Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Cover page. | ||
Document type | 10-Q | |
Document quarterly report | true | |
Document period end date | Sep. 30, 2019 | |
Document transition report | false | |
Entity file number | 001-32327 | |
Entity registrant name | MOSAIC CO | |
State of incorporation | DE | |
Employer identification number | 20-1026454 | |
Address line one | 101 East Kennedy Blvd | |
Address line two | Suite 2500 | |
City | Tampa | |
State | FL | |
Zip code | 33602 | |
Area code | 800 | |
Phone number | 918-8270 | |
Title of each class | Common Stock, par value $0.01 per share | |
Trading symbol | MOS | |
Name of each exchange on which registered | NYSE | |
Entity current reporting status | Yes | |
Entity interactive data current | Yes | |
Entity filer category | Large Accelerated Filer | |
Smaller reporting company | false | |
Emerging growth company | false | |
Entity shell company | false | |
Entity common stock shares outstanding | 378,762,651 | |
Entity central index key | 0001285785 | |
Amendment flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Current fiscal year end date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Net sales | $ 2,753.4 | $ 2,928.1 | $ 6,830 | $ 7,066.8 | |
Gross margin | 279.9 | 495.5 | 816.6 | 1,032.2 | |
Selling, general and administrative expenses | 78.2 | 78.5 | 249.8 | 251.4 | |
Other operating expense | 77.8 | 23.7 | 113.3 | 110.5 | |
Operating earnings | 139.5 | 393.3 | 99.7 | 670.3 | |
Interest expense, net | (43.2) | (40.9) | (136.2) | (135.4) | |
Foreign currency transaction (loss) | (53.8) | (2.2) | (10.4) | (113.1) | |
Other income (expense) | 9.7 | (7.6) | 4.9 | (15.6) | |
Earnings (loss) from consolidated companies before income taxes | 52.2 | 342.6 | (42) | 406.2 | |
Provision for income taxes | 69.2 | 90.6 | 64.1 | 44.4 | |
(Loss) earnings from consolidated companies | (17) | 252 | (106.1) | 361.8 | |
Equity in net (loss) of nonconsolidated companies | (23) | (2.3) | (34.3) | (3.9) | |
Net (loss) earnings including noncontrolling interests | (40) | 249.7 | (140.4) | 357.9 | |
Less: Net gain attributable to noncontrolling interests | 4.1 | 2.2 | 6 | 0.2 | |
Net (loss) earnings attributable to Mosaic | $ (44.1) | $ 247.5 | $ (146.4) | $ 357.7 | |
Basic net (loss) earnings per share attributable to Mosaic | $ (0.11) | $ 0.64 | $ (0.38) | $ 0.93 | |
Basic weighted average number of shares outstanding | 385 | 385.5 | 385.5 | 384.5 | |
Diluted net (loss) earnings per share attributable to Mosaic | $ (0.11) | $ 0.64 | $ (0.38) | $ 0.93 | |
Diluted weighted average number of shares outstanding | 385 | 387.5 | 385.5 | 386.1 | |
Product [Member] | |||||
Net sales | [1] | $ 2,753.4 | $ 2,928.1 | $ 6,830 | $ 7,066.8 |
Cost of goods sold | 2,473.5 | 2,432.6 | 6,013.4 | 6,034.6 | |
Plant City [Member] | |||||
Plant City Closure Costs | $ (15.6) | $ 0 | $ 353.8 | $ 0 | |
[1] | Revenues are attributed to countries based on location of customer. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) earnings including noncontrolling interest | $ (40) | $ 249.7 | $ (140.4) | $ 357.9 |
Other comprehensive (loss) income, net of tax | ||||
Foreign currency translation (loss) gain, net of tax | (186.6) | 0.5 | (27.6) | (467.6) |
Net actuarial gain and prior service cost, net of tax | 2.5 | 3.4 | 0.2 | 7.4 |
Amortization of gain on interest rate swap, net of tax | 0.5 | 0.6 | 1.6 | 1.7 |
Net (loss) gain on marketable securities held in trust fund, net of tax | (6.4) | 1.6 | 15.3 | (3.6) |
Other comprehensive (loss) income | (190) | 6.1 | (10.5) | (462.1) |
Comprehensive (loss) income | (230) | 255.8 | (150.9) | (104.2) |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 1.6 | 2.8 | 3.8 | (5.8) |
Comprehensive (loss) income attributable to Mosaic | $ (231.6) | $ 253 | $ (154.7) | $ (98.4) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 641.1 | $ 847.7 |
Receivables, net | 801.4 | 838.5 |
Inventories | 2,294.3 | 2,270.2 |
Other current assets | 388.5 | 280.6 |
Total current assets | 4,125.3 | 4,237 |
Property, plant and equipment, net of accumulated depreciation | 11,943.4 | 11,746.5 |
Investments in nonconsolidated companies | 787.5 | 826.6 |
Goodwill | 1,731.8 | 1,707.5 |
Deferred income taxes | 371.4 | 343.8 |
Other assets | 1,480.7 | 1,257.8 |
Total assets | 20,440.1 | 20,119.2 |
Current liabilities: | ||
Short-term debt | 88 | 11.5 |
Current maturities of long-term debt | 42.9 | 26 |
Structured accounts payable arrangements | 692 | 572.8 |
Accounts payable | 766.1 | 780.9 |
Accrued liabilities | 1,135.5 | 1,092.5 |
Total current liabilities | 2,724.5 | 2,483.7 |
Long-term debt, less current maturities | 4,533.2 | 4,491.5 |
Deferred income taxes | 1,150.8 | 1,080.6 |
Other noncurrent liabilities | 1,720.4 | 1,458.7 |
Equity: | ||
Preferred stock, par value | 0 | 0 |
Common stock, par value | 3.8 | 3.8 |
Capital in excess of par value | 881.3 | 985.9 |
Retained earnings | 10,880.7 | 11,064.7 |
Accumulated other comprehensive loss | (1,665.4) | (1,657.1) |
Total Mosaic stockholders' equity | 10,100.4 | 10,397.3 |
Noncontrolling interests | 210.8 | 207.4 |
Total equity | 10,311.2 | 10,604.7 |
Total liabilities and equity | $ 20,440.1 | $ 20,119.2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 7,527 | $ 6,934.5 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, issued | 389,643,771 | 389,242,360 |
Common stock, outstanding | 380,045,964 | 385,470,085 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, authorized | 15,000,000 | 15,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Payments for Repurchase of Common Stock | $ (117.1) | $ 0 | ||||||
Cash Flows from Operating Activities | ||||||||
Net earnings including noncontrolling interest | $ (40) | $ 249.7 | (140.4) | 357.9 | ||||
Adjustments to reconcile net (loss) earnings including noncontrolling interests to net cash provided by operating activities: | ||||||||
Depreciation, depletion and amortization | 210.8 | 214.5 | 649.6 | 648.8 | ||||
Business Combination, Inventory Acquired, Amortization of Fair Value Adjustment | (5.5) | (47.4) | ||||||
Deferred and other income taxes | (2.9) | (12.3) | ||||||
Equity in net loss of nonconsolidated companies, net of dividends | 39.4 | 11 | ||||||
Accretion expense for asset retirement obligations | 44.3 | 37.2 | $ 48 | |||||
Share-based compensation expense | 25 | 25.7 | ||||||
Unrealized loss (gain) on derivatives | (55.9) | 14.3 | ||||||
Gain (Loss) on Disposition of Property Plant Equipment | (15.2) | 0 | ||||||
Other | (4.8) | 21.2 | ||||||
Changes in assets and liabilities, excluding effects of acquisition: | ||||||||
Receivables, net | 33.2 | (31.6) | ||||||
Inventories | (99.1) | (198.1) | ||||||
Other current and noncurrent assets | (63.2) | (75.9) | ||||||
Accounts payable and accrued liabilities | 59.3 | 466.5 | ||||||
Other noncurrent liabilities | (30.2) | 42.5 | ||||||
Net cash provided by operating activities | 817.8 | 1,259.8 | ||||||
Cash Flows from Investing Activities | ||||||||
Capital expenditures | (322.3) | (241) | (931.1) | (665.4) | ||||
Purchases of available-for-sale securities - restricted | (484.3) | (486.1) | ||||||
Proceeds from sale of available-for-sale securities - restricted | 468.2 | 470.5 | ||||||
Investments in consolidated affiliate | 0 | (3.6) | ||||||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 9.3 | ||||||
Payments to Acquire Businesses, Gross | 0 | (985.3) | ||||||
Payments to Acquire Fixed Assets | (55.1) | 0 | ||||||
Payments to Acquire Held-to-maturity Securities | (14.5) | 0 | ||||||
Proceeds from Sale of Held-to-maturity Securities | 2.3 | 0 | ||||||
Other | 0.4 | (0.3) | ||||||
Net cash used in investing activities | (1,014.1) | (1,660.9) | ||||||
Cash Flows from Financing Activities | ||||||||
Payments of short-term debt | (441.7) | (120.1) | ||||||
Proceeds from issuance of short-term debt | 521.3 | 145.2 | ||||||
Payments of structured accounts payable arrangements | (762.5) | (582.4) | ||||||
Proceeds from structured accounts payable arrangements | 865.2 | 590.2 | ||||||
Payments of long-term debt | (32.9) | (722.4) | ||||||
Proceeds from Issuance of Long-term Debt | 0 | 39.3 | ||||||
Cash dividends paid | (48.2) | (28.9) | ||||||
Other | (0.4) | (0.5) | ||||||
Net cash used in financing activities | (16.3) | (679.6) | ||||||
Effect of exchange rate changes on cash | 0.1 | (62.8) | ||||||
Net change in cash, cash equivalents and restricted cash | (212.5) | (1,143.5) | ||||||
Cash, cash equivalents and restricted cash-beginning of period | 871 | 2,194.4 | 2,194.4 | |||||
Cash, cash equivalents and restricted cash-end of period | 658.5 | 1,050.9 | 658.5 | 1,050.9 | 871 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||||||
Cash and cash equivalents | $ 641.1 | $ 847.7 | $ 1,029.9 | |||||
Restricted cash in other current assets | 8.6 | 8.2 | ||||||
Restricted cash in other assets | 8.8 | 15.8 | 12.8 | |||||
Cash, cash equivalents and restricted cash-end of period | 658.5 | 1,050.9 | 871 | 2,194.4 | $ 871 | $ 658.5 | $ 871 | $ 1,050.9 |
Supplemental Disclosure of Cash Flow Information: | ||||||||
Interest (net of amount capitalized) | 116.5 | 97.6 | ||||||
Income taxes (net of refunds) | 114.3 | 13.2 | ||||||
Plant City [Member] | ||||||||
Adjustments to reconcile net (loss) earnings including noncontrolling interests to net cash provided by operating activities: | ||||||||
Plant City Closure Costs | $ (15.6) | $ 0 | $ 353.8 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flow Parenthetical - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Cash Flows [Abstract] | ||
Capitalized interest costs | $ 20.9 | $ 17 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Shareholders Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interest |
Beginning balance at Dec. 31, 2017 | $ 9,639.1 | $ 3.5 | $ 44.5 | $ 10,631.1 | $ (1,061.6) | $ 21.6 |
Common stock shares outstanding, beginning balance (in shares) at Dec. 31, 2017 | 351,000,000 | |||||
Adoption of New Accounting Standards | 2.7 | 2.7 | ||||
Total comprehensive income (loss) | (104.2) | 357.7 | (456.1) | (5.8) | ||
Stock option exercises | (3.4) | (3.4) | ||||
Stock option exercises (in shares) | 300,000 | |||||
Stock based compensation | 23 | 23 | ||||
Stock Issued During Period, Shares, Acquisitions | 34,200,000 | |||||
Stock Issued During Period, Value, Acquisitions | 920 | $ 0.3 | 919.7 | |||
Dividends | (19.8) | (19.8) | ||||
Dividends for noncontrolling interests | (0.5) | (0.5) | ||||
Distribution to noncontrolling interests | 196.4 | 196.4 | ||||
Ending balance at Sep. 30, 2018 | 10,653.3 | $ 3.8 | 983.8 | 10,971.7 | (1,517.7) | 211.7 |
Common stock shares outstanding, ending balance (in shares) at Sep. 30, 2018 | 385,500,000 | |||||
Beginning balance at Jun. 30, 2018 | 10,415.7 | $ 3.8 | 981.7 | 10,734.1 | (1,523.2) | 219.3 |
Common stock shares outstanding, beginning balance (in shares) at Jun. 30, 2018 | 385,400,000 | |||||
Total comprehensive income (loss) | 255.8 | 247.5 | 5.5 | 2.8 | ||
Stock option exercises | (0.3) | (0.3) | ||||
Stock option exercises (in shares) | 100,000 | |||||
Stock based compensation | 2.4 | 2.4 | ||||
Dividends | (9.9) | (9.9) | ||||
Dividends for noncontrolling interests | (0.1) | (0.1) | ||||
Distribution to noncontrolling interests | (10.3) | (10.3) | ||||
Ending balance at Sep. 30, 2018 | 10,653.3 | $ 3.8 | 983.8 | 10,971.7 | (1,517.7) | 211.7 |
Common stock shares outstanding, ending balance (in shares) at Sep. 30, 2018 | 385,500,000 | |||||
Beginning balance at Dec. 31, 2018 | $ 10,604.7 | $ 3.8 | 985.9 | 11,064.7 | (1,657.1) | 207.4 |
Common stock shares outstanding, beginning balance (in shares) at Dec. 31, 2018 | 385,470,085 | 385,500,000 | ||||
Adoption of New Accounting Standards | $ 0.6 | 0.6 | ||||
Total comprehensive income (loss) | (150.9) | (146.4) | (8.3) | 3.8 | ||
Stock option exercises | (5.1) | (5.1) | ||||
Stock option exercises (in shares) | 400,000 | |||||
Stock based compensation | 25 | 25 | ||||
Stock Repurchased During Period, Shares | (5,800,000) | |||||
Stock Repurchased During Period, Value | (124.5) | (124.5) | ||||
Dividends | (38.2) | (38.2) | ||||
Dividends for noncontrolling interests | (0.4) | (0.4) | ||||
Ending balance at Sep. 30, 2019 | $ 10,311.2 | $ 3.8 | 881.3 | 10,880.7 | (1,665.4) | 210.8 |
Common stock shares outstanding, ending balance (in shares) at Sep. 30, 2019 | 380,045,964 | 380,100,000 | ||||
Beginning balance at Jun. 30, 2019 | $ 10,682.3 | $ 3.8 | 1,002.9 | 10,944.2 | (1,477.9) | 209.3 |
Common stock shares outstanding, beginning balance (in shares) at Jun. 30, 2019 | 385,900,000 | |||||
Total comprehensive income (loss) | (230) | (44.1) | (187.5) | 1.6 | ||
Stock based compensation | 2.9 | 2.9 | ||||
Stock Repurchased During Period, Shares | (5,800,000) | |||||
Stock Repurchased During Period, Value | (124.5) | (124.5) | ||||
Dividends | (19.4) | (19.4) | ||||
Dividends for noncontrolling interests | (0.1) | (0.1) | ||||
Ending balance at Sep. 30, 2019 | $ 10,311.2 | $ 3.8 | $ 881.3 | $ 10,880.7 | $ (1,665.4) | $ 210.8 |
Common stock shares outstanding, ending balance (in shares) at Sep. 30, 2019 | 380,045,964 | 380,100,000 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Shareholders Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends per share | $ 0.05 | $ 0.025 | $ 0.10 | $ 0.05 |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2019 | |
