.0 million of acquisition and integration costs that were expensed during the three months ended March 31, 2014. These costs are included within selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings. | ||||||||
The goodwill recognized is attributable to expected synergies of combining operations and the assembled workforce of CF. This goodwill is included within our Phosphates segment and is expected to be deductible for income tax purposes. | ||||||||
The CF phosphates operations contributed revenues of $18.9 million and net earnings (loss) of $(0.2) million from March 17, 2014 through March 31, 2014, excluding the effects of the acquisition and integration costs described above. | ||||||||
The unaudited pro-forma consolidated results presented below include the effects of the acquisition as if it had been consummated as of January 1, 2013. The pro-forma results below include adjustments related to depreciation and amortization to reflect the fair value of acquired property, plant and equipment and identifiable intangible assets, depletion of acquired mineral rights, and the associated income tax impacts. The pro-forma information does not necessarily reflect the actual results of operations had the acquisition been consummated at the beginning of the fiscal reporting period indicated nor is it indicative of future operating results. The pro-forma information does not include any adjustment for potential revenue enhancements, cost synergies or other operating efficiencies that could result from the acquisition or transaction or integration costs relating to the acquisition. | ||||||||
(in millions) | Three months ended | |||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net sales | $ | 2,131.30 | $ | 2,605.00 | ||||
Net earnings attributable to Mosaic | $ | 207.2 | $ | 364.4 | ||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Brazil and Paraguay Distribution Business Acquisition | |
On April 15, 2014, we signed definitive agreements with Archer Daniels Midland Company ("ADM") to acquire its fertilizer distribution business in Brazil and Paraguay for $350 million (the "Brazil and Paraguay Distribution Business Acquisition"). The purchase price assumes the delivery of $150 million in working capital at closing. This acquisition is expected to significantly accelerate our previously announced growth plans in Brazil as well as replace a substantial amount of planned internal investments in that country. Under the terms of the agreement, we would acquire four blending and warehousing facilities in Brazil, one in Paraguay and additional warehousing and logistics service capabilities. Customary regulatory approvals are required. | |
The Brazil and Paraguay Distribution Business Acquisition would increase our annual distribution in the region from approximately four million metric tonnes to about six million metric tonnes of crop nutrients. | |
The parties have also negotiated the terms of five-year fertilizer supply agreements providing for us to supply ADM’s fertilizer needs in Brazil and Paraguay. | |
Northern Promise Joint Venture | |
On April 17, 2014 we made a contribution to the Northern Promise Joint Venture in the amount of $141.9 million to finance construction costs. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Consolidation | ' |
Statement Presentation and Basis of Consolidation | |
The accompanying unaudited Condensed Consolidated Financial Statements of Mosaic have been prepared on the accrual basis of accounting and in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. As permitted under these rules, certain footnotes and other financial information that are normally required by accounting principles generally accepted in the United States (“U.S. GAAP”) can be condensed or omitted. The Condensed Consolidated Financial Statements included in this document reflect, in the opinion of our management, all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of the results for the interim periods presented. The following notes should be read in conjunction with the accounting policies and other disclosures in the Notes to the Consolidated Financial Statements included in our Transition Report on Form 10-K filed with the SEC for the transition period from June 1, 2013 to December 31, 2013 (the "10-K Report"). Sales, expenses, cash flows, assets and liabilities can and do vary during the year as a result of seasonality and other factors. Therefore, interim results are not necessarily indicative of the results to be expected for the full fiscal year. | |
