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Section 1: 10-Q (10-Q)

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false--12-31Q320190001285785MOSAIC CO693450000075270000000.0250.050.050.100.010.0110000000001000000000389242360389643771385470085380045964134000001310000017000000209000000.010.0115000000150000000000<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We periodically enter into derivatives to mitigate our exposure to foreign currency risks and the effects of changing commodity prices. We record all derivatives on the Condensed Consolidated Balance Sheets at fair value. The fair value of these instruments is determined by using quoted market prices, third party comparables, or internal estimates. We net our derivative asset and liability positions when we have a master netting arrangement in place. Changes in the fair value of the foreign currency and commodity derivatives are immediately recognized in earnings because we do not apply hedge accounting treatment to these instruments.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unrealized gains and (losses) on foreign currency exchange contracts used to hedge cash flows related to the production of our products are included in cost of goods sold in the Condensed Consolidated Statements of Earnings. Unrealized gains and (losses) on commodities contracts are also recorded in cost of goods sold in the Condensed Consolidated Statements of Earnings. Unrealized gains or (losses) on foreign currency exchange contracts used to hedge cash flows that are not related to the production of our products are included in the foreign currency transaction gain/(loss) caption in the Condensed Consolidated Statements of Earnings.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Following is a summary of the valuation techniques for assets and liabilities recorded in our Consolidated Balance Sheets at fair value on a recurring basis: </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Foreign Currency Derivatives </font><font style="font-family:inherit;font-size:10pt;">- The foreign currency derivative instruments that we currently use are forward contracts and zero-cost collars, which typically expire within eighteen months. Most of the valuations are adjusted by a forward yield curve or interest rates. In such cases, these derivative contracts are classified within Level 2. Some valuations are based on exchange-quoted prices, which are classified as Level 1. Changes in the fair market values of these contracts are recognized in the Condensed Consolidated Financial Statements as a component of cost of goods sold in our Corporate, Eliminations and Other segment, or foreign currency transaction (gain) loss. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Commodity Derivatives </font><font style="font-family:inherit;font-size:10pt;">- The commodity contracts primarily relate to natural gas. The commodity derivative instruments that we currently use are forward purchase contracts, swaps, and three-way collars. The natural gas contracts settle using NYMEX futures or AECO price indexes, which represent fair value at any given time. The contracts&#8217; maturities are for future months and settlements are scheduled to coincide with anticipated gas purchases during those future periods. Quoted market prices from NYMEX and AECO are used to determine the fair value of these instruments. These market prices are adjusted by a forward yield curve and are classified within Level 2. Changes in the fair market values of these contracts are recognized in the Condensed Consolidated Financial Statements as a component of cost of goods sold in our Corporate, Eliminations and Other segment. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Interest Rate Derivatives</font><font style="font-family:inherit;font-size:10pt;">-We manage interest expense through interest rate contracts to convert a portion of our fixed-rate debt into floating-rate debt. We also enter into interest rate swap agreements to hedge our exposure to changes in future interest rates related to anticipated debt issuances. Valuations are based on external pricing sources and are classified as Level 2. Changes in the fair market values of these contracts are recognized in the Condensed Consolidated Financial Statements as a component of interest expense. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For cash and cash equivalents, receivables, net, accounts payable, structured accounts payable arrangements, and short-term debt, the carrying amount approximates fair value because of the short-term maturity of those instruments. The fair value of long-term debt, including the current portion, is estimated using quoted market prices for the publicly registered notes and debentures, classified as Level 1 and Level 2, respectively, within the fair value hierarchy, depending on the market liquidity of the debt.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">The RCRA Trusts hold investments, which are restricted from our general use, in marketable debt securities classified as available-for-sale and are carried at fair value. As a result, unrealized gains and losses are included in other comprehensive income until realized, unless it is determined that the carrying value of an investment is impaired on an other-than-temporary basis. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We review the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. We determine the fair market values of our available-for-sale securities and certain other assets based on the fair value hierarchy described below:</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 1: Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 2: Values based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuation techniques for which all significant assumptions are observable in the market. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 3: Values generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The reportable segments are determined by management based upon factors such as products and services, production processes, technologies, market dynamics, and for which segment financial information is available for our chief operating decision maker. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We evaluate performance based on the operating earnings of the respective business segments, which includes certain allocations of corporate selling, general and administrative expenses. The segment results may not represent the actual results that would be expected if they were independent, stand-alone businesses. Intersegment eliminations, including profit on intersegment sales, mark-to-market gains/losses on derivatives, debt expenses, Streamsong Resort</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> results of operations and the results of the China and India distribution businesses are included within Corporate, Eliminations and Other.</font></div></div> 0001285785 2019-01-01 2019-09-30 0001285785 2019-11-01 0001285785 2018-01-01 2018-09-30 0001285785 2019-07-01 2019-09-30 0001285785 us-gaap:ProductMember 2018-07-01 2018-09-30 0001285785 us-gaap:ProductMember 2019-07-01 2019-09-30 0001285785 2018-07-01 2018-09-30 0001285785 mos:PlantCityMember 2018-07-01 2018-09-30 0001285785 us-gaap:ProductMember 2018-01-01 2018-09-30 0001285785 mos:PlantCityMember 2019-07-01 2019-09-30 0001285785 us-gaap:ProductMember 2019-01-01 2019-09-30 0001285785 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Table of Contents


