Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 01, 2020 | |
Cover [Abstract] | ||
Document type | 10-Q | |
Document quarterly report | true | |
Document period end date | Jun. 30, 2020 | |
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 $0.01 per share | |
Trading symbol | MOS | |
Name of each exchange on which registered | NYSE | |
Entity current reporting status | Yes | |
Entity interactive data current | Yes | |
Entity filer category | Large Accelerated Filer | |
Smaller reporting company | false | |
Emerging growth company | false | |
Entity shell company | false | |
Entity common stock shares outstanding | 379,090,013 | |
Entity central index key | 0001285785 | |
Amendment flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Current fiscal year end date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net Sales | $ 2,044.7 | $ 2,176.9 | $ 3,842.8 | $ 4,076.6 |
Gross margin | 257 | 227.2 | 298.4 | 536.7 |
Selling, general and administrative expenses | 95.1 | 78.1 | 163 | 171.6 |
Impairment, restructuring and other expenses | 0 | 369.4 | 0 | 369.4 |
Other operating expense | 76.1 | 21.6 | 115.8 | 35.5 |
Operating earnings (loss) | 85.8 | (241.9) | 19.6 | (39.8) |
Interest expense, net | (49.3) | (46) | (90.4) | (93) |
Foreign currency transaction gain (loss) | 34.1 | 20.8 | (180.1) | 43.4 |
Other income (expense) | 2.4 | (3.7) | 6.9 | (4.8) |
Earnings (loss) from consolidated companies before income taxes | 73 | (270.8) | (244) | (94.2) |
Benefit from income taxes | (2.7) | (51.7) | (135.7) | (5.1) |
Earnings (loss) from consolidated companies | 75.7 | (219.1) | (108.3) | (89.1) |
Equity in net loss of nonconsolidated companies | (29.8) | (11.2) | (49.8) | (11.3) |
Net earnings (loss) including noncontrolling interests | 45.9 | (230.3) | (158.1) | (100.4) |
Less: Net (loss) earnings attributable to noncontrolling interests | (1.5) | 2.8 | (2.5) | 1.9 |
Net earnings (loss) attributable to Mosaic | $ 47.4 | $ (233.1) | $ (155.6) | $ (102.3) |
Basic net earnings (loss) per share attributable to Mosaic | $ 0.13 | $ (0.60) | $ (0.41) | $ (0.27) |
Basic weighted average number of shares outstanding | 379.1 | 385.8 | 378.9 | 385.7 |
Diluted net earnings (loss) per share attributable to Mosaic | $ 0.12 | $ (0.60) | $ (0.41) | $ (0.27) |
Diluted weighted average number of shares outstanding | 381.3 | 385.8 | 378.9 | 385.7 |
Product | ||||
Net Sales | $ 2,044.7 | $ 2,176.9 | $ 3,842.8 | $ 4,076.6 |
Cost of goods sold | $ 1,787.7 | $ 1,949.7 | $ 3,544.4 | $ 3,539.9 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) including noncontrolling interest | $ 45.9 | $ (230.3) | $ (158.1) | $ (100.4) |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation gain (loss) | 55.3 | 107.2 | (548.1) | 159 |
Net actuarial gain (loss) and prior service cost | 6 | (1.3) | 7.8 | (2.3) |
Realized gain on interest rate swap | 0.3 | 0.5 | 0.8 | 1.1 |
Net gain on marketable securities held in trust fund | 7.9 | 11.7 | 15.9 | 21.7 |
Other comprehensive income (loss) | 69.5 | 118.1 | (523.6) | 179.5 |
Comprehensive income (loss) | 115.4 | (112.2) | (681.7) | 79.1 |
Less: Comprehensive gain (loss) attributable to noncontrolling interest | (2.8) | 3.2 | (11.1) | 2.2 |
Comprehensive income (loss) attributable to Mosaic | $ 118.2 | $ (115.4) | $ (670.6) | $ 76.9 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,073.3 | $ 519.1 |
Receivables, net | 689.6 | 803.9 |
Inventories | 1,954 | 2,076.4 |
Other current assets | 338.7 | 318.8 |
Total current assets | 4,055.6 | 3,718.2 |
Property, plant and equipment, net of accumulated depreciation | 11,153.3 | 11,690 |
Investments in nonconsolidated companies | 713.8 | 763.6 |
Goodwill | 1,107.6 | 1,156.9 |
Deferred Income Tax Assets, Net | 664.5 | 515.4 |
Other assets | 1,325.8 | 1,454.4 |
Total assets | 19,020.6 | 19,298.5 |
Current liabilities: | ||
Other Short-term Borrowings | 610 | 41.6 |
Current maturities of long-term debt | 59.2 | 47.2 |
Structured accounts payable arrangements | 410.3 | 740.6 |
Accounts payable | 811.9 | 680.4 |
Accrued liabilities | 1,221.5 | 1,081.9 |
Total current liabilities | 3,112.9 | 2,591.7 |
Long-term debt, less current maturities | 4,527.9 | 4,525.5 |
Deferred Income Tax Liabilities, Net | 1,054.7 | 1,040.7 |
Other noncurrent liabilities | 1,661.4 | 1,773 |
Equity: | ||
Preferred stock, par value | 0 | 0 |
Common stock, par value | 3.8 | 3.8 |
Capital in excess of par value | 855.4 | 858.4 |
Retained earnings | 9,747 | 9,921.5 |
Accumulated other comprehensive loss | (2,113.2) | (1,598.2) |
Total Mosaic stockholders' equity | 8,493 | 9,185.5 |
Noncontrolling interests | 170.7 | 182.1 |
Total equity | 8,663.7 | 9,367.6 |
Total liabilities and equity | $ 19,020.6 | $ 19,298.5 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 7,544.1 | $ 7,292 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, issued | 389,972,510 | 389,646,939 |
Common stock, outstanding | 379,090,013 | 378,764,442 |
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 ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | |
Cash Flows from Operating Activities | ||||||||
Net earnings including noncontrolling interest | $ 45,900,000 | $ (230,300,000) | $ (158,100,000) | $ (100,400,000) | ||||
Adjustments to reconcile net (loss) earnings including noncontrolling interests to net cash provided by operating activities: | ||||||||
Depreciation, depletion and amortization | 215,400,000 | 220,700,000 | 433,200,000 | 438,800,000 | ||||
Deferred and other income taxes | 123,800,000 | 29,600,000 | ||||||
Equity in net loss of nonconsolidated companies, net of dividends | (49,800,000) | (14,800,000) | ||||||
Accretion expense for asset retirement obligations | 34,000,000 | 28,700,000 | $ 62,400,000 | |||||
Accretion Expense | 13,600,000 | 0 | ||||||
Share-based compensation expense | (1,900,000) | (22,100,000) | ||||||
Unrealized loss (gain) on derivatives | (47,200,000) | 45,300,000 | ||||||
Foreign Currency Transaction Gain, before Tax | 207,300,000 | 25,200,000 | ||||||
Proceeds from Sale of Securities, Operating Activities | 34,700,000 | 0 | ||||||
Colonsay and Plant City Closure Costs | 0 | 369,400,000 | ||||||
Other | (10,000,000) | (6,200,000) | ||||||
Changes in assets and liabilities, excluding effects of acquisition: | ||||||||
Receivables, net | (42,800,000) | (167,900,000) | ||||||
Inventories | 70,600,000 | 413,600,000 | ||||||
Other current and noncurrent assets | (55,000,000) | 66,700,000 | ||||||
Accounts payable and accrued liabilities | 391,000,000 | (57,400,000) | ||||||
Other noncurrent liabilities | 39,400,000 | (28,300,000) | ||||||
Net cash provided by operating activities | 1,003,600,000 | 331,800,000 | ||||||
Cash Flows from Investing Activities | ||||||||
Capital expenditures | 257,200,000 | 294,900,000 | 520,700,000 | 608,800,000 | ||||
Purchase of Assets | 0 | 55,100,000 | ||||||
Purchases of available-for-sale securities - restricted | (348,500,000) | (234,200,000) | ||||||
Proceeds from sale of available-for-sale securities - restricted | 341,000,000 | 221,800,000 | ||||||
Payments to Acquire Held-to-maturity Securities | (700,000) | (13,000,000) | ||||||
Proceeds from Sale of Held-to-maturity Securities | 800,000 | 2,300,000 | ||||||
Other | (500,000) | 600,000 | ||||||
Net cash used in investing activities | (527,600,000) | (687,600,000) | ||||||
Cash Flows from Financing Activities | ||||||||
Repayments of Other Short-term Debt | 821,500,000 | 322,700,000 | ||||||
Proceeds from Other Short-term Debt | 1,395,000,000 | 404,500,000 | ||||||
Payments of structured accounts payable arrangements | (701,600,000) | (598,100,000) | ||||||
Proceeds from structured accounts payable arrangements | 365,300,000 | 445,400,000 | ||||||
Payments of long-term debt | (31,400,000) | (21,400,000) | ||||||
Cash dividends paid | (37,900,000) | (28,900,000) | ||||||
Payments of Ordinary Dividends, Noncontrolling Interest | (300,000) | (300,000) | ||||||
Net cash provided by (used in) financing activities | 167,600,000 | (121,500,000) | ||||||
Effect of exchange rate changes on cash | (84,300,000) | 24,300,000 | ||||||
Net change in cash, cash equivalents and restricted cash | 559,300,000 | (453,000,000) | ||||||
Cash, cash equivalents and restricted cash-beginning of period | 532,300,000 | |||||||
Cash, cash equivalents and restricted cash-end of period | 1,091,600,000 | 418,000,000 | 1,091,600,000 | 418,000,000 | 532,300,000 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||||||
Effect of exchange rate changes on cash | (84,300,000) | 24,300,000 | ||||||
Cash and cash equivalents | $ 1,073,300,000 | $ 519,100,000 | $ 401,900,000 | |||||
Restricted cash in other current assets | 8,500,000 | 9,000,000 | ||||||
Restricted cash in other assets | 9,800,000 | 5,400,000 | 7,100,000 | |||||
Cash, cash equivalents and restricted cash-end of period | $ 1,091,600,000 | $ 418,000,000 | 1,091,600,000 | 418,000,000 | $ 532,300,000 | $ 1,091,600,000 | $ 532,300,000 | $ 418,000,000 |
Supplemental Disclosure of Cash Flow Information: | ||||||||
Interest (net of amount capitalized) | 103,300,000 | 102,600,000 | ||||||
Income taxes (net of refunds) | $ (21,700,000) | $ 103,400,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flow Parenthetical - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Cash Flows [Abstract] | ||
Capitalized interest costs | $ 15.1 | $ 13.3 |
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, 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 | 385,500,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total comprehensive income (loss) | 79.1 | (102.3) | 179.2 | 2.2 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 400,000 | |||||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | (5.1) | (5.1) | ||||
Stock based compensation | 22.1 | 22.1 | ||||
Dividends | (18.8) | (18.8) | ||||
Dividends for noncontrolling interests | (0.3) | (0.3) | ||||
Ending 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, ending balance (in shares) at Jun. 30, 2019 | 385,900,000 | |||||
Beginning balance at Mar. 31, 2019 | 10,807.5 | $ 3.8 | 996.2 | 11,196.8 | (1,595.6) | 206.3 |
Common stock shares outstanding, beginning balance (in shares) at Mar. 31, 2019 | 385,800,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total comprehensive income (loss) | (112.2) | (233.1) | 117.7 | 3.2 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 100,000 | |||||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | (0.1) | (0.1) | ||||
Stock based compensation | 6.8 | 6.8 | ||||
Dividends | (19.5) | (19.5) | ||||
Dividends for noncontrolling interests | (0.2) | (0.2) | ||||
Ending 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, ending balance (in shares) at Jun. 30, 2019 | 385,900,000 | |||||
Beginning balance at Dec. 31, 2019 | $ 9,367.6 | $ 3.8 | 858.4 | 9,921.5 | (1,598.2) | 182.1 |
Common stock shares outstanding, beginning balance (in shares) at Dec. 31, 2019 | 378,764,442 | 378,800,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total comprehensive income (loss) | $ (681.7) | (155.6) | (515) | (11.1) | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 300,000 | |||||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | (2.7) | (2.7) | ||||
Stock based compensation | (0.3) | (0.3) | ||||
Dividends | (18.9) | (18.9) | ||||
Dividends for noncontrolling interests | (0.3) | (0.3) | ||||
Ending balance at Jun. 30, 2020 | $ 8,663.7 | $ 3.8 | 855.4 | 9,747 | (2,113.2) | 170.7 |
