0001243786-19-000045.txt : 20190426 0001243786-19-000045.hdr.sgml : 20190426 20190426172721 ACCESSION NUMBER: 0001243786-19-000045 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190426 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190426 DATE AS OF CHANGE: 20190426 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MOSAIC CO CENTRAL INDEX KEY: 0001285785 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE CHEMICALS [2870] IRS NUMBER: 201026454 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32327 FILM NUMBER: 19772965 BUSINESS ADDRESS: STREET 1: 3033 CAMPUS DRIVE, SUITE E490 CITY: PLYMOUTH STATE: MN ZIP: 55441 BUSINESS PHONE: 7635772700 MAIL ADDRESS: STREET 1: 3033 CAMPUS DRIVE, SUITE E490 CITY: PLYMOUTH STATE: MN ZIP: 55441 FORMER COMPANY: FORMER CONFORMED NAME: GLOBAL NUTRITION SOLUTIONS INC DATE OF NAME CHANGE: 20040401 8-K 1 a8-krecastperformancedata.htm 8-K - RECAST PERFORMANCE DATA Document


 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K  
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 26, 2019  
 
THE MOSAIC COMPANY
(Exact name of registrant as specified in its charter)
 
 
 
 
Delaware
 
001-32327
 
20-1026454
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
3033 Campus Drive
Suite E490
Plymouth, Minnesota
 
55441
 
 
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (800) 918-8270
Not applicable
(Former Name or Former Address, if Changed Since Last Report)  
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
¨ 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.  ¨
 





Item 7.01.
Regulation FD Disclosure.
As previously announced during our 2018 fourth quarter earnings call, certain corporate costs that are not controllable by the business units will no longer be allocated to the operating segments and instead will be reported in the Corporate segment. Also, as we presented with our forward looking guidance at that time, our definition of adjusted EBITDA is being updated to exclude both non-cash ARO accretion expense and equity settled incentive compensation beginning January 1, 2019. This change will align our practice to those of our peers and general industry. 
This Current Report on Form 8-K, including Exhibit 99.1, is being furnished to aid investors by providing information related to the retrospective impact of these changes.
The information in this Item 7.01 and the Exhibit attached hereto are being “furnished” in accordance with General Instruction B.2. of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits.

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 hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
 
 
THE MOSAIC COMPANY
 
 
 
 
Date: April 26, 2019
 
 
 
By:
 
/s/ Mark J. Isaacson
 
 
 
 
Name:
 
Mark J. Isaacson
 
 
 
 
Title:
 
Senior Vice President, General Counsel
 
 
 
 
 
 
and Corporate Secretary



EX-99.1 2 performancedatarecast2018-.htm EXHIBIT 99.1 - RECAST HISTORICAL QUARTERLY FINANCIAL INFORMATION Exhibit


Exhibit 99.1
The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)
 
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Consolidated data (in millions, except per share)
 
 
 
 
 
 
 
 
Diluted net earnings (loss) per share
$

$
0.28

$
0.65

$
(1.23
)
$
0.11

$
0.18

$
0.64

$
0.29

Notable items impact on earnings per share(a)
(0.04
)
(0.01
)
0.22

(1.57
)
(0.09
)
(0.22
)
(0.11
)
(0.48
)
Adjusted diluted net earnings per share(a)
$
0.04

$
0.29

$
0.43

$
0.34

$
0.20

$
0.40

$
0.75

$
0.77

Diluted weighted average # of shares outstanding
350.5

352.0

352.2

351.0

384.1

387.2

387.5

387.6

 
 
 
 
 
 
 
 