 
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 September 30, 2019
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)  
_______________________________________________________________________
 
Delaware
20-1026454
(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 class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
MOS
New 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: 378,762,651 shares of Common Stock as of November 1, 2019.
 



Table of Contents


Table of Contents
 
 
 
 
 
 
PART I.
FINANCIAL INFORMATION
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
Item 3.
 
Item 4.
 
 
 
 
PART II.
OTHER INFORMATION
 
 
Item 1.
 
Item 1A.
 
Item 2.
 
Item 4.
 
Item 6.
 




Table of Contents


PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
THE MOSAIC COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In millions, except per share amounts)
(Unaudited)
 
Three months ended
 
Nine months ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Net sales
$
2,753.4

 
$
2,928.1

 
$
6,830.0

 
$
7,066.8

Cost of goods sold
2,473.5

 
2,432.6

 
6,013.4

 
6,034.6

Gross margin
279.9

 
495.5

 
816.6

 
1,032.2

Selling, general and administrative expenses
78.2

 
78.5

 
249.8

 
251.4

Plant City closure (benefit) costs
(15.6
)
 

 
353.8

 

Other operating expense
77.8

 
23.7

 
113.3

 
110.5

Operating earnings
139.5

 
393.3

 
99.7

 
670.3

Interest expense, net
(43.2
)
 
(40.9
)
 
(136.2
)
 
(135.4
)
Foreign currency transaction (loss)
(53.8
)
 
(2.2
)
 
(10.4
)
 
(113.1
)
Other income (expense)
9.7

 
(7.6
)
 
4.9

 
(15.6
)
Earnings (loss) from consolidated companies before income taxes
52.2

 
342.6

 
(42.0
)
 
406.2

Provision for income taxes
69.2

 
90.6

 
64.1

 
44.4

(Loss) earnings from consolidated companies
(17.0
)
 
252.0

 
(106.1
)
 
361.8

Equity in net (loss) of nonconsolidated companies
(23.0
)
 
(2.3
)
 
(34.3
)
 
(3.9
)
Net (loss) earnings including noncontrolling interests
(40.0
)
 
249.7

 
(140.4
)
 
357.9

Less: Net gain attributable to noncontrolling interests
4.1

 
2.2

 
6.0

 
0.2

Net (loss) earnings attributable to Mosaic
$
(44.1
)
 
$
247.5

 
$
(146.4
)
 
