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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________
FORM 10-Q
_______________________________________________________________________
☑    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR
 ☐     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-32327
_______________________________________________________________________
The Mosaic Company
(Exact name of registrant as specified in its charter)  
_______________________________________________________________________
 
Delaware20-1026454
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
101 East Kennedy Blvd
Suite 2500
Tampa, Florida 33602
(800) 918-8270
(Address and zip code of principal executive offices and registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
_______________________________________________________________________
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareMOSNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  x     No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):    Large accelerated filer  x    Accelerated filer  ¨    Non-accelerated filer  ¨    Smaller reporting company  ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐    No  x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: 318,637,582 shares of Common Stock as of August 2, 2024.



PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
THE MOSAIC COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(In millions, except per share amounts)
(Unaudited)
Three months endedSix months ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Net sales$2,816.6 $3,394.0 $5,496.0 $6,998.3 
Cost of goods sold2,422.6 2,822.9 4,702.8 5,756.8 
Gross margin394.0 571.1 793.2 1,241.5 
Selling, general and administrative expenses128.4 129.9 235.2 257.6 
Other operating expense32.3 72.0 151.8 70.1 
Operating earnings233.3 369.2 406.2 913.8 
Interest expense, net(46.4)(36.0)(94.4)(77.1)
Foreign currency transaction (loss) gain (267.9)148.5 (368.2)199.9 
Other income (expense)6.6 (7.1)7.2 (16.0)
(Loss) earnings from consolidated companies before income taxes(74.4)474.6 (49.2)1,020.6 
Provision for income taxes98.7 108.4 104.9 226.7 
(Loss) earnings from consolidated companies(173.1)366.2 (154.1)793.9 
Equity in net earnings of nonconsolidated companies22.2 12.9 59.7 44.2 
Net (loss) earnings including noncontrolling interests(150.9)379.1 (94.4)838.1 
Less: Net earnings attributable to noncontrolling interests10.6 10.1 21.9 34.3 
Net (loss) earnings attributable to Mosaic$(161.5)$369.0 $(116.3)$803.8 
Basic net (loss) earnings per share attributable to Mosaic$(0.50)$1.11 $(0.36)$2.41 
Basic weighted average number of shares outstanding321.2 332.2 321.7 333.8 
Diluted net (loss) earnings per share attributable to Mosaic$(0.50)$1.11 $(0.36)$2.39 
Diluted weighted average number of shares outstanding321.2 333.7 321.7 336.2 
See Notes to Condensed Consolidated Financial Statements
1


THE MOSAIC COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)
Three months endedSix months ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Net (loss) earnings including noncontrolling interest$(150.9)$379.1 $(94.4)$838.1 
Other comprehensive income (loss), net of tax
Foreign currency translation (loss) gain(136.5)146.0 (266.2)175.4 
Net actuarial gain and prior service cost0.6 0.3 1.4 0.7 
Realized gain on interest rate swap— 0.4 — 0.9 
Net (loss) gain on marketable securities held in trust fund(2.6)(10.6)(12.9)6.0 
Other comprehensive (loss) income(138.5)136.1 (277.7)183.0 
Comprehensive (loss) income(289.4)515.2 (372.1)1,021.1 
Less: Comprehensive income attributable to noncontrolling interest8.2 11.4 18.7 36.3 
Comprehensive (loss) income attributable to Mosaic$(297.6)$503.8 $(390.8)$984.8 

See Notes to Condensed Consolidated Financial Statements
2



THE MOSAIC COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts)
(Unaudited)
June 30, 2024December 31, 2023
Assets
Current assets:
Cash and cash equivalents$322.0 $348.8 
Receivables, net, including affiliate receivables of $120.2 and $240.1, respectively
1,285.5 1,269.2 
Inventories2,554.0 2,523.2 
Other current assets597.6 603.8 
Total current assets4,759.1 4,745.0 
Property, plant and equipment, net of accumulated depreciation of $10,203.5 and $9,914.1, respectively
13,269.7 13,585.4 
Investments in nonconsolidated companies954.2 909.0 
Goodwill1,105.9 1,138.6 
Deferred income taxes917.5 1,079.2 
Other assets1,560.1 1,575.6 
Total assets$22,566.5 $23,032.8 
Liabilities and Equity
Current liabilities:
Short-term debt$881.5 $399.7 
Current maturities of long-term debt124.6 130.1 
Structured accounts payable arrangements265.8 399.9 
Accounts payable, including affiliate payables of $274.6 and $245.2, respectively
1,054.8 1,166.9 
Accrued liabilities1,792.2 1,777.1 
Total current liabilities4,118.9 3,873.7 
Long-term debt, less current maturities3,194.4 3,231.6 
Deferred income taxes1,031.4 1,065.5 
Other noncurrent liabilities2,391.7 2,429.2 
Equity:
Preferred Stock, $0.01 par value, 15000000 shares authorized, none issued and outstanding as of June 30, 2024 and December 31, 2023
— — 
Common Stock, $0.01 par value, 1,000,000,000 shares authorized, 394,647,138 shares issued and 319,640,550 shares outstanding as of June 30, 2024, 393,875,241 shares issued and 324,103,141 shares outstanding as of December 31, 2023
3.2 3.2 
Capital in excess of par value— — 
Retained earnings13,906.8 14,241.9 
Accumulated other comprehensive loss(2,229.4)(1,954.9)
Total Mosaic stockholders' equity11,680.6 12,290.2 
Noncontrolling interests149.5 142.6 
Total equity11,830.1 12,432.8 
Total liabilities and equity$22,566.5 $23,032.8 
See Notes to Condensed Consolidated Financial Statements
3


THE MOSAIC COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Six months ended
June 30, 2024June 30, 2023
Cash Flows from Operating Activities:
Net earnings (loss) including noncontrolling interests$(94.4)$838.1 
Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities:
Depreciation, depletion and amortization505.5 464.2 
Deferred and other income taxes39.8 3.7 
Equity in net (earnings) of nonconsolidated companies, net of dividends(44.7)(19.2)
Accretion expense for asset retirement obligations54.1 46.0 
Share-based compensation expense21.2 21.0 
Unrealized loss (gain) on derivatives61.3 (40.2)
Foreign currency adjustments349.5 (154.3)
Gain on sale of business— (56.5)
Other67.8 61.9 
Changes in assets and liabilities:
Receivables, net(78.2)536.3 
Inventories(169.8)471.0 
Other current and noncurrent assets(62.2)(275.8)
Accounts payable and accrued liabilities38.5 (731.7)
Other noncurrent liabilities78.6 57.2 
Net cash provided by operating activities767.0 1,221.7 
Cash Flows from Investing Activities:
Capital expenditures(716.9)(631.8)
Purchases of available-for-sale securities - restricted(731.1)(811.8)
Proceeds from sale of available-for-sale securities - restricted698.0 796.8 
Proceeds from sale of business— 158.4 
Acquisition of business— (41.0)
Other13.2 (3.5)
Net cash used in investing activities(736.8)(532.9)
Cash Flows from Financing Activities:
Payments of short-term debt(8,168.2)(5,295.6)
Proceeds from issuance of short-term debt8,149.4 5,299.5 
Payments of inventory financing arrangement(701.2)(601.4)
Proceeds from inventory financing arrangement1,203.3 601.4 
Payments of structured accounts payable arrangements(417.5)(771.9)
Proceeds from structured accounts payable arrangements275.8 595.4 
Collections of transferred receivables226.6 1,177.7 
Payments of transferred receivables (226.5)(1,087.5)
Payments of long-term debt(42.5)(29.1)
Repurchases of stock(160.4)(456.0)
Cash dividends paid(137.4)(220.1)
Dividends paid to non-controlling interest(11.8)(23.7)
Other(20.3)(4.3)
Net cash used in financing activities(30.7)(815.6)
Effect of exchange rate changes on cash(10.0)13.5 
Net change in cash, cash equivalents and restricted cash(10.5)(113.3)
Cash, cash equivalents and restricted cash - December 31360.8 754.1 
Cash, cash equivalents and restricted cash - June 30$350.3 $640.8 
See Notes to Condensed Consolidated Financial Statements
4


THE MOSAIC COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In millions)
(Unaudited)
Six months ended
June 30, 2024June 30, 2023
Reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets to the unaudited condensed consolidated statements of cash flows:
Cash and cash equivalents$322.0 $626.1 
Restricted cash in other current assets16.5 9.5 
Restricted cash in other assets11.8 5.2 
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statement of cash flows$350.3 $640.8 
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for:
Interest (net of amount capitalized of $19.4 and $15.0 for the six months ended June 30, 2024 and 2023, respectively)
$93.8 $88.2 
Income taxes (net of refunds)174.0 372.9 
See Notes to Condensed Consolidated Financial Statements
5


THE MOSAIC COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions, except per share amounts)
(Unaudited)
Mosaic Shareholders
SharesDollars
Common StockCommon StockCapital in Excess of Par ValueRetained EarningsAccumulated Other Comprehensive (Loss)Noncontrolling InterestsTotal Equity
Balance as of March 31, 2023332.1 $3.3 $— $13,996.5 $(2,106.0)$162.7 $12,056.5 
Total comprehensive income— — — 369.0 134.8 11.4 515.2 
Vesting of restricted stock units0.1 — (0.5)— — — (0.5)
Stock based compensation— — 8.6 — — — 8.6 
Dividends ($0.20 per share)
— — — (0.7)— — (0.7)
Equity to noncontrolling interests— — — — — (23.7)(23.7)
Balance as of June 30, 2023332.2 $3.3 $8.1 $14,364.8 $(1,971.2)$150.4 $12,555.4 
Balance as of December 31, 2022339.1 $3.4 $— $14,203.4 $(2,152.2)$139.6 $12,194.2 
Total comprehensive income— — — 803.8 181.0 36.3 1,021.1 
Vesting of restricted stock units1.8 — (0.5)(53.3)— — (53.8)
Stock based compensation— — 21.0 — — — 21.0 
Share repurchases, including tax of $3.5 million
(8.7)(0.1)(12.4)(439.0)— — (451.5)
Dividends (0.45 per share)
— — — (150.1)— — (150.1)
Equity to noncontrolling interests— — — — — (25.5)(25.5)
Balance as of June 30, 2023332.2 $3.3 $8.1 $14,364.8 $(1,971.2)$150.4 $12,555.4 
Balance as of March 31, 2024321.4 $3.2 $— $14,109.0 $(2,093.3)$144.9 $12,163.8 
Total comprehensive (loss) income — — — (161.5)(136.1)8.2 (289.4)
Vesting of restricted stock units— — — (0.1)— — (0.1)
Stock based compensation— — 11.9 — — — 11.9 
Share repurchases, including tax of $0.5 million
(1.8)— (11.9)(40.6)— — (52.5)
Dividends for noncontrolling interests— — — — — (3.6)(3.6)
Balance as of June 30, 2024319.6 $3.2 $— $13,906.8 $(2,229.4)$149.5 $11,830.1 
Balance as of December 31, 2023324.1 $3.2 $— $14,241.9 $(1,954.9)$142.6 $12,432.8 
Total comprehensive (loss) income— — — (116.3)(274.5)18.7 (372.1)
Vesting of restricted stock units0.7 — — (10.5)— — (10.5)
Stock based compensation— — 21.2 — — — 21.2 
Share repurchases, including tax of $1.4 million
(5.2)— (21.2)(140.6)— — (161.8)
Dividends (0.21 per share)
— — — (67.7)— — (67.7)
Dividends for noncontrolling interests— — — — — (11.8)(11.8)
Balance as of June 30, 2024319.6 $3.2 $— $13,906.8 $(2,229.4)$149.5 $11,830.1 
See Notes to Condensed Consolidated Financial Statements
6


THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Tables in millions, except per share amounts and as otherwise designated)
(Unaudited)
1. 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 non-controlling interest, including consolidated variable interest entities and investments accounted for by the equity method.
We are organized into the following business segments:
•Our Phosphate 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. The Phosphate segment includes our 75% interest in the Miski Mayo Phosphate Mine (“Miski Mayo”) in Peru. These results are consolidated in the Phosphate segment. The Phosphate segment also includes our 25% interest in the Ma’aden Wa’ad Al Shamal Phosphate Company (“MWSPC”), a joint venture to develop, own and operate integrated phosphate production facilities in the Kingdom of Saudi Arabia. We market approximately 25% of MWSPC phosphate production. We recognize our equity in the net earnings or losses relating to MWSPC on a one-quarter lag in our Condensed Consolidated Statements of Earnings.
•Our Potash business segment owns and operates potash mines and production facilities in Canada and the U.S. which produce potash-based crop nutrients, animal feed ingredients and industrial products. Potash sales include domestic and international sales. We are a member of Canpotex, Limited (“Canpotex”), an export association of Canadian potash producers through which we sell our Canadian potash outside the U.S. and Canada.
•Our Mosaic Fertilizantes business segment includes the assets in Brazil that we acquired in the 2018 acquisition (the “Acquisition”) of Vale Fertilizantes S.A. (now known as Mosaic Fertilizantes P&K S.A.), 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 port and throughput warehouse terminal facility in Brazil.
Intersegment eliminations, unrealized mark-to-market gains/losses on derivatives, debt expenses, and the results of the China and India distribution businesses are included within Corporate, Eliminations and Other.
2. 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, 2023 (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.
7

THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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”), and income tax-related accounts, including the valuation allowance against deferred income tax assets. Actual results could differ from these estimates.
3. Recently Issued Accounting Guidance
In September 2022, the Financial Accounting Standards Board (“FASB”) issued guidance which requires that a buyer in a supplier financing program make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated rollforward information. We adopted this standard as of January 1, 2023, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023 and which we will adopt with our 2024 10-K Report. We have historically presented supplier financing programs separately on the face of the balance sheet as structured accounts payable arrangements and disclosed key terms of such programs. As such, adoption of this standard did not impact our balance sheet presentation or footnote disclosures.
In November 2023, the FASB issued guidance to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023 (our fiscal 2024), and interim periods within fiscal years beginning after December 15, 2024 (our fiscal 2025), with early adoption permitted. The amendments would be applied retrospectively to all prior periods presented in the financial statements. We will adopt this in 2024 and expect adoption of this guidance will modify our disclosures, but we do not expect it to have a material effect on our consolidated financial statements.
In December 2023, the FASB issued guidance to provide more disaggregation of income tax disclosures on the reconciliations of the income tax rate and income taxes paid. We are required to adopt the guidance in the first quarter of fiscal 2025, although early adoption is permitted. We are currently evaluating the disclosure requirements related to the new standard.



8
THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
4. Other Financial Statement Data
The following provides additional information concerning selected balance sheet accounts:
June 30, 2024December 31, 2023
Other current assets
Income and other taxes receivable $325.7 $269.3 
Prepaid expenses 243.4 284.3 
Other 28.5 50.2 
$597.6 $603.8 
Other assets
Restricted cash$11.8 $3.4 
MRO inventory175.7 166.3 
Marketable securities held in trust703.1 708.6 
Operating lease right-of-use assets222.3 229.8 
Indemnification asset21.7 20.9 
Long-term receivable17.8 21.8 
Cloud computing cost177.2 138.9 
Other230.5 285.9 
$1,560.1 $1,575.6 
Accrued liabilities
Accrued dividends$2.7 $72.3 
Payroll and employee benefits 147.0 182.6 
Asset retirement obligations 374.5 377.4 
Customer prepayments(a)
493.3 261.8 
Accrued income and other taxes127.8 190.0 
Operating lease obligation62.2 65.3 
Other 584.7 627.7 
$1,792.2 $1,777.1 
Other noncurrent liabilities
Asset retirement obligations $1,792.2 $1,836.0 
Accrued pension and postretirement benefits108.7 168.1 
Operating lease obligation163.8 119.7 
Unrecognized tax benefits 28.3 30.5 
Other 298.7 274.9 
$2,391.7 $2,429.2 
______________________________
(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.



9
THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
5. 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,
2024202320242023
Net (loss) income attributable to Mosaic$(161.5)$369.0 $(116.3)$803.8 
Basic weighted average number of shares outstanding321.2 332.2 321.7 333.8 
Dilutive impact of share-based awards— 1.5 — 2.4 
Diluted weighted average number of shares outstanding321.2 333.7 321.7 336.2 
Basic net (loss) income per share attributable to Mosaic$(0.50)$1.11 $(0.36)$2.41 
Diluted net (loss) income per share attributable to Mosaic$(0.50)$1.11 $(0.36)$2.39 
A total of 0.8 million and 0.6 million shares of common stock subject to issuance related to share-based awards for the three and six months ended June 30, 2024, and 0.7 million and 0.4 million for the three and six months ended June 30, 2023 have been excluded from the calculation of diluted EPS because the effect would have been anti-dilutive.
6. Inventories
Inventories consist of the following:
June 30, 2024December 31, 2023
Raw materials$114.6 $135.8 
Work in process951.5 964.8 
Finished goods1,267.2 1,178.0 
Final price deferred(a)
59.3 61.5 
Operating materials and supplies161.4 183.1 
$2,554.0 $2,523.2 
______________________________
(a)Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon.
7. Goodwill
Mosaic had goodwill of $1.1 billion as of June 30, 2024 and December 31, 2023, respectively. We review goodwill for impairment annually in October and 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:



10
THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
PotashMosaic FertilizantesCorporate, Eliminations and OtherTotal
Balance as of December 31, 2023$1,026.9 $99.6 $12.1 $1,138.6 
Foreign currency translation(29.1)(3.6)— (32.7)
Balance as of June 30, 2024$997.8 $96.0 $12.1 $1,105.9 
We will perform our next annual goodwill impairment analysis for each of our reporting units as of October 31, 2024. Subsequent to our 2023 annual evaluation, on December 28, 2023, Brazil enacted a tax law change that eliminates the VAT preference starting in 2024. We are assessing the full impact of this change along with outlook for the business. The current estimated fair value of our Mosaic Fertilizantes reporting unit is not in significant excess of its carrying value. Because we currently believe that our long-term financial goals will be achieved, we concluded that the goodwill assigned to this reporting unit was not impaired, but could be at risk of future impairment.
8. 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 entire unamortized cost basis of the investment is not expected to be recovered. A credit loss would then be recognized in operations for the amount of the expected credit loss. As of June 30, 2024, we expect to recover our amortized cost on all available-for-sale securities and have not established an allowance for credit loss.
We review the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. We determine the fair market values of our available-for-sale securities and certain other assets based on the fair value hierarchy described below:
Level 1: Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.
Level 2: Values based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuation techniques for which all significant assumptions are observable in the market.
Level 3: Values generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.
The estimated fair value of the investments in the RCRA Trusts as of June 30, 2024 and December 31, 2023 are as follows:



11
THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
June 30, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Level 1
    Cash and cash equivalents $2.3 $— $— $2.3 
Level 2
    Corporate debt securities199.2 0.6 (8.3)191.5 
    Municipal bonds208.5 0.8 (4.4)204.9 
    U.S. government bonds285.4 0.1 (3.0)282.5 
Total$695.4 $1.5 $(15.7)$681.2 
December 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Level 1
    Cash and cash equivalents $1.0 $— $— $1.0 
Level 2
    Corporate debt securities204.6 1.9 (8.4)198.1 
    Municipal bonds206.9 1.9 (4.1)204.7 
    U.S. government bonds268.6 11.5 (0.3)279.8 
Total$681.1 $15.3 $(12.8)$683.6 



12
THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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 for which an allowance for credit losses has not been recorded as of June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
(in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Securities that have been in a continuous loss position for less than 12 months:
Corporate debt securities$34.3 $(0.3)$5.4 $(0.1)
Municipal bonds86.5 (1.1)42.3 (0.2)
U.S. government bonds265.2 (3.0)26.4 (0.3)
$386.0 $(4.4)$74.1 $(0.6)
Securities that have been in a continuous loss position for more than 12 months:
Corporate debt securities$99.4 $(8.0)$121.5 $(8.3)
Municipal bonds73.2 (3.3)84.1 (3.9)
$172.6 $(11.3)$205.6 $(12.2)
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, 2024. 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, 2024
Due in one year or less$19.7 
Due after one year through five years217.2 
Due after five years through ten years384.7 
Due after ten years57.3 
Total debt securities$678.9 
For the three and six months ended June 30, 2024, realized gains were $0.3 million and $10.9 million, respectively, and realized losses were $7.9 million and $14.7 million, respectively. For the three and six months ended June 30, 2023, realized gains were $4.0 million and $9.1 million, respectively, and realized losses were $1.8 million and $15.2 million, respectively.

9. Financing Arrangements
Inventory Financing Arrangement
We have an inventory financing arrangement whereby we can sell up to $625 million of certain 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, 2024 and December 31, 2023, we had financed inventory of $502.1 million and zero, respectively, under this arrangement, which is included in short-term debt on the Condensed Consolidated Balance Sheet.
Receivable Purchasing Arrangement
We finance certain accounts receivable through a Receivable Purchasing Agreement (“RPA”) with banks whereby, from time-to-time, we sell the receivables to bank counterparties. The net face value of the purchased receivables may not exceed $600



13
THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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. The receivables sold under the RPA are accounted for as a true sale. Upon sale, these receivables are removed from the Condensed Consolidated Balance Sheets. Cash received is presented as cash provided by operating activities in the Condensed Consolidated Statements of Cash Flows.
During the three and six months ended June 30, 2024, the Company sold approximately $102.0 million and $227.9 million, respectively, of accounts receivable under this arrangement. During the three and six months ended June 30, 2023, the Company sold approximately $346.2 million and $1.1 billion, respectively. Discounts on sold receivables were not material for any period presented. Following the sale to the banks, we continue to service the collection of the receivables on behalf of the banks without further consideration. As of June 30, 2024, $0.1 million had been collected but not yet remitted to the bank. As of December 31, 2023, there was no amount outstanding to be remitted to the banks. Any outstanding amount is classified in accrued liabilities on the Condensed Consolidated Balance Sheets. Cash collected and remitted are presented as cash used in financing activities in the Condensed Consolidated Statements of Cash Flows.
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 contractual 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. Mosaic then makes payment to the third-party intermediary at dates ranging from 105 to 179 days from date of shipment. As of June 30, 2024 and December 31, 2023, the total structured accounts payable arrangements were $265.8 million and $399.9 million, respectively.
Commercial Paper Note Program
In September 2022, we established a commercial paper program which allows us to issue unsecured commercial paper notes with maturities that vary, but do not exceed 397 days from the date of issue, up to a maximum aggregate face or principal amount outstanding at any time of $2.5 billion. We plan to use the revolving credit facility as a liquidity backstop for borrowings under the commercial paper program. As of June 30, 2024, we had $373.7 million outstanding under this program, with a weighted average interest rate of 5.58% and remaining average term of 24 days. As of December 31, 2023, we had $399.5 million outstanding under this program, with a weighted average interest rate of 5.62% and a remaining average term of nine days.
Term Loan Facility
In May 2023, we entered into a 10-year senior unsecured term loan facility whereby we can draw up to $700 million. The term loan matures on May 18, 2033. We may voluntarily prepay the outstanding principal without premium or penalty. As of June 30, 2024, $500 million has been drawn under this facility. Interest rates for the term loan are variable and are based on the Secured Overnight Financing Rate (“SOFR”) plus credit spread adjustments.
10. 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; and (viii) decommission plant sites and close Gypstacks in Brazil. The estimated liability for these



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THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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, 2024December 31, 2023
AROs, beginning of period$2,213.4 $1,905.6 
Liabilities incurred18.5 22.9 
Liabilities settled(111.6)(198.5)
Accretion expense54.1 96.1 
Revisions in estimated cash flows30.0 365.1 
Foreign currency translation(37.7)22.2 
AROs, end of period2,166.7 2,213.4 
Less current portion374.5 377.4 
Non-current portion of AROs$1,792.2 $1,836.0 
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 non-current 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, 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 the 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 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 a 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, 2023, 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 $2.2 billion, and the present value of our Gypstack Closure Costs ARO reflected in our Consolidated Balance Sheet for those facilities was approximately $819.9 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



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THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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 $327.1 million, which reflects our closure cost estimates as of March 7, 2024. 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.
As of June 30, 2024 and December 31, 2023, the aggregate amounts of AROs associated with the combined Plant City Facility and Bonnie Facility Gypstack closure costs included in our Condensed Consolidated Balance Sheets were $357.9 million and $361.8 million, respectively. The aggregate amount represented by the Plant City Bond exceeds the present value of the aggregate amount of ARO associated with that facility. This is because the amount of financial assurance we are required to provide represents the aggregate undiscounted estimated amount to be paid by us in the normal course of our Phosphate business over a period that may not end until three decades or more after the Gypstack has been closed, whereas the ARO included in our Condensed Consolidated Balance Sheet reflects the discounted present value of those estimated amounts.
11. Income Taxes
During the six months ended June 30, 2024, gross unrecognized tax benefits decreased by $3.3 million to $22.5 million. The decrease is primarily related to statute expirations, partially offset by recording non-U.S. reserves and foreign exchange. If recognized, approximately $19.3 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 $7.1 million and $6.4 million as of June 30, 2024 and December 31, 2023, 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 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 have been properly accounted for in its current financial statements.
For the three months ended June 30, 2024, discrete tax items recorded in tax expense was an expense of approximately $120.1 million. The net tax expense consisted primarily of the impact of accruing withholding tax expense on expected foreign distributions associated with changes in management’s indefinite reinvestment assertion on select foreign earnings under ASC 740-30 (formerly APB 23), share-based excess benefit, true-up of estimates, and other miscellaneous costs. 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 their foreign jurisdiction 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 six months ended June 30, 2024, income tax expense was not impacted by this set of rules.