Common stock shares outstanding, ending balance (in shares) at Jun. 30, 2020 | 379,090,013 | 379,100,000 | ||||
Beginning balance at Mar. 31, 2020 | $ 8,559.9 | $ 3.8 | 847.7 | 9,718.7 | (2,184) | 173.7 |
Common stock shares outstanding, beginning balance (in shares) at Mar. 31, 2020 | 379,000,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total comprehensive income (loss) | 115.4 | 47.4 | 70.8 | (2.8) | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 100,000 | |||||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | (0.3) | (0.3) | ||||
Stock based compensation | 8 | 8 | ||||
Dividends | (19.1) | (19.1) | ||||
Dividends for noncontrolling interests | (0.2) | (0.2) | ||||
Ending balance at Jun. 30, 2020 | $ 8,663.7 | $ 3.8 | $ 855.4 | $ 9,747 | $ (2,113.2) | $ 170.7 |
Common stock shares outstanding, ending balance (in shares) at Jun. 30, 2020 | 379,090,013 | 379,100,000 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Shareholders Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends per share | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2020 | |
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 three and six months ended June 30, 2020 and June 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 Three Months Ended June 30, 2020 Balance as of March 31, 2020 $ (2,072.9) $ (127.8) $ 2.6 $ 14.1 $ (2,184.0) Other comprehensive income (loss) 56.5 2.6 0.5 12.5 72.1 Tax expense (1.2) 3.4 (0.2) (4.6) (2.6) Other comprehensive income (loss), net of tax 55.3 6.0 0.3 7.9 69.5 Other comprehensive income attributable to noncontrolling interest 1.3 — — — 1.3 Balance as of June 30, 2020 $ (2,016.3) $ (121.8) $ 2.9 $ 22.0 $ (2,113.2) Three Months Ended June 30, 2019 Balance as of March 31, 2019 $ (1,495.5) $ (106.3) $ 1.0 $ 5.2 $ (1,595.6) Other comprehensive income (loss) 99.9 2.6 0.5 12.2 115.2 Tax expense 7.3 (3.9) — (0.5) 2.9 Other comprehensive income (loss), net of tax 107.2 (1.3) 0.5 11.7 118.1 Other comprehensive loss attributable to noncontrolling interest (0.4) — — — (0.4) Balance as of June 30, 2019 $ (1,388.7) $ (107.6) $ 1.5 $ 16.9 $ (1,477.9) Six Months Ended June 30, 2020 Balance at December 31, 2019 $ (1,476.8) $ (129.6) $ 2.1 $ 6.1 $ (1,598.2) Other comprehensive income (loss) (539.4) 12.3 1 20.5 (505.6) Tax expense (8.7) (4.5) (0.2) (4.6) (18.0) Other comprehensive income (loss), net of tax (548.1) 7.8 0.8 15.9 (523.6) Addback: other comprehensive loss attributable to noncontrolling interest 8.6 — — — 8.6 Balance as of June 30, 2020 $ (2,016.3) $ (121.8) $ 2.9 $ 22.0 $ (2,113.2) Six Months Ended June 30, 2019 Balance at December 31, 2018 $ (1,547.4) $ (105.3) $ 0.4 $ (4.8) $ (1,657.1) Other comprehensive income (loss) 160.8 5.2 1.1 22.7 189.8 Tax expense (1.8) (7.5) — (1.0) (10.3) Other comprehensive income (loss), net of tax 159.0 (2.3) 1.1 21.7 179.5 Addback: other comprehensive loss attributable to noncontrolling interest (0.3) — — — (0.3) Balance as of June 30, 2019 $ (1,388.7) $ (107.6) $ 1.5 $ 16.9 $ (1,477.9) |
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 three and six months ended June 30, 2020 and June 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 Three Months Ended June 30, 2020 Balance as of March 31, 2020 $ (2,072.9) $ (127.8) $ 2.6 $ 14.1 $ (2,184.0) Other comprehensive income (loss) 56.5 2.6 0.5 12.5 72.1 Tax expense (1.2) 3.4 (0.2) (4.6) (2.6) Other comprehensive income (loss), net of tax 55.3 6.0 0.3 7.9 69.5 Other comprehensive income attributable to noncontrolling interest 1.3 — — — 1.3 Balance as of June 30, 2020 $ (2,016.3) $ (121.8) $ 2.9 $ 22.0 $ (2,113.2) Three Months Ended June 30, 2019 Balance as of March 31, 2019 $ (1,495.5) $ (106.3) $ 1.0 $ 5.2 $ (1,595.6) Other comprehensive income (loss) 99.9 2.6 0.5 12.2 115.2 Tax expense 7.3 (3.9) — (0.5) 2.9 Other comprehensive income (loss), net of tax 107.2 (1.3) 0.5 11.7 118.1 Other comprehensive loss attributable to noncontrolling interest (0.4) — — — (0.4) Balance as of June 30, 2019 $ (1,388.7) $ (107.6) $ 1.5 $ 16.9 $ (1,477.9) Six Months Ended June 30, 2020 Balance at December 31, 2019 $ (1,476.8) $ (129.6) $ 2.1 $ 6.1 $ (1,598.2) Other comprehensive income (loss) (539.4) 12.3 1 20.5 (505.6) Tax expense (8.7) (4.5) (0.2) (4.6) (18.0) Other comprehensive income (loss), net of tax (548.1) 7.8 0.8 15.9 (523.6) Addback: other comprehensive loss attributable to noncontrolling interest 8.6 — — — 8.6 Balance as of June 30, 2020 $ (2,016.3) $ (121.8) $ 2.9 $ 22.0 $ (2,113.2) Six Months Ended June 30, 2019 Balance at December 31, 2018 $ (1,547.4) $ (105.3) $ 0.4 $ (4.8) $ (1,657.1) Other comprehensive income (loss) 160.8 5.2 1.1 22.7 189.8 Tax expense (1.8) (7.5) — (1.0) (10.3) Other comprehensive income (loss), net of tax 159.0 (2.3) 1.1 21.7 179.5 Addback: other comprehensive loss attributable to noncontrolling interest (0.3) — — — (0.3) Balance as of June 30, 2019 $ (1,388.7) $ (107.6) $ 1.5 $ 16.9 $ (1,477.9) |
Accumulated Other Comprehenive
Accumulated Other Comprehenive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 three and six months ended June 30, 2020 and June 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 Three Months Ended June 30, 2020 Balance as of March 31, 2020 $ (2,072.9) $ (127.8) $ 2.6 $ 14.1 $ (2,184.0) Other comprehensive income (loss) 56.5 2.6 0.5 12.5 72.1 Tax expense (1.2) 3.4 (0.2) (4.6) (2.6) Other comprehensive income (loss), net of tax 55.3 6.0 0.3 7.9 69.5 Other comprehensive income attributable to noncontrolling interest 1.3 — — — 1.3 Balance as of June 30, 2020 $ (2,016.3) $ (121.8) $ 2.9 $ 22.0 $ (2,113.2) Three Months Ended June 30, 2019 Balance as of March 31, 2019 $ (1,495.5) $ (106.3) $ 1.0 $ 5.2 $ (1,595.6) Other comprehensive income (loss) 99.9 2.6 0.5 12.2 115.2 Tax expense 7.3 (3.9) — (0.5) 2.9 Other comprehensive income (loss), net of tax 107.2 (1.3) 0.5 11.7 118.1 Other comprehensive loss attributable to noncontrolling interest (0.4) — — — (0.4) Balance as of June 30, 2019 $ (1,388.7) $ (107.6) $ 1.5 $ 16.9 $ (1,477.9) Six Months Ended June 30, 2020 Balance at December 31, 2019 $ (1,476.8) $ (129.6) $ 2.1 $ 6.1 $ (1,598.2) Other comprehensive income (loss) (539.4) 12.3 1 20.5 (505.6) Tax expense (8.7) (4.5) (0.2) (4.6) (18.0) Other comprehensive income (loss), net of tax (548.1) 7.8 0.8 15.9 (523.6) Addback: other comprehensive loss attributable to noncontrolling interest 8.6 — — — 8.6 Balance as of June 30, 2020 $ (2,016.3) $ (121.8) $ 2.9 $ 22.0 $ (2,113.2) Six Months Ended June 30, 2019 Balance at December 31, 2018 $ (1,547.4) $ (105.3) $ 0.4 $ (4.8) $ (1,657.1) Other comprehensive income (loss) 160.8 5.2 1.1 22.7 189.8 Tax expense (1.8) (7.5) — (1.0) (10.3) Other comprehensive income (loss), net of tax 159.0 (2.3) 1.1 21.7 179.5 Addback: other comprehensive loss attributable to noncontrolling interest (0.3) — — — (0.3) Balance as of June 30, 2019 $ (1,388.7) $ (107.6) $ 1.5 $ 16.9 $ (1,477.9) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss | $ (2,113.2) | $ (2,113.2) | $ (1,477.9) | $ (2,184) | $ (1,598.2) | $ (1,595.6) | $ (1,657.1) | |
Foreign currency translation gain (loss) | 55.3 | (548.1) | 159 | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 6 | 7.8 | (2.3) | |||||
Realized gain on interest rate swap | 0.3 | 0.8 | 1.1 | |||||
Other Comprehensive Income (Loss), Tax | 72.1 | $ 115.2 | (505.6) | 189.8 | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | (2.6) | 2.9 | (18) | (10.3) | ||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 7.9 | 15.9 | 21.7 | |||||
Less: Comprehensive gain (loss) attributable to noncontrolling interest | (2.8) | (11.1) | 2.2 | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 69.5 | 118.1 | (523.6) | 179.5 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 1.3 | (0.4) | 8.6 | (0.3) | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss | (2,016.3) | (2,016.3) | (1,388.7) | (2,072.9) | (1,476.8) | (1,495.5) | (1,547.4) | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 56.5 | 99.9 | (539.4) | 160.8 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (1.2) | 7.3 | (8.7) | (1.8) | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 55.3 | 107.2 | (548.1) | 159 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 1.3 | (0.4) | 8.6 | (0.3) | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss | (121.8) | (121.8) | (107.6) | (127.8) | (129.6) | (106.3) | (105.3) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 2.6 | 2.6 | 12.3 | 5.2 | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 3.4 | (3.9) | (4.5) | (7.5) | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 6 | (1.3) | 7.8 | (2.3) | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ||||
AOCI, Derivative Qualifying as Hedge, Excluded Component, Noncontrolling Interest [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss | 2.9 | 2.9 | 1.5 | 2.6 | 2.1 | 1 | 0.4 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 0.3 | 0.5 | 0.8 | 1.1 | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (0.2) | 0 | (0.2) | 0 | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 0.5 | 0.5 | 1 | 1.1 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive loss | 22 | 22 | 16.9 | $ 14.1 | $ 6.1 | $ 5.2 | $ (4.8) | |
Net (loss) gain on marketable securities held in trust fund, net of tax | (4.6) | (0.5) | (4.6) | (1) | ||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 7.9 | 11.7 | 15.9 | 21.7 | ||||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | 12.5 | 12.2 | 20.5 | 22.7 | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ 0 | $ 0 | $ 0 | $ 0 |
Organization and Nature of Busi
Organization and Nature of Business | 6 Months Ended |
Jun. 30, 2020 | |
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 (Loss). • 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 ® |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
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, 2019 (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. 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 | 6 Months Ended |
Jun. 30, 2020 | |
Recently Issued Accounting Guidance [Abstract] | |
Accounting Standards Update and Change in Accounting Principle [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 |
Other Financial Statement Data
Other Financial Statement Data | 6 Months Ended |
