Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 01, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Entity registrant name | MOSAIC CO | ||
Trading Symbol | MOS | ||
Document type | 10-K | ||
Entity central index key | 0001285785 | ||
Amendment flag | false | ||
Entity current reporting status | Yes | ||
Entity voluntary filers | No | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Document period end date | Dec. 31, 2018 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity filer category | Large Accelerated Filer | ||
Entity well known seasoned issuer | Yes | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity common stock shares outstanding | 385,470,499 | ||
Entity public float | $ 10.9 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements of Earnings | |||
Gross margin | $ 1,498.4 | $ 842.8 | $ 810 |
Selling, general and administrative expenses | 341.1 | 301.3 | 304.2 |
Other operating expenses | 229 | 75.8 | 186.8 |
Operating earnings | 928.3 | 465.7 | 319 |
Interest expense, net | (166.1) | (138.1) | (112.4) |
Foreign currency transaction (loss) gain | (191.9) | 49.9 | 40.1 |
Other expense | (18.8) | (3.5) | (4.3) |
Earnings from consolidated companies before income taxes | 551.5 | 374 | 242.4 |
Provision for (benefit from) income taxes | 77.1 | 494.9 | (74.2) |
Earnings (loss) from consolidated companies | 474.4 | (120.9) | 316.6 |
Equity in net (loss) earnings of nonconsolidated companies | (4.5) | 16.7 | (15.4) |
Net earnings (loss) including noncontrolling interests | 469.9 | (104.2) | 301.2 |
Less: Net (loss) earnings attributable to noncontrolling interests | (0.1) | 3 | 3.4 |
Net earnings (loss) attributable to Mosaic | $ 470 | $ (107.2) | $ 297.8 |
Basic net earnings (loss) per share attributable to Mosaic | $ 1.22 | $ (0.31) | $ 0.85 |
Basic weighted average number of shares outstanding (in shares) | 384.8 | 350.9 | 350.4 |
Diluted net earnings (loss) per share attributable to Mosaic | $ 1.22 | $ (0.31) | $ 0.85 |
Diluted weighted average number of shares outstanding (in shares) | 386.4 | 350.9 | 351.7 |
Product | |||
Consolidated Statements of Earnings | |||
Net sales | $ 9,587.3 | $ 7,409.4 | $ 7,162.8 |
Cost of goods sold | $ 8,088.9 | $ 6,566.6 | $ 6,352.8 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) including noncontrolling interest | $ 469.9 | $ (104.2) | $ 301.2 |
Other comprehensive (loss) income, net of tax | |||
Foreign currency translation gain (loss), net of tax (expense) benefit | (596.9) | 240.5 | 192.3 |
Net actuarial gain (loss) and prior service cost, net of tax (expense) benefit | (10.6) | 6.3 | (3.2) |
Realized gain on interest rate swap, net of tax (expense) benefit | 2.2 | 1.7 | 1.5 |
Net gain (loss) on marketable securities held in trust fund, net of tax (expense) benefit | 4.6 | 1.7 | (7.8) |
Other comprehensive (loss) income | (600.7) | 250.2 | 182.8 |
Comprehensive (loss) income | (130.8) | 146 | 484 |
Less: Comprehensive (loss) income attributable to noncontrolling interest | (5.3) | 2.6 | 5.5 |
Comprehensive (loss) income attributable to Mosaic | $ (125.5) | $ 143.4 | $ 478.5 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Comprehensive Income (Loss), Tax, Parenthetical Disclosures [Abstract] | |||
Foreign currency translation gain (loss), tax (expense) benefit | $ 24.5 | $ (11.4) | $ 9.8 |
Net actuarial gain (loss) and prior service cost, tax (expense) benefit | (2.4) | (2.1) | 3.1 |
Realized gain on interest rate swap, tax (expense) benefit | (0.1) | (0.7) | (1) |
Net gain (loss) on marketable securities held in trust fund, tax (expense) benefit | $ (0.2) | $ (1) | $ 3.3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 847.7 | $ 2,153.5 |
Receivables, net | 838.5 | 642.6 |
Inventories | 2,270.2 | 1,547.2 |
Other current assets | 280.6 | 273.2 |
Total current assets | 4,237 | 4,616.5 |
Property, plant and equipment, net | 11,746.5 | 9,711.7 |
Investments in nonconsolidated companies | 826.6 | 1,089.5 |
Goodwill | 1,707.5 | 1,693.6 |
Deferred income taxes | 343.8 | 254.6 |
Other assets | 1,257.8 | 1,267.5 |
Total assets | 20,119.2 | 18,633.4 |
Current liabilities: | ||
Short-term debt | 11.5 | 6.1 |
Current maturities of long-term debt | 26 | 343.5 |
Structured accounts payable arrangements | 572.8 | 386.2 |
Accounts payable | 780.9 | 540.9 |
Accrued liabilities | 1,092.5 | 754.4 |
Total current liabilities | 2,483.7 | 2,031.1 |
Long-term debt, less current maturities | 4,491.5 | 4,878.1 |
Deferred income taxes | 1,080.6 | 1,117.3 |
Other noncurrent liabilities | 1,458.7 | 967.8 |
Equity: | ||
Preferred stock, par value | 0 | 0 |
Common stock, value | 3.8 | 3.5 |
Capital in excess of par value | 985.9 | 44.5 |
Retained earnings | 11,064.7 | 10,631.1 |
Accumulated other comprehensive loss | (1,657.1) | (1,061.6) |
Total Mosaic stockholders’ equity | 10,397.3 | 9,617.5 |
Non-controlling interests | 207.4 | 21.6 |
Total equity | 10,604.7 | 9,639.1 |
Total liabilities and equity | $ 20,119.2 | $ 18,633.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 15,000,000 | 15,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, issued (in shares) | 389,242,360 | 388,998,498 |
Common stock, outstanding (in shares) | 385,470,085 | 351,049,649 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities | |||
Net earnings (loss) including noncontrolling interest | $ 469.9 | $ (104.2) | $ 301.2 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||
Depreciation, depletion and amortization | 883.9 | 665.5 | 711.2 |
Business Combination, Inventory Acquired, Amortization of Fair Value Adjustment | (49.2) | 0 | 0 |
Deferred and other income taxes | (101.8) | 612.4 | (182.6) |
Equity in net loss of nonconsolidated companies, net of dividends | 12.9 | 34.4 | 32.6 |
Accretion expense for asset retirement obligations | 48 | 25.7 | 40.4 |
Share-based compensation expense | 27.5 | 28 | 30.5 |
Loss on write-down of long-lived asset | 0 | 0 | 43.5 |
Unrealized loss (gain) on derivatives | 58.9 | 8.3 | (70.1) |
Loss (gain) on disposal of fixed assets | 63.1 | (25.5) | 27 |
Other | 18.3 | 7.8 | 18.2 |
Changes in assets and liabilities, net of acquisitions: | |||
Receivables, net | 5.9 | (91.2) | 3.5 |
Inventories, net | (497.4) | (155.7) | 263 |
Other current assets and noncurrent assets | 86.7 | (23.7) | 239.8 |
Accounts payable and accrued liabilities | 342 | (65.7) | (243.9) |
Other noncurrent liabilities | 41.1 | 19.4 | 45.9 |
Net cash provided by operating activities | 1,409.8 | 935.5 | 1,260.2 |
Cash Flows from Investing Activities | |||
Capital expenditures | (954.5) | (820.1) | (843.1) |
Purchases of available-for-sale securities - restricted | (534.5) | (1,676.3) | (1,659.4) |
Proceeds from sale of available-for-sale securities - restricted | 518.8 | 1,658.1 | 1,029.3 |
Proceeds from sale of assets | 12.6 | 300.7 | 0.9 |
Payments to Acquire Businesses, Gross | (985.3) | 0 | 0 |
Investments in nonconsolidated companies | 0 | (62.5) | (244) |
Investments in consolidated affiliate | (1.5) | (49.5) | (169) |
Other | (0.3) | (18.2) | 19.3 |
Net cash used in investing activities | (1,944.7) | (667.8) | (1,866) |
Cash Flows from Financing Activities | |||
Payments of short-term debt | (144.4) | (601.4) | (421.3) |
Proceeds from issuance of short-term debt | 155.1 | 631.4 | 397 |
Payments of structured accounts payable arrangements | (762.1) | (418.5) | (792.2) |
Proceeds from structured accounts payable arrangements | 834.1 | 666.8 | 433.6 |
Payments of long-term debt | (802.9) | (102.2) | (769.1) |
Proceeds from issuance of long-term debt | 39.3 | 1,251.4 | 720 |
Payments of Financing Costs | 0 | (15.4) | 0 |
Repurchases of stock | 0 | 0 | (75) |
Cash dividends paid | (38.5) | (210.6) | (385.1) |
Other | (5.4) | (0.7) | 3.5 |
Net cash (used in) provided by financing activities | (724.8) | 1,200.8 | (888.6) |
Effect of exchange rate changes on cash | (63.7) | 14.5 | 68.8 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (1,323.4) | 1,483 | (1,425.6) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period | 2,194.4 | 711.4 | 2,137 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period | 871 | 2,194.4 | 711.4 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |||
Cash and cash equivalents | 847.7 | 2,153.5 | 673.1 |
Restricted cash in other current assets | 7.5 | 8.3 | 7 |
Restricted cash in other assets | 15.8 | 32.6 | 31.3 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period | $ 871 | $ 2,194.4 | $ 711.4 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders Equity - USD ($) $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non- Controlling Interests |
Beginning balance at Dec. 31, 2015 | $ 9,565 | $ 3.5 | $ 6.4 | $ 11,014.8 | $ (1,492.9) | $ 33.2 |
Common stock shares outstanding, beginning balance (in shares) at Dec. 31, 2015 | 352,500,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total comprehensive income (loss) | 484 | 297.8 | 180.7 | 5.5 | ||
Stock option exercises | 3.8 | 3.8 | ||||
Stock option exercises (in shares) | 500,000 | |||||
Stock based compensation | 29.2 | 29.2 | ||||
Repurchases of stock | (75) | $ 0 | (9.5) | (65.5) | ||
Dividends, Common Stock, Cash | 383.7 | 383.7 | ||||
Repurchases of stock (in shares) | (2,800,000) | |||||
Dividends for noncontrolling interests | (0.8) | (0.8) | ||||
Tax benefits (shortfall) related to share based compensation | 0 | |||||
Ending balance at Dec. 31, 2016 | 9,622.5 | $ 3.5 | 29.9 | 10,863.4 | (1,312.2) | 37.9 |
Common stock shares outstanding, ending balance (in shares) at Dec. 31, 2016 | 350,200,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total comprehensive income (loss) | 146 | (107.2) | 250.6 | 2.6 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 800,000 | |||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition | 12.8 | 12.8 | ||||
Stock based compensation | 27.4 | 27.4 | ||||
Repurchases of stock | $ 0 | 0 | ||||
Dividends, Common Stock, Cash | 125.1 | 125.1 | ||||
Repurchases of stock (in shares) | 0 | |||||
Dividends for noncontrolling interests | (0.7) | (0.7) | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (18.2) | (18.2) | ||||
Ending balance at Dec. 31, 2017 | $ 9,639.1 | $ 3.5 | 44.5 | 10,631.1 | (1,061.6) | 21.6 |
Common stock shares outstanding, ending balance (in shares) at Dec. 31, 2017 | 351,049,649 | 351,000,000 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 2.7 | 2.7 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total comprehensive income (loss) | (130.8) | 470 | (595.5) | (5.3) | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 300,000 | |||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition | (3.4) | (3.4) | ||||
Stock based compensation | 25.1 | 25.1 | ||||
Stock Issued During Period, Shares, Acquisitions | 34,200,000 | |||||
Stock Issued During Period, Value, Acquisitions | 920 | $ 0.3 | 919.7 | |||
Dividends, Common Stock, Cash | 39.1 | 39.1 | ||||
Dividends for noncontrolling interests | (0.6) | (0.6) | ||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 191.7 | 191.7 | ||||
Ending balance at Dec. 31, 2018 | $ 10,604.7 | $ 3.8 | $ 985.9 | $ 11,064.7 | $ (1,657.1) | $ 207.4 |
Common stock shares outstanding, ending balance (in shares) at Dec. 31, 2018 | 385,470,085 | 385,500,000 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per share (in usd per share) | $ 0.1 | $ 0.35 | $ 1.10 |
Organization and Nature of Busi
Organization and Nature of Business | 12 Months Ended |
Dec. 31, 2018 | |
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 and 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. On January 8, 2018, we completed our acquisition (the “ Acquisition ”) of Vale Fertilizantes S.A. (now known as Mosaic Fertilizantes P&K S.A. or the “ Acquired Business ”). Upon completion of the Acquisition, we became the leading fertilizer producer and distributor in Brazil. To reflect the fact that our Brazilian business is no longer strictly a distribution business, as well as the significance of our investment in Brazil, we realigned our business segments (the “ Realignment ”). Beginning in the first quarter of 2018, we report the results of the Mosaic Fertilizantes business as a segment, along with our other reportable segments of Phosphates and Potash. After the Realignment, 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. As part of the Acquisition, we acquired an additional 40% economic interest in the Miski Mayo Phosphate Mine in Peru, which increased our aggregate interest to 75% . These results are now consolidated in the Phosphates segment. The Phosphates segment also includes our 25% interest in the Ma'aden Wa'ad Al Shamal Phosphate Company (the “ MWSPC ”), a joint venture to develop, own and operate integrated phosphate production facilities in the Kingdom of Saudi Arabia. We market approximately 25% of the MWSPC phosphate production. We recognize our equity in the net earnings or losses relating to MWSPC on a one-quarter lag in our Consolidated Statements of Earnings. • 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. • Our Mosaic Fertilizantes business segment includes the assets in Brazil that we acquired in the Acquisition, which include five Brazilian phosphate rock mines, four phosphate chemical plants and a potash mine in Brazil. The segment also includes our legacy distribution business in South America, which consists of sales offices, crop nutrient blending and bagging facilities, port terminals and warehouses in Brazil and Paraguay. We also have a majority interest in Fospar S.A., which owns and operates a single superphosphate granulation plant and a deep-water crop nutrition port and throughput warehouse terminal facility in Brazil. Intersegment eliminations, unrealized mark-to-market gains/losses on derivatives, debt expenses, Streamsong Resort ® results of operations and the results of our China and India distribution businesses are included within Corporate, Eliminations and Other. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Statement Presentation and Basis of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP ”). Throughout the Notes to Consolidated Financial Statements, amounts in tables are in millions of dollars except for per share data and as otherwise designated. The accompanying Consolidated Financial Statements include the accounts of Mosaic and its majority owned subsidiaries. Certain investments in companies in which 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 Consolidated Financial Statements in conformity with 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 most 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. Revenue Recognition We generate revenues primarily by producing and marketing phosphate and potash crop nutrients. Revenue is recognized when control of the product is transferred to the customer, which is generally upon transfer of title to the customer based on the contractual terms of each arrangement. Title is typically transferred to the customer upon shipment of the product. In certain circumstances, which are referred to as final price deferred arrangements, we ship product prior to the establishment of a valid sales contract. In such cases, we retain control of the product and do not recognize revenue until a sales contract has been agreed to with the customer. Revenue is measured as the amount of consideration we expect to receive in exchange for the transfer of our goods. Our products are generally sold based on market prices prevailing at the time the sales contract is signed or through contracts which are priced at the time of shipment based on a formula. Sales incentives are estimated as earned by the customer and recorded as a reduction of revenue. Shipping and handling costs are included as a component of cost of goods sold. Non-Income Taxes We pay Canadian resource taxes consisting of the Potash Production Tax and resource surcharge. The Potash Production Tax is a Saskatchewan provincial tax on potash production and consists of a base payment and a profits tax. In addition to the Canadian resource taxes, royalties are payable to the mineral owners with respect to potash reserves or production of potash. These resource taxes and royalties are recorded in our cost of goods sold. Our Canadian resource tax and royalty expenses were $198.8 million , $142.0 million and $121.6 million during 2018 , 2017 and 2016 , respectively. We have approximately $90.4 million of assets recorded as of December 31, 2018 related to PIS and Cofins, which is a Brazilian federal value-added tax, and income tax credits mostly earned in 2008 through 2018 that we believe will be realized through paying income taxes, paying other federal taxes, or receiving cash refunds. Should the Brazilian government determine that these are not valid credits upon audit, this could impact our results in such period. We have recorded the PIS and Cofins credits at amounts which we believe are probable of collection. Information regarding PIS and Cofins taxes already audited is included in Note 22 of our Notes to Consolidated Financial Statements. Foreign Currency Translation The Company’s reporting currency is the U.S. dollar; however, for operations located in Canada and Brazil, the functional currency is the local currency. Assets and liabilities of these foreign operations are translated to U.S. dollars at exchange rates in effect at the balance sheet date, while income statement accounts and cash flows are translated to U.S. dollars at the average exchange rates for the period. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive income in equity until the foreign entity is sold or liquidated. Transaction gains and losses result from transactions that are denominated in a currency other than the functional currency of the operation, primarily accounts receivable and intercompany loans in our Canadian entities denominated in U.S. dollars, and accounts payable in Brazil denominated in U.S. dollars. These foreign currency transaction gains and losses are presented separately in the Consolidated Statement of Earnings. Cash and Cash Equivalents Cash and cash equivalents include short-term, highly liquid investments with original maturities of 90 days or less, and other highly liquid investments that are payable on demand such as money market accounts, certain certificates of deposit and repurchase agreements. The carrying amount of such cash equivalents approximates their fair value due to the short-term and highly liquid nature of these instruments. Concentration of Credit Risk In the U.S., we sell our products to manufacturers, distributors and retailers, primarily in the Midwest and Southeast. Internationally, our potash products are sold primarily through Canpotex, an export association. A concentration of credit risk arises from our sales and accounts receivable associated with the international sales of potash product through Canpotex. We consider our concentration risk related to the Canpotex receivable to be mitigated by their credit policy, which requires the underlying receivables to be substantially insured or secured by letters of credit. As of December 31, 2018 , there was an immaterial amount of accounts receivable due from Canpotex, compared to $37.8 million of accounts receivable due from Canpotex in 2017 . During 2018 , 2017 , and 2016 , sales to Canpotex were $820.1 million , $700.6 million and $604.5 million , respectively. Inventories Inventories of raw materials, work-in-process products, finished goods and operating materials and supplies are stated at the lower of cost or net realizable value. Costs for substantially all inventories are determined using the weighted average cost basis. To determine the cost of inventory, we allocate fixed expense to the costs of production based on the normal capacity, which refers to a range of production levels and is considered the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. Fixed overhead costs allocated to each unit of production should not increase due to abnormally low production. Those excess costs are recognized as a current period expense. When a production facility is completely shut down temporarily, it is considered “idle”, and all related expenses are charged to cost of goods sold. Net realizable value of our inventory is defined as forecasted selling prices less reasonably predictable selling costs. Significant management judgment is involved in estimating forecasted selling prices including various demand and supply variables. Examples of demand variables include grain and oilseed prices, stock-to-use ratios and changes in inventories in the crop nutrients distribution channels. Examples of supply variables include forecasted prices of raw materials, such as phosphate rock, sulfur, ammonia, and natural gas, estimated operating rates and industry crop nutrient inventory levels. Results could differ materially if actual selling prices differ materially from forecasted selling prices. Charges for lower of cost or market are recognized in our Consolidated Statements of Earnings in the period when there is evidence of a decline of market value below cost. Property, Plant and Equipment and Recoverability of Long-Lived Assets Property, plant and equipment are stated at cost. Costs of significant assets include capitalized interest incurred during the construction and development period. Repairs and maintenance, including planned major maintenance and plant turnaround costs, are expensed when incurred. Depletion expenses for mining operations, including mineral reserves, are generally determined using the units-of-production method based on estimates of recoverable reserves. Depreciation is computed principally using the straight-line method and units-of-production method over the following useful lives: machinery and equipment three to 25 years, and buildings and leasehold improvements three to 40 years. We estimate initial useful lives based on experience and current technology. These estimates may be extended through sustaining capital programs. Factors affecting the fair value of our assets or periods of expected use may also affect the estimated useful lives of our assets and these factors can change. Therefore, we periodically review the estimated remaining lives of our facilities and other significant assets and adjust our depreciation rates prospectively where appropriate. We have worked extensively to ensure the mechanical integrity of our fixed assets in order to help prolong their useful lives, while helping to improve asset utilization and potential cash preservation. As a result, we completed an in-depth review of our fixed assets and concluded that for certain assets, we would make a change to the units-of-production depreciation method from the straight-line method to better reflect the pattern of consumption of those assets. We also determined the expected lives of certain mining and production equipment and reserves were longer than the previously estimated useful lives used to determine depreciation in our financial statements. As a result, effective January 1, 2017, we changed our estimates of the useful lives and method of determining the depreciation of certain equipment to better reflect the estimated periods during which these assets will remain in service. The effect of this change in estimates reduced depreciation expense, thus increasing operating earnings, by approximately $65 million in 2017. Amounts may vary throughout the year due to changes in production levels. As a result of this change and actions taken to prolong asset lives, we expect our maintenance expense to increase in the future. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment assessment involves management judgment and estimates of factors such as industry and market conditions, the economic life of the asset, sales volume and prices, inflation, raw materials costs, cost of capital, tax rates and capital spending. The carrying amount of a long-lived asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the long-lived asset group exceeds its fair value. Leases Leases in which the risk of ownership is retained by the lessor are classified as operating leases. Leases which substantially transfer all of the benefits and risks inherent in ownership to the lessee are classified as capital leases. Assets acquired under capital leases are depreciated on the same basis as property, plant and equipment. Rental payments are expensed on a straight-line basis. Leasehold improvements are depreciated over the depreciable lives of the corresponding fixed assets or the related lease term, whichever is shorter. Structured Accounts Payable Arrangements In Brazil, we finance some of our potash-based fertilizer, sulfur, ammonia and other raw material product purchases through third-party financing arrangements. These arrangements provide that the third-party intermediary advance the amount of the scheduled payment to the vendor, less an appropriate discount, at a scheduled payment date and Mosaic makes payment to the third-party intermediary at a later date, stipulated in accordance with the commercial terms negotiated. At December 31, 2018 and 2017 , these structured accounts payable arrangements were $572.8 million and $386.2 million , respectively. Contingencies Accruals for environmental remediation efforts are recorded when costs are probable and can be reasonably estimated. In determining these accruals, we use the most current information available, including similar past experiences, available technology, consultant evaluations, regulations in effect, the timing of remediation and cost-sharing arrangements. Adjustments to accruals, recorded as needed in our Consolidated Statement of Earnings each quarter, are made to reflect changes in and current status of these factors. We are involved from time to time in claims and legal actions incidental to our operations, both as plaintiff and defendant. We have established what we currently believe to be adequate accruals for pending legal matters. These accruals are established as part of an ongoing worldwide assessment of claims and legal actions that takes into consideration such items as advice of legal counsel, individual developments in court proceedings, changes in the law, changes in business focus, changes in the litigation environment, changes in opponent strategy and tactics, new developments as a result of ongoing discovery, and our experience in defending and settling similar claims. The litigation accruals at any time reflect updated assessments of the then-existing claims and legal actions. The final outcome or potential settlement of litigation matters could differ materially from the accruals which we have established. Legal costs are expensed as incurred. Pension and Other Postretirement Benefits Mosaic offers a number of benefit plans that provide pension and other benefits to qualified employees. These plans include defined benefit pension plans, supplemental pension plans, defined contribution plans and other postretirement benefit plans. We accrue the funded status of our plans, which is representative of our obligations under employee benefit plans and the related costs, net of plan assets measured at fair value. The cost of pensions and other retirement benefits earned by employees is generally determined with the assistance of an actuary using the projected benefit method prorated on service and management’s best estimate of expected plan investment performance, salary escalation, retirement ages of employees and expected healthcare costs. Additional Accounting Policies To facilitate a better understanding of our consolidated financial statements we have disclosed the following significant accounting policies (with the exception of those identified above) throughout the following notes, with the related financial disclosures by major caption: Note Topic Page 7 Earnings per Share 9 Investments in Non-Consolidated Companies 10 Goodwill 12 Marketable Securities Held in Trusts 13 Income Taxes 14 Accounting for Asset Retirement Obligations 15 Accounting for Derivative and Hedging Activities 16 Fair Value Measurements 20 Share Based Payments |
Recently Issued Accounting Guid
Recently Issued Accounting Guidance | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Guidance | RECENTLY ISSUED ACCOUNTING GUIDANCE Recently Adopted Accounting Pronouncements On January 1, 2018, we adopted ASC Topic 606, “Revenue from Contracts with Customers” and related amendments (“new revenue standard”) using the modified retrospective method applied to those revenue contracts which were not completed as of January 1, 2018. See Note 4 of our Notes to Condensed Consolidated Financial Statements for additional information regarding the impacts of the new revenue standard. In January 2016, the Financial Accounting Standards Board ("FASB") issued guidance which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This guidance was effective for us beginning January 1, 2018, and did not have a material effect on our consolidated financial statements. In December 2017, The U.S. Tax Cuts and Jobs Act (“ The Act ”) was enacted, significantly altering U.S. corporate income tax law. The FASB has issued guidance related to the newly enacted corporate income tax law changes enacted in December 2017. As of December 31, 2018, the impacts of The Act have been finalized. See Note 13 of our Notes to Consolidated Financial Statements for additional information regarding the impacts of The Act. Pronouncements Issued But Not Yet Adopted In February 2016, the FASB issued guidance which requires recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance, including subsequent amendments, is effective for us beginning January 1, 2019, with early adoption permitted. The provisions of this guidance are to be applied using a modified retrospective approach at either the adoption date or the beginning of the earliest comparative period presented in the financial statements. We will not early adopt this guidance, and have determined that we will utilize certain initial calculational guidance for existing leases provided in the standard for use in the modified retrospective approach. We will apply this guidance as of the adoption date, January 1, 2019. We have largely completed the process of gathering information about our lease arrangements, and evaluating provisions of our leases against the recognition requirements of the new guidance. Additionally, we are implementing an integrated lease information system solution and changes to internal procedures necessary to meet the requirements of the new guidance. Upon adoption of the guidance as of January 1, 2019, we expect to record a right-of-use asset and lease liability related to our operating leases of approximately $250.0 million . The accounting for our existing capital leases (now called finance leases) will remain largely unchanged. We continue to asses all potential impacts of the guidance and given normal ongoing business dynamics, preliminary conclusions are subject to change. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE Adoption of ASC Topic 606, “Revenue with Customers” On January 1, 2018, we adopted ASC Topic 606, “Revenue from Contracts with Customers” and related amendments (“new revenue standard”) using the modified retrospective method applied to those revenue contracts which were not completed as of January 1, 2018. We recognized the cumulative effect of initially applying the new revenue standard as a net increase to opening retained earnings of $2.7 million , net of tax, as of January 1, 2018, with the impact primarily related to deferred North America revenue at December 31, 2017. The comparative information for the years ended December 31, 2017 and 2016 has not been restated and continues to be reported under the accounting standards in effect for those periods. The adoption of the new standard has not had a significant impact on our results of operations on an ongoing basis. The cumulative effects of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of the new revenue standard were as follows (in millions): Balance at Adjustments Balance at December 31, 2017 upon adoption January 1, 2018 Balance Sheet Receivables, net $ 642.6 $ 18.2 $ 660.8 Inventories 1,547.2 (13.3 ) 1,533.9 Deferred income tax asset 254.6 (1.3 ) 253.3 Accrued Liabilities 754.4 0.9 755.3 Retained earnings 10,631.1 2.7 10,633.8 Revenue Recognition We generate revenues primarily by producing and marketing phosphate and potash crop nutrients. Revenue is recognized when control of the product is transferred to the customer, which is generally upon transfer of title to the customer based on the contractual terms of each arrangement. Title is typically transferred to the customer upon shipment of the product. In certain circumstances, which are referred to as final price deferred arrangements, we ship product prior to the establishment of a valid sales contract. In such cases, we retain control of the product and do not recognize revenue until a sales contract has been agreed to with the customer. Revenue is measured as the amount of consideration we expect to receive in exchange for the transfer of our goods. Our products are generally sold based on market prices prevailing at the time the sales contract is signed or through contracts which are priced at the time of shipment based on a formula. Sales incentives are estimated as earned by the customer and recorded as a reduction of revenue. Shipping and handling costs are included as a component of cost of goods sold. For information regarding sales by product type and by geographic area, see Note 25 of our Notes to Consolidated Financial Statements. Under the new revenue standard, the timing of revenue recognition is accelerated for certain sales arrangements due to the emphasis on transfer of control rather than risks and rewards. Certain sales where revenue was previously deferred until risk was fully assumed by the customer will now be recognized when the product is shipped. Additionally, the timing of when we record revenue on sales by Canpotex has been impacted by their adoption of new revenue standards. The total impact of adoption on our condensed consolidated statement of earnings and balance sheet was as follows (in millions): For the year ended December 31, 2018 Elimination of Revenue Deferral Canpotex Impact (a) Balances Without New Revenue Standards As Reported Impact Income Statement Net sales $ 9,587.3 $ (87.9 ) $ 96.4 $ 9,595.8 (8.5 ) Cost of goods sold 8,088.9 (64.3 ) 54.1 8,078.7 10.2 Provision for (benefit from) income taxes 77.1 (2.1 ) 5.8 80.8 (3.7 ) Net earnings (loss) attributable to Mosaic 470.0 (21.5 ) 36.5 485.0 (15.0 ) Balance Sheet Receivables, net $ 838.5 $ (107.3 ) $ 96.4 $ 827.6 $ 10.9 Inventories 2,270.2 48.1 (42.8 ) 2,275.5 (5.3 ) Other current assets 280.6 23.5 — 304.1 (23.5 ) Deferred income tax asset 343.8 3.4 (5.8 ) 341.4 2.4 Accrued liabilities 1,092.5 (8.1 ) 11.4 1,095.8 (3.3 ) Retained earnings 11,064.7 (24.2 ) 36.4 11,076.9 (12.2 ) ______________________________ (a) Includes impact from Canpotex's adoption of new revenue standards, resulting in a deferral of approximately 450,000 tonnes as of December 31, 2018. Practical Expedients and Exemptions We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses. We have elected to recognize the cost for freight and shipping as an expense in cost of sales, when control over the product has passed to the customer. |
Other Financial Statement Data
Other Financial Statement Data | 12 Months Ended |