$
357.7

Basic net (loss) earnings per share attributable to Mosaic
$
(0.11
)
 
$
0.64

 
$
(0.38
)
 
$
0.93

Basic weighted average number of shares outstanding
385.0

 
385.5

 
385.5

 
384.5

Diluted net (loss) earnings per share attributable to Mosaic
$
(0.11
)
 
$
0.64

 
$
(0.38
)
 
$
0.93

Diluted weighted average number of shares outstanding
385.0

 
387.5

 
385.5

 
386.1


See Notes to Condensed Consolidated Financial Statements
1




Table of Contents


THE MOSAIC COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)
 
Three months ended
 
Nine months ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Net (loss) earnings including noncontrolling interest
$
(40.0
)
 
$
249.7

 
$
(140.4
)
 
$
357.9

Other comprehensive (loss) income, net of tax
 
 
 
 
 
 
 
Foreign currency translation (loss) gain, net of tax
(186.6
)
 
0.5

 
(27.6
)
 
(467.6
)
Net actuarial gain and prior service cost, net of tax
2.5

 
3.4

 
0.2

 
7.4

Amortization of gain on interest rate swap, net of tax
0.5

 
0.6

 
1.6

 
1.7

Net (loss) gain on marketable securities held in trust fund, net of tax
(6.4
)
 
1.6

 
15.3

 
(3.6
)
Other comprehensive (loss) income
(190.0
)
 
6.1

 
(10.5
)
 
(462.1
)
Comprehensive (loss) income
(230.0
)
 
255.8

 
(150.9
)
 
(104.2
)
Less: Comprehensive income (loss) attributable to noncontrolling interest
1.6

 
2.8

 
3.8

 
(5.8
)
Comprehensive (loss) income attributable to Mosaic
$
(231.6
)
 
$
253.0

 
$
(154.7
)
 
$
(98.4
)


See Notes to Condensed Consolidated Financial Statements
2




Table of Contents


THE MOSAIC COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts)
(Unaudited)
 
 
September 30,
2019
 
December 31,
2018
 
 
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
$
641.1

 
$
847.7

 
Receivables, net
801.4

 
838.5

 
Inventories
2,294.3

 
2,270.2

 
Other current assets
388.5

 
280.6

 
Total current assets
4,125.3

 
4,237.0

 
Property, plant and equipment, net of accumulated depreciation of $7,527.0 million and $6,934.5 million, respectively
11,943.4

 
11,746.5

 
Investments in nonconsolidated companies
787.5

 
826.6

 
Goodwill
1,731.8

 
1,707.5

 
Deferred income taxes
371.4

 
343.8

 
Other assets
1,480.7

 
1,257.8

 
Total assets
$
20,440.1

 
$
20,119.2

 
Liabilities and Equity
 
 
 
 
Current liabilities:
 
 
 
 
Short-term debt
$
88.0

 
$
11.5

 
Current maturities of long-term debt
42.9

 
26.0

 
Structured accounts payable arrangements
692.0

 
572.8

 
Accounts payable
766.1

 
780.9

 
Accrued liabilities
1,135.5

 
1,092.5

 
Total current liabilities
2,724.5

 
2,483.7

 
Long-term debt, less current maturities
4,533.2

 
4,491.5

 
Deferred income taxes
1,150.8

 
1,080.6

 
Other noncurrent liabilities
1,720.4

 
1,458.7

 
Equity:
 
 
 
 
Preferred Stock, $0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of September 30, 2019 and December 31, 2018

 

 
Common Stock, $0.01 par value, 1,000,000,000 shares authorized, 389,643,771 shares issued and 380,045,964 shares outstanding as of September 30, 2019, 389,242,360 shares issued and 385,470,085 shares outstanding as of December 31, 2018
3.8

 
3.8

 
Capital in excess of par value
881.3

 
985.9

 
Retained earnings
10,880.7

 
11,064.7

 
Accumulated other comprehensive loss
(1,665.4
)
 
