Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2019 | Feb. 01, 2020 | |
Cover page. | ||
Document type | 10-K | |
Document Annual Report | true | |
Document period end date | Dec. 31, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-32327 | |
Entity registrant name | Mosaic Co | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-1026454 | |
Entity Address, Address Line One | 101 East Kennedy Blvd | |
Entity Address, Address Line Two | Suite 2500 | |
Entity Address, City or Town | Tampa | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33602 | |
City Area Code | 800 | |
Local Phone Number | 918-8270 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | MOS | |
Security Exchange Name | NYSE | |
Entity well known seasoned issuer | Yes | |
Entity voluntary filers | No | |
Entity current reporting status | Yes | |
Entity Interactive Data Current | Yes | |
Entity filer category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity public float | $ 9.8 | |
Entity common stock shares outstanding | 378,764,442 | |
Entity central index key | 0001285785 | |
Amendment flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY | |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales | $ 9,587.3 | ||
Cost of goods sold | 8,088.9 | ||
Gross margin | $ 897.3 | 1,498.4 | $ 842.8 |
Selling, general and administrative expenses | 354.1 | 341.1 | 301.3 |
Restructuring and Related Cost, Incurred Cost | 1,462.1 | 0 | 0 |
Other operating expenses | 176 | 229 | 75.8 |
Operating (loss) earnings | (1,094.9) | 928.3 | 465.7 |
Interest expense, net | (182.9) | (166.1) | (138.1) |
Foreign currency transaction gain (loss) | 20.2 | (191.9) | 49.9 |
Other income (expense) | 1.5 | (18.8) | (3.5) |
(Loss) earnings from consolidated companies before income taxes | (1,256.1) | 551.5 | 374 |
(Benefit from) provision for income taxes | (224.7) | 77.1 | 494.9 |
(Loss) earnings from consolidated companies | (1,031.4) | 474.4 | (120.9) |
Equity in net (loss) earnings of nonconsolidated companies | (59.4) | (4.5) | 16.7 |
Net (loss) earnings including noncontrolling interests | (1,090.8) | 469.9 | (104.2) |
Less: Net (loss) earnings attributable to noncontrolling interests | (23.4) | (0.1) | 3 |
Net (loss) earnings attributable to Mosaic | $ (1,067.4) | $ 470 | $ (107.2) |
Basic net (loss) earnings per share attributable to Mosaic | $ (2.78) | $ 1.22 | $ (0.31) |
Basic weighted average number of shares outstanding (in shares) | 383.8 | 384.8 | 350.9 |
Diluted net (loss) earnings per share attributable to Mosaic | $ (2.78) | $ 1.22 | $ (0.31) |
Diluted weighted average number of shares outstanding (in shares) | 383.8 | 386.4 | 350.9 |
Product | |||
Net sales | $ 8,906.3 | $ 9,587.3 | $ 7,409.4 |
Cost of goods sold | $ 8,009 | $ 8,088.9 | $ 6,566.6 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) earnings including noncontrolling interest | $ (1,090.8) | $ 469.9 | $ (104.2) |
Other comprehensive (loss) income, net of tax | |||
Foreign currency translation gain (loss), net of tax (expense) benefit | 69.4 | (596.9) | 240.5 |
Net actuarial gain (loss) and prior service cost, net of tax (expense) benefit | (24.3) | (10.6) | 6.3 |
Realized gain on interest rate swap, net of tax (expense) benefit | 1.7 | 2.2 | 1.7 |
Net gain on marketable securities held in trust fund, net of tax (expense) benefit | 10.9 | 4.6 | 1.7 |
Other comprehensive income (loss) | 57.7 | (600.7) | 250.2 |
Comprehensive (loss) income | (1,033.1) | (130.8) | 146 |
Less: Comprehensive (loss) income attributable to noncontrolling interest | (24.6) | (5.3) | 2.6 |
Comprehensive (loss) income attributable to Mosaic | $ (1,008.5) | $ (125.5) | $ 143.4 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 519.1 | $ 847.7 |
Receivables, net | 803.9 | 838.5 |
Inventories | 2,076.4 | 2,270.2 |
Other current assets | 318.8 | 280.6 |
Total current assets | 3,718.2 | 4,237 |
Property, plant and equipment, net | 11,690 | 11,746.5 |
Investments in nonconsolidated companies | 763.6 | 826.6 |
Goodwill | 1,156.9 | 1,707.5 |
Deferred income taxes | 515.4 | 343.8 |
Other assets | 1,454.4 | 1,257.8 |
Total assets | 19,298.5 | 20,119.2 |
Current liabilities: | ||
Short-term debt | 41.6 | 11.5 |
Current maturities of long-term debt | 47.2 | 26 |
Structured accounts payable arrangements | 740.6 | 572.8 |
Accounts payable | 680.4 | 780.9 |
Accrued liabilities | 1,081.9 | 1,092.5 |
Total current liabilities | 2,591.7 | 2,483.7 |
Long-term debt, less current maturities | 4,525.5 | 4,491.5 |
Deferred income taxes | 1,040.7 | 1,080.6 |
Other noncurrent liabilities | 1,773 | 1,458.7 |
Equity: | ||
Preferred stock, par value | 0 | 0 |
Common stock, value | 3.8 | 3.8 |
Capital in excess of par value | 858.4 | 985.9 |
Retained earnings | 9,921.5 | 11,064.7 |
Accumulated other comprehensive loss | (1,598.2) | (1,657.1) |
Total Mosaic stockholders’ equity | 9,185.5 | 10,397.3 |
Non-controlling interests | 182.1 | 207.4 |
Total equity | 9,367.6 | 10,604.7 |
Total liabilities and equity | $ 19,298.5 | $ 20,119.2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 15,000,000 | 15,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, issued (in shares) | 389,646,939 | 389,242,360 |
Common stock, outstanding (in shares) | 378,764,442 | 385,470,085 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities | |||
Net (loss) earnings including noncontrolling interest | $ (1,090.8) | $ 469.9 | $ (104.2) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||
Depreciation, depletion and amortization | 882.7 | 883.9 | 665.5 |
Business Combination, Inventory Acquired, Amortization of Fair Value Adjustment | (5.5) | (49.2) | 0 |
Deferred and other income taxes | (261.3) | (101.8) | 612.4 |
Equity in net loss of nonconsolidated companies, net of dividends | 64.6 | 12.9 | 34.4 |
Accretion expense for asset retirement obligations | 62.4 | 48 | 25.7 |
Accretion expense for leases | 18.6 | 0 | 0 |
Share-based compensation expense | 27.9 | 27.5 | 28 |
Impairment of goodwill | 588.6 | 0 | 0 |
Unrealized (gain) loss on derivatives | (59.2) | 58.9 | 8.3 |
Closure costs | 871 | 0 | 0 |
Loss (gain) on disposal of fixed assets | 18.7 | 63.1 | (25.5) |
Other | (2.9) | 18.3 | 7.8 |
Changes in assets and liabilities, net of acquisitions: | |||
Receivables, net | 34.6 | 5.9 | (91.2) |
Inventories, net | 128.1 | (497.4) | (155.7) |
Other current assets and noncurrent assets | (36) | 86.7 | (23.7) |
Accounts payable and accrued liabilities | (125.4) | 342 | (65.7) |
Other noncurrent liabilities | (20.7) | 41.1 | 19.4 |
Net cash provided by operating activities | 1,095.4 | 1,409.8 | 935.5 |
Cash Flows from Investing Activities | |||
Capital expenditures | (1,272.2) | (954.5) | (820.1) |
Purchases of available-for-sale securities - restricted | (557.6) | (534.5) | (1,676.3) |
Proceeds from sale of available-for-sale securities - restricted | 533.2 | 518.8 | 1,658.1 |
Proceeds from sale of assets | 4 | 12.6 | 300.7 |
Payments to acquire businesses, gross | (55.1) | (985.3) | 0 |
Investments in nonconsolidated companies | (0.1) | 0 | (62.5) |
Investments in consolidated affiliate | 0 | (1.5) | (49.5) |
Payments to acquire held-to-maturity securities | (15.4) | 0 | 0 |
Proceeds from sale of held-to-maturity securities | 2.3 | 0 | 0 |
Other | 0 | (0.3) | (18.2) |
Net cash used in investing activities | (1,360.9) | (1,944.7) | (667.8) |
Cash Flows from Financing Activities | |||
Payments of short-term debt | (554.2) | (144.4) | (601.4) |
Proceeds from issuance of short-term debt | 591 | 155.1 | 631.4 |
Payments of structured accounts payable arrangements | (977.1) | (762.1) | (418.5) |
Proceeds from structured accounts payable arrangements | 1,124.2 | 834.1 | 666.8 |
Payments of long-term debt | (48.3) | (802.9) | (102.2) |
Proceeds from issuance of long-term debt | 0 | 39.3 | 1,251.4 |
Payments of financing costs | 0 | 0 | (15.4) |
Repurchases of stock | (149.9) | 0 | 0 |
Cash dividends paid | (67.2) | (38.5) | (210.6) |
Other | (0.7) | (5.4) | (0.7) |
Net cash (used in) provided by financing activities | (82.2) | (724.8) | 1,200.8 |
Effect of exchange rate changes on cash | 9 | (63.7) | 14.5 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (338.7) | (1,323.4) | 1,483 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - Beginning of Period | 871 | 2,194.4 | 711.4 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period | 532.3 | 871 | 2,194.4 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |||
Cash and cash equivalents | 519.1 | 847.7 | 2,153.5 |
Restricted cash in other current assets | 7.8 | 7.5 | 8.3 |
Restricted cash in other assets | 5.4 | 15.8 | 32.6 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents - End of Period | $ 532.3 | $ 871 | $ 2,194.4 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders Equity - USD ($) $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non- Controlling Interests |
Beginning balance at Dec. 31, 2016 | $ 9,622.5 | $ 3.5 | $ 29.9 | $ 10,863.4 | $ (1,312.2) | $ 37.9 |
Common stock shares outstanding, beginning balance (in shares) at Dec. 31, 2016 | 350,200,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total comprehensive income (loss) | 146 | (107.2) | 250.6 | 2.6 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 800,000 | |||||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | (12.8) | (12.8) | ||||
Stock based compensation | 27.4 | 27.4 | ||||
Dividends, Common Stock, Cash | (125.1) | (125.1) | ||||
Dividends for noncontrolling interests | (0.7) | (0.7) | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (18.2) | (18.2) | ||||
Ending balance at Dec. 31, 2017 | 9,639.1 | $ 3.5 | 44.5 | 10,631.1 | (1,061.6) | 21.6 |
Common stock shares outstanding, ending balance (in shares) at Dec. 31, 2017 | 351,000,000 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | 2.7 | 2.7 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total comprehensive income (loss) | (130.8) | 470 | (595.5) | (5.3) | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 300,000 | |||||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | (3.4) | (3.4) | ||||
Stock based compensation | 25.1 | 25.1 | ||||
Stock Issued During Period, Shares, Acquisitions | 34,200,000 | |||||
Stock Issued During Period, Value, Acquisitions | 920 | $ 0.3 | 919.7 | |||
Dividends, Common Stock, Cash | (39.1) | (39.1) | ||||
Dividends for noncontrolling interests | (0.6) | (0.6) | ||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 191.7 | |||||
Ending balance at Dec. 31, 2018 | $ 10,604.7 | $ 3.8 | 985.9 | 11,064.7 | (1,657.1) | 207.4 |
Common stock shares outstanding, ending balance (in shares) at Dec. 31, 2018 | 385,470,085 | 385,500,000 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 0.6 | 0.6 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Total comprehensive income (loss) | (1,033.1) | (1,067.4) | 58.9 | (24.6) | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 400,000 | |||||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | (5.6) | (5.6) | ||||
Stock based compensation | 27.9 | 27.9 | ||||
Stock Repurchased During Period, Shares | (7,100,000) | |||||
Stock Repurchased During Period, Value | (149.8) | (149.8) | ||||
Dividends, Common Stock, Cash | (76.4) | (76.4) | ||||
Dividends for noncontrolling interests | (0.7) | (0.7) | ||||
Ending balance at Dec. 31, 2019 | $ 9,367.6 | $ 3.8 | $ 858.4 | $ 9,921.5 | $ (1,598.2) | $ 182.1 |
Common stock shares outstanding, ending balance (in shares) at Dec. 31, 2019 | 378,764,442 | 378,800,000 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per share (in usd per share) | $ 0.20 | $ 0.10 | $ 0.35 |
Organization and Nature of Busi
Organization and Nature of Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | ORGANIZATION AND NATURE OF BUSINESS The Mosaic Company (“ Mosaic, ” and, with its consolidated subsidiaries, “ we, ” “ us, ” “ our, ” or the “ Company ”) produces and markets concentrated phosphate and potash crop nutrients. We conduct our business through wholly and majority owned subsidiaries and businesses in which we own less than a majority or a noncontrolling interest, including consolidated variable interest entities and investments accounted for by the equity method. On January 8, 2018, we completed our acquisition (the “ Acquisition ”) of Vale Fertilizantes S.A. (now known as Mosaic Fertilizantes P&K S.A. or the “ Acquired Business ”). Upon completion of the Acquisition, we became the leading fertilizer producer and distributor in Brazil. We are organized into the following business segments: • Our Phosphates business segment owns and operates mines and production facilities in Florida which produce concentrated phosphate crop nutrients and phosphate-based animal feed ingredients, and processing plants in Louisiana which produce concentrated phosphate crop nutrients. As part of the Acquisition, we acquired an additional 40% economic interest in the Miski Mayo Phosphate Mine in Peru, which increased our aggregate interest to 75% . These results are consolidated in the Phosphates segment. The Phosphates segment also includes our 25% interest in the Ma'aden Wa'ad Al Shamal Phosphate Company (the “ MWSPC ”), a joint venture to develop, own and operate integrated phosphate production facilities in the Kingdom of Saudi Arabia. We market approximately 25% of the MWSPC phosphate production. We recognize our equity in the net earnings or losses relating to MWSPC on a one-quarter lag in our 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 include five Brazilian phosphate rock mines, four phosphate chemical plants and a potash mine in Brazil. The segment also includes our legacy distribution business in South America, which consists of sales offices, crop nutrient blending and bagging facilities, port terminals and warehouses in Brazil and Paraguay. We also have a majority interest in Fospar S.A., which owns and operates a single superphosphate granulation plant and a deep-water crop nutrition port and throughput warehouse terminal facility in Brazil. Intersegment eliminations, unrealized mark-to-market gains/losses on derivatives, debt expenses, Streamsong Resort ® |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Statement Presentation and Basis of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP ”). Throughout the Notes to Consolidated Financial Statements, amounts in tables are in millions of dollars except for per share data and as otherwise designated. The accompanying Consolidated Financial Statements include the accounts of Mosaic and its majority owned subsidiaries. Certain investments in companies in which 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 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. Actual results could differ from these estimates. Revenue Recognition We generate revenues primarily by producing and marketing phosphate and potash crop nutrients. Revenue is recognized when control of the product is transferred to the customer, which is generally upon transfer of title to the customer based on the contractual terms of each arrangement. Title is typically transferred to the customer upon shipment of the product. In certain circumstances, which are referred to as final price deferred arrangements, we