Dec. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Other Financial Statement Data | OTHER FINANCIAL STATEMENT DATA The following provides additional information concerning selected balance sheet accounts: December 31, (in millions) 2018 2017 Receivables Trade $ 703.7 $ 563.6 Non-trade 136.1 81.3 839.8 644.9 Less allowance for doubtful accounts 1.3 2.3 $ 838.5 $ 642.6 Inventories Raw materials $ 147.5 $ 37.8 Work in process 625.5 349.9 Finished goods 1,343.8 1,035.1 Final price deferred (a) 39.3 38.6 Operating materials and supplies 114.1 85.8 $ 2,270.2 $ 1,547.2 Other current assets Income and other taxes receivable $ 149.2 $ 141.3 Prepaid expenses 86.8 69.0 Other 44.6 62.9 $ 280.6 $ 273.2 Other assets Restricted cash $ 15.8 $ 32.6 MRO inventory 134.6 114.8 Marketable securities held in trust - restricted 632.3 628.0 Indemnification asset 30.7 — Long-term receivable 91.7 — Other 352.7 492.1 $ 1,257.8 $ 1,267.5 December 31, (in millions) 2018 2017 Accrued liabilities Accrued dividends $ 11.8 $ 12.1 Payroll and employee benefits 217.5 159.5 Asset retirement obligations 136.3 98.1 Customer prepayments 199.8 140.4 Accrued income tax 65.5 1.4 Other 461.6 342.9 $ 1,092.5 $ 754.4 Other noncurrent liabilities Asset retirement obligations $ 1,023.8 $ 761.2 Accrued pension and postretirement benefits 146.3 53.7 Unrecognized tax benefits 33.0 33.5 Other 255.6 119.4 $ 1,458.7 $ 967.8 ______________________________ (a) Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon. Interest expense, net was comprised of the following in 2018 , 2017 and 2016 : Years Ended December 31, (in millions) 2018 2017 2016 Interest income $ 49.7 $ 33.2 $ 28.2 Less interest expense 215.8 171.3 140.6 Interest expense, net $ (166.1 ) $ (138.1 ) $ (112.4 ) |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: December 31, (in millions) 2018 2017 Land $ 321.5 $ 245.9 Mineral properties and rights 4,478.2 3,540.4 Buildings and leasehold improvements 2,760.9 2,473.0 Machinery and equipment (a) 8,955.7 7,933.5 Construction in-progress 2,164.7 1,793.0 18,681.0 15,985.8 Less: accumulated depreciation and depletion 6,934.5 6,274.1 $ 11,746.5 $ 9,711.7 ______________________________ (a) Includes assets under capital leases of approximately $340.9 million and $345.0 million as of December 31, 2018 and 2017 , respectively. Depreciation and depletion expense was $878.2 million , $659.4 million and $703.8 million for 2018 , 2017 and 2016 , respectively. Capitalized interest on major construction projects was $22.1 million , $23.9 million and $38.5 million for 2018 , 2017 and 2016 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per share | EARNINGS PER SHARE The numerator for basic and diluted earnings per share (“EPS”) is net earnings attributable to Mosaic. The denominator for basic EPS is the weighted average number of shares outstanding during the period. The denominator for diluted EPS also includes the weighted average number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued, unless the shares are anti-dilutive. The following is a reconciliation of the numerator and denominator for the basic and diluted EPS computations: Years Ended December 31, (in millions) 2018 2017 2016 Net earnings (loss) attributable to Mosaic $ 470.0 $ (107.2 ) $ 297.8 Basic weighted average number of shares outstanding attributable to common stockholders 384.8 350.9 350.4 Dilutive impact of share-based awards 1.6 — 1.3 Diluted weighted average number of shares outstanding 386.4 350.9 351.7 Basic net earnings (loss) per share $ 1.22 $ (0.31 ) $ 0.85 Diluted net earnings (loss) per share $ 1.22 $ (0.31 ) $ 0.85 A total of 2.0 million shares for 2018 , 3.5 million shares for 2017 , and 3.0 million shares for 2016 of common stock subject to issuance upon exercise of stock options have been excluded from the calculation of diluted EPS because the effect would have been anti-dilutive. |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Information | CASH FLOW INFORMATION Supplemental disclosures of cash paid for interest and income taxes and non-cash investing and financing information is as follows: Years Ended December 31, (in millions) 2018 2017 2016 Cash paid during the period for: Interest $ 196.0 $ 178.9 $ 163.0 Less amount capitalized 22.1 23.9 38.5 Cash interest, net $ 173.9 $ 155.0 $ 124.5 Income taxes $ (34.2 ) $ (70.1 ) $ (65.4 ) Acquiring or constructing property, plant and equipment by incurring a liability does not result in a cash outflow for us until the liability is paid. In the period the liability is incurred, the change in operating accounts payable on the Consolidated Statements of Cash Flows is adjusted by such amount. In the period the liability is paid, the amount is reflected as a cash outflow from investing activities. The applicable net change in operating accounts payable that was classified to investing activities on the Consolidated Statements of Cash Flows was $(96.8) million , $11.1 million and $43.7 million for 2018 , 2017 , and 2016 respectively. We accrued $11.8 million related to the dividends declared in 2018 that will be paid in 2019 . At December 31, 2017 and 2016, we had accrued dividends of $12.1 million and $96.3 million which were paid in 2018 and 2017 , respectively. On October 24, 2017, a lease financing transaction was completed with respect to an articulated tug and barge unit that is being used to transport ammonia for our operations. As described in more detail in Note 23 , we had provided bridge loans to a consolidated affiliate for construction of the unit, and that entity also received construction loans from a joint venture in which we hold a 50% interest. Following the application of proceeds from the transaction, all outstanding construction loans to the joint venture entity, together with accrued interest, were repaid. We had non cash investing and financing transactions related to assets acquired under capital leases in 2017 of $267.9 million . Non cash investing and financing transactions related to assets acquired under capital leases were immaterial in 2018 . Depreciation, depletion and amortization includes $878.2 million , $659.4 million , and $703.8 million related to depreciation and depletion of property, plant and equipment, and $5.7 million , $6.1 million , and $7.4 million related to amortization of intangible assets for 2018 , 2017 , and 2016 , respectively. |
Investments in Non-consolidated
Investments in Non-consolidated Companies | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in non-consolidated companies | INVESTMENTS IN NON-CONSOLIDATED COMPANIES We have investments in various international and domestic entities and ventures. The equity method of accounting is applied to such investments when the ownership structure prevents us from exercising a controlling influence over operating and financial policies of the businesses but still allow us to have significant influence. Under this method, our equity in the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Earnings. The effects of material intercompany transactions with these equity method investments are eliminated, including the gross profit on sales to and purchases from our equity-method investments which is deferred until the time of sale to the final third party customer. The cash flow presentation of dividends received from equity method investees is determined by evaluation of the facts, circumstances and nature of the distribution. A summary of our equity-method investments, which were in operation as of December 31, 2018 , is as follows: Entity Economic Interest Gulf Sulphur Services LTD., LLLP 50.0 % River Bend Ag, LLC 50.0 % IFC S.A. 45.0 % MWSPC 25.0 % Canpotex 36.2 % The summarized financial information shown below includes all non-consolidated companies carried on the equity method. Years Ended December 31, (in millions) 2018 2017 2016 Net sales $ 3,555.6 $ 2,871.2 $ 2,307.9 Net earnings (loss) (5.4 ) 95.3 11.9 Mosaic’s share of equity in net earnings (loss) (4.5 ) 16.7 (15.4 ) Total assets 9,042.9 8,623.6 8,665.4 Total liabilities 6,658.2 5,971.9 6,310.1 Mosaic’s share of equity in net assets 609.1 712.8 651.5 The difference between our share of equity in net assets as shown in the above table and the investment in non-consolidated companies as shown on the Consolidated Balance Sheets is mainly due to the July 1, 2016, equity contribution of $120 million we made to MWSPC, representing the remaining liability for our portion of mineral rights value transferred to MWSPC from Ma’aden. As of December 31, 2018, MWSPC represented 85% of the total assets and 80% of the total liabilities in the table above. MWSPC commenced ammonia operations in late 2016 and, on December 1, 2018, commenced commercial operations of its DAP plant, thereby bringing the entire project to the commercial production phase. We expect DAP production to gradually ramp-up until it reaches 3.0 million tonnes in annual production capacity which is expected in 2020. In 2018 our loss in net earnings was $9.5 million , compared to equity in net earnings of $32.0 million in 2017 . MWSPC earnings for the period ended December 31, 2016 were immaterial. MWSPC owns and operates a mine and two chemical complexes that produce phosphate fertilizers and other downstream phosphates products in the Kingdom of Saudi Arabia. We currently estimate that the cost to develop and construct the integrated phosphate production facilities (the “ Project ”) will approximate $8.0 billion when finished, which has been funded primarily through investments by us, Ma’aden and SABIC (together, the “ Project Investors ”), and through borrowing arrangements and other external project financing facilities (“ Funding Facilities ”). The production facilities are expected to have a capacity of approximately 3.0 million tonnes of finished product per year when fully operational. We market approximately 25% of the production of the joint venture. On June 30, 2014, MWSPC entered into Funding Facilities with a consortium of 20 financial institutions for a total amount of approximately $5.0 billion . Also on June 30, 2014, in support of the Funding Facilities, we, together with Ma’aden and SABIC, agreed to provide our respective proportionate shares of the funding necessary for MWSPC by: (a) Contributing equity or making shareholder subordinated loans of up to $2.4 billion to fund project costs to complete and commission the Project (the “ Equity Commitments ”). (b) Through the earlier of Project completion or June 30, 2020, contributing equity, making shareholder subordinated loans or providing bank subordinated loans, to fund cost overruns on the Project (the “ Additional Cost Overrun Commitment ”). (c) Through the earlier of Project completion or June 30, 2020, contributing equity, making shareholder loans or providing bank subordinated loans to fund scheduled debt service (excluding accelerated amounts) payable under the Funding Facilities and certain other amounts (such commitment, the “ DSU Commitment ” and such scheduled debt service and other amounts, “ Scheduled Debt Service ”). Our proportionate share of amounts covered by the DSU Commitment is not anticipated to exceed approximately $200 million . The fair value of the DSU Commitment at December 31, 2018 is not material. (d) From the earlier of the Project completion date or June 30, 2020, to the extent there is a shortfall in the amounts available to pay Scheduled Debt Service, depositing for the payment of Scheduled Debt Service an amount up to the respective amount of certain shareholder tax amounts, and severance fees under MWSPC’s mining license, paid within the prior 36 months by MWSPC on behalf of the Project Investors, if any. In January 2016, MWSPC received approval from the Saudi Industrial Development Fund (“ SIDF ”) for loans in the total amount of approximately $1.1 billion for the Project, subject to the finalization of definitive agreements. In 2017, MWSPC entered into definitive agreements with SIDF to draw up to $560 million from the total SIDF-approved amount (the “ SIDF Loans ”). In September of 2018, we received communication that SIDF agreed to waive Mosaic's Parent Guarantee. MWSPC received approval to access the remaining SIDF facility of $506 million which was subsequently drawn in December 2018. Mosaic continues to have Equity Commitments, the Additional Cost Overrun Commitment and the DSU Commitment in relation to MWSPC project financing. As of December 31, 2018 , our cash investment was $770 million . We did not make any contributions in 2018 and do not expect future contributions will be needed even though we are contractually obligated to make future cash contributions of approximately $70 million . |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL Goodwill is carried at cost, not amortized, and represents the excess of the purchase price and related costs over the fair value assigned to the net identifiable assets of a business acquired. We test goodwill for impairment on a quantitative basis at the reporting unit level on an annual basis or upon the occurrence of events that may indicate possible impairment. The test resulted in no impairment in the periods presented. The changes in the carrying amount of goodwill, by reporting unit, as of December 31, 2018 and 2017 , are as follows: (in millions) Phosphates Potash Mosaic Fertilizantes Corporate, Eliminations and Other Total Balance as of December 31, 2016 $ 492.4 $ 1,013.6 $ 124.9 $ — $ 1,630.9 Foreign currency translation — 63.3 (0.6 ) — 62.7 Balance as of December 31, 2017 492.4 1,076.9 124.3 — 1,693.6 Foreign currency translation — (76.5 ) (5.8 ) — (82.3 ) Allocation of goodwill due to Realignment — — (12.1 ) 12.1 — Goodwill acquired in the Vale acquisition 96.2 — — — 96.2 Balance as of December 31, 2018 $ 588.6 $ 1,000.4 $ 106.4 $ 12.1 $ 1,707.5 We elected early adoption of ASU 2017-04 effective January 1, 2017, “Intangibles─Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” As a result, we removed Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. In connection with the Realignment and the Acquisition we performed a review of goodwill in the quarter ended March 31, 2018, and no impairment was identified. Based on the proportionate share of business enterprise value (representative of the fair value) we assigned a portion of goodwill to Corporate and Other at that time. As of October 31, 2018, we performed our annual quantitative assessment. In performing our assessment, we estimated the fair value of each of our reporting units using the income approach, also known as the discounted cash flow (“ DCF ”) method. The income approach utilized the present value of cash flows to estimate fair value. The future cash flows for our reporting units were projected based on our estimates, at that time, for revenue, operating income and other factors (such as working capital and capital expenditures for each reporting unit). To determine if the fair value of each of our reporting units with goodwill exceeded its carrying value, we assumed sales volume growth rates based on our long-term expectations, our internal selling prices and raw material prices for years one through five, which were anchored in projections from CRU International Limited, an independent third party data source. Selling prices and raw material prices for years six and beyond were based on anticipated market growth. The discount rates used in our DCF method were based on a weighted-average cost of capital (“ WACC ”), determined from relevant market comparisons. A terminal value growth rate of 2% was applied to the final year of the projected period and reflected our estimate of stable growth. We then calculated a present value of the respective cash flows for each reporting unit to arrive at an estimate of fair value under the income approach. Finally, we compared our estimates of fair values for our reporting units, to our October 31, 2017 total public market capitalization, based on our common stock price at that date. In making this assessment, we considered, among other things, expectations of projected net sales and cash flows, assumptions impacting the WACC, changes in our stock price and changes in the carrying values of our reporting units with goodwill. We also considered overall business conditions. Based on our 2018 annual impairment test, no reporting units were considered at risk of impairment. Based on our quantitative evaluation at October 31, 2018, we determined that our Potash reporting unit had an estimated fair value that was not in significant excess of its carrying value. As a result, we concluded that the goodwill assigned to the Potash reporting unit was not impaired, but could be at risk of future impairment. We continue to believe that our long-term financial goals will be achieved. As a result of our analysis, we did not take a goodwill impairment charge. The Phosphates, Mosaic Fertilizantes, and Corporate, Eliminations and Other reporting units were evaluated and not considered at risk of goodwill impairment at October 31, 2018. Assessing the potential impairment of goodwill involves certain assumptions and estimates in our model that are highly sensitive and include inherent uncertainties that are often interdependent and do not change in isolation such as product prices, raw material costs, WACC, and terminal value growth rate. If any of these are different from our assumptions, future tests may indicate an impairment of goodwill, which would result in non-cash charges, adversely affecting our results of operations. Of the factors discussed above, WACC is more sensitive than others. Assuming that all other components of our fair value estimate remain unchanged, a change in the WACC would have the following effect on estimated fair values in excess of carrying values: Sensitivity Analysis - Percent of Fair Values in Excess of Carrying Values Excess at Current WACC WACC Decreased by 50 Basis Points WACC Decreased by 25 Basis Points WACC Increased by 25 Basis Points WACC Increased by 50 Basis Points Potash Reporting Unit 18.0% 24.5% 21.3% 14.7% 11.3% As of December 31, 2018 , $153.9 million of goodwill was tax deductible. |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | FINANCING ARRANGEMENTS Mosaic Credit Facility On November 18, 2016, we entered into a new unsecured five -year credit facility of up to $2.72 billion (the “ Mosaic Credit Facility ”), which includes a $2.0 billion revolving credit facility and a $720 million term loan facility (the “ Term Loan Facility ”). The Mosaic Credit Facility is intended to serve as our primary senior unsecured bank credit facility. It increased, extended and replaced our prior unsecured credit facility, which consisted of a revolving facility of up to $1.5 billion (the “ Prior Credit Facility ”). Letters of credit outstanding under the Prior Credit Facility in the amount of approximately $18.3 million became letters of credit under the Mosaic Credit Facility. The maturity date of the Mosaic Credit Facility, including final maturity of the term loan thereunder, is November 18, 2021 . The Term Loan Facility is described below under “Long-Term Debt, including Current Maturities.” The Mosaic Credit 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 Mosaic Credit Facility requires Mosaic to maintain certain financial ratios, including a ratio of Consolidated Indebtedness to Consolidated Capitalization Ratio (as defined) of no greater than 0.65 to 1.0 as well as a minimum Interest Coverage Ratio (as defined) of not less than 3.0 to 1.0 . We were in compliance with these ratios as of December 31, 2018 . The Mosaic Credit 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. As of December 31, 2018 , we had outstanding letters of credit that utilized a portion of the amount available for revolving loans under the Mosaic Credit Facility of $14.3 million . At December 31, 2017 , we had outstanding letters of credit of $15.4 million . The net available borrowings for revolving loans under the Mosaic Credit Facility as of December 31, 2018 and 2017 were approximately $1.99 billion and $1.98 billion , respectively. Unused commitment fees under the Mosaic Credit Facility and Prior Credit Facility accrued at an average annual rate of 0.20% for 2018 , 0.16% for 2017 , and 0.13% for 2016 , generating expenses of $4.0 million , $3.3 million and $2.0 million , respectively. Short-Term Debt Short-term debt consists of the revolving credit facility under the Mosaic Credit Facility, under which there were no borrowings as of December 31, 2018 , and various other short-term borrowings related to our related to our international operations in India, China and Brazil These other short-term borrowings outstanding were $11.5 million and $6.1 million as of December 31, 2018 and 2017 , respectively. We had additional outstanding bilateral letters of credit of $54.4 million as of December 31, 2018 , which includes $50.0 million as required by the 2015 Consent Decrees as described further in Note 14 of our Consolidated Financial Statements. Long-Term Debt, including Current Maturities On November 13, 2017, we issued new senior notes consisting of $550 million aggregate principal amount of 3.250% senior notes due 2022 and $700 million aggregate principal amount of 4.050% senior notes due 2027 (collectively, the “ Senior Notes of 2017 ”). Proceeds from the Senior Notes of 2017 were used to fund the cash portion of the purchase price of the Acquisition paid at closing, transactions costs and expenses, and to fund a portion of the prepayment of the Term Loan Facility. The Mosaic Credit Facility included the Term Loan Facility, under which we borrowed $720 million . The proceeds were used to prepay a prior term loan facility. In 2018, we prepaid the outstanding balance of $684 million under the Term Loan Facility, without premium or penalty. We have additional senior notes outstanding, consisting of (i) $900 million aggregate principal amount of 4.25% senior notes due 2023, $500 million aggregate principal amount of 5.45% senior notes due 2033, and $600 million aggregate principal amount of 5.625% senior notes due 2043 (collectively, the “ Senior Notes of 2013 ”); and (ii) $450 million aggregate principal amount of 3.750% senior notes due 2021 and $300 million aggregate principal amount of 4.875% senior notes due 2041 (collectively, the “ Senior Notes of 2011 ”). The Senior Notes of 2011, the Senior Notes of 2013 and the Senior Notes of 2017 are Mosaic’s senior unsecured obligations and rank equally in right of payment with Mosaic’s existing and future senior unsecured indebtedness. The indenture governing these notes contains restrictive covenants limiting debt secured by liens, sale and leaseback transactions and mergers, consolidations and sales of substantially all assets, as well as other events of default. Two debentures issued by Mosaic Global Holdings, Inc., one of our consolidated subsidiaries, the first due in 2018 (the “ 2018 Debentures ”), was paid off on the maturity date of August 1, 2018, and the second due in 2028 (the “ 2028 Debentures ”), remains outstanding with balance of $147.1 million , as of December 31, 2018 . The indentures governing the 2028 Debentures also contain restrictive covenants limiting debt secured by liens, sale and leaseback transactions and mergers, consolidations and sales of substantially all assets, as well as events of default. The obligations under the 2028 Debentures are guaranteed by the Company and several of its subsidiaries. Long-term debt primarily consists of unsecured notes, term loans, capital leases, unsecured debentures and secured notes. Long-term debt as of December 31, 2018 and 2017 , respectively, consisted of the following: (in millions) December 31, 2018 December 31, 2018 Maturity Date December 31, 2018 Combination Fair Market Value Adjustment Discount on Notes Issuance December 31, 2018 December 31, 2017 Combination Fair Market Value Adjustment Discount on Notes Issuance December 31, 2017 Unsecured notes 3.25% - 5.63% 5.01% 2021- 2043 $ 4,000.0 $ — $ (7.3 ) $ 3,992.7 $ 4,000.0 $ — $ (8.5 ) $ 3,991.5 Unsecured debentures 7.30% 7.19% 2028 147.1 1.1 — 148.2 236.1 1.4 — 237.5 Term loan (a) Libor plus 1.25% Variable 2021 — — — — 684.0 — — 684.0 Capital leases 2.24% - 4.00% 2019- 302.2 — — 302.2 326.6 — — 326.6 Other (b) 2.50% - 9.98% 7.98% 2021- 2026 58.0 16.4 — 74.4 (18.0 ) — — (18.0 ) Total long-term debt 4,507.3 17.5 (7.3 ) 4,517.5 5,228.7 1.4 (8.5 ) 5,221.6 Less current portion 24.7 2.3 (1.0 ) 26.0 344.2 0.4 (1.1 ) 343.5 Total long-term debt, less current maturities $ 4,482.6 $ 15.2 $ (6.3 ) $ 4,491.5 $ 4,884.5 $ 1.0 $ (7.4 ) $ 4,878.1 ______________________________ (a) Term loan facility is pre-payable. (b) Includes deferred financing fees related to our long term debt. Scheduled maturities of long-term debt are as follows for the periods ending December 31: (in millions) 2019 $ 26.0 2020 39.2 2021 485.8 2022 580.4 2023 962.8 Thereafter 2,423.3 Total $ 4,517.5 |
Marketable Securities Held in T
Marketable Securities Held in Trusts | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities Held in Trusts | MARKETABLE SECURITIES HELD IN TRUSTS In August 2016, Mosaic deposited $630 million into two trust funds (together, the “ RCRA Trusts ”) created to provide additional financial assurance in the form of cash for the estimated costs (“ Gypstack Closure Costs ”) of closure and long-term care of our Florida and Louisiana phosphogypsum management systems (“ Gypstacks ”), as described further in Note 14 of our Notes to Consolidated Financial Statements. Our actual Gypstack Closure Costs are generally expected to be paid by us in the normal course of our Phosphate business; however, funds held in each of the RCRA Trusts can be drawn by the applicable governmental authority in the event we cannot perform our closure and long term care obligations. When our estimated Gypstack Closure Costs with respect to the facilities associated with a RCRA Trust are sufficiently lower than the amount on deposit in that RCRA Trust, we have the right to request that the excess funds be released to us. The same is true for the RCRA Trust balance remaining after the completion of our obligations, which will be performed over a period that may not end until three decades or more after a Gypstack has been closed. The investments held by the RCRA Trusts are managed by independent investment managers with discretion to buy, sell, and invest pursuant to the objectives and standards set forth in the related trust agreements. Amounts reserved to be held or held in the RCRA Trusts (including losses or reinvested earnings) are included in other assets on our Condensed Consolidated Balance Sheets. The RCRA Trusts hold investments, which are restricted from our general use, in marketable debt securities classified as available-for-sale and are carried at fair value. As a result, unrealized gains and losses are included in other comprehensive income until realized, unless it is determined that the carrying value of an investment is impaired on an other-than-temporary basis. There were no other-than-temporary impairment write-downs on available-for-sale securities during the year ended December 31, 2018 . We review the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. We determine the fair market values of our available-for-sale securities and certain other assets based on the fair value hierarchy described below: Level 1: Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2: Values based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuation techniques for which all significant assumptions are observable in the market. Level 3: Values generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. The estimated fair value of the investments in the RCRA Trusts is as of December 31, 2018 and December 31, 2017 are as follows: December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 Cash and cash equivalents $ 4.0 $ — $ — $ 4.0 Level 2 Corporate debt securities 180.8 0.3 (4.3 ) 176.8 Municipal bonds 186.1 0.5 (3.4 ) 183.2 U.S. government bonds 262.1 3.3 — 265.4 Total $ 633.0 $ 4.1 $ (7.7 ) $ 629.4 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 Cash and cash equivalents $ 1.2 $ — $ — $ 1.2 Level 2 Corporate debt securities 186.1 0.4 (2.2 ) 184.3 Municipal bonds 184.5 0.5 (2.7 ) 182.3 U.S. government bonds 261.7 — (4.4 ) 257.3 Total $ 633.5 $ 0.9 $ (9.3 ) $ 625.1 The following tables show gross unrealized losses and fair values of the RCRA Trusts’ available-for-sale securities that have been in a continuous unrealized loss position deemed to be temporary as of December 31, 2018 and December 31, 2017 . December 31, 2018 December 31, 2017 Less than 12 months Less than 12 months Fair Value Gross Unrealized Losses (a) Fair Value Gross Unrealized Losses (a) Corporate debt securities $ 43.9 $ (0.6 ) $ 44.3 $ (0.3 ) Municipal bonds 12.3 — 64.5 (0.5 ) U.S. government bonds — — 255.0 (4.4 ) Total $ 56.2 $ (0.6 ) $ 363.8 $ (5.2 ) December 31, 2018 December 31, 2017 Greater than 12 months Greater than 12 months Fair Value Gross Unrealized Losses (a) Fair Value Gross Unrealized Losses (a) Corporate debt securities $ 103.4 $ (3.7 ) $ 100.4 $ (1.9 ) Municipal bonds 117.5 (3.4 ) 83.3 (2.2 ) U.S. government bonds — — — — Total $ 220.9 $ (7.1 ) $ 183.7 $ (4.1 ) ______________________________ (a) Represents the aggregate of the gross unrealized losses that have been in a continuous unrealized loss position as of December 31, 2018 and December 31, 2017 . The following table summarizes the balance by contractual maturity of the available-for-sale debt securities invested by the RCRA Trusts as of December 31, 2018 . Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations before the underlying contracts mature. December 31, 2018 Due in one year or less $ 37.3 Due after one year through five years 148.8 Due after five years through ten years 407.0 Due after ten years 32.3 Total debt securities $ 625.4 For the twelve months ended December 31, 2018 realized gains and (losses), were $0.3 million and $(13.5) million , respectively. For the twelve months ended December 31, 2017 , realized gains and (losses) were $4.7 million and $(3.5) million , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES In preparing our Consolidated Financial Statements, we utilize the asset and liability approach in accounting for income taxes. We recognize income taxes in each of the jurisdictions in which we have a presence. For each jurisdiction, we estimate the actual amount of income taxes currently payable or receivable, as well as deferred income tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The provision for income taxes for 2018 , 2017 and 2016 , consisted of the following: Years Ended December 31, (in millions) 2018 2017 2016 Current: Federal $ 24.5 $ (167.6 ) $ (41.7 ) State 1.8 14.9 (15.9 ) Non-U.S. 147.2 31.0 94.9 Total current 173.5 (121.7 ) 37.3 Deferred: Federal (105.1 ) 602.3 (147.9 ) State 9.9 (39.9 ) 3.9 Non-U.S. (1.2 ) 54.2 32.5 Total deferred (96.4 ) 616.6 (111.5 ) (Benefit from) provision for income taxes $ 77.1 $ 494.9 $ (74.2 ) The components of earnings from consolidated companies before income taxes, and the effects of significant adjustments to tax computed at the federal statutory rate, were as follows: Years Ended December 31, (in millions) 2018 2017 2016 United States earnings (loss) $ 322.7 $ (82.5 ) $ (96.4 ) Non-U.S. earnings 228.8 456.5 338.8 Earnings from consolidated companies before income taxes $ 551.5 $ 374.0 $ 242.4 Computed tax at the U.S. federal statutory rate 21.0 % 35.0 % 35.0 % State and local income taxes, net of federal income tax benefit 2.0 % (0.1 )% (6.1 )% Percentage depletion in excess of basis (6.7 )% (13.2 )% (34.4 )% Impact of non-U.S. earnings 11.8 % (46.9 )% (4.0 )% Change in valuation allowance (15.2 )% 148.8 % 7.7 % Resolution of uncertain tax positions (0.4 )% — % (34.9 )% Share-based excess cost/(benefits) 0.7 % 2.0 % 2.2 % Other items (none in excess of 5% of computed tax) 0.8 % 6.7 % 3.9 % Effective tax rate 14.0 % 132.3 % (30.6 )% 2018 Effective Tax Rate In the year ended December 31, 2018, there were three types of items impacting the effective tax rate; 1) items attributable to ordinary business operations during the year, 2) other items specific to the period, and 3) impacts recorded due to the U.S. Tax Cuts and Jobs Act (“ The Act ”). The tax impact of our ordinary business operations is impacted by the mix of earnings across jurisdictions in which we operate, by a benefit associated with depletion, changes in valuation allowances and by the impact of certain entities being taxed in both their foreign jurisdiction and the U.S., including foreign tax credits for various taxes incurred. Tax expense specific to the period included a cost of $0.7 million . This relates to various items including: a benefit of ($30.6) million related to revised valuation allowances on foreign tax credits, a $12.2 million cost as a result of revisions to the provisional estimates related to The Act, a $15.0 million cost for withholding taxes related to undistributed earnings, a cost of $11.7 million for valuation allowances in foreign jurisdictions, a benefit of ($8.6) million related to release of the sequestration on future AMT refunds, and other miscellaneous benefits of $1.0 million . Impacts of the Tax Cuts and Jobs Act On December 22, 2017, The Act was enacted, significantly altering U.S. corporate income tax law. The SEC issued Staff Accounting Bulletin 118, which allows companies to record reasonable estimates of enactment impacts where the underlying analysis and calculations are not yet complete (“ Provisional Estimates ”). The Provisional Estimates must be finalized within a one-year measurement period. In the period ending December 31, 2017, we recorded Provisional Estimates of the impact of The Act of $457.5 million related to several key changes in the law. As of December 31, 2018, the impacts of The Act have been finalized. All future impacts of future issued guidance will be appropriately accounted for in the period in which the law is enacted. The Act imposed a one-time tax on “deemed” repatriation of foreign subsidiaries’ earnings and profits. The repatriation resulted in an estimated non-cash charge of $107.7 million . The charge was offset by a $202.6 million , non-cash reduction in the deferred tax liability related to certain undistributed earnings. Both of these items were recorded in the period ending December 31, 2017. The December 31, 2017 provisional estimates have been revised and finalized in the period ending December 31, 2018 resulting in an additional benefit of $9.0 million of which a cost of $12.2 million is included in the tax expense specific to the period and a benefit of $21.2 million is included in the annual effective tax rate. However, the benefit of $21.2 million results from certain provisions of The Act that pertain to the repatriation that, based on proposed guidance from the U.S. Internal Revenue Service, we anticipate could reverse when the regulations are finalized. As of December 31, 2017, we recognized a $2.3 million non-cash, deferred tax benefit related to the reduction of the U.S. federal rate from 35 percent to 21 percent . The Act significantly modified the U.S. taxation of foreign earnings and the treatment of the related foreign tax credits. In December 2017, as a result of these changes, we recorded valuation allowances against our foreign tax credits and our anticipatory foreign tax credits of $105.8 million and $440.3 million , respectively. As of December 2018, we concluded that the foreign tax credits would more likely than not be utilized and the related valuation allowance of $105.8 million was reversed as a benefit. This benefit arose due to both revisions in the estimated impact of The Act and estimates with respect to future forecasted income. Of the $105.8 million benefit, $30.6 million was recorded as tax benefit specific to the period. As of December 31, 2018, we have recorded a valuation allowance recorded against U.S. branch basket foreign tax credits of $156.8 million and anticipatory foreign tax credits of $361.6 million . The Act repeals the corporate alternative minimum tax, or AMT, system and allows for the cash refund of excess AMT credits. As of December 31, 2017, the refundable AMT amounts were subject to a set of federal budgeting rules where a certain portion of the refundable amount would permanently be disallowed (the “Sequestration Rules” ). We estimated that we would receive a cash refund of $121.5 million net of an $8.6 million charge related to the Sequestration Rules. In 2018, guidance was released that concluded that the Sequestration Rules do not apply to AMT credits related to The Act. As of December 31, 2018, we estimate that we will receive a cash refund of $100.4 million and the sequestration charge of $8.6 million recorded at December 31, 2017 has been reversed. The estimated refundable alternative minimum tax credit was included in other non-current assets at both December 31, 2018 and December 31, 2017. The Act introduced a new category of taxable income called global intangible low-taxed income ( “GILTI” ). No provisional estimates were recorded as of December 31, 2017 for the impacts of GILTI since we had not completed our full analysis of that provision of The Act. We have included GILTI in our December 31, 2018 provision for income taxes, which did not have a material impact to the Company for the current year. We have elected an accounting policy to record any GILTI liabilities as period costs. 2017 Effective Tax Rate In the year ended December 31, 2017, there were three types of items impacting the effective tax rate; 1) items attributable to ordinary business operations during the year, 2) other items specific to the period, and 3) impacts recorded due to the enactment of the U.S. Tax Cuts and Jobs Act. The tax impact of our ordinary business operations is impacted by the mix of earnings across jurisdictions in which we operate, by a benefit associated with depletion, and by the impact of certain entities being taxed in both their foreign jurisdiction and the U.S., including foreign tax credits for various taxes incurred. Tax expense specific to the period included a cost of $15.1 million related to a $10.4 million pre-tax charge resulting from the resolution of a royalty matter with the government of Saskatchewan and related royalty impacts, a $7.5 million cost related to share-based compensation, and an expense of $6.7 million related to the effect on deferred income tax liabilities of an increase in the statutory tax rate for one of our equity method investments, offset by a $14.9 million U.S. state deferred benefit and other miscellaneous benefits of $6.1 million . 