Jun. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Other Financial Statement Data | Other Financial Statement Data The following provides add i tional information concerning selected balance sheet accounts: June 30, 2020 December 31, 2019 Other current assets Income and other taxes receivable $ 157.6 $ 179.5 Prepaid expenses 141.3 110.7 Other 39.8 28.6 $ 338.7 $ 318.8 Other assets Restricted cash $ 9.8 $ 5.4 MRO inventory 130.0 126.8 Marketable securities held in trust 725.1 691.7 Operating lease right-of-use assets 192.2 192.1 Indemnification asset 21.3 40.6 Long-term receivable 52.7 81.6 Other 194.7 316.2 $ 1,325.8 $ 1,454.4 Accrued liabilities Accrued dividends $ 0.7 $ 20.0 Payroll and employee benefits 146.7 173.8 Asset retirement obligations 155.9 154.4 Customer prepayments (a) 456.2 266.9 Accrued income tax 6.6 33.9 Operating lease obligation 67.3 67.1 Other 388.1 365.8 $ 1,221.5 $ 1,081.9 Other noncurrent liabilities Asset retirement obligations $ 1,140.5 $ 1,160.8 Operating lease obligation 126.6 127.0 Accrued pension and postretirement benefits 138.3 173.6 Unrecognized tax benefits 42.1 42.1 Other 213.9 269.5 $ 1,661.4 $ 1,773.0 ______________________________ (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 | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net earnings (loss) attributable to Mosaic $ 47.4 $ (233.1) $ (155.6) $ (102.3) Basic weighted average number of shares outstanding 379.1 385.8 378.9 385.7 Dilutive impact of share-based awards 2.2 — — — Diluted weighted average number of shares outstanding 381.3 385.8 378.9 385.7 Basic net earnings (loss) per share attributable to Mosaic $ 0.13 $ (0.60) $ (0.41) $ (0.27) Diluted net earnings (loss) per share attributable to Mosaic $ 0.12 $ (0.60) $ (0.41) $ (0.27) A total of 3.4 million and 3.0 million shares of common stock subject to issuance related to share-based awards for the three and six months ended June 30, 2020 and 2.9 million and 2.4 million for the three and six months ended June 30, 2019, respectively, have been excluded from the calculation of diluted EPS because the effect would have been anti-dilutive. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: June 30, 2020 December 31, 2019 Raw materials $ 71.2 $ 68.3 Work in process 585.3 618.4 Finished goods 1,157.2 1,219.3 Final price deferred (a) 29.5 47.9 Operating materials and supplies 110.8 122.5 $ 1,954.0 $ 2,076.4 ______________________________ |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Mosaic had goodwill of $1.1 billion as of June 30, 2020 and $1.2 billion as of December 31, 2019. 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: Potash Mosaic Fertilizantes Corporate, Eliminations and Other Total Balance as of December 31, 2019 $ 1,039.8 $ 105.0 $ 12.1 $ 1,156.9 Foreign currency translation (40.7) (8.6) — (49.3) Balance as of June 30, 2020 $ 999.1 $ 96.4 $ 12.1 $ 1,107.6 Due to a significant decline in the market price of our stock, we performed a review of goodwill as of June 30, 2020. We determined that our Potash reporting unit had an estimated fair value that was not significantly in excess of its carrying value, at 1.6%, and could be at risk of future impairment. We continue to believe that our long-term financial goals will be achieved. Our Mosaic Fertilizantes reporting unit has substantial fair value in excess of its carrying value. Foreign currency rates can impact the carrying value of our Potash and Mosaic Fertilizantes reporting units. We continue to monitor the rates of these reporting units as they could put them at risk of future impairment. We are required to perform our next annual goodwill impairment analysis as of October 31, 2020. It is possible that, during the remainder of 2020 or beyond, business conditions could deteriorate from the current state, raw material or product price projections could decline significantly from current estimates, we could experience fluctuations in foreign currency exchange rates or our common stock price could decline significantly. If our net sales and cash flow projections are not achieved, or our common stock price continues to decline from the current level, 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 | 6 Months Ended |
Jun. 30, 2020 | |
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 10 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. 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. There were no other-than-temporary impairment write-downs on available-for-sale securities during the six months ended June 30, 2020. The estimated fair value of the investments in the RCRA Trusts as of June 30, 2020 and December 31, 2019 are as follows: June 30, 2020 Amortized Gross Gross Fair Level 1 Cash and cash equivalents $ 5.5 $ — $ — $ 5.5 Level 2 Corporate debt securities 194.8 12.6 (0.2) 207.2 Municipal bonds 194.2 6.9 (0.7) 200.4 U.S. government bonds 287.3 12.3 — 299.6 Total $ 681.8 $ 31.8 $ (0.9) $ 712.7 December 31, 2019 Amortized Gross Gross Fair Level 1 Cash and cash equivalents $ 3.4 $ — $ — $ 3.4 Level 2 Corporate debt securities 194.2 5.8 (0.1) 199.9 Municipal bonds 188.3 4.4 (0.4) 192.3 U.S. government bonds 280.6 3.2 (2.5) 281.3 Total $ 666.5 $ 13.4 $ (3.0) $ 676.9 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 June 30, 2020 and December 31, 2019 : June 30, 2020 December 31, 2019 (in millions) Fair Gross Fair Gross Securities that have been in a continuous loss position for less than 12 months: Corporate debt securities $ 8.3 $ (0.2) $ 17.9 $ — Municipal bonds 27.6 (0.5) 11.7 (0.1) U.S. government bonds — — 195.4 (2.5) 35.9 (0.7) 225.0 (2.6) Securities that have been in a continuous loss position for more than 12 months: Corporate debt securities $ — $ — $ 20.7 $ (0.1) Municipal bonds — — 14.7 (0.3) U.S. government bonds 5.2 (0.2) — — 5.2 (0.2) 35.4 (0.4) The following table summarizes the balance by contractual maturity of the available-for-sale debt securities invested by the RCRA Trusts as of June 30, 2020. 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. June 30, 2020 Due in one year or less $ 26.9 Due after one year through five years 239.7 Due after five years through ten years 401.9 Due after ten years 38.7 Total debt securities $ 707.2 For the three and six months ended June 30, 2020, realized gains were $5.7 million and $9.4 million, respectively, and realized losses were $0.7 million and $0.9 million, respectively. For the three and six months ended June 30, 2019, realized gains were immaterial and $3.1 million and realized losses were $0.4 million and $1.2 million, respectively. |
Financing Arrangements Financin
Financing Arrangements Financing Arrangements | 6 Months Ended |
Jun. 30, 2020 | |
Financing Arrangements [Abstract] | |
Debt Disclosure | Financing Arrangements Structured Accounts Payable Arrangements In Brazil, we finance some of our potash-based fertilizer, sulfur, ammonia and other raw material product purchases through third-party financing arrangements. These arrangements provide that the third-party intermediary advance the amount of the scheduled payment to the vendor, less an appropriate discount, at a scheduled payment date and Mosaic makes payment to the third-party intermediary at a later date, stipulated in accordance with the commercial terms negotiated. As of June 30, 2020 and December 31, 2019, the total structured accounts payable arrangements were $410.3 million and $740.6 million, respectively. Inventory Financing Arrangement On January 7, 2020, we entered into an inventory financing arrangement with a bank to sell up to $400 million of certain commodities inventory for cash and subsequently repurchase the inventory at an agreed upon price and time in the future, not to exceed 180 days. Under the terms of the agreement, we may borrow up to 90% of the value of the inventory. It is later repurchased by Mosaic at the original sale price plus interest and any transaction costs. As of June 30, 2020, $250.0 million of inventory was financed under this arrangement, which is included in short-term debt on the Condensed Consolidated Balance Sheet. The inventory remains on our Condensed Consolidated Balance Sheet as it serves as collateral for the debt. Interest accrues on the debt through the repurchase date, and is included in accrued liabilities. The weighted average interest rate of the repurchase obligation as of June 30, 2020 was 1.91%. Receivable Purchasing Arrangement On March 4, 2020, we entered into a Receivable Purchasing Agreement (" RPA "), with a bank whereby, from time-to-time, we sell certain receivables. The net face value of the purchased receivables may not exceed $150 million at any point in time. The purchase price of the receivable sold under the RPA is the face value of the receivable less an agreed upon discount. We record the purchase price as short-term debt, and recognize interest expense by accreting the liability through the due date of the underlying receivables. As of June 30, 2020, we had non-recourse short-term debt of $99.9 million related to the RPA. Following the sale to the bank, we continue to service the collection of the receivables on behalf of the bank without further consideration. The weighted average interest rate of the RPA related debt as of June 30, 2020 was 1.27%. Mosaic Credit Facility Subsequent to quarter end, we entered into a First Amendment to Second Amended and Restated Credit Agreement, Extension Agreement, and Increase Agreement (the “ First Amendment ”) to our unsecured revolving credit facility, dated as of November 18, 2016 (the “ Mosaic Credit Facility ”). The First Amendment extends the maturity date of the Mosaic Credit Facility by one year, to November 18, 2022, and increases the revolving credit facility from $2.0 billion to $2.2 billion. The First Amendment also makes certain adjustments to the interest rate margins and pricing grid in a manner congruent with the investment ratings of the Company. No changes were made to the covenants in the Mosaic Credit Facility with respect to interest coverage and leverage ratio requirements pursuant to the First Amendment. |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2020 | |
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) June 30, 2020 December 31, 2019 AROs, beginning of period $ 1,315.2 $ 1,160.1 Liabilities incurred 6.4 15.8 Liabilities settled (52.6) (112.8) Accretion expense 34.0 62.4 Revisions in estimated cash flows 51.3 191.0 Foreign currency translation (57.9) (1.3) AROs, end of period 1,296.4 1,315.2 Less current portion (155.9) (154.4) Non-current portion of AROs $ 1,140.5 $ 1,160.8 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 remaining capital expenditures likely to exceed $50 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 8 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, 2019, 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 $1.6 billion, and the present value of our Gypstack Closure Costs ARO reflected in our Consolidated Balance Sheet for those facilities was approximately $429.3 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 laws, the applicable government entities are permitted to draw against such amounts in the event we cannot perform such closure activities. One of the financial assurance arrangements 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. The Plant City Trust 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 $244.9 million, which reflects our closure cost estimates as of December 31, 2019. The other financial assurance arrangement 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. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes During the six months ended June 30, 2020, gross unrecognized tax benefits decreased by $5.2 million to $34.3 million. The decrease is primarily related to releasing a reserve in the U.S. for AMT sequestration. If recognized, approximately $18.1 million of the $34.3 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 $7.8 million and $7.4 million as of June 30, 2020 and December 31, 2019, 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 June 30, 2020, tax expense specific to the period was a benefit of approximately $2.5 million. This consisted primarily of tax benefit of $3.0 million recorded for interest income on AMT tax refunds. 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 June 30, 2020, income tax expense was impacted by this set of rules, resulting in an additional cost of $18.8 million compared to what would have been recorded under the general rule on a consolidated basis. For the six months ended June 30, 2020, tax expense specific to the period was a benefit of approximately $30.8 million. This consisted primarily of tax benefit of $25.1 million recorded related to the impacts of the Coronavirus Aid, Relief, and Economic Security Act (“ CARES Act ”) to prior years. The CARES Act provides various tax relief measures to taxpayers impacted by the coronavirus. Tax expense specific to the period also included a benefit of $5.7 million of which $5.5 million related to release of the sequestration on AMT. 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. |