ship product prior to the establishment of a valid sales contract. In such cases, we retain control of the product and do not recognize revenue until a sales contract has been agreed to with the customer. Revenue is measured as the amount of consideration we expect to receive in exchange for the transfer of our goods. Our products are generally sold based on market prices prevailing at the time the sales contract is signed or through contracts which are priced at the time of shipment based on a formula. Sales incentives are recorded as a reduction of revenue at the time of initial sale. We estimate the variable consideration related to our sales incentive programs based on the sales terms with customers and historical experience. Shipping and handling costs are included as a component of cost of goods sold. We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses. We have elected to recognize the cost for freight and shipping as an expense in cost of sales, when control over the product has passed to the customer. Non-Income Taxes We pay Canadian resource taxes consisting of the Potash Production Tax and resource surcharge. The Potash Production Tax is a Saskatchewan provincial tax on potash production and consists of a base payment and a profits tax. In addition to the Canadian resource taxes, royalties are payable to the mineral owners with respect to potash reserves or production of potash. These resource taxes and royalties are recorded in our cost of goods sold. Our Canadian resource tax and royalty expenses were $211.9 million , $198.8 million and $142.0 million during 2019 , 2018 and 2017 , respectively. We have approximately $126.6 million of assets recorded as of December 31, 2019 related to PIS and Cofins, which is a Brazilian federal value-added tax, and income tax credits mostly earned in 2008 through 2019 that we believe will be realized through paying income taxes, paying other federal taxes or receiving cash refunds. Should the Brazilian government determine that these are not valid credits upon audit, this could impact our results in such period. We have recorded the PIS and Cofins credits at amounts which we believe are probable of collection. Information regarding PIS and Cofins taxes already audited is included in Note 24 of our Notes to Consolidated Financial Statements. Foreign Currency Translation The Company’s reporting currency is the U.S. dollar; however, for operations located in Canada and Brazil, the functional currency is the local currency. Assets and liabilities of these foreign operations are translated to U.S. dollars at exchange rates in effect at the balance sheet date, while income statement accounts and cash flows are translated to U.S. dollars at the average exchange rates for the period. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive income in equity until the foreign entity is sold or liquidated. Transaction gains and losses result from transactions that are denominated in a currency other than the functional currency of the operation, primarily accounts receivable and intercompany loans in our Canadian entities denominated in U.S. dollars, and accounts payable in Brazil denominated in U.S. dollars. These foreign currency transaction gains and losses are presented separately in the Consolidated Statement of Earnings. Cash and Cash Equivalents Cash and cash equivalents include short-term, highly liquid investments with original maturities of 90 days or less and other highly liquid investments that are payable on demand such as money market accounts, certain certificates of deposit and repurchase agreements. The carrying amount of such cash equivalents approximates their fair value due to the short-term and highly liquid nature of these instruments. Concentration of Credit Risk In the U.S., we sell our products to manufacturers, distributors and retailers, primarily in the Midwest and Southeast. Internationally, our potash products are sold primarily through Canpotex, an export association. A concentration of credit risk arises from our sales and accounts receivable associated with the international sales of potash product through Canpotex. We consider our concentration risk related to the Canpotex receivable to be mitigated by their credit policy, which requires the underlying receivables to be substantially insured or secured by letters of credit. As of December 31, 2019 and 2018 , there was an immaterial amount of accounts receivable due from Canpotex. During 2019 , 2018 and 2017 , sales to Canpotex were $952.5 million , $820.1 million and $700.6 million , respectively. Inventories Inventories of raw materials, work-in-process products, finished goods and operating materials and supplies are stated at the lower of cost or net realizable value. Costs for substantially all inventories are determined using the weighted average cost basis. To determine the cost of inventory, we allocate fixed expense to the costs of production based on the normal capacity, which refers to a range of production levels and is considered the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. Fixed overhead costs allocated to each unit of production should not increase due to abnormally low production. Those excess costs are recognized as a current period expense. When a production facility is completely shut down temporarily, it is considered “idle,” and all related expenses are charged to cost of goods sold. Net realizable value of our inventory is defined as forecasted selling prices less reasonably predictable selling costs. Significant management judgment is involved in estimating forecasted selling prices including various demand and supply variables. Examples of demand variables include grain and oilseed prices, stock-to-use ratios and changes in inventories in the crop nutrients distribution channels. Examples of supply variables include forecasted prices of raw materials, such as phosphate rock, sulfur, ammonia and natural gas, estimated operating rates and industry crop nutrient inventory levels. Results could differ materially if actual selling prices differ materially from forecasted selling prices. Charges for lower of cost or market are recognized in our Consolidated Statements of Earnings in the period when there is evidence of a decline of market value below cost. Property, Plant and Equipment and Recoverability of Long-Lived Assets Property, plant and equipment are stated at cost. Costs of significant assets include capitalized interest incurred during the construction and development period. Repairs and maintenance, including planned major maintenance and plant turnaround costs, are expensed when incurred. Depletion expenses for mining operations, including mineral reserves, are generally determined using the units-of-production method based on estimates of recoverable reserves. Depreciation is computed principally using the straight-line method and units-of-production method over the following useful lives: machinery and equipment three to 25 years, and buildings and leasehold improvements three to 40 years. We estimate initial useful lives based on experience and current technology. These estimates may be extended through sustaining capital programs. Factors affecting the fair value of our assets or periods of expected use may also affect the estimated useful lives of our assets and these factors can change. Therefore, we periodically review the estimated remaining lives of our facilities and other significant assets and adjust our depreciation rates prospectively where appropriate. We have worked extensively to ensure the mechanical integrity of our fixed assets in order to help prolong their useful lives, while helping to improve asset utilization and potential cash preservation. As a result, we completed an in-depth review of our fixed assets and concluded that for certain assets, we would make a change to the units-of-production depreciation method from the straight-line method to better reflect the pattern of consumption of those assets. We also determined the expected lives of certain mining and production equipment and reserves were longer than the previously estimated useful lives used to determine depreciation in our financial statements. As a result, effective January 1, 2017, we changed our estimates of the useful lives and method of determining the depreciation of certain equipment to better reflect the estimated periods during which these assets will remain in service. The effect of this change in estimates reduced depreciation expense, thus increasing operating earnings, by approximately $65 million in 2017. Amounts may vary throughout the year due to changes in production levels. As a result of this change and actions taken to prolong asset lives, we expect our maintenance expense to increase in the future. Long-lived assets, including fixed assets and right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment assessment involves management judgment and estimates of factors such as industry and market conditions, the economic life of the asset, sales volume and prices, inflation, raw materials costs, cost of capital, tax rates and capital spending. The carrying amount of a long-lived asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the long-lived asset group exceeds its fair value. Leases Right of use (“ 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. 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 ROU assets within other assets and the associated 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 the associated 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. 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. Contingencies Accruals for environmental remediation efforts are recorded when costs are probable and can be reasonably estimated. In determining these accruals, we use the most current information available, including similar past experiences, available technology, consultant evaluations, regulations in effect, the timing of remediation and cost-sharing arrangements. Adjustments to accruals, recorded as needed in our Consolidated Statement of Earnings each quarter, are made to reflect changes in and current status of these factors. We are involved from time to time in claims and legal actions incidental to our operations, both as plaintiff and defendant. We have established what we currently believe to be adequate accruals for pending legal matters. These accruals are established as part of an ongoing worldwide assessment of claims and legal actions that takes into consideration such items as advice of legal counsel, individual developments in court proceedings, changes in the law, changes in business focus, changes in the litigation environment, changes in opponent strategy and tactics, new developments as a result of ongoing discovery and our experience in defending and settling similar claims. The litigation accruals at any time reflect updated assessments of the then-existing claims and legal actions. The final outcome or potential settlement of litigation matters could differ materially from the accruals which we have established. Legal costs are expensed as incurred. Pension and Other Postretirement Benefits Mosaic offers a number of benefit plans that provide pension and other benefits to qualified employees. These plans include defined benefit pension plans, supplemental pension plans, defined contribution plans and other postretirement benefit plans. We accrue the funded status of our plans, which is representative of our obligations under employee benefit plans and the related costs, net of plan assets measured at fair value. The cost of pensions and other retirement benefits earned by employees is generally determined with the assistance of an actuary using the projected benefit method prorated on service and management’s best estimate of expected plan investment performance, salary escalation, retirement ages of employees and expected healthcare costs. Additional Accounting Policies To facilitate a better understanding of our consolidated financial statements we have disclosed the following significant accounting policies (with the exception of those identified above) throughout the following notes, with the related financial disclosures by major caption: Note Topic Page 8 Earnings per Share F-55 10 Investments in Non-Consolidated Companies F-56 11 Goodwill F-58 12 Structured Accounts Payable Arrangements F-59 13 Marketable Securities Held in Trusts F-61 14 Income Taxes F-63 15 Accounting for Asset Retirement Obligations F-68 16 Accounting for Derivative and Hedging Activities F-70 17 Fair Value Measurements F-71 |
Recently Issued Accounting Guid
Recently Issued Accounting Guidance | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Guidance | 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. Since the issuance of the standard is effective for us beginning January 1, 2020, we are revising our accounting policies and procedures to reflect the requirements of this standard related to our trade receivables and AFS debt securities. Based on the composition of our trade receivables, current market conditions, and historical credit loss activity, we do not expect the adoption of this standard to significantly impact our consolidated results of operations or financial condition. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating and Finance Leases [Text Block] | LEASES Adoption of ASC Topic 842, "Leas es" 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 elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. 