2016 Effective Tax Rate In the year ended December 31, 2016, tax expense specific to the period included a benefit of $54.2 million , which includes a domestic benefit of $85.8 million related to the resolution of an Advanced Pricing Agreement, which is a tax treaty-based process, partially offset by a $23.3 million expense related to distributions from certain non-U.S. subsidiaries and $8.3 million of expense primarily related to share-based excess cost. During 2016, our income tax rate was favorably impacted by the mix of earnings across the jurisdictions in which we operate and by a benefit associated with depletion when compared to the year ended December 31, 2015. Our income tax rate is lower in 2016 compared to 2015 because our deductions are relatively fixed in dollars, while our profitability has been reduced; therefore, the deductions are a larger percentage of income. Significant components of our deferred tax liabilities and assets as of December 31 were as follows: December 31, (in millions) 2018 2017 Deferred tax liabilities: Depreciation and amortization $ 317.3 $ 864.2 Depletion 390.8 260.9 Partnership tax basis differences 64.6 67.6 Undistributed earnings of non-U.S. subsidiaries 15.0 15.0 Other liabilities 10.3 150.6 Total deferred tax liabilities $ 798.0 $ 1,358.3 Deferred tax assets: Alternative minimum tax credit carryforwards $ 76.5 $ 46.8 Capital loss carryforwards 3.0 0.1 Foreign tax credit carryforwards 493.5 322.9 Net operating loss carryforwards 408.9 112.0 Pension plans and other benefits 33.4 2.1 Asset retirement obligations 187.6 174.1 Deferred revenue — 252.0 Other assets 388.8 169.7 Subtotal 1,591.7 1,079.7 Valuation allowance 1,530.5 584.1 Net deferred tax assets 61.2 495.6 Net deferred tax liabilities $ (736.8 ) $ (862.7 ) We have certain entities that are taxed in both their local currency jurisdiction and the U.S. As a result, we have deferred tax balances for both jurisdictions. As of December 31, 2018 and 2017 , these non-U.S. deferred taxes are offset by approximately $361.6 million and $440.3 million , respectively, of anticipated foreign tax credits included within our depreciation and depletion components of deferred tax liabilities above. Due to The Act, we have recorded a valuation allowance against the anticipated foreign tax credits of $361.6 million and $440.3 million for December 31, 2018 and 2017, respectively. As of December 31, 2018 , we had estimated carryforwards for tax purposes as follows: alternative minimum tax credits of $76.5 million , plus an additional $100.4 million of alternative minimum tax credits that we estimate will be refundable due to The Act, net operating losses of $1,892.5 million , foreign tax credits of $493.5 million and $2.2 million of non-U.S. business credits. These carryforward benefits may be subject to limitations imposed by the Internal Revenue Code, and in certain cases, provisions of foreign law. As discussed above, we estimate that $100.4 million of the alternative minimum tax credit carryforwards will be refunded while the remaining $76.5 million are expected to be utilized to offset future U.S. federal tax liabilities. Approximately $869.5 million of our net operating loss carryforwards relate to Brazil and can be carried forward indefinitely but are limited to 30 percent of taxable income each year. The majority of the remaining net operating loss carryforwards relate to certain U.S. states and can be carried forward for 20 years. Of the $493.5 million of foreign tax credits, approximately $39.3 million have an expiration date of 2023, approximately $232.6 million have an expiration date of 2026, and approximately $221.6 million have an expiration date of 2028. The realization of our foreign tax credit carryforwards is dependent on market conditions, tax law changes, and other business outcomes including our ability to generate certain types of taxable income. As a result of changes in U.S. tax law due to The Act, the Company recorded valuation allowances against its branch basket foreign tax credits of $156.8 million at December 31, 2018. The Act imposed a one-time tax on the “deemed” repatriation of foreign subsidiaries’ earnings and profits and establishes an exemption from U.S. tax for future dividends from foreign subsidiaries. As such, we are only subject to withholding tax on the actual repatriation of non-U.S. earnings. As of December 31, 2018, the company has recorded a $15 million deferred tax liability associated with the future repatriation of $300 million of undistributed earnings of non-U.S. subsidiaries. Valuation Allowance In assessing the need for a valuation allowance, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. We evaluate our ability to realize the tax benefits associated with deferred tax assets by analyzing the relative impact of all the available positive and negative evidence regarding our forecasted taxable income using both historical and projected future operating results, the reversal of existing taxable temporary differences, taxable income in prior carry-back years (if permitted) and the availability of tax planning strategies. The ultimate realization of deferred tax assets is dependent upon the generation of certain types of future taxable income during the periods in which those temporary differences become deductible. In making this assessment, we consider the scheduled reversal of deferred tax liabilities, our ability to carry back the deferred tax asset, projected future taxable income, and tax planning strategies. A valuation allowance will be recorded in each jurisdiction in which a deferred income tax asset is recorded when it is more likely than not that the deferred income tax asset will not be realized. Changes in deferred tax asset valuation allowances typically impact income tax expense. For the year ended December 31, 2018 , the valuation allowance increased by $945.8 million , of which $956.2 million related to valuation allowances on the Vale acquisition and $30.7 million related to changes in the U.S. tax law imposed by The Act. The remaining amount relates to our conclusion that we are not more likely than not to use attributes at other foreign jurisdictions. For the year ended December 31, 2017 , the valuation allowance increased by $553.5 million , of which $546.1 million related to changes in the U.S. tax law imposed by The Act and the remaining amount is due to our conclusion that we are not more likely than not to use attributes at a Netherlands subsidiary. For the year ended year ended December 31, 2016 , the valuation allowance increased by $18.7 million primarily due to our conclusion that we are not more likely than not to use attributes at a Netherlands subsidiary and certain U.S. states. Uncertain Tax Positions Accounting for uncertain income tax positions is determined by prescribing a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. This minimum threshold is that a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than a fifty percent likelihood of being realized upon ultimate settlement. As of December 31, 2018 , we had $38.1 million of gross uncertain tax positions. If recognized, the benefit to our effective tax rate in future periods would be approximately $20.5 million of that amount. During 2018 , we recorded gross increases in our uncertain tax positions of $1.2 million related to certain U.S. and non-U.S. tax matters, of which $0.7 million impacted the effective tax rate. This increase was offset by items not included in gross uncertain tax positions. Based upon the information available as of December 31, 2018 , it is reasonably possible that the amount of unrecognized tax benefits will change in the next twelve months; however, the change cannot reasonably be estimated. Years Ended December 31, (in millions) 2018 2017 2016 Gross unrecognized tax benefits, beginning of period $ 39.3 $ 27.1 $ 98.6 Gross increases: Prior period tax positions 0.3 1.9 13.5 Current period tax positions 3.8 8.5 6.9 Gross decreases: Prior period tax positions (2.9 ) — (91.6 ) Currency translation (2.4 ) 1.8 (0.3 ) Gross unrecognized tax benefits, end of period $ 38.1 $ 39.3 $ 27.1 We recognize interest and penalties related to unrecognized tax benefits as a component of our income tax expense. Interest and penalties accrued in our Consolidated Balance Sheets as of December 31, 2018 and 2017 are $4.9 million and $4.1 million , respectively, and are included in other noncurrent liabilities in the Consolidated Balance Sheets. We operate in multiple tax jurisdictions, both within the United States and outside the United States, and face audits from various tax authorities regarding transfer pricing, deductibility of certain expenses, and intercompany transactions, as well as other matters. With few exceptions, we are no longer subject to examination for tax years prior to 2012. Mosaic is continually under audit by various tax authorities in the normal course of business. Such tax authorities may raise issues contrary to positions taken by the Company. If such positions are ultimately not sustained by the Company this could result in material assessments to the Company. The costs related to defending, if needed, such positions on appeal or in court may be material. The Company believes that any issues considered are properly accounted for. We are currently under audit by the Canada Revenue Agency for the tax years ended May 31, 2012 through December 31, 2014 and 2015. Based on the information available, we do not anticipate significant changes to our unrecognized tax benefits as a result of these examinations other than the amounts discussed above. |
Accounting for Asset Retirement
Accounting for Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Accounting for Asset Retirement Obligations | ACCOUNTING FOR ASSET RETIREMENT OBLIGATIONS We recognize our estimated asset retirement obligations (“ AROs ”) in the period in which we have an existing legal obligation associated with the retirement of a tangible long-lived asset, and the amount of the liability can be reasonably estimated. The ARO is recognized at fair value when the liability is incurred with a corresponding increase in the carrying amount of the related long lived asset. We depreciate the tangible asset over its estimated useful life. The liability is adjusted in subsequent periods through accretion expense which represents the increase in the present value of the liability due to the passage of time. Such depreciation and accretion expenses are included in cost of goods sold for operating facilities and other operating expense for indefinitely closed facilities. Our legal obligations related to asset retirement require us to: (i) reclaim lands disturbed by mining as a condition to receive permits to mine phosphate ore reserves; (ii) treat low pH process water in Gypstacks to neutralize acidity; (iii) close and monitor Gypstacks at our Florida and Louisiana facilities at the end of their useful lives; (iv) remediate certain other conditional obligations; (v) remove all surface structures and equipment, plug and abandon mine shafts, contour and revegetate, as necessary, and monitor for five years after closing our Carlsbad, New Mexico facility and (vi) decommission facilities, manage tailings and execute site reclamation at our Saskatchewan potash mines at the end of their useful lives; (vii) de-commission mines in Brazil and Peru acquired as part of the Acquisition and (viii) de-commission plant sites and close Gypstacks in Brazil, also as part of the Acquisition. The estimated liability for these legal obligations is based on the estimated cost to satisfy the above obligations which is discounted using a credit-adjusted risk-free rate. A reconciliation of our AROs is as follows: Years Ended December 31, (in millions) 2018 2017 AROs, beginning of period $ 859.3 $ 849.9 Liabilities acquired in the Acquisition 258.9 — Liabilities incurred 27.8 27.1 Liabilities settled (69.6 ) (64.8 ) Accretion expense 48.0 25.7 Revisions in estimated cash flows 78.2 15.7 Foreign currency translation (42.5 ) 5.7 AROs, end of period 1,160.1 859.3 Less current portion 136.3 98.1 $ 1,023.8 $ 761.2 North America Gypstack Closure Costs A majority of our ARO relates to Gypstack Closure Costs in Florida and Louisiana. For financial reporting purposes, we recognize our estimated 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, 2018 , and December 31, 2017 , the present value of our Gypstack Closure Costs ARO reflected in our Consolidated Balance Sheet was approximately $578.4 million and $529.7 million , respectively. As discussed below, we have arrangements to provide financial assurance for the estimated Gypstack Closure Costs associated with our facilities in Florida and Louisiana. EPA RCRA Initiative . On September 30, 2015, we and our subsidiary, Mosaic Fertilizer, LLC (“ Mosaic Fertilizer ”), reached agreements with the U.S. Environmental Protection Agency (“ EPA ”), the U.S. Department of Justice (“ DOJ ”), the Florida Department of Environmental Protection (“ FDEP ”) and the Louisiana Department of Environmental Quality (“ LDEQ ”) on the terms of two consent decrees (collectively, the “ 2015 Consent Decrees ”) to resolve claims relating to our management of certain waste materials onsite at our Riverview, New Wales, Mulberry, Green Bay, South Pierce and Bartow fertilizer manufacturing facilities in Florida and our Faustina and Uncle Sam facilities in Louisiana. This followed a 2003 announcement by the EPA Office of Enforcement and Compliance Assurance 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. As discussed below, a separate consent decree was previously entered into with EPA and the FDEP with respect to RCRA compliance at the Plant City, Florida phosphate concentrates facility (the “ Plant City Facility ”) that we acquired as part of our acquisition (the “ CF Phosphate Assets Acquisition ”) of the Florida phosphate assets and assumption of certain related liabilities of CF Industries, Inc. (“ CF ”). The remaining monetary obligations under the 2015 Consent Decrees include: • Modification of certain operating practices and undertaking certain capital improvement projects over a period of several years that are expected to result in capital expenditures likely to exceed $200 million in the aggregate. • Provision of additional financial assurance for the estimated Gypstack Closure Costs for Gypstacks at the covered facilities. The RCRA Trusts are discussed in Note 12 to our Consolidated Financial Statements. In addition, we have agreed to guarantee the difference between the amounts held in each RCRA Trust (including any earnings) and the estimated closure and long-term care costs. As of December 31, 2018 , the undiscounted amount of our Gypstack Closure Costs ARO associated with the facilities covered by the 2015 Consent Decrees, determined using the assumptions used for financial reporting purposes, was approximately $1.5 billion , and the present value of our Gypstack Closure Costs ARO reflected in our Consolidated Balance Sheet for those facilities was approximately $457.1 million . Plant City and Bonnie Facilities . As part of the CF Phosphate Assets Acquisition, we assumed certain AROs related to Gypstack Closure Costs at both 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 provides sources of funds for the estimated Gypstack Closure Costs for these facilities, pursuant to federal or state law: the government entities can draw against such amounts in the event we cannot perform such closure activities. One was initially 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 that also satisfied Florida financial assurance requirements at that site. Beginning in September 2016, as a substitute for the financial assurance provided through the Plant City Trust, we have provided financial assurance for Plant City in the form of a surety bond (the “ Plant City Bond ”). The amount of the Plant City Bond is $233.7 million , at December 31, 2018, which reflects our closure cost estimates at that date. The other was also a trust fund (the “ Bonnie Facility Trust ”) established to meet the requirements under Florida financial assurance regulations that apply to the Bonnie Facility. On July 27, 2018, we received $21.0 million from the Bonnie Facility Trust by substituting the trust fund for a financial test mechanism (“ Bonnie Financial Test ”) supported by a corporate guarantee as allowed by state regulations. Both financial assurance funding obligations require estimates of future expenditures that could be impacted by refinements in scope, technological developments, new information, cost inflation, changes in regulations, discount rates and the timing of activities. Under our current approach to satisfying applicable requirements, additional financial assurance would be required in the future if increases in cost estimates exceed the face amount of the Plant City Bond or the amount supported by the Bonnie Financial Test. As of December 31, 2018 , and December 31, 2017 , the aggregate amounts of AROs associated with the Plant City Facility and Bonnie Facility gypstack closure costs included in our consolidated balance sheet were $109.2 million and $97.7 million , respectively. The aggregate amount represented by the Plant City Bond exceeds the aggregate amount of ARO associated with that Facility. This is because the amount of financial assurance we are required to provide 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, whereas the ARO included in our Consolidated Balance Sheet reflects the discounted present value of those estimated amounts. |
Accounting for Derivative Instr
Accounting for Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
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, interest rate movements and the effects of changing commodity 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. As of December 31, 2018 , and 2017 , the gross asset position of our derivative instruments was $13.4 million and $15.6 million , respectively, and the gross liability position of our liability instruments was $89.4 million and $26.7 million , respectively. Due to the Acquisition, our foreign currency derivatives have increased in 2018. 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 products 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/(loss) caption in the Consolidated Statements of Earnings. We apply fair value hedge accounting treatment to our fixed-to-floating interest rate contracts. Under these arrangements, we agree to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. The mark-to-market of these fair value hedges is recorded as gains or losses in interest expense. These fair value hedges are considered to be highly effective and, thus, as of December 31, 2018 , the impact on earnings due to hedge ineffectiveness was immaterial. Consistent with Mosaic’s intent to have floating rate debt as a portion of its outstanding debt, in December 2016 and the first quarter of 2017, we entered into four and five , respectively, fixed-to-floating interest rate swap agreements with a total notional amount of $310.0 million and $275.0 million , respectively, related to our Senior Notes due 2023. In December 2016, we entered into forward starting interest rate swap agreements to hedge our exposure to changes in future interest rates related to an anticipated debt issuance to fund the cash portion of the Acquisition as described in Note 24 . We did not apply hedge accounting treatment to these contracts, and we used cash to settle our obligation at the time of pricing of the related debt. In November 2017, we completed the debt issuance and settled all of our outstanding pre-issuance interest rate swap agreements. These agreements had a negative impact on pre-tax earnings of approximately $12 million for the year ended December 31, 2017. The following is the total absolute notional volume associated with our outstanding derivative instruments: (in millions of Units) Instrument Derivative Category Unit of Measure December 31, December 31, Foreign currency derivatives Foreign Currency US Dollars 2,091.7 813.5 Interest rate derivatives Interest Rate US Dollars 585.0 585.0 Natural gas derivatives Commodity MMbtu 52.2 43.0 Credit-Risk-Related Contingent Features Certain of our derivative instruments contain provisions that are governed by International Swap and Derivatives Association 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 to the derivative instruments 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 December 31, 2018 , and 2017 was $37.9 million and $15.0 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 December 31, 2018 , we would have been required to post an additional $36.8 million of collateral assets, which are either cash or U.S. Treasury instruments, to the counterparties. Counterparty Credit Risk We enter into foreign exchange, 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 | 12 Months Ended |
Dec. 31, 2018 | |
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 and zero-cost collars, which typically expire within eighteen months . Most of the valuations are adjusted by a forward yield curve or interest rates. In such cases, these derivative contracts are classified within Level 2. Some valuations are based on exchange-quoted prices, which are classified as Level 1. Changes in the fair market values of these contracts are recognized in the Consolidated Financial Statements as a component of cost of goods sold in our Corporate, Eliminations and Other segment, or foreign currency transaction (gain) loss. As of December 31, 2018 and 2017 , the gross asset position of our foreign currency derivative instruments was $13.1 million and $15.4 million , respectively, and the gross liability position of our foreign currency derivative instruments was $62.2 million and $6.5 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 and settlements are scheduled 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 in our Corporate, Eliminations and Other segment. As of December 31, 2018 and 2017 , the gross asset position of our commodity derivative instruments was $0.3 million and $0.1 million , respectively, and the gross liability position of our commodity derivative instruments was $17.7 million and $17.9 million , respectively. Interest Rate Derivatives —We manage interest expense through interest rate contracts to convert a portion of our fixed-rate debt into floating-rate debt. We also enter into interest rate swap agreements to hedge our exposure to changes in future interest rates related to anticipated debt issuances. Valuations are based on external pricing sources and are classified as Level 2. Changes in the fair market values of these contracts are recognized in the Consolidated Financial Statements as a component of interest expense. As of December 31, 2018 and 2017 , the gross asset position of our interest rate swap instruments was zero and $0.1 million , respectively, and the gross liability position of our interest rate swap instruments was $9.5 million and $2.3 million , respectively. Financial Instruments The carrying amounts and estimated fair values of our financial instruments are as follows: December 31, 2018 2017 Carrying Fair Carrying Fair (in millions) Amount Value Amount Value Cash and cash equivalents $ 847.7 $ 847.7 $ 2,153.5 $ 2,153.5 Accounts receivable 838.5 838.5 642.6 642.6 Accounts payable 780.9 780.9 540.9 540.9 Structured accounts payable arrangements 572.8 572.8 386.2 386.2 Short-term debt 11.5 11.5 6.1 6.1 Long-term debt, including current portion 4,517.5 4,554.6 5,221.6 5,431.8 For cash and cash equivalents, accounts receivable, net, accounts payable, structured accounts payable arrangements 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 the 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. For information regarding the fair value of our marketable securities held in trusts, see Note 12 of our Notes to Consolidated Financial Statements. |
Guarantees and Indemnities
Guarantees and Indemnities | 12 Months Ended |
Dec. 31, 2018 | |
Guarantees [Abstract] | |
Guarantees and Indemnities | GUARANTEES AND INDEMNITIES We enter into various contracts that include indemnification and guarantee provisions as a routine part of our business activities. Examples of these contracts include asset purchase and sale agreements, surety bonds, financial assurances to regulatory agencies in connection with reclamation and closure obligations, commodity sale and purchase agreements, and other types of contractual agreements with vendors and other third parties. These agreements indemnify counterparties for matters such as reclamation and closure obligations, tax liabilities, environmental liabilities, litigation and other matters, as well as breaches by Mosaic of representations, warranties and covenants set forth in these agreements. In many cases, we are essentially guaranteeing our own performance, in which case the guarantees do not fall within the scope of the accounting and disclosures requirements under U.S. GAAP. Our more significant guarantees and indemnities are as follows: Guarantees to Brazilian Financial Parties. From time to time, we issue guarantees to financial parties in Brazil for certain amounts owed the institutions by certain customers of Mosaic. The guarantees are for all or part of the customers’ obligations. In the event that the customers default on their payments to the institutions and we would be required to perform under the guarantees, we have in most instances obtained collateral from the customers. We monitor the nonperformance risk of the counterparties and have noted no material concerns regarding their ability to perform on their obligations. The guarantees generally have a one-year term, but may extend up to two years or longer depending on the crop cycle, and we expect to renew many of these guarantees on a rolling twelve-month basis. As of December 31, 2018 , we have estimated the maximum potential future payment under the guarantees to be $64.3 million . The fair value of our guarantees is immaterial to the Consolidated Financial Statements as of December 31, 2018 and 2017. Other Indemnities. Our maximum potential exposure under other indemnification arrangements can range from a specified dollar amount to an unlimited amount, depending on the nature of the transaction. Total maximum potential exposure under these indemnification arrangements is not estimable due to uncertainty as to whether claims will be made or how they will be resolved. We do not believe that we will be required to make any material payments under these indemnity provisions. Because many of the guarantees and indemnities we issue to third parties do not limit the amount or duration of our obligations to perform under them, there exists a risk that we may have obligations in excess of the amounts described above. For those guarantees and indemnities that do not limit our liability exposure, we may not be able to estimate what our liability would be until a claim is made for payment or performance due to the contingent nature of these arrangements. |
Pension Plans and Other Benefit
Pension Plans and Other Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Pension Plans And Other Benefits | PENSION PLANS AND OTHER BENEFITS We sponsor pension and postretirement benefits through a variety of plans including defined benefit plans, defined contribution plans, and postretirement benefit plans in North America and certain of our international locations. We reserve the right to amend, modify, or terminate the Mosaic sponsored plans at any time, subject to provisions of the Employee Retirement Income Security Act of 1974 (“ ERISA ”), prior agreements and our collective bargaining agreements. Defined Benefit We sponsor various defined benefit pension plans in the U.S. and in Canada. Benefits are based on different combinations of years of service and compensation levels, depending on the plan. Generally, contributions to the U.S. plans are made to meet minimum funding requirements of ERISA, while contributions to Canadian plans are made in accordance with Pension Benefits Acts instituted by the provinces of Saskatchewan and Ontario. Certain employees in the U.S. and Canada, whose pension benefits exceed Internal Revenue Code and Canada Revenue Agency limitations, respectively, are covered by supplementary non-qualified, unfunded pension plans. We sponsor various defined benefit pension plans in Brazil, and we acquired through the Acquisition, multi-employer pension plans for certain of our Brazil associates. All our pension plans are governed by the Brazilian pension plans regulatory agency, National Superintendence of Supplementary Pensions (“ PREVIC ”). Our Brazil plans are not individually significant to the Company's consolidated financial statements after factoring in the multi-employer pension plan indemnification that we acquired through the Acquisition. We made contributions to these plans, net of indemnification, of $1.0 million during the year ended December 31, 2018. Accounting for Pension Plans The year-end status of the North American pension plans was as follows: Pension Plans Years Ended December 31, (in millions) 2018 2017 Change in projected benefit obligation: Benefit obligation at beginning of period $ 766.1 $ 713.5 Service cost 6.2 5.9 Interest cost 24.0 24.3 Actuarial (gain) loss (48.3 ) 44.2 Currency fluctuations (28.0 ) 24.0 Benefits paid (46.4 ) (45.8 ) Projected benefit obligation at end of period $ 673.6 $ 766.1 Change in plan assets: Fair value at beginning of period $ 793.2 $ 715.6 Currency fluctuations (30.7 ) 25.9 Actual return (22.0 ) 85.8 Company contribution 7.1 11.7 Benefits paid (46.4 ) (45.8 ) Fair value at end of period $ 701.2 $ 793.2 Funded status of the plans as of the end of period $ 27.6 $ 27.1 Amounts recognized in the consolidated balance sheets: Noncurrent assets $ 40.5 $ 41.1 Current liabilities (0.7 ) (0.8 ) Noncurrent liabilities (12.2 ) (13.2 ) Amounts recognized in accumulated other comprehensive (income) loss Prior service costs $ 16.9 $ 20.8 Actuarial loss 107.7 109.8 The accumulated benefit obligation for the defined benefit pension plans was $673.0 million and $765.1 million as of December 31, 2018 and 2017 , respectively. The components of net annual periodic benefit costs and other amounts recognized in other comprehensive income include the following components: Pension Plans (in millions) Years Ended December 31, 2018 2017 2016 Net Periodic Benefit Cost Service cost $ 6.2 $ 5.9 $ 5.8 Interest cost 24.0 24.3 25.1 Expected return on plan assets (39.7 ) (41.3 ) (44.9 ) Amortization of: Prior service cost 2.4 2.3 1.7 Actuarial loss 9.1 2.8 5.0 Preliminary net periodic benefit cost (income) $ 2.0 $ (6.0 ) $ (7.3 ) Curtailment/settlement expense 1.2 2.4 6.2 Total net periodic benefit cost (income) $ 3.2 $ (3.6 ) $ (1.1 ) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Prior service (credit) cost recognized in other comprehensive income $ (4.3 ) $ (3.8 ) $ 8.9 Net actuarial loss (gain) recognized in other comprehensive income 5.0 (4.0 ) (2.5 ) Total recognized in other comprehensive income (loss) $ 0.7 $ (7.8 ) $ 6.4 Total recognized in net periodic benefit (income) cost and other comprehensive income $ 3.9 $ (11.4 ) $ 5.3 The estimated net actuarial (gain) loss and prior service cost (credit) for the pension plans and postretirement plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2019 is $12.1 million . The following estimated benefit payments, which reflect estimated future service are expected to be paid by the related plans in the years ending December 31: (in millions) Pension Plans Benefit Payments Other Postretirement Plans Benefit Payments Medicare Part D Adjustments 2019 $ 40.4 $ 4.2 $ 0.2 2020 41.1 4.2 0.2 2021 41.9 4.1 0.2 2022 42.8 3.9 0.2 2023 43.1 3.8 0.2 2024-2028 215.0 17.5 0.5 In 2019 , we expect to contribute cash of at least $4.4 million to the pension plans to meet minimum funding requirements. Also in 2019 , we anticipate contributing cash of $4.2 million to the postretirement medical benefit plans to fund anticipated benefit payments. Plan Assets and Investment Strategies The Company’s overall investment strategy is to obtain sufficient return and provide adequate liquidity to meet the benefit obligations of our pension plans. Investments are made in public securities to ensure adequate liquidity to support benefit payments. Domestic and international stocks and bonds provide diversification to the portfolio. For the U.S. plans, we utilize an asset allocation policy that seeks to reduce funded status volatility over time. As such, the primary investment objective beyond accumulating sufficient assets to meet future benefit obligations is to monitor and manage the assets of the plan to better insulate the asset portfolio from changes in interest rates that impact the liabilities. This requires an interest rate management strategy to reduce the sensitivity in the plan’s funded status and having a portion of the plan’s assets invested in return-seeking strategies. Currently, our policy includes an 80% allocation to fixed income and 20% to return-seeking strategies. The plans also have de-risking glide paths that will increase this protection as funded status improves. Actual allocations may experience temporary fluctuations based on market movements and investment strategies. For the Canadian pension plans the primary investment objective is to secure the promised pension benefits through capital preservation and appreciation to better manage the asset/liability gap and interest rate risk. A secondary investment objective is to most effectively manage investment volatility to reduce the variability of the Company’s required contributions. The plans are expected to achieve an annual overall return, over a five year rolling period, consistent with or in excess of total fund benchmarks that reflect each plan’s strategic allocations and respective market benchmarks at the individual asset class level. Management of the asset/liability gap of the plans and performance results are reviewed quarterly. Until September 2018, Mosaic had the four Canadian pension plans, two salaried and two hourly plans, managed in one master trust. In order to better match the assets with the liabilities of each plan, Mosaic decided to split the master trust into one trust for each plan. Currently, our policy includes an 80% allocation to fixed income and 20% to return-seeking strategies for the salaried plans and 60% allocation to fixed income and 40% to return-seeking strategies for the hourly plans. Actual allocations may experience temporary fluctuations based on market movements and investment strategies. A significant amount of the assets are invested in funds that are managed by a group of professional investment managers through Mosaic’s investment advisor. These funds are mainly commingled funds. Performance is reviewed by Mosaic management monthly by comparing each fund’s return to a benchmark with an in-depth quarterly review presented by Mosaic’s investment advisor to the Global Pension Investment Committee. We do not have significant concentrations of credit risk or industry sectors within the plan assets. Assets may be indirectly invested in Mosaic stock, but any risk related to this investment would be immaterial due to the insignificant percentage of the total pension assets that would be invested in Mosaic stock. Fair Value Measurements of Plan Assets The following tables provide fair value measurement, by asset class, of the Company’s defined benefit plan assets for both the U.S. and Canadian plans: (in millions) December 31, 2018 Pension Plan Asset Category Total Level 1 Level 2 Level 3 Cash $ 12.0 $ 12.0 $ — $ — Equity securities (a) 172.9 — 172.9 — Fixed income (b) 514.3 — 514.3 — Private equity funds 2.0 — — 2.0 Total assets at fair value $ 701.2 $ 12.0 $ 687.2 $ 2.0 (in millions) December 31, 2017 Pension Plan Asset Category Total Level 1 Level 2 Level 3 Cash $ 14.7 $ 14.7 $ — $ — Equity securities (a) 327.7 — 327.7 — Fixed income (b) 447.8 — 447.8 — Private equity funds 3.0 — — 3.0 Total assets at fair value $ 793.2 $ 14.7 $ 775.5 $ 3.0 ______________________________ (a) This class, which includes several funds, was invested approximately 39% in U.S. equity securities, 18% in Canadian equity securities, and 43% in international equity securities as of December 31, 2018 , and 45% in U.S. equity securities, 25% in Canadian equity securities, and 30% in international equity securities as of December 31, 2017 . (b) This class, which includes several funds, was invested approximately 50% in corporate debt securities, 44% in governmental securities in the U.S. and Canada, and 6% in foreign entity debt securities as of December 31, 2018 , and 55% in corporate debt securities, 42% in governmental securities in the U.S. and Canada, and 3% in foreign entity debt securities as of December 31, 2017 . Rates and Assumptions The approach used to develop the discount rate for the pension and postretirement plans is commonly referred to as the yield curve approach. Under this approach, we use a hypothetical curve formed by the average yields of available corporate bonds rated AA and above and match it against the projected benefit payment stream. Each category of cash flow of the projected benefit payment stream is discounted back using the respective interest rate on the yield curve. Using the present value of projected benefit payments, a weighted-average discount rate is derived. The approach used to develop the expected long-term rate of return on plan assets combines an analysis of historical performance, the drivers of investment performance by asset class, and current economic fundamentals. For returns, we utilized a building block approach starting with inflation expectations and added an expected real return to arrive at a long-term nominal expected return for each asset class. Long-term expected real returns are derived from future expectations of the U.S. Treasury real yield curve. Weighted average assumptions used to determine benefit obligations were as follows: Pension Plans Years Ended December 31, 2018 2017 2016 Discount rate 4.09 % 3.51 % 3.97 % Expected return on plan assets 5.14 % 5.54 % 5.54 % Rate of compensation increase 3.50 % 3.50 % 3.50 % Weighted-average assumptions used to determine net benefit cost were as follows: Pension Plans Years Ended December 31, 2018 2017 2016 Discount rate 3.51 % 3.97 % 4.17 % Service cost discount rate (a) 3.50 % 4.02 % 4.19 % Interest cost discount rate (a) 3.21 % 3.44 % 3.45 % Expected return on plan assets 5.54 % 5.54 % 5.66 % Rate of compensation increase 3.50 % 3.50 % 3.50 % ______________________________ (a) In 2016, we changed the method used to estimate the service and interest cost components of net periodic benefit cost for our defined benefit pension and other postretirement benefit plans by electing a full yield curve approach and applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The impact of this change to our earnings and earnings per share was not material. Defined Contribution Plans Eligible salaried and non-union hourly employees in the U.S. participate in a defined contribution investment plan which permits employees to defer a portion of their compensation through payroll deductions and provides matching contributions. We match 100% of the first 3% of the participant’s contributed pay plus 50% of the next 3% of the participant’s contributed pay, subject to Internal Revenue Service limits. Participant contributions, matching contributions, and the related earnings immediately vest. Mosaic also provides an annual non-elective employer contribution feature for eligible salaried and non-union hourly employees based on the employee’s age and eligible pay. Participants are generally vested in the non-elective employer contributions after three years of service. In addition, a discretionary feature of the plan allows the Company to make additional contributions to employees. Certain union employees participate in a defined contribution retirement plan based on collective bargaining agreements. Canadian salaried and non-union hourly employees participate in an employer funded plan with employer contributions similar to the U.S. plan. The plan provides a profit sharing component which is paid each year. We also sponsor one mandatory union plan in Canada. Benefits in these plans vest after two years of consecutive service. The expense attributable to defined contribution plans in the U.S. and Canada was $51.2 million , $54.3 million and $51.1 million for 2018 , 2017 and 2016 , respectively. Postretirement Medical Benefit Plans We provide certain health care benefit plans for certain retired employees (“ Retiree Health Plans ”) which may be either contributory or non-contributory and contain certain other cost-sharing features such as deductibles and coinsurance. The North American Retiree Health Plans are unfunded and the projected benefit obligation was $35.3 million and $41.3 million as of December 31, 2018 and 2017 , respectively. This liability should continue to decrease due to our limited exposure. The related income statement effects of the Retiree Health Plans are not material to the Company. The year-end status of the Brazil postretirement medical benefit plans with a discount rate of 9.15% was as follows: Postretirement Medical Benefits Years Ended December 31, (in millions) 2018 Change in accumulated postretirement benefit obligation (“APBO”): APBO at beginning of year $ 69.1 Service cost 1.5 Interest cost 6.8 Actuarial loss 13.0 Currency fluctuations (13.1 ) Benefits paid (1.5 ) APBO at end of year $ 75.8 Change in plan assets: Company contribution $ 1.5 Benefits paid (1.5 ) Fair value at end of year $ — Unfunded status of the plans as of the end of the year $ (75.8 ) Amounts recognized in the consolidated balance sheets: Current liabilities $ (0.5 ) Noncurrent liabilities (75.3 ) Amounts recognized in accumulated other comprehensive (income) loss Actuarial loss $ 23.9 |
