EX-99.2 3 performancedataq12021-ex992.htm EX-99.2 2021 Q1 PERFORMANCE DATA Document

Exhibit 99.2
The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)
Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021
Consolidated data (in millions, except per share)
Diluted net earnings (loss) per share$(0.60)$(0.11)$(2.43)$(0.54)$0.12 $(0.02)$2.17 $0.41 
Notable items impact on earnings per share(a)
(0.72)(0.19)(2.14)(0.48)0.01 (0.25)1.60 (0.16)
Adjusted diluted net earnings per share(a)
$0.12 $0.08 $(0.29)$(0.06)$0.11 $0.23 $0.57 $0.57 
Diluted weighted average # of shares outstanding385.8 385.0 378.8 378.8 381.3 379.1 382.3 382.8 
Total Net Sales $2,177 $2,753 $2,076 $1,798 $2,045 $2,382 $2,458 $2,297 
Cost of goods sold1,950 2,473 1,996 1,757 1,788 2,027 2,046 1,862 
Gross Margin$227 $280 $80 $41 $257 $355 $412 $435 
SG&A78 78 105 68 95 98 111 102 
Other operating (income) expense(p) (r)
391 62 1,170 39 76 159 20 
Operating earnings$(242)$140 $(1,195)$(66)$86 $98 $295 $313 
Interest expense, net(46)(43)(47)(41)(49)(43)(47)(45)
Consolidated foreign currency gain/(loss)21 (54)31 (214)34 110 (46)
Earnings from consolidated companies before income taxes(271)52 (1,214)(317)73 66 359 225 
Provision for (benefit from) income taxes(52)69 (289)(133)(3)38 (480)60 
Earnings (loss) from consolidated companies$(219)$(17)$(925)$(184)$76 $28 $839 $165 
Equity in net earnings (loss) of nonconsolidated companies(11)(23)(25)(20)(30)(32)(11)(7)
Less: Net earnings (loss) attributable to noncontrolling interests(29)(1)(1)— 
Net earnings (loss) attributable to Mosaic$(233)$(44)$(921)$(203)$47 $(6)$828 $157 
After tax Notable items included in earnings$(277)$(72)$(810)$(182)$$(93)$610 $(63)
Gross Margin Rate10 %10 %%%13 %15 %17 %19 %
Effective Tax Rate (including discrete tax)19 %133 %24 %42 %(4)%58 %(134)%27 %
Discrete Tax benefit (expense)$(10)$(16)$(41)$28 $$(2)$580 $(4)
Depreciation, Depletion and Amortization$221 $211 $233 $217 $215 $206 $208 $209 
Accretion Expense$13 $16 $17 $18 $17 $17 $17 $17 
Share-Based Compensation Expense$$$$(10)$$$12 $15 
Notable Items$347 $69 $1,113 $285 $20 $101 $(134)$50 
Adjusted EBITDA(b)
$360 $389 $227 $234 $383 $438 $508 $560 
Net cash provided by (used in) operating activities$507 $486 $278 $190 $809 $341 $238 $319 
Cash paid for interest (net of amount capitalized)92 14 86 14 88 90 
Cash paid for income taxes (net of refunds)10 11 (70)67 (93)11 21 83 
Net cash used in investing activities$(359)$(327)$(347)$(270)$(258)$(267)$(395)$(309)
Capital expenditures(295)(322)(340)(264)(258)(265)(385)(289)
Net cash (used in) provided by financing activities$(143)$105 $(66)$698 $(530)$(219)$(233)$122 
Cash dividends paid(19)(19)(19)(19)(19)(19)(19)87 
Effect of exchange rate changes on cash$11 $(24)$$(69)$(11)$(2)$39 $(20)
Net change in cash and cash equivalents$16 $240 $(126)$549 $10 $(147)$(351)$112 
Short-term debt$94 $88 $42 $1,008 $610 $216 $— $15 
Long-term debt (including current portion)4,585 4,576 4,572 4,572 4,587 4,578 4,578 4,470 
Cash & cash equivalents402 641 519 1,069 1,073 923 574 692 
Net debt$4,277 $4,023 $4,095 $4,511 $4,124 $3,871 $4,004 $3,793 
Segment Contributions (in millions)
Phosphates$917 $820 $698 $619 $763 $745 $990 $1,001 
Potash599 616 395 442 555 464 559 477 
Mosaic Fertilizantes833 1,388 864 731 787 1,140 823 764 
Corporate and Other(c)
(172)(71)119 (60)33 86 55 
Total net sales$2,177 $2,753 $2,076 $1,798 $2,045 $2,382 $2,458 $2,297 
Phosphates$(393)$(70)$(712)$(107)$(59)$(115)$134 $153 
Potash174 148 (452)94 124 87 95 125 
Mosaic Fertilizantes98 29 77 144 97 90 
Corporate and Other(c)
(25)(36)(36)(82)(56)(18)(31)(55)
Consolidated operating earnings$(242)$140 $(1,195)$(66)$86 $98 $295 $313 