 
Total Net Sales
$
1,578

$
1,755

$
1,985

$
2,092

$
1,934

$
2,205

$
2,928

$
2,521

Cost of goods sold
1,449

1,562

1,744

1,812

1,691

1,910

2,432

2,055

Gross Margin
$
130

$
192

$
241

$
280

$
243

$
295

$
496

$
466

SG&A
81

71

66

83

94

79

79

90

Other operating expense
19

27

(39
)
70

68

20

24

118

Operating earnings
$
30

$
95

$
214

$
127

$
81

$
196

$
393

$
258

Interest expense, net
(26
)
(36
)
(36
)
(40
)
(49
)
(45
)
(41
)
(31
)
Consolidated foreign currency gain/(loss)
9

9

59

(27
)
(32
)
(79
)
(2
)
(79
)
Earnings from consolidated companies before income taxes
9

69

237

59

(7
)
70

342

145

Provision for (benefit from) income taxes
10

(23
)
18

490

(50
)
4

91

33

Earnings (loss) from consolidated companies
$
(1
)
$
91

$
220

$
(431
)
$
43

$
66

$
251

$
112

Equity in net earnings (loss) of nonconsolidated companies

6

10

1

(3
)
2

(2
)
(1
)
Less: Net earnings (loss) attributable to noncontrolling interests


2

1

(2
)

2

(1
)
Net earnings (loss) attributable to Mosaic
$
(1
)
$
97

$
228

$
(431
)
$
42

$
68

$
247

$
112

After tax Notable items included in earnings
$
(11
)
$
(5
)
$
79

$
(550
)
$
(35
)
$
(86
)
$
(41
)
$
(185
)
 
 
 
 
 
 
 
 
 
Gross Margin Rate
8
%
11
 %
12
%
13
%
13
%
13
%
17
%
18
%
 
 
 
 
 
 
 
 
 
Effective Tax Rate (including discrete tax)
112
%
(33
)%
7
%
828
%
714
%
5
%
26
%
23
%
Discrete Tax benefit (expense)
$
(9
)
$
16

$
5

$
(463
)
$
48

$
13

$
(29
)
$
(33
)
 
 
 
 
 
 
 
 
 
Depreciation, Depletion and Amortization
$
159

$
166

$
169

$
172

$
217

$
217

$
215

$
235

Accretion Expense
$
7

$
6

$
6

$
6

$
12

$
12

$
13

$
11

Share-Based Compensation Expense
$
16

$
5

$
4

$
3

$
15

$
7

$
3

$
2

Notable Items
$
1

$
12

$
(93
)
$
95

$
115

$
128

$
13

$
176

Adjusted EBITDA(b)
$
217

$
300

$
368

$
375

$
399

$
480

$
622

$
603

 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
146

$
243

$
136

$
411

$
(71
)
$
807

$
524

$
150

Cash paid for interest (net of amount capitalized)
8

67

24

57

11

78

9

76

Cash paid for income taxes (net of refunds)

(9
)
(8
)
(53
)
13

14

(13
)
(48
)
Net cash used in investing activities
$
(245
)
$
(177
)
$
(221
)
$
(25
)
$
(1,220
)
$
(197
)
$
(244
)
$
(284
)
Capital expenditures
(224
)
(169
)
(198
)
(230
)
(223
)
(201
)
(241
)
(289
)
Net cash (used in) provided by financing activities
$
102

$
(85
)
$
94

$
1,090

$
(213
)
$
(170
)
$
(297
)
$
(45
)
Cash dividends paid
(96
)
(53
)
(53
)
(9
)
(10
)
(10
)
(10
)
(10
)
Effect of exchange rate changes on cash
$
3

$
2

$
18

$
(8
)
$
13

$
(65
)
$
(11
)
$
(1
)
Net change in cash and cash equivalents
$
6

$
(18
)
$
27

$
1,468

$
(1,491
)
$
375

$
(28
)
$
(180
)
 
 
 
 
 
 
 
 
 
Short-term debt
$
124

$
65

$
59

$
6

$
72

$
20

$
26

$
12

Long-term debt (including current portion)
3,828

3,843

3,856

5,222

5,074

4,998

4,584

4,518

Cash & cash equivalents
675

661

686

2,154

659

1,035

1,030

848

Net debt
$
3,276

$
3,247

$
3,229

$
3,074

$
4,487

$
3,983

$
3,580

$
3,682

 
 