Share Repurchases
Share Repurchases | 12 Months Ended |
Dec. 31, 2018 | |
Share Repurchases [Abstract] | |
Share Repurchases [Text Block] | SHARE REPURCHASES In May 2015, our Board of Directors authorized a $1.5 billion share repurchase program (the “ 2015 Repurchase Program ”), allowing Mosaic to repurchase shares of our Common Stock through open market purchases, accelerated share repurchase arrangements, privately negotiated transactions or otherwise. The 2015 Repurchase Program has no set expiration date. As of December 31, 2018 , 15,765,025 shares of Common Stock have been repurchased under the 2015 Repurchase Program for an aggregate total of approximately $650 million . The remaining amount that could be repurchased under this program was $850 million as of December 31, 2018. The extent to which we repurchase our shares and the timing of any such repurchases depend on a number of factors, including market and business conditions, the price of our shares, and corporate, regulatory and other considerations. |
Share-based Payments
Share-based Payments | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments | SHARE-BASED PAYMENTS The Mosaic Company 2014 Stock and Incentive Plan (the “ 2014 Stock and Incentive Plan ”) was approved by our shareholders and became effective on May 15, 2014. It permits up to 25 million shares of common stock to be issued under share-based awards granted under the plan. The 2014 Stock and Incentive Plan provides for grants of stock options, restricted stock, restricted stock units, performance units and a variety of other share-based and non-share-based awards. Our employees, officers, directors, consultants, agents, advisors, and independent contractors, as well as other designated individuals, are eligible to participate in the 2014 Stock and Incentive Plan. The Mosaic Company 2004 Omnibus Stock and Incentive Plan (the “ Omnibus Plan ”), which was approved by our shareholders and became effective in 2004 and subsequently amended, provided for the grant of shares and share options to employees for up to 25 million shares of common stock. While awards may no longer be made under the Omnibus Plan, it will remain in effect with respect to the awards that had been granted thereunder prior to its termination. Mosaic settles stock option exercises, restricted stock units, and certain performance units and performance shares with newly issued common shares. The Compensation Committee of the Board of Directors administers the 2014 Stock and Incentive Plan and the Omnibus Plan subject to their respective provisions and applicable law. Stock Options Stock options are granted with an exercise price equal to the market price of our stock at the date of grant and have a ten-year contractual term. The fair value of each option award is estimated on the date of the grant using the Black-Scholes option valuation model. Stock options vest in equal annual installments in the first three years following the date of grant (graded vesting). Stock options are expensed on a straight-line basis over the required service period, based on the estimated fair value of the award on the date of grant, net of estimated forfeitures. Valuation Assumptions Assumptions used to calculate the fair value of stock options in each period are noted in the following table. Expected volatility is based on the simple average of implied and historical volatility using the daily closing prices of the Company’s stock for a period equal to the expected term of the option. The risk-free interest rate is based on the U.S. Treasury rate at the time of the grant for instruments of comparable life. There were no stock options granted or issued in 2018. Years Ended December 31, 2017 2016 Weighted average assumptions used in option valuations: Expected volatility 35.35 % 42.54 % Expected dividend yield 1.97 % 3.86 % Expected term (in years) 7 7 Risk-free interest rate 2.34 % 1.65 % A summary of the status of our stock options as of December 31, 2018 , and activity during 2018 , is as follows: Shares (in millions) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2017 2.6 $ 49.20 Granted — — Cancelled (0.2 ) $ 91.88 Outstanding as of December 31, 2018 2.4 $ 45.50 4.0 $ — Exercisable as of December 31, 2018 2.0 $ 48.60 3.4 $ — The weighted-average grant date fair value of options granted during 2017 and 2016 were $9.91 and $8.37 , respectively. There were no options granted during 2018 and no options were exercised during 2018 or 2017 . Restricted Stock Units Restricted stock units are issued to various employees, officers and directors at a price equal to the market price of our stock at the date of grant. The fair value of restricted stock units is equal to the market price of our stock at the date of grant. Restricted stock units generally cliff vest after three years of continuous service and are expensed on a straight-line basis over the required service period, based on the estimated grant date fair value, net of estimated forfeitures. A summary of the status of our restricted stock units as of December 31, 2018 , and activity during 2018 , is as follows: Shares (in millions) Weighted Average Grant Date Fair Value Per Share Restricted stock units as of December 31, 2017 1.2 $ 33.10 Granted 0.7 26.73 Issued and cancelled (0.3 ) $ 43.65 Restricted stock units as of December 31, 2018 1.6 $ 27.27 Performance Units During the year ended December 31, 2018 , 401,098 total shareholder return (“ TSR ”) performance units were granted with a fair value of $28.09 . Final performance units are awarded based on the increase or decrease, subject to certain limitations, in Mosaic’s share price from the grant date to the third anniversary of the award, plus dividends (a measure of total shareholder return or TSR). The beginning and ending stock prices are based on a 30 trading-day average stock price. Holders of the awards must be employed at the end of the performance period in order for any units to vest, except in the event of death, disability or retirement at or after age 60 , certain changes in control, and Committee or Board discretion as provided in the related award agreements. The fair value of each TSR performance unit is determined using a Monte Carlo simulation. This valuation methodology utilizes assumptions consistent with those of our other share-based awards and a range of ending stock prices; however, the expected term of the awards is three years , which impacts the assumptions used to calculate the fair value of performance units as shown in the table below. TSR performance units are considered equity-classified fixed awards measured at grant-date fair value and not subsequently re-measured. TSR performance units cliff vest after three years of continuous service and are expensed on a straight-line basis over the required service period, based on the estimated grant date fair value of the award net of estimated forfeitures. A summary of the assumptions used to estimate the fair value of TSR performance units is as follows: Years Ended December 31, 2018 2017 2016 Weighted average assumptions used in performance unit valuations: Expected volatility 34.30 % 34.26 % 35.67 % Expected dividend yield 0.37 % 1.97 % 3.86 % Expected term (in years) 3 3 3 Risk-free interest rate 2.42 % 1.60 % 0.99 % During the year ended December 31, 2016, approximately 329,599 performance units were granted with vesting based on the cumulative spread between our return on invested capital (ROIC) and our weighted-average cost of capital (WACC) measured over a three-year period. These units are accounted for as share-based payments but are settled in cash, and are therefore accounted for as a liability with changes in value recorded through earnings during the three year service period. Awards are forfeited upon termination of employment, but not for retirement (if the employee has at least five years of service at age 60 or older), death, or disability of the employee. The total grant-date fair value of these awards was equal to the market price of our stock at the date of grant, which was $28.49 . A summary of our performance unit activity during 2018 is as follows: Shares (in millions) Weighted Average Grant Date Fair Value Per Share Outstanding as of December 31, 2017 1.1 $ 33.26 Granted 0.4 28.09 Issued and cancelled (0.2 ) $ 43.79 Outstanding as of December 31, 2018 1.3 $ 33.26 Performance Based Cost Reduction Incentive Awards During the year ended December 31, 2014, approximately 627,054 units of one-time, long-term incentive awards were issued to executive officers and other management employees tied to achieving target controllable operating costs savings of $228 million from 2013 levels by the end of 2016 (“ measurement period ”). The total grant-date fair value of these awards was equal to the market price of our stock at the date of grant, which was $49.17 . During 2017, the awards were settled through the issuance of 934,346 shares of Mosaic common stock which was 150% of target, based on operating cost savings achieved during the measurement period. The market price of our stock was $31.42 at the date of issuance. Share-Based Compensation Expense We recorded share-based compensation expense of $27.5 million , $28.0 million and $30.5 million for 2018 , 2017 and 2016 , respectively. The tax benefit related to share exercises and lapses in the year was $5.8 million , $9.7 million and $10.7 million for 2018 , 2017 and 2016 , respectively. As of December 31, 2018 , there was $16.8 million of total unrecognized compensation cost related to options, restricted stock units and performance units and shares granted under the 2014 Stock and Incentive Plan and the Omnibus Plan. The unrecognized compensation cost is expected to be recognized over a weighted-average period of one year. The total fair value of options vested in 2017 and 2016 was $4.2 million and $4.5 million , respectively. No options vested in 2018 . There was no cash received from exercises of share-based payment arrangements for 2018 or 2017 . Cash received from exercises of share-based payments was $3.8 million in 2016 . In 2018 , 2017 and 2016 , we received a tax benefit for tax deductions from options of $2.3 million , $14.0 million and $3.3 million , respectively. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | COMMITMENTS We lease certain plants, warehouses, terminals, office facilities, railcars and various types of equipment under operating leases, some of which include rent payment escalation clauses, with lease terms ranging from one to ten years. In addition to minimum lease payments, some of our office facility leases require payment of our proportionate share of real estate taxes and building operating expenses. In 2013, we entered into an ammonia supply agreement with CF (the “ CF Ammonia Supply Agreement ”) that commenced in 2017, under which Mosaic agreed to purchase approximately 545,000 to 725,000 tonnes of ammonia per year during a term that may extend until December 31, 2032 at a price tied to the prevailing price of U.S. natural gas. We have long-term agreements for the purchase of sulfur, which is used in the production of phosphoric acid, and natural gas, which is a significant raw material, used primarily in the solution mining process in our Potash segment and used in our phosphate concentrates plants. Also, we have agreements for capital expenditures primarily in our Potash segments related to our expansion projects. A schedule of future minimum long-term purchase commitments, based on expected market prices as of December 31, 2018 , and minimum lease payments under non-cancelable operating leases as of December 31, 2018 is as follows: (in millions) Purchase Commitments Operating Leases 2019 $ 2,586.5 $ 97.5 2020 588.9 76.8 2021 495.7 54.7 2022 375.5 36.6 2023 261.1 28.1 Subsequent years 1,437.9 30.9 $ 5,745.6 $ 324.6 Rental expense for 2018 , 2017 and 2016 was $270.3 million , $114.0 million and $111.0 million , respectively. Purchases made under long-term commitments in 2018 , 2017 and 2016 were $2.0 billion , $1.9 billion and $1.6 billion , respectively. Most of our export sales of potash crop nutrients are marketed through a North American export association, Canpotex, which may fund its operations in part through third-party financing facilities. As a member, Mosaic or our subsidiaries are contractually obligated to reimburse Canpotex for their pro rata share of any operating expenses or other liabilities incurred. The reimbursements are made through reductions to members’ cash receipts from Canpotex. We incur liabilities for reclamation activities and Gypstack closures in our Florida and Louisiana operations where, in order to obtain necessary permits, we must either pass a test of financial strength or provide credit support, typically in the form of cash deposits, surety bonds or letters of credit. The surety bonds generally expire within one year or less but a substantial portion of these instruments provide financial assurance for continuing obligations and, therefore, in most cases, must be renewed on an annual basis. As of December 31, 2018 , we had $497.7 million in surety bonds outstanding, of which $203.3 million is for reclamation obligations, primarily related to mining in Florida. In addition, included in this amount is $233.7 million , reflecting our updated closure cost estimates, delivered to EPA as a substitute for the financial assurance provided through the Plant City Trust. The remaining balance in surety bonds outstanding of $60.7 million is for other matters. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIES We have described below the material judicial and administrative proceedings to which we are subject. Environmental Matters 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 $58.6 million and $35.1 million , as of December 31, 2018 and 2017 , 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. New Wales Water Loss Incident . In August 2016, a sinkhole developed under one of the two cells of the active Gypstack at our New Wales facility in Polk County, Florida, resulting in process water from the stack draining into the sinkhole. The incident was reported to the FDEP and EPA. In October 2016, our subsidiary, Mosaic Fertilizer, entered into a consent order (the “ Order ”) with the FDEP relating to the incident. Under the order, Mosaic Fertilizer agreed to, among other things: implement a remediation plan to close the sinkhole; perform additional monitoring of the groundwater quality and act to assess and remediate in the event monitored off-site water does not comply with applicable standards as a result of the incident; evaluate the risk of potential future sinkhole formation at the New Wales facility and at Mosaic Fertilizer’s active Gypstack operations at the Bartow, Riverview and Plant City facilities with recommendations to address any identified issues; and provide financial assurance of no less than $40.0 million , which we have done without the need for any expenditure of corporate funds through satisfaction of a financial strength test and Mosaic parent guarantee. The Order did not require payment of civil penalties relating to the incident. In 2016, we recorded expenses and related accruals of approximately $70.0 million , reflecting our estimated costs related to the sinkhole. At June 30, 2017, we accrued an additional $14.0 million , in part due to refinements in our estimates as repairs progressed and because we determined that a portion of the sinkhole was wider than previously estimated. As of December 31, 2018, the sinkhole repairs were substantially complete, with $79.5 million spent in remediation and sinkhole-related costs through this date. We estimate remaining costs will be approximately $1.5 million . Additional expenditures could be required in the future for additional remediation or other measures in connection with the sinkhole including if, for example, FDEP or EPA were to request additional measures to address risks presented by the Gypstack. These expenditures could be material. In addition, we are unable to predict at this time what, if any, impact the New Wales water loss incident will have on future Florida permitting efforts. EPA RCRA Initiative . We have certain financial assurance and other obligations under consent decrees and a separate financial assurance arrangement relating to our facilities in Florida and Louisiana. These obligations are discussed in Note 14 of our Notes to Consolidated Financial Statements. EPA EPCRA Initiative . In July 2008, DOJ sent a letter to major U.S. phosphoric acid manufacturers, including us, stating that 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 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, 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. On June 16, 2010, EPA issued a notice of violation to CF (the “ CF NOV ”) with respect to “New Source Review” compliance at the Plant City Facility’s sulfuric acid plants and the allegations in the CF NOV were not resolved before our 2014 acquisition of the Plant City Facility. CF has agreed to indemnify us with respect to any penalty EPA may assess as a result of the allegations in the CF NOV. We are negotiating the terms of a settlement with EPA that would resolve both the violations alleged in the CF NOV, and violations which EPA may contend, but have not asserted, exist at the sulfuric acid plants at our other facilities in Florida. Based on the current status of the negotiations, we expect that our commitments will include an agreement to reduce our sulfur dioxide emissions over the next five years to comply with a sulfur dioxide ambient air quality standard enacted by EPA in 2010. We do not expect that any related penalties assessed against us as part of a potential settlement would be material. In the event we are unable to finalize agreement on the terms of the settlement, we cannot predict at this time whether EPA and DOJ will initiate an enforcement action with respect to “New Source Review” compliance at our Florida sulfuric acid plants other than the Plant City Facility or what its scope would be, or what the range of outcomes might be with respect to such a potential enforcement action or with respect to the CF NOV. 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. Phosphate Mine Permitting in Florida Denial of the permits sought at any of our mines, issuance of the permits with cost-prohibitive conditions, substantial delays in issuing the permits, legal actions that prevent us from relying on permits or revocation of permits may create challenges for us to mine the phosphate rock required to operate our Florida and Louisiana phosphate plants at desired levels or increase our costs in the future. The South Pasture Extension . In November 2016, the Army Corps of Engineers (the “ Corps ”) issued a federal wetlands permit under the Clean Water Act for mining an extension of our South Pasture phosphate rock mine in central Florida. On December 20, 2016, the Center for Biological Diversity, ManaSota-88, People for Protecting Peace River and Suncoast Waterkeeper issued a 60-day notice of intent to sue the Corps and the U.S. Fish and Wildlife Service (the “ Service ”) under the federal Endangered Species Act regarding actions taken by the Corps and the Service in connection with the issuance of the permit. On March 15, 2017, the same group filed a complaint against the Corps, the Service and the U.S. Department of the Interior in the U.S. District Court for the Middle District of Florida, Tampa Division. The complaint alleges that various actions taken by the Corps and the Service in connection with the issuance of the permit, including in connection with the Service’s biological opinion and the Corps’ reliance on that biological opinion, violated substantive and procedural requirements of the federal Clean Water Act (“ CWA ”), the National Environmental Policy Act (“ NEPA ”) and the Endangered Species Act (the “ ESA ”), and were arbitrary, capricious, an abuse of discretion, and otherwise not in accordance with law, in violation of the Administrative Procedure Act (the “ APA ”). As to the Corps, plaintiffs allege in their complaint, among other things, that the Corps failed to conduct an adequate analysis under the CWA of alternatives, failed to fully consider the effects of the South Pasture extension mine, failed to take adequate steps to minimize potential adverse impacts and violated the ESA by relying on the Service’s biological opinion to determine that its permitting decision is not likely to adversely affect certain endangered or rare species. As to the Service, plaintiffs allege in their complaint, among other things, that the Service’s biological opinion fails to meet statutory requirements, that the Service failed to properly consider impacts and adequately assess the cumulative effects on certain species, and that the Service violated the ESA in finding that the South Pasture extension mine is not likely to adversely affect certain endangered or rare species. The plaintiffs are seeking relief including (i) declarations that the Corps’ decision to issue the permit violated the CWA, NEPA, the ESA and the APA and that its NEPA review violated the law; (ii) declarations that the Service’s biological opinion violated applicable law and that the Corps’ reliance on the biological opinion violated the ESA; (iii) orders that the Corps rescind the permit, that the Service withdraw its biological opinion and related analyses and prepare a biological opinion that complies with the ESA; and (iv) that the Corps be preliminarily and permanently enjoined from authorizing any further action under the permit until it complies fully with the requirements of the CWA, NEPA, the ESA and the APA. On March 31, 2017, Mosaic’s motion for intervention was granted with no restrictions. Plaintiffs filed an amended complaint on June 2, 2017, without any new substantive allegations, and on June 28, 2017, Mosaic (as intervenor) and separately, the defendants, filed answers to the amended complaint. On June 30, 2017, the plaintiffs filed a motion for summary judgment, arguing that the permit should not have been issued. On July 15, 2017, Mosaic filed a response in opposition to the plaintiffs’ motion, and on July 28, 2017, Mosaic filed its own motion for summary judgment. On December 14, 2017 the Tampa District Court granted Mosaic’s motion for summary judgment in favor of Mosaic and the government defendants, and denied the plaintiffs’ motion to supplement the administrative record. On February 12, 2018, the plaintiffs filed an appeal with the U.S. Court of Appeals for the Eleventh Circuit of the Tampa District Court decision. A mandatory mediation occurred on March 19, 2018, but no settlement was reached. Briefing by all parties was completed on July 13, 2018. We believe the plaintiffs’ claims in this case are without merit and we intend to vigorously defend the Corps’ issuance of the South Pasture extension permit and the Service’s biological opinion. However, if the plaintiffs were to prevail in this case, we would be prohibited from continuing to mine the South Pasture extension, and obtaining new or modified permits could significantly delay our resumption of mining and could result in more onerous mining conditions. This could have a material effect on our future results of operations, reduce future cash flows from operations, and in the longer term, conceivably adversely affect our liquidity and capital resources. 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 plaintiffs alleged that our production of MicroEssentials ® value-added ammoniated phosphate crop nutrient products that we produce, infringed on a patent owned by the plaintiffs. Plaintiffs sought to enjoin the alleged infringement and to recover an unspecified amount of damages and attorneys’ fees for past infringement. Through an order entered by the court on September 25, 2014, Cargill was dismissed as a defendant, and the two original plaintiffs were replaced by a single plaintiff, JLSMN LLC, an entity to whom the patent was transferred. The Missouri District Court stayed the lawsuit pending reexamination of plaintiff’s patent claims by the U.S. Patent and Trademark Office (the “ PTO ”). On September 12, 2012, Shell Oil Company (“ Shell ”) filed an additional reexamination request which in part asserted that the claims as amended and added in connection with the reexamination are unpatentable. On October 4, 2012, the PTO issued a Reexamination Certificate in which certain claims of the plaintiff’s patent were cancelled, disclaimed and amended, and new claims were added. On December 11, 2012, the PTO issued an initial rejection of all of plaintiff’s remaining patent claims but later reversed its decision. Shell appealed the PTO’s decision. On June 7, 2016, the Patent Trial and Appeal Board issued a decision holding that all patent claims initially allowed to the plaintiff should have been found invalid. On November 8, 2017, the Federal Circuit Court of Appeals affirmed the Patent Trial and Appeal Board’s decision. On June 25, 2018, the United States Supreme Court denied plaintiffs petition for writ of certiorari. The case in the Missouri District Court has been dismissed with prejudice, and the matter is now concluded. Brazil Legal Contingencies Our Brazilian subsidiaries are engaged in a number of judicial and administrative proceedings regarding labor, environmental and civil claims that allege aggregate damages and/or fines of approximately $1.08 billion . We estimate that our probable aggregate loss with respect to these claims is approximately $47.9 million , which is included in our accrued liabilities in our Condensed Consolidated Balance Sheets at December 31, 2018. Approximately $743.7 million of the maximum potential loss relates to labor claims, such as in-house and third-party employees' judicial proceedings alleging the right to receive overtime pay, additional payment due to work in hazardous conditions, risk premium, profit sharing, additional payment due to night work, salary parity and wage differences. We estimate that our probable aggregate loss regarding these claims is approximately $40.7 million , which is included in accrued liabilities in our Condensed Consolidated Balance Sheets at December 31, 2018. Based on Brazil legislation and the current status of similar labor cases involving unrelated companies, we believe we have recorded adequate loss contingency reserves sufficient to cover our estimate of probable losses. If the status of similar cases involving unrelated companies were to adversely change in the future, our maximum exposure could increase and additional accruals could be required. Approximately $6.7 million of the above mentioned $40.7 million reserves related to a purported class action filed by one of the unions claiming additional payment for occupational hazard due to the alleged exposure of workers at the Company's potash mine at Rosario do Catete, Sergipe, to explosive gases that could be found during the mining process. The matter currently is before the Brazilian Labor Supreme Court. The environmental and mining judicial and administrative proceedings claims allege aggregate damages and/or fines in excess of $163.3 million ; however, we estimate that our probable aggregate loss regarding these claims in approximately $5.6 million , which has been accrued at December 31, 2018. The majority of the reserves involves a claim filed in 2012 by the State Public Prosecutor Office, alleging that the Company delayed construction of an effluent treatment plant, thereby subjecting it to a fine under the commitment agreement. Our Brazilian subsidiaries also have certain other civil contingent liabilities with respect to judicial, administrative and arbitration proceedings and claims related to contract disputes, pension plan matters, real state disputes and other civil matters arising in the ordinary course of business. These claims allege aggregate damages in excess of $172.7 million . We estimate that the probable aggregate loss with respect to these matters is approximately $1.6 million . Uberaba Judicial Settlement In 2013, the Federal Public Prosecutor filed a public civil action requesting the Company adopt several measures to mitigate soil and water contamination related to the gypstack at our Uberaba facility, including compensation for the alleged social and environmental damages. In 2014, our predecessor subsidiary in Brazil entered into a judicial settlement with the federal public prosecutor, the State of Minas Gerais public prosecutor and the federal environmental agency. Under this agreement, we agreed to implement remediation measures such as: constructing a liner under the Gypstack water ponds and lagoons, and monitoring the groundwater and soil quality. We also agreed to create a private reserve of natural heritage and to pay compensation in the amount of approximately $0.3 million , which was paid in July 2018. We are currently acting in compliance with our obligations under the judicial settlement and expect them to be completed by December 31, 2023. Uberaba EHS Class Action In 2013, the State of Minas Gerais public prosecutor filed a class action claiming that our predecessor company in Brazil did not comply with labor safety rules and working hour laws. This claim was based on an inspection conducted by the Labor and Employment Ministry in 2010, following which we were fined for not complying with several labor regulations. We filed our defense, claiming that we complied with these labor regulations and that the assessment carried out by the inspectors in 2010 was abusive. Following the initial hearing, the court ordered an examination to determine whether there has been any non-compliance with labor regulations. The examination is currently pending. The amount involved in the proceeding is $31.8 million . Brazil Tax Contingencies Our Brazilian subsidiaries are 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 $414 million , of which $228 million is subject to an indemnification agreement entered into with Vale S.A. in connection with the Acquisition. Approximately $256 million of the maximum potential liability relates to a Brazilian federal value added tax, PIS and Coffins, and tax credit cases, while the majority of the remaining amount relates to various other non-income tax cases such as value-added taxes. The maximum potential liability can increase with new audits. Based on Brazil legislation and the current status of similar tax cases involving unrelated taxpayers, we believe we have recorded adequate loss contingency reserves sufficient to cover our estimate of probable losses, which are immaterial. If the status of similar tax cases involving unrelated taxpayer changes in the future, additional accruals could be required. 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. |
Related Party (Notes)
Related Party (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS We enter into transactions and agreements with certain of our non-consolidated companies and other related parties from time to time. As of December 31, 2018 and 2017 , the net amount due from our non-consolidated companies totaled $95.2 million and $45.4 million , respectively. We also have a long-term indemnification asset of $30.7 million from Vale S.A. for reimbursement of pension plan obligations. The Consolidated Statements of Earnings included the following transactions with our non-consolidated companies: Years Ended December 31, (in millions) 2018 2017 2016 Transactions with non-consolidated companies included in net sales $ 842.4 $ 715.3 $ 623.1 Transactions with non-consolidated companies included in cost of goods sold 1,046.4 750.2 552.9 As part of the MWSPC joint venture, we market approximately 25% of the MWSPC production, for which approximately $6.6 million and $1.0 million , respectively is included in revenue for the years ended December 31, 2018 and 2017. In November 2015, we agreed to provide funds to finance the purchase and construction of two articulated tug and barge units, intended to transport anhydrous ammonia for our operations, through a bridge loan agreement with Gulf Marine Solutions, LLC ( “GMS” ). GMS is a wholly owned subsidiary of Gulf Sulphur Services Ltd., LLLP (“ Gulf Sulphur Services ”), an entity in which we and a joint venture partner, Savage Companies (“ Savage ”), each indirectly own a 50% equity interest and for which a subsidiary of Savage provides operating and management services. GMS provided these funds through draws on the Mosaic bridge loan, and through additional loans from Gulf Sulphur Services. We determined, beginning in 2015 that we are the primary beneficiary of GMS, a variable interest entity and, at that time, we consolidated GMS’s operations in our Phosphates segment. On October 24, 2017, a lease financing transaction was completed with respect to the completed tug and barge unit, and; following the application of proceeds from the transaction, all outstanding loans made by Gulf Sulphur Services to GMS, together with accrued interest, were repaid, and the bridge loans related to the first unit’s construction were repaid. At December 31, 2018 and December 31, 2017, $75.3 million and $73.2 million in bridge loans, respectively, which are eliminated in consolidation, were outstanding, relating to the cancelled second barge and the remaining tug. Reserves against the bridge loan of approximately $54.2 million were recorded through December 31, 2017, and no additional charges have been recorded in 2018. The construction of the remaining tug, funded by the bridge loan advances in excess of the reserves, is recorded within construction in-progress within our consolidated balance sheet. Several subsidiaries of Savage operate vessels utilized by Mosaic under time charter arrangements, including the ammonia tug and barge unit. |
Acquisition of Mosaic Fertilzan