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. Leasing Activity 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 include options to extend the leases for up to 10 years and some of which include options to terminate the leases within 1 year. Finance and operating lease assets and liabilities as of December 31, 2019 were as follows: Type of Lease Asset or Liability Amount Balance Sheet Classification (in millions) Operating Leases Right-of-use assets $ 192.1 Other assets Lease liabilities: Short-term 67.1 Accrued liabilities Long-term 127.0 Other noncurrent liabilities Total $ 194.1 Finance Leases Right-of-use assets: Gross assets $ 423.2 Less: accumulated depreciation 57.5 Net assets $ 365.7 Property, plant and equipment, net Lease liabilities: Short-term $ 41.7 Current maturities of long-term debt Long-term 303.4 Long-term debt, less current maturities Total $ 345.1 Lease expense is generally included within cost of goods sold and selling, general and administrative expenses, except for interest on lease liabilities, which is recorded within net interest. The components of lease expense were as follows: 2019 (in millions) Operating lease cost $ 98.4 Finance lease cost: Amortization of right-of-use assets 28.3 Interest on lease liabilities 15.2 43.5 Short-term lease cost 10.5 Variable lease cost 21.5 Total lease cost $ 173.9 Rental expense for 2019 , 2018 and 2017 was $249.1 million , $270.3 million and $114.0 million , respectively. Supplemental cash flow information related to leases was as follows: 2019 (In millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 107.9 Operating cash flows from finance leases $ 10.7 Financing cash flows from finance leases $ 41.3 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 56.0 Finance leases $ 88.2 Other information related to leases was as follows: December 31, 2019 Weighted Average Remaining Lease Term Operating leases 4.7 years Finance leases 4.8 years Weighted Average Discount Rate Operating leases 6.1 % Finance leases 3.9 % Future lease payments under non-cancellable leases recorded as of December 31, 2019 , were as follows: Operating Leases Finance Leases (in millions) 2020 $ 77.5 $ 51.5 2021 51.6 53.2 2022 33.9 44.5 2023 22.2 76.1 2024 15.6 168.3 Thereafter 27.1 14.4 Total future lease payments $ 227.9 $ 408.0 Less imputed interest (33.8 ) (62.9 ) Total $ 194.1 $ 345.1 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE Adoption of ASC Topic 606, “Revenue with Customers” On January 1, 2018, we adopted ASC Topic 606, “Revenue from Contracts with Customers” and related amendments (“new revenue standard”) using the modified retrospective method applied to those revenue contracts which were not completed as of January 1, 2018. We recognized the cumulative effect of initially applying the new revenue standard as a net increase to opening retained earnings of $2.7 million , net of tax, as of January 1, 2018, with the impact primarily related to deferred North America revenue at December 31, 2017. The comparative information for the year ended December 31, 2017 has not been restated and continues to be reported under the accounting standards in effect for that period. The adoption of the new standard has not had a significant impact on our results of operations on an ongoing basis. The cumulative effects of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of the new revenue standard were as follows (in millions): Balance at Adjustments Balance at December 31, 2017 Upon Adoption January 1, 2018 Balance Sheet Receivables, net $ 642.6 $ 18.2 $ 660.8 Inventories 1,547.2 (13.3 ) 1,533.9 Deferred income tax asset 254.6 (1.3 ) 253.3 Accrued Liabilities 754.4 0.9 755.3 Retained earnings 10,631.1 2.7 10,633.8 Revenue Recognition We generate revenues primarily by producing and marketing phosphate and potash crop nutrients. Revenue is recognized when control of the product is transferred to the customer, which is generally upon transfer of title to the customer based on the contractual terms of each arrangement. Title is typically transferred to the customer upon shipment of the product. In certain circumstances, which are referred to as final price deferred arrangements, we ship product prior to the establishment of a valid sales contract. In such cases, we retain control of the product and do not recognize revenue until a sales contract has been agreed to with the customer. Revenue is measured as the amount of consideration we expect to receive in exchange for the transfer of our goods. Our products are generally sold based on market prices prevailing at the time the sales contract is signed or through contracts which are priced at the time of shipment based on a formula. Sales incentives are estimated as earned by the customer and recorded as a reduction of revenue. Shipping and handling costs are included as a component of cost of goods sold. For information regarding sales by product type and by geographic area, see Note 26 of our Notes to Consolidated Financial Statements. Under the new revenue standard, the timing of revenue recognition is accelerated for certain sales arrangements due to the emphasis on transfer of control rather than risks and rewards. Certain sales where revenue was previously deferred until risk was fully assumed by the customer will now be recognized when the product is shipped. Additionally, the timing of when we record revenue on sales by Canpotex has been impacted by their adoption of new revenue standards. The total impact of adoption on our condensed consolidated statement of earnings and balance sheet was as follows (in millions): For the year ended December 31, 2018 Elimination of Revenue Deferral Canpotex Impact (a) Balances Without New Revenue Standards As Reported Impact Income Statement Net sales $ 9,587.3 $ (87.9 ) $ 96.4 $ 9,595.8 (8.5 ) Cost of goods sold 8,088.9 (64.3 ) 54.1 8,078.7 10.2 Provision for (benefit from) income taxes 77.1 (2.1 ) 5.8 80.8 (3.7 ) Net earnings (loss) attributable to Mosaic 470.0 (21.5 ) 36.5 485.0 (15.0 ) Balance Sheet Receivables, net $ 838.5 $ (107.3 ) $ 96.4 $ 827.6 $ 10.9 Inventories 2,270.2 48.1 (42.8 ) 2,275.5 (5.3 ) Other current assets 280.6 23.5 — 304.1 (23.5 ) Deferred income tax asset 343.8 3.4 (5.8 ) 341.4 2.4 Accrued liabilities 1,092.5 (8.1 ) 11.4 1,095.8 (3.3 ) Retained earnings 11,064.7 (24.2 ) 36.4 11,076.9 (12.2 ) ______________________________ (a) Includes impact from Canpotex's adoption of new revenue standards, resulting in a deferral of approximately 450,000 |
Other Financial Statement Data
Other Financial Statement Data | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Other Financial Statement Data | OTHER FINANCIAL STATEMENT DATA The following provides additional information concerning selected balance sheet accounts: December 31, (in millions) 2019 2018 Receivables Trade $ 649.3 $ 703.7 Non-trade 158.1 136.1 807.4 839.8 Less allowance for doubtful accounts 3.5 1.3 $ 803.9 $ 838.5 Inventories Raw materials $ 68.3 $ 147.5 Work in process 618.4 625.5 Finished goods 1,219.3 1,343.8 Final price deferred (a) 47.9 39.3 Operating materials and supplies 122.5 114.1 $ 2,076.4 $ 2,270.2 Other current assets Income and other taxes receivable $ 179.5 $ 149.2 Prepaid expenses 110.7 86.8 Other 28.6 44.6 $ 318.8 $ 280.6 Other assets Restricted cash $ 5.4 $ 15.8 MRO inventory 126.8 134.6 Marketable securities held in trust - restricted 691.7 632.3 Operating lease right-of-use assets (b) 192.1 — Indemnification asset 40.6 30.7 Long-term receivable 81.6 91.7 Other 316.2 352.7 $ 1,454.4 $ 1,257.8 December 31, (in millions) 2019 2018 Accrued liabilities Accrued dividends $ 20.0 $ 11.8 Payroll and employee benefits 173.8 217.5 Asset retirement obligations 154.4 136.3 Customer prepayments (c) 266.9 199.8 Accrued income tax 33.9 65.5 Operating lease obligation (b) 67.1 — Other 365.8 461.6 $ 1,081.9 $ 1,092.5 Other noncurrent liabilities Asset retirement obligations $ 1,160.8 $ 1,023.8 Operating lease obligation (b) 127.0 — Accrued pension and postretirement benefits 173.6 146.3 Unrecognized tax benefits 42.1 33.0 Other 269.5 255.6 $ 1,773.0 $ 1,458.7 ______________________________ (a) Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon. (b) 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. See Note 4 to the Consolidated Financial Statements for additional information on the impact to our Consolidated Balance Sheets. (c) 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. Interest expense, net was comprised of the following in 2019 , 2018 and 2017 : Years Ended December 31, (in millions) 2019 2018 2017 Interest income $ 33.1 $ 49.7 $ 33.2 Less interest expense 216.0 215.8 171.3 Interest expense, net $ (182.9 ) $ (166.1 ) $ (138.1 ) |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: December 31, (in millions) 2019 2018 Land $ 340.3 $ 321.5 Mineral properties and rights 4,979.2 4,478.2 Buildings and leasehold improvements 3,108.7 2,760.9 Machinery and equipment 9,294.1 8,955.7 Construction in-progress 1,259.7 2,164.7 18,982.0 18,681.0 Less: accumulated depreciation and depletion 7,292.0 6,934.5 $ 11,690.0 $ 11,746.5 Depreciation and depletion expense was $877.6 million , $878.2 million and $659.4 million for 2019 , 2018 and 2017 , respectively. Capitalized interest on major construction projects was $28.5 million , $22.1 million and $23.9 million for 2019 , 2018 and 2017 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
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: Years Ended December 31, (in millions) 2019 2018 2017 Net (loss) earnings attributable to Mosaic $ (1,067.4 ) $ 470.0 $ (107.2 ) Basic weighted average number of shares outstanding attributable to common stockholders 383.8 384.8 350.9 Dilutive impact of share-based awards — 1.6 — Diluted weighted average number of shares outstanding 383.8 386.4 350.9 Basic net (loss) earnings per share $ (2.78 ) $ 1.22 $ (0.31 ) Diluted net (loss) earnings per share $ (2.78 ) $ 1.22 $ (0.31 ) A total of 2.5 million shares for 2019 , 2.0 million shares for 2018 and 3.5 million shares for 2017 of common stock subject to issuance related to share-based awards have been excluded from the calculation of diluted EPS because the effect would have been anti-dilutive. |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Information | CASH FLOW INFORMATION Supplemental disclosures of cash paid for interest and income taxes and non-cash investing and financing information is as follows: Years Ended December 31, (in millions) 2019 2018 2017 Cash paid (received) during the period for: Interest $ 231.3 $ 196.0 $ 178.9 Less amount capitalized 28.5 22.1 23.9 Cash interest, net $ 202.8 $ 173.9 $ 155.0 Income taxes $ 46.5 $ (34.2 ) $ (70.1 ) Acquiring or constructing property, plant and equipment by incurring a liability does not result in a cash outflow for us until the liability is paid. In the period the liability is incurred, the change in operating accounts payable on the Consolidated Statements of Cash Flows is adjusted by such amount. In the period the liability is paid, the amount is reflected as a cash outflow from investing activities. The applicable net change in operating accounts payable that was classified to investing activities on the Consolidated Statements of Cash Flows was $63.2 million , $(96.8) million and $11.1 million for 2019 , 2018 and 2017 respectively. We accrued $20.0 million related to the dividends declared in 2019 that will be paid in 2020 . At December 31, 2018 and 2017 , we had accrued dividends of $11.8 million and $12.1 million which were paid in 2019 and 2018 , respectively. On October 24, 2017, a lease financing transaction was completed with respect to an articulated tug and barge unit that is being used to transport ammonia for our operations. As described in more detail in Note 25 , we had provided bridge loans to a consolidated affiliate for construction of the unit, and that entity also received construction loans from a joint venture in which we hold a 50% interest. Following the application of proceeds from the transaction, all outstanding construction loans to the joint venture entity, together with accrued interest, were repaid. We had non-cash investing and financing transactions related to right-of-use assets obtained in exchange for lease obligations assets under finance leases in 2019 of $88.2 million . Non-cash investing and financing transactions related to assets acquired under capital leases were immaterial in 2018 and were $267.9 million in 2017 . Depreciation, depletion and amortization includes $877.6 million , $878.2 million and $659.4 million related to depreciation and depletion of property, plant and equipment, and $5.1 million , $5.7 million and $6.1 million related to amortization of intangible assets for 2019 , 2018 and 2017 respectively. |
Investments in Non-consolidated
Investments in Non-consolidated Companies | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in non-consolidated companies | NVESTMENTS IN NON-CONSOLIDATED COMPANIES We have investments in various international and domestic entities and ventures. The equity method of accounting is applied to such investments when the ownership structure prevents us from exercising a controlling influence over operating and financial policies of the businesses but still allow us to have significant influence. Under this method, our equity in the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Earnings. The effects of material intercompany transactions with these equity method investments are eliminated, including the gross profit on sales to and purchases from our equity-method investments which is deferred until the time of sale to the final third party customer. The cash flow presentation of dividends received from equity method investees is determined by evaluation of the facts, circumstances and nature of the distribution. A summary of our equity-method investments, which were in operation as of December 31, 2019 , is as follows: Entity Economic Interest Gulf Sulphur Services LTD., LLLP 50.0 % River Bend Ag, LLC 50.0 % IFC S.A. 45.0 % MWSPC 25.0 % Canpotex 36.2 % The summarized financial information shown below includes all non-consolidated companies carried on the equity method. Years Ended December 31, (in millions) 2019 2018 2017 Net sales $ 4,058.5 $ 3,555.6 $ 2,871.2 Net earnings (loss) (215.0 ) (5.4 ) 95.3 Mosaic’s share of equity in net earnings (loss) (59.4 ) (4.5 ) 16.7 Total assets 9,682.5 9,042.9 8,623.6 Total liabilities 7,512.7 6,658.2 5,971.9 Mosaic’s share of equity in net assets 554.7 609.1 712.8 The difference between our share of equity in net assets as shown in the above table and the investment in non-consolidated companies as shown on the Consolidated Balance Sheets is mainly due to the July 1, 2016, equity contribution of $120 million we made to MWSPC, representing the remaining liability for our portion of mineral rights value transferred to MWSPC from Ma’aden. As of December 31, 2019 , MWSPC represented 81% of the total assets and 76% of the total liabilities in the table above. MWSPC commenced ammonia operations in late 2016 and, on December 1, 2018, commenced commercial operations of its DAP plant, thereby bringing the entire project to the commercial production phase. In 2019 , 2018 and 2017 our share of (loss)/equity in net earnings was $(62.1) million , $(9.5) million , and $ 32.0 million , respectively. MWSPC owns and operates a mine and two chemical complexes that produce phosphate fertilizers and other downstream phosphates products in the Kingdom of Saudi Arabia. The cost to develop and construct the integrated phosphate production facilities (the “ Project ”) was approximately $8.0 billion , which has been funded primarily through investments by us, Ma’aden and SABIC (together, the “ Project Investors ”), and through borrowing arrangements and other external project financing facilities (“ Funding Facilities ”). The production facilities are expected to have a capacity of approximately 3.0 million tonnes of finished product per year when fully operational. We market approximately 25% of the production of the joint venture. On June 30, 2014, MWSPC entered into Funding Facilities with a consortium of 20 financial institutions for a total amount of approximately $5.0 billion . Also on June 30, 2014, in support of the Funding Facilities, we, together with Ma’aden and SABIC, agreed to provide our respective proportionate shares of the funding necessary for MWSPC by: (a) Contributing equity or making shareholder subordinated loans of up to $2.4 billion to fund project costs to complete and commission the Project (the “ Equity Commitments ”). (b) Through the earlier of Project completion or June 30, 2020, contributing equity, making shareholder subordinated