 
 
 
 
 
 
 
Segment Contributions (in millions)
 
 
 
 
 
 
 
 
Phosphates
$
839

$
975

$
779

$
997

$
866

$
1,053

$
1,041

$
926

Potash
414

468

474

496

404

569

609

592

Mosaic Fertilizantes
427

467

806

520

665

713

1,400

969

Corporate and Other(c)
(102
)
(155
)
(74
)
79

(1
)
(130
)
(122
)
34

Total net sales
$
1,578

$
1,755

$
1,985

$
2,092

$
1,934

$
2,205

$
2,928

$
2,521

 
 
 
 
 
 
 
 
 
Phosphates
$
37

$
45

$
103

$
71

$
78

$
142

$
170

$
83

Potash
56

100

92

97

92

121

149

149

Mosaic Fertilizantes
5

11

38

10

13

17

123

85

Corporate and Other(c)
(67
)
(61
)
(17
)
(51
)
(102
)
(84
)
(49
)
(59
)
Consolidated operating earnings
$
30

$
95

$
214

$
127

$
81

$
196

$
393

$
258






 
 
 
 
 
 
 
 
 
Phosphates(d)
2,272

2,582

2,110

2,496

1,945

2,302

2,235

1,876

Potash(d)
1,973

2,191

2,219

2,217

1,690

2,364

2,428

2,301

Mosaic Fertilizantes
646

1,300

2,178

1,399

1,584

1,846

3,595

2,108

Corporate and Other
689

319

333

497

266

348

311

438

Total finished product tonnes sold ('000 tonnes)
5,580

6,392

6,840

6,609

5,485

6,860

8,569

6,723

Percent specialty(e)
19
%
22
 %
21
%
18
%
22
%
25
%
26
%
23
%





The Mosaic Company - Phosphates Segment
Selected Calendar Quarter Financial Information
(Unaudited)
 
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Net Sales and Gross Margin (in millions, except per tonne)
 
 
 
 
 
 
 
 
Segment income statement
 
 
 
 
 
 
 
 
Net Sales
$
839

$
975

$
779

$
997

$
866

$
1,053

$
1,041

$
926

Cost of Goods Sold
783

898

712

864

769

899

861

775

Gross Margin
$
56

$
76

$
67

$
133

$
97

$
154

$
180

$
151

Notable Items Included in Gross Margin




(15
)
(6
)


Adjusted Gross Margin(b)
$
56

$
76

$
67

$
133

$
112

$
160

$
180

$
151

 
 
 
 
 
 
 
 
 
SG&A
10

14

11

15

13

11

11

13

Other operating (income) expense
9

18

(47
)
47

6

1

(1
)
55

 
 
 
 
 
 
 
 
 
Operating Earnings
$
37

$
45

$
103

$
71

$
78

$
142

$
170

$
83

Plus: Depreciation, Depletion and Amortization
80

83

86

89

99

102

101

101

Plus: Accretion Expense
6

5

5

5

9

10

10

8

Plus: Foreign Exchange Gain (Loss)
(2
)
(4
)
(6
)
1

4

1

(1
)
7

Plus: Other Income (Expense)
(2
)
2

1

(1
)
(5
)
(3
)
(7
)

Plus: Equity in net earnings (loss) of nonconsolidated companies

5

10

1

(4
)
1

(2
)
(1
)
Less: Earnings (loss) from Consolidated Noncontrolling Interests
2

(2
)

2

(1
)
1

2

(1
)
Plus: Notables Items
5

23

(43
)
38

16

(1
)
8

41

Adjusted EBITDA(b)
$
122

$
161

$
155

$
201

$
198

$
251

$
277

$
240

 
 
 
 
 
 
 
 