The accompanying Condensed Consolidated Financial Statements include the accounts of Mosaic and its majority owned subsidiaries. Certain investments in companies where we do not have control but have the ability to exercise significant influence are accounted for by the equity method. | |
Accounting Estimates | ' |
Accounting Estimates | |
Preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. The more significant estimates made by management relate to the estimates of fair value of acquired assets and liabilities, the recoverability of non-current assets including goodwill, the useful lives and net realizable values of long-lived assets, environmental and reclamation liabilities including asset retirement obligations (“ARO”), the costs of our employee benefit obligations for pension plans and postretirement benefits, income tax related accounts, including the valuation allowance against deferred income tax assets, inventory valuation and accruals for pending legal and environmental matters. Actual results could differ from these estimates. | |
Income Taxes | ' |
We recognize interest and penalties related to unrecognized tax benefits as a component of our income tax provision. | |
Goodwill | ' |
We review goodwill for impairment annually or at any time events or circumstances indicate that the carrying value may not be fully recoverable. Under our accounting policy, an annual review is performed in October of each year, or more frequently if indicators of potential impairment exist. | |
Fair Value | ' |
Following is a summary of the valuation techniques for assets and liabilities recorded in our Consolidated Balance Sheets at fair value on a recurring basis: | |
Foreign Currency Derivatives-The foreign currency derivative instruments that we currently use are forward contracts, zero-cost collars, and futures, which typically expire within one year. Valuations are based on exchange-quoted prices, which are classified as Level 1. Some of the valuations are adjusted by a forward yield curve or interest rates. In such cases, these derivative contracts are classified within Level 2. | |
The commodity derivative instruments that we currently use are forward purchase contracts, swaps, and three-way collars. Quoted market prices from NYMEX and AECO are used to determine the fair value of these instruments. These market prices are adjusted by a forward yield curve and are classified within Level 2. | |
The freight derivatives that we currently use are forward freight agreements. These contracts are classified in Level 2. | |
For cash and cash equivalents, receivables, net, accounts payable and short-term debt, the carrying amount approximates fair value because of the short-term maturity of those instruments. The fair value of long-term debt, including current portion, is estimated using quoted market prices for the publicly registered notes and debentures, classified as Level 1 and Level 2, respectively, within the fair value hierarchy, depending on the market liquidity of the debt. | |
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. For a description of our business segments see Note 1 to the Condensed Consolidated Financial Statements in this report. We evaluate performance based on the 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. Corporate, Eliminations and Other primarily represents unallocated corporate office activities and eliminations. All intersegment transactions are eliminated within Corporate, Eliminations and Other |
Cargill_Transaction_Tables
Cargill Transaction (Tables) | 3 Months Ended | |
Mar. 31, 2014 | ||
Stockholders' Equity Note [Abstract] | ' | |
Share Repurchases | ' | |
Class A Common Stock, Series A-2 | ||
3-Jun-14 | 3,092,429 | |
1-Jul-14 | 3,092,429 | |
30-Jul-14 | 3,092,434 | |
Total | 9,277,292 |
Other_Financial_Statement_Data1