Accounting for Derivative Instr
Accounting for Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Accounting for Derivative Instruments and Hedging Activities | 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. 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. From time to time, we enter into fixed-to-floating interest rate contracts. We apply fair value hedge accounting treatment to these 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. We had nine fixed-to-floating interest rate swap agreements with a total notional amount of $585.0 million as of December 31, 2019 related to our Senior Notes due 2023. All nine fixed-to-floating interest rate swap agreements were terminated in April of 2020, for which we received net proceeds of approximately $35 million. The termination resulted in an immaterial impact to our Condensed Consolidated Statement of Earnings (Loss). As a result, Mosaic no longer has fixed-to-floating interest rate swap agreements in effect as of June 30, 2020. As of June 30, 2020 and December 31, 2019, the gross asset position of our derivative instruments was $32.7 million and $29.9 million, respectively, and the gross liability position of our liability instruments was $93.1 million and $29.1 million, respectively. As of June 30, 2020 and December 31, 2019, the following is the total absolute notional volume associated with our outstanding derivative instruments: (in millions of Units) June 30, 2020 December 31, 2019 Derivative Instrument Derivative Category Unit of Measure Foreign currency derivatives Foreign currency US Dollars 2,538.8 1,923.3 Interest rate derivatives Interest rate US Dollars — 585.0 Natural gas derivatives Commodity MMbtu 33.1 44.1 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 June 30, 2020 and December 31, 2019, was $52.0 million and $11.6 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 June 30, 2020, we would have been required to post an additional $46.1 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 | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 and December 31, 2019, the gross asset position of our foreign currency derivative instruments was $26.6 million and $15.6 million, respectively, and the gross liability position of our foreign currency derivative instruments was $90.6 million and $22.9 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 June 30, 2020 and December 31, 2019, the gross asset position of our commodity derivative instruments was $6.1 million and $2.9 million, respectively, and the gross liability position of our commodity instruments was $2.5 million and $6.2 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. From time to time, 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. In April 2020, we terminated our outstanding interest rate swap contracts which resulted in an immaterial impact to our Condensed Consolidated Statement of Earnings (Loss). As of June 30, 2020 and December 31, 2019, the gross asset position of our interest rate swap instruments was zero and $11.4 million, respectively, and the gross liability position of our interest rate swap instruments was zero as of June 30, 2020 and December 31, 2019. Financial Instruments The carrying amounts and estimated fair values of our financial instruments are as follows: June 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 1,073.3 $ 1,073.3 $ 519.1 $ 519.1 Accounts receivable 689.6 689.6 803.9 803.9 Accounts payable 811.9 811.9 680.4 680.4 Structured accounts payable arrangements 410.3 410.3 740.6 740.6 Short-term debt 610.0 610.0 41.6 41.6 Long-term debt, including current portion 4,587.1 4,803.4 4,572.7 4,920.9 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 | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | 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 June 30, 2020, the net amount due to our non-consolidated companies totaled $175.1 million. As of December 31, 2019, there was a net amount due from our non-consolidated companies totaling $23.2 million. These amounts include a long-term indemnification asset of $21.3 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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Transactions with non-consolidated companies included in net sales $ 222.5 $ 289.3 $ 371.1 $ 551.8 Transactions with non-consolidated companies included in cost of goods sold 218.4 299.8 395.5 550.8 As part of the MWSPC joint venture, we market approximately 25% of the MWSPC production, for which approximately $1.5 million and $3.9 million, and $1.9 million and $4.6 million of marketing fees are included in revenue for the three and six months ended June 30, 2020 and June 30, 2019, respectively. In 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 are the primary beneficiary of GMS, a variable interest entity, and consolidate 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. As of June 30, 2020 and December 31, 2019, there were outstanding bridge loans of $74.7 million and $74.7 million, respectively, relating to the cancelled second barge and the remaining tug, which bridge loans are eliminated in consolidation. Reserves against the bridge loans of approximately $54.2 million were established in 2018 and remain unchanged. 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. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies We have described below judicial and administrative proceedings to which we are subject. Environmental Matters We have contingent environmental liabilities that arise principally from three sources: (i) facilities currently or formerly owned by our subsidiaries or their predecessors; (ii) facilities adjacent to currently or formerly owned facilities; and (iii) third-party Superfund or state equivalent sites. At facilities currently or formerly owned by our subsidiaries or their predecessors, the historical use and handling of regulated chemical substances, crop and animal nutrients and additives and by-product or process tailings have resulted in soil, surface water and/or groundwater contamination. Spills or other releases of regulated substances, subsidence from mining operations and other incidents arising out of operations, including accidents, have occurred previously at these facilities, and potentially could occur in the future, possibly requiring us to undertake or fund cleanup or result in monetary damage awards, fines, penalties, other liabilities, injunctions or other court or administrative rulings. In some instances, pursuant to consent orders or agreements with governmental agencies, we are undertaking certain remedial actions or investigations to determine whether remedial action may be required to address contamination. At other locations, we have entered into consent orders or agreements with appropriate governmental agencies to perform required remedial activities that will address identified site conditions. Taking into consideration established accruals of approximately $28.6 million and $39.3 million as of June 30, 2020 and December 31, 2019, 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 June 30, 2020, the sinkhole repairs were substantially complete. 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 10 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 6, 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 Department of Justice has determined that there is no basis for proceeding with a settlement, as EPA and the Department 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 side. These steps have improved slope stability, reduced slope movement and reduced our capacity to store process water. 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, 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 Mine Litigation. 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 (collectively, “ NGO Plaintiffs ”) 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 NGO Plaintiffs filed a complaint against the Corps, the Service and the U.S. Department of the Interior (collectively “ Government Defendants ”) 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 ”). In their Complaint, the NGO Plaintiffs sought specific 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 Government Defendants, filed answers to the amended complaint. In June through July 2017, the parties filed competing Motions for Summary Judgment based on the administrative record developed for the challenged federal permits and approvals, consistent with the Administrative Procedures Act. On December 14, 2017, the U.S. District Court granted Mosaic’s motion for summary judgment in favor of Mosaic and the Government Defendants, denied all claims raised by the NGO Plaintiffs, and denied the NGO Plaintiffs’ motion to supplement the administrative record. On February 12, 2018, the NGO Plaintiffs filed an appeal with the U.S. Court of Appeals for the Eleventh Circuit seeking to overturn the U.S. District Court’s decision. Notably, the NGO Plaintiffs did not seek reversal of the Court’s decision as to the Clean Water Act claims, but focused on the Endangered Species Act and National Environmental Policy Act claims for relief. The appellate case was fully briefed with close coordination between counsel for Mosaic and the Justice Department in developing the Appellants’ Briefs and Reply Briefs. 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. On November 4, 2019, the 11th Circuit U.S. Court of Appeals upheld the federal permits issued for Mosaic’s South Pasture Extension Mine and the adequacy of the Area-wide Environmental Impact Statement (AEIS) that served as the NEPA support for three of Mosaic’s new Florida phosphate mines. The Court of Appeals held that the Corps of Engineers’ decision to issue the Clean Water Act 404 Permit and its reliance on the AEIS to satisfy the federal NEPA requirements were proper exercises of its authority. On December 18, 2019, the NGO Plaintiffs filed a Petition for Rehearing En Banc seeking a rehearing before the entire 15-judge panel of the Court of Appeals. No responses to the Petition for Rehearing are allowed by Mosaic or the Government Defendants, unless requested by the Court. On February 5, 2020, the 11th Circuit Court of Appeals issued its Order denying the Petition for Rehearing. Under existing rules, the Appellants would be given 90 days from February 5, 2020 to file a Petition for Writ of Certiorari with the U.S. Supreme Court. However, due to the Corona Virus pandemic, on March 4th the U.S. Supreme Court issued an Order extending the deadlines for filing a Petition for Writ of Certiorari (a "Petition") to 150 days. Accordingly, the deadline for the NGO Plaintiffs to file a timely Petition was July 6, 2020. That date has passed, and the NGO Plaintiffs did not file a timely Petition. As a result, the decision by the 11th Circuit Court of Appeals upholding the U.S. District Court’s decision (affirming the federal approvals issued for Mosaic’s South Pasture Extension Mine and finding the AEIS consistent with federal law), is final and no longer subject to legal challenge. 