Acquisition of Mosaic Fertilzantes P&K S.A. | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | ACQUISITION OF MOSAIC FERTILIZANTES P&K S.A. On December 19, 2016, we entered into an agreement with Vale S.A. (“ Vale ”) and Vale Fertilizer Netherlands B.V. (“ Vale Netherlands ” and, together with Vale and certain of its affiliates, the “ Sellers ”) to acquire all of the issued and outstanding capital stock of the now Acquired Business, for a purchase price of (i) $1.25 billion in cash (subject to adjustments) and (ii) 42,286,874 shares of our Common Stock. The agreement was amended by a letter agreement dated December 28, 2017 to, among other things, reduce the cash portion of the purchase price to $1.15 billion and the number of shares to be issued to 34,176,574 . On January 8, 2018, we completed the Acquisition. The aggregate consideration paid by Mosaic at closing was $1.08 billion in cash (after giving effect to certain adjustments based on matters such as the working capital of the Acquired Business, which were estimated at the time of closing) and 34,176,574 shares of our Common Stock, par value $0.01 per share (“ Common Stock ”), which was valued at $26.92 per share at closing. The final purchase price is subject to a fair value determination of potential contingent consideration of up to $260 million , of which $130 million has expired without payment as of December 31, 2018, and evaluation of other consideration associated with assumed liabilities. This acquisition allows us to expand our business in the fast-growing Brazilian agricultural market. Following the Acquisition, we are the leading fertilizer production and distribution company in Brazil. The assets we acquired include five Brazilian phosphate rock mines, four chemical plants, a potash mine in Brazil, the Sellers’ 40% economic interest in the joint venture which owns the Miski Mayo phosphate rock mine in the Bayovar region of Peru, in which we already held a 35% economic interest, and a potash project in Kronau, Saskatchewan. On the closing date, we also entered into an investor agreement (“ Investor Agreement ”) with Vale and Vale Fertilizer Netherlands B.V. that governs certain rights of and restrictions on Vale, Vale Fertilizer Netherlands B.V. and their respective affiliates (the “ Vale Stockholders ”) in connection with the shares of our Common Stock they own as a result of the Acquisition. These include certain rights to designate two individuals to our board of directors. In connection with the closing of the Acquisition, our board of directors was increased by one director, with Vale designating a new director for appointment to the board. The Vale Stockholders are also subject to certain transfer and standstill restrictions. In addition, until the later of the third anniversary of the closing and the date on which our board of directors no longer includes any Vale designees, the Vale Stockholders will agree to vote their shares of our stock (i) with respect to the election of directors, in accordance with the recommendation of our board of directors and (ii) with respect to any other proposal or resolution, at their election, either in the same manner as and in the same proportion to all voting securities that are not beneficially held by the Vale Stockholders are voted, or in accordance with the recommendation of our board of directors. Also under the Investor Agreement, the Vale Stockholders will be entitled to certain demand and to customary piggyback registration rights, beginning on the second anniversary of the closing of the transaction. The following table is the final allocation of the assets acquired and the liabilities we assumed in the Acquisition as of January 8, 2018, the date of the Acquisition: Cash and cash equivalents $ 86.0 Receivables, net 100.3 Inventories 344.2 Other current assets 107.6 Total current assets acquired 638.1 Property, plant and equipment, net 2,503.2 Goodwill 96.2 Deferred income taxes 48.3 Other assets (a) 292.2 Total assets acquired 3,578.0 Current maturities of long-term debt 6.7 Structured accounts payable arrangements 98.2 Accounts payable and accrued liabilities 373.3 Total current liabilities assumed 478.2 Long-term debt, less current maturities 64.6 Deferred income taxes 128.3 Asset retirement obligations 247.3 Other noncurrent liabilities 215.3 Total liabilities assumed 1,133.7 Net identifiable assets acquired 2,444.3 Noncontrolling interest (453.0 ) Cash and cash equivalents acquired (86.0 ) Total consideration transferred (net of cash acquired and working capital adjustments) $ 1,905.3 ______________________________ (a) Other assets includes a long-term receivable of $116.3 million , recoverable taxes of $101.6 million and an indemnification asset of $37.2 million as of January 8, 2018. Recognized goodwill of $96.2 million is attributable to the Miski Mayo portion of the Acquisition, reflected in the Phosphates segment. Mosaic gained control of the Miski Mayo mine through the acquisition of the Seller’s 40% economic interest, for a total ownership interest of 75% , and began to consolidate the operations of Miski Mayo effective as of the closing date of the Acquisition. This was accounted for as a step acquisition and required us to remeasure the previously owned equity interest to fair value as of the acquisition date. An immaterial gain was recorded as a result of this re-measurement. Their balances are shown in the respective line items above. As part of the Acquisition, a Brazilian company, Terras Brasil Ltda (“ Brazil Landco ”), was incorporated for the purpose of owning and transferring control of certain property from the Sellers to Mosaic. Brazil Landco is 51% owned by Vale or one of its subsidiaries and 49% owned by Mosaic. Mosaic is the primary beneficiary of Brazil Landco, a variable interest entity, and began to consolidate its operations effective as of the closing date of the Acquisition. We recognized approximately $45.3 million and $26.2 million of acquisition and integration costs that were expensed during the years ended December 31, 2018 and 2017 , respectively. These costs are included within other operating expense in the Consolidated Statement of Earnings. In 2018, we recorded other operating expense of $11.1 million related to a potential earn-out obligation to Vale, bringing the total obligation in our Consolidated Balance Sheets to $12.4 million at December 31, 2018. This earn-out obligation is subject to re-measurement each reporting period. Subsequent changes to the fair value of the liability will be reflected within other operating expense in the Consolidated Statement of Earnings. The cash payment, if any, would be paid in the first half of 2020. The Acquisition contributed revenues and net earnings of $1.3 billion and $83.6 million , respectively from January 8, 2018 through December 31, 2018 , excluding the effects of the acquisition and integration costs described above. The following unaudited pro forma information presents the combined results of Mosaic and the acquired entities as if Mosaic had completed the Acquisition on January 1, 2017. The unaudited pro forma information for 2018 is immaterial as the Acquisition was completed on January 8, 2018. As required by GAAP, these unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined companies would have been had the Acquisition occurred at the beginning of the period being presented, nor are they indicative of future results of operations. Year Ended December 31, 2017 Net sales $ 8,605.7 Net earnings attributable to Mosaic $ (43.3 ) Basic net earnings per share attributable to Mosaic $ (0.11 ) Diluted net earnings per share attributable to Mosaic $ (0.11 ) |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2018 | |
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 of our Notes to Consolidated Financial Statements. 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. Intersegment eliminations, including profit on intersegment sales, mark-to-market gains/losses on derivatives, debt expenses, Streamsong Resort® results of operations and the results of the China and India distribution business are included within Corporate, Eliminations and Other. Segment information for the years 2018 , 2017 and 2016 is as follows: (in millions) Phosphates Potash Mosaic Fertilizantes Corporate, Eliminations and Other (a) Total Year Ended December 31, 2018 Net sales to external customers $ 3,106.3 $ 2,154.8 $ 3,747.1 $ 579.1 $ 9,587.3 Intersegment net sales 780.0 19.1 — (799.1 ) — Net sales 3,886.3 2,173.9 3,747.1 (220.0 ) 9,587.3 Gross margin 581.5 597.2 382.9 (63.2 ) 1,498.4 Canadian resource taxes — 159.4 — — 159.4 Gross margin (excluding Canadian resource taxes) 581.5 756.6 382.9 (63.2 ) 1,657.8 Operating earnings 414.8 454.1 227.0 (167.6 ) 928.3 Capital expenditures 393.9 410.5 148.2 1.9 954.5 Depreciation, depletion and amortization expense 403.7 301.5 158.5 20.2 883.9 Equity in net earnings (loss) of nonconsolidated companies (4.6 ) — — 0.1 (4.5 ) Year Ended December 31, 2017 — Net sales to external customers $ 2,826.6 $ 1,836.5 $ 2,220.1 $ 526.2 $ 7,409.4 Intersegment net sales 762.6 16.1 — (778.7 ) — Net sales 3,589.2 1,852.6 2,220.1 (252.5 ) 7,409.4 Gross margin 332.2 391.6 128.6 (9.6 ) 842.8 Canadian resource taxes — 70.1 — — 70.1 Gross margin (excluding Canadian resource taxes) 332.2 461.7 128.6 (9.6 ) 912.9 Operating earnings 191.6 281.3 63.1 (70.3 ) 465.7 Capital expenditures 401.0 371.6 32.7 14.8 820.1 Depreciation, depletion and amortization expense 338.0 287.2 16.9 23.4 665.5 Equity in net earnings (loss) of nonconsolidated companies 16.0 — — 0.7 16.7 Year Ended December 31, 2016 Net sales to external customers $ 2,928.4 $ 1,673.0 $ 2,113.9 $ 447.5 $ 7,162.8 Intersegment net sales 782.5 12.7 — (795.2 ) — Net sales 3,710.9 1,685.7 2,113.9 (347.7 ) 7,162.8 Gross margin 349.8 256.6 125.0 78.6 810.0 Canadian resource taxes — 101.1 — — 101.1 Gross margin (excluding Canadian resource taxes) 349.8 357.7 125.0 78.6 911.1 Operating earnings 47.8 138.8 64.8 67.6 319.0 Capital expenditures 380.0 416.7 23.7 22.7 843.1 Depreciation, depletion and amortization expense 362.4 308.7 15.1 25.0 711.2 Equity in net earnings (loss) of nonconsolidated companies 0.2 (15.5 ) (0.1 ) — (15.4 ) Total assets as of December 31, 2018 $ 7,877.3 $ 7,763.1 $ 3,952.4 $ 526.4 $ 20,119.2 Total assets as of December 31, 2017 7,700.6 8,301.7 1,376.7 1,254.4 18,633.4 Total assets as of December 31, 2016 7,679.7 7,777.9 1,249.7 133.4 16,840.7 ______________________________ (a) The "Corporate, Eliminations and Other" category includes the results of our ancillary distribution operations in India and China. For the years ended December 31, 2018 , 2017 and 2016 , distribution operations in India and China had revenues of $533.9 million , $493.2 million , and $419.6 million , respectively and gross margins of $42.8 million , $46.9 million , and $21.2 million , respectively. Financial information relating to our operations by geographic area is as follows: Years Ended December 31, (in millions) 2018 2017 2016 Net sales (a) : Brazil $ 3,727.7 $ 2,199.0 $ 2,127.0 Canpotex (b) 820.2 700.6 604.5 Canada 639.0 508.9 498.2 India 304.4 305.2 296.7 China 231.7 206.4 171.2 Australia 136.0 147.0 121.0 Mexico 133.9 131.8 125.0 Colombia 101.5 86.9 104.9 Paraguay 100.7 113.8 106.6 Japan 92.2 71.7 82.7 Peru 82.6 56.9 68.3 Argentina 70.5 53.1 67.1 Honduras 28.7 20.6 25.6 Thailand 28.1 20.9 21.2 Other 118.4 105.6 65.1 Total international countries 6,615.6 4,728.4 4,485.1 United States 2,971.7 2,681.0 2,677.7 Consolidated $ 9,587.3 $ 7,409.4 $ 7,162.8 ______________________________ (a) Revenues are attributed to countries based on location of customer. (b) Canpotex is the export association of the Saskatchewan potash producers. Canpotex sells approximately 24% of its sales volumes to Brazil, 18% to China, 10% to India, 10% to Indonesia and 38% to the rest of the world. December 31, (in millions) 2018 2017 Long-lived assets: Canada $ 4,764.8 $ 5,457.1 Brazil 1,886.0 326.0 Other 123.2 103.7 Total international countries 6,774.0 5,886.8 United States 7,056.9 6,181.9 Consolidated $ 13,830.9 $ 12,068.7 Excluded from the table above as of December 31, 2018 and 2017 , are goodwill of $1,707.5 million and $1,693.6 million and deferred income taxes of $343.8 million and $254.6 million , respectively. Net sales by product type for the years 2018 , 2017 and 2016 are as follows: Years Ended December 31, (in millions) 2018 2017 2016 Sales by product type: Phosphate Crop Nutrients $ 2,956.8 $ 2,266.7 $ 2,369.2 Potash Crop Nutrients 2,755.9 2,180.6 1,889.1 Crop Nutrient Blends 1,418.9 1,384.2 1,403.1 Specialty Products (a) 1,844.8 1,319.8 1,266.5 Phosphate Rock 53.0 — — Other (b) 557.9 258.1 234.9 $ 9,587.3 $ 7,409.4 $ 7,162.8 ______________________________ (a) Includes sales of MicroEssentials ® , K-Mag, Aspire and animal feed ingredients. (b) Includes sales of industrial potash. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation And Qualifying Accounts | SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS For the years ended December 31, 2018 , 2017 and 2016 In millions Column A Column B Column C Column D Column E Additions Description Balance Beginning of Period Charges or (Reductions) to Costs and Charges or (Reductions) to Other Accounts(b) Deductions Balance at End of Period (a) Allowance for doubtful accounts, deducted from accounts receivable in the balance sheet: Year ended December 31, 2016 10.4 (1.4 ) 1.7 (0.4 ) 10.3 Year ended December 31, 2017 10.3 5.6 (0.2 ) (0.2 ) 15.5 Year ended December 31, 2018 15.5 — 12.0 (c) (4.1 ) 23.4 Income tax valuation allowance, related to deferred income taxes Year ended December 31, 2016 11.9 18.7 — — 30.6 Year ended December 31, 2017 30.6 553.5 — — 584.1 Year ended December 31, 2018 584.1 946.2 — — 1,530.3 ______________________________ (a) Allowance for doubtful accounts balance includes $22.1 million , $13.2 million , $7.6 million of allowance on long-term receivables recorded in other long term assets for the years ended December 31, 2018 , 2017 and 2016 , respectively. (b) The income tax valuation allowance adjustment was recorded to accumulated other comprehensive income and deferred taxes. (c) Amount relates to allowance of $12.0 million acquired in the Acquisition. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Statement of Presentation and Basis of Consolidation | Statement Presentation and Basis of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP ”). Throughout the Notes to Consolidated Financial Statements, amounts in tables are in millions of dollars except for per share data and as otherwise designated. The accompanying Consolidated Financial Statements include the accounts of Mosaic and its majority owned subsidiaries. Certain investments in companies in which 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 Consolidated Financial Statements in conformity with 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 most 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. |
Revenue Recognition | Revenue Recognition Revenue Recognition We generate revenues primarily by producing and marketing phosphate and potash crop nutrients. Revenue is recognized when control of the product is transferred to the customer, which is generally upon transfer of title to the customer based on the contractual terms of each arrangement. Title is typically transferred to the customer upon shipment of the product. In certain circumstances, which are referred to as final price deferred arrangements, we ship product prior to the establishment of a valid sales contract. In such cases, we retain control of the product and do not recognize revenue until a sales contract has been agreed to with the customer. Revenue is measured as the amount of consideration we expect to receive in exchange for the transfer of our goods. Our products are generally sold based on market prices prevailing at the time the sales contract is signed or through contracts which are priced at the time of shipment based on a formula. Sales incentives are estimated as earned by the customer and recorded as a reduction of revenue. Shipping and handling costs are included as a component of cost of goods sold. Under the new revenue standard, the timing of revenue recognition is accelerated for certain sales arrangements due to the emphasis on transfer of control rather than risks and rewards. Certain sales where revenue was previously deferred until risk was fully assumed by the customer will now be recognized when the product is shipped. |
Non-Income Taxes | Non-Income Taxes We pay Canadian resource taxes consisting of the Potash Production Tax and resource surcharge. The Potash Production Tax is a Saskatchewan provincial tax on potash production and consists of a base payment and a profits tax. In addition to the Canadian resource taxes, royalties are payable to the mineral owners with respect to potash reserves or production of potash. These resource taxes and royalties are recorded in our cost of goods sold. Our Canadian resource tax and royalty expenses were $198.8 million , $142.0 million and $121.6 million during 2018 , 2017 and 2016 , respectively. We have approximately $90.4 million of assets recorded as of December 31, 2018 related to PIS and Cofins, which is a Brazilian federal value-added tax, and income tax credits mostly earned in 2008 through 2018 that we believe will be realized through paying income taxes, paying other federal taxes, or receiving cash refunds. Should the Brazilian government determine that these are not valid credits upon audit, this could impact our results in such period. We have recorded the PIS and Cofins credits at amounts which we believe are probable of collection. Information regarding PIS and Cofins taxes already audited is included in Note 22 of our Notes to Consolidated Financial Statements. |
Foreign Currency Translation | Foreign Currency Translation The Company’s reporting currency is the U.S. dollar; however, for operations located in Canada and Brazil, the functional currency is the local currency. Assets and liabilities of these foreign operations are translated to U.S. dollars at exchange rates in effect at the balance sheet date, while income statement accounts and cash flows are translated to U.S. dollars at the average exchange rates for the period. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive income in equity until the foreign entity is sold or liquidated. Transaction gains and losses result from transactions that are denominated in a currency other than the functional currency of the operation, primarily accounts receivable and intercompany loans in our Canadian entities denominated in U.S. dollars, and accounts payable in Brazil denominated in U.S. dollars. These foreign currency transaction gains and losses are presented separately in the Consolidated Statement of Earnings. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include short-term, highly liquid investments with original maturities of 90 days or less, and other highly liquid investments that are payable on demand such as money market accounts, certain certificates of deposit and repurchase agreements. The carrying amount of such cash equivalents approximates their fair value due to the short-term and highly liquid nature of these instruments. |
Concentration of Credit Risk | Concentration of Credit Risk In the U.S., we sell our products to manufacturers, distributors and retailers, primarily in the Midwest and Southeast. Internationally, our potash products are sold primarily through Canpotex, an export association. A concentration of credit risk arises from our sales and accounts receivable associated with the international sales of potash product through Canpotex. We consider our concentration risk related to the Canpotex receivable to be mitigated by their credit policy, which requires the underlying receivables to be substantially insured or secured by letters of credit. As of December 31, 2018 , there was an immaterial amount of accounts receivable due from Canpotex, compared to $37.8 million of accounts receivable due from Canpotex in 2017 . During 2018 , 2017 , and 2016 , sales to Canpotex were $820.1 million , $700.6 million and $604.5 million , respectively. |
Inventories | Inventories Inventories of raw materials, work-in-process products, finished goods and operating materials and supplies are stated at the lower of cost or net realizable value. Costs for substantially all inventories are determined using the weighted average cost basis. To determine the cost of inventory, we allocate fixed expense to the costs of production based on the normal capacity, which refers to a range of production levels and is considered the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. Fixed overhead costs allocated to each unit of production should not increase due to abnormally low production. Those excess costs are recognized as a current period expense. When a production facility is completely shut down temporarily, it is considered “idle”, and all related expenses are charged to cost of goods sold. Net realizable value of our inventory is defined as forecasted selling prices less reasonably predictable selling costs. Significant management judgment is involved in estimating forecasted selling prices including various demand and supply variables. Examples of demand variables include grain and oilseed prices, stock-to-use ratios and changes in inventories in the crop nutrients distribution channels. Examples of supply variables include forecasted prices of raw materials, such as phosphate rock, sulfur, ammonia, and natural gas, estimated operating rates and industry crop nutrient inventory levels. Results could differ materially if actual selling prices differ materially from forecasted selling prices. Charges for lower of cost or market are recognized in our Consolidated Statements of Earnings in the period when there is evidence of a decline of market value below cost. |
Property, Plant and Equipment and Recoverability of Long-Lived Assets | Property, Plant and Equipment and Recoverability of Long-Lived Assets Property, plant and equipment are stated at cost. Costs of significant assets include capitalized interest incurred during the construction and development period. Repairs and maintenance, including planned major maintenance and plant turnaround costs, are expensed when incurred. Depletion expenses for mining operations, including mineral reserves, are generally determined using the units-of-production method based on estimates of recoverable reserves. Depreciation is computed principally using the straight-line method and units-of-production method over the following useful lives: machinery and equipment three to 25 years, and buildings and leasehold improvements three to 40 years. We estimate initial useful lives based on experience and current technology. These estimates may be extended through sustaining capital programs. Factors affecting the fair value of our assets or periods of expected use may also affect the estimated useful lives of our assets and these factors can change. Therefore, we periodically review the estimated remaining lives of our facilities and other significant assets and adjust our depreciation rates prospectively where appropriate. We have worked extensively to ensure the mechanical integrity of our fixed assets in order to help prolong their useful lives, while helping to improve asset utilization and potential cash preservation. As a result, we completed an in-depth review of our fixed assets and concluded that for certain assets, we would make a change to the units-of-production depreciation method from the straight-line method to better reflect the pattern of consumption of those assets. We also determined the expected lives of certain mining and production equipment and reserves were longer than the previously estimated useful lives used to determine depreciation in our financial statements. As a result, effective January 1, 2017, we changed our estimates of the useful lives and method of determining the depreciation of certain equipment to better reflect the estimated periods during which these assets will remain in service. The effect of this change in estimates reduced depreciation expense, thus increasing operating earnings, by approximately $65 million in 2017. Amounts may vary throughout the year due to changes in production levels. As a result of this change and actions taken to prolong asset lives, we expect our maintenance expense to increase in the future. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment assessment involves management judgment and estimates of factors such as industry and market conditions, the economic life of the asset, sales volume and prices, inflation, raw materials costs, cost of capital, tax rates and capital spending. The carrying amount of a long-lived asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the long-lived asset group exceeds its fair value. |
Lease, Policy [Policy Text Block] | Leases Leases in which the risk of ownership is retained by the lessor are classified as operating leases. Leases which substantially transfer all of the benefits and risks inherent in ownership to the lessee are classified as capital leases. Assets acquired under capital leases are depreciated on the same basis as property, plant and equipment. Rental payments are expensed on a straight-line basis. Leasehold improvements are depreciated over the depreciable lives of the corresponding fixed assets or the related lease term, whichever is shorter. |
Structured Accounts Payable Arrangements | Structured Accounts Payable Arrangements In Brazil, we finance some of our potash-based fertilizer, sulfur, ammonia and other raw material product purchases through third-party financing arrangements. These arrangements provide that the third-party intermediary advance the amount of the scheduled payment to the vendor, less an appropriate discount, at a scheduled payment date and Mosaic makes payment to the third-party intermediary at a later date, stipulated in accordance with the commercial terms negotiated. At December 31, 2018 and 2017 , these structured accounts payable arrangements were $572.8 million and $386.2 million , respectively. |
Contingencies | Contingencies Accruals for environmental remediation efforts are recorded when costs are probable and can be reasonably estimated. In determining these accruals, we use the most current information available, including similar past experiences, available technology, consultant evaluations, regulations in effect, the timing of remediation and cost-sharing arrangements. Adjustments to accruals, recorded as needed in our Consolidated Statement of Earnings each quarter, are made to reflect changes in and current status of these factors. We are involved from time to time in claims and legal actions incidental to our operations, both as plaintiff and defendant. We have established what we currently believe to be adequate accruals for pending legal matters. These accruals are established as part of an ongoing worldwide assessment of claims and legal actions that takes into consideration such items as advice of legal counsel, individual developments in court proceedings, changes in the law, changes in business focus, changes in the litigation environment, changes in opponent strategy and tactics, new developments as a result of ongoing discovery, and our experience in defending and settling similar claims. The litigation accruals at any time reflect updated assessments of the then-existing claims and legal actions. The final outcome or potential settlement of litigation matters could differ materially from the accruals which we have established. Legal costs are expensed as incurred. |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Mosaic offers a number of benefit plans that provide pension and other benefits to qualified employees. These plans include defined benefit pension plans, supplemental pension plans, defined contribution plans and other postretirement benefit plans. We accrue the funded status of our plans, which is representative of our obligations under employee benefit plans and the related costs, net of plan assets measured at fair value. The cost of pensions and other retirement benefits earned by employees is generally determined with the assistance of an actuary using the projected benefit method prorated on service and management’s best estimate of expected plan investment performance, salary escalation, retirement ages of employees and expected healthcare costs. |
Earnings Per Share | The numerator for basic and diluted earnings per share (“EPS”) is net earnings attributable to Mosaic. The denominator for basic EPS is the weighted average number of shares outstanding during the period. The denominator for diluted EPS also includes the weighted average number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued, unless the shares are anti-dilutive. |
Investments in non-consolidated companies | We have investments in various international and domestic entities and ventures. The equity method of accounting is applied to such investments when the ownership structure prevents us from exercising a controlling influence over operating and financial policies of the businesses but still allow us to have significant influence. Under this method, our equity in the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Earnings. The effects of material intercompany transactions with these equity method investments are eliminated, including the gross profit on sales to and purchases from our equity-method investments which is deferred until the time of sale to the final third party customer. The cash flow presentation of dividends received from equity method investees is determined by evaluation of the facts, circumstances and nature of the distribution. |
Goodwill | Goodwill is carried at cost, not amortized, and represents the excess of the purchase price and related costs over the fair value assigned to the net identifiable assets of a business acquired. We test goodwill for impairment on a quantitative basis at the reporting unit level on an annual basis or upon the occurrence of events that may indicate possible impairment. |
Marketable Securities Held in Trusts | The RCRA Trusts hold investments, which are restricted from our general use, in marketable debt securities classified as available-for-sale and are carried at fair value. As a result, unrealized gains and losses are included in other comprehensive income until realized, unless it is determined that the carrying value of an investment is impaired on an other-than-temporary basis. We review the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. We determine the fair market values of our available-for-sale securities and certain other assets based on the fair value hierarchy described below: Level 1: Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2: Values based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuation techniques for which all significant assumptions are observable in the market. Level 3: Values generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. |
Income Taxes | In preparing our Consolidated Financial Statements, we utilize the asset and liability approach in accounting for income taxes. We recognize income taxes in each of the jurisdictions in which we have a presence. For each jurisdiction, we estimate the actual amount of income taxes currently payable or receivable, as well as deferred income tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Accounting for asset retirement obligations | We recognize our estimated asset retirement obligations (“ AROs ”) in the period in which we have an existing legal obligation associated with the retirement of a tangible long-lived asset, and the amount of the liability can be reasonably estimated. The ARO is recognized at fair value when the liability is incurred with a corresponding increase in the carrying amount of the related long lived asset. We depreciate the tangible asset over its estimated useful life. The liability is adjusted in subsequent periods through accretion expense which represents the increase in the present value of the liability due to the passage of time. Such depreciation and accretion expenses are included in cost of goods sold for operating facilities and other operating expense for indefinitely closed facilities. |
Accounting for derivative and hedging activities | We periodically enter into derivatives to mitigate our exposure to foreign currency risks, interest rate movements and the effects of changing commodity 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. |
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: The foreign currency derivative instruments that we currently use are forward contracts, and zero-cost collars, which typically expire within eighteen months. Most of the valuations are adjusted by a forward yield curve or interest rates. In such cases, these derivative contracts are classified within Level 2. Some valuations are based on exchange-quoted prices, which are classified as Level 1. Changes in the fair market values of these contracts are recognized in the Consolidated Financial Statements as a component of cost of goods sold in our Corporate, Eliminations and Other segment, or foreign currency transaction (gain) loss. 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 in our Corporate, Eliminations and Other segment. We manage interest expense through interest rate contracts to convert a portion of our fixed-rate debt into floating-rate debt. We also enter into interest rate swap agreements to hedge our exposure to changes in future interest rates related to anticipated debt issuances. Valuations are based on external pricing sources and are classified as Level 2. Changes in the fair market values of these contracts are recognized in the Consolidated Financial Statements as a component of interest expense. For cash and cash equivalents, accounts receivable, accounts payable, structured accounts payable arrangements 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 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. |
Share-Based Payments | The fair value of each option award is estimated on the date of the grant using the Black-Scholes option valuation model. Stock options vest in equal annual installments in the first three years following the date of grant (graded vesting). Stock options are expensed on a straight-line basis over the required service period, based on the estimated fair value of the award on the date of grant, net of estimated forfeitures. The fair value of restricted stock units is equal to the market price of our stock at the date of grant. Restricted stock units generally cliff vest after three years of continuous service and are expensed on a straight-line basis over the required service period, based on the estimated grant date fair value, net of estimated forfeitures. The fair value of each TSR performance unit is determined using a Monte Carlo simulation. This valuation methodology utilizes assumptions consistent with those of our other share-based awards and a range of ending stock prices; however, the expected term of the awards is three years, which impacts the assumptions used to calculate the fair value of performance units as shown in the table below. TSR Performance units are considered equity-classified fixed awards measured at grant-date fair value and not subsequently re-measured. TSR Performance units cliff vest after three years of continuous service. Performance units are expensed on a straight-line basis over the required service period, based on the estimated grant date fair value of the award net of estimate forfeitures. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | The cumulative effects of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of the new revenue standard were as follows (in millions): Balance at Adjustments Balance at December 31, 2017 upon adoption January 1, 2018 Balance Sheet Receivables, net $ 642.6 $ 18.2 $ 660.8 Inventories 1,547.2 (13.3 ) 1,533.9 Deferred income tax asset 254.6 (1.3 ) 253.3 Accrued Liabilities 754.4 0.9 755.3 Retained earnings 10,631.1 2.7 10,633.8 The total impact of adoption on our condensed consolidated statement of earnings and balance sheet was as follows (in millions): For the year ended December 31, 2018 Elimination of Revenue Deferral Canpotex Impact (a) Balances Without New Revenue Standards As Reported Impact Income Statement Net sales $ 9,587.3 $ (87.9 ) $ 96.4 $ 9,595.8 (8.5 ) Cost of goods sold 8,088.9 (64.3 ) 54.1 8,078.7 10.2 Provision for (benefit from) income taxes 77.1 (2.1 ) 5.8 80.8 (3.7 ) Net earnings (loss) attributable to Mosaic 470.0 (21.5 ) 36.5 485.0 (15.0 ) Balance Sheet Receivables, net $ 838.5 $ (107.3 ) $ 96.4 $ 827.6 $ 10.9 Inventories 2,270.2 48.1 (42.8 ) 2,275.5 (5.3 ) Other current assets 280.6 23.5 — 304.1 (23.5 ) Deferred income tax asset 343.8 3.4 (5.8 ) 341.4 2.4 Accrued liabilities 1,092.5 (8.1 ) 11.4 1,095.8 (3.3 ) Retained earnings 11,064.7 (24.2 ) 36.4 11,076.9 (12.2 ) ______________________________ (a) Includes impact from Canpotex's adoption of new revenue standards, resulting in a deferral of approximately 450,000 tonnes as of December 31, 2018. |
Other Financial Statement Data
Other Financial Statement Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Other Assets and Other Liabilities | The following provides additional information concerning selected balance sheet accounts: December 31, (in millions) 2018 2017 Receivables Trade $ 703.7 $ 563.6 Non-trade 136.1 81.3 839.8 644.9 Less allowance for doubtful accounts 1.3 2.3 $ 838.5 $ 642.6 Inventories Raw materials $ 147.5 $ 37.8 Work in process 625.5 349.9 Finished goods 1,343.8 1,035.1 Final price deferred (a) 39.3 38.6 Operating materials and supplies 114.1 85.8 $ 2,270.2 $ 1,547.2 Other current assets Income and other taxes receivable $ 149.2 $ 141.3 Prepaid expenses 86.8 69.0 Other 44.6 62.9 $ 280.6 $ 273.2 Other assets Restricted cash $ 15.8 $ 32.6 MRO inventory 134.6 114.8 Marketable securities held in trust - restricted 632.3 628.0 Indemnification asset 30.7 — Long-term receivable 91.7 — Other 352.7 492.1 $ 1,257.8 $ 1,267.5 December 31, (in millions) 2018 2017 Accrued liabilities Accrued dividends $ 11.8 $ 12.1 Payroll and employee benefits 217.5 159.5 Asset retirement obligations 136.3 98.1 Customer prepayments 199.8 140.4 Accrued income tax 65.5 1.4 Other 461.6 342.9 $ 1,092.5 $ 754.4 Other noncurrent liabilities Asset retirement obligations $ 1,023.8 $ 761.2 Accrued pension and postretirement benefits 146.3 53.7 Unrecognized tax benefits 33.0 33.5 Other 255.6 119.4 $ 1,458.7 $ 967.8 ______________________________ |