Other Financial Statement Data (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Financial Statement Data [Abstract] | ' | ||||||||
Other Financial Statement Data | ' | ||||||||
The following provides additional information concerning selected balance sheet accounts: | |||||||||
(in millions) | March 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Other current assets | |||||||||
Final price deferred(a) | $ | 45.4 | $ | 154.3 | |||||
Income and other taxes receivable | 195.6 | 272.6 | |||||||
Prepaid expenses | 123 | 115.8 | |||||||
Assets held for sale(b) | 84.8 | 111.9 | |||||||
Other | 55.4 | 52.2 | |||||||
$ | 504.2 | $ | 706.8 | ||||||
Accrued liabilities | |||||||||
Payroll and employee benefits | 106.1 | 111.8 | |||||||
Asset retirement obligations | 113.2 | 86.3 | |||||||
Customer prepayments | 179.3 | 131.9 | |||||||
Other | 354.6 | 336.3 | |||||||
$ | 753.2 | $ | 666.3 | ||||||
Other noncurrent liabilities | |||||||||
Asset retirement obligations | $ | 794.8 | $ | 637.6 | |||||
Other | 300.8 | 289.5 | |||||||
$ | 1,095.60 | $ | 927.1 | ||||||
(a)Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon. This has not been included in inventory as risk of loss has passed to our customers. Amounts in this account are based on inventory cost. | |||||||||
(b)See further description of assets held for sale in Note 16. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of earnings per share | ' | |||||||
The following is a reconciliation of the numerator and denominator for the basic and diluted EPS computations: | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net earnings attributed to Mosaic | $ | 217.5 | $ | 379.8 | ||||
Undistributed earnings attributable to participating securities | (12.4 | ) | — | |||||
Numerator for basic and diluted earnings available to common stockholders | 205.1 | 379.8 | ||||||
Basic weighted average number of shares outstanding | 401.1 | 425.7 | ||||||
Shares subject to forward contract | (22.9 | ) | — | |||||
Basic weighted average number of shares outstanding attributable to common stockholders | 378.2 | 425.7 | ||||||
Dilutive impact of share-based awards | 1.4 | 1.5 | ||||||
Diluted weighted average number of shares outstanding | 379.6 | 427.2 | ||||||
Basic net earnings per share | $ | 0.54 | $ | 0.89 | ||||
Diluted net earnings per share | $ | 0.54 | $ | 0.89 | ||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of inventories | ' | ||||||||
Inventories consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 32.4 | $ | 34 | |||||
Work in process | 558.4 | 433.6 | |||||||
Finished goods | 935.9 | 891.6 | |||||||
Operating materials and supplies | 79.9 | 73.7 | |||||||
$ | 1,606.60 | $ | 1,432.90 | ||||||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Goodwill [Abstract] | ' | |||||||||||
Goodwill | ' | |||||||||||
The changes in the carrying amount of goodwill, by reporting unit, are as follows: | ||||||||||||
Phosphates | Potash | Total | ||||||||||
Balance as of December 31, 2013 | $ | 535.8 | $ | 1,258.60 | $ | 1,794.40 | ||||||
Foreign currency translation | — | (42.9 | ) | (42.9 | ) | |||||||
Goodwill acquired in CF acquisition (see Note 17) | 13.2 | — | 13.2 | |||||||||
Balance as of March 31, 2014 | $ | 549 | $ | 1,215.70 | $ | 1,764.70 | ||||||
Accounting_for_Derivative_Noti
Accounting for Derivative Notional Amounts (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Schedule Of Derivative Instruments Notional Amounts | ' | |||||||||
As of March 31, 2014 and December 31, 2013, the following is the total absolute notional volume associated with our outstanding derivative instruments: | ||||||||||
(in millions of Units) | March 31, | December 31, | ||||||||
Derivative Instrument | Derivative Category | Unit of Measure | 2014 | 2013 | ||||||
Foreign currency derivatives | Foreign currency | US Dollars | 1,015.10 | 940.2 | ||||||
Natural gas derivatives | Commodity | MMbtu | 4.8 | 8.2 | ||||||
Ocean freight contracts | Freight | Tonnes | 0.2 | 0.3 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
The carrying amounts and estimated fair values of our financial instruments are as follows: | |||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Cash and cash equivalents | $ | 2,490.70 | $ | 2,490.70 | $ | 5,293.10 | $ | 5,293.10 | |||||||||