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. 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 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 Condensed 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 consist of five phosphate rock mines, four phosphate chemical plants and a potash mine. 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 the China and India distribution businesses are included within Corporate, Eliminations and Other. As of January 1, 2019, certain selling, general and administrative costs that are not controllable by the business segments are no longer allocated to segments and are included within Corporate, Eliminations and Other. Our operating results for the three and nine months ended September 30, 2018, have been recast to reflect this change. See Note 18 of the Condensed Consolidated Financial Statements in this report for segment results. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Statement Presentation and Basis of Consolidation The accompanying unaudited Condensed Consolidated Financial Statements of Mosaic have been prepared on the accrual basis of accounting and in accordance with the requirements of the Securities and Exchange Commission (“ SEC ”) for interim financial reporting. As permitted under these rules, certain footnotes and other financial information that are normally required by accounting principles generally accepted in the United States (“ GAAP ”) can be condensed or omitted. The Condensed Consolidated Financial Statements included in this document reflect, in the opinion of our management, all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. The following notes should be read in conjunction with the accounting policies and other disclosures in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2018 (the “ 10-K Report ”). Sales, expenses, cash flows, assets and liabilities can and do vary during the year as a result of seasonality and other factors. Therefore, interim results are not necessarily indicative of the results to be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements include the accounts of Mosaic, its majority owned subsidiaries, and certain variable interest entities in which Mosaic is the primary beneficiary. Certain investments in companies where we do not have control but have the ability to exercise significant influence are accounted for by the equity method. Leases At inception, we determine whether an arrangement is a lease and the appropriate lease classification. Operating leases with terms greater than twelve months are included as operating lease right-of-use (“ ROU ”) assets within other assets, and lease liabilities within accrued liabilities and other noncurrent liabilities on our consolidated balance sheets. Finance leases with terms greater than twelve months are included as finance ROU assets within property and equipment, and finance lease liabilities within current maturities of long-term debt and long-term debt on our consolidated balance sheets. Leases with terms of less than twelve months, referred to as short-term leases, do not create an ROU asset or lease liability on the balance sheet. ROU assets represent our right to use an underlying asset for the lease term. Lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease, based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. For both operating and finance leases, the initial ROU asset equals the lease liability, plus initial direct costs, less lease incentives received. Our lease agreements may include options to extend or terminate the lease, which are included in the lease term at the commencement date when it is reasonably certain that we will exercise that option. In general, we do not consider optional periods included in our lease agreements as reasonably certain of exercise at inception. We have lease agreements with lease and non-lease components, which are generally accounted for separately. For full-service railcar leases, we account for the lease and non-lease components as a single lease component. Additionally, for certain equipment leases, we apply assumptions using a portfolio approach given the generally consistent terms of the agreements. Lease payments based on usage (for example, per-mile or per-hour charges), referred to as variable lease costs, are recorded separately from the determination of the ROU asset and lease liability. Accounting Estimates Preparation of the Condensed 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 |
Recently Issued Accounting Guid
Recently Issued Accounting Guidance | 9 Months Ended |
Sep. 30, 2019 | |
Recently Issued Accounting Guidance [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recently Issued Accounting Guidance In June 2016, the Financial Accounting Standards Board (“ FASB ”) issued guidance which revises the accounting for credit losses on financial instruments within its scope. The standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade and other receivables, and modifies the impairment model for available-for-sale (“ AFS ”) debt securities. The guidance amends the current other-than-temporary impairment model for AFS debt securities and provides that any impairment related to credit losses be recognized as an allowance (which could be reversed) rather than as a permanent reduction in the amortized cost basis of that security. This standard is effective for us beginning January 1, 2020, with early adoption permitted. We are assessing the requirements of this standard related to our trade receivables and AFS debt securities, but do not expect it to significantly impact our consolidated results of operations or financial condition. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Operating and Finance Leases [Text Block] | Leases In February 2016, the FASB issued a new standard (“ ASC 842 ”) intended to improve financial reporting about leasing transactions. The FASB issued additional guidance subsequently to clarify aspects of the standard and provide certain relief for implementation. ASC 842 requires lessees to recognize on the balance sheet the rights and obligations created by leases with terms greater than twelve months. The primary change created by the new standard is the recognition of ROU assets and lease liabilities by lessees for those leases previously classified as operating leases. ASC 842 requires disclosures to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. We adopted ASC 842 effective January 1, 2019, with an immaterial cumulative-effect adjustment to the opening balance of retained earnings as of that date. As allowed under the standard, we have not changed our accounting and reporting for lease arrangements for periods presented prior to January 1, 2019. The impacts upon adoption on previously reported amounts are shown below. Our accounting for capital leases (now referred to as finance leases) remained substantially unchanged. Adoption of the standard is not expected to significantly impact lease activity reported in our statements of earnings and cash flows. We have operating and finance leases for heavy mobile equipment, railcars, fleet vehicles, field and plant equipment, river and cross-Gulf vessels, corporate offices, land, and computer equipment. Our leases have remaining lease terms of 1 year to 29 years, some of which may include options to extend the leases for up to 10 years, and some of which may include options to terminate the leases within 1 year. As of September 30, 2019 , assets recorded under finance leases, included within property, plant and equipment, were $409.8 million , and accumulated depreciation associated with finance leases was $47.2 million . As of September 30, 2019 , assets recorded under operating leases were $212.6 million , included in other assets. Adoption of the standard related to leases impacted our previously reported results as follows: Balance as of Adoption Balance as of December 31, 2018 Adjustments January 1, 2019 (in millions) Operating lease right-of-use assets $ — $ 241.1 $ 241.1 Finance lease right-of-use assets 340.9 — 340.9 Accrued and other noncurrent liabilities — 241.1 241.1 Long-term debt, including current maturities 302.2 — 302.2 Adoption of ASC 842 had no impact to cash from or used in operating, financing, or investing on our consolidated cash flows statements. The components of lease expense, included primarily within cost of goods sold and selling, general and administrative expenses, were as follows: Three Months Ended Nine Months Ended September 30, 2019 (in millions) Operating lease cost $ 25.9 $ 79.5 Finance lease cost: Amortization of right-of-use assets $ 6.8 $ 19.4 Interest on lease liabilities 3.8 11.3 $ 10.6 $ 30.7 Short-term lease cost $ 2.9 $ 8.7 Variable lease cost 5.6 15.6 Total lease cost $ 45.0 $ 134.5 Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, 2019 (In millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 81.3 Operating cash flows from finance leases $ 8.0 Financing cash flows from finance leases $ 27.7 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 50.4 Finance leases $ 71.8 Other information related to leases was as follows: September 30, 2019 Weighted Average Remaining Lease Term Operating leases 4.8 years Finance leases 5.0 years Weighted Average Discount Rate Operating leases 6.5 % Finance leases 3.9 % Future lease payments under non-cancellable leases recorded as of September 30, 2019 , were as follows: Operating Leases Finance Leases (in millions) 2019 (excluding the nine months ended September 30, 2019) $ 24.6 $ 12.1 2020 76.4 48.3 2021 51.1 51.6 2022 35.3 43.5 2023 24.9 75.2 Thereafter 39.1 182.3 Total future lease payments $ 251.4 $ 413.0 Less imputed interest (36.2 ) (68.6 ) Total $ 215.2 $ 344.4 Reported as of September 30, 2019 Accrued liabilities $ 72.3 $ — Current maturities of long-term debt — 37.5 Other noncurrent liabilities 142.9 — Long-term debt, less current maturities — 306.9 Total $ 215.2 $ 344.4 A schedule of our minimum lease payments under non-cancelable capital and operating leases as of December 31, 2018 is as follows: (in millions) Operating Leases Capital Leases 2019 $ 97.5 $ 20.4 2020 76.8 26.4 2021 54.7 23.4 2022 36.6 17.2 2023 28.1 48.9 Subsequent years 30.9 165.9 $ 324.6 $ 302.2 |
Other Financial Statement Data
Other Financial Statement Data | 9 Months Ended |
Sep. 30, 2019 | |
Other Financial Statement Data [Abstract] | |
Other Financial Statement Data | Other Financial Statement Data The following provides add i tional information concerning selected balance sheet accounts: September 30, December 31, Other current assets Income and other taxes receivable $ 236.0 $ 149.2 Prepaid expenses 110.2 86.8 Other 42.3 44.6 $ 388.5 $ 280.6 Other assets Restricted cash $ 8.8 $ 15.8 MRO inventory 126.1 134.6 Marketable securities held in trust 685.8 632.3 Operating lease right-of-use assets 212.6 — Indemnification asset 29.9 30.7 Long-term receivable 75.4 91.7 Other 342.1 352.7 $ 1,480.7 $ 1,257.8 Accrued liabilities Accrued dividends $ 0.9 $ 11.8 Payroll and employee benefits 143.7 217.5 Asset retirement obligations 164.6 136.3 Customer prepayments (a) 283.6 199.8 Accrued income tax 67.4 65.5 Operating lease obligation 72.3 — Other 403.0 461.6 $ 1,135.5 $ 1,092.5 Other noncurrent liabilities Asset retirement obligations $ 1,136.5 $ 1,023.8 Operating lease obligation 142.9 — Accrued pension and postretirement benefits 141.5 146.3 Unrecognized tax benefits 34.2 33.0 Other 265.3 255.6 $ 1,720.4 $ 1,458.7 ______________________________ (a) The timing of recognition of revenue related to our performance obligations may be different than the timing of collection of cash related to those performance obligations. Specifically, we collect prepayments from certain customers in Brazil. In addition, cash collection from Canpotex may occur prior to delivery of product to the end customer. We generally satisfy our contractual liabilities within one quarter of incurring the liability. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
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: Three months ended Nine months ended September 30, September 30, 2019 2018 2019 2018 Net (loss) earnings attributable to Mosaic $ (44.1 ) $ 247.5 $ (146.4 ) $ 357.7 Basic weighted average number of shares outstanding 385.0 385.5 385.5 384.5 Dilutive impact of share-based awards — 2.0 — 1.6 Diluted weighted average number of shares outstanding 385.0 387.5 385.5 386.1 Basic net (loss) earnings per share attributable to Mosaic $ (0.11 ) $ 0.64 $ (0.38 ) $ 0.93 Diluted net (loss) earnings per share attributable to Mosaic $ (0.11 ) $ 0.64 $ (0.38 ) $ 0.93 A total of 2.7 million and 2.5 million shares of common stock subject to issuance upon exercise of stock options for the three and nine months ended September 30, 2019 and 2.0 million and 2.6 million for the three and nine months ended September 30, 2018 , respectively, have been excluded from the calculation of diluted EPS because the effect would have been anti-dilutive. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes During the nine months ended September 30, 2019 , gross unrecognized tax benefits increased by $1.4 million to $39.5 million . The increase is primarily related to Canadian tax positions. If recognized, approximately $24.0 million of the $39.5 million in unrecognized tax benefits would affect our effective tax rate and net earnings in future periods. We recognize interest and penalties related to unrecognized tax benefits as a component of our income tax provision. We had accrued interest and penalties totaling $6.8 million and $4.9 million as of September 30, 2019 and December 31, 2018 , respectively, that were included in other noncurrent liabilities in the Condensed Consolidated Balance Sheets. Accounting for uncertain tax positions is determined by prescribing the minimum probability threshold that a tax position is more likely than not to be sustained based on the technical merits of the position. 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 raised are properly accounted for. For the three months ended September 30, 2019 , tax expense specific to the period was a cost of approximately $19.8 million . This consisted primarily of tax expense of $5.6 million related to changes in estimates related to prior years, $3.3 million related to the Plant City closure costs, and $10.9 million for valuation allowances in foreign jurisdictions. In addition to items specific to the period, our income tax rate is impacted by the mix of earnings across the jurisdictions in which we operate, by a benefit associated with depletion, and by the impact of certain entities being taxed in both foreign jurisdictions and the U.S., including foreign tax credits for various taxes incurred. Generally, for interim periods, income tax is equal to the total of (1) year-to-date pretax income multiplied by our forecasted effective tax rate plus (2) tax expense items specific to the period. In situations where we expect to report losses for which we do not expect to receive tax benefits, we are required to apply separate forecasted effective tax rates to those jurisdictions rather than including them in the consolidated effective tax rate. For the three months ended September 30, 2019 , income tax expense was impacted by this set of rules, resulting in an additional cost of $14.7 million compared to what would have been recorded under the general rule on a consolidated basis. For the three months ended September 30, 2018 , tax expense specific to the period was approximately $30.7 million . This consisted primarily of $29.8 million related to revised year-to-date accounting in 2018 for the valuation allowances on foreign tax credits, and $8.3 million as a result of revisions to the provisional estimates related to the 2017 Tax Cuts and Jobs Act (the " Act "). This was partially offset by a change in sequestration charge on AMT refunds of $2.7 million , $5.1 million related to the effect on deferred income tax liabilities of a decrease in the statutory tax rate in the U.S as a result of the Act, and other miscellaneous benefits of $0.4 million . In addition to items specific to the period, our income tax rate is impacted by the mix of earnings across the jurisdictions in which we operate, by a benefit associated with depletion, and by the impact of certain entities being taxed in both foreign jurisdictions and the U.S. including foreign tax credits for various taxes incurred. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: September 30, December 31, Raw materials $ 86.2 $ 147.5 Work in process 592.8 625.5 Finished goods 1,454.9 1,343.8 Final price deferred (a) 43.1 39.3 Operating materials and supplies 117.3 114.1 $ 2,294.3 $ 2,270.2 ______________________________ (a) |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Mosaic had goodwill of $1.7 billion at September 30, 2019 and December 31, 2018 . We review goodwill for impairment annually in October or at any time events or circumstances indicate that the carrying value may not be fully recoverable, which is based on our accounting policy and GAAP. The changes in the carrying amount of goodwill, by reporting unit, are as follows: Phosphates Potash Mosaic Fertilizantes Corporate, Eliminations and Other Total Balance as of December 31, 2018 $ 588.6 $ 1,000.4 $ 106.4 $ 12.1 $ 1,707.5 Foreign currency translation — 26.7 (2.4 ) — 24.3 Balance as of September 30, 2019 $ 588.6 $ 1,027.1 $ 104.0 $ 12.1 $ 1,731.8 We performed a review of goodwill in the quarter ended September 30, 2019, and no impairment was identified. However, based on our qualitative evaluation, we determined that our Phosphates and Potash reporting units had estimated fair values that were not significantly in excess of their respective carrying values, at 12.1% and 9.4% , respectively, and could be at risk of future impairment. We continue to believe that our long-term financial goals will be achieved. Our other reporting units have substantial fair value in excess of their carrying values. We are required to perform our next annual goodwill impairment analysis as of October 31, 2019. It is possible that, during the remainder of 2019 or beyond, business conditions could deteriorate from the current state, raw material or product price projections could decline significantly from current estimates, or our common stock price could decline significantly. If assumed net sales and cash flow projections are not achieved or our common stock price significantly declines from current levels, book values of certain operations could exceed their fair values, which may result in goodwill impairment charges in future periods. It is not possible at this time to determine if any such future impairment charge would result or, if it does, whether such charge would be material. |
Marketable Securities Held in T
Marketable Securities Held in Trusts | 9 Months Ended |
Sep. 30, 2019 | |
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 11 of our Notes to Condensed 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 nine months ended September 30, 2019 . 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 as of September 30, 2019 and December 31, 2018 are as follows: September 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 Cash and cash equivalents $ 5.8 $ — $ — $ 5.8 Level 2 Corporate debt securities 183.9 6.4 (0.2 ) 190.1 Municipal bonds 187.2 4.3 (0.4 ) 191.1 U.S. government bonds 284.5 3.8 (1.4 ) 286.9 Total $ 661.4 $ 14.5 $ (2.0 ) $ 673.9 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 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 September 30, 2019 and December 31, 2018 . September 30, 2019 December 31, 2018 Less than 12 months Less than 12 months Fair Value Gross Unrealized Losses (a) Fair Value Gross Unrealized Losses (a) Corporate debt securities $ 11.8 $ — $ 43.9 $ (0.6 ) Municipal bonds 24.1 (0.1 ) 12.3 — U.S. government bonds 199.8 (1.4 ) — — Total $ 235.7 $ (1.5 ) $ 56.2 $ (0.6 ) September 30, 2019 December 31, 2018 Greater than 12 months Greater than 12 months Fair Value Gross Unrealized Losses (a) Fair Value Gross Unrealized Losses (a) Corporate debt securities $ 30.0 $ (0.2 ) $ 103.4 $ (3.7 ) Municipal bonds 22.2 (0.3 ) 117.5 (3.4 ) U.S. government bonds — — — — Total $ 52.2 $ (0.5 ) $ 220.9 $ (7.1 ) ______________________________ (a) Represents the aggregate of the gross unrealized losses that have been in a continuous unrealized loss position as of September 30, 2019 and December 31, 2018 . The following table summarizes the balance by contractual maturity of the available-for-sale debt securities invested by the RCRA Trusts as of September 30, 2019 . 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. September 30, 2019 Due in one year or less $ 35.7 Due after one year through five years 228.4 Due after five years through ten years 366.3 Due after ten years 37.7 Total debt securities $ 668.1 For the three and nine months ended September 30, 2019 , realized gains were $12.9 million and $16.2 million , respectively, and realized losses were immaterial and $1.6 million , respectively. For the three and nine months ended September 30, 2018 , realized gains were immaterial and realized losses were $6.8 million and $12.9 million , respectively. |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation Disclosure | Asset Retirement Obligations We recognize our estimated 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; (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) decommission 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: (in millions) September 30, 2019 December 31, 2018 AROs, beginning of period $ 1,160.1 $ 859.3 Liabilities acquired in the Acquisition — 258.9 Liabilities incurred 11.8 27.8 Liabilities settled (83.4 ) (69.6 ) Accretion expense 44.3 48.0 Revisions in estimated cash flows 177.4 78.2 Foreign currency translation (9.1 ) (42.5 ) AROs, end of period 1,301.1 1,160.1 Less current portion 164.6 136.3 $ 1,136.5 $ 1,023.8 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 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 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 10 to our Condensed 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 provided 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 the Plant City Facility in the form of a surety bond (the “ Plant City Bond ”). The amount of the Plant City Bond is $233.7 million , which reflects our closure cost estimates as of December 31, 2018. 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. In July 2018, we received $21.0 million from the Bonnie Facility Trust by substituting for the trust fund 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. At September 30, 2019 and December 31, 2018 , the aggregate amounts of AROs associated with the Plant City Facility and Bonnie Facility gypstack closure costs included in our Condensed Consolidated Balance Sheets were $215.9 million and $109.2 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 |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies We have described below judicial and administrative proceedings to which we are subject. We have contingent environmental liabilities that arise principally from three sources: (i) facilities currently or formerly owned by our subsidiaries or their predecessors; (ii) facilities adjacent to currently or formerly owned facilities; and (iii) third-party Superfund or state equivalent sites. At facilities currently or formerly owned by our subsidiaries or their predecessors, the historical use and handling of regulated chemical substances, crop and animal nutrients and additives and by-product or process tailings have resulted in soil, surface water and/or groundwater contamination. Spills or other releases of regulated substances, subsidence from mining operations and other incidents arising out of operations, including accidents, have occurred previously at these facilities, and potentially could occur in the future, possibly requiring us to undertake or fund cleanup or result in monetary damage awards, fines, penalties, other liabilities, injunctions or other court or administrative rulings. In some instances, pursuant to consent orders or agreements with governmental agencies, we are undertaking certain remedial actions or investigations to determine whether remedial action may be required to address contamination. At other locations, we have entered into consent orders or agreements with appropriate governmental agencies to perform required remedial activities that will address identified site conditions. Taking into consideration established accruals of approximately $43.7 million and $58.6 million as of September 30, 2019 and December 31, 2018 , 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. As of September 30, 2019 , the sinkhole repairs were substantially complete, with $80.2 million spent in remediation and sinkhole-related costs through this date. We estimate remaining costs will be approximately $0.6 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 11 of our Notes to Condensed 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 have been engaged in settlement discussions with U.S. EPA and the Department of Justice, originating with the allegations of violations of Clean Air Act Prevention of Significant Deterioration (“ PSD ”) permitting requirements at the Plant City sulfuric acid plants and encompassing injunctive relief regarding sulfur dioxide emissions across Mosaic’s Florida sulfuric acid plant fleet. With the closure of Plant City fertilizer operations, there is no longer a need to reach resolution with the government on injunctive relief (i.e., reduction of sulfur dioxide emissions) at that facility. Furthermore, the DOJ has determined that there is no basis for proceeding with a settlement, as EPA and the DOJ have not currently alleged any violations of the Clean Air Act PSD permitting requirements at any other of Mosaic’s Florida sulfuric acid plants. We cannot predict at this time whether EPA and DOJ will initiate an enforcement action in the future with respect to “New Source Review” compliance at our Florida sulfuric acid plants or what its scope would be, or what the range of outcomes might be with respect to such a potential enforcement action. Uncle Sam Gypstack . In January 2019, we observed lateral movement of the north slope of our active phosphogypsum stack at the Uncle Sam facility in Louisiana. The observation was reported to the Louisiana Department of Environmental Quality and the U.S. EPA. We continue to provide updates to the agencies on the movement, which has slowed following actions we have taken, which include reducing process water volume stored atop the stack to reduce the active load causing the movement; constructing a stability berm at the base of the slope to increase resistance; and removing gypsum from the north side to the south stack. These steps have improved slope stability and reduced slope movement. There has been no loss of containment resulting from the movement observed, and none is expected. Although continued lateral movement on the north slope could have a material effect on our future operations at that facility, we cannot predict the prospective impact on our results of operations at this time. 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. The failure of an indemnitor to fulfill its obligations could result in future costs that could be material. Louisiana Parishes Coastal Zone Cases Several Louisiana parishes and the City of New Orleans have filed lawsuits against hundreds of oil and gas companies seeking regulatory, restoration and compensatory damages in connection with historical oil, gas and sulfur mining and transportation operations in the coastal zone of Louisiana. Mosaic is the corporate successor to certain companies which performed these types of operations in the coastal zone of Louisiana. Mosaic has been named in two of the lawsuits filed to date. In addition, in several other cases, historical oil, gas and sulfur operations which may have been related to Mosaic’s corporate predecessors have been identified in the complaints. Based upon information known to date, Mosaic has contractual indemnification rights against third parties for any loss or liability arising out of these claims pursuant to indemnification agreements entered into by Mosaic’s corporate predecessor(s) with third parties. There may also be insurance contracts which may respond to some or all of the claims. However, the financial ability of the third party indemnitors, the extent of potential insurance coverage and the extent of potential liability from these claims is currently unknown. In September 2019, legal counsel for several of the parishes announced that an agreement had been reached to settle the claims against Mosaic and its corporate predecessors, subject to approval by the participating parishes and the State of Louisiana. In connection with that settlement agreement, the proposed settlement payment obligations would be paid by third party indemnitors. 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. Oral argument was held before the Eleventh Circuit Court of Appeals on May 22, 2019. The Court has not yet issued its decision. 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. Brazil Legal Contingencies Our Brazilian subsidiaries are engaged in a number of judicial and administrative proceedings regarding labor, environmental, mining and civil claims that allege aggregate damages and/or fines of approximately $1.1 billion . We estimate that our probable aggregate loss with respect to these claims is approximately $58.1 million , which amount is included in our accrued liabilities in our Condensed Consolidated Balance Sheet at September 30, 2019 . Approximately $738.5 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 $40.0 million , which is included in accrued liabilities in our Condensed Consolidated Balance Sheet at September 30, 2019 . 