Phosphates(d)
2,184 2,194 2,011 1,919 2,235 2,064 2,316 2,062 
Potash(d)
2,163 2,321 1,499 1,899 2,559 2,264 2,675 1,980 
Mosaic Fertilizantes2,101 3,424 2,192 2,077 2,558 3,588 2,341 2,064 
Corporate and Other333 348 538 223 501 648 629 475 
Total finished product tonnes sold ('000 tonnes)
6,781 8,287 6,240 6,118 7,853 8,564 7,961 6,581 
Sales of Performance Products ('000 tonnes)(e)
785 1,138 1,003 704 985 1,094 1,267 1,023 



The Mosaic Company - Phosphates Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales$917 $820 $698 $619 $763 $745 $990 $1,001 
Cost of Goods Sold929 839 804 702 745 723 821 828 
Gross Margin$(12)$(19)$(106)$(83)$18 $22 $169 $173 
Notable Items Included in Gross Margin(5)(7)(16)(5)(8)— — — 
Adjusted Gross Margin(b)
$(7)$(12)$(90)$(78)$26 $22 $169 $173 
SG&A11 10 12 10 
Other operating (income) expense(r)
374 42 595 15 67 125 28 10 
Operating Earnings$(393)$(70)$(712)$(107)$(59)$(115)$134 $153 
Plus: Depreciation, Depletion and Amortization105 109 113 114 113 108 107 102 
Plus: Accretion Expense10 12 12 13 11 12 12 12 
Plus: Foreign Exchange Gain (Loss)(2)(2)14 (1)
Plus: Other Income (Expense)— 12 — — 
Less: Earnings (loss) from Consolidated Noncontrolling Interests(29)— — 
Plus: Notables Items371 593 (11)57 110 14 (4)
Adjusted EBITDA(b)
$86 $68 $33 $28 $124 $118 $266 $271 
Capital expenditures$122 $124 $179 $138 $122 $115 $163 $153 
Gross Margin $ / tonne of finished product$(7)$(10)$(52)$(43)$$11 $73 $84 
Adjusted Gross Margin $ / tonne of finished product$(5)$(6)$(45)$(41)$12 $11 $73 $84 
Gross margin as a percent of sales(1)%(2)%(15)%(13)%%%17 %17 %
Freight included in finished goods (in millions)$91 $86 $94 $76 $86 $85 $109 $97 
Idle/Turnaround costs (excluding notable items)$43 $18 $39 $35 $13 $25 $15 $41 
Operating Data
Sales volumes ('000 tonnes)(d)
DAP/MAP1,275 1,310 1,276 1,332 1,166 1,134 1,304 1,210 
Performance & other products(f)
766 769 608 486 957 822 877 724 
Other products(i)
144 114 127 101 112 108 135 128 
Total Finished Product(d)
2,184 2,194 2,011 1,919 2,235 2,064 2,316 2,062 
DAP selling price (fob plant)(t)
$345 $310 $266 $274 $287 $307 $363 $426 
Average finished product selling price (destination)(g)
$398 $355 $329 $317 $338 $354 $422 $477 
Production Volumes ('000 tonnes)
Total tonnes produced(h)
2,050 2,111 1,924 1,861 2,117 2,038 2,144 1,911 
Operating Rate85 %87 %79 %75 %85 %82 %86 %77 %
Raw Materials
Ammonia used in production$300 $308 $272 $276 $309 $311 $319 $281 
% manufactured ammonia used in production20 %15 %%17 %19 %23 %31 %23 %
Sulfur used in production$951 $985 $886 $816 $966 $907 $946 $841 
% prilled sulfur used in production17 %16 %14 %13 %17 %14 %19 %27 %
Realized costs ($/tonne)
Ammonia (tonne)(j)
$337 $306 $305 $309 $289 $273 $277 $316 
Sulfur (long ton)(k)
$138 $119 $104 $78 $76 $86 $93 $119 
Blended rock $63 $65 $61 $62 $61 $60 $61 $61 
Phosphate cash conversion costs, production / tonne(w)
$65 $63 $62 $65 $58 $63 $63 $63 
Cash costs of U.S. mined rock/production tonne(x)
$39 $39 $38 $35 $35 $39 $40 $36 
ARO cash spending (in millions)$26 $29 $24 $21 $26 $28 $29 $32 