Receivables, net | 597.4 | 597.4 | 543.1 | 543.1 | |||||||||||||
Accounts payable | 592.8 | 592.8 | 570.2 | 570.2 | |||||||||||||
Short-term debt | 41.3 | 41.3 | 22.6 | 22.6 | |||||||||||||
Long-term debt, including current portion | 3,009.50 | 3,159.10 | 3,009.30 | 3,059.60 | |||||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Schedule of related party transactions | ' | |||||||
The Condensed Consolidated Statements of Earnings included the following transactions with our non-consolidated companies: | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Transactions with non-consolidated companies included in net sales | $ | 205 | $ | 337.9 | ||||
Transactions with non-consolidated companies included in cost of goods sold | 97.3 | 109.1 | ||||||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information | ' | |||||||||||||||
All intersegment transactions are eliminated within Corporate, Eliminations and Other. Segment information for the three months ended March 31, 2014 and 2013 was as follows: | ||||||||||||||||
Phosphates | Potash | Corporate, Eliminations and Other | Total | |||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||
Net sales to external customers | $ | 1,253.60 | $ | 726.4 | $ | 6.2 | $ | 1,986.20 | ||||||||
Intersegment net sales | — | 6.9 | (6.9 | ) | — | |||||||||||
Net sales | 1,253.60 | 733.3 | (0.7 | ) | 1,986.20 | |||||||||||
Gross margin | 207.2 | 212.1 | (7.7 | ) | 411.6 | |||||||||||
Operating earnings | 138.2 | 166.2 | (37.8 | ) | 266.6 | |||||||||||
Capital expenditures | 123.5 | 143.9 | 7.5 | 274.9 | ||||||||||||
Depreciation, depletion and amortization expense | 81.4 | 86.8 | 6.1 | 174.3 | ||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||
Net sales to external customers | $ | 1,500.80 | $ | 808.3 | $ | 3.3 | $ | 2,312.40 | ||||||||
Intersegment net sales | — | 16.2 | (16.2 | ) | — | |||||||||||
Net sales | 1,500.80 | 824.5 | (12.9 | ) | 2,312.40 | |||||||||||
Gross margin | 253 | 396.9 | (8.1 | ) | 641.8 | |||||||||||
Operating earnings | 184.7 | 306.2 | 0.2 | 491.1 | ||||||||||||
Capital expenditures | 100.2 | 234.8 | 32.5 | 367.5 | ||||||||||||
Depreciation, depletion and amortization expense | 71.8 | 78.9 | 4.3 | 155 | ||||||||||||
Total assets as of March 31, 2014 | $ | 10,512.00 | $ | 9,641.70 | $ | (2,041.4 | ) | $ | 18,112.30 | |||||||
Total assets as of December 31, 2013 | 9,945.10 | 9,597.40 | 11.5 | 19,554.00 | ||||||||||||
CF_Acquisition_Tables
CF Acquisition (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||||||
The following table summarizes the amounts of the assets acquired and liabilities assumed as recognized at the acquisition date. The fair value of these assets and liabilities is provisional pending receipt of the final valuation: | ||||||||
(in millions) | ||||||||
Inventory | $ | 144.1 | ||||||
Other current assets | 0.5 | |||||||
Mineral properties and rights | 515.1 | |||||||
Property, plant and equipment | 627.1 | |||||||
Trust and escrow funds for asset retirement obligations (1) | 203.7 | |||||||
Goodwill | 13.2 | |||||||
Other assets | 56.8 | |||||||
Current liabilities | (12.1 | ) | ||||||
Other liabilities | (9.0 | ) | ||||||
Asset retirement obligation | (185.8 | ) | ||||||
$ | 1,353.60 | |||||||
Business Acquisition, Pro Forma Information | ' | |||||||
(in millions) | Three months ended | |||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net sales | $ | 2,131.30 | $ | 2,605.00 | ||||
Net earnings attributable to Mosaic | $ | 207.2 | $ | 364.4 | ||||
Organization_and_Nature_of_Bus1
Organization and Nature of Business (Details) | 31-May-11 | Aug. 05, 2013 |
Miski Mayo Joint Venture [Member] | Northern Promise Joint Venture [Member] | |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity method investment, ownership percentage | 35.00% | 25.00% |
Percent of joint venture production Mosaic expects to market | ' | 25.00% |
Cargill_Transaction_Details
Cargill Transaction (Details) (USD $) | 0 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||
Feb. 14, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | 25-May-11 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 14, 2014 | Mar. 17, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | 6-May-14 | |