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 potential exposure could increase and additional accruals could be required. Approximately $2.6 million of the above mentioned $40.0 million reserves relates 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 Rosário 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 judicial and administrative proceedings claims allege aggregate damages and/or fines of approximately $140.4 million . We estimate that our probable aggregate loss regarding these claims is approximately $5.4 million , which has been accrued at September 30, 2019 . 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. The mining judicial and administrative proceedings claims allege aggregate damages and/or fines of approximately $16.1 million . We estimate that our probable aggregate loss regarding these claims is approximately $9.2 million , which has been accrued at September 30, 2019 . The majority of the reserves involves an arbitration proceeding initiated by EMS/GEOFOCUS ("EMS") in which Mosaic was ordered to indemnify EMS for the costs of exploring certain mining rights on behalf of Mosaic. 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 estate disputes and other civil matters arising in the ordinary course of business. These claims allege aggregate damages in excess of $173.0 million . We estimate that the probable aggregate loss with respect to these matters is approximately $3.4 million . Uberaba Judicial Settlement In 2008, the Federal Public Prosecutor filed a public civil action requesting the Company to 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 $33.4 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 $460.0 million , of which $216.0 million is subject to an indemnification agreement entered into with Vale S.A in connection with the Acquisition. Approximately $285.0 million of the maximum potential liability relates to a Brazilian federal value-added tax, PIS and Cofins, 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 accruals, which are immaterial, for the probable liability with respect to these Brazilian judicial and administrative proceedings. If the status of similar tax cases involving unrelated taxpayers 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. |
Accounting for Derivative Instr
Accounting for Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2019 | |
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 Condensed 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 September 30, 2019 and December 31, 2018 , the gross asset position of our derivative instruments was $38.2 million and $13.4 million , respectively, and the gross liability position of our liability instruments was $37.0 million and $89.4 million , respectively. We do not apply hedge accounting treatments to our foreign currency exchange contracts, commodities contracts, or freight contracts. Unrealized gains and (losses) on foreign currency exchange contracts used to hedge cash flows related to the production of our products are included in cost of goods sold in the Condensed 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 Condensed 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 Condensed 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 September 30, 2019 , the impact on earnings due to hedge ineffectiveness was immaterial. Consistent with our intent to have floating rate debt as a portion of our 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. As of September 30, 2019 and December 31, 2018 , the following is the total absolute notional volume associated with our outstanding derivative instruments: (in millions of Units) September 30, December 31, Derivative Instrument Derivative Category Unit of Measure Foreign currency derivatives Foreign currency US Dollars 1,979.7 2,091.7 Interest rate derivatives Interest rate US Dollars 585.0 585.0 Natural gas derivatives Commodity MMbtu 48.7 52.2 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 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 September 30, 2019 and December 31, 2018 , was $19.7 million and $37.9 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 September 30, 2019 , we would have been required to post an additional $17.0 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 | 9 Months Ended |
Sep. 30, 2019 | |
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 Condensed 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 Condensed 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 September 30, 2019 and December 31, 2018 , the gross asset position of our foreign currency derivative instruments was $19.7 million and $13.1 million, respectively, and the gross liability position of our foreign currency derivative instruments was $29.8 million and $62.2 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 Condensed Consolidated Financial Statements as a component of cost of goods sold in our Corporate, Eliminations and Other segment. As of September 30, 2019 and December 31, 2018 , the gross asset position of our commodity derivative instruments was $2.1 million and $0.3 million , respectively, and the gross liability position of our commodity instruments was $7.2 million and $17.7 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 Condensed Consolidated Financial Statements as a component of interest expense. As of September 30, 2019 and December 31, 2018 , the gross asset position of our interest rate swap instruments was $16.4 million and zero , respectively, and the gross liability position of our interest rate swap instruments was zero and $9.5 million , respectively. Financial Instruments The carrying amounts and estimated fair values of our financial instruments are as follows: September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 641.1 $ 641.1 $ 847.7 $ 847.7 Accounts Receivables 801.4 801.4 838.5 838.5 Accounts payable 766.1 766.1 780.9 780.9 Structured accounts payable arrangements 692.0 692.0 572.8 572.8 Short-term debt 88.0 88.0 11.5 11.5 Long-term debt, including current portion 4,576.1 4,848.5 4,517.5 4,554.6 For cash and cash equivalents, accounts receivables, 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. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 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 September 30, 2019 and December 31, 2018 , the net amount due (to) from our non-consolidated companies totaled $(105.4) million and $95.2 million , respectively. These amounts include a long-term indemnification asset of $29.9 million from Vale S.A. for reimbursement of pension plan obligations. The Condensed Consolidated Statements of Earnings included the following transactions with our non-consolidated companies: Three months ended Nine months ended September 30, September 30, 2019 2018 2019 2018 Transactions with non-consolidated companies included in net sales $ 273.6 $ 248.3 $ 825.4 $ 579.0 Transactions with non-consolidated companies included in cost of goods sold 396.7 426.8 947.5 817.5 As part of the MWSPC joint venture, we market approximately 25% of the MWSPC production, for which approximately $2.4 million and $7.0 million is included in revenue for the three and nine months ended September 30, 2019 , respectively. 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 September 30, 2019 and December 31, 2018, $80.5 million and $75.3 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, 2018, and no additional charges were recorded in 2018 or 2019. 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income (Loss) The following table sets forth the changes in AOCI, net of tax, by component during the nine months ended September 30, 2019 : Foreign Currency Translation Gain (Loss) Net Actuarial Gain and Prior Service Cost Amortization of Gain on Interest Rate Swap Net Gain (Loss) on Marketable Securities Held in Trust Total Balance at December 31, 2018 $ (1,547.4 ) $ (105.3 ) $ 1.1 $ (5.5 ) $ (1,657.1 ) Other comprehensive income (loss) (27.6 ) 0.2 1.6 15.3 (10.5 ) Amount attributable to noncontrolling interest 2.2 — — — 2.2 Balance at September 30, 2019 $ (1,572.8 ) $ (105.1 ) $ 2.7 $ 9.8 $ (1,665.4 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table sets forth the changes in AOCI, net of tax, by component during the nine months ended September 30, 2019 : Foreign Currency Translation Gain (Loss) Net Actuarial Gain and Prior Service Cost Amortization of Gain on Interest Rate Swap Net Gain (Loss) on Marketable Securities Held in Trust Total Balance at December 31, 2018 $ (1,547.4 ) $ (105.3 ) $ 1.1 $ (5.5 ) $ (1,657.1 ) Other comprehensive income (loss) (27.6 ) 0.2 1.6 15.3 (10.5 ) Amount attributable to noncontrolling interest 2.2 — — — 2.2 Balance at September 30, 2019 $ (1,572.8 ) $ (105.1 ) $ 2.7 $ 9.8 $ (1,665.4 ) |
Share Repurchases
Share Repurchases | 9 Months Ended |
Sep. 30, 2019 | |
Share Repurchases [Abstract] | |
Treasury Stock [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. During the three and nine months ended September 30, 2019 , we repurchased 5.8 million shares of Common Stock under the 2015 Repurchase Program for approximately $125 million , of which approximately $7 million is included in accrued liabilities at September 30, 2019. We previously repurchased 15,765,025 shares under the 2015 Repurchase Program. The remaining amount that can be repurchased under this program is $725.4 million . In October 2019, we repurchased an additional 1.3 million shares of Common Stock for approximately $25 million . |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The reportable segments are determined by management based upon factors such as products and services, production processes, technologies, market dynamics, and for which segment financial information is available for our chief operating decision maker. For a description of our business segments, see Note 1 to the Condensed Consolidated Financial Statements. 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 businesses are included within Corporate, Eliminations and Other. As of January 1, 2019, certain selling, general and administrative costs that are not controllable by the business segments are no longer allocated to segments and are included within Corporate, Eliminations and Other. Our operating results for the three and nine months ended September 30, 2018, have been recast to reflect this change. Segment information for the three and nine months ended September 30, 2019 and 2018 was as follows: Phosphates Potash Mosaic Fertilizantes Corporate, Eliminations and Other (a) Total Three months ended September 30, 2019 Net sales to external customers $ 615.6 $ 609.1 $ 1,388.3 $ 140.4 $ 2,753.4 Intersegment net sales 204.3 7.3 — (211.6 ) — Net sales 819.9 616.4 1,388.3 (71.2 ) 2,753.4 Gross margin (19.3 ) 158.3 132.1 8.8 279.9 Canadian resource taxes — 58.1 — — 58.1 Gross margin (excluding Canadian resource taxes) (19.3 ) 216.4 132.1 8.8 338.0 Operating earnings (loss) (69.9 ) 148.1 98.1 (36.8 ) 139.5 Capital expenditures 123.6 153.1 43.2 2.4 322.3 Depreciation, depletion and amortization expense 108.9 63.1 33.6 5.2 210.8 Three months ended September 30, 2018 Net sales to external customers $ 801.1 $ 603.0 $ 1,399.8 $ 124.2 $ 2,928.1 Intersegment net sales 240.4 6.0 — (246.4 ) — Net sales 1,041.5 609.0 1,399.8 (122.2 ) 2,928.1 Gross margin 180.0 160.9 152.0 2.6 495.5 Canadian resource taxes — 40.5 — — 40.5 Gross margin (excluding Canadian resource taxes) 180.0 201.4 152.0 2.6 536.0 Operating earnings (loss) 169.2 148.9 124.0 (48.8 ) 393.3 Capital expenditures 103.4 97.5 39.9 0.2 241.0 Depreciation, depletion and amortization expense 100.9 72.7 35.9 5.0 214.5 Nine months ended September 30, 2019 Net sales to external customers $ 1,814.3 $ 1,698.3 $ 2,919.0 $ 398.4 $ 6,830.0 Intersegment net sales 729.0 20.7 — (749.7 ) — Net sales 2,543.3 1,719.0 2,919.0 (351.3 ) 6,830.0 Gross margin 23.7 524.8 219.7 48.4 816.6 Canadian resource taxes — 161.4 — — 161.4 Gross margin (excluding Canadian resource taxes) 23.7 686.2 219.7 48.4 978.0 Operating earnings (loss) (419.5 ) 497.9 127.8 (106.5 ) 99.7 Capital expenditures 366.1 423.6 135.8 5.6 931.1 Depreciation, depletion and amortization expense 317.4 219.7 97.2 15.3 649.6 Nine months ended September 30, 2018 Net sales to external customers $ 2,345.7 $ 1,564.5 $ 2,777.8 $ 378.8 $ 7,066.8 Intersegment net sales 614.9 17.7 — (632.6 ) — Net sales 2,960.6 1,582.2 2,777.8 (253.8 ) 7,066.8 Gross margin 430.3 395.5 264.2 (57.8 ) 1,032.2 Canadian resource taxes — 100.5 — — 100.5 Gross margin (excluding Canadian resource taxes) 430.3 496.0 264.2 (57.8 ) 1,132.7 Operating earnings (loss) 388.9 362.0 154.2 (234.8 ) 670.3 Capital expenditures 295.1 281.4 86.6 2.3 665.4 Depreciation, depletion and amortization expense 302.3 221.2 109.9 15.4 648.8 ______________________________ (a) The “Corporate, Eliminations and Other” category includes the results of our ancillary distribution operations in India and China. For the three and nine months ended September 30, 2019 , distribution operations in India and China had revenue of $134.3 million and $360.8 million , respectively, and gross margin of $0.4 million and $19.6 million , respectively. For the three and nine months ended September 30, 2018 , distribution operations in India and China had revenue of $117.8 million and $345.1 million , respectively, and gross margin of $9.4 million and $32.1 million , respectively. Financial information relating to our operations by geographic area is as follows: Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Net sales (a) : Brazil $ 1,347.3 $ 1,388.4 $ 2,831.0 $ 2,779.5 Canpotex (b) 272.1 245.8 811.4 557.9 Canada 157.0 160.1 435.3 436.4 China 48.8 52.9 172.7 169.2 India 85.2 64.9 185.3 180.0 Mexico 28.6 25.9 108.8 108.0 Argentina 25.3 26.9 97.7 60.3 Australia 12.0 16.8 68.1 101.0 Paraguay 38.7 40.2 86.2 78.9 Peru 27.1 23.9 73.3 57.0 Colombia 28.7 22.8 67.3 80.1 Chile 11.9 — 32.1 22.6 Thailand 5.6 5.6 18.8 22.2 Dominican Republic 4.5 8.1 13.5 10.6 Japan 1.8 21.3 10.8 79.2 Honduras 3.6 9.7 11.7 25.5 Other 18.6 10.5 44.1 48.5 Total international countries 2,116.8 2,123.8 5,068.1 4,816.9 United States 636.6 804.3 1,761.9 2,249.9 Consolidated $ 2,753.4 $ 2,928.1 $ 6,830.0 $ 7,066.8 ______________________________ (a) Revenues are attributed to countries based on location of customer. (b) Canpotex is the export association of the Saskatchewan potash producers. Net sales by product type are as follows: Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Sales by product type: Phosphate Crop Nutrients $ 736.7 $ 906.0 $ 1,904.6 $ 2,241.4 Potash Crop Nutrients 891.9 865.8 2,175.9 1,975.5 Crop Nutrient Blends 509.0 497.0 1,089.8 1,031.8 Specialty Products (a) 470.7 536.9 1,207.6 1,383.0 Phosphate Rock 14.1 — 33.5 29.8 Other (b) 131.0 122.4 418.6 405.3 $ 2,753.4 $ 2,928.1 $ 6,830.0 $ 7,066.8 ____________________________ (a) Includes sales of MicroEssentials ® , K-Mag, Aspire and animal feed ingredients. (b) Includes sales of industrial potash, nitrogen and other products. |