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THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
For the six months ended June 30, 2024, discrete tax items recorded in tax expense was an expense of approximately $119.4 million. The net tax expense consisted primarily of the impact of accruing withholding tax expense on expected foreign distributions associated with changes in management’s indefinite reinvestment assertion on select foreign earnings under ASC 740-30 (formerly APB 23), share-based excess benefit, true-up of estimates, and other miscellaneous costs. 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 their foreign jurisdiction and the U.S., including foreign tax credits for various taxes incurred.
12. 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 no fixed-to-floating interest rate swap agreements in effect as of June 30, 2024 and December 31, 2023.
As of June 30, 2024 and December 31, 2023, the gross asset position of our derivative instruments was $2.5 million and $36.4 million, respectively, and the gross liability position of our liability instruments was $44.6 million and $17.2 million, respectively.
The following is the total absolute notional volume associated with our outstanding derivative instruments:
(in millions of Units)June 30, 2024December 31, 2023
Derivative InstrumentDerivative CategoryUnit of Measure
Foreign currency derivativesForeign currencyUS Dollars1,559.7 2,418.7 
Natural gas derivativesCommodityMMbtu9.617.1
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, 2024 and December 31, 2023 was $38.1 million and $15.6 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, 2024, we would have been required to post an additional $35.8 million of collateral assets, which are either cash or U.S. Treasury instruments, to the counterparties.



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THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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.
13. 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, which typically expire within 18 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, 2024 and December 31, 2023, the gross asset position of our foreign currency derivative instruments was $2.4 million and $36.4 million, respectively, and the gross liability position of our foreign currency derivative instruments was $39.0 million and $8.0 million, respectively.
Commodity Derivatives - The commodity contracts primarily relate to natural gas. The commodity derivative instruments that we currently use are forward purchase contracts and swaps. 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. The gross asset position of our commodity derivative instruments was $0.1 million and zero as of June 30, 2024 and December 31, 2023, respectively, and the gross liability position of our commodity instruments was $5.6 million and $9.2 million as of June 30, 2024 and December 31, 2023, 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. We did not hold any interest rate derivative positions as of June 30, 2024.



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THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Financial Instruments
The carrying amounts and estimated fair values of our financial instruments are as follows:
June 30, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
Cash and cash equivalents$322.0 $322.0 $348.8 $348.8 
Accounts receivable1,285.5 1,285.5 1,269.2 1,269.2 
Accounts payable1,054.8 1,054.8 1,166.9 1,166.9 
Structured accounts payable arrangements265.8 265.8 399.9 399.9 
Short-term debt881.5 881.5 399.7 399.7 
Long-term debt, including current portion3,319.0 3,248.2 3,361.7 3,364.1 
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. Included in long-term debt is floating rate debt of $500 million. Our floating rate debt is non-public, bears a variable SOFR-based rate and consists of our borrowings under our term loan facility. The fair value of our floating rate debt approximates the carrying value and is estimated based on market-based inputs, including interest rates and credit spreads, which results in a Level 2 classification. The fair value of fixed rate long-term debt, including the current portion, is estimated using quoted market prices for the publicly registered notes and debentures, classified as Level 1 and Level 2, respectively, within the fair value hierarchy, depending on the market liquidity of the debt. For information regarding the fair value of our marketable securities held in trusts, see Note 8 of our Notes to Consolidated Financial Statements.
14. Share Repurchases
In 2022, our Board of Directors approved two share repurchase programs for a total of $3.0 billion. Our repurchase programs allow the Company to repurchase shares of our Common Stock through open market purchases, accelerated share repurchase arrangements, privately negotiated transactions or otherwise, and have no set expiration date.
During the three and six months ended June 30, 2024, we repurchased 1,835,788 and 5,234,488 shares of Common Stock in the open market for approximately $52.0 million and $160.4 million, respectively, at an average purchase price per share of $28.33 and $30.64, respectively.
On February 24, 2023, pursuant to existing stock repurchase authorizations, we entered into an accelerated share repurchase agreement (the “2023 ASR Agreement”) with a third-party financial institution to repurchase $300 million of our Common Stock. At inception, we paid the financial institution $300 million and took initial delivery of 4,659,290 shares of our Common Stock, representing an estimated 80% of the total shares expected to be delivered under the 2023 ASR Agreement. In March 2023, the transaction was completed and we received an additional 965,284 shares of Common Stock. In total, 5,624,574 shares were delivered under the 2023 ASR Agreement, at an average purchase price of $53.34 per share.
No share repurchases occurred in the three months ended June 30, 2023. For the six months ended June 30, 2023, we repurchased 8,690,936 shares of Common Stock in the open market for approximately $448.0 million at an average purchase price of $51.55 per share. This includes 5,624,574 shares purchased under the 2023 ASR Agreement.
The extent to which we repurchase our shares and the timing of any such repurchases depend on a number of factors, including market and business conditions, the price of our shares, our ability to access capital resources, our liquidity and corporate, regulatory and other considerations.



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THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
15. Accumulated Other Comprehensive Income (Loss) (“AOCI”)
The following table sets forth the changes in AOCI, net of tax, by component during the three and six months ended June 30, 2024 and June 30, 2023:
Foreign Currency Translation Gain (Loss)Net Actuarial Gain and Prior Service CostAmortization of Gain on Interest Rate SwapNet Gain (Loss) on Marketable Securities Held in TrustTotal
Three Months Ended June 30, 2024
Balance at March 31, 2024$(2,059.1)$(32.2)$8.1 $(10.1)$(2,093.3)
Other comprehensive income (loss)(135.2)0.8 — (3.4)(137.8)
Tax (expense) benefit(1.3)(0.2)— 0.8 (0.7)
Other comprehensive income (loss), net of tax(136.5)0.6 — (2.6)(138.5)
Other comprehensive income (loss) attributable to noncontrolling interest2.4 — — — 2.4 
Balance as of June 30, 2024$(2,193.2)$(31.6)$8.1 $(12.7)$(2,229.4)
Three Months Ended June 30, 2023
Balance at March 31, 2023$(2,053.6)$(52.7)$7.2 $(6.9)$(2,106.0)
Other comprehensive income (loss)146.1 0.5 0.5 (13.8)133.3 
Tax (expense) benefit(0.1)(0.2)(0.1)3.2 2.8 
Other comprehensive income (loss), net of tax146.0 0.3 0.4 (10.6)136.1 
Other comprehensive income (loss) attributable to noncontrolling interest(1.3)— — — (1.3)
Balance as of June 30, 2023$(1,908.9)$(52.4)$7.6 $(17.5)$(1,971.2)
Six Months Ended June 30, 2024
Balance at December 31, 2023$(1,930.2)$(33)$8.1 $0.2 $(1,954.9)
Other comprehensive income (loss)(260.7)2.1 — (16.7)(275.3)
Tax (expense) benefit(5.5)(0.7)— 3.8 (2.4)
Other comprehensive income (loss), net of tax(266.2)1.4 — (12.9)(277.7)
Other comprehensive income (loss) attributable to noncontrolling interest3.2 — — — 3.2 
Balance as of June 30, 2024$(2,193.2)$(31.6)$8.1 $(12.7)$(2,229.4)
Six Months Ended June 30, 2023
Balance at December 31, 2022$(2,082.3)$(53.1)$6.7 $(23.5)$(2,152.2)
Other comprehensive income (loss)176.1 1.1 1.0 7.7 185.9 
Tax (expense) benefit(0.7)(0.4)(0.1)(1.7)(2.9)
Other comprehensive income (loss), net of tax175.4 0.7 0.9 6.0 183.0 
Other comprehensive income (loss) attributable to noncontrolling interest(2.0)— — — (2.0)
Balance as of June 30, 2023$(1,908.9)$(52.4)$7.6 $(17.5)$(1,971.2)



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THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
16. 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, 2024 and December 31, 2023, the net amount due to our non-consolidated companies totaled $155.7 million and $0.8 million, respectively.
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,
2024202320242023
Transactions with related parties included in net sales(a)
$234.0 $314.6 $470.6 $760.5 
Transactions with related parties included in cost of goods sold(b)
301.8 483.6 562.6 880.5 
______________________________
(a) Amounts included in net sales primarily relate to sales from our Potash segment to Canpotex.
(b) Amounts included in cost of goods sold primarily relate to purchases from Canpotex and MWSPC by our Mosaic Fertilizantes segment and India and China distribution businesses.
As part of the MWSPC joint venture, we market approximately 25% of MWSPC production. Marketing fees of approximately $5.7 million and $9.0 million and $3.6 million and $9.3 million, are included in revenue for the three and six months ended June 30, 2024 and 2023, respectively.
17. Contingencies
We have described below material judicial and administrative proceedings to which we are subject.
Environmental Matters
We have contingent environmental liabilities that arise principally from three sources: (i) facilities currently or formerly owned by our subsidiaries or their predecessors; (ii) facilities adjacent to currently or formerly owned facilities; and (iii) third-party Superfund or state equivalent sites. At facilities currently or formerly owned by our subsidiaries or their predecessors, the historical use and handling of regulated chemical substances, crop and animal nutrients and additives and by-product or process tailings have resulted in soil, surface water and/or groundwater contamination. Spills or other releases of regulated substances, subsidence from mining operations and other incidents arising out of operations, including accidents, have occurred previously at these facilities, and potentially could occur in the future, possibly requiring us to undertake or fund cleanup or result in monetary damage awards, fines, penalties, other liabilities, injunctions or other court or administrative rulings. In some instances, pursuant to consent orders or agreements with governmental agencies, we are undertaking certain remedial actions or investigations to determine whether remedial action may be required to address contamination. At other locations, we have entered into consent orders or agreements with appropriate governmental agencies to perform required remedial activities that will address identified site conditions. Taking into consideration established accruals of approximately $231.7 million and $203.2 million as of June 30, 2024 and December 31, 2023, 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 Phase II East Stack. In April 2022, we confirmed the presence of a cavity in and liner tear beneath the southern part of the active phosphogypsum stack at the Company’s New Wales facility in Florida. This resulted in process water draining beneath the stack. The circumstances were reported to the FDEP and the EPA. Phase I of the repairs, consisting of stabilizing the cavity by depositing low pressure grout into it, began in July 2022 and now is complete. Phase II work, which consists of injecting high pressure grout beneath the stack to restore the geological confining layer beneath it, began in early in 2023 and the work is now complete.
As of June 30, 2024, we have a reserve of $21.9 million for estimated water management and other costs associated with this event. We are unable to estimate at this time potential future additional financial impacts or a range of loss, if any.



21
THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
New Wales Phase II West Stack. In October 2023, we observed a series of seismic acoustic emissions and changes to piezometric water levels in a part of the Phase II West phosphogypsum stack at the New Wales, Florida facility. These observations may be an indication of a breach in the stack liner system and were reported to the FDEP and EPA. We are developing and then will execute an investigation plan to evaluate conditions in the stack. The area of the stack is not in use for either process water storage or additional gypsum placement. It lies within a zone of capture of a recovery groundwater well, which is operating as intended. No offsite impacts are known or expected. Repairs are underway.
As of June 30, 2024, we have a reserve of $105.0 million for estimated repairs. We are unable to estimate at this time potential future additional financial impacts or a range of loss, if any, due to the ongoing evaluation.
EPA RCRA Initiative. We have certain financial assurance and other obligations under consent decrees and a separate financial assurance arrangement relating to our facilities in Florida and Louisiana. These obligations are discussed in Note 14 of our Notes to Consolidated Financial Statements in our 10-K Report.
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.
A memorandum of understanding has been executed by the State of Louisiana and the plaintiff parishes that filed suit against Mosaic and its corporate predecessors on one hand, and Mosaic Global Holdings Inc. and its third-party indemnitors on the other hand (“MOU”) to resolve all claims among the parties. The initial funding obligations under the MOU have been made in accordance with the provisions of the MOU and dismissals with prejudice have been filed in all cases where final jurisdiction is established. Two cases remain subject to jurisdictional appeals; however, those cases shall be dismissed with prejudice upon a final decision confirming jurisdiction. Terms of the MOU include the possibility of additional fixed obligations pending legislative acts, however to the extent those fixed obligations include any additional funding those obligations are expected to be undertaken by third-party indemnitors and/or insurers.



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THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
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 $628.3 million. We estimate that our probable aggregate loss with respect to these claims is approximately $70.0 million, which is included in our accrued liabilities in our Condensed Consolidated Balance Sheets at June 30, 2024. Approximately $430.8 million of the foregoing maximum potential loss relates to labor claims, of which approximately $59.3 million is included in accrued liabilities in our Condensed Consolidated Balance Sheets at June 30, 2024.
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.
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 $648.5 million, of which $220.9 million is subject to an indemnification agreement entered into with Vale S.A in connection with the Acquisition.
Approximately $341.4 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 from Brazilian tax authorities. Based on Brazil tax 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.
18. 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 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.



23
THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Segment information for the three and six months ended June 30, 2024 and 2023 was as follows:
PhosphatePotashMosaic Fertilizantes
Corporate, Eliminations and Other(a)
Total
Three months ended June 30, 2024
Net sales to external customers$989.2 $655.1 $1,048.9 $123.4 $2,816.6 
Intersegment net sales190.3 8.0 — (198.3)— 
Net sales1,179.5 663.1 1,048.9 (74.9)2,816.6 
Gross margin153.7 186.4 101.8 (47.9)394.0 
Canadian resource taxes— 66.8 — — 66.8 
Gross margin (excluding Canadian resource taxes)153.7 253.2 101.8 (47.9)460.8 
Operating earnings (loss)132.9 174.4 61.2 (135.2)233.3 
Capital expenditures176.9 75.0 46.4 35.6 333.9 
Depreciation, depletion and amortization expense127.9 93.9 40.1 2.5 264.4 
Three months ended June 30, 2023
Net sales to external customers$964.0 $835.9 $1,418.8 $175.3 $3,394.0 
Intersegment net sales321.7 12.8 — (334.5)— 
Net sales1,285.7 848.7 1,418.8 (159.2)3,394.0 
Gross margin216.2 336.0 12.8 6.1 571.1 
Canadian resource taxes— 95.0 — — 95.0 
Gross margin (excluding Canadian resource taxes)216.2 431.0 12.8 6.1 666.1 
Operating earnings (loss)146.2 327.8 (20.1)(84.7)369.2 
Capital expenditures119.3 74.2 63.2 53.6 310.3 
Depreciation, depletion and amortization expense129.0 74.4 37.8 3.0 244.2 
Six months ended June 30, 2024
Net sales to external customers$2,012.2 $1,289.8 $1,935.3 $258.7 $5,496.0 
Intersegment net sales336.0 16.4 — (352.4)— 
Net sales2,348.2 1,306.2 1,935.3 (93.7)5,496.0 
Gross margin313.1 398.1 177.0 (95.0)793.2 
Canadian resource taxes— 131.3 — — 131.3 
Gross margin (excluding Canadian resource taxes)313.1 529.4 177.0 (95.0)924.5 
Operating earnings (loss)173.2 372.4 103.2 (242.6)406.2 
Capital expenditures374.6 171.7 128.2 42.4 716.9 
Depreciation, depletion and amortization expense244.8 175.6 80.1 5.0 505.5 
Six months ended June 30, 2023
Net sales to external customers$2,052.9 $1,736.3 $2,762.1 $447.0 $6,998.3 
Intersegment net sales614.9 19.0 — (633.9)— 
Net sales2,667.8 1,755.3 2,762.1 (186.9)6,998.3 
Gross margin475.5 749.3 11.7 5.0 1,241.5 
Canadian resource taxes— 215.8 — — 215.8 
Gross margin (excluding Canadian resource taxes)475.5 965.1 11.7 5.0 1,457.3 
Operating earnings (loss)412.4 729.3 (52.2)(175.7)913.8 
Capital expenditures261.0 167.0 149.9 53.9 631.8 
Depreciation, depletion and amortization expense245.6 144.0 69.4 5.2 464.2 
Total Assets
As of June 30, 2024$10,991.6 $8,527.5 $4,755.6 $(1,708.2)$22,566.5 
As of December 31, 202310,295.9 8,971.9 5,256.3 (1,491.3)23,032.8 




24
THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
______________________________
(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, 2024, distribution operations in India and China collectively had revenue of $120.9 million and $250.1 million, respectively, and gross margin of $2.4 million and $9.9 million, respectively. For the three and six months ended June 30, 2023, distribution operations in India and China collectively had revenue of $171.7 million and $438.5 million, respectively, and gross margin of $(44.3) million and $(55.1) million, respectively.
Financial information relating to our operations by geographic area is as follows:
 Three Months Ended 
 
June 30,		Six Months Ended 
 
June 30,
(in millions)2024202320242023
Net sales(a):
Brazil$1,037.9 $1,367.3 $1,890.7 $2,667.9 
Canpotex(b)
222.0 300.8 442.8 732.1 
Canada147.2 134.8 289.2 215.9 
China112.8 89.4 236.8 234.8 
Paraguay45.0 51.2 81.9 96.8 
Argentina30.3 24.2 41.5 43.1 
Japan28.1 59.5 69.4 98.0 
Colombia26.0 23.4 58.6 62.4 
India12.0 89.5 19.2 210.9 
Honduras8.7 12.3 13.7 20.3 
Peru7.4 15.3 19.0 22.0 
Mexico7.2 13.4 29.6 91.1 
Dominican Republic4.0 8.0 4.0 11.1 
Australia— 7.1 16.9 27.4 
Other13.2 17.9 23.7 35.9 
Total international countries1,701.8 2,214.1 3,237.0 4,569.7 
United States1,114.8 1,179.9 2,259.0 2,428.6 
Consolidated$2,816.6 $3,394.0 $5,496.0 $6,998.3 
______________________________
(a)Revenues are attributed to countries based on location of customer.
(b)Canpotex is the export association of two Saskatchewan potash producers. Canpotex annualized sales to the ultimate third-party customers are approximately: 35% to customers based in Brazil, 12% to customers based in China, 9% to customers in Bangladesh, 7% to customers based in India, and 37% to customers based in the rest of the world.



25
THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Net sales by product type are as follows:
 Three Months Ended 
 
June 30,		Six Months Ended 
 
June 30,
(in millions)2024202320242023
Sales by product type:
Phosphate Crop Nutrients$719.5 $828.4 $1,390.6 $1,724.9 
Potash Crop Nutrients831.8 1,005.0 1,514.4 2,020.3 
Crop Nutrient Blends307.9 423.2 660.1 1,076.6 
Performance Products(a)
514.7 690.4 981.5 1,230.9 
Phosphate Rock37.7 48.2 78.5 89.0 
Other(b)
405.0 398.8 870.9 856.6 
$2,816.6 $3,394.0 $5,496.0 $6,998.3 
____________________________________________
(a)Includes sales of MicroEssentials®, K-Mag® and Aspire®.
(b)Includes sales of industrial potash, feed products, nitrogen and other products.

19. Investment in Ma'aden Wa’ad al Shamal Phosphate Company
On April 29, 2024, Saudi Arabian Mining Company (“Ma’aden”) and Mosaic entered into a Share Purchase and Subscription Agreement to exchange our 25% ownership of the Ma'aden Wa’ad al Shamal Phosphate Company for 111,012,433 shares of Ma’aden. The shares were valued at approximately $1.5 billion on the date of the agreement. The shares received by Mosaic are subject to transfer and sale restrictions, which would be released over a five-year period. We expect this transaction to close later in 2024.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the material under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Annual Report on Form 10-K of The Mosaic Company filed with the Securities and Exchange Commission for the year ended December 31, 2023 (the “10-K Report”) and the material under Item 1 of Part I of this report.
Throughout the discussion below, we measure units of production, sales and raw materials in metric tonnes, which are the equivalent of 2,205 pounds, unless we specifically state we mean long ton(s), which are the equivalent of 2,240 pounds. In the following tables, there are certain percentages that are not considered to be meaningful and are represented by “NM.”
Results of Operations
The following table shows the results of operations for the three and six months ended June 30, 2024 and June 30, 2023:



26
Three months endedSix months ended
June 30,2024-2023June 30,2024-2023
(in millions, except per share data)20242023ChangePercent20242023ChangePercent
Net sales$2,816.6 $3,394.0 $(577.4)(17)%$5,496.0 $6,998.3 $(1,502.3)(21)%
Cost of goods sold2,422.6 2,822.9 (400.3)(14)%4,702.8 5,756.8 (1,054.0)(18)%
Gross margin394.0571.1(177.1)(31)%793.21,241.5(448.3)(36)%
Gross margin percentage14%17%14%18%
Selling, general and administrative expenses128.4129.9(1.5)(1)%235.2257.6(22.4)(9)%
Other operating expense32.372.0(39.7)(55)%151.870.181.7 117 %
Operating earnings233.3369.2(135.9)(37)%406.2913.8(507.6)(56)%
Interest expense, net(46.4)(36.0)(10.4)29 %(94.4)(77.1)(17.3)22 %
Foreign currency transaction (loss) gain (267.9)148.5(416.4)NM(368.2)199.9(568.1)NM
Other income (expense)6.6(7.1)13.7 NM7.2(16.0)23.2 NM
(Loss) earnings from consolidated companies before income taxes(74.4)474.6(549.0)NM(49.2)1,020.6(1,069.8)NM
Provision for income taxes98.7108.4(9.7)(9)%104.9226.7(121.8)(54)%
(Loss) earnings from consolidated companies(173.1)366.2(539.3)NM(154.1)793.9(948.0)NM
Equity in net earnings of nonconsolidated companies22.212.99.3 72 %59.744.215.5 35 %
Net (loss) earnings including noncontrolling interests(150.9)379.1(530.0)NM(94.4)838.1(932.5)NM
Less: Net earnings attributable to noncontrolling interests10.610.10.5 5 %21.934.3(12.4)(36)%
Net (loss) earnings attributable to Mosaic$(161.5)$369.0$(530.5)NM$(116.3)$803.8$(920.1)NM
Diluted net (loss) earnings per share attributable to Mosaic$(0.50)$1.11$(1.61)NM$(0.36)$2.39$(2.75)NM
Diluted weighted average number of shares outstanding321.2333.7321.7336.2
Overview of Consolidated Results for the three months ended June 30, 2024 and 2023
For the three months ended June 30, 2024, Mosaic had a net loss of $(161.5) million, or $(0.50) per diluted share, compared to net income of $369.0 million, or $1.11 per diluted share, for the prior year period. Net sales for the three months ended June 30, 2024 decreased 17% compared to the same period of the prior year, driven primarily by lower average selling prices, as discussed further below. Net income for the three months ended June 30, 2024 was also negatively impacted by a foreign currency transaction loss of $267.9 million, compared to a foreign currency transaction gain of $148.5 million in the prior year period. In addition, Mosaic had income tax expense of $98.7 million, compared to $108.4 million in the prior year period, primarily related to the accrual of withholding tax on expected foreign distributions.
Significant factors affecting our results of operations and financial condition are listed below. Certain of these factors are discussed in more detail in the following sections of this Management’s Discussion and Analysis of Financial Condition and Results of Operations.
In our Phosphate segment, operating results for the three months ended June 30, 2024 were lower than the prior year. They were driven primarily by lower sales volumes, partially offset by higher average selling prices and lower raw material costs, primarily sulfur and ammonia. Sales volumes in the current year period were unfavorably impacted by low inventory levels going into the quarter, resulting from planned maintenance and turnaround activity at our sites earlier in the year. Higher average selling prices were driven by strong demand in North America.
In our Potash segment, operating results for the three months ended June 30, 2024 were lower than the prior year. They were driven primarily by lower average selling prices as a result of a rebound in global supply. This impact was partially offset by



27

higher sales volumes. Sales volumes increased due to a strong “summer fill” sales program in North America and, internationally, strong demand and product affordability, which drove higher sales volumes in Southeast Asia.
In our Mosaic Fertilizantes segment, operating results for the three months ended June 30, 2024 were favorable compared to the same period in the prior year, benefiting from lower material costs. This was partially offset by lower average selling prices and sales volumes in the current year period compared to the prior year. Sales prices in Brazil have been decreasing as global supply and demand continues to recover from the tightness that began in 2022. Sales volumes were down compared to the prior year period as a result of deferred customer demand in the Brazil agricultural market.
In addition to the items referenced above:
•On April 29, 2024, we entered into an agreement with Saudi Arabian Mining Company (“Ma’aden”) to exchange our 25% ownership of the Ma'aden Wa’ad al Shamal Phosphate Company for 111,012,433 shares of Ma’aden. The shares were valued at approximately $1.5 billion on the date of the agreement. We expect this transaction to close later in 2024.
•During the quarter ended June 30, 2024, we repurchased 1,835,788 shares of Common Stock in the open market for approximately $52.0 million at an average purchase price of $28.33.
Overview of Consolidated Results for the six months ended June 30, 2024 and 2023
Net loss attributable to Mosaic for the six months ended June 30, 2024 was $(116.3) million, or $(0.36) per diluted share, compared to net earnings of $0.8 billion, or $2.39 per diluted share, for the same period a year ago. Net loss for the six months ended June 30, 2024 was unfavorably impacted by a foreign currency transaction loss of $368.2 million, compared to a gain of $199.9 million in the prior year period.
Results for the six months ended June 30, 2024 reflected the factors discussed above in the discussion for the three months ended June 30, 2024, in addition to those noted below. Certain of these factors are discussed in more detail in the following sections of this Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Operating results in our Phosphate segment for the six months ended June 30, 2024 were lower than the prior year due to lower sales volumes. Lower sales volumes were driven by planned maintenance and turnaround activity at our sites, as mentioned above in the three month discussion. Operating results for the six month period of the current year were also unfavorably impacted by lower average selling prices. Although selling prices were lower than the prior year period, they have been trending upwards since the third quarter of 2023, driven by strong demand in North America. Additionally, average selling prices in the current year period were influenced by lower raw material costs, primarily sulfur and ammonia. Phosphate operating results were also impacted by an unfavorable product mix, as our sales volumes included a larger proportion of purchased tonnes than the prior year period.
Operating results in our Potash segment for the six months ended June 30, 2024 were lower than the prior year. They were driven by lower average selling prices, resulting from a rebound in global supply. This impact was partially offset by higher sales volumes compared to the prior year period, as demand in North America was driven by a strong spring application season and summer fill program in the current year period.
For the six months ended June 30, 2024, operating results in our Mosaic Fertilizantes segment were favorable compared to the same period in the prior year. While average selling prices and sales volumes declined in the current year period, due to the factors mentioned above in the three-month discussion, operating results benefited from lower raw material cost and de-stocking of high-priced inventory, which negatively impacted the prior year period.
In addition to the items referenced above:
•During the six months ended June 30, 2024, we repurchased 5,234,488 shares of Common Stock in the open market for approximately $160.4 million at an average purchase price of $30.64.