Common Class A, Series A-3 [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A, Series A-2 [Member] | June 3, 2014 [Member] | July 1, 2014 [Member] | July 30, 2014 [Member] | Subsequent Event [Member] | |||||
MAC Trusts Share Repurchase Agreement [Member] | MAC Trusts Share Repurchase Agreement [Member] | Family Trusts Share Repurchase Program [Member] | Family Trusts Share Repurchase Program [Member] | MAC Trusts Share Repurchase Agreement [Member] | Common Class A, Series A-2 [Member] | Common Class A, Series A-2 [Member] | Common Class A, Series A-2 [Member] | Common Class A, Series A-2 [Member] | |||||
MAC Trusts Share Repurchase Agreement [Member] | MAC Trusts Share Repurchase Agreement [Member] | MAC Trusts Share Repurchase Agreement [Member] | MAC Trusts Share Repurchase Agreement [Member] | ||||||||||
Share repurchase [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Former percentage ownership by Cargill and certain of its subsidiaries | ' | ' | ' | 64.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Former shares owned by Cargill and certain of Its subsidiaries | ' | ' | ' | 285,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of class A common stock (shares) | ' | ' | ' | ' | 21,647,007 | ' | 2,400,000 | 5,800,000 | 6,184,858 | ' | ' | ' | 6,184,858 |
Payments for repurchase of common stock | ' | $1,677,900,000 | $0 | ' | ' | $1,300,000,000 | ' | $387,300,000 | ' | ' | ' | ' | $300,000,000 |
Total remaining number of shares to be repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,277,292 |
Number of shares authorized to be repurchased | ' | ' | ' | ' | ' | ' | 8,200,000 | ' | ' | 3,092,429 | 3,092,429 | 3,092,434 | ' |
Stock repurchase program, authorized amount | $1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Financial_Statement_Data2
Other Financial Statement Data (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Other current assets | ' | ' | ||
Final price deferred | $45.40 | [1] | $154.30 | [1] |
Income and other taxes receivable | 195.6 | 272.6 | ||
Prepaid expenses | 123 | 115.8 | ||
Assets held for sale | 84.8 | [2] | 111.9 | [2] |
Other | 55.4 | 52.2 | ||
Total other current assets | 504.2 | 706.8 | ||
Accrued liabilities | ' | ' | ||
Payroll and employee benefits | 106.1 | 111.8 | ||
Asset retirement obligations | 113.2 | 86.3 | ||
Customer prepayments | 179.3 | 131.9 | ||
Other | 354.6 | 336.3 | ||
Total accrued liabilities, current | 753.2 | 666.3 | ||
Other noncurrent liabilities | ' | ' | ||
Asset retirement obligations | 794.8 | 637.6 | ||
Other | 300.8 | 289.5 | ||
Total other noncurrent liabilities | $1,095.60 | $927.10 | ||
[1] | Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon. This has not been included in inventory as risk of loss has passed to our customers. Amounts in this account are based on inventory cost. | |||
[2] | See further description of assets held for sale in Note 16. |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Net earnings attributed to Mosaic | $217.50 | $379.80 |
Undistributed earnings attributable to participating securities | -12.4 | 0 |
Numerator for basic and diluted earnings available to common stockholders | $205.10 | $379.80 |
Basic weighted average number of shares outstanding | 401.1 | 425.7 |
Shares subject to forward contract | -22.9 | 0 |
Basic weighted average number of shares outstanding attributable to common stockholders | 378.2 | 425.7 |
Dilutive impact of share-based awards | 1.4 | 1.5 |
Diluted weighted average number of shares outstanding | 379.6 | 427.2 |
Basic net earnings per share | $0.54 | $0.89 |
Diluted net earnings per share | $0.54 | $0.89 |
Earnings Per Share Additional Disclosure [Abstract] | ' | ' |
Shares subject to issuance upon exercise of stock options | 1.3 | 0.4 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Change in unrecognized tax benefit | $12.50 | ' |
Unrecognized tax benefits | 111.7 | ' |
Unrecognized tax benefits that would impact effective tax rate | 94.8 | ' |
Interest And Penalties [Abstract] | ' | ' |
Unrecognized tax benefits, income tax penalties and interest accrued | 20.7 | 28.8 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' |
Other tax benefits | $62.50 | ' |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $32.40 | $34 |