Plant City Closure Costs
Plant City Closure Costs | 9 Months Ended |
Sep. 30, 2019 | |
Plant City Closure Costs [Abstract] | |
Plant City Closure Costs | Plant City Closure Costs On June 18, 2019, we announced the permanent closure of the Plant City Facility. We temporarily idled the Plant City Facility in the fourth quarter of 2017, as it was one of our higher cost phosphate facilities. For the three and nine months ended September 30, 2019, we recognized pre-tax (benefits) costs of $(15.6) million and $353.8 million , respectively, related to the permanent closure of this facility. These costs consisted of approximately $210 million related to the write-off of fixed assets, $110 million related to asset retirement obligations, including the benefit of $15.6 million recorded in the three months ended September 30, 2019 related to revisions in estimated costs, and $34 million related to inventory and other reserves. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Statement Presentation and Basis of Consolidation The accompanying unaudited Condensed Consolidated Financial Statements of Mosaic have been prepared on the accrual basis of accounting and in accordance with the requirements of the Securities and Exchange Commission (“ SEC ”) for interim financial reporting. As permitted under these rules, certain footnotes and other financial information that are normally required by accounting principles generally accepted in the United States (“ GAAP ”) can be condensed or omitted. The Condensed Consolidated Financial Statements included in this document reflect, in the opinion of our management, all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. The following notes should be read in conjunction with the accounting policies and other disclosures in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2018 (the “ 10-K Report ”). Sales, expenses, cash flows, assets and liabilities can and do vary during the year as a result of seasonality and other factors. Therefore, interim results are not necessarily indicative of the results to be expected for the full fiscal year. The accompanying Condensed Consolidated Financial Statements include the accounts of Mosaic, its majority owned subsidiaries, and certain variable interest entities in which Mosaic is the primary beneficiary. Certain investments in companies where we do not have control but have the ability to exercise significant influence are accounted for by the equity method. |
Leases | Leases At inception, we determine whether an arrangement is a lease and the appropriate lease classification. Operating leases with terms greater than twelve months are included as operating lease right-of-use (“ ROU ”) assets within other assets, and lease liabilities within accrued liabilities and other noncurrent liabilities on our consolidated balance sheets. Finance leases with terms greater than twelve months are included as finance ROU assets within property and equipment, and finance lease liabilities within current maturities of long-term debt and long-term debt on our consolidated balance sheets. Leases with terms of less than twelve months, referred to as short-term leases, do not create an ROU asset or lease liability on the balance sheet. ROU assets represent our right to use an underlying asset for the lease term. Lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease, based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. For both operating and finance leases, the initial ROU asset equals the lease liability, plus initial direct costs, less lease incentives received. Our lease agreements may include options to extend or terminate the lease, which are included in the lease term at the commencement date when it is reasonably certain that we will exercise that option. In general, we do not consider optional periods included in our lease agreements as reasonably certain of exercise at inception. |
Accounting Estimates | Accounting Estimates Preparation of the Condensed 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 ”), and income tax-related accounts, including the valuation allowance against deferred income tax assets. Actual results could differ from these estimates. |
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. |
Income Taxes | We recognize interest and penalties related to unrecognized tax benefits as a component of our income tax provision. |
Goodwill | We review goodwill for impairment annually in October or at any time events or circumstances indicate that the carrying value may not be fully recoverable, which is based on our accounting policy and GAAP. |
Marketable Securities Held in Trust | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">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. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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:</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 1: Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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.</font></div></div> |
Asset Retirement Obligation | We recognize our estimated 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 | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We periodically enter into derivatives to mitigate our exposure to foreign currency risks and the effects of changing commodity prices. We record all derivatives on the Condensed 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 and commodity derivatives are immediately recognized in earnings because we do not apply hedge accounting treatment to these instruments.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 Condensed Consolidated Statements of Earnings. Unrealized gains and (losses) on commodities contracts are also recorded in cost of goods sold in the Condensed 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 Condensed Consolidated Statements of Earnings.</font></div></div> |
Fair value measurements | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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: </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Foreign Currency Derivatives </font><font style="font-family:inherit;font-size:10pt;">- 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 Condensed Consolidated Financial Statements as a component of cost of goods sold in our Corporate, Eliminations and Other segment, or foreign currency transaction (gain) loss. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Commodity Derivatives </font><font style="font-family:inherit;font-size:10pt;">- 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&#8217; 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 Condensed Consolidated Financial Statements as a component of cost of goods sold in our Corporate, Eliminations and Other segment. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Interest Rate Derivatives</font><font style="font-family:inherit;font-size:10pt;">-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 Condensed Consolidated Financial Statements as a component of interest expense. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For cash and cash equivalents, receivables, 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.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div> |
Business Segments | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> results of operations and the results of the China and India distribution businesses are included within Corporate, Eliminations and Other.</font></div></div> |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Prospective Adoption of New Accounting Pronouncements | Adoption of the standard related to leases impacted our previously reported results as follows: Balance as of Adoption Balance as of December 31, 2018 Adjustments January 1, 2019 (in millions) Operating lease right-of-use assets $ — $ 241.1 $ 241.1 Finance lease right-of-use assets 340.9 — 340.9 Accrued and other noncurrent liabilities — 241.1 241.1 Long-term debt, including current maturities 302.2 — 302.2 |
Lease, Cost | The components of lease expense, included primarily within cost of goods sold and selling, general and administrative expenses, were as follows: Three Months Ended Nine Months Ended September 30, 2019 (in millions) Operating lease cost $ 25.9 $ 79.5 Finance lease cost: Amortization of right-of-use assets $ 6.8 $ 19.4 Interest on lease liabilities 3.8 11.3 $ 10.6 $ 30.7 Short-term lease cost $ 2.9 $ 8.7 Variable lease cost 5.6 15.6 Total lease cost $ 45.0 $ 134.5 Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, 2019 (In millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 81.3 Operating cash flows from finance leases $ 8.0 Financing cash flows from finance leases $ 27.7 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 50.4 Finance leases $ 71.8 Other information related to leases was as follows: September 30, 2019 Weighted Average Remaining Lease Term Operating leases 4.8 years Finance leases 5.0 years Weighted Average Discount Rate Operating leases 6.5 % Finance leases 3.9 % |
Schedule of Future Minimum Lease Payments for Operating and Finance Leases | Future lease payments under non-cancellable leases recorded as of September 30, 2019 , were as follows: Operating Leases Finance Leases (in millions) 2019 (excluding the nine months ended September 30, 2019) $ 24.6 $ 12.1 2020 76.4 48.3 2021 51.1 51.6 2022 35.3 43.5 2023 24.9 75.2 Thereafter 39.1 182.3 Total future lease payments $ 251.4 $ 413.0 Less imputed interest (36.2 ) (68.6 ) Total $ 215.2 $ 344.4 Reported as of September 30, 2019 Accrued liabilities $ 72.3 $ — Current maturities of long-term debt — 37.5 Other noncurrent liabilities 142.9 — Long-term debt, less current maturities — 306.9 Total $ 215.2 $ 344.4 A schedule of our minimum lease payments under non-cancelable capital and operating leases as of December 31, 2018 is as follows: (in millions) Operating Leases Capital Leases 2019 $ 97.5 $ 20.4 2020 76.8 26.4 2021 54.7 23.4 2022 36.6 17.2 2023 28.1 48.9 Subsequent years 30.9 165.9 $ 324.6 $ 302.2 |
Other Financial Statement Data
Other Financial Statement Data (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Financial Statement Data [Abstract] | |
Schedule of Other Financial Statement Data | The following provides add i tional information concerning selected balance sheet accounts: September 30, December 31, Other current assets Income and other taxes receivable $ 236.0 $ 149.2 Prepaid expenses 110.2 86.8 Other 42.3 44.6 $ 388.5 $ 280.6 Other assets Restricted cash $ 8.8 $ 15.8 MRO inventory 126.1 134.6 Marketable securities held in trust 685.8 632.3 Operating lease right-of-use assets 212.6 — Indemnification asset 29.9 30.7 Long-term receivable 75.4 91.7 Other 342.1 352.7 $ 1,480.7 $ 1,257.8 Accrued liabilities Accrued dividends $ 0.9 $ 11.8 Payroll and employee benefits 143.7 217.5 Asset retirement obligations 164.6 136.3 Customer prepayments (a) 283.6 199.8 Accrued income tax 67.4 65.5 Operating lease obligation 72.3 — Other 403.0 461.6 $ 1,135.5 $ 1,092.5 Other noncurrent liabilities Asset retirement obligations $ 1,136.5 $ 1,023.8 Operating lease obligation 142.9 — Accrued pension and postretirement benefits 141.5 146.3 Unrecognized tax benefits 34.2 33.0 Other 265.3 255.6 $ 1,720.4 $ 1,458.7 ______________________________ (a) The timing of recognition of revenue related to our performance obligations may be different than the timing of collection of cash related to those performance obligations. Specifically, we collect prepayments from certain customers in Brazil. In addition, cash collection from Canpotex may occur prior to delivery of product to the end customer. We generally satisfy our contractual liabilities within one quarter of incurring the liability. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | The following is a reconciliation of the numerator and denominator for the basic and diluted EPS computations: Three months ended Nine months ended September 30, September 30, 2019 2018 2019 2018 Net (loss) earnings attributable to Mosaic $ (44.1 ) $ 247.5 $ (146.4 ) $ 357.7 Basic weighted average number of shares outstanding 385.0 385.5 385.5 384.5 Dilutive impact of share-based awards — 2.0 — 1.6 Diluted weighted average number of shares outstanding 385.0 387.5 385.5 386.1 Basic net (loss) earnings per share attributable to Mosaic $ (0.11 ) $ 0.64 $ (0.38 ) $ 0.93 Diluted net (loss) earnings per share attributable to Mosaic $ (0.11 ) $ 0.64 $ (0.38 ) $ 0.93 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consist of the following: September 30, December 31, Raw materials $ 86.2 $ 147.5 Work in process 592.8 625.5 Finished goods 1,454.9 1,343.8 Final price deferred (a) 43.1 39.3 Operating materials and supplies 117.3 114.1 $ 2,294.3 $ 2,270.2 ______________________________ (a) Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon. |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill, by reporting unit, are as follows: Phosphates Potash Mosaic Fertilizantes Corporate, Eliminations and Other Total Balance as of December 31, 2018 $ 588.6 $ 1,000.4 $ 106.4 $ 12.1 $ 1,707.5 Foreign currency translation — 26.7 (2.4 ) — 24.3 Balance as of September 30, 2019 $ 588.6 $ 1,027.1 $ 104.0 $ 12.1 $ 1,731.8 |
Marketable Securities Held in_2
Marketable Securities Held in Trusts (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale investments | The estimated fair value of the investments in the RCRA Trusts as of September 30, 2019 and December 31, 2018 are as follows: September 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 Cash and cash equivalents $ 5.8 $ — $ — $ 5.8 Level 2 Corporate debt securities 183.9 6.4 (0.2 ) 190.1 Municipal bonds 187.2 4.3 (0.4 ) 191.1 U.S. government bonds 284.5 3.8 (1.4 ) 286.9 Total $ 661.4 $ 14.5 $ (2.0 ) $ 673.9 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 |