 
Capital expenditures
$
103

$
101

$
87

$
110

$
100

$
92

$
103

$
119

Gross Margin $ / tonne of finished product
$
25

$
29

$
32

$
53

$
49

$
67

$
80

$
81

Adjusted Gross Margin $ / tonne of finished product
$
25

$
29

$
32

$
53

$
57

$
70

$
80

$
81

Gross margin as a percent of sales
7
%
8
%
9
%
13
%
11
%
15
%
17
%
16
%
 
 
 
 
 
 
 
 
 
Freight included in finished goods (in millions)
$
79

$
103

$
78

$
107

$
77

$
100

$
92

$
86

 
 
 
 
 
 
 
 
 
Operating Data
 
 
 
 
 
 
 
 
Sales volumes ('000 tonnes)(d)
 
 
 
 
 
 
 
 
DAP/MAP
1,486

1,706

1,483

1,663

1,295

1,332

1,261

1,059

Specialty(f)
786

876

627

833

650

970

974

817

Total Finished Product(d)
2,272

2,582

2,110

2,496

1,945

2,302

2,235

1,876

 
 
 
 
 
 
 
 
 
Average finished product selling price (destination)(g)
$
369

$
377

$
369

$
399

$
431

$
450

$
454

$
479

 
 
 
 
 
 
 
 
 
Production Volumes ('000 tonnes)
 
 
 
 
 
 
 
 
Total tonnes produced(h)
2,303

2,461

2,339

2,322

2,045

2,081

2,115

2,117

Operating Rate(i)
79
%
84
%
80
%
79
%
84
%
86
%
87
%
87
%
 
 
 
 
 
 
 
 
 
Realized costs ($/tonne)
 
 
 
 
 
 
 
 
Ammonia (tonne)(j)
$
285

$
373

$
283

$
298

$
344

$
325

$
329

$
343

Sulfur (long ton)(k)
$
87

$
90

$
88

$
97

$
128

$
139

$
137

$
149

Blended rock
$
59

$
58

$
63

$
55

$
55

$
59

$
57

$
59

 
 
 
 
 
 
 
 
 
Cash conversion costs / finished product tonne
$
68

$
65

$
68

$
64

$
64

$
64

$
63

$
61

Cash rock costs produced / tonne
$
40

$
40

$
40

$
35

$
35

$
36

$
40

$
43

 
 
 
 
 
 
 
 
 
Phosphate Rock
 
 
 
 
 
 
 
 
Sales Volumes ('000 tonnes)(l)




360

241

399

400

Average rock selling price (destination)(m)
$

$

$

$

$
79

$
69

$
68

$
67

Gross margin $ / rock tonne
$

$

$

$

$
4

$
(3
)
$
3

$
(3
)
Freight included in rock (in millions)
$

$

$

$

$
8

$
4

$
3

$
4






The Mosaic Company - Potash Segment
Selected Calendar Quarter Financial Information
(Unaudited)
 
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Net Sales and Gross Margin (in millions, except per tonne)
 
 
 
 
 
 
 
 
Segment income statement
 
 
 
 
 
 
 
 
Net Sales
$
414

$
468

$
474

$
496

$
404

$
569

$
609

$
592

Cost of Goods Sold
345

358

376

383

301

437

448

390

Gross Margin
$
69

$
110

$
99

$
114

$
103

$
132

$
161

$
202

Notable Items Included in Gross Margin
(3
)

(10
)

(5
)
(4
)


Adjusted Gross Margin(b)
$
72

$
110

$
109

$
114

$
108

$
136

$
161

$
202

 
 
 
 
 
 
 
 
 
SG&A
8

8

6

10

8

9

8

10

Other operating (income) expense
6

2

1

7

3

2

4

43

 
 
 
 
 
 
 
 