Work in process | 558.4 | 433.6 |
Finished goods | 935.9 | 891.6 |
Operating materials and supplies | 79.9 | 73.7 |
Total Inventory | $1,606.60 | $1,432.90 |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Goodwill [Line Items] | ' |
Beginning Balance | $1,794.40 |
Foreign currency translation | -42.9 |
Goodwill acquired in CF acquisition | 13.2 |
Ending Balance | 1,764.70 |
Phosphates Segment [Member] | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 535.8 |
Foreign currency translation | 0 |
Goodwill acquired in CF acquisition | 13.2 |
Ending Balance | 549 |
Potash Segment [Member] | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 1,258.60 |
Foreign currency translation | -42.9 |
Goodwill acquired in CF acquisition | 0 |
Ending Balance | $1,215.70 |
Financing_Arrangements_Details
Financing Arrangements (Details) (USD $) | 0 Months Ended | 3 Months Ended |
Mar. 20, 2014 | Mar. 31, 2014 | |
Line of Credit Facility [Line Items] | ' | ' |
Unsecured term loan facility, initiation date | ' | 20-Mar-14 |
Unsecured term loan facility, maximum borrowing capacity | $800,000,000 | ' |
Unsecured term loan facility, unused capacity, commitment fee percentage | 0.13% | ' |
Unsecured term loan facility, minimum amount of debt default on single instrument to trigger cross default | 50,000,000 | ' |
Unsecured term loan facility, minimum aggregate amount of debt default on other debt instruments to trigger cross default | 75,000,000 | ' |
Unsecured term loan facility, covenant terms | 'The Term Loan Facility requires Mosaic to maintain certain financial ratios, including a maximum ratio of Total Debt to EBITDA (as defined) of 3.5 to 1.0, as well as a minimum Interest Coverage Ratio (as defined) of not less than 3.0 to 1.0. | ' |
Term Loan A-1 [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Unsecured term loan facility, maximum borrowing capacity | 370,000,000 | ' |
Unsecured term loan facility required repayment in years one and two, percent of outstanding balance | 5.00% | ' |
Term Loan A-2 [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Unsecured term loan facility, maximum borrowing capacity | $430,000,000 | ' |
Unsecured term loan facility required repayment in years one and two, percent of outstanding balance | 5.00% | ' |
Unsecured term loan facility required repayment in year three, percent of outstanding balance | 7.50% | ' |
Unsecured term loan facility required repayment in year four, percent of outstanding balance | 10.00% | ' |
Contingencies_Details
Contingencies (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Applicability, Impact and Conclusion of Environmental Loss Contingencies [Abstract] | ' | ' |
Accrual for Environmental Loss Contingencies | $37,900,000 | $31,300,000 |
Loss Contingencies [Line Items] | ' | ' |
Loss contingency, maximum potential liability estimate | 95,000,000 | ' |
Unfavorable Regulatory Action [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Future capital expenditures | 150,000,000 | ' |
Asset retirement obligations, undiscounted | ' | 1,500,000,000 |
Asset retirement obligation | ' | 465,000,000 |
Amount of cash potentially held in the form of cash escrow or trust fund in the context of a settlement of government enforcement action | 625,000,000 | ' |
PIS And Cofins Cases [Member] | Brazilian Non Income Tax Proceedings [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss contingency, maximum potential liability estimate | 52,000,000 | ' |
OtherNonIncomeTaxCasesMember [Member] | Brazilian Non Income Tax Proceedings [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Loss contingency, maximum potential liability estimate | $96,000,000 | ' |
Gross_Asset_and_Liability_Posi
Gross Asset and Liability Positions (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Gross asset position | $8.50 | $7.90 |
Gross liability position | $30.70 | $20.40 |
Derivative_Notional_Amounts_De
Derivative Notional Amounts (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Foreign Exchange Contract [Member] | ' | ' |
Notional Disclosures [Abstract] | ' | ' |
Derivative, notional amount | $1,015.10 | $940.20 |
Commodity Contract [Member] | ' | ' |