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 September 30, 2019 and December 31, 2018 . September 30, 2019 December 31, 2018 Less than 12 months Less than 12 months Fair Value Gross Unrealized Losses (a) Fair Value Gross Unrealized Losses (a) Corporate debt securities $ 11.8 $ — $ 43.9 $ (0.6 ) Municipal bonds 24.1 (0.1 ) 12.3 — U.S. government bonds 199.8 (1.4 ) — — Total $ 235.7 $ (1.5 ) $ 56.2 $ (0.6 ) September 30, 2019 December 31, 2018 Greater than 12 months Greater than 12 months Fair Value Gross Unrealized Losses (a) Fair Value Gross Unrealized Losses (a) Corporate debt securities $ 30.0 $ (0.2 ) $ 103.4 $ (3.7 ) Municipal bonds 22.2 (0.3 ) 117.5 (3.4 ) U.S. government bonds — — — — Total $ 52.2 $ (0.5 ) $ 220.9 $ (7.1 ) ______________________________ (a) Represents the aggregate of the gross unrealized losses that have been in a continuous unrealized loss position as of September 30, 2019 and December 31, 2018 . |
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 September 30, 2019 . 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. September 30, 2019 Due in one year or less $ 35.7 Due after one year through five years 228.4 Due after five years through ten years 366.3 Due after ten years 37.7 Total debt securities $ 668.1 |
Schedule of Change in Asset Ret
Schedule of Change in Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | A reconciliation of our AROs is as follows: (in millions) September 30, 2019 December 31, 2018 AROs, beginning of period $ 1,160.1 $ 859.3 Liabilities acquired in the Acquisition — 258.9 Liabilities incurred 11.8 27.8 Liabilities settled (83.4 ) (69.6 ) Accretion expense 44.3 48.0 Revisions in estimated cash flows 177.4 78.2 Foreign currency translation (9.1 ) (42.5 ) AROs, end of period 1,301.1 1,160.1 Less current portion 164.6 136.3 $ 1,136.5 $ 1,023.8 |
Accounting for Derivative Notio
Accounting for Derivative Notional Amounts (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivative Instruments Notional Amounts | As of September 30, 2019 and December 31, 2018 , the following is the total absolute notional volume associated with our outstanding derivative instruments: (in millions of Units) September 30, December 31, Derivative Instrument Derivative Category Unit of Measure Foreign currency derivatives Foreign currency US Dollars 1,979.7 2,091.7 Interest rate derivatives Interest rate US Dollars 585.0 585.0 Natural gas derivatives Commodity MMbtu 48.7 52.2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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: September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 641.1 $ 641.1 $ 847.7 $ 847.7 Accounts Receivables 801.4 801.4 838.5 838.5 Accounts payable 766.1 766.1 780.9 780.9 Structured accounts payable arrangements 692.0 692.0 572.8 572.8 Short-term debt 88.0 88.0 11.5 11.5 Long-term debt, including current portion 4,576.1 4,848.5 4,517.5 4,554.6 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | The Condensed Consolidated Statements of Earnings included the following transactions with our non-consolidated companies: Three months ended Nine months ended September 30, September 30, 2019 2018 2019 2018 Transactions with non-consolidated companies included in net sales $ 273.6 $ 248.3 $ 825.4 $ 579.0 Transactions with non-consolidated companies included in cost of goods sold 396.7 426.8 947.5 817.5 |
Accumulated Other Comprehenive
Accumulated Other Comprehenive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table sets forth the changes in AOCI, net of tax, by component during the nine months ended September 30, 2019 : Foreign Currency Translation Gain (Loss) Net Actuarial Gain and Prior Service Cost Amortization of Gain on Interest Rate Swap Net Gain (Loss) on Marketable Securities Held in Trust Total Balance at December 31, 2018 $ (1,547.4 ) $ (105.3 ) $ 1.1 $ (5.5 ) $ (1,657.1 ) Other comprehensive income (loss) (27.6 ) 0.2 1.6 15.3 (10.5 ) Amount attributable to noncontrolling interest 2.2 — — — 2.2 Balance at September 30, 2019 $ (1,572.8 ) $ (105.1 ) $ 2.7 $ 9.8 $ (1,665.4 ) |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Segment information for the three and nine months ended September 30, 2019 and 2018 was as follows: Phosphates Potash Mosaic Fertilizantes Corporate, Eliminations and Other (a) Total Three months ended September 30, 2019 Net sales to external customers $ 615.6 $ 609.1 $ 1,388.3 $ 140.4 $ 2,753.4 Intersegment net sales 204.3 7.3 — (211.6 ) — Net sales 819.9 616.4 1,388.3 (71.2 ) 2,753.4 Gross margin (19.3 ) 158.3 132.1 8.8 279.9 Canadian resource taxes — 58.1 — — 58.1 Gross margin (excluding Canadian resource taxes) (19.3 ) 216.4 132.1 8.8 338.0 Operating earnings (loss) (69.9 ) 148.1 98.1 (36.8 ) 139.5 Capital expenditures 123.6 153.1 43.2 2.4 322.3 Depreciation, depletion and amortization expense 108.9 63.1 33.6 5.2 210.8 Three months ended September 30, 2018 Net sales to external customers $ 801.1 $ 603.0 $ 1,399.8 $ 124.2 $ 2,928.1 Intersegment net sales 240.4 6.0 — (246.4 ) — Net sales 1,041.5 609.0 1,399.8 (122.2 ) 2,928.1 Gross margin 180.0 160.9 152.0 2.6 495.5 Canadian resource taxes — 40.5 — — 40.5 Gross margin (excluding Canadian resource taxes) 180.0 201.4 152.0 2.6 536.0 Operating earnings (loss) 169.2 148.9 124.0 (48.8 ) 393.3 Capital expenditures 103.4 97.5 39.9 0.2 241.0 Depreciation, depletion and amortization expense 100.9 72.7 35.9 5.0 214.5 Nine months ended September 30, 2019 Net sales to external customers $ 1,814.3 $ 1,698.3 $ 2,919.0 $ 398.4 $ 6,830.0 Intersegment net sales 729.0 20.7 — (749.7 ) — Net sales 2,543.3 1,719.0 2,919.0 (351.3 ) 6,830.0 Gross margin 23.7 524.8 219.7 48.4 816.6 Canadian resource taxes — 161.4 — — 161.4 Gross margin (excluding Canadian resource taxes) 23.7 686.2 219.7 48.4 978.0 Operating earnings (loss) (419.5 ) 497.9 127.8 (106.5 ) 99.7 Capital expenditures 366.1 423.6 135.8 5.6 931.1 Depreciation, depletion and amortization expense 317.4 219.7 97.2 15.3 649.6 Nine months ended September 30, 2018 Net sales to external customers $ 2,345.7 $ 1,564.5 $ 2,777.8 $ 378.8 $ 7,066.8 Intersegment net sales 614.9 17.7 — (632.6 ) — Net sales 2,960.6 1,582.2 2,777.8 (253.8 ) 7,066.8 Gross margin 430.3 395.5 264.2 (57.8 ) 1,032.2 Canadian resource taxes — 100.5 — — 100.5 Gross margin (excluding Canadian resource taxes) 430.3 496.0 264.2 (57.8 ) 1,132.7 Operating earnings (loss) 388.9 362.0 154.2 (234.8 ) 670.3 Capital expenditures 295.1 281.4 86.6 2.3 665.4 Depreciation, depletion and amortization expense 302.3 221.2 109.9 15.4 648.8 ______________________________ (a) The “Corporate, Eliminations and Other” category includes the results of our ancillary distribution operations in India and China. For the three and nine months ended September 30, 2019 , distribution operations in India and China had revenue of $134.3 million and $360.8 million , respectively, and gross margin of $0.4 million and $19.6 million , respectively. For the three and nine months ended September 30, 2018 , distribution operations in India and China had revenue of $117.8 million and $345.1 million , respectively, and gross margin of $9.4 million and $32.1 million , respectively. |
Disaggregation of Revenue | Financial information relating to our operations by geographic area is as follows: Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Net sales (a) : Brazil $ 1,347.3 $ 1,388.4 $ 2,831.0 $ 2,779.5 Canpotex (b) 272.1 245.8 811.4 557.9 Canada 157.0 160.1 435.3 436.4 China 48.8 52.9 172.7 169.2 India 85.2 64.9 185.3 180.0 Mexico 28.6 25.9 108.8 108.0 Argentina 25.3 26.9 97.7 60.3 Australia 12.0 16.8 68.1 101.0 Paraguay 38.7 40.2 86.2 78.9 Peru 27.1 23.9 73.3 57.0 Colombia 28.7 22.8 67.3 80.1 Chile 11.9 — 32.1 22.6 Thailand 5.6 5.6 18.8 22.2 Dominican Republic 4.5 8.1 13.5 10.6 Japan 1.8 21.3 10.8 79.2 Honduras 3.6 9.7 11.7 25.5 Other 18.6 10.5 44.1 48.5 Total international countries 2,116.8 2,123.8 5,068.1 4,816.9 United States 636.6 804.3 1,761.9 2,249.9 Consolidated $ 2,753.4 $ 2,928.1 $ 6,830.0 $ 7,066.8 ______________________________ (a) Revenues are attributed to countries based on location of customer. (b) Canpotex is the export association of the Saskatchewan potash producers. Net sales by product type are as follows: Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Sales by product type: Phosphate Crop Nutrients $ 736.7 $ 906.0 $ 1,904.6 $ 2,241.4 Potash Crop Nutrients 891.9 865.8 2,175.9 1,975.5 Crop Nutrient Blends 509.0 497.0 1,089.8 1,031.8 Specialty Products (a) 470.7 536.9 1,207.6 1,383.0 Phosphate Rock 14.1 — 33.5 29.8 Other (b) 131.0 122.4 418.6 405.3 $ 2,753.4 $ 2,928.1 $ 6,830.0 $ 7,066.8 ____________________________ (a) Includes sales of MicroEssentials ® , K-Mag, Aspire and animal feed ingredients. (b) Includes sales of industrial potash, nitrogen and other products. |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) | 9 Months Ended | |
Sep. 30, 2019 | Jan. 08, 2018 | |
Miski Mayo Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 40.00% | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 75.00% | |
MWSPC Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Mosaic's ownership percentage | 25.00% | |
Percent of joint venture production Mosaic expects to market | 25.00% |
Schedule of Propsective Adoptio
Schedule of Propsective Adoption of New Accounting Pronouncements (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 212.6 | $ 241.1 | $ 0 |
Finance Lease, Right-of-Use Asset | 409.8 | 340.9 | 340.9 |
Operating Lease, Liability | $ 215.2 | 241.1 | 0 |
Capital Lease Obligations | 302.2 | $ 302.2 | |
Accounting Standards Update 2016-02 [Member] | |||
Leases, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Operating Lease, Right-of-Use Asset | 241.1 | ||
Finance Lease, Right-of-Use Asset | 0 | ||
Operating Lease, Liability | 241.1 | ||
Capital Lease Obligations | $ 0 |
Components of Lease Expense (De
Components of Lease Expense (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Leases [Abstract] | ||
Operating Lease Cost | $ 25.9 | $ 79.5 |
Finance Lease, Right-of-Use Asset, Amortization | 6.8 | 19.4 |
Finance Lease, Interest Expense | 3.8 | 11.3 |
Finance Lease Cost | 10.6 | 30.7 |
Short-term Lease, Cost | 2.9 | 8.7 |
Variable Lease, Cost | 5.6 | 15.6 |
Lease, Cost | $ 45 | 134.5 |
Operating Lease, Payments | 81.3 | |
Finance Lease, Interest Payment on Liability | 8 | |
Finance Lease, Principal Payments | 27.7 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 50.4 | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 71.8 | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 9 months 18 days | 4 years 9 months 18 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years | 5 years |
Operating Lease, Weighted Average Discount Rate, Percent | 6.50% | 6.50% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.90% | 3.90% |
Future Minimum Payments Under N
Future Minimum Payments Under Non-Cancelable Operating Leases (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 24.6 | $ 97.5 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 76.4 | 76.8 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 51.1 | 54.7 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 35.3 | 36.6 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 24.9 | 28.1 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 39.1 | 30.9 | |
Operating Leases, Future Minimum Payments Due | 251.4 | 324.6 | |
Finance Lease, Liability, Payments, Due Next Twelve Months | 12.1 | ||
Finance Lease, Liability, Payments, Due Year Two | 48.3 | ||
Finance Lease, Liability, Payments, Due Year Three | 51.6 | ||
Finance Lease, Liability, Payments, Due Year Four | 43.5 | ||
Finance Lease, Liability, Payments, Due Year Five | 75.2 | ||
Finance Lease, Liability, Payments, Due after Year Five | 182.3 | ||
Finance Lease, Liability, Payment, Due | 413 | ||
Operating Leases, Imputed Interest | (36.2) | ||
Debt Instrument, Increase, Accrued Interest | (68.6) | ||
Operating Lease, Liability | 215.2 | $ 241.1 | 0 |
Finance Lease, Liability | 344.4 | ||
Operating Lease, Liability, Current | 72.3 | 0 | |
Operating Lease, Liability, Noncurrent | 142.9 | 0 | |
Finance Lease, Liability, Current | 37.5 | ||
Finance Lease, Liability, Noncurrent | $ 306.9 | ||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 20.4 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 26.4 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 23.4 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 17.2 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 48.9 | ||
Capital Leases, Future Minimum Payments Due Thereafter | 165.9 | ||
Capital Leases, Future Minimum Payments Due | $ 302.2 |
Leases Finance and Operating Le
Leases Finance and Operating Lease (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Finance and Operating Leases, average remaining maturity | 29 years | ||
Finance and Operating Leases, average lease extension term | 10 years | ||
Finance Lease, Right-of-Use Asset | $ 409.8 | $ 340.9 | $ 340.9 |
Finance Lease, Accumulated Depreciation | 47.2 | ||
Operating Lease, Right-of-Use Asset | $ 212.6 | $ 241.1 | $ 0 |
Other Financial Statement Dat_2
Other Financial Statement Data (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Other current assets | |||||
Income and other taxes receivable | $ 236 | $ 149.2 | |||
Prepaid expenses | 110.2 | 86.8 | |||
Other | 42.3 | 44.6 | |||
Total other current assets | 388.5 | 280.6 | |||
Other assets | |||||
Restricted cash | 8.8 | 15.8 | $ 12.8 | ||
MRO inventory | 126.1 | 134.6 | |||
Marketable securities held in trust | 685.8 | 632.3 | |||
Operating Lease, Right-of-Use Asset | 212.6 | $ 241.1 | 0 | ||
Indemnification asset | 29.9 | 30.7 | |||
Nontrade Receivables, Noncurrent | 75.4 | 91.7 | |||
Other | 342.1 | 352.7 | |||
Total other assets | 1,480.7 | 1,257.8 | |||
Accrued liabilities | |||||
Dividends Payable | 0.9 | 11.8 | |||
Payroll and employee benefits | 143.7 | 217.5 | |||
Asset retirement obligations | 164.6 | 136.3 | |||
Customer prepayments (a) | [1] | 283.6 | 199.8 | ||
Contractual Obligation For Equity Method Investment | 67.4 | 65.5 | |||
Operating Lease, Liability, Current | 72.3 | 0 | |||
Other | 403 | 461.6 | |||
Total accrued liabilities, current | 1,135.5 | 1,092.5 | |||
Other noncurrent liabilities | |||||