28
Phosphate Net Sales and Gross Margin
The following table summarizes the Phosphate segment’s net sales, gross margin, sales volume, selling prices and raw material prices:
Three months endedSix months ended
June 30,2024-2023June 30,2024-2023
(in millions, except price per tonne or unit)
20242023ChangePercent20242023ChangePercent
Net sales:
North America
$1,009.8 $1,081.1 $(71.3)(7)%$2,025.6 $2,005.9 $19.7 1 %
International
169.7 204.6 (34.9)(17)%322.6 661.9 (339.3)(51)%
Total
1,179.5 1,285.7 (106.2)(8)%2,348.2 2,667.8 (319.6)(12)%
Cost of goods sold1,025.8 1,069.5 (43.7)(4)%2,035.1 2,192.3 (157.2)(7)%
Gross margin$153.7 $216.2 $(62.5)(29)$313.1 $475.5 $(162.4)(34)%
Gross margin as a percentage of net sales13 %17 %13 %18 %
Sales volumes(a) (in thousands of metric tonnes)
DAP/MAP
828 928 (100)(11)%1,728 1,950 (222)(11)%
Performance and Other(b)
868 994 (126)(13)%1,612 1,808 (196)(11)%
       Total finished product tonnes1,696 1,922 (226)(12)%3,340 3,758 (418)(11)%
Rock
421 538 (117)(22)%904 909 (5)(1)%
Total Phosphate Segment Tonnes(a)
2,117 2,460 (343)(14)%4,244 4,667 (423)(9)%
Realized prices ($/tonne)
Average finished product selling price (destination)(c)
$667 $634 $33 5 %$672 $674 $(2)0 %
    DAP selling price (fob plant)$575 $585 $(10)(2)%$587 $628 $(41)(7)%
Average cost per unit consumed in cost of goods sold:
Ammonia (metric tonne)
$424 $441 $(17)(4)%$415 $506 $(91)(18)%
Sulfur (long ton)
$138 $195 $(57)(29)%$136 $210 $(74)(35)%
Blended rock (metric tonne)
$86 $79 $7 9 %$84 $76 $8 11 %
Production volume (in thousands of metric tonnes) - North America1,675 1,660 15 1 %3,252 3,496 (244)(7)%
____________________________
(a) Includes intersegment sales volumes.
(b) Includes sales volumes of MicroEssentials® and animal feed ingredients.
(c) Excludes sales revenue and tonnes associated with rock sales.
Three months ended June 30, 2024 and June 30, 2023
The Phosphate segment’s net sales were $1.2 billion for the three months ended June 30, 2024, compared to $1.3 billion for the three months ended June 30, 2023. The decrease in net sales in the current year period was primarily due to lower finished goods sales volumes, which had an unfavorable impact on net sales of approximately $130 million. This was partially offset by higher average finished goods sales prices, which had a favorable impact of approximately $20 million compared to the prior year period.
Our average finished product selling price increased 5% to $667 per tonne for the three months ended June 30, 2024, compared to $634 per tonne in the prior year period, due to the factor discussed in the Overview.



29
The Phosphate segment’s sales volumes of finished products decreased to 1.7 million for the three months ended June 30, 2024, compared to 1.9 million in the prior year period, due to supply constraints caused by the impact of planned maintenance and turnaround activity in the first quarter of 2024.
Gross margin for the Phosphate segment decreased to $153.7 million for the three months ended June 30, 2024, from $216.2 million for the three months ended June 30, 2023. The decrease in gross margin in the current year period was primarily due to lower sales volumes, which had a $50 million unfavorable impact versus the prior year. Production costs and freight costs were also approximately $30 million higher than the prior year period. In addition, lower sales volumes and average prices from Miski Mayo operations had an unfavorable impact of approximately $20 million compared to the prior year. These impacts were partially offset by higher average finished goods selling prices, which had a favorable impact of approximately $20 million versus the prior year. Lower raw material costs, primarily sulfur and ammonia, also contributed a favorable impact of approximately $10 million versus the prior year.
The average consumed price for ammonia for our North America operations decreased 4%, to $424 per tonne, for the three months ended June 30, 2024, from $441 in the same period a year ago. The average consumed sulfur price for our North America operations decreased 29%, to $138 per long ton, for the three months ended June 30, 2024, from $195 in the same period a year ago. The purchase prices of these raw materials are driven by global supply and demand. The consumed ammonia and sulfur prices also include transportation, transformation and storage costs.
The average consumed cost of purchased and produced phosphate rock increased to $86 per tonne for the three months ended June 30, 2024, from $79 per tonne for the three months ended June 30, 2023. For the three months ended June 30, 2024, our North America phosphate rock production increased to 2.4 million tonnes from 2.2 million tonnes during the same period of the prior year.
The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients increased 1% for the three months ended June 30, 2024 from the prior year period. Our operating rate for processed phosphate production increased to 68% for the three months ended June 30, 2024, from 67% for the same period in 2023.
Six months ended June 30, 2024 and June 30, 2023
The Phosphate segment’s net sales were $2.3 billion for the six months ended June 30, 2024, compared to $2.7 billion for the six months ended June 30, 2023. The decrease in net sales was primarily due to lower sales volumes, which unfavorably impacted net sales by approximately $250 million. Net sales were also unfavorably impacted by approximately $65 million due to lower finished product selling prices in the current period.
Our average finished product selling price was $672 per tonne for the six months ended June 30, 2024, a decrease of $2 per tonne from the same period a year ago, due to the factors discussed in the Overview.
The Phosphate segment’s sales volumes of finished products decreased by 11% for the six months ended June 30, 2024, compared to the same period in the prior year due to the impact of planned maintenance and turnaround activity discussed in the Overview.
Gross margin for the Phosphate segment decreased to $313.1 million for the six months ended June 30, 2024, from $475.5 million for the six months ended June 30, 2023. The decrease in gross margin in the current year period was primarily due to lower sales volumes and prices, which unfavorably impacted gross margin by approximately $80 million and $60 million, respectively. Gross margin was also unfavorably impacted by approximately $70 million due to increased conversion and other plant costs and approximately $35 million related to unfavorable product mix of a higher proportion of purchased tonnes compared to the prior year period. Additionally, current period gross margin was also unfavorably impacted by approximately $40 million, due to lower rock sales volumes and selling prices at Miski Mayo. The timing of idle plant and turnaround costs, which unfavorably impacted gross margin by approximately $15 million versus the prior year period. These impacts were partially offset by lower raw material costs, primarily sulfur and ammonia as discussed below, which favorably impacted gross margin by approximately $140 million.
The average consumed price for ammonia for our North America operations was $415 per tonne for the six months ended June 30, 2024, compared to $506 per tonne in the same period a year ago. The average consumed price for sulfur for our North America operations decreased to $136 per long ton for the six months ended June 30, 2024, from $210 per long ton in the same period a year ago. The purchase prices of these raw materials are driven by global supply and demand.



30
The average consumed cost of purchased and produced phosphate rock increased to $84 per tonne for the six months ended June 30, 2024, compared to $76 per tonne for the prior year period. Our North America phosphate rock production increased to 4.8 million tonnes for the six months ended June 30, 2024, compared to 4.4 million for the six months ended June 30, 2023.
The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients decreased by 7%, to 3.3 million tonnes for the six months ended June 30, 2024, compared to 3.5 million tonnes in the prior year period. Our operating rate for processed phosphate production increased to 79% for the three months ended June 30, 2024, from 70% for the same period in 2023.
Potash Net Sales and Gross Margin
The following table summarizes the Potash segment’s net sales, gross margin, sales volume and selling price:
Three months endedSix months ended
June 30,2024-2023June 30,2024-2023
(in millions, except price per tonne or unit)
20242023ChangePercent20242023ChangePercent
Net sales:
North America
$434.3 $534.2 $(99.9)(19)%$844.2 $988.3 $(144.1)(15)%
International
228.8 314.5 (85.7)(27)%462.0 767.0 (305.0)(40)%
Total663.1 848.7 (185.6)(22)%1,306.2 1,755.3 (449.1)(26)%
Cost of goods sold476.7 512.7 (36.0)(7)%908.1 1,006.0 (97.9)(10)%
Gross margin$186.4 $336.0 $(149.6)(45)%$398.1 $749.3 $(351.2)(47)%
Gross margin as a percentage of net sales28 %40 %30 %43 %
Sales volume(a) (in thousands of metric tonnes)
MOP
2,113 1,883 230 12 %4,040 3,579 461 13 %
Performance and Other(b)
233 280 (47)(17)%469 494 (25)(5)%
Total Potash Segment Tonnes2,346 2,163 183 8 %4,509 4,073 436 11 %
Realized prices ($/tonne)
Average finished product selling price (destination)$283 $392 $(109)(28)%$290 $431 $(141)(33)%
MOP selling price (fob mine)$224 $326 $(102)(31)%$232 $370 $(138)(37)%
Production volume (in thousands of metric tonnes)2,224 1,921 303 16 %4,562 3,865 697 18 %
______________________________
(a) Includes intersegment sales volumes.
(b) Includes sales volumes of K-Mag®, Aspire® and animal feed ingredients.
Three months ended June 30, 2024 and June 30, 2023
The Potash segment’s net sales decreased to $663.1 million for the three months ended June 30, 2024, compared to $848.7 million in the same period a year ago. The decrease was primarily due to lower selling prices, which had an unfavorable impact on net sales of approximately $250 million compared to the same period in the prior year. This was partially offset by higher sales volumes in North America, which favorably impacted net sales by approximately $65 million.
Our average finished product selling price was $283 per tonne for the three months ended June 30, 2024, compared to $392 per tonne for the same period a year ago, as a result of the factor described in the Overview.
The Potash segment’s sales volumes of finished products increased to 2.3 million tonnes for the three months ended June 30, 2024, compared to 2.2 million tonnes in the same period a year ago, due to the factors discussed in the Overview.
Gross margin for the Potash segment decreased to $186.4 million for the three months ended June 30, 2024, from $336.0 million in the same period of the prior year. Lower selling prices decreased gross margin by approximately $250 million versus the prior year period. This decrease was partially offset by higher sales volumes, which favorably impacted gross margin by



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approximately $60 million compared to the prior year, and lower Canadian resource taxes and royalties of $30 million. In addition, lower idle and turnaround costs favorably impacted gross margin by approximately $15 million compared to the prior year, largely due to the timing of turnarounds.
We incurred $66.8 million in Canadian resource taxes for the three months ended June 30, 2024, compared to $95.0 million in the same period a year ago. Canadian royalty expense decreased to $10.3 million for the three months ended June 30, 2024, compared to $12.9 million for the three months ended June 30, 2023. The fluctuations in Canadian resource taxes and royalties are a result of a decrease in our sales revenue and margins.
Our operating rate for potash production was 78% for the current year period, compared to 69% in the prior year period, which was negatively impacted by maintenance turnarounds. In July 2024, we temporarily restarted our Colonsay, Saskatchewan mine to offset downtime from the upcoming summer turnaround at our Esterhazy mine.
Six months ended June 30, 2024 and June 30, 2023
The Potash segment’s net sales decreased to $1.3 billion for the six months ended June 30, 2024, compared to $1.8 billion in the same period a year ago. Lower selling had an unfavorable impact on net sales of approximately $630 million versus the prior year period. This was partially offset by higher sales volumes of approximately $170 million.
Our average potash selling price was $290 per tonne for the six months ended June 30, 2024, compared to $431 per tonne for the same period a year ago, due to the factor discussed above in the Overview.
The Potash segment’s sales volumes for the six months ended June 30, 2024 increased 11% compared to the same period a year ago, due to the factors discussed in the Overview.
Gross margin for the Potash segment decreased to $398.1 million for the six months ended June 30, 2024, from $749.3 million for the same period in the prior year. Gross margin was unfavorably impacted by approximately $630 million due to the decrease in average selling prices. This was partially offset by higher sales volumes, which had a favorable impact on gross margin of approximately $150 million and lower Canadian resource taxes and royalties of approximately $95 million in the current year period, as discussed below. In addition, results were favorably impacted by approximately $30 million, due to higher prior year period idle and maintenance turnaround costs primarily at our Colonsay, Saskatchewan mine.
We incurred $131.3 million in Canadian resource taxes for the six months ended June 30, 2024, compared to $215.8 million in the same period a year ago. Canadian royalty expense decreased to $20.3 million for the six months ended June 30, 2024, compared to $31.6 million for the six months ended June 30, 2023. The fluctuations in Canadian resource taxes and royalties are due to the decreases in our sales revenues and margins.
Our operating rate was 79% for the current year period, compared to 69% in the prior year period. The increased operating rate in the current year period reflects higher production across our Canadian mines, due to higher capability at our Esterhazy mine and our Colonsay mine operating for a portion of the current year period. Prior year production was impacted by maintenance downtime during the first half of the year.



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Mosaic Fertilizantes Net Sales and Gross Margin
The following table summarizes the Mosaic Fertilizantes segment’s net sales, gross margin, sales volume and selling price.
Three months endedSix months ended
June 30,2024-2023June 30,2024-2023
(in millions, except price per tonne or unit)
20242023ChangePercent20242023ChangePercent
Net Sales$1,048.9 $1,418.8 $(369.9)(26)%$1,935.3$2,762.1$(826.8)(30)%
Cost of goods sold947.1 1,406.0 (458.9)(33)%1,758.32,750.4(992.1)(36)%
Gross margin$101.8 $12.8 $89.0 NM$177.0$11.7$165.3 NM
Gross margin as a percent of net sales10 %1 %9 %— %
Sales volume (in thousands of metric tonnes)
Phosphate produced in Brazil(a)
433 611 (178)(29)%757 1,121 (364)(32)%
Potash produced in Brazil
34 44 (10)(23)%66 88 (22)(25)%
Purchased nutrients for distribution
1,729 1,730 (1)— %3,088 3,256 (168)(5)%
Total Mosaic Fertilizantes Segment Tonnes2,196 2,385 (189)(8)%3,911 4,465 (554)(12)%
Realized prices ($/tonne)
Average finished product selling price (destination)$478 $595 $(117)(20)%$495 $619 $(124)(20)%
    Brazil MAP price (delivered price to third party)$596 $653 $(57)(9)%$590 $662 $(72)(11)%
Purchases ('000 tonnes)
DAP/MAP from Mosaic
30 117 (87)(74)%98 263 (165)(63)%
MicroEssentials® from Mosaic
284 427 (143)(33)%453 704 (251)(36)%
Potash from Mosaic/Canpotex
736 756 (20)(3)%1,094 991 103 10 %
Average cost per unit consumed in cost of goods sold:
    Ammonia (metric tonne)$623 $912 $(289)(32)%$664 $1,040 $(376)(36)%
    Sulfur (long ton)$174 $258 $(84)(33)%$174 $267 $(93)(35)%
    Blended rock (metric tonne)$107 $128 $(21)(16)%$110 $127 $(17)(13)%
Production volume (in thousands of metric tonnes)831 797 34 4 %1,728 1,656 72 4 %
______________________________
(a) Excludes internally produced volumes used in purchased nutrients for distribution.
Three months ended June 30, 2024 and June 30, 2023
The Mosaic Fertilizantes segment’s net sales decreased to $1.0 billion for the three months ended June 30, 2024, from $1.4 billion in the same period a year ago. The $369.9 million decrease in net sales was due to approximately $290 million of lower finished product sales prices and approximately $100 million of lower finished goods sales volume. This was partially offset by a $15 million favorable impact from sales of other products, primarily sulfuric acid.
Our average finished product selling price was $478 per tonne for the three months ended June 30, 2024, compared to $595 per tonne for the same period a year ago, due to the decrease in global sales prices as discussed in the Overview.
The Mosaic Fertilizantes segment’s sales volumes of finished products decreased 8% for the three months ended June 30, 2024, compared to the same period a year ago, due to deferred customer demand in the Brazil agricultural market.
Gross margin for the Mosaic Fertilizantes segment increased to $101.8 million for the three months ended June 30, 2024, from $12.8 million in the same period of the prior year. The increase in gross margin was primarily due to $370 million of lower costs driven by a decrease in product costs for our distribution business, and lower sulfur and ammonia costs in our production



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business. This was partially offset by approximately $290 million related to the decrease in average selling prices during the current year period, and by approximately $10 million due to lower sales volumes during the current year period.
The average consumed price for ammonia for our Brazilian operations decreased to $623 per tonne for the three months ended June 30, 2024, compared to $912 per tonne in the prior year period. The average consumed sulfur price for our Brazilian operations was $174 per long ton for the three months ended June 30, 2024, compared to $258 per long ton in the prior year period. The purchase prices of ammonia and sulfur are driven by global supply and demand, and also include transportation, transformation and storage costs.
The Mosaic Fertilizantes segment’s production of crop nutrient dry concentrates and animal feed ingredients increased 4% for the three months ended June 30, 2024, compared to the prior year period. For the three months ended June 30, 2024, our phosphate operating rate increased to 75%, compared to 74% in the same period of the prior year.
For the three months ended June 30, 2024, our Brazilian phosphate rock production decreased to 1.0 million tonnes, from 1.1 million tonnes in the prior year period.
Six months ended June 30, 2024 and 2023
The Mosaic Fertilizantes segment’s net sales were $1.9 billion for the six months ended June 30, 2024, compared to $2.8 billion in the prior year period. In the current period, net sales were unfavorably impacted by approximately $520 million of lower finished goods sales prices and by approximately $310 million of lower finished goods sales volumes.
The average finished product selling price decreased $124 per tonne to $495 per tonne for the six months ended June 30, 2024, compared to $619 per tonne in the prior year period, primarily due to the decrease in global prices mentioned in the Overview.
The Mosaic Fertilizantes segment’s sales volume decreased to 3.9 million tonnes for the six months ended June 30, 2024, from 4.5 million tonnes in the same period a year ago due to deferred customer demand in the Brazil agricultural market.
Gross margin for the six months ended June 30, 2024, increased to $177.0 million from $11.7 million in the same period in the prior year. The increase in gross margin was primarily due to lower costs, which had a favorable impact of $690 million, driven by a decrease in product costs for our distribution business, and lower sulfur and ammonia costs in our production business. This was partially offset by approximately $520 million related to the decrease in average selling prices during the current year period.
The Mosaic Fertilizantes segment’s production of crop nutrient dry concentrates and animal feed ingredients increased 4% compared to the prior year period. For the six months ended June 30, 2024, our phosphate operating rate was 77%, compared to 76% in the same period of the prior year.
For the six month period ended June 30, 2024, our Brazilian phosphate rock production was comparable to the prior year period at 1.9 million tonnes.
Corporate, Eliminations and Other
In addition to our three operating segments, we assign certain costs to Corporate, Eliminations and Other, which is presented separately in Note 18 to our Notes to Condensed Consolidated Financial Statements. Corporate, Eliminations and Other includes the results of the China and India distribution businesses, intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and losses on derivatives and debt expenses.
For the three months ended June 30, 2024, gross margin for Corporate, Eliminations and Other was $(47.9) million, compared to $6.1 million for the same period in the prior year. Gross margin was unfavorably impacted by approximately $28 million from net unrealized losses on derivatives, primarily on foreign currency derivatives, compared to a net unrealized gain of approximately $34 million in the prior year period. Sales in China and India, collectively, resulted in revenue of $120.9 million and gross margin of $2.4 million in the current year period, compared to revenue of $171.7 million and gross margin of $(44.3) million in the prior year period. China and India gross margin was favorably impacted by lower product costs in the current year period compared to the prior year, which was partially offset by the impact of lower selling prices compared to the prior year period.
For the six months ended June 30, 2024, gross margin for Corporate, Eliminations and Other was $(95.0) million, compared to $5.0 million for the same period in the prior year. Gross margin was unfavorably impacted by a $59 million net unrealized loss



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on derivatives in the current year period, primarily of foreign currency derivatives, compared to a $33 million net unrealized gain in the prior year period. Sales in China and India, collectively, resulted in revenue of $250.1 million and gross margin of $9.9 million in the current year period, compared to revenue of $438.5 million and gross margin of $(55.1) million in the prior year period. China and India gross margin was favorably impacted by lower product costs in the current year period compared to the prior year which was partially offset by the impact of lower selling prices compared to the prior year period.
Other Income Statement Items
Three months endedSix months ended
June 30,2024-2023June 30,2024-2023
(in millions)20242023ChangePercent20242023ChangePercent
Selling, general and administrative expenses$128.4 $129.9 $(1.5)(1)%$235.2 $257.6 $(22.4)(9)%
Other operating expense32.3 72.0 (39.7)(55)%151.8 70.1 81.7 117 %
Interest expense(61.2)(47.3)(13.9)29 %(119.4)(97.5)(21.9)22 %
Interest income14.8 11.3 3.5 31 %25.0 20.4 4.6 23 %
      Interest expense, net(46.4)(36.0)(10.4)29 %(94.4)(77.1)(17.3)22 %
Foreign currency transaction (loss) gain (267.9)148.5 (416.4)NM(368.2)199.9 (568.1)NM
Other income (expense)6.6 (7.1)13.7 NM7.2 (16.0)23.2 NM
Provision for income taxes98.7 108.4 (9.7)(9)%104.9 226.7 (121.8)(54)%
Equity in net earnings of nonconsolidated companies22.2 12.9 9.3 72 %59.7 44.2 15.5 35 %
Selling, General and Administrative Expenses
Selling, general and administrative expenses for the three months ended June 30, 2024 decreased $1.5 million compared to the same period of prior year, primarily due to lower consulting and professional services costs of approximately $13 million compared to the prior year period, partially offset by higher incentive compensation costs of approximately $11 million.
Selling, general and administrative expenses for the six months ended June 30, 2024 decreased $22.4 million compared to the same period of prior year, primarily due to lower consulting and professional services costs of approximately $16 million, and lower incentive compensation costs of approximately $10 million compared to the prior year period.
Other Operating Expense
For the three months ended June 30, 2024, we had other operating expense of $32.3 million, compared to $72.0 million for the same period of the prior year. The decrease from the prior year is due to approximately $37 million of higher environmental reserves in our Phosphate segment, and an upward revision in estimated closure costs for our asset retirement obligations ("AROs") at our closed facilities of approximately $23 million, incurred in the prior year.
For the six months ended June 30, 2024, we had other operating expense of $151.8 million, compared to $70.1 million for the same period of the prior year. The change from the prior year was primarily due to an increase in environmental reserves in our



35
Phosphate segment in the current year period of approximately $34 million. In addition, the prior year period included a gain on the sale of the Streamsong Resort of approximately $57 million.
Interest Expense, Net
For the three and six months ended June 30, 2024, net interest expense increased to $46.4 million and $94.4 million compared to $36.0 million and $77.1 million for the same periods of the prior year. The increase was primarily due to higher short term debt levels in the current year period.
Foreign Currency Transaction Gain (Loss)
We recorded a foreign currency transaction loss of $267.9 million and $368.2 million for the three and six months ended June 30, 2024, compared to a gain of $148.5 million and $199.9 million for the same periods in the prior year. The current year losses were primarily the result of unrealized foreign currency impacts resulting from the strengthening of the U.S. dollar relative to the Brazilian real on significant intercompany loans and U.S. dollar-denominated payables held by our Brazilian subsidiaries, and the impact of the U.S. dollar relative to the Canadian dollar on significant intercompany loans.
Other Expense
For the three and six months ended June 30, 2024, we had other income of $6.6 million and $7.2 million, compared to expense of $7.1 million and $16.0 million for the same periods in the prior year. The current year income was primarily related to a settlement gain on the termination of a pension plan during the quarter ended June 30, 2024.
Equity in Net Earnings of Nonconsolidated Companies
For the three and six months ended June 30, 2024, we had equity in net earnings of nonconsolidated companies of $22.2 million and $59.7 million compared to $12.9 million and $44.2 million for the same period in the prior year. These results were primarily related to the operations of MWSPC.
Provision for Income Taxes
Three months endedEffective Tax RateProvision for Income Taxes
June 30, 2024(132.7)%$98.7 
June 30, 202322.8 %$108.4 
Six months endedEffective Tax RateProvision for Income Taxes
June 30, 2024(213.2)%$104.9 
June 30, 202322.2 %$226.7 
Income tax expense was $98.7 million and $104.9 million, and the effective tax rate was (132.7)% and (213.2)% for the three and six months ended June 30, 2024.
For the three and six months ended June 30, 2024, discrete tax items recorded in tax expense was an expense of approximately $120.1 million and $119.4 million, respectively. The net tax expense consisted primarily of the impact of accruing withholding tax expense on expected foreign distributions associated with changes in management’s indefinite reinvestment assertion on select foreign earnings under ASC 740-30 (formerly APB 23), share-based excess benefit, true-up of estimates, and other miscellaneous costs. 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 their foreign jurisdiction and the U.S., including foreign tax credits for various taxes incurred.