(1,657.1
)
 
Total Mosaic stockholders' equity
10,100.4

 
10,397.3

 
Noncontrolling interests
210.8

 
207.4

 
Total equity
10,311.2

 
10,604.7

 
Total liabilities and equity
$
20,440.1

 
$
20,119.2


See Notes to Condensed Consolidated Financial Statements
3




Table of Contents


THE MOSAIC COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 
 
Nine months ended
 
September 30,
2019
 
September 30,
2018
 
 
Cash Flows from Operating Activities:
 
 
 
 
Net (loss) earnings including noncontrolling interests
$
(140.4
)
 
$
357.9

 
Adjustments to reconcile net (loss) earnings including noncontrolling interests to net cash provided by operating activities:
 
 
 
 
Depreciation, depletion and amortization
649.6

 
648.8

 
Amortization of acquired inventory
(5.5
)
 
(47.4
)
 
Deferred and other income taxes
(2.9
)
 
(12.3
)
 
Equity in net loss of nonconsolidated companies, net of dividends
39.4

 
11.0

 
Accretion expense for asset retirement obligations
44.3

 
37.2

 
Share-based compensation expense
25.0

 
25.7

 
Unrealized loss (gain) on derivatives
(55.9
)
 
14.3

 
Plant City closure costs
353.8

 

 
Loss on sale of fixed assets
15.2

 

 
Other
(4.8
)
 
21.2

 
Changes in assets and liabilities, excluding effects of acquisition:
 
 
 
 
Receivables, net
33.2

 
(31.6
)
 
Inventories
(99.1
)
 
(198.1
)
 
Other current and noncurrent assets
(63.2
)
 
(75.9
)
 
Accounts payable and accrued liabilities
59.3

 
466.5

 
Other noncurrent liabilities
(30.2
)
 
42.5

 
Net cash provided by operating activities
817.8

 
1,259.8

 
Cash Flows from Investing Activities:
 
 
 
 
Capital expenditures
(931.1
)
 
(665.4
)
 
Purchases of available-for-sale securities - restricted
(484.3
)
 
(486.1
)
 
Proceeds from sale of available-for-sale securities - restricted
468.2

 
470.5

 
Investments in consolidated affiliate

 
(3.6
)
 
Proceeds from sale of fixed assets

 
9.3

 
Acquisition, net of cash acquired

 
(985.3
)
 
Purchase of assets
(55.1
)
 

 
Purchases of held-to-maturity securities
(14.5
)
 

 
Proceeds from sale of held-to-maturity securities
2.3

 

 
Other
0.4

 
(0.3
)
 
Net cash used in investing activities
(1,014.1
)
 
(1,660.9
)
 
Cash Flows from Financing Activities:
 
 
 
 
Payments of short-term debt
(441.7
)
 
(120.1
)
 
Proceeds from issuance of short-term debt
521.3

 
145.2

 
Payments of structured accounts payable arrangements
(762.5
)
 
(582.4
)
 
Proceeds from structured accounts payable arrangements
865.2

 
590.2

 
Payments of long-term debt
(32.9
)
 
(722.4
)
 
Proceeds from issuance of long-term debt

 
39.3

 
Repurchases of stock
(117.1
)
 

 
Cash dividends paid
(48.2
)
 
(28.9
)
 
Other
(0.4
)
 
(0.5
)
 
Net cash used in financing activities
(16.3
)
 
(679.6
)
 
Effect of exchange rate changes on cash
0.1

 
(62.8
)
 
Net change in cash, cash equivalents and restricted cash
(212.5
)
 
(1,143.5
)
 
Cash, cash equivalents and restricted cash - December 31
871.0

 
2,194.4

 
Cash, cash equivalents and restricted cash - September 30
$
658.5

 
$
1,050.9



See Notes to Condensed Consolidated Financial Statements
4




Table of Contents



THE MOSAIC COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In millions)
(Unaudited)