loans or providing bank subordinated loans, to fund cost overruns on the Project (the “ Additional Cost Overrun Commitment ”). (c) Through the earlier of Project completion or June 30, 2020, contributing equity, making shareholder loans or providing bank subordinated loans to fund scheduled debt service (excluding accelerated amounts) payable under the Funding Facilities and certain other amounts (such commitment, the “ DSU Commitment ” and such scheduled debt service and other amounts, “ Scheduled Debt Service ”). Our proportionate share of amounts covered by the DSU Commitment is not anticipated to exceed approximately $200 million . The fair value of the DSU Commitment at December 31, 2019 is not material. (d) From the earlier of the Project completion date or June 30, 2020, to the extent there is a shortfall in the amounts available to pay Scheduled Debt Service, depositing for the payment of Scheduled Debt Service an amount up to the respective amount of certain shareholder tax amounts, and severance fees under MWSPC’s mining license, paid within the prior 36 months by MWSPC on behalf of the Project Investors, if any. In January 2016, MWSPC received approval from the Saudi Industrial Development Fund (“ SIDF ”) for loans in the total amount of approximately $1.1 billion for the Project, subject to the finalization of definitive agreements. In 2017, MWSPC entered into definitive agreements with SIDF to draw up to $560 million from the total SIDF-approved amount (the “ SIDF Loans ”). In September of 2018, we received communication that SIDF agreed to waive Mosaic's Parent Guarantee. MWSPC received approval to access the remaining SIDF facility of $506 million which was subsequently drawn in December 2018. Mosaic continues to have Equity Commitments, the Additional Cost Overrun Commitment and the DSU Commitment in relation to MWSPC project financing. As of December 31, 2019 , our cash investment was $770 million . We did not make any contributions in 2019 and do not expect future contributions will be needed even though we are contractually obligated to make future cash contributions up to approximately $70 million . |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL Goodwill is carried at cost, not amortized, and represents the excess of the purchase price and related costs over the fair value assigned to the net identifiable assets of a business acquired. We test goodwill for impairment on a quantitative basis at the reporting unit level on an annual basis or upon the occurrence of events that may indicate possible impairment. The changes in the carrying amount of goodwill, by reporting unit, as of December 31, 2019 and 2018 , are as follows: (in millions) Phosphates Potash Mosaic Fertilizantes Corporate, Eliminations and Other Total Balance as of December 31, 2017 492.4 1,076.9 124.3 — 1,693.6 Foreign currency translation — (76.5 ) (5.8 ) — (82.3 ) Allocation of goodwill due to segment realignment — — (12.1 ) 12.1 — Goodwill acquired in the Vale acquisition 96.2 — — — 96.2 Balance as of December 31, 2018 $ 588.6 $ 1,000.4 $ 106.4 $ 12.1 $ 1,707.5 Foreign currency translation — 39.4 (1.4 ) — 38.0 Impairment (588.6 ) — — — (588.6 ) Balance as of December 31, 2019 $ — $ 1,039.8 $ 105.0 $ 12.1 $ 1,156.9 We elected early adoption of ASU 2017-04 effective January 1, 2017, “Intangibles─Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” As a result, we removed Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. As of October 31, 2019, we performed our annual quantitative assessment. In performing our assessment, we estimated the fair value of each of our reporting units using the income approach, also known as the discounted cash flow (“ DCF ”) method. The income approach utilized the present value of cash flows to estimate fair value. The future cash flows for our reporting units were projected based on our estimates, at that time, for revenue, operating income and other factors (such as working capital and capital expenditures for each reporting unit). To determine if the fair value of each of our reporting units with goodwill exceeded its carrying value, we assumed sales volume growth rates based on our long-term expectations, our internal selling prices and projected raw material prices for years one through five, which were anchored in projections from CRU International Limited, an independent third party data source. Selling prices and raw material prices for years six and beyond were based on anticipated market growth. The discount rates used in our DCF method were based on a weighted-average cost of capital (“ WACC ”), determined from relevant market comparisons. A terminal value growth rate of 2% was applied to the final year of the projected period and reflected our estimate of stable growth. We then calculated a present value of the respective cash flows for each reporting unit to arrive at an estimate of fair value under the income approach. Finally, we compared our estimates of fair values for our reporting units, to our October 31, 2019 total public market capitalization, based on our common stock price at that date. In making this assessment, we considered, among other things, expectations of projected net sales and cash flows, assumptions impacting the WACC, changes in our stock price and changes in the carrying values of our reporting units with goodwill. We also considered overall business conditions. As a result of our test, we concluded that the carrying value of our Phosphates reporting unit was in excess of its fair value due to a reduction in our long-term forecast, primarily related to changes in projected selling prices and raw material prices. Therefore, we recognized a goodwill impairment charge of $ 588.6 million which is included in impairment, restructuring and other expenses in our Consolidated Statement of Earnings (Loss) at December 31, 2019. Based on our quantitative evaluation as of October 31, 2019, we determined that our Potash and Mosaic Fertilizantes reporting units had an estimated fair value that was not in significant excess of its carrying value. As a result, we concluded that the goodwill assigned to these reporting units was not impaired, but could be at risk of future impairment. We continue to believe that our long-term financial goals will be achieved. As a result of our analysis, we did not take a goodwill impairment charge related to either of these reporting units. The Corporate, Eliminations and Other reporting unit was evaluated and not considered at risk of goodwill impairment at October 31, 2019. Assessing the potential impairment of goodwill involves certain assumptions and estimates in our model that are highly sensitive and include inherent uncertainties that are often interdependent and do not change in isolation such as product prices, raw material costs, WACC, and terminal value growth rate. If any of these are different from our assumptions, future tests may indicate an impairment of goodwill, which would result in non-cash charges, adversely affecting our results of operations. Of the factors discussed above, WACC is more sensitive than others. Assuming that all other components of our fair value estimate remain unchanged, a change in the WACC would have the following effect on estimated fair values in excess of carrying values: Sensitivity Analysis - Percent of Fair Values in Excess of Carrying Values Excess at Current WACC WACC Decreased by 50 Basis Points WACC Decreased by 25 Basis Points WACC Increased by 25 Basis Points WACC Increased by 50 Basis Points Potash Reporting Unit 4.3% 12.0% 8.2% 0.4% (3.7)% Mosaic Fertilizantes Reporting Unit 4.6% 10.7% 7.7% 1.4% (1.9)% As of December 31, 2019 , $5.1 million of goodwill was tax deductible. |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | FINANCING ARRANGEMENTS Mosaic Credit Facility On November 18, 2016, we entered into a new unsecured five -year credit facility of up to $2.72 billion (the “ Mosaic Credit Facility ”), which includes a $2.0 billion revolving credit facility and a $720 million term loan facility (the “ Term Loan Facility ”). The Mosaic Credit Facility is intended to serve as our primary senior unsecured bank credit facility. It increased, extended and replaced our prior unsecured credit facility, which consisted of a revolving facility of up to $1.5 billion (the “ Prior Credit Facility ”). Letters of credit outstanding under the Prior Credit Facility in the amount of approximately $18.3 million became letters of credit under the Mosaic Credit Facility. The maturity date of the Mosaic Credit Facility, including final maturity of the term loan thereunder, is November 18, 2021 . The Term Loan Facility is described below under “Long-Term Debt, including Current Maturities.” The Mosaic Credit Facility has cross-default provisions that, in general, provide that a failure to pay principal or interest under any one item of other indebtedness in excess of $50 million or $75 million for multiple items of other indebtedness, or breach or default under such indebtedness that permits the holders thereof to accelerate the maturity thereof, will result in a cross-default. The Mosaic Credit Facility requires Mosaic to maintain certain financial ratios, including a ratio of Consolidated Indebtedness to Consolidated Capitalization Ratio (as defined) of no greater than 0.65 to 1.0 as well as a minimum Interest Coverage Ratio (as defined) of not less than 3.0 to 1.0 . We were in compliance with these ratios as of December 31, 2019 . The Mosaic Credit Facility also contains other events of default and covenants that limit various matters. These provisions include limitations on indebtedness, liens, investments and acquisitions (other than capital expenditures), certain mergers, certain sales of assets and other matters customary for credit facilities of this nature. As of December 31, 2019 , we had outstanding letters of credit that utilized a portion of the amount available for revolving loans under the Mosaic Credit Facility of $13.1 million . At December 31, 2018 , we had outstanding letters of credit of $14.3 million . The net available borrowings for revolving loans under the Mosaic Credit Facility were approximately $1.99 billion as of December 31, 2019 . Unused commitment fees under the Mosaic Credit Facility and Prior Credit Facility accrued at an average annual rate of 0.20% for 2019 and 2018 and 0.16% for 2017 , generating expenses of $4.0 million for 2019 and 2018 and $3.3 million for 2017 . Short-Term Debt Short-term debt consists of the revolving credit facility under the Mosaic Credit Facility, under which there were no borrowings as of December 31, 2019 , and various other short-term borrowings related to our related to our international operations in India, China and Brazil. These other short-term borrowings outstanding were $41.6 million and $11.5 million as of December 31, 2019 and 2018 , respectively. We had additional outstanding bilateral letters of credit of $54.5 million as of December 31, 2019 , which includes $50.0 million as required by the 2015 Consent Decrees as described further in Note 15 of our Consolidated Financial Statements. Long-Term Debt, including Current Maturities On November 13, 2017, we issued new senior notes consisting of $550 million aggregate principal amount of 3.250% senior notes due 2022 and $700 million aggregate principal amount of 4.050% senior notes due 2027 (collectively, the “ Senior Notes of 2017 ”). Proceeds from the Senior Notes of 2017 were used to fund the cash portion of the purchase price of the Acquisition paid at closing, transactions costs and expenses, and to fund a portion of the prepayment of the Term Loan Facility. The Mosaic Credit Facility included the Term Loan Facility, under which we borrowed $720 million . The proceeds were used to prepay a prior term loan facility. In 2018, we prepaid the outstanding balance of $684 million under the Term Loan Facility without premium or penalty. We have additional senior notes outstanding, consisting of (i) $900 million aggregate principal amount of 4.25% senior notes due 2023, $500 million aggregate principal amount of 5.45% senior notes due 2033 and $600 million aggregate principal amount of 5.625% senior notes due 2043 (collectively, the “ Senior Notes of 2013 ”); and (ii) $450 million aggregate principal amount of 3.750% senior notes due 2021 and $300 million aggregate principal amount of 4.875% senior notes due 2041 (collectively, the “ Senior Notes of 2011 ”). The Senior Notes of 2011, the Senior Notes of 2013 and the Senior Notes of 2017 are Mosaic’s senior unsecured obligations and rank equally in right of payment with Mosaic’s existing and future senior unsecured indebtedness. The indenture governing these notes contains restrictive covenants limiting debt secured by liens, sale and leaseback transactions and mergers, consolidations and sales of substantially all assets, as well as other events of default. Two debentures issued by Mosaic Global Holdings, Inc., one of our consolidated subsidiaries, the first due in 2018 (the “ 2018 Debentures ”), was paid off on the maturity date of August 1, 2018, and the second due in 2028 (the “ 2028 Debentures ”), remains outstanding with a balance of $147.1 million as of December 31, 2019 . The indentures governing the 2028 Debentures also contain restrictive covenants limiting debt secured by liens, sale and leaseback transactions and mergers, consolidations and sales of substantially all assets, as well as events of default. The obligations under the 2028 Debentures are guaranteed by the Company and several of its subsidiaries. Long-term debt primarily consists of unsecured notes, term loans, finance leases, unsecured debentures and secured notes. Long-term debt as of December 31, 2019 and 2018 , respectively, consisted of the following: (in millions) December 31, 2019 December 31, 2019 Maturity Date December 31, 2019 Combination Fair Market Value Adjustment Discount on Notes Issuance December 31, 2019 December 31, 2018 Combination Fair Market Value Adjustment Discount on Notes Issuance December 31, 2018 Unsecured notes 3.25% - 5.63% 5.01% 2021- 2043 $ 4,000.0 $ — $ (6.3 ) $ 3,993.7 $ 4,000.0 $ — $ (7.3 ) $ 3,992.7 Unsecured debentures 7.30% 7.19% 2028 147.1 1.0 — 148.1 147.1 1.1 — 148.2 Term loan (a) Libor plus 1.25% Variable 2021 — — — — — — — — Finance leases 2.32% - 3.87% 2020- 345.1 — — 345.1 302.2 — — 302.2 Other (b) 2.50% - 9.98% 5.39% 2021- 2026 71.6 14.2 — 85.8 58.0 16.4 — 74.4 Total long-term debt 4,563.8 15.2 (6.3 ) 4,572.7 4,507.3 17.5 (7.3 ) 4,517.5 Less current portion 45.9 2.3 (1.0 ) 47.2 24.7 2.3 (1.0 ) 26.0 Total long-term debt, less current maturities $ 4,517.9 $ 12.9 $ (5.3 ) $ 4,525.5 $ 4,482.6 $ 15.2 $ (6.3 ) $ 4,491.5 ______________________________ (a) Term loan facility is pre-payable. (b) Includes deferred financing fees related to our long term debt. Scheduled maturities of long-term debt are as follows for the periods ending December 31: (in millions) 2020 $ 47.2 2021 503.6 2022 596.3 2023 80.5 2024 1,070.8 Thereafter 2,274.3 Total $ 4,572.7 Structured Accounts Payable Arrangements In Brazil, we finance some of our potash-based fertilizer, sulfur, ammonia and other raw material product purchases through third-party financing arrangements. These arrangements provide that the third-party intermediary advance the amount of the scheduled payment to the vendor, less an appropriate discount, at a scheduled payment date and Mosaic makes payment to the third-party intermediary at a later date, stipulated in accordance with the commercial terms negotiated. At December 31, 2019 and 2018 , these structured accounts payable arrangements were $740.6 million and $572.8 million , respectively. Inventory Financing Arrangement In January 2020, we entered into an inventory financing arrangement to sell up to $400 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. As of February 20, 2020, we had sold $50.3 million of inventory under this financing arrangement. |