 
Operating Earnings
$
56

$
100

$
92

$
97

$
92

$
121

$
149

$
149

Plus: Depreciation, Depletion and Amortization
70

73

73

72

76

73

73

80

Plus: Accretion Expense
1

1

1

1

1

1

1

1

Plus: Foreign Exchange Gain (Loss)
8

30

55

(13
)
(30
)
(23
)
22

(86
)
Plus: Other Income (Expense)







1

Plus: Notable Items
(5
)
(30
)
(45
)
13

35

27

(22
)
125

Adjusted EBITDA(b)
$
130

$
174

$
175

$
170

$
174

$
199

$
223

$
270

 
 
 
 
 
 
 
 
 
Capital expenditures
$
106

$
61

$
102

$
103

$
104

$
80

$
98

$
148

Gross Margin $ / tonne of finished product
$
35

$
50

$
44

$
51

$
61

$
56

$
66

$
88

Adjusted Gross Margin $ / tonne of finished product
$
37

$
50

$
49

$
51

$
64

$
58

$
66

$
88

Gross margin as a percent of sales
17
%
23
%
21
%
23
%
25
%
23
%
26
%
34
%
 
 
 
 
 
 
 
 
 
Supplemental Cost Information
 
 
 
 
 
 
 
 
Canadian resource taxes
$
23

$
33

$
(5
)
$
19

$
26

$
34

$
41

$
59

Royalties
$
5

$
6

$
52

$
9

$
8

$
9

$
10

$
12

Brine inflow expenses
$
39

$
38

$
37

$
36

$
39

$
39

$
37

$
39

Freight(n)
$
69

$
70

$
69

$
80

$
71

$
87

$
84

$
71

 
 
 
 
 
 
 
 
 
Operating Data
 
 
 
 
 
 
 
 
Sales volumes ('000 tonnes)(d)
 
 
 
 
 
 
 
 
MOP
1,817

2,017

2,062

2,026

1,525

2,125

2,187

2,143

Specialty(o)
156

174

157

191

165

239

241

158

Total Finished Product(d)
1,973

2,191

2,219

2,217

1,690

2,364

2,428

2,301

 
 
 
 
 
 
 
 
 
Average finished product selling price (destination)(g)
$
210

$
214

$
214

$
224

$
239

$
241

$
251

$
257

 
 
 
 
 
 
 
 
 
Production Volumes ('000 tonnes)
 
 
 
 
 
 
 
 
Production Volume
2,048

2,302

2,151

2,149

2,275

2,151

2,220

2,593

Operating Rate
83
%
93
%
87
%
87
%
87
%
82
%
85
%
99
%
 
 
 
 
 
 
 
 
 
MOP cash costs of production including brine / production tonne(p)
$
86

$
77

$
101

$
87

$
86

$
85

$
79

$
72

MOP cash costs of brine management / production tonne
$
16

$
14

$
15

$
14

$
15

$
16

$
14

$
13

 
 
 
 
 
 
 
 
 
Average CAD / USD
$
1.323

$
1.345

$
1.253

$
1.270

$
1.264

$
1.291

$
1.307

$
1.322






The Mosaic Company - Mosaic Fertilizantes Segment
Selected Calendar Quarter Financial Information
(Unaudited)
 
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Net Sales and Gross Margin (in millions, except per tonne)
 
 
 
 
 
 
 
 
Segment income statement
 
 
 
 
 
 
 
 
Net Sales
$
427

$
467

$
806

$
520

$
665

$
713

$
1,400

$
969

Cost of Goods Sold
409

442

754

487

606

660

1,248

851

Gross Margin
$
18

$
25

$
52

$
32

$
59

$
53

$
152

$
118

Notable Items Included in Gross Margin








Adjusted Gross Margin(b)
$
18

$
25

$
52

$
32

$
59

$
53

$
152

$
118

 
 
 
 
 
 
 
 
 
SG&A
15

17

18

22

21

26

23

24

Other operating (income) expense
(1
)
(2
)
(3
)
1

25

10

6

9

 
 
 
 
 
 