 
Nine months ended
 
September 30,
2019
 
September 30,
2018
 
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
$
641.1

 
$
1,029.9

Restricted cash in other current assets
8.6

 
8.2

Restricted cash in other assets
8.8

 
12.8

Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statement of cash flows
$
658.5

 
$
1,050.9

 
 
 
 
 
 
 
 
 
 
 
 
Supplemental Disclosure of Cash Flow Information:
 
 
 
Cash paid during the period for:
 
 
 
Interest (net of amount capitalized of $20.9 and $17.0 for the nine months ended September 30, 2019 and 2018, respectively)
$
116.5

 
$
97.6

Income taxes (net of refunds)
114.3

 
13.2

 
 
 
 

See Notes to Condensed Consolidated Financial Statements
5




Table of Contents



THE MOSAIC COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions, except per share amounts)
(Unaudited)
 
 
 
Mosaic Shareholders
 
 
 
 
 
Shares
 
Dollars
 
 
 
 
 
Capital in Excess of Par Value
 
 
 
Accumulated Other Comprehensive (Loss)
 
 
 
 
 
Common Stock
 
Common Stock
 
 
Retained Earnings
 
 
Noncontrolling Interests
 
Total Equity
 
 
 
 
 
 
 
Balance as of June 30, 2018
385.4

 
$
3.8

 
$
981.7

 
$
10,734.1

 
$
(1,523.2
)
 
$
219.3

 
$
10,415.7

Total comprehensive income

 

 

 
247.5

 
5.5

 
2.8

 
255.8

Vesting of restricted stock units
0.1

 

 
(0.3
)
 

 

 

 
(0.3
)
Stock based compensation

 

 
2.4

 

 

 

 
2.4

Dividends ($0.025 per share)

 

 

 
(9.9
)
 

 

 
(9.9
)
Dividends for noncontrolling interests

 

 

 

 

 
(0.1
)
 
(0.1
)
Equity from noncontrolling interests

 

 

 

 

 
(10.3
)
 
(10.3
)
Balance as of September 30, 2018
385.5

 
$
3.8

 
$
983.8

 
$
10,971.7

 
$
(1,517.7
)
 
$
211.7

 
$
10,653.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2017
351.0

 
$
3.5

 
$
44.5

 
$
10,631.1

 
$
(1,061.6
)
 
$
21.6

 
$
9,639.1

Adoption of ASC Topic 606

 

 

 
2.7

 

 

 
2.7

Total comprehensive income (loss)

 

 

 
357.7

 
(456.1
)
 
(5.8
)
 
(104.2
)
Vesting of restricted stock units
0.3

 

 
(3.4
)
 

 

 

 
(3.4
)
Stock based compensation

 

 
23.0

 

 

 

 
23.0

Acquisition of Vale Fertilizantes
34.2

 
0.3

 
919.7

 

 

 

 
920.0

Dividends ($0.05 per share)

 

 

 
(19.8
)
 

 

 
(19.8
)
Dividends for noncontrolling interests

 

 

 

 

 
(0.5
)
 
(0.5
)
Equity from noncontrolling interests

 

 

 

 

 
196.4

 
196.4

Balance as of September 30, 2018
385.5

 
$
3.8

 
$
983.8

 
$
10,971.7

 
$
(1,517.7
)
 
$
211.7

 
$
10,653.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2019
385.9

 
$
3.8

 
$
1,002.9

 
$
10,944.2

 
$
(1,477.9
)
 
$
209.3

 
$
10,682.3

Total comprehensive income (loss)

 

 

 
(44.1
)
 
(187.5
)
 
1.6

 
(230.0
)
Stock based compensation

 

 
2.9

 

 

 

 
2.9

Share repurchases
(5.8
)
 

 
(124.5
)
 

 

 

 
(124.5
)
Dividends ($0.05 per share)

 

 

 
(19.4
)
 

 

 
(19.4
)
Dividends for noncontrolling interests

 