Notional Disclosures [Abstract] | ' | ' |
Nonmonetary derivative notional amount | 4,800,000 | 8,200,000 |
Freight Contracts (Tonnes) [Member] | ' | ' |
Notional Disclosures [Abstract] | ' | ' |
Nonmonetary derivative notional amount | 200,000 | 300,000 |
Credit_Risk_Related_Contingent
Credit Risk Related Contingent Features (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative, Credit Risk Related Contingent Features [Abstract] | ' | ' |
Aggregate fair value, derivative instruments, net liability position | $19.80 | $12.30 |
Aggregate fair value, collateral assets | $17.40 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | ' |
Gross asset position | $8.50 | $7.90 |
Gross liability position | 30.7 | 20.4 |
Foreign Exchange Contract [Member] | ' | ' |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | ' |
Gross asset position | 2.3 | 0.6 |
Gross liability position | 29.9 | 18.1 |
Commodity Contract [Member] | ' | ' |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | ' |
Gross asset position | 5.6 | 6 |
Gross liability position | 0.4 | 2 |
Freight Contracts [Member] | ' | ' |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ' | ' |
Gross asset position | 0.6 | 1.3 |
Gross liability position | $0.40 | $0.30 |
Fair_Value_Financial_Instrumen
Fair Value Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $2,490.70 | $5,293.10 | $3,511.40 | $3,405.30 |
Receivables, net | 597.4 | 543.1 | ' | ' |
Accounts payable | 592.8 | 570.2 | ' | ' |
Short-term debt | 41.3 | 22.6 | ' | ' |
Carrying Amount [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 2,490.70 | 5,293.10 | ' | ' |
Receivables, net | 597.4 | 543.1 | ' | ' |
Accounts payable | 592.8 | 570.2 | ' | ' |
Short-term debt | 41.3 | 22.6 | ' | ' |
Long-term debt, including current portion | 3,009.50 | 3,009.30 | ' | ' |
Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 2,490.70 | 5,293.10 | ' | ' |
Receivables, net | 597.4 | 543.1 | ' | ' |
Accounts payable | 592.8 | 570.2 | ' | ' |
Short-term debt | 41.3 | 22.6 | ' | ' |
Long-term debt, including current portion | $3,159.10 | $3,059.60 | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Related Party Transactions [Abstract] | ' | ' | ' |
Non-consolidated companies, net amount due | $28 | ' | $52.60 |
Transactions with non-consolidated companies included in net sales | 205 | 337.9 | ' |
Transactions with non-consolidated companies included in cost of goods sold | $97.30 | $109.10 | ' |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | $1,986.20 | $2,312.40 | ' |
Gross margin | 411.6 | 641.8 | ' |
Operating earnings | 266.6 | 491.1 | ' |
Capital expenditures | 274.9 | 367.5 | ' |
Depreciation, depletion and amortization | 174.3 | 155 | ' |
Assets | 18,112.30 | ' | 19,554 |
Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to external customers | 1,986.20 | 2,312.40 | ' |
Intersegment Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to external customers | 0 | 0 | ' |
Phosphates Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 1,253.60 | 1,500.80 | ' |
Gross margin | 207.2 | 253 | ' |
Operating earnings | 138.2 | 184.7 | ' |
Capital expenditures | 123.5 | 100.2 | ' |
Depreciation, depletion and amortization | 81.4 | 71.8 | ' |
Assets | 10,512 | ' | 9,945.10 |
Phosphates Segment [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to external customers | 1,253.60 | 1,500.80 | ' |
Phosphates Segment [Member] | Intersegment Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to external customers | 0 | 0 | ' |
Potash Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 733.3 | 824.5 | ' |
Gross margin | 212.1 | 396.9 | ' |
Operating earnings | 166.2 | 306.2 | ' |
Capital expenditures | 143.9 | 234.8 | ' |
Depreciation, depletion and amortization | 86.8 | 78.9 | ' |
Assets | 9,641.70 | ' | 9,597.40 |
Potash Segment [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to external customers | 726.4 | 808.3 | ' |
Potash Segment [Member] | Intersegment Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to external customers | 6.9 | 16.2 | ' |
Corporate Eliminations And Other Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | -0.7 | -12.9 | ' |
Gross margin | -7.7 | -8.1 | ' |
Operating earnings | -37.8 | 0.2 | ' |
Capital expenditures | 7.5 | 32.5 | ' |