Schedule of Other Nonoperating Income (Expense) | Interest expense, net was comprised of the following in 2018 , 2017 and 2016 : Years Ended December 31, (in millions) 2018 2017 2016 Interest income $ 49.7 $ 33.2 $ 28.2 Less interest expense 215.8 171.3 140.6 Interest expense, net $ (166.1 ) $ (138.1 ) $ (112.4 ) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property Plant And Equipment | Property, plant and equipment consist of the following: December 31, (in millions) 2018 2017 Land $ 321.5 $ 245.9 Mineral properties and rights 4,478.2 3,540.4 Buildings and leasehold improvements 2,760.9 2,473.0 Machinery and equipment (a) 8,955.7 7,933.5 Construction in-progress 2,164.7 1,793.0 18,681.0 15,985.8 Less: accumulated depreciation and depletion 6,934.5 6,274.1 $ 11,746.5 $ 9,711.7 ______________________________ (a) Includes assets under capital leases of approximately $340.9 million and $345.0 million as of December 31, 2018 and 2017 , respectively. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: Years Ended December 31, (in millions) 2018 2017 2016 Net earnings (loss) attributable to Mosaic $ 470.0 $ (107.2 ) $ 297.8 Basic weighted average number of shares outstanding attributable to common stockholders 384.8 350.9 350.4 Dilutive impact of share-based awards 1.6 — 1.3 Diluted weighted average number of shares outstanding 386.4 350.9 351.7 Basic net earnings (loss) per share $ 1.22 $ (0.31 ) $ 0.85 Diluted net earnings (loss) per share $ 1.22 $ (0.31 ) $ 0.85 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule Of Cash Flow Supplemental Disclosures Table | Supplemental disclosures of cash paid for interest and income taxes and non-cash investing and financing information is as follows: Years Ended December 31, (in millions) 2018 2017 2016 Cash paid during the period for: Interest $ 196.0 $ 178.9 $ 163.0 Less amount capitalized 22.1 23.9 38.5 Cash interest, net $ 173.9 $ 155.0 $ 124.5 Income taxes $ (34.2 ) $ (70.1 ) $ (65.4 ) |
Investments in Non-Consolidat_2
Investments in Non-Consolidated Companies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | A summary of our equity-method investments, which were in operation as of December 31, 2018 , is as follows: Entity Economic Interest Gulf Sulphur Services LTD., LLLP 50.0 % River Bend Ag, LLC 50.0 % IFC S.A. 45.0 % MWSPC 25.0 % Canpotex 36.2 % The summarized financial information shown below includes all non-consolidated companies carried on the equity method. Years Ended December 31, (in millions) 2018 2017 2016 Net sales $ 3,555.6 $ 2,871.2 $ 2,307.9 Net earnings (loss) (5.4 ) 95.3 11.9 Mosaic’s share of equity in net earnings (loss) (4.5 ) 16.7 (15.4 ) Total assets 9,042.9 8,623.6 8,665.4 Total liabilities 6,658.2 5,971.9 6,310.1 Mosaic’s share of equity in net assets 609.1 712.8 651.5 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill [Line Items] | |
Sensitivity Analysis WACC [Table Text Block] | Assuming that all other components of our fair value estimate remain unchanged, a change in the WACC would have the following effect on estimated fair values in excess of carrying values: Sensitivity Analysis - Percent of Fair Values in Excess of Carrying Values Excess at Current WACC WACC Decreased by 50 Basis Points WACC Decreased by 25 Basis Points WACC Increased by 25 Basis Points WACC Increased by 50 Basis Points Potash Reporting Unit 18.0% 24.5% 21.3% 14.7% 11.3% |
Goodwill | The changes in the carrying amount of goodwill, by reporting unit, as of December 31, 2018 and 2017 , are as follows: (in millions) Phosphates Potash Mosaic Fertilizantes Corporate, Eliminations and Other Total Balance as of December 31, 2016 $ 492.4 $ 1,013.6 $ 124.9 $ — $ 1,630.9 Foreign currency translation — 63.3 (0.6 ) — 62.7 Balance as of December 31, 2017 492.4 1,076.9 124.3 — 1,693.6 Foreign currency translation — (76.5 ) (5.8 ) — (82.3 ) Allocation of goodwill due to Realignment — — (12.1 ) 12.1 — Goodwill acquired in the Vale acquisition 96.2 — — — 96.2 Balance as of December 31, 2018 $ 588.6 $ 1,000.4 $ 106.4 $ 12.1 $ 1,707.5 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt, including current maturites | Long-term debt as of December 31, 2018 and 2017 , respectively, consisted of the following: (in millions) December 31, 2018 December 31, 2018 Maturity Date December 31, 2018 Combination Fair Market Value Adjustment Discount on Notes Issuance December 31, 2018 December 31, 2017 Combination Fair Market Value Adjustment Discount on Notes Issuance December 31, 2017 Unsecured notes 3.25% - 5.63% 5.01% 2021- 2043 $ 4,000.0 $ — $ (7.3 ) $ 3,992.7 $ 4,000.0 $ — $ (8.5 ) $ 3,991.5 Unsecured debentures 7.30% 7.19% 2028 147.1 1.1 — 148.2 236.1 1.4 — 237.5 Term loan (a) Libor plus 1.25% Variable 2021 — — — — 684.0 — — 684.0 Capital leases 2.24% - 4.00% 2019- 302.2 — — 302.2 326.6 — — 326.6 Other (b) 2.50% - 9.98% 7.98% 2021- 2026 58.0 16.4 — 74.4 (18.0 ) — — (18.0 ) Total long-term debt 4,507.3 17.5 (7.3 ) 4,517.5 5,228.7 1.4 (8.5 ) 5,221.6 Less current portion 24.7 2.3 (1.0 ) 26.0 344.2 0.4 (1.1 ) 343.5 Total long-term debt, less current maturities $ 4,482.6 $ 15.2 $ (6.3 ) $ 4,491.5 $ 4,884.5 $ 1.0 $ (7.4 ) $ 4,878.1 ______________________________ (a) Term loan facility is pre-payable. (b) Includes deferred financing fees related to our long term debt. |
Scheduled maturities of long-term debt | Scheduled maturities of long-term debt are as follows for the periods ending December 31: (in millions) 2019 $ 26.0 2020 39.2 2021 485.8 2022 580.4 2023 962.8 Thereafter 2,423.3 Total $ 4,517.5 |
Marketable Securities Held in_2
Marketable Securities Held in Trusts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale securities | The estimated fair value of the investments in the RCRA Trusts is as of December 31, 2018 and December 31, 2017 are as follows: December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 Cash and cash equivalents $ 4.0 $ — $ — $ 4.0 Level 2 Corporate debt securities 180.8 0.3 (4.3 ) 176.8 Municipal bonds 186.1 0.5 (3.4 ) 183.2 U.S. government bonds 262.1 3.3 — 265.4 Total $ 633.0 $ 4.1 $ (7.7 ) $ 629.4 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 Cash and cash equivalents $ 1.2 $ — $ — $ 1.2 Level 2 Corporate debt securities 186.1 0.4 (2.2 ) 184.3 Municipal bonds 184.5 0.5 (2.7 ) 182.3 U.S. government bonds 261.7 — (4.4 ) 257.3 Total $ 633.5 $ 0.9 $ (9.3 ) $ 625.1 |
Fair value of available-for-sale debt securities in an unrealized loss position | The following tables show gross unrealized losses and fair values of the RCRA Trusts’ available-for-sale securities that have been in a continuous unrealized loss position deemed to be temporary as of December 31, 2018 and December 31, 2017 . December 31, 2018 December 31, 2017 Less than 12 months Less than 12 months Fair Value Gross Unrealized Losses (a) Fair Value Gross Unrealized Losses (a) Corporate debt securities $ 43.9 $ (0.6 ) $ 44.3 $ (0.3 ) Municipal bonds 12.3 — 64.5 (0.5 ) U.S. government bonds — — 255.0 (4.4 ) Total $ 56.2 $ (0.6 ) $ 363.8 $ (5.2 ) December 31, 2018 December 31, 2017 Greater than 12 months Greater than 12 months Fair Value Gross Unrealized Losses (a) Fair Value Gross Unrealized Losses (a) Corporate debt securities $ 103.4 $ (3.7 ) $ 100.4 $ (1.9 ) Municipal bonds 117.5 (3.4 ) 83.3 (2.2 ) U.S. government bonds — — — — Total $ 220.9 $ (7.1 ) $ 183.7 $ (4.1 ) ______________________________ (a) Represents the aggregate of the gross unrealized losses that have been in a continuous unrealized loss position as of December 31, 2018 and December 31, 2017 . |
Schedule of maturity dates for debt securities | The following table summarizes the balance by contractual maturity of the available-for-sale debt securities invested by the RCRA Trusts as of December 31, 2018 . Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations before the underlying contracts mature. December 31, 2018 Due in one year or less $ 37.3 Due after one year through five years 148.8 Due after five years through ten years 407.0 Due after ten years 32.3 Total debt securities $ 625.4 |
Income Taxes (Table)
Income Taxes (Table) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Provision For Income Taxes | The provision for income taxes for 2018 , 2017 and 2016 , consisted of the following: Years Ended December 31, (in millions) 2018 2017 2016 Current: Federal $ 24.5 $ (167.6 ) $ (41.7 ) State 1.8 14.9 (15.9 ) Non-U.S. 147.2 31.0 94.9 Total current 173.5 (121.7 ) 37.3 Deferred: Federal (105.1 ) 602.3 (147.9 ) State 9.9 (39.9 ) 3.9 Non-U.S. (1.2 ) 54.2 32.5 Total deferred (96.4 ) 616.6 (111.5 ) (Benefit from) provision for income taxes $ 77.1 $ 494.9 $ (74.2 ) |
Schedule Of Effective Income Tax Rate | The components of earnings from consolidated companies before income taxes, and the effects of significant adjustments to tax computed at the federal statutory rate, were as follows: Years Ended December 31, (in millions) 2018 2017 2016 United States earnings (loss) $ 322.7 $ (82.5 ) $ (96.4 ) Non-U.S. earnings 228.8 456.5 338.8 Earnings from consolidated companies before income taxes $ 551.5 $ 374.0 $ 242.4 Computed tax at the U.S. federal statutory rate 21.0 % 35.0 % 35.0 % State and local income taxes, net of federal income tax benefit 2.0 % (0.1 )% (6.1 )% Percentage depletion in excess of basis (6.7 )% (13.2 )% (34.4 )% Impact of non-U.S. earnings 11.8 % (46.9 )% (4.0 )% Change in valuation allowance (15.2 )% 148.8 % 7.7 % Resolution of uncertain tax positions (0.4 )% — % (34.9 )% Share-based excess cost/(benefits) 0.7 % 2.0 % 2.2 % Other items (none in excess of 5% of computed tax) 0.8 % 6.7 % 3.9 % Effective tax rate 14.0 % 132.3 % (30.6 )% |
Schedule Of Deferred Tax Assets And Liabilities | Significant components of our deferred tax liabilities and assets as of December 31 were as follows: December 31, (in millions) 2018 2017 Deferred tax liabilities: Depreciation and amortization $ 317.3 $ 864.2 Depletion 390.8 260.9 Partnership tax basis differences 64.6 67.6 Undistributed earnings of non-U.S. subsidiaries 15.0 15.0 Other liabilities 10.3 150.6 Total deferred tax liabilities $ 798.0 $ 1,358.3 Deferred tax assets: Alternative minimum tax credit carryforwards $ 76.5 $ 46.8 Capital loss carryforwards 3.0 0.1 Foreign tax credit carryforwards 493.5 322.9 Net operating loss carryforwards 408.9 112.0 Pension plans and other benefits 33.4 2.1 Asset retirement obligations 187.6 174.1 Deferred revenue — 252.0 Other assets 388.8 169.7 Subtotal 1,591.7 1,079.7 Valuation allowance 1,530.5 584.1 Net deferred tax assets 61.2 495.6 Net deferred tax liabilities $ (736.8 ) $ (862.7 ) |
Summary Of Income Tax Uncertainties | Years Ended December 31, (in millions) 2018 2017 2016 Gross unrecognized tax benefits, beginning of period $ 39.3 $ 27.1 $ 98.6 Gross increases: Prior period tax positions 0.3 1.9 13.5 Current period tax positions 3.8 8.5 6.9 Gross decreases: Prior period tax positions (2.9 ) — (91.6 ) Currency translation (2.4 ) 1.8 (0.3 ) Gross unrecognized tax benefits, end of period $ 38.1 $ 39.3 $ 27.1 |
Accounting for Asset Retireme_2
Accounting for Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | A reconciliation of our AROs is as follows: Years Ended December 31, (in millions) 2018 2017 AROs, beginning of period $ 859.3 $ 849.9 Liabilities acquired in the Acquisition 258.9 — Liabilities incurred 27.8 27.1 Liabilities settled (69.6 ) (64.8 ) Accretion expense 48.0 25.7 Revisions in estimated cash flows 78.2 15.7 Foreign currency translation (42.5 ) 5.7 AROs, end of period 1,160.1 859.3 Less current portion 136.3 98.1 $ 1,023.8 $ 761.2 |
Accounting for Derivative Ins_2
Accounting for Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivative Instruments Notional Amounts | The following is the total absolute notional volume associated with our outstanding derivative instruments: (in millions of Units) Instrument Derivative Category Unit of Measure December 31, December 31, Foreign currency derivatives Foreign Currency US Dollars 2,091.7 813.5 Interest rate derivatives Interest Rate US Dollars 585.0 585.0 Natural gas derivatives Commodity MMbtu 52.2 43.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: December 31, 2018 2017 Carrying Fair Carrying Fair (in millions) Amount Value Amount Value Cash and cash equivalents $ 847.7 $ 847.7 $ 2,153.5 $ 2,153.5 Accounts receivable 838.5 838.5 642.6 642.6 Accounts payable 780.9 780.9 540.9 540.9 Structured accounts payable arrangements 572.8 572.8 386.2 386.2 Short-term debt 11.5 11.5 6.1 6.1 Long-term debt, including current portion 4,517.5 4,554.6 5,221.6 5,431.8 |
Pension Plans and Other Benef_2
Pension Plans and Other Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule Of Defined Benefit Plans Disclosures | The year-end status of the North American pension plans was as follows: Pension Plans Years Ended December 31, (in millions) 2018 2017 Change in projected benefit obligation: Benefit obligation at beginning of period $ 766.1 $ 713.5 Service cost 6.2 5.9 Interest cost 24.0 24.3 Actuarial (gain) loss (48.3 ) 44.2 Currency fluctuations (28.0 ) 24.0 Benefits paid (46.4 ) (45.8 ) Projected benefit obligation at end of period $ 673.6 $ 766.1 Change in plan assets: Fair value at beginning of period $ 793.2 $ 715.6 Currency fluctuations (30.7 ) 25.9 Actual return (22.0 ) 85.8 Company contribution 7.1 11.7 Benefits paid (46.4 ) (45.8 ) Fair value at end of period $ 701.2 $ 793.2 Funded status of the plans as of the end of period $ 27.6 $ 27.1 Amounts recognized in the consolidated balance sheets: Noncurrent assets $ 40.5 $ 41.1 Current liabilities (0.7 ) (0.8 ) Noncurrent liabilities (12.2 ) (13.2 ) Amounts recognized in accumulated other comprehensive (income) loss Prior service costs $ 16.9 $ 20.8 Actuarial loss 107.7 109.8 |
Schedule Of Net Benefit Costs | The components of net annual periodic benefit costs and other amounts recognized in other comprehensive income include the following components: Pension Plans (in millions) Years Ended December 31, 2018 2017 2016 Net Periodic Benefit Cost Service cost $ 6.2 $ 5.9 $ 5.8 Interest cost 24.0 24.3 25.1 Expected return on plan assets (39.7 ) (41.3 ) (44.9 ) Amortization of: Prior service cost 2.4 2.3 1.7 Actuarial loss 9.1 2.8 5.0 Preliminary net periodic benefit cost (income) $ 2.0 $ (6.0 ) $ (7.3 ) Curtailment/settlement expense 1.2 2.4 6.2 Total net periodic benefit cost (income) $ 3.2 $ (3.6 ) $ (1.1 ) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Prior service (credit) cost recognized in other comprehensive income $ (4.3 ) $ (3.8 ) $ 8.9 Net actuarial loss (gain) recognized in other comprehensive income 5.0 (4.0 ) (2.5 ) Total recognized in other comprehensive income (loss) $ 0.7 $ (7.8 ) $ 6.4 Total recognized in net periodic benefit (income) cost and other comprehensive income $ 3.9 $ (11.4 ) $ 5.3 |
Schedule Of Expected Benefit Payments | The following estimated benefit payments, which reflect estimated future service are expected to be paid by the related plans in the years ending December 31: (in millions) Pension Plans Benefit Payments Other Postretirement Plans Benefit Payments Medicare Part D Adjustments 2019 $ 40.4 $ 4.2 $ 0.2 2020 41.1 4.2 0.2 2021 41.9 4.1 0.2 2022 42.8 3.9 0.2 2023 43.1 3.8 0.2 2024-2028 215.0 17.5 0.5 |
Schedule of Allocation of Plan Assets | The following tables provide fair value measurement, by asset class, of the Company’s defined benefit plan assets for both the U.S. and Canadian plans: (in millions) December 31, 2018 Pension Plan Asset Category Total Level 1 Level 2 Level 3 Cash $ 12.0 $ 12.0 $ — $ — Equity securities (a) 172.9 — 172.9 — Fixed income (b) 514.3 — 514.3 — Private equity funds 2.0 — — 2.0 Total assets at fair value $ 701.2 $ 12.0 $ 687.2 $ 2.0 (in millions) December 31, 2017 Pension Plan Asset Category Total Level 1 Level 2 Level 3 Cash $ 14.7 $ 14.7 $ — $ — Equity securities (a) 327.7 — 327.7 — Fixed income (b) 447.8 — 447.8 — Private equity funds 3.0 — — 3.0 Total assets at fair value $ 793.2 $ 14.7 $ 775.5 $ 3.0 ______________________________ (a) This class, which includes several funds, was invested approximately 39% in U.S. equity securities, 18% in Canadian equity securities, and 43% in international equity securities as of December 31, 2018 , and 45% in U.S. equity securities, 25% in Canadian equity securities, and 30% in international equity securities as of December 31, 2017 . (b) This class, which includes several funds, was invested approximately 50% in corporate debt securities, 44% in governmental securities in the U.S. and Canada, and 6% in foreign entity debt securities as of December 31, 2018 , and 55% in corporate debt securities, 42% in governmental securities in the U.S. and Canada, and 3% in foreign entity debt securities as of December 31, 2017 . |
Schedule of Assumptions Used | Weighted average assumptions used to determine benefit obligations were as follows: Pension Plans Years Ended December 31, 2018 2017 2016 Discount rate 4.09 % 3.51 % 3.97 % Expected return on plan assets 5.14 % 5.54 % 5.54 % Rate of compensation increase 3.50 % 3.50 % 3.50 % Weighted-average assumptions used to determine net benefit cost were as follows: Pension Plans Years Ended December 31, 2018 2017 2016 Discount rate 3.51 % 3.97 % 4.17 % Service cost discount rate (a) 3.50 % 4.02 % 4.19 % Interest cost discount rate (a) 3.21 % 3.44 % 3.45 % Expected return on plan assets 5.54 % 5.54 % 5.66 % Rate of compensation increase 3.50 % 3.50 % 3.50 % ______________________________ (a) In 2016, we changed the method used to estimate the service and interest cost components of net periodic benefit cost for our defined benefit pension and other postretirement benefit plans by electing a full yield curve approach and applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The impact of this change to our earnings and earnings per share was not material. |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The year-end status of the Brazil postretirement medical benefit plans with a discount rate of 9.15% was as follows: Postretirement Medical Benefits Years Ended December 31, (in millions) 2018 Change in accumulated postretirement benefit obligation (“APBO”): APBO at beginning of year $ 69.1 Service cost 1.5 Interest cost 6.8 Actuarial loss 13.0 Currency fluctuations (13.1 ) Benefits paid (1.5 ) APBO at end of year $ 75.8 Change in plan assets: Company contribution $ 1.5 Benefits paid (1.5 ) Fair value at end of year $ — Unfunded status of the plans as of the end of the year $ (75.8 ) Amounts recognized in the consolidated balance sheets: Current liabilities $ (0.5 ) Noncurrent liabilities (75.3 ) Amounts recognized in accumulated other comprehensive (income) loss Actuarial loss $ 23.9 |
Share-based Payments (Tables)
Share-based Payments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Assumptions used to calculate the fair value of stock options in each period are noted in the following table. Expected volatility is based on the simple average of implied and historical volatility using the daily closing prices of the Company’s stock for a period equal to the expected term of the option. The risk-free interest rate is based on the U.S. Treasury rate at the time of the grant for instruments of comparable life. There were no stock options granted or issued in 2018. Years Ended December 31, 2017 2016 Weighted average assumptions used in option valuations: Expected volatility 35.35 % 42.54 % Expected dividend yield 1.97 % 3.86 % Expected term (in years) 7 7 Risk-free interest rate 2.34 % 1.65 % |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the status of our stock options as of December 31, 2018 , and activity during 2018 , is as follows: Shares (in millions) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2017 2.6 $ 49.20 Granted — — Cancelled (0.2 ) $ 91.88 Outstanding as of December 31, 2018 2.4 $ 45.50 4.0 $ — Exercisable as of December 31, 2018 2.0 $ 48.60 3.4 $ — |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | A summary of the status of our restricted stock units as of December 31, 2018 , and activity during 2018 , is as follows: Shares (in millions) Weighted Average Grant Date Fair Value Per Share Restricted stock units as of December 31, 2017 1.2 $ 33.10 Granted 0.7 26.73 Issued and cancelled (0.3 ) $ 43.65 Restricted stock units as of December 31, 2018 1.6 $ 27.27 |
Schedule Of Nonvested Performance Based Units Valuation Assumptions | A summary of the assumptions used to estimate the fair value of TSR performance units is as follows: Years Ended December 31, 2018 2017 2016 Weighted average assumptions used in performance unit valuations: Expected volatility 34.30 % 34.26 % 35.67 % Expected dividend yield 0.37 % 1.97 % 3.86 % Expected term (in years) 3 3 3 Risk-free interest rate 2.42 % 1.60 % 0.99 % |
Schedule of Nonvested Performance-based Units Activity | A summary of our performance unit activity during 2018 is as follows: Shares (in millions) Weighted Average Grant Date Fair Value Per Share Outstanding as of December 31, 2017 1.1 $ 33.26 Granted 0.4 28.09 Issued and cancelled (0.2 ) $ 43.79 Outstanding as of December 31, 2018 1.3 $ 33.26 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of commitments and contingencies | A schedule of future minimum long-term purchase commitments, based on expected market prices as of December 31, 2018 , and minimum lease payments under non-cancelable operating leases as of December 31, 2018 is as follows: (in millions) Purchase Commitments Operating Leases 2019 $ 2,586.5 $ 97.5 2020 588.9 76.8 2021 495.7 54.7 2022 375.5 36.6 2023 261.1 28.1 Subsequent years 1,437.9 30.9 $ 5,745.6 $ 324.6 |
Related Party (Tables)
Related Party (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | The Consolidated Statements of Earnings included the following transactions with our non-consolidated companies: Years Ended December 31, (in millions) 2018 2017 2016 Transactions with non-consolidated companies included in net sales $ 842.4 $ 715.3 $ 623.1 Transactions with non-consolidated companies included in cost of goods sold 1,046.4 750.2 552.9 |
Preliminary Purchase Price Allo
Preliminary Purchase Price Allocation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Preliminary Purchase Price Allocation [Abstract] | |
Business Combination, Segment Allocation [Table Text Block] | The following table is the final allocation of the assets acquired and the liabilities we assumed in the Acquisition as of January 8, 2018, the date of the Acquisition: Cash and cash equivalents $ 86.0 Receivables, net 100.3 Inventories 344.2 Other current assets 107.6 Total current assets acquired 638.1 Property, plant and equipment, net 2,503.2 Goodwill 96.2 Deferred income taxes 48.3 Other assets (a) 292.2 Total assets acquired 3,578.0 Current maturities of long-term debt 6.7 Structured accounts payable arrangements 98.2 Accounts payable and accrued liabilities 373.3 Total current liabilities assumed 478.2 Long-term debt, less current maturities 64.6 Deferred income taxes 128.3 Asset retirement obligations 247.3 Other noncurrent liabilities 215.3 Total liabilities assumed 1,133.7 Net identifiable assets acquired 2,444.3 Noncontrolling interest (453.0 ) Cash and cash equivalents acquired (86.0 ) Total consideration transferred (net of cash acquired and working capital adjustments) $ 1,905.3 |
Pro Forma Information (Tables)
Pro Forma Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Pro Forma Information [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined companies would have been had the Acquisition occurred at the beginning of the period being presented, nor are they indicative of future results of operations. Year Ended December 31, 2017 Net sales $ 8,605.7 Net earnings attributable to Mosaic $ (43.3 ) Basic net earnings per share attributable to Mosaic $ (0.11 ) Diluted net earnings per share attributable to Mosaic $ (0.11 ) |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting by segment | Segment information for the years 2018 , 2017 and 2016 is as follows: (in millions) Phosphates Potash Mosaic Fertilizantes Corporate, Eliminations and Other (a) Total Year Ended December 31, 2018 Net sales to external customers $ 3,106.3 $ 2,154.8 $ 3,747.1 $ 579.1 $ 9,587.3 Intersegment net sales 780.0 19.1 — (799.1 ) — Net sales 3,886.3 2,173.9 3,747.1 (220.0 ) 9,587.3 Gross margin 581.5 597.2 382.9 (63.2 ) 1,498.4 Canadian resource taxes — 159.4 — — 159.4 Gross margin (excluding Canadian resource taxes) 581.5 756.6 382.9 (63.2 ) 1,657.8 Operating earnings 414.8 454.1 227.0 (167.6 ) 928.3 Capital expenditures 393.9 410.5 148.2 1.9 954.5 Depreciation, depletion and amortization expense 403.7 301.5 158.5 20.2 883.9 Equity in net earnings (loss) of nonconsolidated companies (4.6 ) — — 0.1 (4.5 ) Year Ended December 31, 2017 — Net sales to external customers $ 2,826.6 $ 1,836.5 $ 2,220.1 $ 526.2 $ 7,409.4 Intersegment net sales 762.6 16.1 — (778.7 ) — Net sales 3,589.2 1,852.6 2,220.1 (252.5 ) 7,409.4 Gross margin 332.2 391.6 128.6 (9.6 ) 842.8 Canadian resource taxes — 70.1 — — 70.1 Gross margin (excluding Canadian resource taxes) 332.2 461.7 128.6 (9.6 ) 912.9 Operating earnings 191.6 281.3 63.1 (70.3 ) 465.7 Capital expenditures 401.0 371.6 32.7 14.8 820.1 Depreciation, depletion and amortization expense 338.0 287.2 16.9 23.4 665.5 Equity in net earnings (loss) of nonconsolidated companies 16.0 — — 0.7 16.7 Year Ended December 31, 2016 Net sales to external customers $ 2,928.4 $ 1,673.0 $ 2,113.9 $ 447.5 $ 7,162.8 Intersegment net sales 782.5 12.7 — (795.2 ) — Net sales 3,710.9 1,685.7 2,113.9 (347.7 ) 7,162.8 Gross margin 349.8 256.6 125.0 78.6 810.0 Canadian resource taxes — 101.1 — — 101.1 Gross margin (excluding Canadian resource taxes) 349.8 357.7 125.0 78.6 911.1 Operating earnings 47.8 138.8 64.8 67.6 319.0 Capital expenditures 380.0 416.7 23.7 22.7 843.1 Depreciation, depletion and amortization expense 362.4 308.7 15.1 25.0 711.2 Equity in net earnings (loss) of nonconsolidated companies 0.2 (15.5 ) (0.1 ) — (15.4 ) Total assets as of December 31, 2018 $ 7,877.3 $ 7,763.1 $ 3,952.4 $ 526.4 $ 20,119.2 Total assets as of December 31, 2017 7,700.6 8,301.7 1,376.7 1,254.4 18,633.4 Total assets as of December 31, 2016 7,679.7 7,777.9 1,249.7 133.4 16,840.7 ______________________________ (a) The "Corporate, Eliminations and Other" category includes the results of our ancillary distribution operations in India and China. For the years ended December 31, 2018 , 2017 and 2016 , distribution operations in India and China had revenues of $533.9 million , $493.2 million , and $419.6 million , respectively and gross margins of $42.8 million , $46.9 million , and $21.2 million , respectively. |
Disaggregation of Revenue [Table Text Block] | Net sales by product type for the years 2018 , 2017 and 2016 are as follows: Years Ended December 31, (in millions) 2018 2017 2016 Sales by product type: Phosphate Crop Nutrients $ 2,956.8 $ 2,266.7 $ 2,369.2 Potash Crop Nutrients 2,755.9 2,180.6 1,889.1 Crop Nutrient Blends 1,418.9 1,384.2 1,403.1 Specialty Products (a) 1,844.8 1,319.8 1,266.5 Phosphate Rock 53.0 — — Other (b) 557.9 258.1 234.9 $ 9,587.3 $ 7,409.4 $ 7,162.8 ______________________________ (a) Includes sales of MicroEssentials ® , K-Mag, Aspire and animal feed ingredients. (b) Includes sales of industrial potash. Financial information relating to our operations by geographic area is as follows: Years Ended December 31, (in millions) 2018 2017 2016 Net sales (a) : Brazil $ 3,727.7 $ 2,199.0 $ 2,127.0 Canpotex (b) 820.2 700.6 604.5 Canada 639.0 508.9 498.2 India 304.4 305.2 296.7 China 231.7 206.4 171.2 Australia 136.0 147.0 121.0 Mexico 133.9 131.8 125.0 Colombia 101.5 86.9 104.9 Paraguay 100.7 113.8 106.6 Japan 92.2 71.7 82.7 Peru 82.6 56.9 68.3 Argentina 70.5 53.1 67.1 Honduras 28.7 20.6 25.6 Thailand 28.1 20.9 21.2 Other 118.4 105.6 65.1 Total international countries 6,615.6 4,728.4 4,485.1 United States 2,971.7 2,681.0 2,677.7 Consolidated $ 9,587.3 $ 7,409.4 $ 7,162.8 |
Financial Information Relating to Our Operations by Geographic Area | December 31, (in millions) 2018 2017 Long-lived assets: Canada $ 4,764.8 $ 5,457.1 Brazil 1,886.0 326.0 Other 123.2 103.7 Total international countries 6,774.0 5,886.8 United States 7,056.9 6,181.9 Consolidated $ 13,830.9 $ 12,068.7 |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2018 | Jan. 08, 2018 | Dec. 31, 2017 | |
MWSPC | ||||
Schedule of Equity Method Investments | ||||
Equity Method Investment, Ownership Percentage | 25.00% | |||
Percentage Of Total Production Expected To Market | 25.00% | |||
Miski Mayo Mine | ||||
Schedule of Equity Method Investments | ||||
Equity Method Investment, Ownership Percentage | 35.00% | |||
Miski Mayo Joint Venture [Member] | ||||
Schedule of Equity Method Investments | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 40.00% | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 75.00% | |||
Ma'aden Wa'ad Al Shamal Phosphate Company [Member] | ||||
Schedule of Equity Method Investments | ||||
Equity Method Investment, Ownership Percentage | 25.00% | |||
Percentage Of Total Production Expected To Market | 25.00% | 25.00% |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Sales And Receivables [Line Items] | ||||
Receivables, net | $ 838.5 | $ 642.6 | $ 660.8 | |
Canadian resources taxes and royalties included in cost of goods sold | 198.8 | 142 | $ 121.6 | |
Assets related to PIS and Cofins and income tax credits in Brazil | 90.4 | |||
Expected Annualized Impact Of Change In Estimate On Depreciation And Operating Income | 65 | |||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||||
Structured accounts payable arrangements | $ 572.8 | 386.2 | ||
Minimum | Machinery and equipment | ||||
Useful life | 3 years | |||
Minimum | Buildings and Leashold Improvements | ||||
Useful life | 3 years | |||
Maximum | ||||
Duration of short term investments in number of days | 90 days | |||
Maximum | Machinery and equipment | ||||
Useful life | 25 years | |||
Maximum | Buildings and Leashold Improvements | ||||
Useful life | 40 years | |||
Canpotex | ||||
Sales And Receivables [Line Items] | ||||
Net sales | $ 820.1 | 700.6 | $ 604.5 | |
Receivables, net | $ 37.8 |
Recently Issued Accounting Gu_2
Recently Issued Accounting Guidance Recently Issued Accounting Guidance (Details) - Accounting Standards Update 2016-02 [Member] $ in Millions | Jan. 01, 2019USD ($) |
Item Effected [Line Items] | |
Operating Lease, Right-of-Use Asset | $ 250 |
Operating Lease, Liability | $ 250 |
Revenue (Details)
Revenue (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2018USD ($) | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Provision for (benefit from) income taxes | $ 77.1 | $ 494.9 | $ (74.2) | ||
Net earnings (loss) attributable to Mosaic | 470 | (107.2) | 297.8 | ||
Other current assets | 280.6 | 273.2 | |||
Receivables, net | 838.5 | 642.6 | $ 660.8 | ||
Inventory, Net | 2,270.2 | 1,547.2 | 1,533.9 | ||
Deferred income taxes | 343.8 | 254.6 | 253.3 | ||
Accrued liabilities | 1,092.5 | 754.4 | 755.3 | ||
Retained earnings | 11,064.7 | 10,631.1 | 10,633.8 | ||
Elimination of Revenue Deferral [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Provision for (benefit from) income taxes | (2.1) | ||||
Net earnings (loss) attributable to Mosaic | (21.5) | ||||
Other current assets | 23.5 | ||||
Receivables, net | (107.3) | ||||
Inventory, Net | 48.1 | ||||
Deferred income taxes | 3.4 | ||||
Accrued liabilities | (8.1) | ||||
Retained earnings | (24.2) | ||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Provision for (benefit from) income taxes | (3.7) | ||||
Net earnings (loss) attributable to Mosaic | (15) | ||||
Other current assets | (23.5) | ||||
Receivables, net | 10.9 | 18.2 | |||
Inventory, Net | (5.3) | (13.3) | |||
Deferred income taxes | 2.4 | (1.3) | |||
Accrued liabilities | (3.3) | 0.9 | |||
Retained earnings | $ (12.2) | $ 2.7 | |||
Canpotex ASC Topic 606 Adoption Impact [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Sales Volume | 450,000 | ||||
Provision for (benefit from) income taxes | [1] | $ 5.8 | |||
Net earnings (loss) attributable to Mosaic | [1] | 36.5 | |||
Other current assets | [1] | 0 | |||
Receivables, net | [1] | 96.4 | |||
Inventory, Net | [1] | (42.8) | |||
Deferred income taxes | [1] | (5.8) | |||
Accrued liabilities | [1] | 11.4 | |||
Retained earnings | [1] | 36.4 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Provision for (benefit from) income taxes | 80.8 | ||||
Net earnings (loss) attributable to Mosaic | 485 | ||||
Other current assets | 304.1 | ||||
Receivables, net | 827.6 | ||||
Inventory, Net | 2,275.5 | ||||
Deferred income taxes | 341.4 | ||||
Accrued liabilities | 1,095.8 | ||||
Retained earnings | 11,076.9 | ||||
Product | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Net sales | 9,587.3 | 7,409.4 | 7,162.8 | ||
Cost of goods sold | 8,088.9 | $ 6,566.6 | $ 6,352.8 | ||
Product | Elimination of Revenue Deferral [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Net sales | (87.9) | ||||
Cost of goods sold | (64.3) | ||||
Product | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Net sales | (8.5) | ||||
Cost of goods sold | 10.2 | ||||
Product | Canpotex ASC Topic 606 Adoption Impact [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Net sales | [1] | 96.4 | |||
Cost of goods sold | [1] | 54.1 | |||
Product | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Net sales | 9,595.8 | ||||
Cost of goods sold | $ 8,078.7 | ||||
[1] | Includes impact from Canpotex's adoption of new revenue standards, resulting in a deferral of approximately 450,000 tonnes as of December 31, 2018. |
Other Financial Statement Dat_2
Other Financial Statement Data (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Aug. 31, 2016 | ||
Balance Sheet Related Disclosures [Abstract] | ||||||
Dividends Payable | $ 11.8 | $ 12.1 | $ 96.3 | |||
Receivables | ||||||
Trade | 703.7 | 563.6 | ||||
Non-trade | 136.1 | 81.3 | ||||
Current receivables, gross | 839.8 | 644.9 | ||||
Less: Allowance for doubtful accounts | 1.3 | 2.3 | ||||
Current receivables, net | 838.5 | 642.6 | $ 660.8 | |||
Inventories | ||||||
Raw materials | 147.5 | 37.8 | ||||
Work in process | 625.5 | 349.9 | ||||
Finished goods | 1,343.8 | 1,035.1 | ||||
Deferred Costs | [1] | 39.3 | 38.6 | |||
Operating materials and supplies | 114.1 | 85.8 | ||||
Inventory, net | 2,270.2 | 1,547.2 | 1,533.9 | |||
Other current assets | ||||||
Income and other taxes receivable | 149.2 | 141.3 | ||||
Prepaid expenses | 86.8 | 69 | ||||
Other | 44.6 | 62.9 | ||||
Total other current assets | 280.6 | 273.2 | ||||
Other Assets | ||||||
MRO inventory | 134.6 | 114.8 | ||||
Debt Securities, Available-for-sale, Restricted | 632.3 | 628 | ||||
Indemnification asset | 30.7 | 0 | ||||
Long-term receivable | 91.7 | 0 | ||||
Restricted cash | 15.8 | 32.6 | 31.3 | |||
Other | 352.7 | 492.1 | ||||
Other Assets, Noncurrent | 1,257.8 | 1,267.5 | ||||
Accrued liabilities | ||||||
Accrued dividends | 12.1 | |||||
Payroll and employee benefits | 217.5 | 159.5 | ||||
Asset retirement obligations | 136.3 | 98.1 | ||||
Customer prepayments | 199.8 | 140.4 | ||||
Accrued Income Taxes | 65.5 | 1.4 | ||||
Other | 461.6 | 342.9 | ||||
Total accrued liabilities, current | 1,092.5 | 754.4 | $ 755.3 | |||
Other noncurrent liabilities | ||||||
Asset retirement obligations | 1,023.8 | 761.2 | ||||
Accrued pension and postretirement benefits | 146.3 | 53.7 | ||||
Unrecognized tax benefits | 33 | 33.5 | ||||
Other | 255.6 | 119.4 | ||||
Total other noncurrent liabilities | 1,458.7 | 967.8 | ||||
Restricted Cash and Investments, Noncurrent [Abstract] | ||||||
Assets Held-in-trust, Noncurrent | $ 630 | |||||
Interest expense, net was comprised of the following: | ||||||
Interest income | 49.7 | 33.2 | 28.2 | |||
Less interest expense | 215.8 | 171.3 | 140.6 | |||
Interest expense, net | $ (166.1) | $ (138.1) | $ (112.4) | |||
[1] | Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon. |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Property, Plant and Equipment [Line Items] | ||||
Capital Leased Assets, Gross | $ 340.9 | $ 345 | ||
Depreciation | 878.2 | 659.4 | $ 703.8 | |
Property, plant and equipment, at cost | 18,681 | 15,985.8 | ||
Less: accumulated depreciation and depletion | 6,934.5 | 6,274.1 | ||
Property, plant and equipment, net | 11,746.5 | 9,711.7 | ||
Capitalized interest on major construction projects | 22.1 | 23.9 | $ 38.5 | |
Land | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, at cost | 321.5 | 245.9 | ||
Mining properties and rights | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, at cost | 4,478.2 | 3,540.4 | ||
Buildings and leasehold improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, at cost | 2,760.9 | 2,473 | ||
Machinery and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, at cost | [1] | 8,955.7 | 7,933.5 | |
Construction in-progress | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, at cost | $ 2,164.7 | $ 1,793 | ||
[1] | Includes assets under capital leases of approximately $340.9 million and $345.0 million as of December 31, 2018 and 2017, respectively. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2 | 3.5 | 3 |
Net earnings (loss) attributable to Mosaic | $ 470 | $ (107.2) | $ 297.8 |
Basic weighted average number of shares outstanding (in shares) | 384.8 | 350.9 | 350.4 |
Dilutive impact of share-based awards (in shares) | 1.6 | 0 | 1.3 |
Diluted weighted average number of shares outstanding (in shares) | 386.4 | 350.9 | 351.7 |
Basic net (loss) earnings per share (in usd per share) | $ 1.22 | $ (0.31) | $ 0.85 |
Diluted net (loss) earnings per share (in usd per share) | $ 1.22 | $ (0.31) | $ 0.85 |
Cash Flow Information (Details)
Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash paid (received) during the period for: | |||
Interest | $ 196 | $ 178.9 | $ 163 |
Less amount capitalized | 22.1 | 23.9 | 38.5 |
Cash interest, net | 173.9 | 155 | 124.5 |
Income taxes | (34.2) | (70.1) | (65.4) |
Increase (decrease) in capital expenditures incurred but not yet paid | (96.8) | 11.1 | 43.7 |
Dividends Payable | 11.8 | 12.1 | 96.3 |
Capital Leases, Assets Purchased | 267.9 | ||
Depreciation | 878.2 | 659.4 | 703.8 |
Amortization of Intangible Assets | $ 5.7 | $ 6.1 | $ 7.4 |