 

 

 

 
(0.1
)
 
(0.1
)
Balance as of September 30, 2019
380.1

 
$
3.8

 
$
881.3

 
$
10,880.7

 
$
(1,665.4
)
 
$
210.8

 
$
10,311.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2018
385.5

 
3.8

 
985.9

 
11,064.7

 
(1,657.1
)
 
207.4

 
10,604.7

Adoption of ASC Topic 842

 

 

 
0.6

 

 

 
0.6

Total comprehensive income (loss)

 

 

 
(146.4
)
 
(8.3
)
 
3.8

 
(150.9
)
Vesting of restricted stock units
0.4

 

 
(5.1
)
 

 

 

 
(5.1
)
Stock based compensation

 

 
25.0

 

 

 

 
25.0

Share repurchases
(5.8
)
 

 
(124.5
)
 

 

 

 
(124.5
)
Dividends ($0.10 per share)

 

 

 
(38.2
)
 

 

 
(38.2
)
Dividends for noncontrolling interests

 

 

 

 

 
(0.4
)
 
(0.4
)
Balance as of September 30, 2019
380.1

 
$
3.8

 
$
881.3

 
$
10,880.7

 
$
(1,665.4
)
 
$
210.8

 
$
10,311.2



See Notes to Condensed Consolidated Financial Statements
6




Table of Contents


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 noncontrolling interest, including consolidated variable interest entities and investments accounted for by the equity method.
On January 8, 2018, we completed our acquisition (the “Acquisition”) of Vale Fertilizantes S.A. (now known as Mosaic Fertilizantes P&K S.A. or the “Acquired Business”). Upon completion of the Acquisition, we became the leading fertilizer producer and distributor in Brazil.
We are organized into the following business segments:
Our Phosphates business segment owns and operates mines and production facilities in Florida which produce concentrated phosphate crop nutrients and phosphate-based animal feed ingredients, and processing plants in Louisiana which produce concentrated phosphate crop nutrients. As part of the Acquisition, we acquired an additional 40% economic interest in the Miski Mayo Phosphate Mine in Peru, which increased our aggregate interest to 75%. These results are consolidated in the Phosphates segment. The Phosphates segment also includes our 25% interest in the Ma'aden Wa'ad Al Shamal Phosphate Company (the “MWSPC”), a joint venture to develop, own and operate integrated phosphate production facilities in the Kingdom of Saudi Arabia. We market approximately 25% of the MWSPC phosphate production. We recognize our equity in the net earnings or losses relating to MWSPC on a one-quarter lag in our Condensed Consolidated Statements of Earnings.
Our Potash business segment owns and operates potash mines and production facilities in Canada and the U.S. which produce potash-based crop nutrients, animal feed ingredients and industrial products. Potash sales include domestic and international sales. We are a member of Canpotex, Limited (“Canpotex”), an export association of Canadian potash producers through which we sell our Canadian potash outside the U.S. and Canada.
Our Mosaic Fertilizantes business segment includes the assets in Brazil that we acquired in the Acquisition, which consist of five phosphate rock mines, four phosphate chemical plants and a potash mine. The segment also includes our legacy distribution business in South America, which consists of sales offices, crop nutrient blending and bagging facilities, port terminals and warehouses in Brazil and Paraguay. We also have a majority interest in Fospar S.A., which owns and operates a single superphosphate granulation plant and a deep-water crop nutrition port and throughput warehouse terminal facility in Brazil.
Intersegment eliminations, unrealized mark-to-market gains/losses on derivatives, debt expenses, Streamsong Resort® results of operations, and the results of the China and India distribution businesses are included within Corporate, Eliminations and Other. As of January 1, 2019, certain selling, general and administrative costs that are not controllable by the business segments are no longer allocated to segments and are included within Corporate, Eliminations and Other. Our operating results for the three and nine months ended September 30, 2018, have been recast to reflect this change. See Note 18 of the Condensed Consolidated Financial Statements in this report for segment results.
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