MWSPC equity earnings (loss)$(12)$(23)$(26)$(21)$(31)$(34)$(11)$(8)
MWSPC total sales tonnes (DAP/MAP/NPK)482 505 623 546 540 487 565 612 



The Mosaic Company - Potash Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales$599 $616 $395 $442 $555 $464 $559 $477 
Cost of Goods Sold418 458 303 333 424 356 439 337 
Gross Margin$181 $158 $92 $109 $131 $108 $120 $140 
Notable Items Included in Gross Margin— (12)(22)(22)(22)(19)(16)(22)
Adjusted Gross Margin(b)
$181 $170 $114 $131 $153 $127 $136 $162 
SG&A
Other operating (income) expense(p)
538 10 15 17 
Operating Earnings$174 $148 $(452)$94 $124 $87 $95 $125 
Plus: Depreciation, Depletion and Amortization79 63 76 70 70 69 72 80 
Plus: Accretion Expense
Plus: Foreign Exchange Gain (Loss)26 (20)27 (150)66 34 77 15 
Plus: Other Income (Expense)— — — — 
Plus: Notable Items(26)20 506 158 (66)(24)(67)(10)
Adjusted EBITDA(b)
$254 $215 $159 $175 $199 $169 $179 $212 
Capital expenditures$130 $153 $117 $98 $111 $119 $149 $97 
Gross Margin $ / tonne of finished product$84 $68 $61 $57 $51 $48 $45 $71 
Adjusted Gross Margin $ / tonne of finished product$84 $73 $76 $69 $60 $56 $51 $82 
Gross margin as a percent of sales30 %26 %23 %25 %24 %23 %21 %29 %
Supplemental Cost Information
Canadian resource taxes$56 $58 $13 $32 $52 $26 $36 $35 
Royalties$11 $$$10 $$$$
Brine inflow expenses(s)
$36 $32 $33 $33 $26 $28 $24 $23 
Freight(l)
$68 $79 $62 $74 $85 $73 $81 $78 
Idle/Turnaround costs (excluding notable items)$25 $49 $40 $$— $15 $27 $
Operating Data
Sales volumes ('000 tonnes)(d)
MOP1,919 2,099 1,313 1,709 2,282 2,030 2,435 1,747 
Performance & other products(m)
231 210 173 177 264 223 228 221 
Other products(i)
14 11 13 13 12 11 12 12 
Total Finished Product(d)
2,163 2,321 1,499 1,899 2,559 2,264 2,675 1,980 
Crop Nutrients North America761 906 625 832 977 837 942 876 
Crop Nutrients International1,277 1,283 745 947 1,447 1,327 1,612 967 
Non-Agricultural125 132 129 120 135 100 121 137 
Total Finished Product(d)
2,163 2,321 1,499 1,899 2,559 2,264 2,675 1,980 
MOP selling price (fob mine)(u)
$246 $235 $224 $200 $180 $170 $176 $200 
Average finished product selling price (destination)(g)
$277 $266 $264 $233 $217 $205 $209 $241 
Production Volumes ('000 tonnes)
Production Volume2,180 1,771 1,663 2,068 2,198 2,111 2,056 2,285 
Operating Rate83 %67 %63 %85 %91 %87 %85 %94 %
MOP cash costs of production including brine / production tonne(n)
$60 $61 $56 $57 $56 $52 $59 $64 



MOP cash costs of brine management / production tonne$28 $24 $21 $21 $15 $16 $21 $15 
ARO cash spending (in millions)$$$$$$$$
Average CAD / USD$1.338 $1.320 $1.320 $1.390 $1.387 $1.333 $1.304 $1.266 