Marketable Securities Held in T
Marketable Securities Held in Trusts | 12 Months Ended |
Dec. 31, 2019 | |
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 15 of our Notes to Consolidated Financial Statements. Our actual Gypstack Closure Costs are generally expected to be paid by us in the normal course of our Phosphate business; however, funds held in each of the RCRA Trusts can be drawn by the applicable governmental authority in the event we cannot perform our closure and long term care obligations. When our estimated Gypstack Closure Costs with respect to the facilities associated with a RCRA Trust are sufficiently lower than the amount on deposit in that RCRA Trust, we have the right to request that the excess funds be released to us. The same is true for the RCRA Trust balance remaining after the completion of our obligations, which will be performed over a period that may not end until three decades or more after a Gypstack has been closed. The investments held by the RCRA Trusts are managed by independent investment managers with discretion to buy, sell, and invest pursuant to the objectives and standards set forth in the related trust agreements. Amounts reserved to be held or held in the RCRA Trusts (including losses or reinvested earnings) are included in other assets on our Condensed Consolidated Balance Sheets. The RCRA Trusts hold investments, which are restricted from our general use, in marketable debt securities classified as available-for-sale and are carried at fair value. As a result, unrealized gains and losses are included in other comprehensive income until realized, unless it is determined that the carrying value of an investment is impaired on an other-than-temporary basis. There were no other-than-temporary impairment write-downs on available-for-sale securities during the year ended December 31, 2019 . 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 December 31, 2019 and December 31, 2018 are as follows: December 31, 2019 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 Cash and cash equivalents $ 3.4 $ — $ — $ 3.4 Level 2 Corporate debt securities 194.2 5.8 (0.1 ) 199.9 Municipal bonds 188.3 4.4 (0.4 ) 192.3 U.S. government bonds 280.6 3.2 (2.5 ) 281.3 Total $ 666.5 $ 13.4 $ (3.0 ) $ 676.9 December 31, 2018 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 Cash and cash equivalents $ 4.0 $ — $ — $ 4.0 Level 2 Corporate debt securities 180.8 0.3 (4.3 ) 176.8 Municipal bonds 186.1 0.5 (3.4 ) 183.2 U.S. government bonds 262.1 3.3 — 265.4 Total $ 633.0 $ 4.1 $ (7.7 ) $ 629.4 The following tables show gross unrealized losses and fair values of the RCRA Trusts’ available-for-sale securities that have been in a continuous unrealized loss position deemed to be temporary as of December 31, 2019 and December 31, 2018 . December 31, 2019 December 31, 2018 Securities that have been in a continuous loss position for less than 12 months (in millions) : Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate debt securities $ 17.9 $ — $ 43.9 $ (0.6 ) Municipal bonds 11.7 (0.1 ) 12.3 — U.S. government bonds 195.4 (2.5 ) — — Total $ 225.0 $ (2.6 ) $ 56.2 $ (0.6 ) December 31, 2019 December 31, 2018 Securities that have been in a continuous loss position for more than 12 months (in millions) : Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate debt securities $ 20.7 $ (0.1 ) $ 103.4 $ (3.7 ) Municipal bonds 14.7 (0.3 ) 117.5 (3.4 ) Total $ 35.4 $ (0.4 ) $ 220.9 $ (7.1 ) The following table summarizes the balance by contractual maturity of the available-for-sale debt securities invested by the RCRA Trusts as of December 31, 2019 . 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. (in millions) December 31, 2019 Due in one year or less $ 28.8 Due after one year through five years 423.6 Due after five years through ten years 184.4 Due after ten years 36.7 Total debt securities $ 673.5 For the year ended December 31, 2019 , realized gains and (losses) were $17.0 million and $(1.8) million , respectively. For the year ended December 31, 2018 , realized gains and (losses) were $0.3 million and $(13.5) million , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES In preparing our Consolidated Financial Statements, we utilize the asset and liability approach in accounting for income taxes. We recognize income taxes in each of the jurisdictions in which we have a presence. For each jurisdiction, we estimate the actual amount of income taxes currently payable or receivable, as well as deferred income tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The provision for income taxes for 2019 , 2018 and 2017 , consisted of the following: Years Ended December 31, (in millions) 2019 2018 2017 Current: Federal $ (75.5 ) $ 24.5 $ (167.6 ) State (5.2 ) 1.8 14.9 Non-U.S. 119.1 147.2 31.0 Total current 38.4 173.5 (121.7 ) Deferred: Federal (194.8 ) (105.1 ) 602.3 State (6.7 ) 9.9 (39.9 ) Non-U.S. (61.6 ) (1.2 ) 54.2 Total deferred (263.1 ) (96.4 ) 616.6 (Benefit from) provision for income taxes $ (224.7 ) $ 77.1 $ 494.9 The components of earnings from consolidated companies before income taxes, and the effects of significant adjustments to tax computed at the federal statutory rate, were as follows: Years Ended December 31, (in millions) 2019 2018 2017 United States earnings (loss) $ (1,096.2 ) $ 322.7 $ (82.5 ) Non-U.S. earnings (159.9 ) 228.8 456.5 (Loss) earnings from consolidated companies before income taxes $ (1,256.1 ) $ 551.5 $ 374.0 Computed tax at the U.S. federal statutory rate 21.0 % 21.0 % 35.0 % State and local income taxes, net of federal income tax benefit 2.6 % 2.0 % (0.1 )% Percentage depletion in excess of basis 2.5 % (6.7 )% (13.2 )% Impact of non-U.S. earnings 5.3 % 11.8 % (46.9 )% Change in valuation allowance (3.1 )% (15.2 )% 148.8 % Phosphates goodwill impairment (5.0 )% — % — % Share-based excess cost/(benefits) — % 0.7 % 2.0 % Other items (none in excess of 5% of computed tax) (5.4 )% 0.4 % 6.7 % Effective tax rate 17.9 % 14.0 % 132.3 % 2019 Effective Tax Rate In the year ended December 31, 2019 , there were two items impacting the effective tax rate; 1) items attributable to ordinary business operations during the year, and 2) other items specific to the period, including impacts recorded due to the U.S. Tax Cuts and Jobs Act (the “Act” ). The tax impact of our ordinary business operations is impacted by the mix of earnings across jurisdictions in which we operate, by a benefit associated with depletion, changes in valuation allowances 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. Tax expense specific to the period included a benefit of ($355.6) million . The benefit relates to various notable items, which resulted in the following tax benefits: ($263.4) million related to the indefinite idling of the Colonsay mine, ($81.0) million related to the Plant City closure costs, and ($79.6) million related to the phosphates goodwill impairment. These tax benefits are partially offset by tax expense of: $21.2 million for changes in certain provisions of the Act, $15.9 million for valuation allowances in the U.S. and foreign jurisdictions, $14.0 million related to state tax rate changes, $12.5 million related to changes in estimates related to prior years (including changes in certain provisions of the Act), and miscellaneous tax expense of $4.8 million . The tax expense of $21.2 million related to certain provisions of the Act and is the reversal of the benefit recorded in December 31, 2018 that pertained to the one-time “deemed” repatriation. 2018 Effective Tax Rate In the year ended December 31, 2018 , there were three types of items impacting the effective tax rate; 1) items attributable to ordinary business operations during the year, 2) other items specific to the period, and 3) impacts recorded due to the Act. The tax impact of our ordinary business operations is impacted by the mix of earnings across jurisdictions in which we operate, by a benefit associated with depletion, changes in valuation allowances 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. Tax expense specific to the period included a cost of $0.7 million . This relates to various items including: a benefit of ($30.6) million related to revised valuation allowances on foreign tax credits, a $12.2 million cost as a result of revisions to the provisional estimates related to the Act, a $15.0 million cost for withholding taxes related to undistributed earnings, a cost of $11.7 million for valuation allowances in foreign jurisdictions, a benefit of ($8.6) million related to release of the sequestration on future AMT refunds, and other miscellaneous costs of $1.0 million . Impacts of the Tax Cuts and Jobs Act On December 22, 2017, The Act was enacted, significantly altering U.S. corporate income tax law. The SEC issued Staff Accounting Bulletin 118, which allows companies to record reasonable estimates of enactment impacts where the underlying analysis and calculations are not yet complete (“ Provisional Estimates ”). The Provisional Estimates were required to be finalized within a one-year measurement period. In the period ending December 31, 2017, we recorded Provisional Estimates of the impact of the Act of $457.5 million related to several key changes in the law. As of December 31, 2019, the impacts of the Act have been finalized. All future impacts of future issued guidance will be appropriately accounted for in the period in which the law is enacted. The Act imposed a one-time tax on “deemed” repatriation of foreign subsidiaries’ earnings and profits. The repatriation resulted in an estimated non-cash charge of $107.7 million . The charge was offset by a $202.6 million , non-cash reduction in the deferred tax liability related to certain undistributed earnings. Both of these items were recorded in the period ending December 31, 2017. The December 31, 2017 provisional estimates have been revised and finalized in the period ending December 31, 2018, resulting in an additional benefit of $9.0 million of which a cost of $12.2 million is included in the tax expense specific to the period and a benefit of $21.2 million is included in the annual effective tax rate. However, the benefit of $21.2 million resulted from certain provisions of the Act that pertain to the repatriation that, based on proposed guidance from the U.S. Internal Revenue Service, we anticipated could reverse when the regulations were finalized. As discussed above, the regulations were finalized in 2019 and the benefit was reversed. As of December 31, 2017, we recognized a $2.3 million non-cash, deferred tax benefit related to the reduction of the U.S. federal rate from 35 percent to 21 percent . The Act significantly modified the U.S. taxation of foreign earnings and the treatment of the related foreign tax credits. In December 2017, as a result of these changes, we recorded valuation allowances against our foreign tax credits and our anticipatory foreign tax credits of $105.8 million and $440.3 million , respectively. As of December 2018, we concluded that the foreign tax credits would more likely than not be utilized and the related valuation allowance of $105.8 million was reversed as a benefit. This benefit arose due to both revisions in the estimated impact of the Act and estimates with respect to future forecasted income. Of the $105.8 million benefit, $30.6 million was recorded as tax benefit specific to the period. As of December 31, 2018, we recorded a valuation allowance against U.S. branch basket foreign tax credits of $156.8 million and anticipatory foreign tax credits of $361.6 million . The Act repeals the corporate alternative minimum tax, or AMT, system and allows for the cash refund of excess AMT credits. As of December 31, 2017, the refundable AMT amounts were subject to a set of federal budgeting rules where a certain portion of the refundable amount would permanently be disallowed (the “Sequestration Rules” ). We estimated that we would receive a cash refund of $121.5 million net of an $8.6 million charge related to the Sequestration Rules. In 2018, guidance was released that concluded that the Sequestration Rules do not apply to AMT credits related to the Act. As of December 31, 2018, we estimated that we will receive a cash refund of $100.4 million and the sequestration charge of $8.6 million recorded at December 31, 2017 was reversed. The estimated refundable alternative minimum tax credit was included in other non-current assets at both December 31, 2018 and December 31, 2017. The Act introduced a new category of taxable income called global intangible low-taxed income ( “GILTI” ). No provisional estimates were recorded as of December 31, 2017 for the impacts of GILTI since we had not completed our full analysis of that provision of the Act. We have included GILTI in our December 31, 2018 provision for income taxes, which did not have a material impact to the Company for the current year. We have elected an accounting policy to record any GILTI liabilities as period costs. 