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Critical Accounting Estimates
The Condensed Consolidated Financial Statements are prepared in conformity with GAAP. In preparing the Condensed Consolidated Financial Statements, we are required to make various judgments, estimates and assumptions that could have a significant impact on the results reported in the Condensed Consolidated Financial Statements. We base these estimates on historical experience and other assumptions believed to be reasonable by management under the circumstances. Changes in these estimates could have a material effect on our Condensed Consolidated Financial Statements.
The basis for our financial statement presentation, including our significant accounting estimates, is summarized in Note 2 to the Condensed Consolidated Financial Statements in this report. A summary description of our significant accounting policies is included in Note 2 to the Consolidated Financial Statements in our 10-K Report. Further detailed information regarding our critical accounting estimates is included in Management’s Discussion and Analysis of Results of Operations and Financial Condition in our 10-K Report.
Liquidity and Capital Resources
As of June 30, 2024, we had cash and cash equivalents of $322.0 million, short-term debt of $0.9 billion, long-term debt, including current maturities, of approximately $3.3 billion, and stockholders’ equity of approximately $11.8 billion. We have a target liquidity buffer of up to $3.0 billion, including cash and available committed and uncommitted credit lines. We expect our liquidity to fluctuate from time to time, especially in the first quarter of each year, to manage through the seasonality of our business. We also target debt leverage ratios that are consistent with investment grade credit metrics. Our capital allocation priorities include maintaining our target investment grade metrics and financial strength, sustaining our assets, including ensuring the safety of our employees and reliability of our assets, investing to grow our business, either through organic growth or taking advantage of strategic opportunities, and returning excess cash to shareholders, including paying our dividend. During the six months ended June 30, 2024, we returned cash to shareholders through share repurchases of $160.4 million and cash dividends of $137.4 million, and invested $716.9 million in capital expenditures.
Funds generated by operating activities, available cash and cash equivalents, and our credit facilities continue to be our most significant sources of liquidity. We believe funds generated from the expected results of operations and available cash, cash equivalents and borrowings under our committed and uncommitted credit facilities, as needed, will be sufficient to finance our operations, including our capital expenditures, existing strategic initiatives, debt repayments and expected dividend payments, for the next 12 months and beyond. There can be no assurance, however, that we will continue to generate cash flows at or above current levels. As of June 30, 2024, we had $2.49 billion available under our $2.50 billion committed revolving credit facility, approximately $670.0 million available under our uncommitted facilities and had $2.1 billion available under our $2.5 billion commercial paper program that is backed by the revolving credit facility. We consider amounts borrowed under our commercial paper program as a reduction of availability under our revolving credit facility. Our credit facilities, including the revolving credit facility, require us to maintain certain financial ratios, as discussed in Note 11 of our Notes to Consolidated Financial Statements in our 10-K Report. We were in compliance with these ratios as of June 30, 2024.
All of our cash equivalents are diversified in highly rated investment vehicles. Our cash and cash equivalents are held either in the U.S. or held by non-U.S. subsidiaries and are not subject to significant foreign currency exposures, as the majority are held in investments denominated in U.S. dollars as of June 30, 2024. These funds may create foreign currency transaction gains or losses, however, depending on the functional currency of the entity holding the cash. In addition, there are no significant restrictions that would preclude us from bringing these funds back to the U.S., aside from withholding taxes.



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The following table represents a comparison of the net cash used in or provided by operating activities, net cash used in investing activities, and net cash used in or provided by financing activities for the six months ended June 30, 2024 and June 30, 2023:
(in millions)Six months ended
June 30,2024-2023
Cash Flow20242023ChangePercent
Net cash provided by operating activities$767.0 $1,221.7 $(454.7)(37)%
Net cash used in investing activities(736.8)(532.9)(203.9)38 %
Net cash used in financing activities(30.7)(815.6)784.9 (96)%
Operating Activities
During the six months ended June 30, 2024, net cash provided by operating activities was $767.0 million, compared to $1.2 billion for the same period in the prior year. Our results of operations, after non-cash adjustments, contributed $960.1 million to cash flows from operating activities during the six months ended June 30, 2024, compared to $1.2 billion as computed on the same basis for the prior year period. During the six months ended June 30, 2024, we had an unfavorable change in assets and liabilities of $193.1 million, compared to an favorable change of $57.0 million during the six months ended June 30, 2023.
The change in assets and liabilities for the six months ended June 30, 2024, was primarily driven by an increase in inventories of $169.8 million and accounts receivable of $78.2 million, partially offset by an increase in other noncurrent liabilities of $78.6 million. The increase in inventories was primarily due to higher inventory volumes, primarily in Brazil, due to seasonality. The increase in accounts receivable was primarily related to an increase in sales volumes at the end of the quarter compared to the end of the prior year. The increase in other noncurrent liabilities liabilities was primarily related to increases in ARO obligations and environmental reserves in our Phosphate segment in the current year.
Investing Activities
Net cash used in investing activities was $736.8 million for the six months ended June 30, 2024 compared to $532.9 million for the same period a year ago. We had capital expenditures of $716.9 million for the six months ended June 30, 2024, compared to $631.8 million in the prior year period. The prior year period included net proceeds of $158.4 million from the sale of a business and used cash of $41.0 million to acquire the other 50% of an equity investment.
Financing Activities
Net cash used in financing activities for the six months ended June 30, 2024 was $30.7 million, compared to $815.6 million for the same period in the prior year. During the six months ended June 30, 2024, we received net proceeds of $502.1 million under our inventory financing arrangement. During the current year period, we made repurchases of our common stock at an aggregate cost of $160.4 million and paid dividends of $137.4 million. In addition, we also made net payments on our structured accounts payable arrangements of $141.7 million, payments on long-term debt of $42.5 million and net payments on short-term debt of $18.8 million during the current year period.
Debt Instruments, Guarantees and Related Covenants
See Notes 11 and 17 to the Consolidated Financial Statements in our 10-K Report.
Financial Assurance Requirements
In addition to various operational and environmental regulations related to our Phosphate segment, we are subject to financial assurance requirements. In various jurisdictions in which we operate, particularly Florida and Louisiana, we are required to pass a financial strength test or provide credit support, typically in the form of surety bonds, letters of credit, certificates of deposit or trust funds. Further information regarding financial assurance requirements is included in Management’s Discussion and Analysis of Results of Operations and Financial Condition in our 10-K Report, under “EPA RCRA Initiative,” and in Note 8 to our Condensed Consolidated Financial Statements in this report.



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Environmental, Health, Safety and Security Matters
Federal Jurisdiction Over “Waters of the United States”. The Clean Water Act (“CWA” or the “Act”) authorizes federal jurisdiction over “navigable waters,” defined in the Act as “waters of the United States” (“WOTUS”). As it relates to Mosaic’s operations and facilities, the scope of the term WOTUS dictates legal requirements for our national pollutant discharge elimination system wastewater discharge permits and for impacts to surface waters and wetlands associated with our phosphate mining operations. A broad definition of WOTUS, and thus the scope of federal jurisdiction, increases the time required to identify wetlands and waterways subject to federal regulatory and permitting requirements, and the amount and type of mitigation required to compensate for impacts to jurisdictional WOTUS caused by our mining operations.
On May 25, 2023, the U.S. Supreme Court issued its opinion in the Sackett v EPA case, which significantly limits water features that can be considered WOTUS and therefore subject to CWA Section 404 jurisdiction. The Court held that the CWA extends only to those wetlands that are “as a practical matter indistinguishable from waters of the United States”. The Sackett decision is binding nationwide as to the determination of which wetlands and waters are subject to the CWA.
The Sackett decision invalidated the January 18, 2023 definition of WOTUS promulgated by the Environmental Protection Agency (“EPA”), which had expanded federal jurisdiction. In response to Sackett, on August 29, 2023, the EPA issued a final rule intended to conform its definition of WOTUS to the Sackett decision. The conforming rule became effective on September 8, 2023.
As a result of ongoing litigation, the January 2023 WOTUS rule, as conformed by the September 2023 rule, is being implemented only in 23 states, the District of Columbia and the U.S. Territories. In the other 27 states, WOTUS is interpreted consistent with the pre-2015 regulatory regime in a manner that such states believe complies with the Supreme Court’s Sackett decision.
Clean Water Act 404 Permitting Program. Beginning in 2018, the State of Florida enacted statutory and regulatory changes to allow the State to assume “dredge and fill” permitting under Section 404 of the CWA (“CWA 404 permitting”). In December 2020, the EPA approved Florida’s application to assume CWA 404 permitting and the State began issuing 404 permits for projects impacting assumed waters in the State. A group of Non-Governmental Organizations (“NGOs”) filed suit in early 2021 seeking to invalidate the EPA’s approval and to return CWA 404 permitting to the federal government.
On February 15, 2024, the District Court entered an Order granting the relief requested by the NGOs. Because of the decision, the U.S. Army Corps of Engineers (“Corps”) became the only entity in the State with authority to issue 404 permits. On April 12, 2024, the District Court entered final judgment on the NGO’s claims that now can be appealed. On April 15, 2024, the State appealed the District Court's decision to the U.S. Court of Appeals for the D.C. Circuit. The Court of Appeals subsequently granted the State's request to expedite that appeal.
If the appeal is not successful, CWA 404 permitting for most of Mosaic’s proposed Florida mining projects and some improvements to our concentrates facilities would be handled by the Corps. Returning the CWA 404 program to the Corps is likely to result in delays in the permitting process, due to coordination complications and Corps staffing deficiencies, at least over the next six to 12 months. Moreover, all Corps 404 permits are federal actions subject to the National Environmental Policy Act, which is a resource-intensive environmental review that causes additional delays in the permitting process. Corps-issued CWA 404 permits also provide an avenue for legal challenges to be filed in Federal court. Given these recent developments, we expect that the schedule for Mosaic’s Florida permitting projects will encounter more delays and face potentially greater legal risk of permit challenges.
Off-Balance Sheet Arrangements and Obligations
Information regarding off-balance sheet arrangements and obligations is included in Management’s Discussion and Analysis of Results of Operations and Financial Condition in our 10-K Report and Note 17 to our Condensed Consolidated Financial Statements in this report.
Contingencies
Information regarding contingencies is hereby incorporated by reference to Note 17 to our Condensed Consolidated Financial Statements in this report.



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Forward-Looking Statements
Cautionary Statement Regarding Forward Looking Information
All statements, other than statements of historical fact, appearing in this report constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements about our expectations, beliefs, intentions or strategies for the future, including statements about proposed or pending future transactions or strategic plans, statements concerning our future operations, financial condition and prospects, statements regarding our expectations for capital expenditures, statements concerning our level of indebtedness and other information, and any statements of assumptions regarding any of the foregoing. In particular, forward-looking statements may include words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “potential”, “predict”, “project” or “should”. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this filing.
Factors that could cause reported results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following:
•business and economic conditions and governmental policies affecting the agricultural industry where we or our customers operate, including price and demand volatility resulting from periodic imbalances of supply and demand;
•the anticipated value of the Ma’aden shares to be issued in the proposed transaction at closing may be less than the value at transaction announcement, the expected timing and likelihood of completion of the pending Ma’aden transaction, including the inability to receive the required approval by Ma’aden shareholders and other approvals, including potential regulatory approvals, necessary to complete the transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the applicable agreement, and the risk that there may be a material adverse change with respect to the financial position, performance, operations or prospects of Ma’aden and MWSPC;
•because of political and economic instability, civil unrest or changes in government policies in Brazil, Saudi Arabia, Peru or other countries in which we do business, our operations could be disrupted as higher costs of doing business could result, including those associated with implementation of new freight tables and new mining legislation;
•our inability to effectively implement or convert our operations to the new information systems;
•a potential drop in oil demand, which could lead to a significant decline in production, and its impact on the availability and price of sulfur, a key raw material input for our Phosphate and Mosaic Fertilizantes segment operations;
•changes in farmers’ application rates for crop nutrients;
•changes in the operation of world phosphate or potash markets, including consolidation in the crop nutrient industry, particularly if we do not participate in the consolidation;
•the expansion or contraction of production capacity or selling efforts by competitors or new entrants in the industries in which we operate, including the effects of actions by other members of Canpotex to prove the production capacity of potash expansion projects, through proving runs or otherwise;
•the effect of future product innovations or development of new technologies on demand for our products;
•seasonality in our business that results in the need to carry significant amounts of inventory and seasonal peaks in working capital requirements, which may result in excess inventory or product shortages;
•changes in the costs, or constraints on supplies, of raw materials or energy used in manufacturing our products, or in the costs or availability of transportation for our products;
•economic and market conditions, including supply chain challenges and increased costs and delays caused by transportation and labor shortages;



40
•declines in our selling prices or significant increases in costs that can require us to write down our inventories to the lower of cost or market, or require us to impair goodwill or other long-lived assets, or establish a valuation allowance against deferred tax assets;
•the lag in realizing the benefit of falling market prices for the raw materials we use to produce our products that can occur while we consume raw materials that we purchased or committed to purchase in the past at higher prices;
•disruptions of our operations at any of our key production, distribution, transportation or terminaling facilities, including those of Canpotex or any joint venture in which we participate;
•shortages or other unavailability of trucks, railcars, tugs, barges and ships for carrying our products and raw materials;
•the effects of and change in trade, monetary, environmental, tax and fiscal policies, laws and regulations;
•foreign exchange rates and fluctuations in those rates;
•tax regulations, currency exchange controls and other restrictions that may affect our ability to optimize the use of our liquidity;
•adverse weather and climate conditions affecting our operations, including the impact of potential hurricanes, excessive heat, cold, snow, rainfall or drought;
•difficulties or delays in receiving, challenges to, increased costs of obtaining or satisfying conditions of, or revocation or withdrawal of required governmental and regulatory approvals, including permitting activities;
•changes in the environmental and other governmental regulations that apply to our operations, including federal legislation or regulatory action expanding the types and extent of water resources regulated under federal law and the possibility of further federal or state legislation or regulatory action affecting or related to greenhouse gas emissions, including carbon taxes or other measures that may be implemented in Canada or other jurisdictions in which we operate, or of restrictions or liabilities related to elevated levels of naturally-occurring radiation that arise from disturbing the ground in the course of mining activities or possible efforts to reduce the flow of nutrients into the Gulf of Mexico, the Mississippi River basin or elsewhere;
•the potential costs and effects of implementation of federal or state water quality standards for the discharge of nitrogen and/or phosphorus into Florida waterways;
•the financial resources of our competitors, including state-owned and government-subsidized entities in other countries;
•the possibility of defaults by our customers on trade credit that we extend to them or on indebtedness that they incur to purchase our products and that we guarantee;
•any significant reduction in customers’ liquidity or access to credit that they need to purchase our products;
•the effectiveness of the processes we put in place to manage our significant strategic priorities, including our investment in MWSPC, and to successfully integrate and grow acquired businesses;
•actual costs of various items differing from management’s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental obligations and Canadian resource taxes and royalties, or the costs of MWSPC or its existing or future funding;
•the costs and effects of legal and administrative proceedings and regulatory matters affecting us, including environmental, tax or administrative proceedings, complaints that our operations are adversely impacting nearby farms, businesses, other property uses or properties, settlements thereof and actions taken by courts with respect to approvals of settlements, costs related to defending and resolving global audit, appeal or court activity and other further developments in legal proceedings and regulatory matters;
•the success of our efforts to attract and retain highly qualified and motivated employees;



41
•strikes, labor stoppages or slowdowns by our work force or increased costs resulting from unsuccessful labor contract negotiations, and the potential costs and effects of compliance with new regulations affecting our workforce, which increasingly focus on wages and hours, healthcare, retirement and other employee benefits;
•brine inflows at our potash mines;
•accidents or other incidents involving our properties or operations, including potential fires, explosions, seismic events, sinkholes, unsuccessful tailings management, ineffective mine safety procedures or releases of hazardous or volatile chemicals;
•terrorism, armed conflict or other malicious intentional acts, including cybersecurity risks such as attempts to gain unauthorized access to, or disable, our information technology systems, or our costs of addressing malicious intentional acts;
•actions by the holders of controlling equity interests in businesses in which we hold a noncontrolling interest;
•changes in our relationships with other members of Canpotex or any joint venture in which we participate or their or our exit from participation in Canpotex or any such export association or joint venture, and other changes in our commercial arrangements with unrelated third parties;
•difficulties in realizing benefits under our long-term natural gas based pricing ammonia supply agreement with CF, including the risks that the cost savings initially anticipated from the agreement may not be fully realized over the term of the agreement or that the price of natural gas or the market price for ammonia during the agreement’s term are at levels at which the agreement’s natural gas based pricing is disadvantageous to us, compared with purchases in the spot market; and
•other risk factors reported from time to time in our SEC reports.
Material uncertainties and other factors known to us are discussed in Item 1A, “Risk Factors,” of our 10-K Report and incorporated by reference herein as if fully stated herein.
We base our forward-looking statements on information currently available to us, and we undertake no obligation to update or revise any of these statements, whether as a result of changes in underlying factors, new information, future events or other developments.



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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to the impact of fluctuations in the relative value of currencies, the impact of interest rates, fluctuations in the purchase price of natural gas, ammonia and sulfur consumed in operations and changes in freight costs, as well as changes in the market value of our financial instruments. We periodically enter into derivatives in order to mitigate our foreign currency risks, interest rate risks and the effects of changing commodity prices, but not for speculative purposes. See Note 15 to the Consolidated Financial Statements in our 10-K Report and Note 12 to the Condensed Consolidated Financial Statements in this report.
Foreign Currency Exchange Contracts
Due to the global nature of our operations, we are exposed to currency exchange rate changes which may cause fluctuations in our earnings and cash flows. Our primary foreign currency exposures are the Canadian dollar and Brazilian real. To reduce economic risk and volatility on expected cash flows that are denominated in the Canadian dollar and Brazilian real, we use financial instruments that may include forward contracts, zero-cost collars and/or futures. Mosaic hedges cash flows on a declining basis, up to 18 months for the Canadian dollar and up to 12 months for the Brazilian real.
As of June 30, 2024 and December 31, 2023, the fair value of our major foreign currency exchange contracts was $(36.6) million and $28.4 million, respectively. The table below provides information about Mosaic’s significant foreign exchange derivatives.
(in millions US$)As of June 30, 2024As of December 31, 2023
Expected Maturity DateFair ValueExpected Maturity DateFair Value
Years ending December 31,Years ending December 31,
20242025202620242025
Foreign Currency Exchange Forwards
Canadian Dollar$(7.9)$15.5 
Notional (million US$) - short Canadian dollars$81.7 $2.9 $— $297.3 $— 
Weighted Average Rate - Canadian dollar to U.S. dollar1.3593 1.3584 — 1.3387 — 
Notional (million US$) - long Canadian dollars$529.7 $403.0 $— $1,068.5 $120.5 
Weighted Average Rate - Canadian dollar to U.S. dollar1.3480 1.3498 — 1.3430 1.3445 
Foreign Currency Exchange Non-Deliverable Forwards
Brazilian Real$(29.0)$14.6 
Notional (million US$) - long Brazilian real$346.6 $— $— $741.7 $— 
Weighted Average Rate - Brazilian real to U.S. dollar5.1216 — — 5.0023 — 
Indian Rupee$0.2 $(0.3)
Notional (million US$) - short Indian rupee$102.1 $— $— $80.0 $— 
Weighted Average Rate - Indian rupee to U.S. dollar83.3767 — — 83.7458 — 
China Renminbi$0.1 $(1.4)
Notional (million US$) - short China renminbi$73.2 $— $— $110.7 $— 
Weighted Average Rate - China renminbi to U.S. dollar7.1157 — — 7.1336 — 
Notional (million US$) - long China renminbi$20.5 $— $— — — 
Weighted Average Rate - China renminbi to U.S. dollar7.1067 — — — — 
Total Fair Value$(36.6)$28.4 
Further information regarding foreign currency exchange rates and derivatives is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 10-K Report and Note 12 to the Condensed Consolidated Financial Statements in this report.



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Commodities
As of June 30, 2024 and December 31, 2023, the fair value of our natural gas commodities contracts was $(5.9) million and $(10.3) million, respectively.
The table below provides information about our natural gas derivatives which are used to manage the risk related to significant price changes in natural gas.
(in millions)As of June 30, 2024As of December 31, 2023
Expected Maturity DateExpected Maturity Date
Years ending December 31,Years ending December 31,
20242025Fair Value20242025Fair Value
Natural Gas Swaps$(5.9)$(10.3)
Notional (million MMBtu) - long6.7 2.9 15.1 2.0 
Weighted Average Rate (US$/MMBtu)$2.65 $2.95 $2.75 $3.30 
Total Fair Value$(5.9)$(10.3)

Further information regarding commodities and derivatives is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 10-K Report and Note 12 to the Condensed Consolidated Financial Statements in this report.



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ITEM 4. CONTROLS AND PROCEDURES
(a)    Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures designed to ensure that information required to be disclosed in our filings under the Securities Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and (ii) accumulated and communicated to management, including our principal executive officer and our principal financial officer, to allow timely decisions regarding required disclosures. Our management, with the participation of our principal executive officer and our principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this quarterly report on Form 10-Q. Our principal executive officer and our principal financial officer have concluded, based on such evaluations, that our disclosure controls and procedures were effective for the purpose for which they were designed as of the end of such period.
(b)    Changes in Internal Control Over Financial Reporting
Our management, with the participation of our principal executive officer and our principal financial officer, have evaluated any changes in our internal control over financial reporting that occurred during the three months ended June 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Our management, with the participation of our principal executive officer and principal financial officer, did not identify any such changes during the three months ended June 30, 2024.




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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We have included information about legal and environmental proceedings in Note 17 to our Condensed Consolidated Financial Statements in this report. This information is incorporated herein by reference.
We are also subject to the following legal and environmental proceedings in addition to those described in Note 17 of our Condensed Consolidated Financial Statements in this report:
Countervailing Duty Orders. In April 2021, the U.S. Department of Commerce (“DOC”) issued countervailing duty (“CVD”) orders on imports of phosphate fertilizers from Morocco and Russia, in response to petitions filed by Mosaic. The purpose of the petitions was to remedy the injury to the U.S. phosphate fertilizer industry caused by imports that benefit from unfair foreign subsidies, and thereby restore fair competition. CVD orders normally stay in place for at least five years, with possible extensions.
Moroccan and Russian producers have initiated actions at the U.S. Court of International Trade (“CIT”) and the U.S. Court of Appeals for the Federal Circuit (“CAFC”) seeking to overturn the orders. Mosaic has also made claims contesting certain aspects of DOC’s final determinations that, we believe, failed to capture the full extent of Moroccan and Russian subsidies. These litigation challenges remain underway. In January 2024, DOC and the ITC issued revised determinations on remand from the CIT, upholding their original determinations that Moroccan phosphate fertilizer is unfairly subsidized, and that Moroccan and Russian imports materially injure the U.S. industry, respectively. The CIT is now reviewing these remand determinations. Also in January 2024, the CIT issued a ruling affirming DOC’s original determinations that Russian phosphate fertilizer is unfairly subsidized. Russian producers appealed this ruling to the CAFC.
When a CVD order is in place, DOC normally conducts annual administrative reviews, which establish a final CVD assessment rate for past imports during a defined period, and a CVD cash deposit rate for future imports. In November 2023, DOC announced the final results of the first administrative reviews for the CVD orders on phosphate fertilizers for Russia and Morocco, covering the period November 30, 2020 to December 31, 2021. DOC calculated new subsidy rates of 2.12% for Moroccan producer OCP and 28.50% for Russian producer PhosAgro. Commerce did not change the preexisting cash deposit rates for Russian producer EuroChem (47.05%) or all other Russian producers (17.20%). Mosaic, foreign producers, and a U.S. importer have appealed the final results of DOC’s first administrative reviews to the CIT. DOC is also conducting a second set of administrative reviews covering the period January 1, 2022 to December 31, 2022. DOC will likely issue the final results of the second administrative reviews by Q4 2024. In addition, in June 2024, DOC initiated a third set of administrative reviews covering the period January 1, 2023 to December 31, 2023. The applicable final CVD assessment rates and cash deposit rates for imports of phosphate fertilizer from Morocco and Russia could change as a result of these various proceedings and potential associated appeals, whether in federal courts or at the World Trade Organization.
The South Pasture Mine – Hardee County Enforcement Action. On January 8, 2020, Hardee County issued a Notice of Violation (“NOV”) for Mosaic’s delay in meeting the required reclamation schedule for two designated reclamation units within the South Pasture Mine. The delay resulted from idling the South Pasture beneficiation plant in 2018; because the plant was idled, no sand was available for reclamation activities.
Acting on Mosaic’s “Application for Waiver and Reclamation Schedule Extension,” in May 2020, the Hardee County Board of County Commissioners approved: (1) a waiver of the applicable reclamation deadlines of the South Pasture Development Order and Land Development Code; (2) an alternative reclamation schedule; and (3) a settlement agreement that resolved the NOV. Mosaic timely paid the civil penalty required by the settlement agreement and continues to implement the approved alternative reclamation schedule, as required. Monitoring programs are in place to ensure continued compliance with the waiver and settlement agreement.
Cruz Litigation. On August 27, 2020, a putative class action complaint was filed in the Circuit Court of the Thirteenth Judicial Circuit in Hillsborough County, Florida against our wholly owned subsidiary, Mosaic Global Operations Inc., and two unrelated co-defendants. The complaint alleges claims related to elevated levels of radiation at two manufactured housing communities located on reclaimed mining land in Mulberry, Polk County, Florida, allegedly due to phosphate mining and



46
reclamation activities occurring decades ago. Plaintiffs seek monetary damages, including punitive damages, injunctive relief requiring remediation of their properties, and a medical monitoring program funded by the defendants. On October 14, 2021, the court substantially granted a motion to dismiss that we filed late in 2020, with leave for the plaintiffs to amend their complaint.
On November 3, 2021, plaintiffs filed an amended complaint and, in response, Mosaic filed a motion to dismiss that complaint with prejudice on November 15, 2021. On December 23, 2021, plaintiffs opposed that motion and Mosaic replied to that opposition on January 26, 2022. On April 6, 2022, the court heard argument on the motions to dismiss filed by Mosaic and each other co-defendant. In late March 2023, the court denied defendants’ motions to dismiss.
We intend to continue to vigorously defend this matter.
Faustina Plant Risk Management Plan. On September 14, 2022, EPA Region 6 issued a Notice of Potential Violation and Opportunity to Confer (“NOPVOC”) regarding compliance of our Faustina Plant with Section 112(r) of the Federal Clean Air Act and 40 C.F.R. Part 68, commonly known as the Risk Management Plan Rule (“RMP Rule”). The NOPVOC relates to a compliance evaluation inspection conducted by the EPA at the Faustina Plant from February 22-25, 2022, and alleges violations of the RMP Rule. We conferred with the EPA regarding the allegations in the NOPVOC on November 30, 2022. We negotiated a Consent Agreement and Final Order (“CAFO”) with the agency that was filed on January 30, 2024. As required by the CAFO, we paid a penalty in the amount of $217,085. The CAFO also requires the completion of two supplemental environmental projects: (1) installation of ammonia monitors and monitoring at the plant for a period of two years, and (2) donation of two generators to the St. James Parish Department of Emergency Preparedness. We completed the donation to the St. James Parish Department of Emergency Preparedness on March 14, 2024, and we completed installation and began operation of the ammonia monitors on April 24, 2024.