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 $835 million. We estimate that our probable aggregate loss with respect to these claims is approximately $59.6 million, which is included in our accrued liabilities in our Condensed Consolidated Balance Sheet as of June 30, 2020. Approximately $582.9 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 $52.5 million, which is included in accrued liabilities in our Condensed Consolidated Balance Sheet as of June 30, 2020. • Approximately $3.5 million of the $59.6 million of reserves relates to a collective lawsuit filed by the labor union in Tapira (no. 114) claiming workers are entitled to overtime pay because the work shift should include transportation time to travel to a facility in which no public transportation was available. • Approximately $3.8 million of these reserves relates to a collective lawsuit filed by the labor union in Rosário do Catete (no. 6654), Sergipe, claiming payment of overtime due to an irregular work shift in force until 2016. Both matters are currently before the Brazilian Labor Superior Court. • Approximately $2.1 million of these reserves relates to a class action filed by one of the unions (no. 1051) claiming additional payment for occupational hazard due to the alleged exposure of workers to explosive gases at the Company's potash mine at Rosário do Catete, Sergipe. Based on Brazil legislation and the current status of similar labor cases involving unrelated companies, we believe we have recorded adequate loss contingency reserves sufficient to cover our estimate of probable losses. If the status of similar cases involving unrelated companies were to adversely change in the future, our maximum exposure could increase and additional accruals could be required. The environmental judicial and administrative proceedings claims allege aggregate damages and/or fines in excess of $110.0 million; however, we estimate that our probable aggregate loss regarding these claims is approximately $3.9 million, which has been accrued as of June 30, 2020. The mining judicial and administrative proceedings claims allege aggregate damages and/or fines of approximately $3.4 million. We estimate that our probable aggregate loss regarding these claims will be immaterial as of June 30, 2020. Our Brazilian subsidiaries also have certain other civil contingent liabilities with respect to judicial, administrative and arbitration proceedings and claims related to contract disputes, pension plan matters, real state disputes and other civil matters arising in the ordinary course of business. These claims allege aggregate damages in excess of $138.7 million. We estimate that the probable aggregate loss with respect to these matters is approximately $3.9 million. Uberaba Judicial Settlement In 2013, the Federal Public Prosecutor filed a public civil action requesting that the Company adopt several measures to mitigate soil and water contamination related to the Gypstack at our Uberaba facility, located in the State of Minas Gerais, 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 and the parties are negotiating a settlement. The amount claimed in the proceeding is $27.0 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 $333.4 million, of which $156.8 million is subject to an indemnification agreement entered into with Vale S.A in connection with the Acquisition. Approximately $227.0 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. The maximum potential liability can increase with new audits. Based on Brazil legislation and the current status of similar tax cases involving unrelated taxpayers, we believe we have recorded adequate loss contingency reserves sufficient to cover our estimate of probable losses, which are immaterial. If the status of similar tax cases involving unrelated taxpayer changes in the future, additional accruals could be required. Other Claims We also have certain other contingent liabilities with respect to judicial, administrative and arbitration proceedings and claims of third parties, including tax matters, arising in the ordinary course of business. We do not believe that any of these contingent liabilities will have a material adverse impact on our business or financial condition, results of operations, and cash flows. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | Business Segments The reportable segments are determined by management based upon factors such as products and services, production processes, technologies, market dynamics, and for which segment financial information is available for our chief operating decision maker. 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. For a description of our business segments, see Note 1 to the Condensed Consolidated Financial Statements. Segment information for the three and six months ended June 30, 2020 and 2019 was as follows: Phosphates Potash Mosaic Fertilizantes Corporate, Eliminations and Other (a) Total Three months ended June 30, 2020 Net sales to external customers $ 550.1 $ 544.8 $ 787.0 $ 162.8 $ 2,044.7 Intersegment net sales 212.3 10.6 — (222.9) — Net sales 762.4 555.4 787.0 (60.1) 2,044.7 Gross margin 17.7 131.6 100.7 7.0 257.0 Canadian resource taxes — 52.1 — — 52.1 Gross margin (excluding Canadian resource taxes) 17.7 183.7 100.7 7.0 309.1 Operating earnings (loss) (59.4) 125.5 76.4 (56.7) 85.8 Capital expenditures 122.2 111.4 19.7 3.9 257.2 Depreciation, depletion and amortization expense 113.9 71.8 27.0 2.7 215.4 Three months ended June 30, 2019 Net sales to external customers $ 600.6 $ 591.9 $ 832.7 $ 151.7 $ 2,176.9 Intersegment net sales 316.8 7.2 — (324.0) — Net sales 917.4 599.1 832.7 (172.3) 2,176.9 Gross margin (11.8) 181.1 35.2 22.7 227.2 Canadian resource taxes — 56.4 — — 56.4 Gross margin (excluding Canadian resource taxes) (11.8) 237.5 35.2 22.7 283.6 Impairment, restructuring and other expenses 369.4 — — — 369.4 Operating earnings (loss) (393.1) 174.0 2.4 (25.2) (241.9) Capital expenditures 122.1 130.1 40.8 1.9 294.9 Depreciation, depletion and amortization expense 105.0 78.3 32.1 5.3 220.7 Six months ended June 30, 2020 Net sales to external customers $ 1,087.4 $ 983.4 $ 1,518.1 $ 253.9 $ 3,842.8 Intersegment net sales 294.4 13.6 — (308.0) — Net sales 1,381.8 997.0 1,518.1 (54.1) 3,842.8 Gross margin (65.2) 240.7 167.2 (44.3) 298.4 Canadian resource taxes — 83.8 — — 83.8 Gross margin (excluding Canadian resource taxes) (65.2) 324.5 167.2 (44.3) 382.2 Operating earnings (loss) (166.2) 219.7 105.4 (139.3) 19.6 Capital expenditures 260.1 209.7 45.0 5.9 520.7 Depreciation, depletion and amortization expense 228.3 141.9 55.2 7.8 433.2 Six months ended June 30, 2019 Net sales to external customers $ 1,198.7 $ 1,089.2 $ 1,530.7 $ 258.0 $ 4,076.6 Intersegment net sales 524.7 13.4 — (538.1) — Net sales 1,723.4 1,102.6 1,530.7 (280.1) 4,076.6 Gross margin 43.0 366.5 87.6 39.6 536.7 Canadian resource taxes — 103.3 — — 103.3 Gross margin (excluding Canadian resource taxes) 43.0 469.8 87.6 39.6 640.0 Impairment, restructuring and other expenses 369.4 — — — 369.4 Operating earnings (loss) (349.6) 349.8 29.7 (69.7) (39.8) Capital expenditures 242.5 270.5 92.6 3.2 608.8 Depreciation, depletion and amortization expense 208.5 156.6 63.6 10.1 438.8 Total Assets As of June 30, 2020 $ 7,635.5 $ 6,959.2 $ 3,494.1 $ 931.8 $ 19,020.6 As of December 31, 2019 7,183.5 7,219.2 3,974.9 920.9 19,298.5 ______________________________ (a) The “Corporate, Eliminations and Other” category includes the results of our ancillary distribution operations in India and China. For the three and six months ended June 30, 2020, distribution operations in India and China had revenue of $161.5 million and $238.3 million, respectively, and gross margin of $20.0 million and $22.0 million, respectively. For the three and six months ended June 30, 2019, distribution operations in India and China had revenue of $133.3 million and $226.5 million, respectively, and gross margin of $10.2 million and $19.2 million, respectively. Financial information relating to our operations by geographic area is as follows: Three Months Ended Six Months Ended (in millions) 2020 2019 2020 2019 Net sales (a) : Brazil $ 757.0 $ 805.7 $ 1,469.7 $ 1,483.7 Canpotex (b) 215.8 281.7 362.2 539.3 Canada 137.4 142.2 254.7 278.3 India 100.8 72.3 138.0 100.1 China 74.5 58.8 113.9 123.9 Argentina 55.1 46.6 83.1 72.4 Japan 32.6 8.9 44.5 9.0 Paraguay 26.4 26.1 42.7 47.5 Colombia 25.8 22.1 40.0 38.6 Mexico 22.8 35.8 47.7 80.2 Honduras 10.5 3.6 17.5 8.0 Thailand 4.7 8.1 9.1 13.2 Australia 0.3 0.1 41.3 56.1 Peru — 26.1 6.0 46.2 Other 19.7 23.4 49.8 54.8 Total international countries 1,483.4 1,561.5 2,720.2 2,951.3 United States 561.3 615.4 1,122.6 1,125.3 Consolidated $ 2,044.7 $ 2,176.9 $ 3,842.8 $ 4,076.6 ______________________________ (a) Revenues are attributed to countries based on location of customer. (b) Canpotex is the export association of certain Saskatchewan potash producers. Net sales by product type are as follows: Three Months Ended Six Months Ended (in millions) 2020 2019 2020 2019 Sales by product type: Phosphate Crop Nutrients $ 559.6 $ 643.3 $ 1,106.8 $ 1,167.9 Potash Crop Nutrients 658.0 711.9 1,129.0 1,284.0 Crop Nutrient Blends 252.0 287.4 539.3 580.8 Specialty Products (a) 436.2 417.4 752.1 736.9 Phosphate Rock 7.5 12.4 14.0 19.4 Other (b) 131.4 104.5 301.6 287.6 $ 2,044.7 $ 2,176.9 $ 3,842.8 $ 4,076.6 ____________________________________________ (a) Includes sales of MicroEssentials ® , K-Mag, Aspire and animal feed ingredients. (b) Includes sales of industrial potash, nitrogen and other products. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
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, 2019 (the “ 10-K Report ”). Sales, expenses, cash flows, assets and liabilities can and do vary during the year as a |
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 |
Other Financial Statement Data