The Mosaic Company - Mosaic Fertilizantes Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales$833 $1,388 $864 $731 $787 $1,140 $823 $764 
Cost of Goods Sold798 1,256 794 665 686 963 747 661 
Gross Margin$35 $132 $70 $66 $101 $177 $76 $103 
Notable Items Included in Gross Margin— — — — — — — — 
Adjusted Gross Margin(b)
$35 $132 $70 $66 $101 $177 $76 $103 
SG&A22 23 34 24 19 17 21 18 
Other operating (income) expense11 11 31 13 16 (42)(5)
Operating Earnings$2 $98 $5 $29 $77 $144 $97 $90 
Plus: Depreciation, Depletion and Amortization32 34 38 28 27 25 25 23 
Plus: Accretion Expense
Plus: Foreign Exchange Gain (Loss)(3)(39)(81)(27)(3)(33)
Plus: Other Income (Expense)(2)(2)(2)(1)(2)(1)(1)(1)
Less: Earnings from Consolidated Noncontrolling Interests— — — — 
Plus: Notable Items35 28 90 31 14 (17)22 
Adjusted EBITDA(b)
$38 $126 $78 $68 $109 $181 $115 $104 
Capital expenditures$41 $43 $46 $25 $20 $28 $72 $39 
Gross Margin $ / tonne of finished product$17 $39 $32 $32 $39 $49 $32 $50 
Adjusted Gross Margin $ / tonne of finished product$17 $39 $32 $32 $39 $49 $32 $50 
Gross margin as a percent of sales%10 %%%13 %16 %%13 %
Idle/Turnaround costs (excluding notable items)$36 $28 $16 $$36 $$16 
Operating Data
Sales volumes ('000 tonnes)
Phosphate produced in Brazil763 846 584 699 1,161 1,343 610 536 
Potash produced in Brazil81 88 87 75 71 85 74 63 
Purchased nutrients for distribution(q)
1,257 2,490 1,521 1,303 1,326 2,160 1,657 1,465 
Total Finished Product2,101 3,424 2,192 2,077 2,558 3,588 2,341 2,064 
Sales of Performance Products ('000 tonnes)(e)
220 490 340 150 301 518 357 172 
Brazil MAP price (Brazil production delivered price to third party)$446 $406 $365 $330 $314 $366 $384 $421 
Average finished product selling price (destination)(g)
$396 $405 $394 $352 $308 $318 $352 $370 
Production Volumes ('000 tonnes)
MAP73 198 275 289 306 284 219 235 
TSP132 45 102 107 126 135 99 107 
SSP280 263 341 279 331 335 274 301 
DCP86 113 105 128 140 125 126 106 
NPK41 29 45 61 37 34 54 
Total phosphate tonnes produced579 660 852 848 964 916 752 803 
MOP108 105 134 106 113 109 110 82 
Phosphate operating rate56 %62 %79 %77 %88 %83 %67 %73 %
Potash operating rate64 %62 %79 %77 %67 %64 %65 %49 %
Realized Costs ($/tonne)
Ammonia/tonne$378 $375 $332 $352 $327 $329 $338 $381 



Sulfur (long ton)$196 $178 $150 $117 $100 $107 $113 $124 
Blended rock$106 $103 $94 $75 $67 $65 $71 $73 
Purchases ('000 tonnes)
DAP/MAP from Mosaic301 201 176 154 193 82 109 64 
MicroEssentials® from Mosaic356 294 83 117 407 373 189 203 
Potash from Mosaic/Canpotex558 868 192 293 708 622 383 489 
Phosphate cash conversion costs in BRL, production / tonne(w)
 R$379  R$351  R$289  R$309  R$265  R$302  R$376  R$353
Potash cash conversion costs in BRL, production / tonne R$613  R$665  R$552  R$589  R$661  R$810  R$835  R$879
Mined rock costs in BRL, cash produced / tonne R$336  R$299  R$342  R$312  R$314  R$324  R$375  R$392
ARO cash spending (in millions)$$$$$$4.4 $$
Average BRL / USD$3.920 $3.969 $4.115 $4.451 $5.376 $5.373 $5.403 $5.470 