Equity Method Investee Gulf Sulphur Services [Member] | |||
Cash paid (received) during the period for: | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
Investments in Non-Consolidat_3
Investments in Non-Consolidated Companies (Details) | Dec. 31, 2018 | Dec. 31, 2016 |
Equity Method Investee Gulf Sulphur Services [Member] | ||
Schedule of Equity Method Investments | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
River Bend Ag | ||
Schedule of Equity Method Investments | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
I F C | ||
Schedule of Equity Method Investments | ||
Equity Method Investment, Ownership Percentage | 45.00% | |
MWSPC | ||
Schedule of Equity Method Investments | ||
Equity Method Investment, Ownership Percentage | 25.00% | |
Proportion of assets represented by MWSPC | 85.00% | |
Proportion of liabilities represented by MWSPC | 80.00% | |
Canpotex | ||
Schedule of Equity Method Investments | ||
Equity Method Investment, Ownership Percentage | 36.20% |
Investments in Non-Consolidat_4
Investments in Non-Consolidated Companies (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity Method Investment, Summarized Financial Information, Income Statement | |||
Net sales | $ 3,555.6 | $ 2,871.2 | $ 2,307.9 |
Net earnings (loss) | (5.4) | 95.3 | 11.9 |
Equity in net (loss) earnings of nonconsolidated companies | (4.5) | 16.7 | (15.4) |
Equity Method Investment Summarized Financial Information Balance Sheet | |||
Total assets | 9,042.9 | 8,623.6 | 8,665.4 |
Total liabilities | 6,658.2 | 5,971.9 | 6,310.1 |
Mosaic's share of equity in net assets | $ 609.1 | $ 712.8 | $ 651.5 |
Investments in Non-Consolidat_5
Investments in Non-Consolidated Companies - MWSPC Joint Venture (Details) t in Millions, $ in Millions | Jul. 01, 2016USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2018USD ($)t | Dec. 31, 2017USD ($)financialinstitution | Dec. 31, 2016USD ($) | Sep. 30, 2018USD ($) | Apr. 30, 2017USD ($) |
Schedule of Equity Method Investments | |||||||
Equity in net (loss) earnings of nonconsolidated companies | $ (4.5) | $ 16.7 | $ (15.4) | ||||
Payments to Acquire Equity Method Investments | 0 | 62.5 | $ 244 | ||||
Investments in nonconsolidated companies | 826.6 | 1,089.5 | |||||
Mosaic investment in MWSPC Joint Venture | |||||||
Schedule of Equity Method Investments | |||||||
Equity in net (loss) earnings of nonconsolidated companies | $ 9.5 | $ 32 | |||||
Payments to Acquire Equity Method Investments | $ 120 | ||||||
Percentage Of Total Production Expected To Market | 25.00% | ||||||
Investments in nonconsolidated companies | $ 770 | ||||||
Future Cash Payments To Acquire Interest In Joint Venture | 70 | ||||||
Mosaic investment in MWSPC Joint Venture | Maximum | |||||||
Schedule of Equity Method Investments | |||||||
Mosaic's exposure in MWSPC credit facility | $ 200 | ||||||
Ma'aden Wa'ad Al Shamal Phosphate Company [Member] | |||||||
Schedule of Equity Method Investments | |||||||
Aggregate cost of investment in phosphates greenfield mine including Mosaic's portion | $ 8,000 | ||||||
Annual production of finished product (Tonnes) | t | 3 | ||||||
Number of lenders in MWSPC credit facility | financialinstitution | 20 | ||||||
MWSPC line of credit facility, maximum borrowing capacity | $ 5,000 | $ 506 | $ 560 | ||||
After project completion, number of months of shareholder tax amounts and severance fees for which the joint venture parties may have exposure | 36 months | ||||||
Loans Payable | $ 1,100 | ||||||
Ma'aden Wa'ad Al Shamal Phosphate Company [Member] | Maximum | |||||||
Schedule of Equity Method Investments | |||||||
Total cash investment from investors to acquire interest in MWSPC | $ 2,400 |
Goodwill (Details)
Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Beginning balance | $ 1,693,600,000 | $ 1,630,900,000 |
Foreign currency translation | (82,300,000) | 62,700,000 |
Goodwill, Period Increase (Decrease) | 0 | |
Ending balance | 1,707,500,000 | 1,693,600,000 |
Goodwill, Impairment Loss, Net of Tax | 0 | |
Goodwill, Acquired During Period | 96,200,000 | |
Goodwill determined to be tax deductible | 153,900,000 | |
Phosphates Segment [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 492,400,000 | 492,400,000 |
Foreign currency translation | 0 | 0 |
Ending balance | 588,600,000 | 492,400,000 |
Goodwill, Acquired During Period | $ 96,200,000 | |
Potash Segment | ||
Goodwill [Line Items] | ||
Percentage of fair value in excess of carrying amount | 18.00% | |
Beginning balance | $ 1,076,900,000 | 1,013,600,000 |
Foreign currency translation | (76,500,000) | 63,300,000 |
Ending balance | 1,000,400,000 | 1,076,900,000 |
Mosaic Fertilizantes [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 124,300,000 | 124,900,000 |
Foreign currency translation | (5,800,000) | (600,000) |
Goodwill, Period Increase (Decrease) | (12,100,000) | |
Ending balance | 106,400,000 | $ 124,300,000 |
Corporate Eliminations And Other Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Period Increase (Decrease) | 12,100,000 | |
Ending balance | $ 12,100,000 | |
Minimum | ||
Goodwill [Line Items] | ||
Terminal Value Growth Rate | 2.00% | |
WACC fifty basis point decrease [Member] | Potash Segment | ||
Goodwill [Line Items] | ||
Percentage of fair value in excess of carrying amount | 24.50% | |
WACC twenty-five basis point decrease [Member] | Potash Segment | ||
Goodwill [Line Items] | ||
Percentage of fair value in excess of carrying amount | 21.30% | |
WACC twenty-five basis point increase [Member] | Potash Segment | ||
Goodwill [Line Items] | ||
Percentage of fair value in excess of carrying amount | 14.70% | |
Scenario, Adjustment [Member] | WACC fifty basis point increase [Member] | Potash Segment | ||
Goodwill [Line Items] | ||
Percentage of fair value in excess of carrying amount | 11.30% |
Financing Arrangements - Mosaic
Financing Arrangements - Mosaic Credit Facility (Details) | Nov. 18, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 05, 2013USD ($) |
Debt Instrument | |||||
Short-term Debt | $ 11,500,000 | $ 6,100,000 | |||
Term Loan Facility | |||||
Debt Instrument | |||||
Long term debt including current maturities | $ 720,000,000 | ||||
Line of Credit | Mosaic Credit Facility | |||||
Debt Instrument | |||||
Credit facility term | 5 years | ||||
The Mosaic Credit Facility amount of revolving credit loans | $ 2,000,000,000 | $ 1,500,000,000 | |||
Line of credit facility, expiration date | Nov. 18, 2021 | ||||
A failure to pay principal or interest under any one item of other indebtedness in excess of $50 million, or breach or default under such indebtedness that permits the holders thereof to accelerate the maturity thereof, will result in a cross-default in the Mosaic Credit Line | $ 50,000,000 | ||||
A failure to pay principal or interest for multiple items of other indebtedness in excess of $75 million, or breach or default under such indebtedness that permits the holders thereof to accelerate the maturity thereof, will result in a cross-default in the Mosaic Credit Line | 75,000,000 | ||||
Credit facility, Consolidated Capitalization Ratio, minimum | 0.65 | ||||
Credit facility, interest coverage ratio, minimum | 3 | ||||
Net available borrowings for revolving loans under the Mosaic Credit Facility | $ 1,990,000,000 | $ 1,980,000,000 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | 0.16% | 0.13% | ||
Line of Credit Facility, Commitment Fee Amount | $ 4,000,000 | $ 3,300,000 | $ 2,000,000 | ||
Line of Credit | Mosaic Credit Facility | Term Loan Facility | |||||
Debt Instrument | |||||
The Mosaic Credit Facility amount of revolving credit loans | $ 2,720,000,000 | ||||
Letter of Credit | |||||
Debt Instrument | |||||
Letters of Credit Outstanding, Amount | 54,400,000 | ||||
Letter of Credit | Mosaic Credit Facility | |||||
Debt Instrument | |||||
Letters of Credit Outstanding, Amount | $ 18,300,000 | 14,300,000 | 15,400,000 | ||
Short-term Debt | |||||
Debt Instrument | |||||
Short-term Debt | $ 11,500,000 | 6,100,000 | |||
Unfavorable Regulatory Action [Member] | 2015 Consent Decrees With EPA [Member] | |||||
Debt Instrument | |||||
Letters of Credit Outstanding, Amount | $ 50,000,000 |
Financing Arrangements - Long-t
Financing Arrangements - Long-term Debt (Details 2) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Nov. 13, 2017 | Nov. 18, 2016 | |
Term Loan Facility | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 720 | |||
Long-term debt, prepayment | $ 684 | |||
Senior Notes | Senior Notes Due 2022 [Member] | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 550 | |||
Stated interest rate | 3.25% | |||
Senior Notes | Senior Notes Due 2027 [Member] | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 700 | |||
Stated interest rate | 4.05% | |||
Senior Notes | Senior Notes Due 2023 | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 900 | |||
Stated interest rate | 4.25% | |||
Senior Notes | Senior Notes Due 2033 | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 500 | |||
Stated interest rate | 5.45% | |||
Senior Notes | Senior Notes Due 2043 | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 600 | |||
Stated interest rate | 5.625% | |||
Senior Notes | Senior Notes Due 2021 | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 450 | |||
Stated interest rate | 3.75% | |||
Senior Notes | Senior Notes Due 2041 | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 300 | |||
Stated interest rate | 4.875% | |||
Bank Loan | ||||
Debt Instrument | ||||
Interest rate margin on LIBOR | 1.25% | |||
Debentures | Debentures Due 2028 | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 147.1 | |||
Unfavorable Regulatory Action [Member] | 2015 Consent Decrees With EPA [Member] | ||||
Debt Instrument | ||||
Letters of Credit Outstanding, Amount | $ 50 |
Financing Arrangements - Long_2
Financing Arrangements - Long-term debt - Stated value (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Long-term Debt, Excluding Current Maturities | |||
Stated value of issued debt | $ 4,507.3 | $ 5,228.7 | |
Fair value adjustment of debt | 17.5 | 1.4 | |
Discount on notes issuance | (7.3) | (8.5) | |
Total long term debt | 4,517.5 | 5,221.6 | |
Stated value of current portion of issued debt | 24.7 | 344.2 | |
Fair value adjustment of current portion of long-term debt | 2.3 | 0.4 | |
Discount on Notes Issuance, current portion | (1) | (1.1) | |
Carrying Value, current portion | 26 | 343.5 | |
Stated value of noncurrent portion of issued debt | 4,482.6 | 4,884.5 | |
Fair Market Value Adjustment, Total long term debt noncurrent | 15.2 | 1 | |
Discount on Notes Issuance, Total long term debt noncurrent | (6.3) | (7.4) | |
Total long-term debt, less current maturities | 4,491.5 | 4,878.1 | |
Maturities of Long-term Debt | |||
2019 | 26 | ||
2020 | 39.2 | ||
2021 | 485.8 | ||
2022 | 580.4 | ||
2023 | 962.8 | ||
Thereafter | 2,423.3 | ||
Total long term debt | 4,517.5 | 5,221.6 | |
Unsecured Notes | |||
Long-term Debt, Excluding Current Maturities | |||
Stated value of issued debt | 4,000 | 4,000 | |
Fair value adjustment of debt | 0 | 0 | |
Discount on notes issuance | (7.3) | (8.5) | |
Total long term debt | $ 3,992.7 | 3,991.5 | |
Stated interest rates: | |||
Effective interest rate | 5.01% | ||
Long-term debt - other disclosures: | |||
Maturity year - earliest | Jan. 1, 2021 | ||
Maturity year - latest | Dec. 31, 2043 | ||
Maturities of Long-term Debt | |||
Total long term debt | $ 3,992.7 | 3,991.5 | |
Unsecured Notes | Minimum | |||
Stated interest rates: | |||
Stated interest rate | 3.25% | ||
Unsecured Notes | Maximum | |||
Stated interest rates: | |||
Stated interest rate | 5.63% | ||
Unsecured Debentures | |||
Long-term Debt, Excluding Current Maturities | |||
Stated value of issued debt | $ 147.1 | 236.1 | |
Fair value adjustment of debt | 1.1 | 1.4 | |
Discount on notes issuance | 0 | 0 | |
Total long term debt | $ 148.2 | 237.5 | |
Stated interest rates: | |||
Effective interest rate | 7.19% | ||
Long-term debt - other disclosures: | |||
Maturity year - earliest | |||
Maturity year - latest | Dec. 31, 2028 | ||
Maturities of Long-term Debt | |||
Total long term debt | $ 148.2 | 237.5 | |
Unsecured Debentures | Minimum | |||
Stated interest rates: | |||
Stated interest rate | 0.00% | ||
Unsecured Debentures | Maximum | |||
Stated interest rates: | |||
Stated interest rate | 7.30% | ||
Term loan | |||
Long-term Debt, Excluding Current Maturities | |||
Stated value of issued debt | [1] | $ 0 | 684 |
Fair value adjustment of debt | 0 | 0 | |
Discount on notes issuance | 0 | 0 | |
Total long term debt | [1] | $ 0 | 684 |
Stated interest rates: | |||
The reference rate for the variable rate of the Term Loans | LIBOR | ||
Interest rate margin on LIBOR | 1.25% | ||
Long-term debt - other disclosures: | |||
Maturity year - latest | Nov. 18, 2021 | ||
Maturities of Long-term Debt | |||
Total long term debt | [1] | $ 0 | 684 |
Capital Leases | |||
Long-term Debt, Excluding Current Maturities | |||
Stated value of issued debt | 302.2 | 326.6 | |
Fair value adjustment of debt | 0 | 0 | |
Discount on notes issuance | 0 | 0 | |
Total long term debt | $ 302.2 | 326.6 | |
Stated interest rates: | |||
Effective interest rate | 4.00% | ||
Long-term debt - other disclosures: | |||
Maturity year - earliest | Jan. 1, 2019 | ||
Maturity year - latest | Dec. 31, 2030 | ||
Maturities of Long-term Debt | |||
Total long term debt | $ 302.2 | 326.6 | |
Capital Leases | Minimum | |||
Stated interest rates: | |||
Stated interest rate | 2.24% | ||
Capital Leases | Maximum | |||
Stated interest rates: | |||
Stated interest rate | 19.95% | ||
Consolidated Related Party | |||
Stated interest rates: | |||
The reference rate for the variable rate of the Term Loans | LIBOR | ||
Interest rate margin on LIBOR | 1.125% | ||
Long-term debt - other disclosures: | |||
Maturity year | Dec. 31, 2017 | ||
Other | |||
Long-term Debt, Excluding Current Maturities | |||
Stated value of issued debt | [2] | $ 58 | 18 |
Fair value adjustment of debt | 16.4 | 0 | |
Discount on notes issuance | 0 | 0 | |
Total long term debt | [2] | $ 74.4 | 18 |
Stated interest rates: | |||
Effective interest rate | 7.98% | ||
Long-term debt - other disclosures: | |||
Maturity year - earliest | Jan. 1, 2021 | ||
Maturity year - latest | Dec. 31, 2026 | ||
Maturities of Long-term Debt | |||
Total long term debt | [2] | $ 74.4 | $ 18 |
Other | Minimum | |||
Stated interest rates: | |||
Stated interest rate | 2.50% | ||
Other | Maximum | |||
Stated interest rates: | |||
Stated interest rate | 9.98% | ||
[1] | Term loan facility is pre-payable. | ||
[2] | Includes deferred financing fees related to our long term debt. |
Marketable Securities Held in_3
Marketable Securities Held in Trusts (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Aug. 31, 2016USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Amount deposited by Mosaic into the RCRA Trusts | $ 630,000,000 | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | |||
Amortized Cost | $ 633,000,000 | $ 633,500,000 | |
Gross Unrealized Gains | 4,100,000 | 900,000 | |
Gross Unrealized Losses | (7,700,000) | (9,300,000) | |
Fair Value | 629,400,000 | 625,100,000 | |
Number Of Decades Remaining For Trust | 3 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | ||
Cash And Cash Equivalents | Fair Value Inputs Level 1 | |||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | |||
Amortized Cost | 4,000,000 | 1,200,000 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 4,000,000 | 1,200,000 | |
Corporate Debt Securities | Fair Value Inputs Level 2 | |||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | |||
Amortized Cost | 180,800,000 | 186,100,000 | |
Gross Unrealized Gains | 300,000 | 400,000 | |
Gross Unrealized Losses | (4,300,000) | (2,200,000) | |
Fair Value | 176,800,000 | 184,300,000 | |
Municipal Bonds | Fair Value Inputs Level 2 | |||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | |||
Amortized Cost | 186,100,000 | 184,500,000 | |
Gross Unrealized Gains | 500,000 | 500,000 | |
Gross Unrealized Losses | (3,400,000) | (2,700,000) | |
Fair Value | 183,200,000 | 182,300,000 | |
U.S. Government Bonds | Fair Value Inputs Level 2 | |||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | |||
Amortized Cost | 262,100,000 | 261,700,000 | |
Gross Unrealized Gains | 3,300,000 | 0 | |
Gross Unrealized Losses | 0 | (4,400,000) | |
Fair Value | $ 265,400,000 | $ 257,300,000 |
Marketable Securities Held in_4
Marketable Securities Held in Trusts - Continuous Loss Position (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 56.2 | $ 363.8 | |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [1] | (0.6) | (5.2) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 220.9 | 183.7 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [1] | (7.1) | (4.1) |
Corporate Debt Securities | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 43.9 | 44.3 | |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [1] | (0.6) | (0.3) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 103.4 | 100.4 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [1] | (3.7) | (1.9) |
Municipal Bonds | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 12.3 | 64.5 | |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [1] | 0 | (0.5) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 117.5 | 83.3 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [1] | (3.4) | (2.2) |
U.S. Government Bonds | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 255 | |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [1] | 0 | (4.4) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [1] | $ 0 | $ 0 |
[1] | Represents the aggregate of the gross unrealized losses that have been in a continuous unrealized loss position as of December 31, 2018 and December 31, 2017. |
Marketable Securities Held in_5
Marketable Securities Held in Trusts - Maturity Dates and Realized Gain and Loss (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale [Line Items] | ||
Realized Losses | $ (13.5) | $ (3.5) |
Realized Gains | 0.3 | $ 4.7 |
Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less | 37.3 | |
Due after one year through five years | 148.8 | |
Due after five years through ten years | 407 | |
Due after ten years | 32.3 | |
Total debt securities | $ 625.4 |
Income Taxes Provision for taxe
Income Taxes Provision for taxes (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ 24.5 | $ (167.6) | $ (41.7) |
State | 1.8 | 14.9 | (15.9) |
Non-U.S. | 147.2 | 31 | 94.9 |
Total current | 173.5 | (121.7) | 37.3 |
Deferred: | |||
Federal | (105.1) | 602.3 | (147.9) |
State | 9.9 | (39.9) | 3.9 |
Non-U.S. | (1.2) | 54.2 | 32.5 |
Total deferred | (96.4) | 616.6 | (111.5) |
(Benefit from) provision for income taxes | $ 77.1 | $ 494.9 | $ (74.2) |
Income Taxes Effective tax rate
Income Taxes Effective tax rate (Details 2) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax [Line Items] | |||||
Increase (Decrease) in Royalties Payable | $ 10.4 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 945.8 | 553.5 | $ (18.7) | ||
Valuation allowance | $ 1,530.5 | 1,530.5 | 584.1 | ||
Alternative minimum tax credit carryforwards | 100.4 | 100.4 | 8.6 | ||
Undistributed earnings of non-U.S. subsidiaries | 15 | 15 | 15 | ||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 0.7 | $ (15.1) | (54.2) | ||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 23.3 | ||||
Undistributed earnings withholding taxes | $ 15 | ||||
Computed tax at the U.S. federal statutory rate | 21.00% | 35.00% | 35.00% | ||
Deferred Income Tax Expense (Benefit) | $ (96.4) | $ 616.6 | $ (111.5) | ||
Refund of Future Alternative Minimum Tax Credits | (8.6) | ||||
The components of earnings from consolidated companies before income taxes, and the effects of significant adjustments to tax computed at the federal statutory rate, were as follows: | |||||
United States earnings (loss) | 322.7 | (82.5) | (96.4) | ||
Non-U.S. earnings | 228.8 | 456.5 | 338.8 | ||
Earnings from consolidated companies before income taxes | $ 551.5 | $ 374 | $ 242.4 | ||
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation | |||||
State and local income taxes, net of federal income tax benefit | 2.00% | (0.10%) | (6.10%) | ||
Percentage depletion in excess of basis | (6.70%) | (13.20%) | (34.40%) | ||
Impact of non-U.S. earnings | 11.80% | (46.90%) | (4.00%) | ||
Change in valuation allowance | (15.20%) | 148.80% | 7.70% | ||
Resolution of uncertain tax positions | (0.40%) | 0.00% | (34.90%) | ||
Share-based excess cost/(benefits) | 0.70% | 2.00% | 2.20% | ||
Other items (none in excess of 5% of computed tax) | 0.80% | 6.70% | 3.90% | ||
Effective tax rate | 14.00% | 132.30% | (30.60%) | ||
Effective Income Tax Rate Reconciliation, Amounts | |||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 1 | $ 6.1 | |||
Effective income tax rate reconciliation, resolution of Advanced Pricing Agreement, amount | $ (85.8) | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | 7.5 | $ 8.3 | |||
Foreign Tax Credit Carryforward [Member] | |||||
Income Tax [Line Items] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (30.6) | ||||
United States | |||||
Income Tax [Line Items] | |||||
Deferred Income Tax Expense (Benefit) | 14.9 | ||||
Peru | |||||
Income Tax [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 6.7 | ||||
United States Tax Cuts and Jobs Act Law [Member] | |||||
Income Tax [Line Items] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 30.7 | ||||
Valuation allowance | 440.3 | 440.3 | 546.1 | ||
Alternative minimum tax credit carryforwards | 121.5 | 121.5 | |||
Estimated impacts on deferred tax and tax expenses | 457.5 | ||||
Undistributed earnings of non-U.S. subsidiaries | 202.6 | ||||
Sequestration Rules, refundable alternative minimum tax | 8.6 | ||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 9 | 12.2 | 107.7 | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 2.3 | ||||
Computed tax at the U.S. federal statutory rate | 21.00% | ||||
Foreign Tax Authority [Member] | |||||
Income Tax [Line Items] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 11.7 | ||||
Anticipatory Foreign Tax Credit Carryforward [Member] | United States Tax Cuts and Jobs Act Law [Member] | |||||
Income Tax [Line Items] | |||||
Valuation allowance | 361.6 | 361.6 | 440.3 | ||
Foreign Tax Credit Carryforward [Member] | |||||
Income Tax [Line Items] | |||||
Tax Credit Carryforward, Amount | 493.5 | 493.5 | |||
Foreign Tax Credit Carryforward [Member] | United States Tax Cuts and Jobs Act Law [Member] | |||||
Income Tax [Line Items] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 30.6 | ||||
Valuation allowance | 156.8 | 156.8 | $ 105.8 | ||
Alternative Minimum Tax Credit Carryforward [Member] | |||||
Income Tax [Line Items] | |||||
Tax Credit Carryforward, Amount | 76.5 | 76.5 | |||
Alternative Minimum Tax Credit Carryforward [Member] | United States Tax Cuts and Jobs Act Law [Member] | |||||
Income Tax [Line Items] | |||||
Tax Credit Carryforward, Amount | 100.4 | 100.4 | |||
Estimate | United States Tax Cuts and Jobs Act Law [Member] | |||||
Income Tax [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 21.2 | ||||
Tax Year 2028 Or Earlier [Member] | Foreign Tax Credit Carryforward [Member] | |||||
Income Tax [Line Items] | |||||
Tax Credit Carryforward, Amount | $ 221.6 | 221.6 | |||
Vale Fertilizantes S.A. [Member] | |||||
Income Tax [Line Items] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 956.2 |
Income Taxes Deferred tax (Deta
Income Taxes Deferred tax (Details 3) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax liabilities: | ||
Depreciation and amortization | $ 317.3 | $ 864.2 |
Depletion | 390.8 | 260.9 |
Partnership tax basis differences | 64.6 | 67.6 |
Undistributed earnings of non-U.S. subsidiaries | 15 | 15 |
Other liabilities | 10.3 | 150.6 |
Total deferred tax liabilities | 798 | 1,358.3 |
Before valuation allowance | ||
Alternative minimum tax credit carryforwards | 76.5 | 46.8 |
Capital loss carryforwards | 3 | 0.1 |
Foreign tax credit carryforwards | 493.5 | 322.9 |
Net operating loss carryforwards | 408.9 | 112 |
Pension plans and other benefits | 33.4 | 2.1 |
Asset retirement obligations | 187.6 | 174.1 |
Deferred revenue | 0 | 252 |
Other assets | 388.8 | 169.7 |
Subtotal | 1,591.7 | 1,079.7 |
Valuation allowance | 1,530.5 | 584.1 |
Net deferred tax assets | 61.2 | 495.6 |
Net deferred tax liabilities | (736.8) | (862.7) |
Deferred tax assets of both foreign and U.S. jurisdictions | $ 361.6 | $ 440.3 |
Income Taxes Carryforwards (Det
Income Taxes Carryforwards (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | $ 1,530.5 | $ 584.1 | |
Foreign tax credit carryforwards | 493.5 | 322.9 | |
Undistributed Earnings of Foreign Subsidiaries | 300 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 945.8 | 553.5 | $ (18.7) |
Undistributed earnings of non-U.S. subsidiaries | $ 15 | 15 | |
Brazil | |||
Tax Credit Carryforward [Line Items] | |||
Maximum percentage of annual taxable income allowed to use of the tax credit carryforward | 30.00% | ||
Alternative Minimum Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | $ 76.5 | ||
Net Operating Loss Carryforward [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss | 1,892.5 | ||
Net Operating Loss Carryforward [Member] | Brazil | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss | $ 869.5 | ||
Net Operating Loss Carryforward [Member] | United States | |||
Tax Credit Carryforward [Line Items] | |||
Maximum Period to Utilize Tax Credits | 20 years | ||
Foreign Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | $ 493.5 | ||
Foreign Tax Credit Carryforward [Member] | Tax Year 2023 Or Earlier | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | 39.3 | ||
Foreign Tax Credit Carryforward [Member] | Tax Year 2026 Or Earlier [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | 232.6 | ||
Foreign Tax Credit Carryforward [Member] | Tax Year 2028 Or Earlier [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | 221.6 | ||
United States Tax Cuts and Jobs Act Law [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | 440.3 | 546.1 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 30.7 | ||
Undistributed earnings of non-U.S. subsidiaries | 202.6 | ||
United States Tax Cuts and Jobs Act Law [Member] | Alternative Minimum Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | 100.4 | ||
United States Tax Cuts and Jobs Act Law [Member] | Foreign Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | 156.8 | $ 105.8 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 30.6 | ||
Non-US | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | $ 2.2 |
Income Taxes Income Tax Valuati
Income Taxes Income Tax Valuation Allowance (Details 5) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation Allowance [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 945.8 | $ 553.5 | $ (18.7) |
Valuation allowance | 1,530.5 | 584.1 | |
United States Tax Cuts and Jobs Act Law [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 30.7 | ||
Valuation allowance | 440.3 | $ 546.1 | |
Vale Fertilizantes S.A. [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 956.2 |
Income Taxes Uncertain Tax Prov
Income Taxes Uncertain Tax Provisions (Details 6) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | |||
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate in future periods | $ 20.5 | ||
Effective income tax rate reconciliation, resolution of Advanced Pricing Agreement, amount | $ (85.8) | ||
Changes in unrecognized tax benefits for all jurisdictions were as follows: | |||
Gross unrecognized tax benefits, beginning of period | 39.3 | $ 27.1 | 98.6 |
Prior year tax positions - increases | 0.3 | 1.9 | 13.5 |
Current year tax positions | 3.8 | 8.5 | 6.9 |
Prior year tax positions - decreases | (2.9) | 0 | (91.6) |
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | 1.8 | ||
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | (2.4) | (0.3) | |
Gross unrecognized tax benefits, end of period | 38.1 | 39.3 | $ 27.1 |
Accrued interest and penalties related to unrecognized tax benefits, which are reflected in other noncurrent liabilities | 4.9 | $ 4.1 | |
Non-US | |||
Income Tax Contingency [Line Items] | |||
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate in future periods | 0.7 | ||
Changes in unrecognized tax benefits for all jurisdictions were as follows: | |||
Prior year tax positions - increases | $ 1.2 |
Accounting for Asset Retireme_3
Accounting for Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset retirement obligations, beginning of period | $ 859.3 | $ 849.9 | |
Asset Retirement Obligation, Period Increase (Decrease) | 258.9 | 0 | |
Liabilities incurred | 27.8 | 27.1 | |
Liabilities settled | (69.6) | (64.8) | |
Accretion expense | 48 | 25.7 | $ 40.4 |
Revisions in estimated cash flows | 78.2 | 15.7 | |
Foreign currency translation | (42.5) | 5.7 | |
Asset retirement obligations, end of period | 1,160.1 | 859.3 | $ 849.9 |
Less current portion | 136.3 | 98.1 | |
Asset retirement obligations | $ 1,023.8 | $ 761.2 |
Accounting for Asset Retireme_4
Accounting for Asset Retirement Obligations Contingencies - Gypstack (Details) - USD ($) $ in Millions | Aug. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||||
Discounted asset retirement obligation | $ 1,160.1 | $ 859.3 | $ 849.9 | |
Amount deposited by Mosaic into the RCRA Trusts | $ 630 | |||
Surety Bonds Outstanding Delivered To EPA | 233.7 | |||
Unfavorable Regulatory Action [Member] | ||||
Loss Contingencies [Line Items] | ||||
Discounted asset retirement obligation | 578.4 | 529.7 | ||
2015 Consent Decrees With EPA [Member] | Unfavorable Regulatory Action [Member] | ||||
Loss Contingencies [Line Items] | ||||
Payment related to loss contingency liability | $ 200 | |||
Letters of Credit to be issued to support financial assurance obligations under the Florida Consent | 50 | |||
Asset retirement obligations, undiscounted | 1,500 | |||
Discounted asset retirement obligation | $ 457.1 | |||
Bonnie Facility Trust [Member] | ||||
Loss Contingencies [Line Items] | ||||
Assets held-in-trust, current | $ 21 |
Accounting for Asset Retireme_5
Accounting for Asset Retirement Obligations Other Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other Commitments [Line Items] | |||
Surety Bonds Outstanding Delivered To EPA | $ 233.7 | ||
Restricted cash | 15.8 | $ 32.6 | $ 31.3 |
Asset retirement obligations | 1,023.8 | 761.2 | |
Bonnie Facility Trust [Member] | |||
Other Commitments [Line Items] | |||
Assets held-in-trust, current | 21 | ||
Plant City and Bonnie Facilities [Member] | |||
Other Commitments [Line Items] | |||
Asset retirement obligations | $ 109.2 | $ 97.7 |
Derivatives - Gross Assets and
Derivatives - Gross Assets and Liabilities Positions (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross asset position | $ 13.4 | $ 15.6 |
Gross liability position | $ 89.4 | $ 26.7 |
Derivative - Notional Amounts (
Derivative - Notional Amounts (Details) MMBTU in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)MMBTU | Dec. 31, 2017USD ($)MMBTU | |
Derivative | ||
Derivative, Loss on Derivative | $ 12 | |
Foreign Exchange Contract | ||
Derivative | ||
Derivative, notional amount | $ 2,091.7 | $ 813.5 |
Debt Fix-to-Float Interest Rate Swap Contract | ||
Derivative | ||
Number of Interest Rate Derivatives Held | 5 | 4 |
Derivative, notional amount | $ 275 | $ 310 |
Debt Pre-Issuance and Fix-To-Float Interest Rate Swap Contracts | ||
Derivative | ||
Derivative, notional amount | $ 585 | $ 585 |
Commodity Contract (MMbtu) | ||
Derivative | ||
Derivative, nonmonetary notional amount | MMBTU | 52.2 | 43 |
Derivatives - Credit Risk Relat
Derivatives - Credit Risk Related Contingent Features (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative, Credit Risk Related Contingent Features | ||
The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position | $ 37.9 | $ 15 |
Required collateral assets to be posted if the credit-risk contingent features of these underlying agreements were triggered. | $ 36.8 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis | ||
Gross asset position | $ 13.4 | $ 15.6 |
Gross liability position | $ 89.4 | 26.7 |
Fair Value, Measurements, Recurring | Foreign Exchange Contract | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis | ||
Average maturity of foreign currency derivative instruments | 18 months | |
Gross asset position | $ 13.1 | 15.4 |
Gross liability position | 62.2 | 6.5 |
Fair Value, Measurements, Recurring | Commodity Contract | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis | ||
Gross asset position | 0.3 | 0.1 |
Gross liability position | 17.7 | 17.9 |
Fair Value, Measurements, Recurring | Interest Rate Swap Contract | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis | ||
Gross asset position | 0 | 0.1 |
Gross liability position | $ 9.5 | $ 2.3 |
Fair Value Financial Instrument
Fair Value Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and cash equivalents | $ 847.7 | $ 2,153.5 |
Accounts receivable | 838.5 | 642.6 |
Accounts payable | 780.9 | 540.9 |
Structured accounts payable arrangements | 572.8 | 386.2 |
Short-term debt | 11.5 | 6.1 |
Long-term debt, including current portion | 4,517.5 | 5,221.6 |
Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and cash equivalents | 847.7 | 2,153.5 |
Accounts receivable | 838.5 | 642.6 |
Accounts payable | 780.9 | 540.9 |
Structured accounts payable arrangements | 572.8 | 386.2 |
Short-term debt | 11.5 | 6.1 |
Long-term debt, including current portion | $ 4,554.6 | $ 5,431.8 |
Guarantees and Indemnities (Det
Guarantees and Indemnities (Details) $ in Millions | Dec. 31, 2018USD ($) |
Brazilian Financial Parties | |
Guarantor Obligations [Line Items] | |
Guarantee Obligations Maximum Exposure | $ 64.3 |
Pension Plans and Other Benef_3
Pension Plans and Other Benefits - Changes in Defined Benefit Obligations and Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in plan assets: | |||
Fair value at beginning of period | $ 793.2 | ||
Fair value at end of period | 701.2 | $ 793.2 | |
Amounts recognized in the consolidated balance sheets: | |||
Noncurrent liabilities | (146.3) | (53.7) | |
North American Pension Plans | |||
Change in projected benefit obligation: | |||
Benefit obligation at beginning of period | 766.1 | 713.5 | |
Service cost | 6.2 | 5.9 | $ 5.8 |
Interest cost | 24 | 24.3 | 25.1 |
Actuarial (gain) loss | (48.3) | 44.2 | |
Currency fluctuations | (28) | 24 | |
Benefits paid | (46.4) | (45.8) | |
Projected benefit obligation at end of period | 673.6 | 766.1 | 713.5 |
Change in plan assets: | |||
Fair value at beginning of period | 793.2 | 715.6 | |
Currency fluctuations | (30.7) | 25.9 | |
Actual return | (22) | 85.8 | |
Company contribution | 7.1 | 11.7 | |
Benefits paid | (46.4) | (45.8) | |
Fair value at end of period | 701.2 | 793.2 | $ 715.6 |
Funded status of the plans as of the end of period | 27.6 | 27.1 | |
Amounts recognized in the consolidated balance sheets: | |||
Noncurrent assets | 40.5 | 41.1 | |
Current liabilities | (0.7) | (0.8) | |
Noncurrent liabilities | (12.2) | (13.2) | |
Amounts recognized in accumulated other comprehensive (income) loss | |||
Prior service costs | 16.9 | 20.8 | |
Actuarial loss | 107.7 | 109.8 | |
Accumulated benefit obligation for the defined benefit pension plans | 673 | 765.1 | |
North American Other Postretirement Benefits Plan | |||
Change in projected benefit obligation: | |||
Benefit obligation at beginning of period | 41.3 | ||
Projected benefit obligation at end of period | 35.3 | $ 41.3 | |
Brazil Defined Benefit Pension Plans | |||
Change in plan assets: | |||
Company contribution | $ 1 |
Pension Plans and Other Benef_4
Pension Plans and Other Benefits - Changes in Net Periodic Pension Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income | |||
The estimated net actuarial (gain) loss and prior service cost (credit) for the pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost in the next fiscal year | $ 12.1 | ||
North American Pension Plans | |||
Net Periodic Benefit Cost Before Settlements: | |||
Service cost | 6.2 | $ 5.9 | $ 5.8 |
Interest cost | 24 | 24.3 | 25.1 |
Expected return on plan assets | (39.7) | (41.3) | (44.9) |
Prior service cost | 2.4 | 2.3 | 1.7 |
Actuarial loss | 9.1 | 2.8 | 5 |
Preliminary net periodic benefit cost (income) | 2 | (6) | (7.3) |
Curtailment/settlement expense | 1.2 | 2.4 | 6.2 |
Total net periodic benefit cost (income) | 3.2 | (3.6) | (1.1) |
Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income | |||
Prior service (credit) cost recognized in other comprehensive income | (4.3) | (3.8) | 8.9 |
Net actuarial loss (gain) recognized in other comprehensive income | 5 | (4) | (2.5) |
Total recognized in other comprehensive income (loss) | 0.7 | (7.8) | 6.4 |
Total recognized in net periodic benefit (income) cost and other comprehensive income | $ 3.9 | $ (11.4) | $ 5.3 |
Pension Plans and Other Benef_5
Pension Plans and Other Benefits - Est Future Defined Benefit Pension Plan Pmts (Details) $ in Millions | Dec. 31, 2018USD ($) |
Pension Plans Benefit Payments | |
Defined Benefit Plan Disclosure | |
2019 | $ 40.4 |
2020 | 41.1 |
2021 | 41.9 |
2022 | 42.8 |
2023 | 43.1 |
2024-2028 | 215 |
Other Postretirement Plans Benefit Payments | |
Defined Benefit Plan Disclosure | |
2019 | 4.2 |
2020 | 4.2 |
2021 | 4.1 |
2022 | 3.9 |
2023 | 3.8 |
2024-2028 | 17.5 |
Medicare Part D Adjustments | |
Defined Benefit Plan Disclosure | |
2019 | 0.2 |
2020 | 0.2 |
2021 | 0.2 |
2022 | 0.2 |
2023 | 0.2 |
2024-2028 | $ 0.5 |
Pension Plans and Other Benef_6
Pension Plans and Other Benefits - Other Disclosures (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure | |
The amount of cash contribution to the defined benefit postretirement medical plans needed next fiscal year to meet minimum funding requirements | $ 4.2 |
Minimum | |
Defined Benefit Plan Disclosure | |
The amount of estimated cash contribution to the defined benefit pension plans needed next fiscal year to meet minimum funding requirements | $ 4.4 |