 
 
 
Operating Earnings
$
5

$
11

$
38

$
10

$
13

$
17

$
123

$
85

Plus: Depreciation, Depletion and Amortization
4

4

4

4

37

37

36

49

Plus: Accretion Expense




2

1

2

2

Plus: Foreign Exchange Gain (Loss)
(1
)
(18
)
14

(19
)
(5
)
(57
)
(21
)
(2
)
Plus: Other Income (Expense)
(3
)
(1
)
1

(1
)

(1
)
(1
)
1

Less: Earnings from Consolidated Noncontrolling Interests
1


2

1



1

2

Plus: Notable Items
1

18

(14
)
19

21

63

25

5

Adjusted EBITDA(b)
$
5

$
14

$
40

$
13

$
68

$
60

$
163

$
138

 
 
 
 
 
 
 
 
 
Capital expenditures
$
8

$
5

$
4

$
16

$
18

$
29

$
40

$
61

Gross Margin $ / tonne of finished product
$
16

$
19

$
24

$
23

$
37

$
29

$
42

$
56

Adjusted Gross Margin $ / tonne of finished product
$
16

$
19

$
24

$
23

$
37

$
29

$
42

$
56

Gross margin as a percent of sales
4
%
5
%
6
%
6
%
9
%
7
%
11
%
12
%
 
 
 
 
 
 
 
 
 
Operating Data
 
 
 
 
 
 
 
 
Sales volumes ('000 tonnes)
 
 
 
 
 
 
 
 
Phosphate produced in Brazil
50

82

85

85

427

636

1,214

570

Potash produced in Brazil




99

66

82

75

Purchased nutrients
1,089

1,218

2,093

1,314

1,058

1,144

2,299

1,463

Total Finished Product
1,139

1,300

2,178

1,399

1,584

1,846

3,595

2,108

 
 
 
 
 
 
 
 
 
Average finished product selling price (destination)(g)
$
375

$
359

$
370

$
372

$
420

$
386

$
389

$
460

 
 
 
 
 
 
 
 
 
Production Volumes ('000 tonnes)
 
 
 
 
 
 
 
 
Total tonnes produced(q)




987

822

920

1,019

Operating Rate
%
%
%
%
81
%
67
%
75
%
82
%
 
 
 
 
 
 
 
 
 
Purchases ('000 tonnes)
 
 
 
 
 
 
 
 
DAP/MAP from Mosaic
169

176

164

150

70

216

97

156

MicroEssentials® from Mosaic
314

365

178

55

182

392

394

90

Potash from Mosaic/Canpotex
408

868

451

346

389

770

841

361

 
 
 
 
 
 
 
 
 
Average BRL / USD
$
3.144

$
3.215

$
3.168

$
3.308

$
3.246

$
3.604

$
3.955

$
3.804







The Mosaic Company - Corporate and Other Segment
Selected Calendar Quarter Financial Information
(Unaudited)

 
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Net Sales and Gross Margin (in millions)
 
 
 
 
 
 
 
 
Segment income statement
 
 
 
 
 
 
 
 
Net Sales
$
(102
)
$
(155
)
$
(74
)
$
79

$
(1
)
$
(130
)
$
(122
)
$
34

Cost of Goods Sold
(88
)
(136
)
(98
)
78

15

(86
)
(125
)
39

Gross Margin (Loss)
$
(15
)
$
(19
)
$
23

$
1

$
(16
)
$
(44
)
$
3

$
(5
)
Notable items Included in Gross Margin
(1
)
3

2

(17
)
(12
)
(34
)
11

2

Adjusted Gross Margin (Loss)(b)
$
(14
)
$
(22
)
$
21

$
18

$
(4
)
$
(10
)
$
(8
)
$
(7
)
 
 
 
 
 
 
 
 
 
SG&A
48

33

31

37

52

33

37

43

Other operating (income) expense
4

9

9

15

34

7

15

11

 
 