Depreciation, depletion and amortization | 6.1 | 4.3 | ' |
Assets | -2,041.40 | ' | 11.5 |
Corporate Eliminations And Other Segment [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to external customers | 6.2 | 3.3 | ' |
Corporate Eliminations And Other Segment [Member] | Intersegment Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to external customers | ($6.90) | ($16.20) | ' |
Assets_Held_For_Sale_Details
Assets Held For Sale (Details) (USD $) | 3 Months Ended | 7 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ||
Assets held for sale | $84.80 | [1] | $111.90 | [1] |
Liabilities of assets held-for-sale | 13.1 | ' | ||
Argentina And Chile [Member] | ' | ' | ||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ||
Loss on write down of assets | ' | 50 | ||
Related tax benefit | 53.6 | ' | ||
Hersey Mine [Member] | ' | ' | ||
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ||
Loss on write down of assets | ' | 48 | ||
Related tax benefit | ' | $17 | ||
[1] | See further description of assets held for sale in Note 16. |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 17, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
Business Acquisition [Line Items] | ' | ' | ' |
Effective date of acquisition | 17-Mar-14 | ' | ' |
Acquisition of business, payments | ' | $1,353.60 | $0 |
Inventories At Price Tied To Natural Gas [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Purchase commitment, minimum quantity | ' | 545,000 | ' |
Purchase commitment, maximum quantity | ' | 725,000 | ' |
Inventories At Price Tied To C F R Tampa Price [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Purchase commitment, minimum quantity | ' | 270,000 | ' |
C F Florida Phosphates Assets [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Acquisition of business, payments | 1,149.90 | ' | ' |
C F Asset Retirement Obligations [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Acquisition of business, payments | 203.7 | ' | ' |
Asset retirement obligation, discounted | ' | $100 | ' |
CF_Acquisition_Purchase_Price_
CF Acquisition Purchase Price Allocation (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 17, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
In Millions, unless otherwise specified | CF Phosphate Assets Acquisition [Member] | Plant City Trust [Member] | Bonnie Facility Escrow [Member] | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | |
Asset Retirement Obligation Estimate Deposit | ' | ' | ' | ' | $4 | |
Inventory | ' | ' | 144.1 | ' | ' | |
Other current assets | ' | ' | 0.5 | ' | ' | |
Mineral properties and rights | ' | ' | 515.1 | ' | ' | |
Property, Plant and Equipment | ' | ' | 627.1 | ' | ' | |
Trust and escrow funds for assets retirement obligations | ' | ' | 203.7 | [1] | 189.2 | 14.5 |
Goodwill | 1,764.70 | 1,794.40 | 13.2 | ' | ' | |
Other assets | ' | ' | 56.8 | ' | ' | |
Current liabilities | ' | ' | -12.1 | ' | ' | |
Other liabilities | ' | ' | -9 | ' | ' | |
Asset retirement obligation | ' | ' | -185.8 | ' | ' | |
Total Assets Acquired and Liabilities Assumed, Net | ' | ' | $1,353.60 | ' | ' | |
[1] | Included with other assets in the Condensed Consolidated Balance Sheet as of March 31, 2014 |
CF_Acquisition_Costs_and_Reven
CF Acquisition Costs and Revenues Since Acquisition (Details) (USD $) | 0 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 |
Business Combinations [Abstract] | ' | ' |
Acquisition related costs | ' | $5 |
Revenue since acquisition | 18.9 | ' |
Earnings (loss) since acquisition date | ($0.20) | ' |
CF_Acquisition_Pro_Forma_Resul
CF Acquisition Pro Forma Results (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' |
Net Sales | $2,131.30 | $2,605 |
Net earnings attributable to Mosaic | $207.20 | $364.40 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 17, 2014 | Apr. 15, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | |||
Northern Promise Joint Venture [Member] | Brazil and Paraguay Distribution Business Acquisition [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Acquisition costs | ' | ' | ' | $350 |
Working capital acquired, delivery at closing | ' | ' | ' | 150 |
Contribution to Northern Promise joint venture | $5.80 | $15 | $141.90 | ' |