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ITEM 1A. RISK FACTORS
Important risk factors that apply to us are outlined in Item 1A in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “10-K Report”). In addition to these risk factors, we include the following updates:
Operational Risk
Risks related to the Ma'aden Share Purchase and Subscription Agreement.
On April 30, 2024, we entered into an agreement with Ma’aden under which Mosaic will receive 111,012,433 shares of Ma’aden valued at approximately $1.5 billion on the date of the agreement, in exchange for Mosaic’s 25 percent stake in MWSPC. The anticipated value of the Ma’aden shares to be issued in the proposed transaction at transaction announcement and at closing are subject to risks related to the expected timing and likelihood of completion of the pending transaction, including the inability to receive the required approval by Ma’aden shareholders and other approvals, including potential regulatory approvals, necessary to complete the transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the applicable agreement; and the risk that there may be a material adverse change with respect to the financial position, performance, operations or prospects of Ma’aden and MWSPC.
Regulatory Risk
Our operations are dependent on having the required permits and approvals from governmental authorities. Denial or delay by a government agency in issuing any of our permits and approvals or imposition of restrictive conditions on us with respect to these permits and approvals may impair our business and operations.
Our operations, including our mines, are dependent on having the required permits and approvals from governmental authorities. Denial or delay by a government agency in issuing, modifying or renewing any of our permits and approvals or imposition of restrictive or cost prohibitive conditions on us with respect to these permits and approvals may impair our business and operations and could have a material adverse effect on our business, financial condition or results of operations. For example, in Florida, local community involvement has become an increasingly important factor in the permitting process for mining companies, and various counties and other parties in Florida have in the past filed and continue to file lawsuits challenging the issuance or renewal of some of the permits we require. A recent federal court decision invalidated Florida’s Clean Water Act 404 “dredge and fill” permitting program and returned that permitting authority to the federal agencies. While that decision is under appeal, a change in permitting authority may complicate and delay the receipt of 404 approvals.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Pursuant to our employee stock plans relating to the grant of employee stock options, stock appreciation rights, restricted stock unit awards and other equity-based awards, we have granted and may in the future grant employee stock options to purchase shares of our Common Stock for which the purchase price may be paid by means of delivery to us by the optionee of shares of our Common Stock that are already owned by the optionee (at a value equal to market value on the date of the option exercise). During the periods covered by this report, no options to purchase shares of our Common Stock were exercised for which the purchase price was so paid.
Issuer Repurchases of Equity Securities(a)
The following table sets forth information with respect to shares of our Common Stock that we purchased under the repurchase programs during the quarter ended June 30, 2024:



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PeriodTotal number of shares purchasedAverage price paid per shareTotal number of shares purchased as part of a publicly announced program
Maximum approximate dollar value of shares that may yet be purchased under the program(b)
Common Stock
April 1, 2024-
April 30, 2024		— $— — $1,059,428,230 
May 1, 2024-
May 31, 2024		— — — 1,059,428,230 
June 1, 2024-
June 30, 2024		1,835,788 28.33 1,835,788 1,007,428,308 
Total1,835,788 $28.33 1,835,788 $1,007,428,308 
______________________________
(a)    In the second quarter of 2022, we announced the establishment of a $1.0 billion share repurchase program. On July, 31, 2022, our Board of Directors authorized a new share repurchase program, effective upon completion of the $1.0 billion program, which allows us to repurchase up to $2.0 billion of our Common Stock through open market purchases, accelerated share repurchase arrangements, privately negotiated transactions or otherwise. The program has no set expiration date.
(b) At the end of the month shown.
ITEM 4. MINE SAFETY DISCLOSURES
Information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this report.
ITEM 5. OTHER INFORMATION
During our fiscal quarter ended June 30, 2024, none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” as those terms are defined in Item 408(a) of Regulation S-K.



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ITEM 6. EXHIBITS
The following Exhibits are being filed herewith.
Exhibit Index
Exhibit No
Description
Incorporated Herein by Reference to
Filed with Electronic Submission
 
31.1X
31.2X
32.1X
32.2X
95X
101.INSInline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)X
101.SCHInline XBRL Taxonomy Extension Schema DocumentX
101.CALInline XBRL Taxonomy Extension Calculation Linkbase DocumentX
101.LABInline XBRL Taxonomy Extension Label Linkbase DocumentX
101.PREInline XBRL Taxonomy Extension Presentation Linkbase DocumentX
101.DEFInline XBRL Taxonomy Extension Definition Linkbase DocumentX
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)X


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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
THE MOSAIC COMPANY
by:
/s/ Russell A. Flugel
Vice President and Controller
(on behalf of the registrant and as principal accounting officer)
August 7, 2024
 

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Exhibit 31.1
Certification Required by Rule 13a-14(a)
I, Bruce M. Bodine, certify that:
1.I have reviewed this quarterly report on Form 10-Q of The Mosaic Company;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
 a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
August 7, 2024
/s/ Bruce M. Bodine
Bruce M. Bodine
Chief Executive Officer and President
The Mosaic Company


Exhibit 31.2
Certification Required by Rule 13a-14(a)
I, Clint C. Freeland, certify that:
1.I have reviewed this quarterly report on Form 10-Q of The Mosaic Company;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
 a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
August 7, 2024
/s/ Clint C. Freeland
Clint C. Freeland
Executive Vice President and Chief Financial Officer
The Mosaic Company


Exhibit 32.1
Certification of Chief Executive Officer Required by Rule 13a-14(b)
and Section 1350 of Chapter 63 of Title 18 of the United States Code
I, Bruce M. Bodine, the Chief Executive Officer and President of The Mosaic Company, certify that (i) the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 of The Mosaic Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such report fairly presents, in all material respects, the financial condition and results of operations of The Mosaic Company.
 
August 7, 2024
/s/ Bruce M. Bodine
Bruce M. Bodine
Chief Executive Officer and President
The Mosaic Company


Exhibit 32.2
Certification of Chief Financial Officer Required by Rule 13a-14(b)
and Section 1350 of Chapter 63 of Title 18 of the United States Code
I, Clint C. Freeland, the Executive Vice President and Chief Financial Officer of The Mosaic Company, certify that (i) the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 of The Mosaic Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such report fairly presents, in all material respects, the financial condition and results of operations of The Mosaic Company.
 
August 7, 2024
/s/ Clint C. Freeland
Clint C. Freeland
Executive Vice President and Chief Financial Officer
The Mosaic Company


Exhibit 95
MINE SAFETY DISCLOSURES
The following table shows, for each of our U.S. mines that is subject to the Federal Mine Safety and Health Act of 1977 (“MSHA”), the information required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K. Section references are to sections of MSHA.
Potash MineFlorida Phosphate Rock Mines
Three Months Ended June 30, 2024Carlsbad,
 New Mexico		Four CornersSouth Fort MeadeWingateSouth Pasture
Section 104 citations for violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard (#)4 6 — 2 — 
Section 104(b) orders (#)— — — — — 
Section 104(d) citations and orders (#)— — — — — 
Section 110(b)(2) violations (#)— — — — — 
Section 107(a) orders (#)— — — — — 
Proposed assessments under MSHA (whole dollars)$42,829 $24,444 $— $935 $735 
Mining-related fatalities (#)— — — — — 
Section 104(e) noticeNoNoNoNoNo
Notice of the potential for a pattern of violations under Section 104(e)NoNoNoNoNo
Legal actions before the Federal Mine Safety and Health Review Commission (“FMSHRC”) initiated (#)— — — — — 
Legal actions before the FMSHRC resolved (#)— — — — — 
Legal actions pending before the FMSHRC, end of period:
Contests of citations and orders referenced in Subpart B of 29 CFR Part 2700 (#)1 — — — — 
Contests of proposed penalties referenced in Subpart C of 29 CFR Part 2700 (#)3 — — — — 
Complaints for compensation referenced in Subpart D of 29 CFR Part 2700 (#)— — — — — 
Complaints of discharge, discrimination or interference referenced in Subpart E of 29 CFR Part 2700 (#)— — — — — 
Applications for temporary relief referenced in Subpart F of 29 CFR Part 2700 (#)— — — — — 
Appeals of judges’ decisions or orders referenced in Subpart H of 29 CFR Part 2700 (#)— — — — — 
Total pending legal actions (#)4 — — — — 