2017 Effective Tax Rate In the year ended December 31, 2017, there were three types of items impacting the effective tax rate; 1) items attributable to ordinary business operations during the year, 2) other items specific to the period, and 3) impacts recorded due to the enactment of the U.S. Tax Cuts and Jobs Act. The tax impact of our ordinary business operations is impacted by the mix of earnings across 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. Tax expense specific to the period included a cost of $15.1 million related to a $10.4 million pre-tax charge resulting from the resolution of a royalty matter with the government of Saskatchewan and related royalty impacts, a $7.5 million cost related to share-based compensation, and an expense of $6.7 million related to the effect on deferred income tax liabilities of an increase in the statutory tax rate for one of our equity method investments, offset by a $(14.9) million U.S. state deferred benefit and other miscellaneous benefits of $(6.1) million . Significant components of our deferred tax liabilities and assets as of December 31 were as follows: December 31, (in millions) 2019 2018 Deferred tax liabilities: Depreciation and amortization $ 70.7 $ 317.3 Depletion 530.7 390.8 Partnership tax basis differences 69.8 64.6 Undistributed earnings of non-U.S. subsidiaries 3.8 15.0 Other liabilities 19.0 10.3 Total deferred tax liabilities $ 694.0 $ 798.0 Deferred tax assets: Alternative minimum tax credit carryforwards $ — $ 76.5 Capital loss carryforwards — 3.0 Foreign tax credit carryforwards 522.5 493.5 Net operating loss carryforwards 420.0 408.9 Pension plans and other benefits 43.8 33.4 Asset retirement obligations 232.1 187.6 Disallowed interest expense under §163(j) 58.1 — Other assets 349.3 388.8 Subtotal 1,625.8 1,591.7 Valuation allowance 1,457.1 1,530.5 Net deferred tax assets 168.7 61.2 Net deferred tax liabilities $ (525.3 ) $ (736.8 ) We have certain non-U.S. entities that are taxed in both their local jurisdiction and the U.S. As a result, we have deferred tax balances for both jurisdictions. As of December 31, 2019 and 2018 , these non-U.S. deferred taxes are offset by approximately $224.6 million and $361.6 million , respectively, of anticipated foreign tax credits included within our depreciation and depletion components of deferred tax liabilities above. Due to the Act, we have recorded a valuation allowance against the anticipated foreign tax credits of $224.6 million and $361.6 million for December 31, 2019 and 2018 , respectively. As of December 31, 2019 , we had estimated carryforwards for tax purposes as follows: alternative minimum tax credits of $85.5 million that we estimate will be refundable due to the Act, net operating losses of $1.93 billion , foreign tax credits of $522.5 million and $1.6 million of non-U.S. business credits. These carryforward benefits may be subject to limitations imposed by the Internal Revenue Code, and in certain cases, provisions of foreign law. Approximately $832 million of our net operating loss carryforwards relate to Brazil and can be carried forward indefinitely but are limited to 30 percent of taxable income each year. The majority of the remaining net operating loss carryforwards relate to U.S. federal and certain U.S. states and can be carried forward for 20 years. Of the $522.5 million of foreign tax credits, approximately $36.5 million have an expiration date of 2023, approximately $235.4 million have an expiration date of 2026, approximately $150.3 million have an expiration date of 2028, and approximately $100.2 million have an expiration date of 2029. The realization of our foreign tax credit carryforwards is dependent on market conditions, tax law changes, and other business outcomes including our ability to generate certain types of taxable income. As a result of changes in U.S. tax law due to the Act, the Company valuation allowances recorded against its branch basket foreign tax credits was $238.3 million at December 31, 2019 . As of December 31, 2019, we have not recognized a deferred tax liability for un-remitted earnings of approximately $886.7 million from certain foreign operations because we believe our subsidiaries have invested the undistributed earnings indefinitely, or the earnings will be remitted in a tax-neutral transaction. It is not practicable for us to determine the amount of unrecognized deferred tax liability on these reinvested earnings. As part of the accounting for the Act, we recorded local country withholding taxes related to certain entities from which we began repatriating undistributed earnings and will continue to record local country withholding taxes, including foreign exchange impacts, on all future earnings. Valuation Allowance In assessing the need for a valuation allowance, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. We evaluate our ability to realize the tax benefits associated with deferred tax assets by analyzing the relative impact of all the available positive and negative evidence regarding our forecasted taxable income using both historical and projected future operating results, the reversal of existing taxable temporary differences, taxable income in prior carry-back years (if permitted) and the availability of tax planning strategies. The ultimate realization of deferred tax assets is dependent upon the generation of certain types of future taxable income during the periods in which those temporary differences become deductible. In making this assessment, we consider the scheduled reversal of deferred tax liabilities, our ability to carry back the deferred tax asset, projected future taxable income, and tax planning strategies. A valuation allowance will be recorded in each jurisdiction in which a deferred income tax asset is recorded when it is more likely than not that the deferred income tax asset will not be realized. Changes in deferred tax asset valuation allowances typically impact income tax expense. For the year ended December 31, 2019 , the valuation allowance decreased by $73.4 million , of which a $48.0 million decrease related to changes in valuation allowances and currency translation in Brazil, and a $49.8 million decrease related to U.S. branch foreign tax credits. These decreases to the valuation allowance were offset by the following increases: $6.8 million related to net operating losses for certain U.S. states, $8.3 million related to net operating losses in Peru, and $9.2 million related to our conclusion that we are not more likely than not to use attributes at other foreign jurisdictions. For the year ended December 31, 2018 , the valuation allowance increased by $945.8 million , of which $956.2 million related to valuation allowances on the Vale acquisition and $30.7 million related to changes in the U.S. tax law imposed by the Act. The remaining amount relates to our conclusion that we are not more likely than not to use attributes at other foreign jurisdictions. For the year ended year ended December 31, 2017 , the valuation allowance increased by $553.5 million , of which $546.1 million related to changes in the U.S. tax law imposed by the Act and the remaining amount is due to our conclusion that we are not more likely than not to use attributes at a Netherlands subsidiary. Uncertain Tax Positions Accounting for uncertain income tax positions is determined by prescribing a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. This minimum threshold is that a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than a fifty percent likelihood of being realized upon ultimate settlement. As of December 31, 2019 , we had $39.5 million of gross uncertain tax positions. If recognized, the benefit to our effective tax rate in future periods would be approximately $23.3 million of that amount. During 2019 , we recorded gross increases in our uncertain tax positions of $1.4 million related to certain U.S. and non-U.S. tax matters, of which $2.8 million impacted the effective tax rate. This increase was offset by items not included in gross uncertain tax positions. Based upon the information available as of December 31, 2019 , it is reasonably possible that the amount of unrecognized tax benefits will change in the next twelve months; however, the change cannot reasonably be estimated. A summary of gross unrecognized tax benefit activity is as follows: Years Ended December 31, (in millions) 2019 2018 2017 Gross unrecognized tax benefits, beginning of period $ 38.1 $ 39.3 $ 27.1 Gross increases: Prior period tax positions — 0.3 1.9 Current period tax positions 5.1 3.8 8.5 Gross decreases: Prior period tax positions (4.9 ) (2.9 ) — Currency translation 1.2 (2.4 ) 1.8 Gross unrecognized tax benefits, end of period $ 39.5 $ 38.1 $ 39.3 We recognize interest and penalties related to unrecognized tax benefits as a component of our income tax expense. Interest and penalties accrued in our Consolidated Balance Sheets as of December 31, 2019 and 2018 were $7.4 million and $4.9 million , respectively, and are included in other noncurrent liabilities in the Consolidated Balance Sheets. Open Tax Periods We operate in multiple tax jurisdictions, both within the United States and outside the United States, and face audits from various tax authorities regarding transfer pricing, deductibility of certain expenses, and intercompany transactions, as well as other matters. With few exceptions, we are no longer subject to examination for tax years prior to 2012. Mosaic is continually under audit by various tax authorities in the normal course of business. Such tax authorities may raise issues contrary to positions taken by the Company. If such positions are ultimately not sustained by the Company this could result in material assessments to the Company. The costs related to defending, if needed, such positions on appeal or in court may be material. The Company believes that any issues considered are properly accounted for. We are currently under audit by the Canada Revenue Agency for the tax years ended May 31, 2012 through December 31, 2017. Based on the information available, we do not anticipate significant changes to our unrecognized tax benefits as a result of these examinations other than the amounts discussed above. |
Accounting for Asset Retirement
Accounting for Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Accounting for Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS We recognize our estimated asset retirement obligations (“ AROs ”) in the period in which we have an existing legal obligation associated with the retirement of a tangible long-lived asset and the amount of the liability can be reasonably estimated. The ARO is recognized at fair value when the liability is incurred with a corresponding increase in the carrying amount of the related long lived asset. We depreciate the tangible asset over its estimated useful life. The liability is adjusted in subsequent periods through accretion expense which represents the increase in the present value of the liability due to the passage of time. Such depreciation and accretion expenses are included in cost of goods sold for operating facilities and other operating expense for indefinitely closed facilities. Our legal obligations related to asset retirement require us to: (i) reclaim lands disturbed by mining as a condition to receive permits to mine phosphate ore reserves; (ii) treat low pH process water in Gypstacks to neutralize acidity; (iii) close and monitor Gypstacks at our Florida and Louisiana facilities at the end of their useful lives; (iv) remediate certain other conditional obligations; (v) remove all surface structures and equipment, plug and abandon mine shafts, contour and revegetate, as necessary, and monitor for five years after closing our Carlsbad, New Mexico facility; (vi) decommission facilities, manage tailings and execute site reclamation at our Saskatchewan potash mines at the end of their useful lives; (vii) de-commission mines in Brazil and Peru acquired as part of the Acquisition and (viii) de-commission plant sites and close Gypstacks in Brazil, also as part of the Acquisition. The estimated liability for these legal obligations is based on the estimated cost to satisfy the above obligations which is discounted using a credit-adjusted risk-free rate. A reconciliation of our AROs is as follows: Years Ended December 31, (in millions) 2019 2018 AROs, beginning of period $ 1,160.1 $ 859.3 Liabilities acquired in the Acquisition — 258.9 Liabilities incurred 15.8 27.8 Liabilities settled (112.8 ) (69.6 ) Accretion expense 62.4 48.0 Revisions in estimated cash flows 191.0 78.2 Foreign currency translation (1.3 ) (42.5 ) AROs, end of period 1,315.2 1,160.1 Less current portion 154.4 136.3 $ 1,160.8 $ 1,023.8 North America Gypstack Closure Costs A majority of our ARO relates to Gypstack Closure Costs in Florida and Louisiana. For financial reporting purposes, we recognize our estimated Gypstack Closure Costs at their present value. This present value determined for financial reporting purposes is reflected on our Consolidated Balance Sheets in accrued liabilities and other noncurrent liabilities. As of December 31, 2019 and 2018 , the present value of our Gypstack Closure Costs ARO reflected in our Consolidated Balance Sheet was approximately $660.2 million and $578.4 million , respectively. 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 (“ LDEQ ”) on the terms of two consent decrees (collectively, the “ 2015 Consent Decrees ”) to resolve claims relating to our management of certain waste materials onsite at our Riverview, New Wales, Mulberry, Green Bay, South Pierce and Bartow fertilizer manufacturing facilities in Florida and our Faustina and Uncle Sam facilities in Louisiana. This followed a 2003 announcement by the EPA Office of Enforcement and Compliance Assurance that it would be targeting facilities in mineral processing industries, including phosphoric acid producers, for a thorough review under the U.S. Resource Conservation and Recovery Act (“ RCRA ”) and related state laws. As discussed below, a separate consent decree was previously entered into with EPA and the FDEP with respect to RCRA compliance at the Plant City, Florida phosphate concentrates facility (the “ Plant City Facility ”) that we acquired as part of our acquisition (the “ CF Phosphate Assets Acquisition ”) of the Florida phosphate assets and assumption of certain related liabilities of CF Industries, Inc. (“ CF ”). The remaining monetary obligations under the 2015 Consent Decrees include: • Modification of certain operating practices and undertaking certain capital improvement projects over a period of several years that are expected to result in capital expenditures likely to exceed $200 million in the aggregate. • Provision of additional financial assurance for the estimated Gypstack Closure Costs for Gypstacks at the covered facilities. The RCRA Trusts are discussed in Note 13 to our Consolidated Financial Statements. In addition, we have agreed to guarantee the difference between the amounts held in each RCRA Trust (including any earnings) and the estimated closure and long-term care costs. As of December 31, 2019 , the undiscounted amount of our Gypstack Closure Costs ARO associated with the facilities covered by the 2015 Consent Decrees, determined using the assumptions used for financial reporting purposes, was approximately $1.6 billion , and the present value of our Gypstack Closure Costs ARO reflected in our Consolidated Balance Sheet for those facilities was approximately $429.3 million . Plant City and Bonnie Facilities. As part of the CF Phosphate Assets Acquisition, we assumed certain AROs related to Gypstack Closure Costs at both the Plant City Facility and a closed Florida phosphate concentrates facility in Bartow, Florida (the “ Bonnie Facility ”) that we acquired. Associated with these assets are two related financial assurance arrangements for which we became responsible and that provide sources of funds for the estimated Gypstack Closure Costs for these facilities, pursuant to federal or state law: the government entities can draw against such amounts in the event we cannot perform such closure activities. One 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 that 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 Plant City in the form of a surety bond (the “ Plant City Bond ”). The amount of the Plant City Bond is $244.9 million , at December 31, 2019 , which reflects our closure cost estimates at that date. The other 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. On July 27, 2018, we received $21.0 million from the Bonnie Facility Trust by substituting the trust fund for 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 December 31, 2019 and 2018 , the aggregate amounts of AROs associated with the Plant City Facility and Bonnie Facility Gypstack Closure Costs included in our consolidated balance sheet were $211.2 million and $109.2 million |