Other Financial Statement Data (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Other Financial Statement Data | The following provides add i tional information concerning selected balance sheet accounts: June 30, 2020 December 31, 2019 Other current assets Income and other taxes receivable $ 157.6 $ 179.5 Prepaid expenses 141.3 110.7 Other 39.8 28.6 $ 338.7 $ 318.8 Other assets Restricted cash $ 9.8 $ 5.4 MRO inventory 130.0 126.8 Marketable securities held in trust 725.1 691.7 Operating lease right-of-use assets 192.2 192.1 Indemnification asset 21.3 40.6 Long-term receivable 52.7 81.6 Other 194.7 316.2 $ 1,325.8 $ 1,454.4 Accrued liabilities Accrued dividends $ 0.7 $ 20.0 Payroll and employee benefits 146.7 173.8 Asset retirement obligations 155.9 154.4 Customer prepayments (a) 456.2 266.9 Accrued income tax 6.6 33.9 Operating lease obligation 67.3 67.1 Other 388.1 365.8 $ 1,221.5 $ 1,081.9 Other noncurrent liabilities Asset retirement obligations $ 1,140.5 $ 1,160.8 Operating lease obligation 126.6 127.0 Accrued pension and postretirement benefits 138.3 173.6 Unrecognized tax benefits 42.1 42.1 Other 213.9 269.5 $ 1,661.4 $ 1,773.0 ______________________________ (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) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net earnings (loss) attributable to Mosaic $ 47.4 $ (233.1) $ (155.6) $ (102.3) Basic weighted average number of shares outstanding 379.1 385.8 378.9 385.7 Dilutive impact of share-based awards 2.2 — — — Diluted weighted average number of shares outstanding 381.3 385.8 378.9 385.7 Basic net earnings (loss) per share attributable to Mosaic $ 0.13 $ (0.60) $ (0.41) $ (0.27) Diluted net earnings (loss) per share attributable to Mosaic $ 0.12 $ (0.60) $ (0.41) $ (0.27) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consist of the following: June 30, 2020 December 31, 2019 Raw materials $ 71.2 $ 68.3 Work in process 585.3 618.4 Finished goods 1,157.2 1,219.3 Final price deferred (a) 29.5 47.9 Operating materials and supplies 110.8 122.5 $ 1,954.0 $ 2,076.4 ______________________________ |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill, by reporting unit, are as follows: Potash Mosaic Fertilizantes Corporate, Eliminations and Other Total Balance as of December 31, 2019 $ 1,039.8 $ 105.0 $ 12.1 $ 1,156.9 Foreign currency translation (40.7) (8.6) — (49.3) Balance as of June 30, 2020 $ 999.1 $ 96.4 $ 12.1 $ 1,107.6 |
Marketable Securities Held in_2
Marketable Securities Held in Trusts (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale investments | The estimated fair value of the investments in the RCRA Trusts as of June 30, 2020 and December 31, 2019 are as follows: June 30, 2020 Amortized Gross Gross Fair Level 1 Cash and cash equivalents $ 5.5 $ — $ — $ 5.5 Level 2 Corporate debt securities 194.8 12.6 (0.2) 207.2 Municipal bonds 194.2 6.9 (0.7) 200.4 U.S. government bonds 287.3 12.3 — 299.6 Total $ 681.8 $ 31.8 $ (0.9) $ 712.7 December 31, 2019 Amortized Gross Gross Fair Level 1 Cash and cash equivalents $ 3.4 $ — $ — $ 3.4 Level 2 Corporate debt securities 194.2 5.8 (0.1) 199.9 Municipal bonds 188.3 4.4 (0.4) 192.3 U.S. government bonds 280.6 3.2 (2.5) 281.3 Total $ 666.5 $ 13.4 $ (3.0) $ 676.9 |
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 June 30, 2020 and December 31, 2019 : June 30, 2020 December 31, 2019 (in millions) Fair Gross Fair Gross Securities that have been in a continuous loss position for less than 12 months: Corporate debt securities $ 8.3 $ (0.2) $ 17.9 $ — Municipal bonds 27.6 (0.5) 11.7 (0.1) U.S. government bonds — — 195.4 (2.5) 35.9 (0.7) 225.0 (2.6) Securities that have been in a continuous loss position for more than 12 months: Corporate debt securities $ — $ — $ 20.7 $ (0.1) Municipal bonds — — 14.7 (0.3) U.S. government bonds 5.2 (0.2) — — 5.2 (0.2) 35.4 (0.4) |
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 June 30, 2020. 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. June 30, 2020 Due in one year or less $ 26.9 Due after one year through five years 239.7 Due after five years through ten years 401.9 Due after ten years 38.7 Total debt securities $ 707.2 |
Schedule of Change in Asset Ret
Schedule of Change in Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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) June 30, 2020 December 31, 2019 AROs, beginning of period $ 1,315.2 $ 1,160.1 Liabilities incurred 6.4 15.8 Liabilities settled (52.6) (112.8) Accretion expense 34.0 62.4 Revisions in estimated cash flows 51.3 191.0 Foreign currency translation (57.9) (1.3) AROs, end of period 1,296.4 1,315.2 Less current portion (155.9) (154.4) Non-current portion of AROs $ 1,140.5 $ 1,160.8 |
Accounting for Derivative Ins_2
Accounting for Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivative Instruments Notional Amounts | As of June 30, 2020 and December 31, 2019, the following is the total absolute notional volume associated with our outstanding derivative instruments: (in millions of Units) June 30, 2020 December 31, 2019 Derivative Instrument Derivative Category Unit of Measure Foreign currency derivatives Foreign currency US Dollars 2,538.8 1,923.3 Interest rate derivatives Interest rate US Dollars — 585.0 Natural gas derivatives Commodity MMbtu 33.1 44.1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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: June 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 1,073.3 $ 1,073.3 $ 519.1 $ 519.1 Accounts receivable 689.6 689.6 803.9 803.9 Accounts payable 811.9 811.9 680.4 680.4 Structured accounts payable arrangements 410.3 410.3 740.6 740.6 Short-term debt 610.0 610.0 41.6 41.6 Long-term debt, including current portion 4,587.1 4,803.4 4,572.7 4,920.9 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 Transactions with non-consolidated companies included in net sales $ 222.5 $ 289.3 $ 371.1 $ 551.8 Transactions with non-consolidated companies included in cost of goods sold 218.4 299.8 395.5 550.8 |
Business Segments (Tables)
Business Segments (Tables) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Net Sales | $ 2,044.7 | $ 2,176.9 | $ 3,842.8 | $ 4,076.6 | |
Gross margin | 257 | 227.2 | 298.4 | 536.7 | |
Canadian resource taxes | 52.1 | 56.4 | 83.8 | 103.3 | |
Gross margin (excluding canadian resource taxes) | 309.1 | 283.6 | 382.2 | 640 | |
Impairment, restructuring and other expenses | 0 | 369.4 | 0 | 369.4 | |
Operating earnings (loss) | 85.8 | (241.9) | 19.6 | (39.8) | |
Capital expenditures | 257.2 | 294.9 | 520.7 | 608.8 | |
Depreciation, depletion and amortization expense | 215.4 | 220.7 | 433.2 | 438.8 | |
Assets | 19,020.6 | $ 19,020.6 | $ 19,298.5 | ||
Schedule of Segment Reporting Information | Segment information for the three and six months ended June 30, 2020 and 2019 was as follows: Phosphates Potash Mosaic Fertilizantes Corporate, Eliminations and Other (a) Total Three months ended June 30, 2020 Net sales to external customers $ 550.1 $ 544.8 $ 787.0 $ 162.8 $ 2,044.7 Intersegment net sales 212.3 10.6 — (222.9) — Net sales 762.4 555.4 787.0 (60.1) 2,044.7 Gross margin 17.7 131.6 100.7 7.0 257.0 Canadian resource taxes — 52.1 — — 52.1 Gross margin (excluding Canadian resource taxes) 17.7 183.7 100.7 7.0 309.1 Operating earnings (loss) (59.4) 125.5 76.4 (56.7) 85.8 Capital expenditures 122.2 111.4 19.7 3.9 257.2 Depreciation, depletion and amortization expense 113.9 71.8 27.0 2.7 215.4 Three months ended June 30, 2019 Net sales to external customers $ 600.6 $ 591.9 $ 832.7 $ 151.7 $ 2,176.9 Intersegment net sales 316.8 7.2 — (324.0) — Net sales 917.4 599.1 832.7 (172.3) 2,176.9 Gross margin (11.8) 181.1 35.2 22.7 227.2 Canadian resource taxes — 56.4 — — 56.4 Gross margin (excluding Canadian resource taxes) (11.8) 237.5 35.2 22.7 283.6 Impairment, restructuring and other expenses 369.4 — — — 369.4 Operating earnings (loss) (393.1) 174.0 2.4 (25.2) (241.9) Capital expenditures 122.1 130.1 40.8 1.9 294.9 Depreciation, depletion and amortization expense 105.0 78.3 32.1 5.3 220.7 Six months ended June 30, 2020 Net sales to external customers $ 1,087.4 $ 983.4 $ 1,518.1 $ 253.9 $ 3,842.8 Intersegment net sales 294.4 13.6 — (308.0) — Net sales 1,381.8 997.0 1,518.1 (54.1) 3,842.8 Gross margin (65.2) 240.7 167.2 (44.3) 298.4 Canadian resource taxes — 83.8 — — 83.8 Gross margin (excluding Canadian resource taxes) (65.2) 324.5 167.2 (44.3) 382.2 Operating earnings (loss) (166.2) 219.7 105.4 (139.3) 19.6 Capital expenditures 260.1 209.7 45.0 5.9 520.7 Depreciation, depletion and amortization expense 228.3 141.9 55.2 7.8 433.2 Six months ended June 30, 2019 Net sales to external customers $ 1,198.7 $ 1,089.2 $ 1,530.7 $ 258.0 $ 4,076.6 Intersegment net sales 524.7 13.4 — (538.1) — Net sales 1,723.4 1,102.6 1,530.7 (280.1) 4,076.6 Gross margin 43.0 366.5 87.6 39.6 536.7 Canadian resource taxes — 103.3 — — 103.3 Gross margin (excluding Canadian resource taxes) 43.0 469.8 87.6 39.6 640.0 Impairment, restructuring and other expenses 369.4 — — — 369.4 Operating earnings (loss) (349.6) 349.8 29.7 (69.7) (39.8) Capital expenditures 242.5 270.5 92.6 3.2 608.8 Depreciation, depletion and amortization expense 208.5 156.6 63.6 10.1 438.8 Total Assets As of June 30, 2020 $ 7,635.5 $ 6,959.2 $ 3,494.1 $ 931.8 $ 19,020.6 As of December 31, 2019 7,183.5 7,219.2 3,974.9 920.9 19,298.5 ______________________________ (a) The “Corporate, Eliminations and Other” category includes the results of our ancillary distribution operations in India and China. For the three and six months ended June 30, 2020, distribution operations in India and China had revenue of $161.5 million and $238.3 million, respectively, and gross margin of $20.0 million and $22.0 million, respectively. For the three and six months ended June 30, 2019, distribution operations in India and China had revenue of $133.3 million and $226.5 million, respectively, and gross margin of $10.2 million and $19.2 million, respectively. | ||||
Revenue from External Customers by Geographic Areas [Table Text Block] | Financial information relating to our operations by geographic area is as follows: Three Months Ended Six Months Ended (in millions) 2020 2019 2020 2019 Net sales (a) : Brazil $ 757.0 $ 805.7 $ 1,469.7 $ 1,483.7 Canpotex (b) 215.8 281.7 362.2 539.3 Canada 137.4 142.2 254.7 278.3 India 100.8 72.3 138.0 100.1 China 74.5 58.8 113.9 123.9 Argentina 55.1 46.6 83.1 72.4 Japan 32.6 8.9 44.5 9.0 Paraguay 26.4 26.1 42.7 47.5 Colombia 25.8 22.1 40.0 38.6 Mexico 22.8 35.8 47.7 80.2 Honduras 10.5 3.6 17.5 8.0 Thailand 4.7 8.1 9.1 13.2 Australia 0.3 0.1 41.3 56.1 Peru — 26.1 6.0 46.2 Other 19.7 23.4 49.8 54.8 Total international countries 1,483.4 1,561.5 2,720.2 2,951.3 United States 561.3 615.4 1,122.6 1,125.3 Consolidated $ 2,044.7 $ 2,176.9 $ 3,842.8 $ 4,076.6 ______________________________ (a) Revenues are attributed to countries based on location of customer. (b) Canpotex is the export association of certain Saskatchewan potash producers. | ||||
Sales by Product Type | Net sales by product type are as follows: Three Months Ended Six Months Ended (in millions) 2020 2019 2020 2019 Sales by product type: Phosphate Crop Nutrients $ 559.6 $ 643.3 $ 1,106.8 $ 1,167.9 Potash Crop Nutrients 658.0 711.9 1,129.0 1,284.0 Crop Nutrient Blends 252.0 287.4 539.3 580.8 Specialty Products (a) 436.2 417.4 752.1 736.9 Phosphate Rock 7.5 12.4 14.0 19.4 Other (b) 131.4 104.5 301.6 287.6 $ 2,044.7 $ 2,176.9 $ 3,842.8 $ 4,076.6 ____________________________________________ (a) Includes sales of MicroEssentials ® , K-Mag, Aspire and animal feed ingredients. (b) Includes sales of industrial potash, nitrogen and other products. | ||||
Phosphates segment | |||||
Segment Reporting Information [Line Items] | |||||
Gross margin | 17.7 | (11.8) | $ (65.2) | 43 | |
Canadian resource taxes | 0 | 0 | 0 | 0 | |
Gross margin (excluding canadian resource taxes) | 17.7 | (11.8) | (65.2) | 43 | |
Impairment, restructuring and other expenses | 369.4 | 369.4 | |||
Operating earnings (loss) | (59.4) | (393.1) | (166.2) | (349.6) | |
Capital expenditures | 122.2 | 122.1 | 260.1 | 242.5 | |
Depreciation, depletion and amortization expense | 113.9 | 105 | 228.3 | 208.5 | |
Assets | 7,635.5 | 7,635.5 | 7,183.5 | ||
Potash segment | |||||
Segment Reporting Information [Line Items] | |||||
Gross margin | 131.6 | 181.1 | 240.7 | 366.5 | |
Canadian resource taxes | 52.1 | 56.4 | 83.8 | 103.3 | |
Gross margin (excluding canadian resource taxes) | 183.7 | 237.5 | 324.5 | 469.8 | |
Impairment, restructuring and other expenses | 0 | 0 | |||
Operating earnings (loss) | 125.5 | 174 | 219.7 | 349.8 | |