Asset retirement obligations | 1,136.5 | 1,023.8 | |||
Operating Lease, Liability, Noncurrent | 142.9 | 0 | |||
Accrued pension and postretirement benefits | 141.5 | 146.3 | |||
Unrecognized tax benefits | 34.2 | 33 | |||
Other | 265.3 | 255.6 | |||
Total other noncurrent liabilities | $ 1,720.4 | $ 1,458.7 | |||
[1] | The timing of recognition of revenue related to our performance obligations may be different than the timing of collection of cash related to those performance obligations. Specifically, we collect prepayments from certain customers in Brazil. In addition, cash collection from Canpotex may occur prior to delivery of product to the end customer. We generally satisfy our contractual liabilities within one quarter of incurring the liability. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net (loss) earnings attributable to Mosaic | $ (44.1) | $ 247.5 | $ (146.4) | $ 357.7 |
Basic weighted average number of shares outstanding | 385 | 385.5 | 385.5 | 384.5 |
Dilutive impact of share-based awards | 0 | 2 | 0 | 1.6 |
Diluted weighted average number of shares outstanding | 385 | 387.5 | 385.5 | 386.1 |
Basic net (loss) earnings per share attributable to Mosaic | $ (0.11) | $ 0.64 | $ (0.38) | $ 0.93 |
Diluted net (loss) earnings per share attributable to Mosaic | $ (0.11) | $ 0.64 | $ (0.38) | $ 0.93 |
Shares subject to issuance upon exercise of stock options excluded from the calculation of diluted earnings per share | 2.7 | 2 | 2.5 | 2.6 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | |
Interest And Penalties [Abstract] | ||||
Change in unrecognized tax benefit | $ 1.4 | |||
Unrecognized tax benefits | $ 39.5 | 39.5 | ||
Unrecognized tax benefits that would impact effective tax rate | 24 | 24 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 6.8 | $ 6.8 | $ 4.9 | |
Income Tax (Expense) Benefit, Continuing Operations [Abstract] | ||||
Effective income tax rate reconciliation, other expense (benefit) reconciling items, amount | 19.8 | $ 30.7 | ||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | 5.6 | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0.4 | |||
Other Tax Expense (Benefit) | 14.7 | |||
Refund of Alternative Minimum Tax Credits | $ 2.7 | |||
Foreign Tax Authority [Member] | ||||
Income Tax (Expense) Benefit, Continuing Operations [Abstract] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 10.9 | |||
United States Tax Cuts and Jobs Act Law [Member] | ||||
Income Tax (Expense) Benefit, Continuing Operations [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 8.3 | |||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 5.1 | |||
Plant City [Member] | ||||
Income Tax (Expense) Benefit, Continuing Operations [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Amount | $ 3.3 | |||
Foreign Tax Credit Carryforward [Member] | ||||
Income Tax (Expense) Benefit, Continuing Operations [Abstract] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 29.8 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 86.2 | $ 147.5 | |
Work in process | 592.8 | 625.5 | |
Finished goods | 1,454.9 | 1,343.8 | |
Other Inventory, Inventory at off Site Premises, Gross | [1] | 43.1 | 39.3 |
Operating materials and supplies | 117.3 | 114.1 | |
Total Inventory | $ 2,294.3 | $ 2,270.2 | |
[1] | Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon. |
Goodwill (Details)
Goodwill (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 1,707.5 |
Foreign currency translation | 24.3 |
Ending Balance | $ 1,731.8 |
Phosphates Segment | |
Goodwill [Line Items] | |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 12.10% |
Beginning Balance | $ 588.6 |
Foreign currency translation | 0 |
Ending Balance | $ 588.6 |
Potash Segment | |
Goodwill [Line Items] | |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 9.40% |
Beginning Balance | $ 1,000.4 |
Foreign currency translation | 26.7 |
Ending Balance | 1,027.1 |
Mosaic Fertilizantes | |
Goodwill [Line Items] | |
Beginning Balance | 106.4 |
Foreign currency translation | (2.4) |
Ending Balance | 104 |
Corporate Eliminations And Other Segment | |
Goodwill [Line Items] | |
Beginning Balance | 12.1 |
Foreign currency translation | 0 |
Ending Balance | $ 12.1 |
Marketable Securities Held in_3
Marketable Securities Held in Trusts - Maturity Dates and Realized Gain and Loss (Details) - Debt securities - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Gross Realized Gains | $ 12.9 | $ 16.2 | ||
Gross realized losses | $ 6.8 | 1.6 | $ 12.9 | |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity | ||||
Available-for-sale debt maturities due within one year, fair value | 35.7 | 35.7 | ||
Available-for-sale debt maturities, after 1 but within 5 years, fair value | 228.4 | 228.4 | ||
Available-for-sale debt maturities, after 5 but within 10 years, fair value | 366.3 | 366.3 | ||
Available-for-sale debt maturities, after 10 years, fair value | 37.7 | 37.7 | ||
Debt Securities, Available-for-sale | $ 668.1 | $ 668.1 |
Marketable Securities Held in_4
Marketable Securities Held in Trusts (Details) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Aug. 31, 2016USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Amount deposited by Mosaic into the RCRA Trusts | $ 630 | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis | |||
Amortized cost | $ 661.4 | $ 633 | |
Gross unrealized gains | 14.5 | 4.1 | |
Gross unrealized losses | (2) | (7.7) | |
Estimated fair value | $ 673.9 | 629.4 | |
Number Of Decades Remaining For Trust | 3 | ||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ 0 | ||
Cash and Cash Equivalents | Level 1 | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis | |||
Amortized cost | 5.8 | 4 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 5.8 | 4 | |
Corporate debt securities | Level 2 | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis | |||
Amortized cost | 183.9 | 180.8 | |
Gross unrealized gains | 6.4 | 0.3 | |
Gross unrealized losses | (0.2) | (4.3) | |
Estimated fair value | 190.1 | 176.8 | |
Municipal bonds | Level 2 | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis | |||
Amortized cost | 187.2 | 186.1 | |
Gross unrealized gains | 4.3 | 0.5 | |
Gross unrealized losses | (0.4) | (3.4) | |
Estimated fair value | 191.1 | 183.2 | |
U.S. government bonds | Level 2 | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis | |||
Amortized cost | 284.5 | 262.1 | |
Gross unrealized gains | 3.8 | 3.3 | |
Gross unrealized losses | (1.4) | 0 | |
Estimated fair value | $ 286.9 | $ 265.4 |
Marketable Securities Held in_5
Marketable Securities Held in Trusts - Continuous Loss Position (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | |||
Available-for-sale securities, less than twelve months, fair value | $ 235.7 | $ 56.2 | |
Available-for-sale securities, less than twelve months, gross unrealized losses | [1] | (1.5) | (0.6) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 52.2 | 220.9 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [1] | (0.5) | (7.1) |
Corporate debt securities | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | |||
Available-for-sale securities, less than twelve months, fair value | 11.8 | 43.9 | |
Available-for-sale securities, less than twelve months, gross unrealized losses | [1] | 0 | (0.6) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 30 | 103.4 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [1] | (0.2) | (3.7) |
Municipal bonds | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | |||
Available-for-sale securities, less than twelve months, fair value | 24.1 | 12.3 | |
Available-for-sale securities, less than twelve months, gross unrealized losses | [1] | (0.1) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 22.2 | 117.5 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [1] | (0.3) | (3.4) |
U.S. government bonds | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | |||
Available-for-sale securities, less than twelve months, fair value | 199.8 | 0 | |
Available-for-sale securities, less than twelve months, gross unrealized losses | [1] | (1.4) | 0 |
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 September 30, 2019 and December 31, 2018 . |
Asset Retirement Obligation (De
Asset Retirement Obligation (Details) $ in Millions | Aug. 31, 2016USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
ARO Loss Contingencies [Line Items] | |||||
Asset Retirement Obligation, Liabilities Incurred | $ 11.8 | $ 27.8 | |||
Number Of Consent Decrees | 2 | ||||
Asset Retirement Obligation | $ 1,301.1 | 1,160.1 | $ 859.3 | ||
Asset Retirement Obligation, Period Increase (Decrease) | 0 | 258.9 | |||
Surety Bonds Outstanding Delivered To EPA | 233.7 | ||||
Asset retirement obligations | $ 1,136.5 | 1,023.8 | |||
Number Of Decades Remaining For Trust | 3 | ||||
Asset Retirement Obligation, Liabilities Settled | $ (83.4) | (69.6) | |||
Accretion expense for asset retirement obligations | 44.3 | $ 37.2 | 48 | ||
Asset Retirement Obligation, Revision of Estimate | 177.4 | 78.2 | |||
Asset Retirement Obligation, Foreign Currency Translation Gain (Loss) | (9.1) | (42.5) | |||
Asset retirement obligations | 164.6 | 136.3 | |||
Unfavorable Regulatory Action | 2015 Consent Decrees With EPA | |||||
ARO Loss Contingencies [Line Items] | |||||
Payment related to loss contingency liability | $ 200 | ||||
Asset retirement obligations, undiscounted | 1,500 | ||||
Asset Retirement Obligation | 457.1 | ||||
Bonnie Facility Trust [Member] | |||||
ARO Loss Contingencies [Line Items] | |||||
Assets Held-in-trust, Current | 21 | ||||
Plant City and Bonnie Facilities | |||||
ARO Loss Contingencies [Line Items] | |||||
Asset retirement obligations | $ 215.9 | $ 109.2 |
Contingencies (Details)
Contingencies (Details) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Aug. 31, 2016USD ($) | Dec. 31, 2013USD ($) | |
Applicability, Impact and Conclusion of Environmental Loss Contingencies [Abstract] | ||||||
Environmental contingency accrual | $ 43.7 | $ 58.6 | ||||
Loss Contingencies [Line Items] | ||||||
Discounted asset retirement obligation | 1,301.1 | $ 1,160.1 | $ 859.3 | |||
Amount deposited by Mosaic into the RCRA Trusts | $ 630 | |||||
New Wales water loss incident | ||||||
Loss Contingencies [Line Items] | ||||||
Number Of Cells With Sinkholes | 1 | |||||
Number Of Cells In The Active Stack | 2 | |||||
Payment related to loss contingency liability | 80.2 | |||||
Asset retirement obligations, undiscounted | 0.6 | |||||
Minimum | New Wales water loss incident | ||||||
Loss Contingencies [Line Items] | ||||||
Financial assurance to support off-site monitoring and sinkhole remediation costs | 40 | |||||
Brazilian subsidiary environmental claims [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency Accrual | 5.4 | |||||
Brazilian subsidiary environmental claims [Member] | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum potential liabilitiy | 140.4 | |||||
Brazilian subsidiary indemnification of mining rights exploration costs [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency Accrual | 9.2 | |||||
Brazilian subsidiary indemnification of mining rights exploration costs [Member] | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum potential liabilitiy | 16.1 | |||||
Brazilian subsidiary Potash Mine occupational hazard [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency Accrual | 2.6 | |||||
Brazilian subsidiary judicial and administrative proceedings [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum potential liabilitiy | 58.1 | |||||
Brazilian subsidiary judicial and administrative proceedings [Member] | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum potential liabilitiy | 1,100 | |||||
Brazilian subsidiary labor claims [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency Accrual | 40 | |||||
Brazilian subsidiary labor claims [Member] | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum potential liabilitiy | 738.5 | |||||
Brazilian subsidiary other civil contingent liabilities and other claims [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum potential liabilitiy | 3.4 | |||||
Brazilian subsidiary other civil contingent liabilities and other claims [Member] | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum potential liabilitiy | 173 | |||||
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 potential liabilitiy | $ 33.4 | |||||
Brazilian Non Income Tax Proceedings [Member] | Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum potential liabilitiy | 460 | |||||
Brazilian Non Income Tax Proceedings [Member] | Maximum | Indemnification Agreement Vale S.A. | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum potential liabilitiy | 216 | |||||
Brazilian Non Income Tax Proceedings [Member] | Maximum | PIS And Cofins Cases | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum potential liabilitiy | $ 285 |
Other Commitments (Details)
Other Commitments (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Other Commitments [Line Items] | |||
Restricted cash | $ 8.8 | $ 15.8 | $ 12.8 |
Asset retirement obligations | 1,136.5 | 1,023.8 | |
Plant City and Bonnie Facilities | |||
Other Commitments [Line Items] | |||
Asset retirement obligations | $ 215.9 | $ 109.2 |
Derivative Instruments - Gross
Derivative Instruments - Gross Asset and Liability Positions (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross asset position | $ 38.2 | $ 13.4 |
Gross liability position | $ 37 | $ 89.4 |
Derivative Notional Amounts (De
Derivative Notional Amounts (Details) MMBTU in Millions, $ in Millions | Sep. 30, 2019USD ($)MMBTU | Dec. 31, 2018USD ($)MMBTU | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Foreign Exchange Contract | ||||
Notional Disclosures [Abstract] | ||||
Derivative, notional amount | $ 1,979.7 | $ 2,091.7 | ||
Interest Rate Swap | ||||
Notional Disclosures [Abstract] | ||||
Derivative, notional amount | $ 585 | $ 585 | $ 275 | $ 310 |
Commodity Contract (MMbtu) | ||||
Notional Disclosures [Abstract] | ||||
Nonmonetary derivative notional amount | MMBTU | 48.7 | 52.2 |
Credit Risk Related Contingent
Credit Risk Related Contingent Features (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative, Credit Risk Related Contingent Features [Abstract] | ||
The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position | $ 19.7 | $ 37.9 |
Required collateral assets to be posted if the credit-risk contingent features of these underlying agreements were triggered | $ 17 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Repayments of Short-term Debt | $ 441.7 | $ 120.1 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |||