Accounting for Derivative Instr
Accounting for Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2019 | |
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 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. As of December 31, 2019 and 2018 , the gross asset position of our derivative instruments was $29.9 million and $13.4 million , respectively, and the gross liability position of our liability instruments was $29.1 million and $89.4 million , respectively. 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 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 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 Consolidated Statements of Earnings. We apply fair value hedge accounting treatment to our fixed-to-floating interest rate 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. These fair value hedges are considered to be highly effective and, thus, as of December 31, 2019 , the impact on earnings due to hedge ineffectiveness was immaterial. Consistent with Mosaic’s intent to have floating rate debt as a portion of its outstanding debt, we had nine fixed-to-floating interest rate swap agreements with a total notional amount of $585.0 million as of the years ended December 31, 2019 and 2018 , related to our Senior Notes due 2023. The following is the total absolute notional volume associated with our outstanding derivative instruments: (in millions of Units) Instrument Derivative Category Unit of Measure December 31, December 31, Foreign currency derivatives Foreign Currency US Dollars 1,923.3 2,091.7 Interest rate derivatives Interest Rate US Dollars 585.0 585.0 Natural gas derivatives Commodity MMbtu 44.1 52.2 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 to the derivative instruments 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 December 31, 2019 and 2018 was $11.6 million and $37.9 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 December 31, 2019 , we would have been required to post an additional $7.0 million of collateral assets, which are either cash or U.S. Treasury instruments, to the counterparties. Counterparty Credit Risk We enter into foreign exchange, certain commodity and interest rate derivatives, primarily with a diversified group of highly rated counterparties. We continually monitor our positions and the credit ratings of the counterparties involved and limit the amount of credit exposure to any one party. While we may be exposed to potential losses due to the credit risk of non-performance by these counterparties, material losses are not anticipated. We closely monitor the credit risk associated with our counterparties and customers and to date have not experienced material losses. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
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 Consolidated Balance Sheets at fair value on a recurring basis: Foreign Currency Derivatives —The foreign currency derivative instruments that we currently use are forward contracts and zero-cost collars, which typically expire within eighteen months . Most of the valuations are adjusted by a forward yield curve or interest rates. In such cases, these derivative contracts are classified within Level 2. Some valuations are based on exchange-quoted prices, which are classified as Level 1. Changes in the fair market values of these contracts are recognized in the 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 December 31, 2019 and 2018 , the gross asset position of our foreign currency derivative instruments was $15.6 million and $13.1 million , respectively, and the gross liability position of our foreign currency derivative instruments was $22.9 million and $62.2 million , respectively. Commodity Derivatives —The commodity contracts primarily relate to natural gas. The commodity derivative instruments that we currently use are forward purchase contracts, swaps and three-way collars. The natural gas contracts settle using NYMEX futures or AECO price indexes, which represent fair value at any given time. The contracts’ maturities and settlements are scheduled for future months and settlements are scheduled to coincide with anticipated gas purchases during those future periods. Quoted market prices from NYMEX and AECO are used to determine the fair value of these instruments. These market prices are adjusted by a forward yield curve and are classified within Level 2. Changes in the fair market values of these contracts are recognized in the Consolidated Financial Statements as a component of cost of goods sold in our Corporate, Eliminations and Other segment. As of December 31, 2019 and 2018 , the gross asset position of our commodity derivative instruments was $2.9 million and $0.3 million , respectively, and the gross liability position of our commodity derivative instruments was $6.2 million and $17.7 million , respectively. Interest Rate Derivatives —We manage interest expense through interest rate contracts to convert a portion of our fixed-rate debt into floating-rate debt. 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 Consolidated Financial Statements as a component of interest expense. As of December 31, 2019 and 2018 , the gross asset position of our interest rate swap instruments was $11.4 million and zero , respectively, and the gross liability position of our interest rate swap instruments was zero and $9.5 million , respectively. Financial Instruments The carrying amounts and estimated fair values of our financial instruments are as follows: December 31, 2019 2018 Carrying Fair Carrying Fair (in millions) Amount Value Amount Value Cash and cash equivalents $ 519.1 $ 519.1 $ 847.7 $ 847.7 Accounts receivable 803.9 803.9 838.5 838.5 Accounts payable 680.4 680.4 780.9 780.9 Structured accounts payable arrangements 740.6 740.6 572.8 572.8 Short-term debt 41.6 41.6 11.5 11.5 Long-term debt, including current portion 4,572.7 4,920.9 4,517.5 4,554.6 For cash and cash equivalents, accounts receivable, 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. For information regarding the fair value of our marketable securities held in trusts, see Note 13 of our Notes to Consolidated Financial Statements. |
Guarantees and Indemnities
Guarantees and Indemnities | 12 Months Ended |
Dec. 31, 2019 | |
Guarantees [Abstract] | |
Guarantees and Indemnities | GUARANTEES AND INDEMNITIES We enter into various contracts that include indemnification and guarantee provisions as a routine part of our business activities. Examples of these contracts include asset purchase and sale agreements, surety bonds, financial assurances to regulatory agencies in connection with reclamation and closure obligations, commodity sale and purchase agreements, and other types of contractual agreements with vendors and other third parties. These agreements indemnify counterparties for matters such as reclamation and closure obligations, tax liabilities, environmental liabilities, litigation and other matters, as well as breaches by Mosaic of representations, warranties and covenants set forth in these agreements. In many cases, we are essentially guaranteeing our own performance, in which case the guarantees do not fall within the scope of the accounting and disclosures requirements under U.S. GAAP. Our more significant guarantees and indemnities are as follows: Guarantees to Brazilian Financial Parties. From time to time, we issue guarantees to financial parties in Brazil for certain amounts owed the institutions by certain customers of Mosaic. The guarantees are for all or part of the customers’ obligations. In the event that the customers default on their payments to the institutions and we would be required to perform under the guarantees, we have in most instances obtained collateral from the customers. We monitor the nonperformance risk of the counterparties and have noted no material concerns regarding their ability to perform on their obligations. The guarantees generally have a one-year term, but may extend up to two years or longer depending on the crop cycle, and we expect to renew many of these guarantees on a rolling twelve-month basis. As of December 31, 2019 , we have estimated the maximum potential future payment under the guarantees to be $71.4 million . The fair value of our guarantees is immaterial to the Consolidated Financial Statements as of December 31, 2019 and 2018. Other Indemnities. Our maximum potential exposure under other indemnification arrangements can range from a specified dollar amount to an unlimited amount, depending on the nature of the transaction. Total maximum potential exposure under these indemnification arrangements is not estimable due to uncertainty as to whether claims will be made or how they will be resolved. We do not believe that we will be required to make any material payments under these indemnity provisions. Because many of the guarantees and indemnities we issue to third parties do not limit the amount or duration of our obligations to perform under them, there exists a risk that we may have obligations in excess of the amounts described above. For those guarantees and indemnities that do not limit our liability exposure, we may not be able to estimate what our liability would be until a claim is made for payment or performance due to the contingent nature of these arrangements. |
Pension Plans and Other Benefit
Pension Plans and Other Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Pension Plans And Other Benefits | PENSION PLANS AND OTHER BENEFITS We sponsor pension and postretirement benefits through a variety of plans including defined benefit plans, defined contribution plans and postretirement benefit plans in North America and certain of our international locations. We reserve the right to amend, modify or terminate the Mosaic sponsored plans at any time, subject to provisions of the Employee Retirement Income Security Act of 1974 (“ ERISA ”), prior agreements and our collective bargaining agreements. Defined Benefit We sponsor various defined benefit pension plans in the U.S. and in Canada. Benefits are based on different combinations of years of service and compensation levels, depending on the plan. Generally, contributions to the U.S. plans are made to meet minimum funding requirements of ERISA, while contributions to Canadian plans are made in accordance with Pension Benefits Acts instituted by the provinces of Saskatchewan and Ontario. Certain employees in the U.S. and Canada, whose pension benefits exceed Internal Revenue Code and Canada Revenue Agency limitations, respectively, are covered by supplementary non-qualified, unfunded pension plans. We sponsor various defined benefit pension plans in Brazil, and we acquired through the Acquisition multi-employer pension plans for certain of our Brazil associates. All our pension plans are governed by the Brazilian pension plans regulatory agency, National Superintendence of Supplementary Pensions (“ PREVIC ”). Our Brazil plans are not individually significant to the Company's consolidated financial statements after factoring in the multi-employer pension plan indemnification that we acquired through the Acquisition. We made contributions to these plans, net of indemnification, of $0.7 million and $1.0 million during the years ended December 31, 2019 and 2018 , respectively. Accounting for Pension Plans The year-end status of the North American pension plans was as follows: Pension Plans Years Ended December 31, (in millions) 2019 2018 Change in projected benefit obligation: Benefit obligation at beginning of period $ 673.6 $ 766.1 Service cost 4.8 6.2 Interest cost 25.0 24.0 Actuarial (gain) loss 67.4 (48.3 ) Currency fluctuations 15.7 (28.0 ) Benefits paid (40.6 ) (46.4 ) Plan amendments 9.6 — Projected benefit obligation at end of period $ 755.5 $ 673.6 Change in plan assets: Fair value at beginning of period $ 701.2 $ 793.2 Currency fluctuations 16.8 (30.7 ) Actual return 107.7 (22.0 ) Company contribution 5.5 7.1 Benefits paid (40.6 ) (46.4 ) Fair value at end of period $ 790.6 $ 701.2 Funded status of the plans as of the end of period $ 35.1 $ 27.6 Amounts recognized in the consolidated balance sheets: Noncurrent assets $ 45.8 $ 40.5 Current liabilities (0.8 ) (0.7 ) Noncurrent liabilities (9.9 ) (12.2 ) Amounts recognized in accumulated other comprehensive (income) loss Prior service costs $ 25.2 $ 16.9 Actuarial loss 94.8 107.7 At December 31, 2019, approximately $7.4 million was included in accrued liabilities in our Consolidated Balance Sheet for curtailment costs related to the indefinite idling of the Colonsay mine. The accumulated benefit obligation for the defined benefit pension plans was $754.7 million and $673.0 million as of December 31, 2019 and 2018 , respectively. The components of net annual periodic benefit costs and other amounts recognized in other comprehensive income include the following components: Pension Plans (in millions) Years Ended December 31, 2019 2018 2017 Net Periodic Benefit Cost Service cost $ 4.8 $ 6.2 $ 5.9 Interest cost 25.0 24.0 24.3 Expected return on plan assets (33.8 ) (39.7 ) (41.3 ) Amortization of: Prior service cost 2.3 2.4 2.3 Actuarial loss 9.2 9.1 2.8 Preliminary net periodic benefit cost (income) $ 7.5 $ 2.0 $ (6.0 ) Curtailment/settlement expense — 1.2 2.4 Total net periodic benefit cost (income) $ 7.5 $ 3.2 $ (3.6 ) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Prior service (credit) cost recognized in other comprehensive income $ 5.5 $ (4.3 ) $ (3.8 ) Net actuarial loss (gain) recognized in other comprehensive income (13.9 ) 5.0 (4.0 ) Total recognized in other comprehensive income (loss) $ (8.4 ) $ 0.7 $ (7.8 ) Total recognized in net periodic benefit (income) cost and other comprehensive income $ (0.9 ) $ 3.9 $ (11.4 ) The estimated net actuarial (gain) loss and prior service cost (credit) for the pension plans and postretirement plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2020 is $11.5 million . The following estimated benefit payments, which reflect estimated future service are expected to be paid by the related plans in the years ending December 31: (in millions) Pension Plans Benefit Payments Other Postretirement Plans Benefit Payments Medicare Part D Adjustments 2020 $ 42.5 $ 3.5 $ 0.2 2021 43.3 3.3 0.2 2022 44.1 3.1 0.2 2023 44.2 2.8 0.2 2024 44.1 2.6 0.1 2024-2028 218.0 9.6 0.4 In 2020 , we expect to contribute cash of at least $7.2 million to the pension plans to meet minimum funding requirements. Also in 2020 , we anticipate contributing cash of $3.5 million to the postretirement medical benefit plans to fund anticipated benefit payments. Plan Assets and Investment Strategies The