Fixed Income Securities | Foreign Hourly Plans [Member] | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% |
Fixed Income Securities | United States | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80.00% |
Fixed Income Securities | Foreign Salaried Plans [Member] | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80.00% |
Return Seeking Investments | Foreign Hourly Plans [Member] | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% |
Return Seeking Investments | United States | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% |
Return Seeking Investments | Foreign Salaried Plans [Member] | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% |
Pension Plans and Other Benef_7
Pension Plans and Other Benefits - Plan Asset Allocations (Details) - Foreign Hourly Plans [Member] | Dec. 31, 2018 |
Fixed Income Securities | |
Summary Target Allocation Strategy | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% |
Return Seeking Investments | |
Summary Target Allocation Strategy | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% |
Pension Plans and Other Benef_8
Pension Plans and Other Benefits - Plan Asset FV Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure | |||
Fair value of asset | $ 701.2 | $ 793.2 | |
Fair Value Inputs Level 1 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | 12 | 14.7 | |
Fair Value Inputs Level 2 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | 687.2 | 775.5 | |
Fair Value Inputs Level 3 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | $ 2 | $ 3 | |
Debt Security, Corporate, US [Member] | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 50.00% | 55.00% | |
US and Canada Government Debt Securities [Member] | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 44.00% | 42.00% | |
Canadian Equity Securities [Member] | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 18.00% | 25.00% | |
Cash And Cash Equivalents | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | $ 12 | $ 14.7 | |
Cash And Cash Equivalents | Fair Value Inputs Level 1 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | 12 | 14.7 | |
Cash And Cash Equivalents | Fair Value Inputs Level 2 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | 0 | 0 | |
Cash And Cash Equivalents | Fair Value Inputs Level 3 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | 0 | 0 | |
Equity Securities | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | [1] | 172.9 | 327.7 |
Equity Securities | Fair Value Inputs Level 1 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | [1] | 0 | 0 |
Equity Securities | Fair Value Inputs Level 2 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | [1] | 172.9 | 327.7 |
Equity Securities | Fair Value Inputs Level 3 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | [1] | 0 | 0 |
Fixed Income Securities | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | [2] | 514.3 | 447.8 |
Fixed Income Securities | Fair Value Inputs Level 1 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | [2] | 0 | 0 |
Fixed Income Securities | Fair Value Inputs Level 2 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | [2] | 514.3 | 447.8 |
Fixed Income Securities | Fair Value Inputs Level 3 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | [2] | 0 | 0 |
Private Equity Funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | 2 | 3 | |
Private Equity Funds | Fair Value Inputs Level 1 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | 0 | 0 | |
Private Equity Funds | Fair Value Inputs Level 2 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | 0 | 0 | |
Private Equity Funds | Fair Value Inputs Level 3 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | $ 2 | $ 3 | |
Other Foreign [Member] | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 43.00% | 30.00% | |
U.S. Government Bonds | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 39.00% | 45.00% | |
Debt Security, Corporate, Non-US [Member] | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 6.00% | 3.00% | |
[1] | This class, which includes several funds, was invested approximately 39% in U.S. equity securities, 18% in Canadian equity securities, and 43% in international equity securities as of December 31, 2018, and 45% in U.S. equity securities, 25% in Canadian equity securities, and 30% in international equity securities as of December 31, 2017. | ||
[2] | This class, which includes several funds, was invested approximately 50% in corporate debt securities, 44% in governmental securities in the U.S. and Canada, and 6% in foreign entity debt securities as of December 31, 2018, and 55% in corporate debt securities, 42% in governmental securities in the U.S. and Canada, and 3% in foreign entity debt securities as of December 31, 2017. |
Pension Plans and Other Benef_9
Pension Plans and Other Benefits - Plan Asset Fair Values (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Canadian Equity Securities [Member] | ||
Defined Benefit Plan Disclosure | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 18.00% | 25.00% |
Debt Security, Corporate, US [Member] | ||
Defined Benefit Plan Disclosure | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 50.00% | 55.00% |
US and Canada Government Debt Securities [Member] | ||
Defined Benefit Plan Disclosure | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 44.00% | 42.00% |
Debt Security, Corporate, Non-US [Member] | ||
Defined Benefit Plan Disclosure | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 6.00% | 3.00% |
Other Foreign [Member] | ||
Defined Benefit Plan Disclosure | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 43.00% | 30.00% |
U.S. Government Bonds | ||
Defined Benefit Plan Disclosure | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 39.00% | 45.00% |
Pension Plans and Other Bene_10
Pension Plans and Other Benefits - Fair Value Assumptions (Details) - North American Pension Plans | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
The assumptions used to determine benefit obligations were as follows: | ||||
Discount rate | 4.09% | 3.51% | 3.97% | |
Expected return on plan assets | 5.14% | 5.54% | 5.54% | |
Rate of compensation increase | 3.50% | 3.50% | 3.50% | |
The assumptions used to determine net benefit cost were as follows: | ||||
Discount rate | 3.51% | 3.97% | 4.17% | |
Service cost discount rate | [1] | 3.50% | 4.02% | 4.19% |
Interest cost discount rate | [1] | 3.21% | 3.44% | 3.45% |
Expected return on plan assets | 5.54% | 5.54% | 5.66% | |
Rate of compensation increase | 3.50% | 3.50% | 3.50% | |
[1] | In 2016, we changed the method used to estimate the service and interest cost components of net periodic benefit cost for our defined benefit pension and other postretirement benefit plans by electing a full yield curve approach and applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The impact of this change to our earnings and earnings per share was not material. |
Pension Plans and Other Bene_11
Pension Plans and Other Benefits - Defined Contribution Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan [Abstract] | |||
Mosaic's matching rate of first tier of employee's compensation deferrals under the "Investment Plan" | 100.00% | ||
Maximum rate of first tier of deferred compensation elected by employees under the Company's "Investment Plan" | 3.00% | ||
Mosaic's matching rate of second tier of employee's compensation deferrals under the "Investment Plan" | 50.00% | ||
Maximum rate of second tier of deferred compensation elected by employees under the Company's "Investment Plan" | 3.00% | ||
Expense attributable to the Company's Investment Plan and Savings Plan | $ 51.2 | $ 54.3 | $ 51.1 |
Pension Plans and Other Bene_12
Pension Plans and Other Benefits Postretirement Medical Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | $ 701.2 | $ 793.2 |
Liability, Defined Benefit Plan, Noncurrent | (146.3) | (53.7) |
North American Other Postretirement Benefits Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Benefit Obligation | 35.3 | 41.3 |
Brazil Other Postretirement Benefit Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 1.5 | |
Interest cost | 6.8 | |
Actuarial (gain) loss | 13 | |
Currency fluctuations | (13.1) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (1.5) | |
Defined Benefit Plan, Benefit Obligation | 75.8 | $ 69.1 |
Company contribution | 1.5 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (1.5) | |
Defined Benefit Plan, Plan Assets, Amount | 0 | |
Funded status of the plans as of the end of period | (75.8) | |
Liability, Defined Benefit Plan, Current | (0.5) | |
Liability, Defined Benefit Plan, Noncurrent | (75.3) | |
Actuarial loss | $ 23.9 | |
Discount rate | 9.15% |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 14, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Payments for Repurchase of Common Stock | $ 0 | $ 0 | $ 75 | |
2015 Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 1,500 | |||
Stock Repurchased and Retired During Period, Shares | 15,765,025 | |||
Payments for Repurchase of Common Stock | $ 650 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 850 |
Share-based Payments (Details)
Share-based Payments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefit for tax deductions from options during the fiscal year | $ 2.3 | $ 14 | $ 3.3 |
2014 Mosaic Stock and Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares and share options authorized under plan | 25,000,000 | ||
Omnibus Stock and Incentive Plan 2004 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares and share options authorized under plan | 25,000,000 |
Share-based Payments, Stock Opt
Share-based Payments, Stock Options (Details 2) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefit for tax deductions from options during the fiscal year | $ 2,300,000 | $ 14,000,000 | $ 3,300,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Proceeds from Stock Options Exercised | $ 0 | $ 3,800,000 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of years the employee stock options vest in equal annual installments | 3 years | ||
Assumptions used to calculate the fair value of stock options in each period are noted in the following table. A summary of the assumptions used to estimate the fair value of stock option awards is as follows: | |||
Expected volatility (percent) | 35.35% | 42.54% | |
Expected dividend yield (percent) | 1.97% | 3.86% | |
Expected term (in years) | 7 years | 7 years | |
Risk-free interest rate (percent) | 2.34% | 1.65% | |
Shares (in millions) | |||
Number of option shares outstanding at beginning of period (in shares) | 2.6 | ||
Granted (in shares) | 0 | ||
Exercised (in shares) | (0.2) | ||
Number of option shares outstanding at end of period (in shares) | 2.4 | 2.6 | |
Number of shares issuable under options exercisable at end of period (in shares) | 2 | ||
Weighted Average Exercise Price | |||
Weighted average exercise price- options outstanding at beginning of period (in usd per share) | $ 49.20 | ||
Granted (in usd per share) | 0 | ||
Exercised (in usd per share) | 91.88 | ||
Weighted Average Exercise Price- options outstanding at end of period (in usd per share) | 45.50 | $ 49.20 | |
Weighted Average Exercise Price- options exercisable at end of period (in usd per share) | $ 48.60 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Weighted Average Remaining Contractual Term (Years) - options outstanding at end of fiscal year | 4 years | ||
Weighted Average Remaining Contractual Term (Years) - options exercisable as of the end of the fiscal year | 3 years 5 months | ||
Aggregate Intrinsic Value - options outstanding at end of fiscal year | $ 0 | ||
Aggregate Intrinsic Value - options exercisable as of the end of the fiscal year | 0 | ||
The weighted-average grant date fair value of options granted during the fiscal year (in usd per share) | $ 9.91 | $ 8.37 | |
The total intrinsic value of options exercised during the fiscal year | 0 | ||
Proceeds from Stock Options Exercised | $ 0 |
Share-based Payments, RSU's (De
Share-based Payments, RSU's (Details 3) - Restricted Stock Units R S U shares in Millions | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Shares (in millions) | |
Number of stock units outstanding at beginning of period (shares) | shares | 1.2 |
Granted (in shares) | shares | 0.7 |
Issued and canceled (shares) | shares | (0.3) |
Number of stock units outstanding at end of period (shares) | shares | 1.6 |
Weighted Average Grant Date Fair Value | |
Weighted-average grant date fair value per share - stock unit awards outstanding, beginning of period (in usd per share) | $ / shares | $ 33.10 |
Granted (in usd per share) | $ / shares | 26.73 |
Issued and canceled (in usd per share) | $ / shares | 43.65 |
Weighted-average grant date fair value per share - stock unit awards outstanding, end of period (in usd per share) | $ / shares | $ 27.27 |
Share-based Peyments, PSU's (De
Share-based Peyments, PSU's (Details 4) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | |
Shares (in millions) | ||||
Share-based compensation arrangement, common stock issuance, percentage above target | 150.00% | |||
Weighted Average Grant Date Fair Value | ||||
Share-based compensation expense, net of forfeitures, in the fiscal year | $ 27.5 | $ 28 | $ 30.5 | |
The tax benefit related to share-based compensation expense in the fiscal year | 5.8 | 9.7 | 10.7 | |
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized | $ 16.8 | |||
The average weighted-average period the unrecognized compensation cost will be recognized (years) | 1 year | |||
The total fair value of options vested during the fiscal year | 4.2 | 4.5 | ||
Proceeds from Stock Options Exercised | $ 0 | 3.8 | ||
Tax benefit for tax deductions from options during the fiscal year | $ 2.3 | $ 14 | $ 3.3 | |
TSR Performance Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of trading days to calculate weighted average stock price | 30 days | |||
Minimum retirement age for performance units to vest | 60 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Expected volatility (percent) | 34.30% | 34.26% | 35.67% | |
Expected dividend yield (percent) | 0.37% | 1.97% | 3.86% | |
Expected term (in years) | 3 years | 3 years | 3 years | |
Risk-free interest rate (percent) | 2.42% | 1.60% | 0.99% | |
Shares (in millions) | ||||
Granted (in shares) | 401,098 | |||
Weighted Average Grant Date Fair Value | ||||
Weighted Average Grant Date Fair Value Per Share, Granted (in usd per share) | $ 28.09 | |||
Performance Units Cash Settled [Member] | ||||
Shares (in millions) | ||||
Granted (in shares) | 329,599 | |||
Weighted Average Grant Date Fair Value | ||||
Weighted Average Grant Date Fair Value Per Share, Granted (in usd per share) | $ 28.49 | |||
Performance Units | ||||
Shares (in millions) | ||||
Number of stock units outstanding at beginning of period (shares) | 1,100,000 | |||
Granted (in shares) | 400,000 | |||
Issued and canceled (shares) | (200,000) | |||
Number of stock units outstanding at end of period (shares) | 1,300,000 | 1,100,000 | ||
Weighted Average Grant Date Fair Value | ||||
Weighted-average grant date fair value per share - stock unit awards outstanding, beginning of period (in usd per share) | $ 33.26 | |||
Weighted Average Grant Date Fair Value Per Share, Granted (in usd per share) | 28.09 | |||
Issued and canceled (in usd per share) | 43.79 | |||
Weighted-average grant date fair value per share - stock unit awards outstanding, end of period (in usd per share) | $ 33.26 | $ 33.26 | ||
Cost Reduction Performance Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Cost Saving Goal | $ 228 | |||
Shares (in millions) | ||||
Granted (in shares) | 627,054 | |||
Weighted Average Grant Date Fair Value | ||||
Weighted Average Grant Date Fair Value Per Share, Granted (in usd per share) | $ 49.17 | |||
Common Stock | ||||
Shares (in millions) | ||||
Granted (in shares) | 934,346 | |||
Weighted Average Grant Date Fair Value | ||||
Weighted Average Grant Date Fair Value Per Share, Granted (in usd per share) | $ 31.42 |
Commitments (Details)
Commitments (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)t | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity | |||
2019 | $ 2,586.5 | ||
2020 | 588.9 | ||
2021 | 495.7 | ||
2022 | 375.5 | ||
2023 | 261.1 | ||
Subsequent years | 1,437.9 | ||
Total | 5,745.6 | ||
A schedule of future minimum lease payments under non-cancelable operating leases follows: | |||
2019 | 97.5 | ||
2020 | 76.8 | ||
2021 | 54.7 | ||
2022 | 36.6 | ||
2023 | 28.1 | ||
Subsequent years | 30.9 | ||
Total | 324.6 | ||
Rental expense for the fiscal period was as follows: | |||
Rental expense for the fiscal period | 270.3 | $ 114 | $ 111 |
Purchases made for the fiscal period were as follows: | |||
Purchases made under long-term commitments during the reporting period | 2,000 | $ 1,900 | $ 1,600 |
Surety Bonds Outstanding | |||
Total amount of surety bonds outstanding | 497.7 | ||
Surety bonds outstanding for mining reclamation obligations | 203.3 | ||
Surety Bonds Outstanding Delivered To EPA | 233.7 | ||
Surety bonds outstanding for other than mining reclamation obligations | $ 60.7 | ||
Inventories At Price Tied To Natural Gas | |||
Long-term Purchase Commitment | |||
Long-term Purchase Commitment, Minimum Quantity Required | t | 545,000 | ||
Long Term Purchase Commitment Maximum Quantity Required | t | 725,000 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2014 | Oct. 24, 2016 | |
Applicability, Impact and Conclusion of Environmental Loss Contingencies | ||||||
Environmental contingency accrual | $ 35.1 | $ 58.6 | ||||
Water loss incident | Sinkhole closure remediation plan | ||||||
Loss Contingencies [Line Items] | ||||||
Expense related to environmental remediation | $ 14 | 79.5 | ||||
Brazilian subsidiary judicial and administrative proceedings [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum funding of environmental projects | 47.9 | |||||
Brazilian subsidiary labor claims [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency Accrual | 40.7 | |||||
Brazilian subsidiary Potash Mine occupational hazard [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency Accrual | 6.7 | |||||
Brazilian subsidiary environmental claims [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency Accrual | 5.6 | |||||
Brazilian subsidiary other civil contingent liabilities and other claims [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum funding of environmental projects | 1.6 | |||||
Uberaba gypstacks settled litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Damages Awarded, Value | $ 0.3 | |||||
Uberaba EHS Class Action pending litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum funding of environmental projects | 31.8 | |||||
Maximum | Brazilian subsidiary judicial and administrative proceedings [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum funding of environmental projects | 1,080 | |||||
Maximum | Brazilian Non Income Tax Proceedings | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum funding of environmental projects | 414 | |||||
Maximum | Brazilian Non Income Tax Proceedings | Indemnification Agreement [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum funding of environmental projects | 228 | |||||
Maximum | Brazilian Non Income Tax Proceedings | PIS And Cofins cases | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum funding of environmental projects | 256 | |||||
Maximum | Brazilian subsidiary labor claims [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum funding of environmental projects | 743.7 | |||||
Maximum | Brazilian subsidiary environmental claims [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum funding of environmental projects | 163.3 | |||||
Maximum | Brazilian subsidiary other civil contingent liabilities and other claims [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum funding of environmental projects | $ 172.7 | |||||
Minimum | Water loss incident | ||||||
Loss Contingencies [Line Items] | ||||||
Financial assurance to support off-site monitoring and sinkhole remediation costs | $ 40 | |||||
Minimum | Water loss incident | Sinkhole closure remediation plan | ||||||
Loss Contingencies [Line Items] | ||||||
Expense related to environmental remediation | $ 1.5 | $ 70 |
Related Party (Details)
Related Party (Details) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Related Party Transaction [Line Items] | ||||
Revenue from Related Parties | $ 842.4 | $ 715.3 | $ 623.1 | |
Related Parties Amount in Cost of Sales | 1,046.4 | 750.2 | $ 552.9 | |
Other Assets, Miscellaneous | 30.7 | 0 | ||
Due to Affiliate | 95.2 | 45.4 | ||
Ma'aden Wa'ad Al Shamal Phosphate Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from Related Parties | $ 6.6 | 1 | ||
Ma'aden Wa'ad Al Shamal Phosphate Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage Of Total Production Expected To Market | 25.00% | 25.00% | ||
Equity Method Investment, Ownership Percentage | 25.00% | |||
Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Guarantor Obligations, Number Of Vessels To Be Constructed | 2 | |||
Notes Payable, Related Parties | $ 75.3 | $ 73.2 | ||
Increase (Decrease) in Notes Payable, Related Parties | $ 54.2 | |||
Equity Method Investee Gulf Sulphur Services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
Acquisition of Mosaic Fertiliza
Acquisition of Mosaic Fertilizantes P&K S.A. (Details) $ / shares in Units, $ in Millions | Jan. 08, 2018USD ($)$ / sharesshares | Dec. 28, 2017USD ($)shares | Dec. 19, 2016USD ($)shares | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||||||||
Long-term receivable | $ 91.7 | $ 0 | ||||||
Recoverable taxes | 352.7 | 492.1 | ||||||
Indemnification asset | 30.7 | 0 | ||||||
Business Acquisition, Pro Forma Revenue | 8,605.7 | |||||||
Payments to Acquire Businesses, Gross | $ 985.3 | $ 0 | $ 0 | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | ||||||
Goodwill, Acquired During Period | $ 96.2 | |||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ (43.3) | |||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ (0.11) | |||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ (0.11) | |||||||
Miski Mayo Mine | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 35.00% | |||||||
Vale Fertilizantes S.A. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Long-term receivable | $ 116.3 | |||||||
Recoverable taxes | 101.6 | |||||||
Indemnification asset | 37.2 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 638.1 | |||||||
Payments to Acquire Businesses, Gross | $ 1,080 | $ 1,150 | $ 1,250 | |||||
Business acquisition - noncash consideration | shares | 34,176,574 | 34,176,574 | 42,286,874 | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||
Share Price | $ / shares | $ 26.92 | |||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 12.4 | |||||||
Business Combination, Contingent Consideration, Liability, Noncurrent Expiration | 130 | |||||||
Number of phosphate rock mines acquired | 5 | |||||||
Number of chemical plants acquired | 4 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 2,503.2 | |||||||
Goodwill, Acquired During Period | 96.2 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | 48.3 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 128.3 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Asset Retirement Obligations | 247.3 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 292.2 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 3,578 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | 6.7 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 98.2 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 373.3 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 478.2 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 64.6 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 215.3 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,133.7 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 2,444.3 | |||||||
Noncontrolling Interest, Increase from Business Combination | (453) | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 86 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 100.3 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 344.2 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 107.6 | |||||||
Business Combination, Consideration Transferred, Other | $ 1,905.3 | |||||||
Business Combination, Acquisition and Integration costs | 45.3 | $ 26.2 | ||||||
Business Combination, Separately Recognized Transactions, Revenues and Gains Recognized | 1,300 | |||||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 83.6 | |||||||
Vale Fertilizantes S.A. [Member] | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Addition To Board Of Directors | 2 | |||||||
Vale Fertilizantes S.A. [Member] | Estimate | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 260 | |||||||
Miski Mayo Joint Venture [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 40.00% | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 75.00% | |||||||
Brazil Landco [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 49.00% | |||||||
Vale Fertilizantes S.A. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Costs and Expenses, Related Party | $ 11.1 | |||||||
Phosphates Segment [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill, Acquired During Period | 96.2 | |||||||
Phosphates Segment [Member] | Vale Fertilizantes S.A. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill, Acquired During Period | $ 96.2 | |||||||
Brazil Landco [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 51.00% |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Segment Reporting Information [Line Items] | ||||
Gross Profit | $ 1,498.4 | $ 842.8 | $ 810 | |
Canadian Resource Taxes | 159.4 | 70.1 | 101.1 | |
Gross Profit Excluding Canadian Resource Taxes | 1,657.8 | 912.9 | 911.1 | |
Operating Income (Loss) | 928.3 | 465.7 | 319 | |
Payments to Acquire Property, Plant, and Equipment | 954.5 | 820.1 | 843.1 | |
Depreciation, Depletion and Amortization | 883.9 | 665.5 | 711.2 | |
Equity in net (loss) earnings of nonconsolidated companies | (4.5) | 16.7 | (15.4) | |
Assets | 20,119.2 | 18,633.4 | 16,840.7 | |
Corporate Eliminations And Other Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross Profit | [1] | (63.2) | (9.6) | 78.6 |
Canadian Resource Taxes | [1] | 0 | 0 | 0 |
Gross Profit Excluding Canadian Resource Taxes | [1] | (63.2) | (9.6) | 78.6 |
Operating Income (Loss) | [1] | (167.6) | (70.3) | 67.6 |
Payments to Acquire Property, Plant, and Equipment | [1] | 1.9 | 14.8 | 22.7 |
Depreciation, Depletion and Amortization | [1] | 20.2 | 23.4 | 25 |
Equity in net (loss) earnings of nonconsolidated companies | [1] | 0.1 | 0.7 | 0 |
Assets | [1] | 526.4 | 1,254.4 | 133.4 |
Corporate Eliminations And Other Segment [Member] | China and India distribution operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross Profit | 42.8 | 46.9 | 21.2 | |
Phosphates Segment | ||||
Segment Reporting Information [Line Items] | ||||
Gross Profit | 581.5 | 332.2 | 349.8 | |
Canadian Resource Taxes | 0 | 0 | ||
Gross Profit Excluding Canadian Resource Taxes | 581.5 | 332.2 | 349.8 | |
Operating Income (Loss) | 414.8 | 191.6 | 47.8 | |
Payments to Acquire Property, Plant, and Equipment | 393.9 | 401 | 380 | |
Depreciation, Depletion and Amortization | 403.7 | 338 | 362.4 | |
Equity in net (loss) earnings of nonconsolidated companies | (4.6) | 16 | 0.2 | |
Assets | 7,877.3 | 7,700.6 | 7,679.7 | |
Potash Segment | ||||
Segment Reporting Information [Line Items] | ||||
Gross Profit | 597.2 | 391.6 | 256.6 | |
Canadian Resource Taxes | 159.4 | 70.1 | 101.1 | |
Gross Profit Excluding Canadian Resource Taxes | 756.6 | 461.7 | 357.7 | |
Operating Income (Loss) | 454.1 | 281.3 | 138.8 | |
Payments to Acquire Property, Plant, and Equipment | 410.5 | 371.6 | 416.7 | |
Depreciation, Depletion and Amortization | 301.5 | 287.2 | 308.7 | |
Equity in net (loss) earnings of nonconsolidated companies | 0 | 0 | (15.5) | |
Assets | 7,763.1 | 8,301.7 | 7,777.9 | |
Mosaic Fertilizantes [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gross Profit | 382.9 | 128.6 | 125 | |
Canadian Resource Taxes | 0 | 0 | 0 | |
Gross Profit Excluding Canadian Resource Taxes | 382.9 | 128.6 | 125 | |
Operating Income (Loss) | 227 | 63.1 | 64.8 | |
Payments to Acquire Property, Plant, and Equipment | 148.2 | 32.7 | 23.7 | |
Depreciation, Depletion and Amortization | 158.5 | 16.9 | 15.1 | |
Equity in net (loss) earnings of nonconsolidated companies | 0 | 0 | (0.1) | |
Assets | 3,952.4 | 1,376.7 | 1,249.7 | |
Product | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 9,587.3 | 7,409.4 | 7,162.8 | |
Product | Corporate Eliminations And Other Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [1] | (220) | (252.5) | (347.7) |
Product | Corporate Eliminations And Other Segment [Member] | China and India distribution operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 533.9 | 493.2 | 419.6 | |
Product | Phosphates Segment | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 3,886.3 | 3,589.2 | 3,710.9 | |
Product | Potash Segment | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,173.9 | 1,852.6 | 1,685.7 | |
Product | Mosaic Fertilizantes [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 3,747.1 | 2,220.1 | 2,113.9 | |
Product | Operating Segments [Member] | Corporate Eliminations And Other Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [1] | 579.1 | 526.2 | 447.5 |
Product | Operating Segments [Member] | Phosphates Segment | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 3,106.3 | 2,826.6 | 2,928.4 | |
Product | Operating Segments [Member] | Potash Segment | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,154.8 | 1,836.5 | 1,673 | |
Product | Operating Segments [Member] | Mosaic Fertilizantes [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 3,747.1 | 2,220.1 | 2,113.9 | |
Product | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | |
Product | Intersegment Eliminations [Member] | Corporate Eliminations And Other Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | [1] | (799.1) | (778.7) | (795.2) |
Product | Intersegment Eliminations [Member] | Phosphates Segment | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 780 | 762.6 | 782.5 | |
Product | Intersegment Eliminations [Member] | Potash Segment | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 19.1 | 16.1 | 12.7 | |
Product | Intersegment Eliminations [Member] | Mosaic Fertilizantes [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 0 | $ 0 | $ 0 | |
[1] | The "Corporate, Eliminations and Other" category includes the results of our ancillary distribution operations in India and China. For the years ended December 31, 2018, 2017 and 2016, distribution operations in India and China had revenues of $533.9 million, $493.2 million, and $419.6 million, respectively and gross margins of $42.8 million, $46.9 million, and $21.2 million, respectively. |
Business Segments (Details 2)
Business Segments (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | ||
Revenues from External Customers and Long-Lived Assets | |||||
Long-lived assets | $ 13,830.9 | $ 12,068.7 | |||
Goodwill | 1,707.5 | 1,693.6 | $ 1,630.9 | ||
Deferred income taxes | $ 343.8 | 254.6 | $ 253.3 | ||
Brazil | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Canpotex sales volumes by geography, percentage | 24.00% | ||||
Long-lived assets | $ 1,886 | 326 | |||
Canpotex | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | 820.1 | 700.6 | 604.5 | ||
Canada | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Long-lived assets | $ 4,764.8 | 5,457.1 | |||
India | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Canpotex sales volumes by geography, percentage | 10.00% | ||||
China | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Canpotex sales volumes by geography, percentage | 18.00% | ||||
Other Foreign [Member] | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Long-lived assets | $ 123.2 | 103.7 | |||
Total Foreign | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Long-lived assets | 6,774 | 5,886.8 | |||
United States | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Long-lived assets | $ 7,056.9 | 6,181.9 | |||
INDONESIA | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Canpotex sales volumes by geography, percentage | 10.00% | ||||
Other Countries [Member] | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Canpotex sales volumes by geography, percentage | 38.00% | ||||
Total Geography [Member] | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | $ 9,587.3 | 7,409.4 | 7,162.8 | ||
Transferred at Point in Time [Member] | Brazil | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1] | 3,727.7 | 2,199 | 2,127 | |
Transferred at Point in Time [Member] | Canpotex | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1],[2] | 820.2 | 700.6 | 604.5 | |
Transferred at Point in Time [Member] | Canada | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1] | 639 | 508.9 | 498.2 | |
Transferred at Point in Time [Member] | India | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1] | 304.4 | 305.2 | 296.7 | |
Transferred at Point in Time [Member] | China | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1] | 231.7 | 206.4 | 171.2 | |
Transferred at Point in Time [Member] | Australia | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1] | 136 | 147 | 121 | |
Transferred at Point in Time [Member] | Mexico | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1] | 133.9 | 131.8 | 125 | |
Transferred at Point in Time [Member] | Colombia | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1] | 101.5 | 86.9 | 104.9 | |
Transferred at Point in Time [Member] | Paraguay | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1] | 100.7 | 113.8 | 106.6 | |
Transferred at Point in Time [Member] | Japan | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1] | 92.2 | 71.7 | 82.7 | |
Transferred at Point in Time [Member] | Peru | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1] | 82.6 | 56.9 | 68.3 | |
Transferred at Point in Time [Member] | Argentina | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1] | 70.5 | 53.1 | 67.1 | |
Transferred at Point in Time [Member] | HONDURAS | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1] | 28.7 | 20.6 | 25.6 | |
Transferred at Point in Time [Member] | THAILAND | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1] | 28.1 | 20.9 | 21.2 | |
Transferred at Point in Time [Member] | Other Foreign [Member] | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1] | 118.4 | 105.6 | 65.1 | |
Transferred at Point in Time [Member] | Total Foreign | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1] | 6,615.6 | 4,728.4 | 4,485.1 | |
Transferred at Point in Time [Member] | United States | |||||
Revenues from External Customers and Long-Lived Assets | |||||
Net sales | [1] | $ 2,971.7 | $ 2,681 | $ 2,677.7 | |
[1] | Revenues are attributed to countries based on location of customer. | ||||
[2] | Canpotex is the export association of the Saskatchewan potash producers. Canpotex sells approximately 24% of its sales volumes to Brazil, 18% to China, 10% to India, 10% to Indonesia and 38% to the rest of the world. |
Business Segments (Details 3)
Business Segments (Details 3) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Product | ||||
Revenue from External Customer | ||||
Net sales | $ 9,587.3 | $ 7,409.4 | $ 7,162.8 | |
Transferred at Point in Time [Member] | Phosphate Crop Nutrients | ||||
Revenue from External Customer | ||||
Net sales | 2,956.8 | 2,266.7 | 2,369.2 | |
Transferred at Point in Time [Member] | Potash Crop Nutrients | ||||
Revenue from External Customer | ||||
Net sales | 2,755.9 | 2,180.6 | 1,889.1 | |
Transferred at Point in Time [Member] | Crop Nutrient Blends | ||||
Revenue from External Customer | ||||
Net sales | 1,418.9 | 1,384.2 | 1,403.1 | |
Transferred at Point in Time [Member] | Specialty Products | ||||
Revenue from External Customer | ||||
Net sales | [1] | 1,844.8 | 1,319.8 | 1,266.5 |
Transferred at Point in Time [Member] | Phosphate Rock | ||||
Revenue from External Customer | ||||
Net sales | 53 | 0 | 0 | |
Transferred at Point in Time [Member] | Other | ||||
Revenue from External Customer | ||||
Net sales | [2] | $ 557.9 | $ 258.1 | $ 234.9 |
[1] | Includes sales of MicroEssentials®, K-Mag, Aspire and animal feed ingredients. | |||
[2] | Includes sales of industrial potash. |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Allowance For Doubtful Accounts | ||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | [1] | $ 12 | ||||
Allowance for Doubtful Accounts Receivable, Noncurrent | 22.1 | $ 13.2 | $ 7.6 | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance Beginning of Period | 15.5 | [2] | 10.3 | [2] | 10.4 | |
Charges or (Reductions) to Costs and Expenses | 0 | 5.6 | (1.4) | |||
Charges or (Reductions) to Other Accounts | 12 | (0.2) | 1.7 | |||
Deductions | (4.1) | (0.2) | (0.4) | |||
Balance at End of Period | [2] | 23.4 | 15.5 | 10.3 | ||
Valuation Allowance Of Deferred Tax Assets | ||||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance Beginning of Period | 584.1 | [1] | 30.6 | [1] | 11.9 | |
Charges or (Reductions) to Costs and Expenses | 946.2 | 553.5 | 18.7 | |||
Charges or (Reductions) to Other Accounts | [1],[3] | 0 | 0 | 0 | ||
Deductions | 0 | 0 | 0 | |||
Balance at End of Period | [1] | $ 1,530.3 | $ 584.1 | $ 30.6 | ||
[1] | mount relates to allowance of $12.0 million acquired in the Acquisition. | |||||
[2] | Allowance for doubtful accounts balance includes $22.1 million, $13.2 million, $7.6 million of allowance on long-term receivables recorded in other long term assets for the years ended December 31, 2018, 2017 and 2016, respectively. | |||||
[3] | The income tax valuation allowance adjustment was recorded to accumulated other comprehensive income and deferred taxes. |