v3.24.2.u1
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2024
Aug. 02, 2024
Cover [Abstract]    
Document type 10-Q  
Document quarterly report true  
Document period end date Jun. 30, 2024  
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 $0.01 per share  
Trading symbol MOS  
Name of each exchange on which registered NYSE  
Entity current reporting status Yes  
Entity interactive data current Yes  
Entity filer category Large Accelerated Filer  
Smaller reporting company false  
Emerging growth company false  
Entity shell company false  
Entity common stock shares outstanding   318,637,582
Entity central index key 0001285785  
Amendment flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Current fiscal year end date --12-31  
v3.24.2.u1
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net Sales $ 2,816.6 $ 3,394.0 $ 5,496.0 $ 6,998.3
Cost of goods sold 2,422.6 2,822.9 4,702.8 5,756.8
Gross margin 394.0 571.1 793.2 1,241.5
Selling, general and administrative expenses 128.4 129.9 235.2 257.6
Other operating expense 32.3 72.0 151.8 70.1
Operating earnings 233.3 369.2 406.2 913.8
Interest expense, net (46.4) (36.0) (94.4) (77.1)
Foreign currency transaction (loss) gain (267.9) 148.5 (368.2) 199.9
Other income (expense) 6.6 (7.1) 7.2 (16.0)
(Loss) earnings from consolidated companies before income taxes (74.4) 474.6 (49.2) 1,020.6
Provision for income taxes 98.7 108.4 104.9 226.7
(Loss) earnings from consolidated companies (173.1) 366.2 (154.1) 793.9
Income (Loss) from Subsidiaries, Net of Tax 22.2 12.9 59.7 44.2
Net (loss) earnings including noncontrolling interests 150.9 (379.1) 94.4 (838.1)
Less: Net earnings attributable to noncontrolling interests 10.6 10.1 21.9 34.3
Net (loss) earnings attributable to Mosaic $ (161.5) $ 369.0 $ (116.3) $ 803.8
Basic net (loss) earnings per share attributable to Mosaic $ (0.50) $ 1.11 $ (0.36) $ 2.41
Basic weighted average number of shares outstanding 321.2 332.2 321.7 333.8
Diluted net (loss) earnings per share attributable to Mosaic $ (0.50) $ 1.11 $ (0.36) $ 2.39
Diluted weighted average number of shares outstanding 321.2 333.7 321.7 336.2
v3.24.2.u1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net (loss) earnings including noncontrolling interest $ (150.9) $ 379.1 $ (94.4) $ 838.1
Other comprehensive income (loss), net of tax        
Foreign currency translation (loss) gain (136.5) 146.0 (266.2) 175.4
Net actuarial gain and prior service cost 0.6 0.3 1.4 0.7
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax 0.0 0.4 0.0 0.9
Net (loss) gain on marketable securities held in trust fund (2.6) (10.6) (12.9) 6.0
Other comprehensive (loss) income (138.5) 136.1 (277.7) 183.0
Comprehensive (loss) income (289.4) 515.2 (372.1) 1,021.1
Less: Comprehensive income attributable to noncontrolling interest 8.2 11.4 18.7 36.3
Comprehensive (loss) income attributable to Mosaic $ (297.6) $ 503.8 $ (390.8) $ 984.8
v3.24.2.u1
Condensed Consolidated Balance Sheet - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 322.0 $ 348.8
Receivables, Net, Current 1,285.5 1,269.2
Inventories 2,554.0 2,523.2
Other current assets 597.6 603.8
Total current assets 4,759.1 4,745.0
Property, plant and equipment, net of accumulated depreciation 13,269.7 13,585.4
Accumulated depreciation 10,203.5 9,914.1
Investments in nonconsolidated companies 954.2 909.0
Goodwill 1,105.9 1,138.6
Deferred Income Tax Assets, Net 917.5 1,079.2
Other assets 1,560.1 1,575.6
Total assets 22,566.5 23,032.8
Current liabilities:    
Other Short-term Borrowings 881.5 399.7
Current maturities of long-term debt 124.6 130.1
Structured accounts payable arrangements 265.8 399.9
Accounts Payable, Current 1,054.8 1,166.9
Accrued liabilities 1,792.2 1,777.1
Total current liabilities 4,118.9 3,873.7
Long-term debt, less current maturities 3,194.4 3,231.6
Deferred Income Tax Liabilities, Net 1,031.4 1,065.5
Other noncurrent liabilities 2,391.7 2,429.2
Equity:    
Preferred stock, par value $ 0.0 $ 0.0
Preferred stock, outstanding 0 0
Preferred stock, issued 0 0
Preferred stock, authorized 15,000,000 15,000,000
Preferred stock, par value $ 0.01 $ 0.01
Common stock, par value $ 3.2 $ 3.2
Common stock, outstanding 319,640,550 324,103,141
Common stock, issued 394,647,138 393,875,241
Common stock, authorized 1,000,000,000 1,000,000,000
Common stock, par value $ 0.01 $ 0.01
Capital in excess of par value $ 0.0 $ 0.0
Retained earnings 13,906.8 14,241.9
Accumulated other comprehensive loss (2,229.4) (1,954.9)
Total Mosaic stockholders' equity 11,680.6 12,290.2
Noncontrolling interests 149.5 142.6
Total equity 11,830.1 12,432.8
Total liabilities and equity 22,566.5 23,032.8
Affiliated Entity    
Current assets:    
Accounts and Other Receivables, Net, Current 120.2 240.1
Current liabilities:    
Accounts Payable, Current $ 274.6 $ 245.2
v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Cash Flows from Operating Activities          
Net earnings including noncontrolling interest $ (150.9) $ 379.1 $ (94.4) $ 838.1  
Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities:          
Depreciation, depletion and amortization 264.4 244.2 505.5 464.2  
Deferred and other income taxes     39.8 3.7  
Equity in net (earnings) of nonconsolidated companies, net of dividends     (44.7) (19.2)  
Accretion expense for asset retirement obligations     54.1 46.0 $ 96.1
Share-based compensation expense     21.2 21.0  
Unrealized loss (gain) on derivatives     61.3 (40.2)  
Foreign Currency Transaction Loss, before Tax     349.5    
Foreign Currency Transaction Gain, before Tax       (154.3)  
Gain (Loss) on Disposition of Business     0.0 (56.5)  
Other     67.8 61.9  
Changes in assets and liabilities, excluding effects of acquisition:          
Receivables, net     (78.2) 536.3  
Inventories     (169.8) 471.0  
Other current and noncurrent assets     (62.2) (275.8)  
Accounts payable and accrued liabilities     38.5 (731.7)  
Other noncurrent liabilities     78.6 57.2  
Net cash provided by operating activities     767.0 1,221.7  
Cash Flows from Investing Activities          
Capital expenditures     716.9 631.8  
Purchases of available-for-sale securities - restricted     (731.1) (811.8)  
Proceeds from sale of available-for-sale securities - restricted     698.0 796.8  
Proceeds from Sales of Business, Affiliate and Productive Assets     0.0 158.4  
Payments to Acquire Businesses, Gross     0.0 (41.0)  
Other     13.2 (3.5)  
Net cash used in investing activities     (736.8) (532.9)  
Cash Flows from Financing Activities          
Repayments of Other Short-term Debt     (8,168.2) (5,295.6)  
Proceeds from Other Short-term Debt     8,149.4 5,299.5  
Repayments of inventory financing arrangement     (701.2) (601.4)  
Proceeds From Inventory Financing Arrangements     1,203.3 601.4  
Payments of structured accounts payable arrangements     (417.5) (771.9)  
Proceeds from structured accounts payable arrangements     275.8 595.4  
Collections from Factoring Receivables     226.6 1,177.7  
Payments of Factoring Receivables     (226.5) (1,087.5)  
Payments of long-term debt     (42.5) (29.1)  
Payments for Repurchase of Common Stock     160.4 456.0  
Cash dividends paid     (137.4) (220.1)  
Payments of Ordinary Dividends, Noncontrolling Interest     (11.8) (23.7)  
Proceeds from (Payments for) Other Financing Activities     (20.3) (4.3)  
Net cash used in financing activities     (30.7) (815.6)  
Net change in cash, cash equivalents and restricted cash     (10.5) (113.3)  
Cash, cash equivalents and restricted cash-beginning of period     360.8 754.1 754.1
Cash, cash equivalents and restricted cash-end of period 350.3 640.8 350.3 640.8 360.8
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations     (10.0) 13.5  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]          
Cash and cash equivalents 322.0 626.1 322.0 626.1 348.8
Restricted cash in other current assets 16.5 9.5 16.5 9.5  
Restricted cash in other assets 11.8 5.2 11.8 5.2  
Cash, cash equivalents and restricted cash-end of period $ 350.3 $ 640.8 350.3 640.8 $ 360.8
Supplemental Disclosure of Cash Flow Information:          
Interest (net of amount capitalized)     93.8 88.2  
Capitalized interest costs     19.4 15.0  
Income taxes (net of refunds)     $ 174.0 $ 372.9  
v3.24.2.u1
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, 2022 $ 12,194.2 $ 3.4 $ 0.0 $ 14,203.4 $ (2,152.2) $ 139.6
Common stock shares outstanding, beginning balance (in shares) at Dec. 31, 2022   339,100,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Total comprehensive income (loss) 1,021.1     803.8 181.0 36.3
Stock Issued During Period, Shares, Restricted Stock Award, Gross   1,800,000        
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition (53.8)   (0.5) (53.3)    
Stock based compensation $ 21.0   21.0      
Stock Repurchased During Period, Shares (8,700,000)          
Stock Repurchased During Period, Value $ 451.5 $ (0.1) 12.4      
Stock Repurchased and Retired During Period, Value       (439.0)    
Dividends (150.1)     (150.1)    
Noncontrolling Interest, Increase from Subsidiary Equity Issuance (25.5)         (25.5)
Ending balance at Jun. 30, 2023 $ 12,555.4 $ 3.3 8.1 14,364.8 (1,971.2) 150.4
Common stock shares outstanding, ending balance (in shares) at Jun. 30, 2023   332,200,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends per share $ 0.45          
Excised Tax on Share Repurchases $ 3.5          
Beginning balance at Mar. 31, 2023 12,056.5 $ 3.3 0.0 13,996.5 (2,106.0) 162.7
Common stock shares outstanding, beginning balance (in shares) at Mar. 31, 2023   332,100,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Total comprehensive income (loss) 515.2     369.0 134.8 11.4
Stock Issued During Period, Shares, Restricted Stock Award, Gross   100,000        
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition (0.5)   (0.5) (0.1)    
Stock based compensation 8.6   8.6      
Dividends (0.7)     (0.7)    
Noncontrolling Interest, Increase from Subsidiary Equity Issuance (23.7)         (23.7)
Ending balance at Jun. 30, 2023 $ 12,555.4 $ 3.3 8.1 14,364.8 (1,971.2) 150.4
Common stock shares outstanding, ending balance (in shares) at Jun. 30, 2023   332,200,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends per share $ 0.20          
Beginning balance at Dec. 31, 2023 $ 12,432.8 $ 3.2 0.0 14,241.9 (1,954.9) 142.6
Common stock shares outstanding, beginning balance (in shares) at Dec. 31, 2023 324,103,141 324,100,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Total comprehensive income (loss) $ (372.1)     (116.3) (274.5) 18.7
Stock Issued During Period, Shares, Restricted Stock Award, Gross   700,000        
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition (10.5)   0.0 (10.5)    
Stock based compensation 21.2   21.2      
Stock Repurchased During Period, Value   $ 0.0        
Stock Repurchased and Retired During Period, Value (161.8) (5.2) (21.2) (140.6)    
Dividends (67.7)     (67.7)    
Dividends for noncontrolling interests (11.8)         (11.8)
Ending balance at Jun. 30, 2024 $ 11,830.1 $ 3.2 0.0 13,906.8 (2,229.4) 149.5
Common stock shares outstanding, ending balance (in shares) at Jun. 30, 2024 319,640,550 319,600,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends per share $ 0.21          
Excised Tax on Share Repurchases $ 1.4          
Beginning balance at Mar. 31, 2024 12,163.8 $ 3.2 0.0 14,109.0 (2,093.3) 144.9
Common stock shares outstanding, beginning balance (in shares) at Mar. 31, 2024   321,400,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Total comprehensive income (loss) (289.4)     (161.5) (136.1) 8.2
Stock Issued During Period, Shares, Restricted Stock Award, Gross   0        
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition (0.1)   0.0      
Stock based compensation 11.9   11.9      
Stock Repurchased During Period, Value   $ 0.0        
Stock Repurchased and Retired During Period, Value (52.5) (1.8) (11.9) (40.6)    
Dividends for noncontrolling interests (3.6)         (3.6)
Ending balance at Jun. 30, 2024 $ 11,830.1 $ 3.2 $ 0.0 $ 13,906.8 $ (2,229.4) $ 149.5
Common stock shares outstanding, ending balance (in shares) at Jun. 30, 2024 319,640,550 319,600,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Excised Tax on Share Repurchases $ 0.5          
v3.24.2.u1
Condensed Consolidated Statements of Shareholders Equity (Unaudited) (Parentheticals) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Dividends per share   $ 0.20 $ 0.21 $ 0.45
Excised Tax on Share Repurchases $ 0.5   $ 1.4 $ 3.5
v3.24.2.u1
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss) [Abstract]  
Comprehensive Income (Loss) Note [Text Block] Accumulated Other Comprehensive Income (Loss) (“AOCI”)
The following table sets forth the changes in AOCI, net of tax, by component during the three and six months ended June 30, 2024 and June 30, 2023:
Foreign Currency Translation Gain (Loss)Net Actuarial Gain and Prior Service CostAmortization of Gain on Interest Rate SwapNet Gain (Loss) on Marketable Securities Held in TrustTotal
Three Months Ended June 30, 2024
Balance at March 31, 2024$(2,059.1)$(32.2)$8.1 $(10.1)$(2,093.3)
Other comprehensive income (loss)(135.2)0.8 — (3.4)(137.8)
Tax (expense) benefit(1.3)(0.2)— 0.8 (0.7)
Other comprehensive income (loss), net of tax(136.5)0.6 — (2.6)(138.5)
Other comprehensive income (loss) attributable to noncontrolling interest2.4 — — — 2.4 
Balance as of June 30, 2024$(2,193.2)$(31.6)$8.1 $(12.7)$(2,229.4)
Three Months Ended June 30, 2023
Balance at March 31, 2023$(2,053.6)$(52.7)$7.2 $(6.9)$(2,106.0)
Other comprehensive income (loss)146.1 0.5 0.5 (13.8)133.3 
Tax (expense) benefit(0.1)(0.2)(0.1)3.2 2.8 
Other comprehensive income (loss), net of tax146.0 0.3 0.4 (10.6)136.1 
Other comprehensive income (loss) attributable to noncontrolling interest(1.3)— — — (1.3)
Balance as of June 30, 2023$(1,908.9)$(52.4)$7.6 $(17.5)$(1,971.2)
Six Months Ended June 30, 2024
Balance at December 31, 2023$(1,930.2)$(33)$8.1 $0.2 $(1,954.9)
Other comprehensive income (loss)(260.7)2.1 — (16.7)(275.3)
Tax (expense) benefit(5.5)(0.7)— 3.8 (2.4)
Other comprehensive income (loss), net of tax(266.2)1.4 — (12.9)(277.7)
Other comprehensive income (loss) attributable to noncontrolling interest3.2 — — — 3.2 
Balance as of June 30, 2024$(2,193.2)$(31.6)$8.1 $(12.7)$(2,229.4)
Six Months Ended June 30, 2023
Balance at December 31, 2022$(2,082.3)$(53.1)$6.7 $(23.5)$(2,152.2)
Other comprehensive income (loss)176.1 1.1 1.0 7.7 185.9 
Tax (expense) benefit(0.7)(0.4)(0.1)(1.7)(2.9)
Other comprehensive income (loss), net of tax175.4 0.7 0.9 6.0 183.0 
Other comprehensive income (loss) attributable to noncontrolling interest(2.0)— — — (2.0)
Balance as of June 30, 2023$(1,908.9)$(52.4)$7.6 $(17.5)$(1,971.2)
v3.24.2.u1
Accumulated Other Comprehenive Income (Loss)
 6 Months Ended
Jun. 30, 2024
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, 2024 and June 30, 2023:
Foreign Currency Translation Gain (Loss)Net Actuarial Gain and Prior Service CostAmortization of Gain on Interest Rate SwapNet Gain (Loss) on Marketable Securities Held in TrustTotal
Three Months Ended June 30, 2024
Balance at March 31, 2024$(2,059.1)$(32.2)$8.1 $(10.1)$(2,093.3)
Other comprehensive income (loss)(135.2)0.8 — (3.4)(137.8)
Tax (expense) benefit(1.3)(0.2)— 0.8 (0.7)
Other comprehensive income (loss), net of tax(136.5)0.6 — (2.6)(138.5)
Other comprehensive income (loss) attributable to noncontrolling interest2.4 — — — 2.4 
Balance as of June 30, 2024$(2,193.2)$(31.6)$8.1 $(12.7)$(2,229.4)
Three Months Ended June 30, 2023
Balance at March 31, 2023$(2,053.6)$(52.7)$7.2 $(6.9)$(2,106.0)
Other comprehensive income (loss)146.1 0.5 0.5 (13.8)133.3 
Tax (expense) benefit(0.1)(0.2)(0.1)3.2 2.8 
Other comprehensive income (loss), net of tax146.0 0.3 0.4 (10.6)136.1 
Other comprehensive income (loss) attributable to noncontrolling interest(1.3)— — — (1.3)
Balance as of June 30, 2023$(1,908.9)$(52.4)$7.6 $(17.5)$(1,971.2)
Six Months Ended June 30, 2024
Balance at December 31, 2023$(1,930.2)$(33)$8.1 $0.2 $(1,954.9)
Other comprehensive income (loss)(260.7)2.1 — (16.7)(275.3)
Tax (expense) benefit(5.5)(0.7)— 3.8 (2.4)
Other comprehensive income (loss), net of tax(266.2)1.4 — (12.9)(277.7)
Other comprehensive income (loss) attributable to noncontrolling interest3.2 — — — 3.2 
Balance as of June 30, 2024$(2,193.2)$(31.6)$8.1 $(12.7)$(2,229.4)
Six Months Ended June 30, 2023
Balance at December 31, 2022$(2,082.3)$(53.1)$6.7 $(23.5)$(2,152.2)
Other comprehensive income (loss)176.1 1.1 1.0 7.7 185.9 
Tax (expense) benefit(0.7)(0.4)(0.1)(1.7)(2.9)
Other comprehensive income (loss), net of tax175.4 0.7 0.9 6.0 183.0 
Other comprehensive income (loss) attributable to noncontrolling interest(2.0)— — — (2.0)
Balance as of June 30, 2023$(1,908.9)$(52.4)$7.6 $(17.5)$(1,971.2)
v3.24.2.u1
Accumulated Other Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Accumulated other comprehensive loss $ (2,229.4) $ (1,971.2) $ (2,229.4) $ (1,971.2) $ (2,093.3) $ (1,954.9) $ (2,106.0) $ (2,152.2)
Other Comprehensive Income (Loss), Tax (137.8) 133.3 (275.3) 185.9        
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax (0.7) 2.8 (2.4) (2.9)        
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax (2.6) (10.6) (12.9) 6.0        
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest (138.5) 136.1 (277.7) 183.0        
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest 2.4 (1.3) 3.2 (2.0)        
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Accumulated other comprehensive loss (2,193.2) (1,908.9) (2,193.2) (1,908.9) (2,059.1) (1,930.2) (2,053.6) (2,082.3)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax (135.2) 146.1 (260.7) 176.1        
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax (1.3) (0.1) (5.5) (0.7)        
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax (136.5) 146.0 (266.2) 175.4        
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest 2.4 (1.3) 3.2 (2.0)        
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Accumulated other comprehensive loss (31.6) (52.4) (31.6) (52.4) (32.2) (33.0) (52.7) (53.1)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax 0.8 0.5 2.1 1.1        
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax (0.2) (0.2) (0.7) (0.4)        
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax 0.6 0.3 1.4 0.7        
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest 0.0 0.0 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 8.1 7.6 8.1 7.6 8.1 8.1 7.2 6.7
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax 0.0 0.4 0.0 0.9        
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax 0.0 (0.1) 0.0 (0.1)        
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax 0.0 0.5 0.0 1.0        
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest 0.0 0.0 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 (12.7) (17.5) (12.7) (17.5) $ (10.1) $ 0.2 $ (6.9) $ (23.5)
Net (loss) gain on marketable securities held in trust fund, net of tax 0.8 3.2 3.8 (1.7)        
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax (2.6) (10.6) (12.9) 6.0        
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax (3.4) (13.8) (16.7) 7.7        
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest $ 0.0 $ 0.0 $ 0.0 $ 0.0        
v3.24.2.u1
Organization and Nature of Business
 6 Months Ended
Jun. 30, 2024
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 non-controlling interest, including consolidated variable interest entities and investments accounted for by the equity method.
We are organized into the following business segments:
•Our Phosphate 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. The Phosphate segment includes our 75% interest in the Miski Mayo Phosphate Mine (“Miski Mayo”) in Peru. These results are consolidated in the Phosphate segment. The Phosphate segment also includes our 25% interest in the Ma’aden Wa’ad Al Shamal Phosphate Company (“MWSPC”), a joint venture to develop, own and operate integrated phosphate production facilities in the Kingdom of Saudi Arabia. We market approximately 25% of MWSPC phosphate production. We recognize our equity in the net earnings or losses relating to MWSPC on a one-quarter lag in our Condensed Consolidated Statements of Earnings.
•Our Potash business segment owns and operates potash mines and production facilities in Canada and the U.S. which produce potash-based crop nutrients, animal feed ingredients and industrial products. Potash sales include domestic and international sales. We are a member of Canpotex, Limited (“Canpotex”), an export association of Canadian potash producers through which we sell our Canadian potash outside the U.S. and Canada.
•Our Mosaic Fertilizantes business segment includes the assets in Brazil that we acquired in the 2018 acquisition (the “Acquisition”) of Vale Fertilizantes S.A. (now known as Mosaic Fertilizantes P&K S.A.), 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 port and throughput warehouse terminal facility in Brazil.
Intersegment eliminations, unrealized mark-to-market gains/losses on derivatives, debt expenses, and the results of the China and India distribution businesses are included within Corporate, Eliminations and Other.
v3.24.2.u1
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
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, 2023 (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”), and income tax-related accounts, including the valuation allowance against deferred income tax assets. Actual results could differ from these estimates.
v3.24.2.u1
Recently Issued Accounting Guidance
 6 Months Ended
Jun. 30, 2024
Recently Issued Accounting Guidance [Abstract]  
Accounting Standards Update and Change in Accounting Principle [Text Block] Recently Issued Accounting Guidance
In September 2022, the Financial Accounting Standards Board (“FASB”) issued guidance which requires that a buyer in a supplier financing program make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated rollforward information. We adopted this standard as of January 1, 2023, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023 and which we will adopt with our 2024 10-K Report. We have historically presented supplier financing programs separately on the face of the balance sheet as structured accounts payable arrangements and disclosed key terms of such programs. As such, adoption of this standard did not impact our balance sheet presentation or footnote disclosures.
In November 2023, the FASB issued guidance to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023 (our fiscal 2024), and interim periods within fiscal years beginning after December 15, 2024 (our fiscal 2025), with early adoption permitted. The amendments would be applied retrospectively to all prior periods presented in the financial statements. We will adopt this in 2024 and expect adoption of this guidance will modify our disclosures, but we do not expect it to have a material effect on our consolidated financial statements.
In December 2023, the FASB issued guidance to provide more disaggregation of income tax disclosures on the reconciliations of the income tax rate and income taxes paid. We are required to adopt the guidance in the first quarter of fiscal 2025, although early adoption is permitted. We are currently evaluating the disclosure requirements related to the new standard.
v3.24.2.u1
Other Financial Statement Data
 6 Months Ended
Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]  
Other Financial Statement Data Other Financial Statement Data
The following provides additional information concerning selected balance sheet accounts:
June 30, 2024December 31, 2023
Other current assets
Income and other taxes receivable $325.7 $269.3 
Prepaid expenses 243.4 284.3 
Other 28.5 50.2 
$597.6 $603.8 
Other assets
Restricted cash$11.8 $3.4 
MRO inventory175.7 166.3 
Marketable securities held in trust703.1 708.6 
Operating lease right-of-use assets222.3 229.8 
Indemnification asset21.7 20.9 
Long-term receivable17.8 21.8 
Cloud computing cost177.2 138.9 
Other230.5 285.9 
$1,560.1 $1,575.6 
Accrued liabilities
Accrued dividends$2.7 $72.3 
Payroll and employee benefits 147.0 182.6 
Asset retirement obligations 374.5 377.4 
Customer prepayments(a)
493.3 261.8 
Accrued income and other taxes127.8 190.0 
Operating lease obligation62.2 65.3 
Other 584.7 627.7 
$1,792.2 $1,777.1 
Other noncurrent liabilities
Asset retirement obligations $1,792.2 $1,836.0 
Accrued pension and postretirement benefits108.7 168.1 
Operating lease obligation163.8 119.7 
Unrecognized tax benefits 28.3 30.5 
Other 298.7 274.9 
$2,391.7 $2,429.2 
______________________________
(a) The timing of recognition of revenue related to our performance obligations may be different than the timing of collection of cash related to those performance obligations. Specifically, we collect prepayments from certain customers in Brazil. In addition, cash collection from Canpotex may occur prior to delivery of product to the end customer. We generally satisfy our contractual liabilities within one quarter of incurring the liability.
v3.24.2.u1
Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The numerator for basic and diluted earnings per share (“EPS”) is net earnings attributable to Mosaic. The denominator for basic EPS is the weighted average number of shares outstanding during the period. The denominator for diluted EPS also includes the weighted average number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued, unless the shares are anti-dilutive.
The following is a reconciliation of the numerator and denominator for the basic and diluted EPS computations:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Net (loss) income attributable to Mosaic$(161.5)$369.0 $(116.3)$803.8 
Basic weighted average number of shares outstanding321.2 332.2 321.7 333.8 
Dilutive impact of share-based awards— 1.5 — 2.4 
Diluted weighted average number of shares outstanding321.2 333.7 321.7 336.2 
Basic net (loss) income per share attributable to Mosaic$(0.50)$1.11 $(0.36)$2.41 
Diluted net (loss) income per share attributable to Mosaic$(0.50)$1.11 $(0.36)$2.39 
A total of 0.8 million and 0.6 million shares of common stock subject to issuance related to share-based awards for the three and six months ended June 30, 2024, and 0.7 million and 0.4 million for the three and six months ended June 30, 2023 have been excluded from the calculation of diluted EPS because the effect would have been anti-dilutive.
v3.24.2.u1
Inventories
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consist of the following:
June 30, 2024December 31, 2023
Raw materials$114.6 $135.8 
Work in process951.5 964.8 
Finished goods1,267.2 1,178.0 
Final price deferred(a)
59.3 61.5 
Operating materials and supplies161.4 183.1 
$2,554.0 $2,523.2 
______________________________
(a)Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon.
v3.24.2.u1
Goodwill
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
Mosaic had goodwill of $1.1 billion as of June 30, 2024 and December 31, 2023, respectively. We review goodwill for impairment annually in October and 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:
PotashMosaic FertilizantesCorporate, Eliminations and OtherTotal
Balance as of December 31, 2023$1,026.9 $99.6 $12.1 $1,138.6 
Foreign currency translation(29.1)(3.6)— (32.7)
Balance as of June 30, 2024$997.8 $96.0 $12.1 $1,105.9 
We will perform our next annual goodwill impairment analysis for each of our reporting units as of October 31, 2024. Subsequent to our 2023 annual evaluation, on December 28, 2023, Brazil enacted a tax law change that eliminates the VAT preference starting in 2024. We are assessing the full impact of this change along with outlook for the business. The current estimated fair value of our Mosaic Fertilizantes reporting unit is not in significant excess of its carrying value. Because we currently believe that our long-term financial goals will be achieved, we concluded that the goodwill assigned to this reporting unit was not impaired, but could be at risk of future impairment.
v3.24.2.u1
Marketable Securities Held in Trusts
 6 Months Ended
Jun. 30, 2024
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 entire unamortized cost basis of the investment is not expected to be recovered. A credit loss would then be recognized in operations for the amount of the expected credit loss. As of June 30, 2024, we expect to recover our amortized cost on all available-for-sale securities and have not established an allowance for credit loss.
We review the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. We determine the fair market values of our available-for-sale securities and certain other assets based on the fair value hierarchy described below:
Level 1: Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.
Level 2: Values based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuation techniques for which all significant assumptions are observable in the market.
Level 3: Values generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.
The estimated fair value of the investments in the RCRA Trusts as of June 30, 2024 and December 31, 2023 are as follows:
June 30, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Level 1
    Cash and cash equivalents $2.3 $— $— $2.3 
Level 2
    Corporate debt securities199.2 0.6 (8.3)191.5 
    Municipal bonds208.5 0.8 (4.4)204.9 
    U.S. government bonds285.4 0.1 (3.0)282.5 
Total$695.4 $1.5 $(15.7)$681.2 
December 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Level 1
    Cash and cash equivalents $1.0 $— $— $1.0 
Level 2
    Corporate debt securities204.6 1.9 (8.4)198.1 
    Municipal bonds206.9 1.9 (4.1)204.7 
    U.S. government bonds268.6 11.5 (0.3)279.8 
Total$681.1 $15.3 $(12.8)$683.6 
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 for which an allowance for credit losses has not been recorded as of June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
(in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Securities that have been in a continuous loss position for less than 12 months:
Corporate debt securities$34.3 $(0.3)$5.4 $(0.1)
Municipal bonds86.5 (1.1)42.3 (0.2)
U.S. government bonds265.2 (3.0)26.4 (0.3)
$386.0 $(4.4)$74.1 $(0.6)
Securities that have been in a continuous loss position for more than 12 months:
Corporate debt securities$99.4 $(8.0)$121.5 $(8.3)
Municipal bonds73.2 (3.3)84.1 (3.9)
$172.6 $(11.3)$205.6 $(12.2)
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, 2024. 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, 2024
Due in one year or less$19.7 
Due after one year through five years217.2 
Due after five years through ten years384.7 
Due after ten years57.3 
Total debt securities$678.9 
For the three and six months ended June 30, 2024, realized gains were $0.3 million and $10.9 million, respectively, and realized losses were $7.9 million and $14.7 million, respectively. For the three and six months ended June 30, 2023, realized gains were $4.0 million and $9.1 million, respectively, and realized losses were $1.8 million and $15.2 million, respectively.
v3.24.2.u1
Financing Arrangements Financing Arrangements
 6 Months Ended
Jun. 30, 2024
Financing Arrangements [Abstract]  
Debt Disclosure Financing Arrangements
Inventory Financing Arrangement
We have an inventory financing arrangement whereby we can sell up to $625 million of certain 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, 2024 and December 31, 2023, we had financed inventory of $502.1 million and zero, respectively, under this arrangement, which is included in short-term debt on the Condensed Consolidated Balance Sheet.
Receivable Purchasing Arrangement
We finance certain accounts receivable through a Receivable Purchasing Agreement (“RPA”) with banks whereby, from time-to-time, we sell the receivables to bank counterparties. The net face value of the purchased receivables may not exceed $600
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. The receivables sold under the RPA are accounted for as a true sale. Upon sale, these receivables are removed from the Condensed Consolidated Balance Sheets. Cash received is presented as cash provided by operating activities in the Condensed Consolidated Statements of Cash Flows.
During the three and six months ended June 30, 2024, the Company sold approximately $102.0 million and $227.9 million, respectively, of accounts receivable under this arrangement. During the three and six months ended June 30, 2023, the Company sold approximately $346.2 million and $1.1 billion, respectively. Discounts on sold receivables were not material for any period presented. Following the sale to the banks, we continue to service the collection of the receivables on behalf of the banks without further consideration. As of June 30, 2024, $0.1 million had been collected but not yet remitted to the bank. As of December 31, 2023, there was no amount outstanding to be remitted to the banks. Any outstanding amount is classified in accrued liabilities on the Condensed Consolidated Balance Sheets. Cash collected and remitted are presented as cash used in financing activities in the Condensed Consolidated Statements of Cash Flows.
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 contractual 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. Mosaic then makes payment to the third-party intermediary at dates ranging from 105 to 179 days from date of shipment. As of June 30, 2024 and December 31, 2023, the total structured accounts payable arrangements were $265.8 million and $399.9 million, respectively.
Commercial Paper Note Program
In September 2022, we established a commercial paper program which allows us to issue unsecured commercial paper notes with maturities that vary, but do not exceed 397 days from the date of issue, up to a maximum aggregate face or principal amount outstanding at any time of $2.5 billion. We plan to use the revolving credit facility as a liquidity backstop for borrowings under the commercial paper program. As of June 30, 2024, we had $373.7 million outstanding under this program, with a weighted average interest rate of 5.58% and remaining average term of 24 days. As of December 31, 2023, we had $399.5 million outstanding under this program, with a weighted average interest rate of 5.62% and a remaining average term of nine days.
Term Loan Facility
In May 2023, we entered into a 10-year senior unsecured term loan facility whereby we can draw up to $700 million. The term loan matures on May 18, 2033. We may voluntarily prepay the outstanding principal without premium or penalty. As of June 30, 2024, $500 million has been drawn under this facility. Interest rates for the term loan are variable and are based on the Secured Overnight Financing Rate (“SOFR”) plus credit spread adjustments.
v3.24.2.u1
Asset Retirement Obligations
 6 Months Ended
Jun. 30, 2024
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; and (viii) decommission plant sites and close Gypstacks in Brazil. 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, 2024December 31, 2023
AROs, beginning of period$2,213.4 $1,905.6 
Liabilities incurred18.5 22.9 
Liabilities settled(111.6)(198.5)
Accretion expense54.1 96.1 
Revisions in estimated cash flows30.0 365.1 
Foreign currency translation(37.7)22.2 
AROs, end of period2,166.7 2,213.4 
Less current portion374.5 377.4 
Non-current portion of AROs$1,792.2 $1,836.0 
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 non-current 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, 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 the 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 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 a 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, 2023, 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 $2.2 billion, and the present value of our Gypstack Closure Costs ARO reflected in our Consolidated Balance Sheet for those facilities was approximately $819.9 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 $327.1 million, which reflects our closure cost estimates as of March 7, 2024. 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.
As of June 30, 2024 and December 31, 2023, the aggregate amounts of AROs associated with the combined Plant City Facility and Bonnie Facility Gypstack closure costs included in our Condensed Consolidated Balance Sheets were $357.9 million and $361.8 million, respectively. The aggregate amount represented by the Plant City Bond exceeds the present value of the aggregate amount of ARO associated with that facility. This is because the amount of financial assurance we are required to provide represents the aggregate undiscounted estimated amount to be paid by us in the normal course of our Phosphate business over a period that may not end until three decades or more after the Gypstack has been closed, whereas the ARO included in our Condensed Consolidated Balance Sheet reflects the discounted present value of those estimated amounts.
v3.24.2.u1
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
During the six months ended June 30, 2024, gross unrecognized tax benefits decreased by $3.3 million to $22.5 million. The decrease is primarily related to statute expirations, partially offset by recording non-U.S. reserves and foreign exchange. If recognized, approximately $19.3 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 $7.1 million and $6.4 million as of June 30, 2024 and December 31, 2023, 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 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 have been properly accounted for in its current financial statements.
For the three months ended June 30, 2024, discrete tax items recorded in tax expense was an expense of approximately $120.1 million. The net tax expense consisted primarily of the impact of accruing withholding tax expense on expected foreign distributions associated with changes in management’s indefinite reinvestment assertion on select foreign earnings under ASC 740-30 (formerly APB 23), share-based excess benefit, true-up of estimates, and other miscellaneous costs. 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 their foreign jurisdiction 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 six months ended June 30, 2024, income tax expense was not impacted by this set of rules.
For the six months ended June 30, 2024, discrete tax items recorded in tax expense was an expense of approximately $119.4 million. The net tax expense consisted primarily of the impact of accruing withholding tax expense on expected foreign distributions associated with changes in management’s indefinite reinvestment assertion on select foreign earnings under ASC 740-30 (formerly APB 23), share-based excess benefit, true-up of estimates, and other miscellaneous costs. 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 their foreign jurisdiction and the U.S., including foreign tax credits for various taxes incurred.
v3.24.2.u1
Accounting for Derivative Instruments and Hedging Activities
 6 Months Ended
Jun. 30, 2024
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 no fixed-to-floating interest rate swap agreements in effect as of June 30, 2024 and December 31, 2023.
As of June 30, 2024 and December 31, 2023, the gross asset position of our derivative instruments was $2.5 million and $36.4 million, respectively, and the gross liability position of our liability instruments was $44.6 million and $17.2 million, respectively.
The following is the total absolute notional volume associated with our outstanding derivative instruments:
(in millions of Units)June 30, 2024December 31, 2023
Derivative InstrumentDerivative CategoryUnit of Measure
Foreign currency derivativesForeign currencyUS Dollars1,559.7 2,418.7 
Natural gas derivativesCommodityMMbtu9.617.1
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, 2024 and December 31, 2023 was $38.1 million and $15.6 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, 2024, we would have been required to post an additional $35.8 million of collateral assets, which are either cash or U.S. Treasury instruments, to the counterparties.
Counterparty Credit Risk
We enter into foreign exchange, certain commodity and interest rate derivatives, primarily with a diversified group of highly rated counterparties. We continually monitor our positions and the credit ratings of the counterparties involved and limit the amount of credit exposure to any one party. While we may be exposed to potential losses due to the credit risk of non-performance by these counterparties, material losses are not anticipated. We closely monitor the credit risk associated with our counterparties and customers and to date have not experienced material losses.
v3.24.2.u1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
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, which typically expire within 18 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, 2024 and December 31, 2023, the gross asset position of our foreign currency derivative instruments was $2.4 million and $36.4 million, respectively, and the gross liability position of our foreign currency derivative instruments was $39.0 million and $8.0 million, respectively.
Commodity Derivatives - The commodity contracts primarily relate to natural gas. The commodity derivative instruments that we currently use are forward purchase contracts and swaps. 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. The gross asset position of our commodity derivative instruments was $0.1 million and zero as of June 30, 2024 and December 31, 2023, respectively, and the gross liability position of our commodity instruments was $5.6 million and $9.2 million as of June 30, 2024 and December 31, 2023, 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. We did not hold any interest rate derivative positions as of June 30, 2024.
Financial Instruments
The carrying amounts and estimated fair values of our financial instruments are as follows:
June 30, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
Cash and cash equivalents$322.0 $322.0 $348.8 $348.8 
Accounts receivable1,285.5 1,285.5 1,269.2 1,269.2 
Accounts payable1,054.8 1,054.8 1,166.9 1,166.9 
Structured accounts payable arrangements265.8 265.8 399.9 399.9 
Short-term debt881.5 881.5 399.7 399.7 
Long-term debt, including current portion3,319.0 3,248.2 3,361.7 3,364.1 
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. Included in long-term debt is floating rate debt of $500 million. Our floating rate debt is non-public, bears a variable SOFR-based rate and consists of our borrowings under our term loan facility. The fair value of our floating rate debt approximates the carrying value and is estimated based on market-based inputs, including interest rates and credit spreads, which results in a Level 2 classification. The fair value of fixed rate long-term debt, including the current portion, is estimated using quoted market prices for the publicly registered notes and debentures, classified as Level 1 and Level 2, respectively, within the fair value hierarchy, depending on the market liquidity of the debt. For information regarding the fair value of our marketable securities held in trusts, see Note 8 of our Notes to Consolidated Financial Statements
v3.24.2.u1
Related Party Transactions
 6 Months Ended
Jun. 30, 2024
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, 2024 and December 31, 2023, the net amount due to our non-consolidated companies totaled $155.7 million and $0.8 million, respectively.
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,
2024202320242023
Transactions with related parties included in net sales(a)
$234.0 $314.6 $470.6 $760.5 
Transactions with related parties included in cost of goods sold(b)
301.8 483.6 562.6 880.5 
______________________________
(a) Amounts included in net sales primarily relate to sales from our Potash segment to Canpotex.
(b) Amounts included in cost of goods sold primarily relate to purchases from Canpotex and MWSPC by our Mosaic Fertilizantes segment and India and China distribution businesses.
As part of the MWSPC joint venture, we market approximately 25% of MWSPC production. Marketing fees of approximately $5.7 million and $9.0 million and $3.6 million and $9.3 million, are included in revenue for the three and six months ended June 30, 2024 and 2023, respectively.
v3.24.2.u1
Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
We have described below material judicial and administrative proceedings to which we are subject.
Environmental Matters
We have contingent environmental liabilities that arise principally from three sources: (i) facilities currently or formerly owned by our subsidiaries or their predecessors; (ii) facilities adjacent to currently or formerly owned facilities; and (iii) third-party Superfund or state equivalent sites. At facilities currently or formerly owned by our subsidiaries or their predecessors, the historical use and handling of regulated chemical substances, crop and animal nutrients and additives and by-product or process tailings have resulted in soil, surface water and/or groundwater contamination. Spills or other releases of regulated substances, subsidence from mining operations and other incidents arising out of operations, including accidents, have occurred previously at these facilities, and potentially could occur in the future, possibly requiring us to undertake or fund cleanup or result in monetary damage awards, fines, penalties, other liabilities, injunctions or other court or administrative rulings. In some instances, pursuant to consent orders or agreements with governmental agencies, we are undertaking certain remedial actions or investigations to determine whether remedial action may be required to address contamination. At other locations, we have entered into consent orders or agreements with appropriate governmental agencies to perform required remedial activities that will address identified site conditions. Taking into consideration established accruals of approximately $231.7 million and $203.2 million as of June 30, 2024 and December 31, 2023, 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 Phase II East Stack. In April 2022, we confirmed the presence of a cavity in and liner tear beneath the southern part of the active phosphogypsum stack at the Company’s New Wales facility in Florida. This resulted in process water draining beneath the stack. The circumstances were reported to the FDEP and the EPA. Phase I of the repairs, consisting of stabilizing the cavity by depositing low pressure grout into it, began in July 2022 and now is complete. Phase II work, which consists of injecting high pressure grout beneath the stack to restore the geological confining layer beneath it, began in early in 2023 and the work is now complete.
As of June 30, 2024, we have a reserve of $21.9 million for estimated water management and other costs associated with this event. We are unable to estimate at this time potential future additional financial impacts or a range of loss, if any.
New Wales Phase II West Stack. In October 2023, we observed a series of seismic acoustic emissions and changes to piezometric water levels in a part of the Phase II West phosphogypsum stack at the New Wales, Florida facility. These observations may be an indication of a breach in the stack liner system and were reported to the FDEP and EPA. We are developing and then will execute an investigation plan to evaluate conditions in the stack. The area of the stack is not in use for either process water storage or additional gypsum placement. It lies within a zone of capture of a recovery groundwater well, which is operating as intended. No offsite impacts are known or expected. Repairs are underway.
As of June 30, 2024, we have a reserve of $105.0 million for estimated repairs. We are unable to estimate at this time potential future additional financial impacts or a range of loss, if any, due to the ongoing evaluation.
EPA RCRA Initiative. We have certain financial assurance and other obligations under consent decrees and a separate financial assurance arrangement relating to our facilities in Florida and Louisiana. These obligations are discussed in Note 14 of our Notes to Consolidated Financial Statements in our 10-K Report.
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.
A memorandum of understanding has been executed by the State of Louisiana and the plaintiff parishes that filed suit against Mosaic and its corporate predecessors on one hand, and Mosaic Global Holdings Inc. and its third-party indemnitors on the other hand (“MOU”) to resolve all claims among the parties. The initial funding obligations under the MOU have been made in accordance with the provisions of the MOU and dismissals with prejudice have been filed in all cases where final jurisdiction is established. Two cases remain subject to jurisdictional appeals; however, those cases shall be dismissed with prejudice upon a final decision confirming jurisdiction. Terms of the MOU include the possibility of additional fixed obligations pending legislative acts, however to the extent those fixed obligations include any additional funding those obligations are expected to be undertaken by third-party indemnitors and/or insurers.
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 $628.3 million. We estimate that our probable aggregate loss with respect to these claims is approximately $70.0 million, which is included in our accrued liabilities in our Condensed Consolidated Balance Sheets at June 30, 2024. Approximately $430.8 million of the foregoing maximum potential loss relates to labor claims, of which approximately $59.3 million is included in accrued liabilities in our Condensed Consolidated Balance Sheets at June 30, 2024.
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.
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 $648.5 million, of which $220.9 million is subject to an indemnification agreement entered into with Vale S.A in connection with the Acquisition.
Approximately $341.4 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 from Brazilian tax authorities. Based on Brazil tax 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.
v3.24.2.u1
Business Segments
 6 Months Ended
Jun. 30, 2024
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 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, 2024 and 2023 was as follows:
PhosphatePotashMosaic Fertilizantes
Corporate, Eliminations and Other(a)
Total
Three months ended June 30, 2024
Net sales to external customers$989.2 $655.1 $1,048.9 $123.4 $2,816.6 
Intersegment net sales190.3 8.0 — (198.3)— 
Net sales1,179.5 663.1 1,048.9 (74.9)2,816.6 
Gross margin153.7 186.4 101.8 (47.9)394.0 
Canadian resource taxes— 66.8 — — 66.8 
Gross margin (excluding Canadian resource taxes)153.7 253.2 101.8 (47.9)460.8 
Operating earnings (loss)132.9 174.4 61.2 (135.2)233.3 
Capital expenditures176.9 75.0 46.4 35.6 333.9 
Depreciation, depletion and amortization expense127.9 93.9 40.1 2.5 264.4 
Three months ended June 30, 2023
Net sales to external customers$964.0 $835.9 $1,418.8 $175.3 $3,394.0 
Intersegment net sales321.7 12.8 — (334.5)— 
Net sales1,285.7 848.7 1,418.8 (159.2)3,394.0 
Gross margin216.2 336.0 12.8 6.1 571.1 
Canadian resource taxes— 95.0 — — 95.0 
Gross margin (excluding Canadian resource taxes)216.2 431.0 12.8 6.1 666.1 
Operating earnings (loss)146.2 327.8 (20.1)(84.7)369.2 
Capital expenditures119.3 74.2 63.2 53.6 310.3 
Depreciation, depletion and amortization expense129.0 74.4 37.8 3.0 244.2 
Six months ended June 30, 2024
Net sales to external customers$2,012.2 $1,289.8 $1,935.3 $258.7 $5,496.0 
Intersegment net sales336.0 16.4 — (352.4)— 
Net sales2,348.2 1,306.2 1,935.3 (93.7)5,496.0 
Gross margin313.1 398.1 177.0 (95.0)793.2 
Canadian resource taxes— 131.3 — — 131.3 
Gross margin (excluding Canadian resource taxes)313.1 529.4 177.0 (95.0)924.5 
Operating earnings (loss)173.2 372.4 103.2 (242.6)406.2 
Capital expenditures374.6 171.7 128.2 42.4 716.9 
Depreciation, depletion and amortization expense244.8 175.6 80.1 5.0 505.5 
Six months ended June 30, 2023
Net sales to external customers$2,052.9 $1,736.3 $2,762.1 $447.0 $6,998.3 
Intersegment net sales614.9 19.0 — (633.9)— 
Net sales2,667.8 1,755.3 2,762.1 (186.9)6,998.3 
Gross margin475.5 749.3 11.7 5.0 1,241.5 
Canadian resource taxes— 215.8 — — 215.8 
Gross margin (excluding Canadian resource taxes)475.5 965.1 11.7 5.0 1,457.3 
Operating earnings (loss)412.4 729.3 (52.2)(175.7)913.8 
Capital expenditures261.0 167.0 149.9 53.9 631.8 
Depreciation, depletion and amortization expense245.6 144.0 69.4 5.2 464.2 
Total Assets
As of June 30, 2024$10,991.6 $8,527.5 $4,755.6 $(1,708.2)$22,566.5 
As of December 31, 202310,295.9 8,971.9 5,256.3 (1,491.3)23,032.8 
______________________________
(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, 2024, distribution operations in India and China collectively had revenue of $120.9 million and $250.1 million, respectively, and gross margin of $2.4 million and $9.9 million, respectively. For the three and six months ended June 30, 2023, distribution operations in India and China collectively had revenue of $171.7 million and $438.5 million, respectively, and gross margin of $(44.3) million and $(55.1) million, respectively.
Financial information relating to our operations by geographic area is as follows:
 Three Months Ended 
 