The Mosaic Company - Corporate and Other Segment
Selected Calendar Quarter Financial Information
(Unaudited)
Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021
Net Sales and Gross Margin (in millions)
Segment income statement
Net Sales$(172)$(71)$119 $6 $(60)$33 $86 $55 
Cost of Goods Sold(195)(80)95 57 (67)(15)39 36 
Gross Margin (Loss)$23 $9 $24 $(51)$7 $48 $47 $19 
Notable items Included in Gross Margin(7)15 (51)25 39 (8)
Adjusted Gross Margin (Loss)(b)
$16 $16 $9 $ $(2)$23 $8 $27 
SG&A44 40 54 30 60 63 75 67 
Other operating (income) expense
Operating Earnings (Loss)$(25)$(36)$(36)$(82)$(56)$(18)$(31)$(55)
Plus: Depreciation, Depletion and Amortization
Plus: Share-Based Compensation Expense(10)12 15 
Plus: Foreign Exchange Gain (Loss)— (1)(7)(26)25 (34)
Plus: Other Income (Expense)(2)(2)(1)— — — — 
Less: Earnings (Loss) from Consolidated Noncontrolling Interests(2)(2)(2)(1)(1)(2)(2)(1)
Plus: Notable Items(5)(14)48 (2)(64)42 
Adjusted EBITDA(b)
$(18)$(20)$(43)$(37)$(49)$(30)$(52)$(27)
Elimination of profit in inventory income (loss) included in COGS$13 $28 $$$(13)$14 $(2)$(3)
Unrealized gain (loss) on derivatives included in COGS$$(6)$15 $(51)$$24 $39 $(8)
Operating Data
Sales volumes ('000 tonnes)
333 348 538 223 501 648 629 475 
Sales of Performance Products ('000 tonnes)36 20 36 27 32 21 30 29 
Average finished product selling price (destination)(g)
$399 $385 $398 $343 $321 $310 $317 $336 
Purchases ('000 tonnes)
DAP/MAP from Mosaic52 89 50 — — — — — 
MicroEssentials® from Mosaic15 — 22 — — 11 12 — 
Potash from Mosaic/Canpotex253 180 153 367 404 253 363 400 




The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)

Notable Items
Q1 2021
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(v)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss) $(46)$10 $(0.09)
Unrealized gain (loss) on derivatives Corporate and OtherCost of goods sold(8)(0.02)
Closed and indefinitely idled facility costsPhosphatesOther operating income (expense)(10)(0.02)
Closed and indefinitely idled facility costsPotashOther operating income (expense)(5)(0.01)
Accelerated depreciationPotashCost of goods sold(22)(0.04)
Pre-acquisition reserve adjustmentMosaic FertilizantesOther operating income (expense)11 (3)0.02 
Realized gain on RCRA Trust SecuritiesPhosphatesOther non-operating income (expense)(1)0.01 
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— (4)(0.01)
Total Notable Items$(77)$14 $(0.16)
Q4 2020
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(v)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss) $110 $(26)$0.22 
Unrealized gain (loss) on derivatives Corporate and OtherCost of goods sold39 (9)0.08 
Pre-acquisition contingenciesMosaic FertilizantesOther operating income (expense)(2)0.02 
Accelerated depreciationPotashCost of goods sold(16)(0.03)
Closed and indefinitely idled facility costsPhosphatesOther operating income (expense)(10)(0.03)
Closed and indefinitely idled facility costsPotashOther operating income (expense)(7)(0.01)
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— 580 1.52 
ARO adjustment PhosphatesOther operating income (expense)(5)(0.01)
Tax Rate AdjustmentConsolidated(Provision for) benefit from income taxes— (59)(0.15)
ARO AdjustmentPotashOther operating income (expense)(3)(0.01)
Total Notable Items$116 $494 $1.60 




Q3 2020
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(v)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss) $$(2)$0.01 
Unrealized gain (loss) on derivatives Corporate and OtherCost of goods sold25 (10)0.03 
Legal contingenciesMosaic FertilizantesOther operating income (expense)(8)(0.01)
Accelerated depreciationPotashCost of goods sold(19)(0.03)
Closed and indefinitely idled facility costsPhosphatesOther operating income (expense)(11)(0.02)
Closed and indefinitely idled facility costsPotashOther operating income (expense)(6)(0.01)
Realized gain on RCRA Trust SecuritiesPhosphatesOther non-operating income (expense)(2)0.01 
Discrete tax itemsConsolidated(Provision for) benefit from income taxes— (2)(0.01)
ARO adjustment PhosphatesOther operating income (expense)(73)28 (0.12)
Tax Rate AdjustmentConsolidated(Provision for) benefit from income taxes— (14)(0.04)
ARO adjustmentMosaic FertilizantesOther operating income (expense)(3)— 
New Wales environmental reservePhosphatesOther operating income (expense)(35)14 (0.05)
Integration costsConsolidatedOther operating income (expense)(7)(0.01)
Total Notable Items$(125)$32 $(0.25)



Q2 2020
DescriptionSegmentLine ItemAmount
(in millions)
Tax Effect(v)
(in millions)
EPS Impact
(per basic share)
Foreign currency transaction gain (loss)ConsolidatedForeign currency transaction gain (loss) $34