7

 
 
 
 
 
 
 
 
 
THE MOSAIC COMPANY
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

the SEC for the year ended December 31, 2018 (the “10-K Report”). Sales, expenses, cash flows, assets and liabilities can and do vary during the year as a result of seasonality and other factors. Therefore, interim results are not necessarily indicative of the results to be expected for the full fiscal year.
The accompanying Condensed Consolidated Financial Statements include the accounts of Mosaic, its majority owned subsidiaries, and certain variable interest entities in which Mosaic is the primary beneficiary. Certain investments in companies where we do not have control but have the ability to exercise significant influence are accounted for by the equity method.
Leases
At inception, we determine whether an arrangement is a lease and the appropriate lease classification. Operating leases with terms greater than twelve months are included as operating lease right-of-use (“ROU”) assets within other assets, and lease liabilities within accrued liabilities and other noncurrent liabilities on our consolidated balance sheets. Finance leases with terms greater than twelve months are included as finance ROU assets within property and equipment, and finance lease liabilities within current maturities of long-term debt and long-term debt on our consolidated balance sheets.  Leases with terms of less than twelve months, referred to as short-term leases, do not create an ROU asset or lease liability on the balance sheet. 
ROU assets represent our right to use an underlying asset for the lease term. Lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease, based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. For both operating and finance leases, the initial ROU asset equals the lease liability, plus initial direct costs, less lease incentives received. Our lease agreements may include options to extend or terminate the lease, which are included in the lease term at the commencement date when it is reasonably certain that we will exercise that option. In general, we do not consider optional periods included in our lease agreements as reasonably certain of exercise at inception.
We have lease agreements with lease and non-lease components, which are generally accounted for separately. For full-service railcar leases, we account for the lease and non-lease components as a single lease component. Additionally, for certain equipment leases, we apply assumptions using a portfolio approach given the generally consistent terms of the agreements. Lease payments based on usage (for example, per-mile or per-hour charges), referred to as variable lease costs, are recorded separately from the determination of the ROU asset and lease liability.     
Accounting Estimates
Preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. The most significant estimates made by management relate to the estimates of fair value of acquired assets and liabilities, the recoverability of non-current assets including goodwill, the useful lives and net realizable values of long-lived assets, environmental and reclamation liabilities including asset retirement obligations (“ARO”), 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 June 2016, the Financial Accounting Standards Board (“FASB”) issued guidance which revises the accounting for credit losses on financial instruments within its scope. The standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade and other receivables, and modifies the impairment model for available-for-sale (“AFS”) debt securities. The guidance amends the current other-than-temporary impairment model for AFS debt securities and provides that any impairment related to credit losses be recognized as an allowance (which could be reversed) rather than as a permanent reduction in the amortized cost basis of that security. This standard is effective for us beginning January 1, 2020, with early adoption permitted. We are assessing the requirements of


8

 
 
 
 
 
 
 
 
 
THE MOSAIC COMPANY
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

this standard related to our trade receivables and AFS debt securities, but do not expect it to significantly impact our consolidated results of operations or financial condition.
4. Leases
In February 2016, the FASB issued a new standard (“ASC 842”) intended to improve financial reporting about leasing transactions. The FASB issued additional guidance subsequently to clarify aspects of the standard and provide certain relief for implementation. ASC 842 requires lessees to recognize on the balance sheet the rights and obligations created by leases with terms greater than twelve months. The primary change created by the new standard is the recognition of ROU assets and lease liabilities by lessees for those leases previously classified as operating leases. ASC 842 requires disclosures to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases.
We adopted ASC 842 effective January 1, 2019, with an immaterial cumulative-effect adjustment to the opening balance of retained earnings as of that date. As allowed under the standard, we have not changed our accounting and reporting for lease arrangements for periods presented prior to January 1, 2019. The impacts upon adoption on previously reported amounts are shown below. Our accounting for capital leases (now referred to as finance leases) remained substantially unchanged. Adoption of the standard is not expected to significantly impact lease activity reported in our statements of earnings and cash flows.
We have operating and finance leases for heavy mobile equipment, railcars, fleet vehicles, field and plant equipment, river and cross-Gulf vessels, corporate offices, land, and computer equipment. Our leases have remaining lease terms of 1 year to 29 years, some of which may include options to extend the leases for up to 10 years, and some of which may include options to terminate the leases within 1 year. As of September 30, 2019, assets recorded under finance leases, included within property, plant and equipment, were $409.8 million, and accumulated depreciation associated with finance leases was $47.2 million. As of September 30, 2019, assets recorded under operating leases were $212.6 million, included in other assets.
Adoption of the standard related to leases impacted our previously reported results as follows:
 