Capital expenditures | 111.4 | 130.1 | 209.7 | 270.5 | |
Depreciation, depletion and amortization expense | 71.8 | 78.3 | 141.9 | 156.6 | |
Assets | 6,959.2 | 6,959.2 | 7,219.2 | ||
Mosaic Fertilizantes segment | |||||
Segment Reporting Information [Line Items] | |||||
Gross margin | 100.7 | 35.2 | 167.2 | 87.6 | |
Canadian resource taxes | 0 | 0 | 0 | 0 | |
Gross margin (excluding canadian resource taxes) | 100.7 | 35.2 | 167.2 | 87.6 | |
Impairment, restructuring and other expenses | 0 | 0 | |||
Operating earnings (loss) | 76.4 | 2.4 | 105.4 | 29.7 | |
Capital expenditures | 19.7 | 40.8 | 45 | 92.6 | |
Depreciation, depletion and amortization expense | 27 | 32.1 | 55.2 | 63.6 | |
Assets | 3,494.1 | 3,494.1 | 3,974.9 | ||
Corporate, other and intersegment eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Gross margin | 7 | 22.7 | (44.3) | 39.6 | |
Canadian resource taxes | 0 | 0 | 0 | 0 | |
Gross margin (excluding canadian resource taxes) | 7 | 22.7 | (44.3) | 39.6 | |
Impairment, restructuring and other expenses | 0 | 0 | |||
Operating earnings (loss) | (56.7) | (25.2) | (139.3) | (69.7) | |
Capital expenditures | 3.9 | 1.9 | 5.9 | 3.2 | |
Depreciation, depletion and amortization expense | 2.7 | 5.3 | 7.8 | 10.1 | |
Assets | 931.8 | 931.8 | $ 920.9 | ||
Product | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 2,044.7 | 2,176.9 | 3,842.8 | 4,076.6 | |
Intersegment Sales | 0 | 0 | 0 | 0 | |
Revenues | 2,044.7 | 2,176.9 | 3,842.8 | 4,076.6 | |
Product | Phosphates segment | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 550.1 | 600.6 | 1,087.4 | 1,198.7 | |
Intersegment Sales | 212.3 | 316.8 | 294.4 | 524.7 | |
Revenues | 762.4 | 917.4 | 1,381.8 | 1,723.4 | |
Product | Potash segment | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 544.8 | 591.9 | 983.4 | 1,089.2 | |
Intersegment Sales | 10.6 | 7.2 | 13.6 | 13.4 | |
Revenues | 555.4 | 599.1 | 997 | 1,102.6 | |
Product | Mosaic Fertilizantes segment | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 787 | 832.7 | 1,518.1 | 1,530.7 | |
Intersegment Sales | 0 | 0 | 0 | 0 | |
Revenues | 787 | 832.7 | 1,518.1 | 1,530.7 | |
Product | Corporate, other and intersegment eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 162.8 | 151.7 | 253.9 | 258 | |
Intersegment Sales | (222.9) | (324) | (308) | (538.1) | |
Revenues | (60.1) | (172.3) | (54.1) | (280.1) | |
Product | Corporate, other and intersegment eliminations | China and India distribution operations | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 161.5 | 133.3 | 238.3 | 226.5 | |
Gross margin | $ 20 | $ 10.2 | $ 22 | $ 19.2 |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) | 6 Months Ended | |
Jun. 30, 2020 | 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% |
Other Financial Statement Dat_2
Other Financial Statement Data (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Other current assets | |||
Income and other taxes receivable | $ 157.6 | $ 179.5 | |
Prepaid expenses | 141.3 | 110.7 | |
Other | 39.8 | 28.6 | |
Total other current assets | 338.7 | 318.8 | |
Other assets | |||
Restricted cash | 9.8 | 5.4 | $ 7.1 |
MRO inventory | 130 | 126.8 | |
Marketable securities held in trust | 725.1 | 691.7 | |
Operating Lease, Right-of-Use Asset | 192.2 | 192.1 | |
Indemnification asset | 21.3 | 40.6 | |
Nontrade Receivables, Noncurrent | 52.7 | 81.6 | |
Other | 194.7 | 316.2 | |
Total other assets | 1,325.8 | 1,454.4 | |
Accrued liabilities | |||
Dividends Payable | 0.7 | 20 | |
Payroll and employee benefits | 146.7 | 173.8 | |
Asset retirement obligations | 155.9 | 154.4 | |
Customer Funds | 456.2 | 266.9 | |
Contractual Obligation For Equity Method Investment | 6.6 | 33.9 | |
Operating Lease, Liability, Current | 67.3 | 67.1 | |
Other | 388.1 | 365.8 | |
Accrued liabilities | 1,221.5 | 1,081.9 | |
Other noncurrent liabilities | |||
Asset retirement obligations | 1,140.5 | 1,160.8 | |
Operating Lease, Liability, Noncurrent | 126.6 | 127 | |
Accrued pension and postretirement benefits | 138.3 | 173.6 | |
Unrecognized tax benefits | 42.1 | 42.1 | |
Other | 213.9 | 269.5 | |
Total other noncurrent liabilities | $ 1,661.4 | $ 1,773 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net earnings (loss) attributable to Mosaic | $ 47.4 | $ (233.1) | $ (155.6) | $ (102.3) |
Basic weighted average number of shares outstanding | 379.1 | 385.8 | 378.9 | 385.7 |
Dilutive impact of share-based awards | 2.2 | 0 | 0 | 0 |
Diluted weighted average number of shares outstanding | 381.3 | 385.8 | 378.9 | 385.7 |
Basic net earnings (loss) per share attributable to Mosaic | $ 0.13 | $ (0.60) | $ (0.41) | $ (0.27) |
Diluted net earnings (loss) per share attributable to Mosaic | $ 0.12 | $ (0.60) | $ (0.41) | $ (0.27) |
Shares subject to issuance upon exercise of stock options excluded from the calculation of diluted earnings per share | 3.4 | 2.9 | 3 | 2.4 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 71.2 | $ 68.3 |
Work in process | 585.3 | 618.4 |
Finished goods | 1,157.2 | 1,219.3 |
Other Inventory, Inventory at off Site Premises, Gross | 29.5 | 47.9 |
Operating materials and supplies | 110.8 | 122.5 |
Total Inventory | $ 1,954 | $ 2,076.4 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | ||
Goodwill, Gross | $ 1,200 | |
Goodwill, net of accumulated amortization | $ 1,156.9 | |
Foreign currency translation | (49.3) | |
Goodwill, net of accumulated amortization | 1,107.6 | |
Potash segment | ||
Goodwill [Line Items] | ||
Goodwill, net of accumulated amortization | 1,039.8 | |
Foreign currency translation | (40.7) | |
Goodwill, net of accumulated amortization | $ 999.1 | |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 1.60% | |
Mosaic Fertilizantes segment | ||
Goodwill [Line Items] | ||
Goodwill, net of accumulated amortization | $ 105 | |
Foreign currency translation | (8.6) | |
Goodwill, net of accumulated amortization | 96.4 | |
Corporate, other and intersegment eliminations | ||
Goodwill [Line Items] | ||
Goodwill, net of accumulated amortization | 12.1 | |
Foreign currency translation | 0 | |
Goodwill, net of accumulated amortization | $ 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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Gross Realized Gains | $ 5.7 | $ 9.4 | $ 3.1 | |
Gross realized losses | 0.7 | $ 0.4 | 0.9 | $ 1.2 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity | ||||
Available-for-sale debt maturities due within one year, fair value | 26.9 | 26.9 | ||
Available-for-sale debt maturities, after 1 but within 5 years, fair value | 239.7 | 239.7 | ||
Available-for-sale debt maturities, after 5 but within 10 years, fair value | 401.9 | 401.9 | ||
Available-for-sale debt maturities, after 10 years, fair value | 38.7 | 38.7 | ||
Debt Securities, Available-for-sale | $ 707.2 | $ 707.2 |
Marketable Securities Held in_4
Marketable Securities Held in Trusts (Details) $ in Millions | 6 Months Ended | ||
Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Aug. 31, 2016USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Amount deposited by Mosaic into the RCRA Trusts | $ 630 | ||
Number Of Decades Remaining For Trust | 3 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | ||
Available-for-sale Securities, Fair Value to Amortized Cost Basis | |||
Amortized cost | 681.8 | $ 666.5 | |
Gross unrealized gains | 31.8 | 13.4 | |
Gross unrealized losses | (0.9) | (3) | |
Estimated fair value | 712.7 | 676.9 | |
Cash and Cash Equivalents | Level 1 | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis | |||
Amortized cost | 5.5 | 3.4 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 5.5 | 3.4 | |
Corporate debt securities | Level 2 | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis | |||
Amortized cost | 194.8 | 194.2 | |
Gross unrealized gains | 12.6 | 5.8 | |
Gross unrealized losses | (0.2) | (0.1) | |
Estimated fair value | 207.2 | 199.9 | |
Municipal bonds | Level 2 | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis | |||
Amortized cost | 194.2 | 188.3 | |
Gross unrealized gains | 6.9 | 4.4 | |
Gross unrealized losses | (0.7) | (0.4) | |
Estimated fair value | 200.4 | 192.3 | |
U.S. government bonds | Level 2 | |||
Available-for-sale Securities, Fair Value to Amortized Cost Basis | |||
Amortized cost | 287.3 | 280.6 | |
Gross unrealized gains | 12.3 | 3.2 | |
Gross unrealized losses | 0 | (2.5) | |
Estimated fair value | $ 299.6 | $ 281.3 |
Marketable Securities Held in_5
Marketable Securities Held in Trusts - Continuous Loss Position (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | ||
Available-for-sale securities, less than twelve months, fair value | $ 35.9 | $ 225 |
Available-for-sale securities, less than twelve months, gross unrealized losses | (0.7) | (2.6) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5.2 | 35.4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (0.2) | (0.4) |
Corporate debt securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | ||
Available-for-sale securities, less than twelve months, fair value | 8.3 | 17.9 |
Available-for-sale securities, less than twelve months, gross unrealized losses | (0.2) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 20.7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (0.1) |
Municipal bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | ||
Available-for-sale securities, less than twelve months, fair value | 27.6 | 11.7 |
Available-for-sale securities, less than twelve months, gross unrealized losses | (0.5) | (0.1) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 14.7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (0.3) |
U.S. government bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | ||
Available-for-sale securities, less than twelve months, fair value | 0 | 195.4 |
Available-for-sale securities, less than twelve months, gross unrealized losses | 0 | (2.5) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5.2 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (0.2) | $ 0 |
Short-term Debt (Details)
Short-term Debt (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2020 | Jan. 07, 2020 | Dec. 31, 2019 | |
Short-term Debt [Line Items] | |||
Structured accounts payable arrangements | $ 410.3 | $ 740.6 | |
Revolving Credit Facility [Member] | |||
Short-term Debt [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 2,200 | ||
Structured Accounts Payable [Member] | |||
Short-term Debt [Line Items] | |||
Structured accounts payable arrangements | $ 740.6 | ||
Inventory Financing Arrangements [Member] | |||
Short-term Debt [Line Items] | |||
Inventory Financing Arrangement, Maximum Amount | $ 400 | ||
Proceeds From Inventory Financing Arrangements | $ 250 | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 1.91% | ||
Inventory Financing Arrangements [Member] | Maximum | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Term | 180 days | ||
Receivable Purchasing Agreement [Domain] | |||
Short-term Debt [Line Items] | |||
Structured accounts payable arrangements | $ 99.9 | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 1.27% | ||
Short-term Debt, Maximum Amount Outstanding During Period | $ 150 | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | |||
Short-term Debt [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000 | ||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 2,200 | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.40% | ||