June 30,		Six Months Ended 
 
June 30,
(in millions)2024202320242023
Net sales(a):
Brazil$1,037.9 $1,367.3 $1,890.7 $2,667.9 
Canpotex(b)
222.0 300.8 442.8 732.1 
Canada147.2 134.8 289.2 215.9 
China112.8 89.4 236.8 234.8 
Paraguay45.0 51.2 81.9 96.8 
Argentina30.3 24.2 41.5 43.1 
Japan28.1 59.5 69.4 98.0 
Colombia26.0 23.4 58.6 62.4 
India12.0 89.5 19.2 210.9 
Honduras8.7 12.3 13.7 20.3 
Peru7.4 15.3 19.0 22.0 
Mexico7.2 13.4 29.6 91.1 
Dominican Republic4.0 8.0 4.0 11.1 
Australia— 7.1 16.9 27.4 
Other13.2 17.9 23.7 35.9 
Total international countries1,701.8 2,214.1 3,237.0 4,569.7 
United States1,114.8 1,179.9 2,259.0 2,428.6 
Consolidated$2,816.6 $3,394.0 $5,496.0 $6,998.3 
______________________________
(a)Revenues are attributed to countries based on location of customer.
(b)Canpotex is the export association of two Saskatchewan potash producers. Canpotex annualized sales to the ultimate third-party customers are approximately: 35% to customers based in Brazil, 12% to customers based in China, 9% to customers in Bangladesh, 7% to customers based in India, and 37% to customers based in the rest of the world.
Net sales by product type are as follows:
 Three Months Ended 
 
June 30,		Six Months Ended 
 
June 30,
(in millions)2024202320242023
Sales by product type:
Phosphate Crop Nutrients$719.5 $828.4 $1,390.6 $1,724.9 
Potash Crop Nutrients831.8 1,005.0 1,514.4 2,020.3 
Crop Nutrient Blends307.9 423.2 660.1 1,076.6 
Performance Products(a)
514.7 690.4 981.5 1,230.9 
Phosphate Rock37.7 48.2 78.5 89.0 
Other(b)
405.0 398.8 870.9 856.6 
$2,816.6 $3,394.0 $5,496.0 $6,998.3 
____________________________________________
(a)Includes sales of MicroEssentials®, K-Mag® and Aspire®.
(b)Includes sales of industrial potash, feed products, nitrogen and other products.
v3.24.2.u1
Share Repurchases
 6 Months Ended
Jun. 30, 2024
Share Repurchases [Abstract]  
Stockholders' Equity Note Disclosure Share Repurchases
In 2022, our Board of Directors approved two share repurchase programs for a total of $3.0 billion. Our repurchase programs allow the Company to repurchase shares of our Common Stock through open market purchases, accelerated share repurchase arrangements, privately negotiated transactions or otherwise, and have no set expiration date.
During the three and six months ended June 30, 2024, we repurchased 1,835,788 and 5,234,488 shares of Common Stock in the open market for approximately $52.0 million and $160.4 million, respectively, at an average purchase price per share of $28.33 and $30.64, respectively.
On February 24, 2023, pursuant to existing stock repurchase authorizations, we entered into an accelerated share repurchase agreement (the “2023 ASR Agreement”) with a third-party financial institution to repurchase $300 million of our Common Stock. At inception, we paid the financial institution $300 million and took initial delivery of 4,659,290 shares of our Common Stock, representing an estimated 80% of the total shares expected to be delivered under the 2023 ASR Agreement. In March 2023, the transaction was completed and we received an additional 965,284 shares of Common Stock. In total, 5,624,574 shares were delivered under the 2023 ASR Agreement, at an average purchase price of $53.34 per share.
No share repurchases occurred in the three months ended June 30, 2023. For the six months ended June 30, 2023, we repurchased 8,690,936 shares of Common Stock in the open market for approximately $448.0 million at an average purchase price of $51.55 per share. This includes 5,624,574 shares purchased under the 2023 ASR Agreement.
The extent to which we repurchase our shares and the timing of any such repurchases depend on a number of factors, including market and business conditions, the price of our shares, our ability to access capital resources, our liquidity and corporate, regulatory and other considerations.
v3.24.2.u1
Investments, Equity Method and Joint Ventures
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Ma'aden Wa'ad al Shamal Phosphate Company Investment in Ma'aden Wa’ad al Shamal Phosphate CompanyOn April 29, 2024, Saudi Arabian Mining Company (“Ma’aden”) and Mosaic entered into a Share Purchase and Subscription Agreement to exchange our 25% ownership of the Ma'aden Wa’ad al Shamal Phosphate Company for 111,012,433 shares of Ma’aden. The shares were valued at approximately $1.5 billion on the date of the agreement. The shares received by Mosaic are subject to transfer and sale restrictions, which would be released over a five-year period. We expect this transaction to close later in 2024.
v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2024
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, 2023 (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
Accounting Estimates
Preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. The most significant estimates made by management relate to the estimates of fair value of acquired assets and liabilities, the recoverability of non-current assets including goodwill, the useful lives and net realizable values of long-lived assets, environmental and reclamation liabilities, including asset retirement obligations (“ARO”), and income tax-related accounts, including the valuation allowance against deferred income tax assets. Actual results could differ from these estimates
v3.24.2.u1
Other Financial Statement Data (Tables)
 6 Months Ended
Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]  
Schedule of Other Financial Statement Data
The following provides additional information concerning selected balance sheet accounts:
June 30, 2024December 31, 2023
Other current assets
Income and other taxes receivable $325.7 $269.3 
Prepaid expenses 243.4 284.3 
Other 28.5 50.2 
$597.6 $603.8 
Other assets
Restricted cash$11.8 $3.4 
MRO inventory175.7 166.3 
Marketable securities held in trust703.1 708.6 
Operating lease right-of-use assets222.3 229.8 
Indemnification asset21.7 20.9 
Long-term receivable17.8 21.8 
Cloud computing cost177.2 138.9 
Other230.5 285.9 
$1,560.1 $1,575.6 
Accrued liabilities
Accrued dividends$2.7 $72.3 
Payroll and employee benefits 147.0 182.6 
Asset retirement obligations 374.5 377.4 
Customer prepayments(a)
493.3 261.8 
Accrued income and other taxes127.8 190.0 
Operating lease obligation62.2 65.3 
Other 584.7 627.7 
$1,792.2 $1,777.1 
Other noncurrent liabilities
Asset retirement obligations $1,792.2 $1,836.0 
Accrued pension and postretirement benefits108.7 168.1 
Operating lease obligation163.8 119.7 
Unrecognized tax benefits 28.3 30.5 
Other 298.7 274.9 
$2,391.7 $2,429.2 
______________________________
(a) The timing of recognition of revenue related to our performance obligations may be different than the timing of collection of cash related to those performance obligations. Specifically, we collect prepayments from certain customers in Brazil. In addition, cash collection from Canpotex may occur prior to delivery of product to the end customer. We generally satisfy our contractual liabilities within one quarter of incurring the liability.
v3.24.2.u1
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of earnings per share
The following is a reconciliation of the numerator and denominator for the basic and diluted EPS computations:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Net (loss) income attributable to Mosaic$(161.5)$369.0 $(116.3)$803.8 
Basic weighted average number of shares outstanding321.2 332.2 321.7 333.8 
Dilutive impact of share-based awards— 1.5 — 2.4 
Diluted weighted average number of shares outstanding321.2 333.7 321.7 336.2 
Basic net (loss) income per share attributable to Mosaic$(0.50)$1.11 $(0.36)$2.41 
Diluted net (loss) income per share attributable to Mosaic$(0.50)$1.11 $(0.36)$2.39 
v3.24.2.u1
Inventories (Tables)
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of inventories
Inventories consist of the following:
June 30, 2024December 31, 2023
Raw materials$114.6 $135.8 
Work in process951.5 964.8 
Finished goods1,267.2 1,178.0 
Final price deferred(a)
59.3 61.5 
Operating materials and supplies161.4 183.1 
$2,554.0 $2,523.2 
______________________________
(a)Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon
v3.24.2.u1
Goodwill (Tables)
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill The changes in the carrying amount of goodwill, by reporting unit, are as follows:
PotashMosaic FertilizantesCorporate, Eliminations and OtherTotal
Balance as of December 31, 2023$1,026.9 $99.6 $12.1 $1,138.6 
Foreign currency translation(29.1)(3.6)— (32.7)
Balance as of June 30, 2024$997.8 $96.0 $12.1 $1,105.9 
We will perform our next annual goodwill impairment analysis for each of our reporting units as of October 31, 2024. Subsequent to our 2023 annual evaluation, on December 28, 2023, Brazil enacted a tax law change that eliminates the VAT preference starting in 2024. We are assessing the full impact of this change along with outlook for the business. The current estimated fair value of our Mosaic Fertilizantes reporting unit is not in significant excess of its carrying value. Because we currently believe that our long-term financial goals will be achieved, we concluded that the goodwill assigned to this reporting unit was not impaired, but could be at risk of future impairment.
v3.24.2.u1
Marketable Securities Held in Trusts (Tables)
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
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, 2024. 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, 2024
Due in one year or less$19.7 
Due after one year through five years217.2 
Due after five years through ten years384.7 
Due after ten years57.3 
Total debt securities$678.9 
Schedule of Unrealized Loss on Investments
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 for which an allowance for credit losses has not been recorded as of June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
(in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Securities that have been in a continuous loss position for less than 12 months:
Corporate debt securities$34.3 $(0.3)$5.4 $(0.1)
Municipal bonds86.5 (1.1)42.3 (0.2)
U.S. government bonds265.2 (3.0)26.4 (0.3)
$386.0 $(4.4)$74.1 $(0.6)
Securities that have been in a continuous loss position for more than 12 months:
Corporate debt securities$99.4 $(8.0)$121.5 $(8.3)
Municipal bonds73.2 (3.3)84.1 (3.9)
$172.6 $(11.3)$205.6 $(12.2)
Unrealized Gain (Loss) on Investments
The estimated fair value of the investments in the RCRA Trusts as of June 30, 2024 and December 31, 2023 are as follows:
June 30, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Level 1
    Cash and cash equivalents $2.3 $— $— $2.3 
Level 2
    Corporate debt securities199.2 0.6 (8.3)191.5 
    Municipal bonds208.5 0.8 (4.4)204.9 
    U.S. government bonds285.4 0.1 (3.0)282.5 
Total$695.4 $1.5 $(15.7)$681.2 
December 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Level 1
    Cash and cash equivalents $1.0 $— $— $1.0 
Level 2
    Corporate debt securities204.6 1.9 (8.4)198.1 
    Municipal bonds206.9 1.9 (4.1)204.7 
    U.S. government bonds268.6 11.5 (0.3)279.8 
Total$681.1 $15.3 $(12.8)$683.6 
v3.24.2.u1
Schedule of Change in Asset Retirement Obligations (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024December 31, 2023
AROs, beginning of period$2,213.4 $1,905.6 
Liabilities incurred18.5 22.9 
Liabilities settled(111.6)(198.5)
Accretion expense54.1 96.1 
Revisions in estimated cash flows30.0 365.1 
Foreign currency translation(37.7)22.2 
AROs, end of period2,166.7 2,213.4 
Less current portion374.5 377.4 
Non-current portion of AROs$1,792.2 $1,836.0 
v3.24.2.u1
Accounting for Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Derivative Instruments Notional Amounts
The following is the total absolute notional volume associated with our outstanding derivative instruments:
(in millions of Units)June 30, 2024December 31, 2023
Derivative InstrumentDerivative CategoryUnit of Measure
Foreign currency derivativesForeign currencyUS Dollars1,559.7 2,418.7 
Natural gas derivativesCommodityMMbtu9.617.1
v3.24.2.u1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
Cash and cash equivalents$322.0 $322.0 $348.8 $348.8 
Accounts receivable1,285.5 1,285.5 1,269.2 1,269.2 
Accounts payable1,054.8 1,054.8 1,166.9 1,166.9 
Structured accounts payable arrangements265.8 265.8 399.9 399.9 
Short-term debt881.5 881.5 399.7 399.7 
Long-term debt, including current portion3,319.0 3,248.2 3,361.7 3,364.1 
v3.24.2.u1
Related Party Transactions (Tables)
 6 Months Ended
Jun. 30, 2024
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,
2024202320242023
Transactions with related parties included in net sales(a)
$234.0 $314.6 $470.6 $760.5 
Transactions with related parties included in cost of goods sold(b)
301.8 483.6 562.6 880.5 
______________________________
(a) Amounts included in net sales primarily relate to sales from our Potash segment to Canpotex.
(b) Amounts included in cost of goods sold primarily relate to purchases from Canpotex and MWSPC by our Mosaic Fertilizantes segment and India and China distribution businesses.
v3.24.2.u1
Business Segments (Tables) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]          
Net Sales $ 2,816.6 $ 3,394.0 $ 5,496.0 $ 6,998.3  
Gross margin 394.0 571.1 793.2 1,241.5  
Canadian resource taxes 66.8 95.0 131.3 215.8  
Gross margin (excluding canadian resource taxes) 460.8 666.1 924.5 1,457.3  
Operating earnings (loss) 233.3 369.2 406.2 913.8  
Segment, Expenditure, Addition to Long-Lived Assets 333.9 310.3      
Capital expenditures     716.9 631.8  
Depreciation, depletion and amortization expense 264.4 244.2 505.5 464.2  
Assets 22,566.5   $ 22,566.5   $ 23,032.8
Schedule of Segment Reporting Information    
Segment information for the three and six months ended June 30, 2024 and 2023 was as follows:
PhosphatePotashMosaic Fertilizantes
Corporate, Eliminations and Other(a)
Total
Three months ended June 30, 2024
Net sales to external customers$989.2 $655.1 $1,048.9 $123.4 $2,816.6 
Intersegment net sales190.3 8.0 — (198.3)— 
Net sales1,179.5 663.1 1,048.9 (74.9)2,816.6 
Gross margin153.7 186.4 101.8 (47.9)394.0 
Canadian resource taxes— 66.8 — — 66.8 
Gross margin (excluding Canadian resource taxes)153.7 253.2 101.8 (47.9)460.8 
Operating earnings (loss)132.9 174.4 61.2 (135.2)233.3 
Capital expenditures176.9 75.0 46.4 35.6 333.9 
Depreciation, depletion and amortization expense127.9 93.9 40.1 2.5 264.4 
Three months ended June 30, 2023
Net sales to external customers$964.0 $835.9 $1,418.8 $175.3 $3,394.0 
Intersegment net sales321.7 12.8 — (334.5)— 
Net sales1,285.7 848.7 1,418.8 (159.2)3,394.0 
Gross margin216.2 336.0 12.8 6.1 571.1 
Canadian resource taxes— 95.0 — — 95.0 
Gross margin (excluding Canadian resource taxes)216.2 431.0 12.8 6.1 666.1 
Operating earnings (loss)146.2 327.8 (20.1)(84.7)369.2 
Capital expenditures119.3 74.2 63.2 53.6 310.3 
Depreciation, depletion and amortization expense129.0 74.4 37.8 3.0 244.2 
Six months ended June 30, 2024
Net sales to external customers$2,012.2 $1,289.8 $1,935.3 $258.7 $5,496.0 
Intersegment net sales336.0 16.4 — (352.4)— 
Net sales2,348.2 1,306.2 1,935.3 (93.7)5,496.0 
Gross margin313.1 398.1 177.0 (95.0)793.2 
Canadian resource taxes— 131.3 — — 131.3 
Gross margin (excluding Canadian resource taxes)313.1 529.4 177.0 (95.0)924.5 
Operating earnings (loss)173.2 372.4 103.2 (242.6)406.2 
Capital expenditures374.6 171.7 128.2 42.4 716.9 
Depreciation, depletion and amortization expense244.8 175.6 80.1 5.0 505.5 
Six months ended June 30, 2023
Net sales to external customers$2,052.9 $1,736.3 $2,762.1 $447.0 $6,998.3 
Intersegment net sales614.9 19.0 — (633.9)— 
Net sales2,667.8 1,755.3 2,762.1 (186.9)6,998.3 
Gross margin475.5 749.3 11.7 5.0 1,241.5 
Canadian resource taxes— 215.8 — — 215.8 
Gross margin (excluding Canadian resource taxes)475.5 965.1 11.7 5.0 1,457.3 
Operating earnings (loss)412.4 729.3 (52.2)(175.7)913.8 
Capital expenditures261.0 167.0 149.9 53.9 631.8 
Depreciation, depletion and amortization expense245.6 144.0 69.4 5.2 464.2 
Total Assets
As of June 30, 2024$10,991.6 $8,527.5 $4,755.6 $(1,708.2)$22,566.5 
As of December 31, 202310,295.9 8,971.9 5,256.3 (1,491.3)23,032.8 
______________________________
(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, 2024, distribution operations in India and China collectively had revenue of $120.9 million and $250.1 million, respectively, and gross margin of $2.4 million and $9.9 million, respectively. For the three and six months ended June 30, 2023, distribution operations in India and China collectively had revenue of $171.7 million and $438.5 million, respectively, and gross margin of $(44.3) million and $(55.1) 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 
 
June 30,		Six Months Ended 
 
June 30,
(in millions)2024202320242023
Net sales(a):
Brazil$1,037.9 $1,367.3 $1,890.7 $2,667.9 
Canpotex(b)
222.0 300.8 442.8 732.1 
Canada147.2 134.8 289.2 215.9 
China112.8 89.4 236.8 234.8 
Paraguay45.0 51.2 81.9 96.8 
Argentina30.3 24.2 41.5 43.1 
Japan28.1 59.5 69.4 98.0 
Colombia26.0 23.4 58.6 62.4 
India12.0 89.5 19.2 210.9 
Honduras8.7 12.3 13.7 20.3 
Peru7.4 15.3 19.0 22.0 
Mexico7.2 13.4 29.6 91.1 
Dominican Republic4.0 8.0 4.0 11.1 
Australia— 7.1 16.9 27.4 
Other13.2 17.9 23.7 35.9 
Total international countries1,701.8 2,214.1 3,237.0 4,569.7 
United States1,114.8 1,179.9 2,259.0 2,428.6 
Consolidated$2,816.6 $3,394.0 $5,496.0 $6,998.3 
______________________________
(a)Revenues are attributed to countries based on location of customer.
(b)Canpotex is the export association of two Saskatchewan potash producers. Canpotex annualized sales to the ultimate third-party customers are approximately: 35% to customers based in Brazil, 12% to customers based in China, 9% to customers in Bangladesh, 7% to customers based in India, and 37% to customers based in the rest of the world.
    
Sales by Product Type    
Net sales by product type are as follows:
 Three Months Ended 
 
June 30,		Six Months Ended 
 
June 30,
(in millions)2024202320242023
Sales by product type:
Phosphate Crop Nutrients$719.5 $828.4 $1,390.6 $1,724.9 
Potash Crop Nutrients831.8 1,005.0 1,514.4 2,020.3 
Crop Nutrient Blends307.9 423.2 660.1 1,076.6 
Performance Products(a)
514.7 690.4 981.5 1,230.9 
Phosphate Rock37.7 48.2 78.5 89.0 
Other(b)
405.0 398.8 870.9 856.6 
$2,816.6 $3,394.0 $5,496.0 $6,998.3 
____________________________________________
(a)Includes sales of MicroEssentials®, K-Mag® and Aspire®.
(b)Includes sales of industrial potash, feed products, nitrogen and other products.
    