Gross asset position | 38.2 | $ 13.4 | |
Gross liability position | $ 37 | 89.4 | |
Fair Value, Recurring [Member] | Foreign Exchange Contract | |||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |||
Average maturity of foreign currency derivative instruments | 18 months | ||
Gross asset position | $ 19.7 | 13.1 | |
Gross liability position | 29.8 | 62.2 | |
Fair Value, Recurring [Member] | Commodity Contract | |||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |||
Gross asset position | 2.1 | 0.3 | |
Gross liability position | 7.2 | 17.7 | |
Fair Value, Recurring [Member] | Interest Rate Swap | |||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |||
Gross asset position | 16.4 | 0 | |
Gross liability position | $ 0 | $ 9.5 |
Fair Value Financial Instrument
Fair Value Financial Instruments (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Repayments of Short-term Debt | $ 441.7 | $ 120.1 | |
Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 641.1 | $ 847.7 | |
Receivables, net | 801.4 | 838.5 | |
Accounts payable | 766.1 | 780.9 | |
Structured accounts payable arrangements | 692 | 572.8 | |
Short-term debt | 88 | 11.5 | |
Long-term debt, including current portion | 4,576.1 | 4,517.5 | |
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 641.1 | 847.7 | |
Receivables, net | 801.4 | 838.5 | |
Accounts payable | 766.1 | 780.9 | |
Structured accounts payable arrangements | 692 | 572.8 | |
Short-term debt | 88 | 11.5 | |
Long-term debt, including current portion | $ 4,848.5 | $ 4,554.6 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Due from Affiliates | $ (105.4) | $ (105.4) | |||
Transactions with non-consolidated companies included in net sales | 273.6 | $ 248.3 | 825.4 | $ 579 | |
Net amount owed to our non-consolidated companies | $ 95.2 | ||||
Transactions with non-consolidated companies included in cost of goods sold | 396.7 | $ 426.8 | 947.5 | 817.5 | |
Indemnification asset | 29.9 | 29.9 | 30.7 | ||
Affiliated Entity [Member] | |||||
Related Party Transaction [Line Items] | |||||
Notes Payable, Related Parties | 80.5 | $ 80.5 | 75.3 | ||
Maximum | Affiliated Entity [Member] | |||||
Related Party Transaction [Line Items] | |||||
Bridge Loan | $ 54.2 | ||||
MWSPC Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Percent of joint venture production Mosaic expects to market | 25.00% | ||||
MWSPC Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Transactions with non-consolidated companies included in net sales | $ 2.4 | $ 7 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive loss | $ (1,665.4) | $ (1,665.4) | $ (1,657.1) | ||
Foreign currency translation (loss) gain, net of tax | (186.6) | $ 0.5 | (27.6) | $ (467.6) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 2.5 | 3.4 | 0.2 | 7.4 | |
Amortization of gain on interest rate swap, net of tax | 0.5 | 0.6 | 1.6 | 1.7 | |
Net (loss) gain on marketable securities held in trust fund, net of tax | (6.4) | 1.6 | 15.3 | (3.6) | |
Other Comprehensive Income (Loss), Net of Tax | (190) | 6.1 | (10.5) | (462.1) | |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 1.6 | $ 2.8 | 3.8 | $ (5.8) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 2.2 | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive loss | (1,572.8) | (1,572.8) | (1,547.4) | ||
Other Comprehensive Income (Loss), Net of Tax | (27.6) | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 2.2 | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive loss | (105.1) | (105.1) | (105.3) | ||
Other Comprehensive Income (Loss), Net of Tax | 0.2 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | ||||
AOCI, Derivative Qualifying as Hedge, Excluded Component, Noncontrolling Interest [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive loss | 2.7 | 2.7 | 1.1 | ||
Other Comprehensive Income (Loss), Net of Tax | 1.6 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | ||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive loss | $ 9.8 | 9.8 | $ (5.5) | ||
Other Comprehensive Income (Loss), Net of Tax | 15.3 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ 0 |
Share Repurchases (Details)
Share Repurchases (Details) - 2015 Repurchase Program [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 11 Months Ended | |
Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2016 | May 14, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 725.4 | |||
Stock Repurchase Program, Authorized Amount | $ 1,500 | |||
Stock Repurchased and Retired During Period, Shares | 5,800,000 | 15,765,025 | ||
Stock Repurchased and Retired During Period, Value | $ 125 | |||
Forecast [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchased and Retired During Period, Shares | 1,300,000 | |||
Stock Repurchased and Retired During Period, Value | $ 25 | |||
Accrued Liabilities [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchased and Retired During Period, Value | $ 7 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Segment Reporting Information [Line Items] | ||||||
Net sales | $ 2,753.4 | $ 2,928.1 | $ 6,830 | $ 7,066.8 | ||
Gross margin | 279.9 | 495.5 | 816.6 | 1,032.2 | ||
Canadian resource taxes | 58.1 | 40.5 | 161.4 | 100.5 | ||
Gross margin (excluding canadian resource taxes) | 338 | 536 | 978 | 1,132.7 | ||
Operating earnings (loss) | 139.5 | 393.3 | 99.7 | 670.3 | ||
Depreciation, depletion and amortization expense | 210.8 | 214.5 | 649.6 | 648.8 | ||
Capital expenditures | 322.3 | 241 | 931.1 | 665.4 | ||
Total assets | 20,440.1 | 20,440.1 | $ 20,119.2 | |||
Phosphates Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross margin | (19.3) | 180 | 23.7 | 430.3 | ||
Canadian resource taxes | 0 | 0 | 0 | 0 | ||
Gross margin (excluding canadian resource taxes) | (19.3) | 180 | 23.7 | 430.3 | ||
Operating earnings (loss) | (69.9) | 169.2 | (419.5) | 388.9 | ||
Depreciation, depletion and amortization expense | 108.9 | 100.9 | 317.4 | 302.3 | ||
Capital expenditures | 123.6 | 103.4 | 366.1 | 295.1 | ||
Potash Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross margin | 158.3 | 160.9 | 524.8 | 395.5 | ||
Canadian resource taxes | 58.1 | 40.5 | 161.4 | 100.5 | ||
Gross margin (excluding canadian resource taxes) | 216.4 | 201.4 | 686.2 | 496 | ||
Operating earnings (loss) | 148.1 | 148.9 | 497.9 | 362 | ||
Depreciation, depletion and amortization expense | 63.1 | 72.7 | 219.7 | 221.2 | ||
Capital expenditures | 153.1 | 97.5 | 423.6 | 281.4 | ||
Mosaic Fertilizantes | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross margin | 132.1 | 152 | 219.7 | 264.2 | ||
Canadian resource taxes | 0 | 0 | 0 | 0 | ||
Gross margin (excluding canadian resource taxes) | 132.1 | 152 | 219.7 | 264.2 | ||
Operating earnings (loss) | 98.1 | 124 | 127.8 | 154.2 | ||
Depreciation, depletion and amortization expense | 33.6 | 35.9 | 97.2 | 109.9 | ||
Capital expenditures | 43.2 | 39.9 | 135.8 | 86.6 | ||
Corporate Eliminations And Other Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross margin | [1] | 8.8 | 2.6 | 48.4 | (57.8) | |
Canadian resource taxes | [1] | 0 | 0 | 0 | 0 | |
Gross margin (excluding canadian resource taxes) | [1] | 8.8 | 2.6 | 48.4 | (57.8) | |
Operating earnings (loss) | [1] | (36.8) | (48.8) | (106.5) | (234.8) | |
Depreciation, depletion and amortization expense | [1] | 5.2 | 5 | 15.3 | 15.4 | |
Capital expenditures | [1] | 2.4 | 0.2 | 5.6 | 2.3 | |
China and India distribution operations [Member] | Corporate Eliminations And Other Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross margin | 0.4 | 9.4 | 19.6 | 32.1 | ||
Product [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | [2] | 2,753.4 | 2,928.1 | 6,830 | 7,066.8 | |
Product [Member] | Phosphates Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 819.9 | 1,041.5 | 2,543.3 | 2,960.6 | ||
Product [Member] | Potash Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 616.4 | 609 | 1,719 | 1,582.2 | ||
Product [Member] | Mosaic Fertilizantes | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 1,388.3 | 1,399.8 | 2,919 | 2,777.8 | ||
Product [Member] | Corporate Eliminations And Other Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | [1] | (71.2) | (122.2) | (351.3) | (253.8) | |
Product [Member] | China and India distribution operations [Member] | Corporate Eliminations And Other Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 134.3 | 117.8 | 360.8 | 345.1 | ||
Product [Member] | Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 2,753.4 | 2,928.1 | 6,830 | 7,066.8 | ||
Product [Member] | Operating Segments [Member] | Phosphates Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 615.6 | 801.1 | 1,814.3 | 2,345.7 | ||
Product [Member] | Operating Segments [Member] | Potash Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 609.1 | 603 | 1,698.3 | 1,564.5 | ||
Product [Member] | Operating Segments [Member] | Mosaic Fertilizantes | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 1,388.3 | 1,399.8 | 2,919 | 2,777.8 | ||
Product [Member] | Operating Segments [Member] | Corporate Eliminations And Other Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | [1] | 140.4 | 124.2 | 398.4 | 378.8 | |
Product [Member] | Intersegment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 0 | 0 | 0 | 0 | ||
Product [Member] | Intersegment Eliminations [Member] | Phosphates Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 204.3 | 240.4 | 729 | 614.9 | ||
Product [Member] | Intersegment Eliminations [Member] | Potash Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 7.3 | 6 | 20.7 | 17.7 | ||
Product [Member] | Intersegment Eliminations [Member] | Mosaic Fertilizantes | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 0 | 0 | 0 | 0 | ||
Product [Member] | Intersegment Eliminations [Member] | Corporate Eliminations And Other Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | [1] | $ (211.6) | $ (246.4) | $ (749.7) | $ (632.6) | |
[1] | The “Corporate, Eliminations and Other” category includes the results of our ancillary distribution operations in India and China. For the three and nine months ended September 30, 2019 , distribution operations in India and China had revenue of $134.3 million and $360.8 million , respectively, and gross margin of $0.4 million and $19.6 million , respectively. For the three and nine months ended September 30, 2018 , distribution operations in India and China had revenue of $117.8 million and $345.1 million , respectively, and gross margin of $9.4 million and $32.1 million , respectively. | |||||
[2] | Revenues are attributed to countries based on location of customer. |
Disaggregation of Revenue (Deta
Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,753.4 | $ 2,928.1 | $ 6,830 | $ 7,066.8 | |||
Product [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 2,753.4 | 2,928.1 | 6,830 | 7,066.8 | ||
Other Product Types [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [2] | 131 | 122.4 | 418.6 | 405.3 | ||
Crop Nutrient Blends [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | 509 | 497 | 1,089.8 | 1,031.8 | |||
Specialty Products [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [3] | 470.7 | 536.9 | 1,207.6 | 1,383 | ||
Phosphate Rock [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | 14.1 | 0 | 33.5 | 29.8 | |||
Potash Crop Nutrients [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | 891.9 | 865.8 | 2,175.9 | 1,975.5 | |||
Phosphate Crop Nutrients [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | 736.7 | 906 | 1,904.6 | 2,241.4 | |||
BRAZIL | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 1,347.3 | 1,388.4 | 2,831 | 2,779.5 | ||
Canpotex [Member] | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1],[4] | 272.1 | 245.8 | 811.4 | 557.9 | ||
CANADA | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 157 | 160.1 | 435.3 | 436.4 | ||
CHINA | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | 48.8 | 52.9 | [1] | 172.7 | 169.2 | [1] | |
INDIA | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 85.2 | 64.9 | 185.3 | 180 | ||
MEXICO | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 28.6 | 25.9 | 108.8 | 108 | ||
COLOMBIA | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 28.7 | 22.8 | 67.3 | 80.1 | ||
PARAGUAY | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 38.7 | 40.2 | 86.2 | 78.9 | ||
ARGENTINA | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 25.3 | 26.9 | 97.7 | 60.3 | ||
AUSTRALIA | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 12 | 16.8 | 68.1 | 101 | ||
PERU | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 27.1 | 23.9 | 73.3 | 57 | ||
CHILE | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 11.9 | 0 | 32.1 | 22.6 | ||
THAILAND | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | 5.6 | 5.6 | [1] | 18.8 | 22.2 | [1] | |
JAPAN | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 1.8 | 21.3 | 10.8 | 79.2 | ||
HONDURAS | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 3.6 | 9.7 | 11.7 | 25.5 | ||
DOMINCAN REPUBLIC | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 4.5 | 8.1 | 13.5 | 10.6 | ||
Other Foreign [Member] | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 18.6 | 10.5 | 44.1 | 48.5 | ||
Total Foreign [Member] | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 2,116.8 | 2,123.8 | 5,068.1 | 4,816.9 | ||
UNITED STATES | Product [Member] | Transferred at Point in Time [Member] | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | [1] | $ 636.6 | $ 804.3 | $ 1,761.9 | $ 2,249.9 | ||
[1] | Revenues are attributed to countries based on location of customer. | ||||||
[2] | Includes sales of industrial potash, nitrogen and other products. | ||||||
[3] | Includes sales of MicroEssentials ® , K-Mag, Aspire and animal feed ingredients. | ||||||
[4] | Canpotex is the export association of the Saskatchewan potash producers. |
Plant City Closure Costs (Detai
Plant City Closure Costs (Details) - Plant City [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Plant City Closure Costs | $ 15.6 | $ 0 | $ (353.8) | $ 0 |
Property, Plant and Equipment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Plant City Closure Costs | (210) | |||
Asset Retirement Obligation Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Plant City Closure Costs | (110) | |||
Inventory and other reserves | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Plant City Closure Costs | $ (34) |