Letter of Credit [Member] | Revolving Credit Facility [Member] | |||
Short-term Debt [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 13.1 |
Asset Retirement Obligation (De
Asset Retirement Obligation (Details) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
ARO Loss Contingencies [Line Items] | ||||
Asset Retirement Obligation, Liabilities Incurred | $ 6.4 | $ 15.8 | ||
Number Of Consent Decrees | 2 | |||
Asset Retirement Obligation | $ 1,296.4 | 1,315.2 | $ 1,160.1 | |
Surety Bonds Outstanding Delivered To EPA | 244.9 | |||
Asset retirement obligations | $ 1,140.5 | 1,160.8 | ||
Number Of Decades Remaining For Trust | 3 | |||
Asset Retirement Obligation, Liabilities Settled | $ (52.6) | (112.8) | ||
Accretion expense for asset retirement obligations | 34 | $ 28.7 | 62.4 | |
Asset Retirement Obligation, Revision of Estimate | 51.3 | 191 | ||
Asset Retirement Obligation, Foreign Currency Translation Gain (Loss) | (57.9) | (1.3) | ||
Asset retirement obligations | (155.9) | (154.4) | ||
Unfavorable Regulatory Action | 2015 Consent Decrees With EPA | ||||
ARO Loss Contingencies [Line Items] | ||||
Asset retirement obligations, undiscounted | 1,600 | |||
Asset Retirement Obligation | 50 | 429.3 | ||
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 | $ 205.4 | $ 211.2 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Interest And Penalties [Abstract] | ||||
Change in unrecognized tax benefit | $ 5.2 | |||
Unrecognized tax benefits | $ 34.3 | 34.3 | ||
Unrecognized tax benefits that would impact effective tax rate | 18.1 | 18.1 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | 7.8 | 7.8 | $ 7.4 | |
Income Tax (Expense) Benefit, Continuing Operations [Abstract] | ||||
Effective income tax rate reconciliation, other expense (benefit) reconciling items, amount | 2.5 | 5.7 | $ 30.8 | |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | 3 | 25.1 | ||
Refund of Future Alternative Minimum Tax Credits | $ 5.5 | |||
Other Tax Expense (Benefit) | $ 18.8 |
Derivatives - Gross Assets and
Derivatives - Gross Assets and Liabilities Position (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Derivative [Line Items] | ||
Gross asset position | $ 32.7 | $ 29.9 |
Gross liability position | 93.1 | 29.1 |
Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,538.8 | $ 1,923.3 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Number of Interest Rate Derivatives Held | 0 | 9 |
Derivative, Notional Amount | $ 0 | $ 585 |
Proceeds from termination of interest rate swap agreement [Line Items] | $ 35 | |
Commodity Contract (MMbtu) | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 33.1 | 44.1 |
Credit Risk Related Contingent
Credit Risk Related Contingent Features (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
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 | $ 52 | $ 11.6 |
Required collateral assets to be posted if the credit-risk contingent features of these underlying agreements were triggered | $ 46.1 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Gross asset position | $ 32.7 | $ 29.9 |
Gross liability position | $ 93.1 | 29.1 |
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 | $ 26.6 | 15.6 |
Gross liability position | 90.6 | 22.9 |
Fair Value, Recurring [Member] | Commodity Contract | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Gross asset position | 6.1 | 2.9 |
Gross liability position | 2.5 | 6.2 |
Fair Value, Recurring [Member] | Interest Rate Swap | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Gross asset position | 0 | $ 11.4 |
Gross liability position | $ 0 |
Fair Value Financial Instrument
Fair Value Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 1,073.3 | $ 519.1 |
Receivables, net | 689.6 | 803.9 |
Accounts payable | 811.9 | 680.4 |
Structured accounts payable arrangements | 410.3 | 740.6 |
Short-term debt | 610 | 41.6 |
Long-term debt, including current portion | 4,587.1 | 4,572.7 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,073.3 | 519.1 |
Receivables, net | 689.6 | 803.9 |
Accounts payable | 811.9 | 680.4 |
Structured accounts payable arrangements | 410.3 | 740.6 |
Short-term debt | 610 | 41.6 |
Long-term debt, including current portion | $ 4,803.4 | $ 4,920.9 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||||
Indemnification asset | $ 21.3 | $ 21.3 | $ 40.6 | ||
Transactions with non-consolidated companies included in net sales | 222.5 | $ 289.3 | 371.1 | $ 551.8 | |
Transactions with non-consolidated companies included in cost of sales | 218.4 | 299.8 | 395.5 | 550.8 | |
Investee | |||||
Related Party Transaction [Line Items] | |||||
Net amount due to our non-consolidated companies | 175.1 | 175.1 | |||
Net amount due from our non-consolidated companies | 23.2 | ||||
Indemnification asset | $ 21.3 | $ 21.3 | |||
Beneficial Owner | |||||
Related Party Transaction [Line Items] | |||||
Mosaic's ownership percentage | 50.00% | 50.00% | |||
Bridge loans to affiliate | $ 74.7 | $ 74.7 | 74.7 | ||
Allowance against bridge loans to affiliates | 54.2 | 54.2 | $ 54.2 | ||
Equity Method Investee | |||||
Related Party Transaction [Line Items] | |||||
Transactions with non-consolidated companies included in net sales | $ 1.5 | $ 3.9 | $ 1.9 | $ 4.6 | |
Percent of joint venture production Mosaic expects to market | 25.00% |
Contingencies (Details)
Contingencies (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2014USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Aug. 31, 2016 | Dec. 31, 2013USD ($) | |
Applicability, Impact and Conclusion of Environmental Loss Contingencies [Abstract] | |||||
Environmental contingency accrual | $ 28.6 | $ 39.3 | |||
New Wales water loss incident | |||||
Loss Contingencies [Line Items] | |||||
Number Of Cells With Sinkholes | 1 | ||||
Number Of Cells In The Active Stack | 2 | ||||
Brazilian subsidiary judicial and administrative proceedings | |||||
Loss Contingencies [Line Items] | |||||
Maximum potential liabilitiy | 59.6 | ||||
Brazilian subsidiary labor claims | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual | 52.5 | ||||
Brazilian subsidiary Potash Mine occupational hazard | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual | 2.1 | ||||
Brazilian subsidiary environmental claims | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual | 3.9 | ||||
Brazilian subsidiary other civil contingent liabilities and other claims | |||||
Loss Contingencies [Line Items] | |||||
Maximum potential liabilitiy | 3.9 | ||||
Uberaba gypstacks settled litigation | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Damages Awarded, Value | $ 0.3 | ||||
Uberaba EHS Class Action pending litigation | |||||
Loss Contingencies [Line Items] | |||||
Maximum potential liabilitiy | $ 27 | ||||
Tapira Overtime Pay Matter | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual | 3.5 | ||||
Sergipe Overime Pay Matter | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual | 3.8 | ||||
Maximum | Brazilian subsidiary judicial and administrative proceedings | |||||
Loss Contingencies [Line Items] | |||||
Maximum potential liabilitiy | 835 | ||||
Maximum | Brazilian Non Income Tax Proceedings | |||||
Loss Contingencies [Line Items] | |||||
Maximum potential liabilitiy | 333.4 | ||||
Maximum | Brazilian Non Income Tax Proceedings | Indemnification Agreement Vale S.A. | |||||
Loss Contingencies [Line Items] | |||||
Maximum potential liabilitiy | 156.8 | ||||
Maximum | Brazilian Non Income Tax Proceedings | PIS And Cofins Cases | |||||
Loss Contingencies [Line Items] | |||||
Maximum potential liabilitiy | 227 | ||||
Maximum | Brazilian subsidiary labor claims | |||||
Loss Contingencies [Line Items] | |||||
Maximum potential liabilitiy | 582.9 | ||||
Maximum | Brazilian subsidiary environmental claims | |||||
Loss Contingencies [Line Items] | |||||
Maximum potential liabilitiy | 110 | ||||
Maximum | Brazilian subsidiary other civil contingent liabilities and other claims | |||||
Loss Contingencies [Line Items] | |||||
Maximum potential liabilitiy | 138.7 | ||||
Maximum | Brazilian subsidiary indemnification of mining rights exploration costs | |||||
Loss Contingencies [Line Items] | |||||
Maximum potential liabilitiy | 3.4 | ||||
Minimum | New Wales water loss incident | |||||
Loss Contingencies [Line Items] | |||||
Financial assurance to support off-site monitoring and sinkhole remediation costs | $ 40 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 2,044.7 | $ 2,176.9 | $ 3,842.8 | $ 4,076.6 |
Product | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 2,044.7 | 2,176.9 | 3,842.8 | 4,076.6 |
Product | Canada | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 137.4 | $ 142.2 | $ 254.7 | $ 278.3 |
Disaggregation of Revenue (Deta
Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 2,044.7 | $ 2,176.9 | $ 3,842.8 | $ 4,076.6 |
Potash Crop Nutrients | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 658 | 711.9 | 1,129 | 1,284 |
Phosphate Crop Nutrients | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 559.6 | 643.3 | 1,106.8 | 1,167.9 |
Crop Nutrient Blends | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 252 | 287.4 | 539.3 | 580.8 |
Specialty Products | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 436.2 | 417.4 | 752.1 | 736.9 |
Phosphate Rock | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 7.5 | 12.4 | 14 | 19.4 |
Other Product Types | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 131.4 | 104.5 | 301.6 | 287.6 |
Product | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 2,044.7 | 2,176.9 | 3,842.8 | 4,076.6 |
Brazil | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 757 | 805.7 | 1,469.7 | 1,483.7 |
Canpotex [Member] | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 215.8 | 281.7 | 362.2 | 539.3 |
Canada | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 137.4 | 142.2 | 254.7 | 278.3 |
India | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 100.8 | 72.3 | 138 | 100.1 |
China | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 74.5 | 58.8 | 113.9 | 123.9 |
Australia | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 0.3 | 0.1 | 41.3 | 56.1 |
Mexico | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 22.8 | 35.8 | 47.7 | 80.2 |
Colombia | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 25.8 | 22.1 | 40 | 38.6 |
Paraguay | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 26.4 | 26.1 | 42.7 | 47.5 |
Japan | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 32.6 | 8.9 | 44.5 | 9 |
Peru | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 0 | 26.1 | 6 | 46.2 |
Argentina | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 55.1 | 46.6 | 83.1 | 72.4 |
Honduras | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 10.5 | 3.6 | 17.5 | 8 |
Thailand | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 4.7 | 8.1 | 9.1 | 13.2 |
Other Foreign | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 19.7 | 23.4 | 49.8 | 54.8 |
Total Foreign | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | 1,483.4 | 1,561.5 | 2,720.2 | 2,951.3 |
United States | Product | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Sales | $ 561.3 | $ 615.4 | $ 1,122.6 | $ 1,125.3 |
Uncategorized Items - mos-20200
Label | Element | Value |
Effect of Change in Accounting Principle | mos_EffectofChangeinAccountingPrinciple | $ 600,000 |
Retained Earnings [Member] | ||
Effect of Change in Accounting Principle | mos_EffectofChangeinAccountingPrinciple | $ 600,000 |