Phosphates segment          
Segment Reporting Information [Line Items]          
Gross margin 153.7 216.2 $ 313.1 475.5  
Canadian resource taxes 0.0 0.0 0.0 0.0  
Gross margin (excluding canadian resource taxes) 153.7 216.2 313.1 475.5  
Operating earnings (loss) 132.9 146.2 173.2 412.4  
Segment, Expenditure, Addition to Long-Lived Assets 176.9 119.3      
Capital expenditures     374.6 261.0  
Depreciation, depletion and amortization expense 127.9 129.0 244.8 245.6  
Assets 10,991.6   10,991.6   10,295.9
Potash segment          
Segment Reporting Information [Line Items]          
Gross margin 186.4 336.0 398.1 749.3  
Canadian resource taxes 66.8 95.0 131.3 215.8  
Gross margin (excluding canadian resource taxes) 253.2 431.0 529.4 965.1  
Operating earnings (loss) 174.4 327.8 372.4 729.3  
Segment, Expenditure, Addition to Long-Lived Assets 75.0 74.2      
Capital expenditures     171.7 167.0  
Depreciation, depletion and amortization expense 93.9 74.4 175.6 144.0  
Assets 8,527.5   8,527.5   8,971.9
Mosaic Fertilizantes segment          
Segment Reporting Information [Line Items]          
Gross margin 101.8 12.8 177.0 11.7  
Canadian resource taxes 0.0 0.0 0.0 0.0  
Gross margin (excluding canadian resource taxes) 101.8 12.8 177.0 11.7  
Operating earnings (loss) 61.2 (20.1) 103.2 (52.2)  
Segment, Expenditure, Addition to Long-Lived Assets 46.4 63.2      
Capital expenditures     128.2 149.9  
Depreciation, depletion and amortization expense 40.1 37.8 80.1 69.4  
Assets 4,755.6   4,755.6   5,256.3
Corporate, other and intersegment eliminations          
Segment Reporting Information [Line Items]          
Gross margin [1] (47.9) 6.1 (95.0) 5.0  
Canadian resource taxes [1] 0.0 0.0 0.0 0.0  
Gross margin (excluding canadian resource taxes) [1] (47.9) 6.1 (95.0) 5.0  
Operating earnings (loss) [1] (135.2) (84.7) (242.6) (175.7)  
Segment, Expenditure, Addition to Long-Lived Assets [1] 35.6 53.6      
Capital expenditures [1]     42.4 53.9  
Depreciation, depletion and amortization expense [1] 2.5 3.0 5.0 5.2  
Assets [1] (1,708.2)   (1,708.2)   $ (1,491.3)
Product          
Segment Reporting Information [Line Items]          
Net Sales [2] 2,816.6 3,394.0 5,496.0 6,998.3  
Intersegment Sales 0.0 0.0 0.0 0.0  
Revenues 2,816.6 3,394.0 5,496.0 6,998.3  
Product | Phosphates segment          
Segment Reporting Information [Line Items]          
Net Sales 989.2 964.0 2,012.2 2,052.9  
Intersegment Sales 190.3 321.7 336.0 614.9  
Revenues 1,179.5 1,285.7 2,348.2 2,667.8  
Product | Potash segment          
Segment Reporting Information [Line Items]          
Net Sales 655.1 835.9 1,289.8 1,736.3  
Intersegment Sales 8.0 12.8 16.4 19.0  
Revenues 663.1 848.7 1,306.2 1,755.3  
Product | Mosaic Fertilizantes segment          
Segment Reporting Information [Line Items]          
Net Sales 1,048.9 1,418.8 1,935.3 2,762.1  
Intersegment Sales 0.0 0.0 0.0 0.0  
Revenues 1,048.9 1,418.8 1,935.3 2,762.1  
Product | Corporate, other and intersegment eliminations          
Segment Reporting Information [Line Items]          
Net Sales [1] 123.4 175.3 258.7 447.0  
Intersegment Sales [1] (198.3) (334.5) (352.4) (633.9)  
Revenues [1] (74.9) (159.2) (93.7) (186.9)  
Product | Corporate, other and intersegment eliminations | China and India distribution operations          
Segment Reporting Information [Line Items]          
Revenues 120.9 171.7 250.1 438.5  
Gross margin $ 2.4 $ (44.3) $ 9.9 $ (55.1)  
[1] 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, 2024, distribution operations in India and China collectively had revenue of $120.9 million and $250.1 million, respectively, and gross margin of $2.4 million and $9.9 million, respectively. For the three and six months ended June 30, 2023, distribution operations in India and China collectively had revenue of $171.7 million and $438.5 million, respectively, and gross margin of $(44.3) million and $(55.1) million, respectively.
[2] Revenues are attributed to countries based on location of customer.
v3.24.2.u1
Organization and Nature of Business (Details)
 6 Months Ended
Jun. 30, 2024
Jan. 08, 2018
Schedule of Equity Method Investments [Line Items]    
Percent of joint venture production Mosaic expects to market 25.00%  
MWSPC Joint Venture    
Schedule of Equity Method Investments [Line Items]    
Mosaic's ownership percentage 25.00%  
Percent of joint venture production Mosaic expects to market 25.00%  
Miski Mayo Joint Venture    
Schedule of Equity Method Investments [Line Items]    
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage   75.00%
v3.24.2.u1
Other Financial Statement Data (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Other current assets    
Income and other taxes receivable $ 325.7 $ 269.3
Prepaid expenses 243.4 284.3
Other 28.5 50.2
Total other current assets 597.6 603.8
Restricted Cash Equivalents, Noncurrent 11.8 3.4
Other assets    
MRO inventory 175.7 166.3
Marketable securities held in trust 703.1 708.6
Operating Lease, Right-of-Use Asset 222.3 229.8
Indemnification asset 21.7 20.9
Nontrade Receivables, Noncurrent 17.8 21.8
Other 230.5 285.9
Total other assets 1,560.1 1,575.6
Dividends Payable 2.7 72.3
Accrued liabilities    
Payroll and employee benefits 147.0 182.6
Asset retirement obligations 374.5 377.4
Customer Advances, Current [1] 493.3 261.8
Contractual Obligation For Equity Method Investment 127.8 190.0
Operating Lease, Liability, Current 62.2 65.3
Servicing Liability 0.1 0.0
Other 584.7 627.7
Accrued liabilities 1,792.2 1,777.1
Other noncurrent liabilities    
Asset retirement obligations 1,792.2 1,836.0
Operating Lease, Liability, Noncurrent 163.8 119.7
Accrued pension and postretirement benefits 108.7 168.1
Unrecognized tax benefits 28.3 30.5
Other 298.7 274.9
Total other noncurrent liabilities 2,391.7 2,429.2
Cloud computing asset $ 177.2 $ 138.9
[1] The timing of recognition of revenue related to our performance obligations may be different than the timing of collection of cash related to those performance obligations. Specifically, we collect prepayments from certain customers in Brazil. In addition, cash collection from Canpotex may occur prior to delivery of product to the end customer. We generally satisfy our contractual liabilities within one quarter of incurring the liability.
v3.24.2.u1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Net (loss) income attributable to Mosaic $ (161.5) $ 369.0 $ (116.3) $ 803.8
Basic weighted average number of shares outstanding 321.2 332.2 321.7 333.8
Dilutive impact of share-based awards 0.0 1.5 0.0 2.4
Diluted weighted average number of shares outstanding 321.2 333.7 321.7 336.2
Basic net (loss) earnings per share attributable to Mosaic $ (0.50) $ 1.11 $ (0.36) $ 2.41
Diluted net (loss) earnings per share attributable to Mosaic $ (0.50) $ 1.11 $ (0.36) $ 2.39
Shares subject to issuance upon exercise of stock options excluded from the calculation of diluted earnings per share 0.8 0.7 0.6 0.4
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Shares subject to issuance upon exercise of stock options excluded from the calculation of diluted earnings per share 0.8 0.7 0.6 0.4
Debt securities        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Debt Securities, Available-for-sale, Realized Gain $ 0.3 $ 4.0 $ 10.9 $ 9.1
v3.24.2.u1
Inventories (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 114.6 $ 135.8
Work in process 951.5 964.8
Finished goods 1,267.2 1,178.0
Other Inventory, Inventory at off Site Premises, Gross [1] 59.3 61.5
Operating materials and supplies 161.4 183.1
Total Inventory $ 2,554.0 $ 2,523.2
[1] Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon.
v3.24.2.u1
Goodwill (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Goodwill [Line Items]    
Goodwill, net of accumulated amortization $ 1,138.6  
Foreign currency translation (32.7)  
Goodwill, net of accumulated amortization 1,105.9  
Goodwill, Gross 1,100.0 $ 1,100.0
Potash segment    
Goodwill [Line Items]    
Goodwill, net of accumulated amortization 1,026.9  
Foreign currency translation (29.1)  
Goodwill, net of accumulated amortization 997.8  
Mosaic Fertilizantes segment    
Goodwill [Line Items]    
Goodwill, net of accumulated amortization 99.6  
Foreign currency translation (3.6)  
Goodwill, net of accumulated amortization 96.0  
Corporate, other and intersegment eliminations    
Goodwill [Line Items]    
Goodwill, net of accumulated amortization 12.1  
Foreign currency translation 0.0  
Goodwill, net of accumulated amortization $ 12.1  
v3.24.2.u1
Marketable Securities Held in Trusts - Maturity Dates and Realized Gain and Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity          
Debt Securities, Available-for-sale $ 681.2   $ 681.2   $ 683.6
Debt securities          
Debt Securities, Available-for-sale [Line Items]          
Debt Securities, Available-for-sale, Realized Loss 7.9 $ 1.8 14.7 $ 15.2  
Debt Securities, Available-for-sale, Realized Gain 0.3 $ 4.0 10.9 $ 9.1  
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity          
Available-for-sale debt maturities due within one year, fair value 19.7   19.7    
Available-for-sale debt maturities, after 1 but within 5 years, fair value 217.2   217.2    
Available-for-sale debt maturities, after 5 but within 10 years, fair value 384.7   384.7    
Available-for-sale debt maturities, after 10 years, fair value 57.3   57.3    
Debt Securities, Available-for-sale $ 678.9   $ 678.9    
v3.24.2.u1
Marketable Securities Held in Trusts (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Aug. 31, 2016
USD ($)
Investments, Debt and Equity Securities [Abstract]      
Amount deposited by Mosaic into the RCRA Trusts     $ 630.0
Number Of Decades Remaining For Trust 3    
Available-for-sale Securities, Fair Value to Amortized Cost Basis      
Amortized cost $ 695.4 $ 681.1  
Gross unrealized gains 1.5 15.3  
Gross unrealized losses (15.7) (12.8)  
Debt Securities, Available-for-sale 681.2 683.6  
Cash and Cash Equivalents | Level 1      
Available-for-sale Securities, Fair Value to Amortized Cost Basis      
Amortized cost 2.3 1.0  
Gross unrealized gains 0.0 0.0  
Gross unrealized losses 0.0 0.0  
Debt Securities, Available-for-sale 2.3 1.0  
Corporate debt securities | Level 2      
Available-for-sale Securities, Fair Value to Amortized Cost Basis      
Amortized cost 199.2 204.6  
Gross unrealized gains 0.6 1.9  
Gross unrealized losses (8.3) (8.4)  
Debt Securities, Available-for-sale 191.5 198.1  
Municipal bonds | Level 2      
Available-for-sale Securities, Fair Value to Amortized Cost Basis      
Amortized cost 208.5 206.9  
Gross unrealized gains 0.8 1.9  
Gross unrealized losses (4.4) (4.1)  
Debt Securities, Available-for-sale 204.9 204.7  
U.S. government bonds | Level 2      
Available-for-sale Securities, Fair Value to Amortized Cost Basis      
Amortized cost 285.4 268.6  
Gross unrealized gains 0.1 11.5  
Gross unrealized losses (3.0) (0.3)  
Debt Securities, Available-for-sale 282.5 $ 279.8  
Debt securities      
Available-for-sale Securities, Fair Value to Amortized Cost Basis      
Debt Securities, Available-for-sale $ 678.9    
v3.24.2.u1
Marketable Securities Held in Trusts - Continuous Loss Position (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss          
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value $ 172.6   $ 172.6   $ 205.6
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (11.3)   (11.3)   (12.2)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 386.0   386.0   74.1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 4.4   4.4   0.6
Corporate debt securities          
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss          
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value 99.4   99.4   121.5
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (8.0)   (8.0)   (8.3)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 34.3   34.3   5.4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0.3   0.3   0.1
Municipal bonds          
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss          
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value 73.2   73.2   84.1
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (3.3)   (3.3)   (3.9)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 86.5   86.5   42.3
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 1.1   1.1   0.2
U.S. government bonds          
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss          
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 265.2   265.2   26.4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 3.0   3.0   $ 0.3
Debt securities          
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss          
Debt Securities, Available-for-sale, Realized Loss $ 7.9 $ 1.8 $ 14.7 $ 15.2  
v3.24.2.u1
Short-term Debt (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Short-term Debt [Line Items]          
Structured accounts payable arrangements $ 265.8   $ 265.8   $ 399.9
Inventory Financing Arrangement, Maximum Amount $ 625.0   $ 625.0    
Inventory Financing Arrangement, Maximum Borrowing Capacity, Percentage 0.90   0.90    
Proceeds From Inventory Financing Arrangements     $ 1,203.3 $ 601.4  
Servicing Liability $ 0.1   0.1   0.0
Term Loan          
Short-term Debt [Line Items]          
Long-Term Debt, Gross 700.0   700.0    
Long-Term Debt, Current Maturities 500.0   $ 500.0    
Maximum          
Short-term Debt [Line Items]          
Inventory Financing Arrangement, Number Of Days     180 days    
Duration Commercial Paper Note Program, Number Of Days     397 days    
Duration, Number of Days     179 days    
Minimum          
Short-term Debt [Line Items]          
Duration, Number of Days     105 days    
Structured Accounts Payable [Member]          
Short-term Debt [Line Items]          
Structured accounts payable arrangements         399.9
Receivable Purchasing Agreement [Domain]          
Short-term Debt [Line Items]          
Short-term Debt, Maximum Amount Outstanding During Period     $ 600.0    
Receivable Purchasing Arrangements Sold 102.0 $ 346.2 227.9 1,100.0  
Inventory Financing Arrangement          
Short-term Debt [Line Items]          
Proceeds From Inventory Financing Arrangements     502.1 $ 0.0  
Commercial Paper          
Short-term Debt [Line Items]          
Commerical Paper Note Program, Maximum Amount 2,500.0   2,500.0    
Commercial Paper $ 373.7   $ 373.7   $ 399.5
Debt, Weighted Average Interest Rate 5.58%   5.58%   5.62%
Remaining Average Term, Number of Days     24 days 9 days  
v3.24.2.u1
Asset Retirement Obligation (Details)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Mar. 07, 2024
USD ($)
Dec. 31, 2022
USD ($)
Jul. 27, 2018
USD ($)
ARO Loss Contingencies [Line Items]            
Asset Retirement Obligation, Liabilities Incurred $ 18.5   $ 22.9      
Number Of Consent Decrees 2          
Asset Retirement Obligation $ 2,166.7   2,213.4   $ 1,905.6  
Surety Bonds Outstanding Delivered To EPA       $ 327.1    
Asset retirement obligations $ 1,792.2   1,836.0      
Number Of Decades Remaining For Trust 3          
Asset Retirement Obligation, Liabilities Settled $ (111.6)   (198.5)      
Accretion expense for asset retirement obligations 54.1 $ 46.0 96.1      
Asset Retirement Obligation, Revision of Estimate 30.0   365.1      
Asset Retirement Obligation, Foreign Currency Translation Gain (Loss) (37.7)   22.2      
Asset retirement obligations 374.5   377.4      
Unfavorable Regulatory Action | 2015 Consent Decrees With EPA            
ARO Loss Contingencies [Line Items]            
Asset retirement obligations, undiscounted     2,200.0      
Asset Retirement Obligation     819.9      
Bonnie Facility Trust [Member]            
ARO Loss Contingencies [Line Items]            
Assets Held-in-trust, Current           $ 21.0
Plant City and Bonnie Facilities            
ARO Loss Contingencies [Line Items]            
Asset retirement obligations $ 357.9   $ 361.8      
v3.24.2.u1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Interest And Penalties [Abstract]      
Change in unrecognized tax benefit   $ 3.3  
Unrecognized tax benefits $ 22.5 22.5  
Unrecognized tax benefits that would impact effective tax rate 19.3 19.3  
Unrecognized tax benefits, income tax penalties and interest accrued 7.1 7.1 $ 6.4
Income Tax (Expense) Benefit, Continuing Operations [Abstract]      
Effective income tax rate reconciliation, other expense (benefit) reconciling items, amount $ 120.1 $ 119.4  
v3.24.2.u1
Derivatives - Gross Assets and Liabilities Position (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Derivative [Line Items]    
Gross asset position $ 2.5 $ 36.4
Gross liability position 44.6 17.2
Foreign Exchange Contract    
Derivative [Line Items]    
Derivative, Notional Amount 1,559.7 2,418.7
Foreign Exchange Contract | Fair Value, Recurring [Member]    
Derivative [Line Items]    
Gross asset position 2.4 36.4
Gross liability position $ 39.0 $ 8.0
Interest Rate Swap    
Derivative [Line Items]    
Number of Interest Rate Derivatives Held 0 0
Commodity Contract (MMbtu)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount 9.6 17.1
Commodity Contract (MMbtu) | Fair Value, Recurring [Member]    
Derivative [Line Items]    
Gross asset position $ 0.1 $ 0.0
Gross liability position $ 5.6 $ 9.2
v3.24.2.u1
Credit Risk Related Contingent Features (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
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 $ 38.1 $ 15.6
Required collateral assets to be posted if the credit-risk contingent features of these underlying agreements were triggered $ 35.8  
v3.24.2.u1
Fair Value Measurements (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Gross asset position $ 2.5 $ 36.4
Gross liability position $ 44.6 17.2
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 $ 2.4 36.4
Gross liability position 39.0 8.0
Fair Value, Recurring [Member] | Commodity Contract    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Gross asset position 0.1 0.0
Gross liability position $ 5.6 $ 9.2
v3.24.2.u1
Fair Value Financial Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Term Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-Term Debt, Current Maturities $ 500.0  
Carrying Amount [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 322.0 $ 348.8
Receivables, net 1,285.5 1,269.2
Accounts payable 1,054.8 1,166.9
Structured accounts payable arrangements 265.8 399.9
Short-term debt 881.5 399.7
Long-term debt, including current portion 3,319.0 3,361.7
Fair Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 322.0 348.8
Receivables, net 1,285.5 1,269.2
Accounts payable 1,054.8 1,166.9
Structured accounts payable arrangements 265.8 399.9
Short-term debt 881.5 399.7
Long-term debt, including current portion $ 3,248.2 $ 3,364.1
v3.24.2.u1
Related Party Transactions (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Related Party Transaction [Line Items]          
Indemnification asset $ 21.7   $ 21.7   $ 20.9
Percent of joint venture production Mosaic expects to market     25.00%    
Related Party          
Related Party Transaction [Line Items]          
Transactions with non-consolidated companies included in cost of sales 301.8 $ 483.6 $ 562.6 $ 880.5  
Revenues 234.0 314.6 470.6 760.5  
Amounts due to related parties 155.7   155.7   $ 0.8
Equity Method Investee          
Related Party Transaction [Line Items]          
Revenues $ 5.7 $ 3.6 $ 9.0 $ 9.3  
v3.24.2.u1
Contingencies (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Applicability, Impact and Conclusion of Environmental Loss Contingencies [Abstract]    
Environmental contingency accrual $ 231.7 $ 203.2
New Wales Phase II East Stack    
Loss Contingencies [Line Items]    
Maximum potential liabilitiy 21.9  
New Wales Phase II West Stack    
Loss Contingencies [Line Items]    
Maximum potential liabilitiy 105.0  
Brazilian subsidiary judicial and administrative proceedings    
Loss Contingencies [Line Items]    
Maximum potential liabilitiy 70.0  
Brazilian subsidiary labor claims    
Loss Contingencies [Line Items]    
Loss Contingency Accrual 59.3  
Maximum | Brazilian subsidiary judicial and administrative proceedings    
Loss Contingencies [Line Items]    
Maximum potential liabilitiy 628.3  
Maximum | Brazilian Non Income Tax Proceedings    
Loss Contingencies [Line Items]    
Maximum potential liabilitiy 648.5  
Maximum | Brazilian Non Income Tax Proceedings | Indemnification Agreement Vale S.A.    
Loss Contingencies [Line Items]    
Maximum potential liabilitiy 220.9  
Maximum | Brazilian Non Income Tax Proceedings | PIS And Cofins Cases    
Loss Contingencies [Line Items]    
Maximum potential liabilitiy 341.4  
Maximum | Brazilian subsidiary labor claims    
Loss Contingencies [Line Items]    
Maximum potential liabilitiy $ 430.8  
v3.24.2.u1
Business Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Net Sales $ 2,816.6 $ 3,394.0 $ 5,496.0 $ 6,998.3
Gross margin 394.0 571.1 793.2 1,241.5
Corporate, other and intersegment eliminations        
Disaggregation of Revenue [Line Items]        
Gross margin [1] (47.9) 6.1 (95.0) 5.0
Phosphates segment        
Disaggregation of Revenue [Line Items]        
Gross margin 153.7 216.2 313.1 475.5
Product        
Disaggregation of Revenue [Line Items]        
Net Sales [2] 2,816.6 3,394.0 5,496.0 6,998.3
Revenues 2,816.6 3,394.0 5,496.0 6,998.3
Product | Corporate, other and intersegment eliminations        
Disaggregation of Revenue [Line Items]        
Net Sales [1] 123.4 175.3 258.7 447.0
Revenues [1] (74.9) (159.2) (93.7) (186.9)
Product | Corporate, other and intersegment eliminations | China and India distribution operations        
Disaggregation of Revenue [Line Items]        
Revenues 120.9 171.7 250.1 438.5
Gross margin 2.4 (44.3) 9.9 (55.1)
Product | Phosphates segment        
Disaggregation of Revenue [Line Items]        
Net Sales 989.2 964.0 2,012.2 2,052.9
Revenues 1,179.5 1,285.7 2,348.2 2,667.8
Product | Canada | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [2] $ 147.2 $ 134.8 $ 289.2 $ 215.9
[1] 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, 2024, distribution operations in India and China collectively had revenue of $120.9 million and $250.1 million, respectively, and gross margin of $2.4 million and $9.9 million, respectively. For the three and six months ended June 30, 2023, distribution operations in India and China collectively had revenue of $171.7 million and $438.5 million, respectively, and gross margin of $(44.3) million and $(55.1) million, respectively.
[2] Revenues are attributed to countries based on location of customer.
v3.24.2.u1
Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Net Sales $ 2,816.6 $ 3,394.0 $ 5,496.0 $ 6,998.3
Potash Crop Nutrients | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales 831.8 1,005.0 1,514.4 2,020.3
Phosphate Crop Nutrients | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales 719.5 828.4 1,390.6 1,724.9
Crop Nutrient Blends | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales 307.9 423.2 660.1 1,076.6
Specialty Products | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [1] 514.7 690.4 981.5 1,230.9
Phosphate Rock | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales 37.7 48.2 78.5 89.0
Other Product Types | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [2] 405.0 398.8 870.9 856.6
Product        
Disaggregation of Revenue [Line Items]        
Net Sales [3] 2,816.6 3,394.0 $ 5,496.0 6,998.3
Brazil        
Disaggregation of Revenue [Line Items]        
Canpotexsalesvolumesbygeographypercentage     35.00%  
Brazil | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3] 1,037.9 1,367.3 $ 1,890.7 2,667.9
Canpotex [Member] | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3],[4] 222.0 300.8 442.8 732.1
Canada | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3] 147.2 134.8 $ 289.2 215.9
India        
Disaggregation of Revenue [Line Items]        
Canpotexsalesvolumesbygeographypercentage     7.00%  
India | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3] 12.0 89.5 $ 19.2 210.9
China        
Disaggregation of Revenue [Line Items]        
Canpotexsalesvolumesbygeographypercentage     12.00%  
China | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3] 112.8 89.4 $ 236.8 234.8
Australia | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3] 0.0 7.1 16.9 27.4
Mexico | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3] 7.2 13.4 29.6 91.1
Colombia | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3] 26.0 23.4 58.6 62.4
Paraguay | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3] 45.0 51.2 81.9 96.8
Japan | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3] 28.1 59.5 69.4 98.0
Argentina | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3] 30.3 24.2 41.5 43.1
Honduras | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3] 8.7 12.3 $ 13.7 20.3
Other Foreign        
Disaggregation of Revenue [Line Items]        
Canpotexsalesvolumesbygeographypercentage     37.00%  
Other Foreign | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3] 13.2 17.9 $ 23.7 35.9
Total Foreign | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3] 1,701.8 2,214.1 3,237.0 4,569.7
United States | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3] 1,114.8 1,179.9 2,259.0 2,428.6
Peru | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3] 7.4 15.3 $ 19.0 22.0
BANGLADESH        
Disaggregation of Revenue [Line Items]        
Canpotexsalesvolumesbygeographypercentage     9.00%  
DOMINICAN REPUBLIC | Product | Transferred at Point in Time        
Disaggregation of Revenue [Line Items]        
Net Sales [3] $ 4.0 $ 8.0 $ 4.0 $ 11.1
[1] Includes sales of MicroEssentials®, K-Mag® and Aspire®.
[2] Includes sales of industrial potash, feed products, nitrogen and other products
[3] Revenues are attributed to countries based on location of customer.
[4] Canpotex is the export association of two Saskatchewan potash producers. Canpotex annualized sales to the ultimate third-party customers are approximately: 35% to customers based in Brazil, 12% to customers based in China, 9% to customers in Bangladesh, 7% to customers based in India, and 37% to customers based in the rest of the world.
v3.24.2.u1
Share Repurchases (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Mar. 31, 2023
shares
Jun. 30, 2024
USD ($)
$ / shares
shares
Jun. 30, 2023
shares
Jun. 30, 2024
USD ($)
$ / shares
shares
Jun. 30, 2023
USD ($)
$ / shares
shares
Share Repurchases [Line Items]          
Stock Repurchased and Retired During Period, Value | $   $ 52.5   $ 161.8  
Stock Repurchased and Retired During Period, Shares | shares   1,835,788 0 5,234,488 8,690,936
Accelerated Share Repurchases, Final Price Paid Per Share | $ / shares       $ 53.34  
Treasury Stock, Shares, Acquired | shares 965,284     4,659,290  
Percent of total shares expected to be delivered   0.80   0.80  
Treasury Stock Acquired, Average Cost Per Share | $ / shares   $ 28.33   $ 30.64 $ 51.55
Share Repurchase Program 2022          
Share Repurchases [Line Items]          
Stock Repurchase Program, Authorized Amount | $   $ 3,000.0   $ 3,000.0  
Accelerated Share Repurchase Agreement [Member]          
Share Repurchases [Line Items]          
Treasury Stock, Shares, Acquired | shares         5,624,574
2021 and 2022 Repurchase Program          
Share Repurchases [Line Items]          
Stock Repurchased and Retired During Period, Value | $   52.0   160.4 $ 448.0
Accelerated Share Repurchase Agreement 2023          
Share Repurchases [Line Items]          
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $   $ 300.0   $ 300.0  
Treasury Stock, Shares, Acquired | shares       5,624,574  
v3.24.2.u1
Investments, Equity Method and Joint Ventures (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Apr. 29, 2024
Schedule of Equity Method Investments [Line Items]    
Share Repurchase and Subscription Agreement, Authorized Amount   $ 1,500
MWSPC Joint Venture    
Schedule of Equity Method Investments [Line Items]    
Mosaic's ownership percentage 25.00%  
Share Repurchase and Subscription Agreement   111,012,433
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