 
Balance as of
 
Adoption
 
Balance as of
 
 
December 31, 2018
 
Adjustments
 
January 1, 2019
(in millions)
 
 
 
 
 
 
Operating lease right-of-use assets
 
$

 
$
241.1

 
$
241.1

Finance lease right-of-use assets
 
340.9

 

 
340.9

Accrued and other noncurrent liabilities
 

 
241.1

 
241.1

Long-term debt, including current maturities
 
302.2

 

 
302.2


Adoption of ASC 842 had no impact to cash from or used in operating, financing, or investing on our consolidated cash flows statements.
The components of lease expense, included primarily within cost of goods sold and selling, general and administrative expenses, were as follows:


9

 
 
 
 
 
 
 
 
 
THE MOSAIC COMPANY
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

 
 
Three Months Ended 
 September 30, 2019
 
Nine Months Ended September 30, 2019
(in millions)
 
 

 
 

Operating lease cost
 
$
25.9

 
$
79.5

Finance lease cost:
 
 
 
 
     Amortization of right-of-use assets
 
$
6.8

 
$
19.4

     Interest on lease liabilities
 
3.8

 
11.3

 
 
$
10.6

 
$
30.7

 
 
 
 
 
Short-term lease cost
 
$
2.9

 
$
8.7

Variable lease cost
 
5.6

 
15.6

Total lease cost
 
$
45.0

 
$
134.5

Supplemental cash flow information related to leases was as follows:
 
 
Nine Months Ended September 30, 2019
(In millions)
 
 

Cash paid for amounts included in the measurement of lease liabilities:
 
 

Operating cash flows from operating leases
 
$
81.3

Operating cash flows from finance leases
 
$
8.0

Financing cash flows from finance leases
 
$
27.7

 
 
 

Right-of-use assets obtained in exchange for lease obligations:
 
 

Operating leases
 
$
50.4

Finance leases
 
$
71.8

Other information related to leases was as follows:
 
 
September 30, 2019
Weighted Average Remaining Lease Term
 
 
Operating leases
 
4.8 years

Finance leases
 
5.0 years

 
 
 

Weighted Average Discount Rate
 
 

Operating leases
 
6.5
%
Finance leases
 
3.9
%

Future lease payments under non-cancellable leases recorded as of September 30, 2019, were as follows:


10

 
 
 
 
 
 
 
 
 
THE MOSAIC COMPANY
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

 
 
Operating Leases
 
Finance Leases
(in millions)
 
 
 
 
2019 (excluding the nine months ended September 30, 2019)
 
$
24.6

 
$
12.1

2020
 
76.4

 
48.3

2021
 
51.1

 
51.6

2022
 
35.3

 
43.5

2023
 
24.9

 
75.2

Thereafter
 
39.1

 
182.3

Total future lease payments
 
$
251.4

 
$
413.0

Less imputed interest
 
(36.2
)
 
(68.6
)
Total
 
$
215.2

 
$
344.4

 
 
 
 
 
Reported as of September 30, 2019
 
 
 
 
Accrued liabilities
 
$
72.3