 
 
 
 
 
 
 
Operating Earnings (Loss)
$
(67
)
$
(61
)
$
(17
)
$
(51
)
$
(102
)
$
(84
)
$
(49
)
$
(59
)
Plus: Depreciation, Depletion and Amortization
5

6

5

7

5

5

5

5

Plus: Share-Based Compensation Expense
16

5

4

3

15

7

3

2

Plus: Foreign Exchange Gain (Loss)
3

1

(5
)
5

(1
)

(2
)
2

Plus: Other Income (Expense)




(2
)
2

(1
)
(2
)
Less: Earnings (Loss) from Consolidated Noncontrolling Interests
(3
)
2


(2
)
(1
)
(1
)
(1
)
(2
)
Plus: Notable Items
(2
)
(4
)
7

25

43

39

2

5

Adjusted EBITDA(b)
$
(42
)
$
(55
)
$
(6
)
$
(9
)
$
(41
)
$
(30
)
$
(41
)
$
(45
)
 
 
 
 
 
 
 
 
 
Elimination of profit in inventory income (loss) included in COGS
$
(19
)
$
(28
)
$
20

$
(18
)
$
(8
)
$
(21
)
$
(7
)
$
(7
)
Unrealized gain (loss) on derivatives included in COGS
$
(1
)
$
3

$
2

$
(17
)
$
(12
)
$
(34
)
$
11

$
2

 
 
 
 
 
 
 
 
 
Operating Data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales volumes ('000 tonnes)
196

319

333

497

266

348

311

438

Average finished product selling price (destination)(g)
$
305

$
323

$
373

$
387

$
333

$
396

$
377

$
431

 
 
 
 
 
 
 
 
 
Purchases ('000 tonnes)
 
 
 
 
 
 
 
 
DAP/MAP from Mosaic

232

222

50


22

47

47

MicroEssentials® from Mosaic



68


8


44

Potash from Mosaic/Canpotex
242

86

147

198

240

108

125

278







The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)

Notable Items
Q4 2018
Description
Segment
Line Item
 
Amount (in millions)
 
Tax Effect(r) (in millions)
 
EPS Impact (per share)
 
 
 
 
 
 
 
 
 
Foreign currency transaction gain (loss)
Consolidated
Foreign currency transaction gain (loss)
 
$
(79
)
 
$
11

 
$
(0.17
)
Unrealized gain (loss) on derivatives
Corporate and Other
Cost of goods sold
 
2

 

 

Integration costs
Corporate and Other
Other operating income (expense)
 
(6
)
 
1

 
(0.01
)
Costs to capture synergies
Mosaic Fertilizantes
Other operating income (expense)
 
(3
)
 

 
(0.01
)
Discrete tax items
Consolidated
(Provision for) benefit from income taxes
 

 
(33
)
 
(0.09
)
Earn-out obligation
Corporate and Other
Other operating income (expense)
 
(3
)
 

 
(0.01
)
ARO adjustment
Phosphates
Other operating income (expense)
 
(30
)
 
4

 
(0.06
)
Asset write-off
Phosphates
Other operating income (expense)
 
(18
)
 
3

 
(0.04
)
Asset write-off
Potash
Other operating income (expense)
 
(39
)
 
5

 
(0.09
)
Total Notable Items
 
 
 
$
(176
)
 
$
(9
)
 
$
(0.48
)
Q3 2018
Description
Segment
Line Item
 
Amount (in millions)
 
Tax Effect(r) (in millions)
 
EPS Impact (per share)
 
 
 
 
 
 
 
 
 
Foreign currency transaction gain (loss)
Consolidated
Foreign currency transaction gain (loss)
 
$
(2
)
 
$

 
$

Unrealized gain (loss) on derivatives
Corporate and Other
Cost of goods sold
 
11

 
(2
)
 
0.02

Integration costs
Corporate and Other
Other operating income (expense)
 
(3
)