Company’s overall investment strategy is to obtain sufficient return and provide adequate liquidity to meet the benefit obligations of our pension plans. Investments are made in public securities to ensure adequate liquidity to support benefit payments. Domestic and international stocks and bonds provide diversification to the portfolio. For the U.S. plans, we utilize an asset allocation policy that seeks to reduce funded status volatility over time. As such, the primary investment objective beyond accumulating sufficient assets to meet future benefit obligations is to monitor and manage the assets of the plan to better insulate the asset portfolio from changes in interest rates that impact the liabilities. This requires an interest rate management strategy to reduce the sensitivity in the plan’s funded status and having a portion of the plan’s assets invested in return-seeking strategies. Currently, our policy includes an 80% allocation to fixed income and 20% to return-seeking strategies. The plans also have de-risking glide paths that will increase this protection as funded status improves. Actual allocations may experience temporary fluctuations based on market movements and investment strategies. For the Canadian pension plans the primary investment objective is to secure the promised pension benefits through capital preservation and appreciation to better manage the asset/liability gap and interest rate risk. A secondary investment objective is to most effectively manage investment volatility to reduce the variability of the Company’s required contributions. The plans are expected to achieve an annual overall return, over a five year rolling period, consistent with or in excess of total fund benchmarks that reflect each plan’s strategic allocations and respective market benchmarks at the individual asset class level. Management of the asset/liability gap of the plans and performance results are reviewed quarterly. Until September 2018, Mosaic had the four Canadian pension plans, two salaried and two hourly plans, managed in one master trust. In order to better match the assets with the liabilities of each plan, Mosaic decided to split the master trust into one trust for each plan. Currently, our policy includes an 80% allocation to fixed income and 20% to return-seeking strategies for the salaried plans and 60% allocation to fixed income and 40% to return-seeking strategies for the hourly plans. Actual allocations may experience temporary fluctuations based on market movements and investment strategies. A significant amount of the assets are invested in funds that are managed by a group of professional investment managers through Mosaic’s investment advisor. These funds are mainly commingled funds. Performance is reviewed by Mosaic management monthly by comparing each fund’s return to a benchmark with an in-depth quarterly review presented by Mosaic’s investment advisor to the Global Pension Investment Committee. We do not have significant concentrations of credit risk or industry sectors within the plan assets. Assets may be indirectly invested in Mosaic stock, but any risk related to this investment would be immaterial due to the insignificant percentage of the total pension assets that would be invested in Mosaic stock. Fair Value Measurements of Plan Assets The following tables provide fair value measurement, by asset class, of the Company’s defined benefit plan assets for both the U.S. and Canadian plans: (in millions) December 31, 2019 Pension Plan Asset Category Total Level 1 Level 2 Level 3 Cash $ 3.4 $ 3.4 $ — $ — Equity securities (a) 216.4 — 216.4 — Fixed income (b) 569.3 — 569.3 — Private equity funds 1.5 — — 1.5 Total assets at fair value $ 790.6 $ 3.4 $ 785.7 $ 1.5 (in millions) December 31, 2018 Pension Plan Asset Category Total Level 1 Level 2 Level 3 Cash $ 12.0 $ 12.0 $ — $ — Equity securities (a) 172.9 — 172.9 — Fixed income (b) 514.3 — 514.3 — Private equity funds 2.0 — — 2.0 Total assets at fair value $ 701.2 $ 12.0 $ 687.2 $ 2.0 ______________________________ (a) This class, which includes several funds, was invested approximately 35% in U.S. equity securities, 18% in Canadian equity securities and 47% in international equity securities as of December 31, 2019 , and 39% in U.S. equity securities, 18% in Canadian equity securities and 43% in international equity securities as of December 31, 2018 . (b) This class, which includes several funds, was invested approximately 46% in corporate debt securities, 49% in governmental securities in the U.S. and Canada and 5% in foreign entity debt securities as of December 31, 2019 , and 50% in corporate debt securities, 44% in governmental securities in the U.S. and Canada and 6% in foreign entity debt securities as of December 31, 2018 . Rates and Assumptions The approach used to develop the discount rate for the pension and postretirement plans is commonly referred to as the yield curve approach. Under this approach, we use a hypothetical curve formed by the average yields of available corporate bonds rated AA and above and match it against the projected benefit payment stream. Each category of cash flow of the projected benefit payment stream is discounted back using the respective interest rate on the yield curve. Using the present value of projected benefit payments, a weighted-average discount rate is derived. The approach used to develop the expected long-term rate of return on plan assets combines an analysis of historical performance, the drivers of investment performance by asset class and current economic fundamentals. For returns, we utilized a building block approach starting with inflation expectations and added an expected real return to arrive at a long-term nominal expected return for each asset class. Long-term expected real returns are derived from future expectations of the U.S. Treasury real yield curve. Weighted average assumptions used to determine benefit obligations were as follows: Pension Plans Years Ended December 31, 2019 2018 2017 Discount rate 3.12 % 4.09 % 3.51 % Expected return on plan assets 5.13 % 5.14 % 5.54 % Rate of compensation increase 3.00 % 3.50 % 3.50 % Weighted-average assumptions used to determine net benefit cost were as follows: Pension Plans Years Ended December 31, 2019 2018 2017 Discount rate 4.09 % 3.51 % 3.97 % Service cost discount rate 4.00 % 3.50 % 4.02 % Interest cost discount rate 3.77 % 3.21 % 3.44 % Expected return on plan assets 5.14 % 5.54 % 5.54 % Rate of compensation increase 3.50 % 3.50 % 3.50 % Defined Contribution Plans Eligible salaried and non-union hourly employees in the U.S. participate in a defined contribution investment plan which permits employees to defer a portion of their compensation through payroll deductions and provides matching contributions. We match 100% of the first 3% of the participant’s contributed pay plus 50% of the next 3% of the participant’s contributed pay, subject to Internal Revenue Service limits. Participant contributions, matching contributions and the related earnings immediately vest. Mosaic also provides an annual non-elective employer contribution feature for eligible salaried and non-union hourly employees based on the employee’s age and eligible pay. Participants are generally vested in the non-elective employer contributions after three years of service. In addition, a discretionary feature of the plan allows the Company to make additional contributions to employees. Certain union employees participate in a defined contribution retirement plan based on collective bargaining agreements. Canadian salaried and non-union hourly employees participate in an employer funded plan with employer contributions similar to the U.S. plan. The plan provides a profit sharing component which is paid each year. We also sponsor one mandatory union plan in Canada. Benefits in these plans vest after two years of consecutive service. The expense attributable to defined contribution plans in the U.S. and Canada was $56.4 million , $51.2 million and $54.3 million for 2019 , 2018 and 2017 , respectively. Postretirement Medical Benefit Plans We provide certain health care benefit plans for certain retired employees (“ Retiree Health Plans ”) which may be either contributory or non-contributory and contain certain other cost-sharing features such as deductibles and coinsurance. The North American Retiree Health Plans are unfunded and the projected benefit obligation was $35.5 million and $35.3 million as of December 31, 2019 and 2018 , respectively. This liability should continue to decrease due to our limited exposure. The related income statement effects of the Retiree Health Plans are not material to the Company. The year-end status of the Brazil postretirement medical benefit plans with a discount rate of 9.15% on each of December 31, 2019 and December 31, 2018 , was as follows: Postretirement Medical Benefits Years Ended December 31, (in millions) 2019 2018 Change in accumulated postretirement benefit obligation (“APBO”): APBO at beginning of year $ 75.8 $ 69.1 Service cost 0.8 1.5 Interest cost 6.9 6.8 Actuarial loss 30.7 13.0 Currency fluctuations (4.3 ) (13.1 ) Benefits paid (0.5 ) (1.5 ) APBO at end of year $ 109.4 $ 75.8 Change in plan assets: Company contribution $ 0.5 $ 1.5 Benefits paid (0.5 ) (1.5 ) Fair value at end of year $ — $ — Unfunded status of the plans as of the end of the year $ (109.4 ) $ (75.8 ) Amounts recognized in the consolidated balance sheets: Current liabilities $ (1.7 ) $ (0.5 ) Noncurrent liabilities (107.7 ) (75.3 ) Amounts recognized in accumulated other comprehensive (income) loss Actuarial loss $ 50.9 $ 23.9 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income (Loss) Note | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table sets forth the changes in AOCI by component during the years ended December 31, 2019, 2018 and 2017 : (in millions) Foreign Currency Translation Gain (Loss) Net Actuarial Gain and Prior Service Cost Amortization of Gain on Interest Rate Swap Net Gain (Loss) on Marketable Securities Held in Trust Total Balance at December 31, 2016 $ (1,196.6 ) $ (101.0 ) $ (3.5 ) $ (11.1 ) (1,312.2 ) Other comprehensive income 251.9 8.4 2.4 2.7 265.4 Tax (expense) or benefit (11.4 ) (2.1 ) (0.7 ) (1.0 ) (15.2 ) Other comprehensive income, net of tax 240.5 6.3 1.7 1.7 250.2 Less: amount attributable to noncontrolling interest 0.4 — — — 0.4 Balance at December 31, 2017 $ (955.7 ) $ (94.7 ) $ (1.8 ) $ (9.4 ) $ (1,061.6 ) Other comprehensive income (loss) (621.4 ) (8.2 ) 2.3 4.8 (622.5 ) Tax (expense) or benefit 24.5 (2.4 ) (0.1 ) (0.2 ) 21.8 Other comprehensive income (loss), net of tax (596.9 ) (10.6 ) 2.2 4.6 (600.7 ) Less: amount attributable to noncontrolling interest 5.2 — — — 5.2 Balance at December 31, 2018 $ (1,547.4 ) $ (105.3 ) $ 0.4 $ (4.8 ) $ (1,657.1 ) Other comprehensive income (loss) 74.1 (26.2 ) 2.2 14.0 64.1 Tax (expense) or benefit (4.7 ) 1.9 (0.5 ) (3.1 ) (6.4 ) Other comprehensive income (loss), net of tax 69.4 (24.3 ) 1.7 10.9 57.7 Less: amount attributable to noncontrolling interest 1.2 — — — 1.2 Balance at December 31, 2019 $ (1,476.8 ) $ (129.6 ) $ 2.1 $ 6.1 $ (1,598.2 ) |
Share Repurchases
Share Repurchases | 12 Months Ended |
Dec. 31, 2019 | |
Share Repurchases [Abstract] | |
Share Repurchases [Text Block] | SHARE REPURCHASES In May 2015, our Board of Directors authorized a $1.5 billion share repurchase program (the “ 2015 Repurchase Program ”), allowing Mosaic to repurchase shares of our Common Stock through open market purchases, accelerated share repurchase arrangements, privately negotiated transactions or otherwise. The 2015 Repurchase Program has no set expiration date. During the year ended December 31, 2019 , we repurchased 7.1 million shares of Common Stock under the 2015 Repurchase Program for approximately $150 million . We previously repurchased 15.8 shares under the 2015 Repurchase Program for an aggregate total of approximately $650 million . The remaining amount that could be repurchased under this program was $700 million as of December 31, 2019 . 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, and corporate, regulatory and other considerations. |
Share-based Payments
Share-based Payments | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Payments | SHARE-BASED PAYMENTS The Mosaic Company 2014 Stock and Incentive Plan (the “ 2014 Stock and Incentive Plan ”) was approved by our shareholders and became effective on May 15, 2014. It permits up to 25 million shares of common stock to be issued under share-based awards granted under the plan. The 2014 Stock and Incentive Plan provides for grants of stock options, restricted stock, restricted stock units, performance units and a variety of other share-based and non-share-based awards. Our employees, officers, directors, consultants, agents, advisors and independent contractors, as well as other designated individuals, are eligible to participate in the 2014 Stock and Incentive Plan. The Mosaic Company 2004 Omnibus Stock and Incentive Plan (the “ Omnibus Plan ”), which was approved by our shareholders and became effective in 2004 and subsequently amended, provided for the grant of shares and share options to employees for up to 25 million shares of common stock. While awards may no longer be made under the Omnibus Plan, it will remain in effect with respect to the awards that had been granted thereunder prior to its termination. Mosaic settles stock option exercises, restricted stock units and certain performance units and performance shares with newly issued common shares. The Compensation Committee of the Board of Directors administers the 2014 Stock and Incentive Plan and the Omnibus Plan subject to their respective provisions and applicable law. Stock Options Stock options are granted with an exercise price equal to the market price of our stock at the date of grant and have a ten-year contractual term. The fair value of each option award is estimated on the date of the grant using the Black-Scholes option valuation model. Stock options vest in equal annual installments in the first three years following the date of grant (graded vesting). Stock options are expensed on a straight-line basis over the required service period, based on the estimated fair value of the award on the date of grant, net of estimated forfeitures. Valuation Assumptions Assumptions used to calculate the fair value of stock options awarded in 2017 are noted in the following table. There were no stock options granted or issued in 2019 or 2018. Expected volatility is based on the simple average of implied and historical volatility using the daily closing prices of the Company’s stock for a period equal to the expected term of the option. The risk-free interest rate is based on the U.S. Treasury rate at the time of the grant for instruments of comparable life. Year Ended December 31, 2017 Weighted average assumptions used in option valuations: Expected volatility 35.35 % Expected dividend yield 1.97 % Expected term (in years) 7 Risk-free interest rate 2.34 % A summary of the status of our stock options as of December 31, 2019 , and activity during 2019 , is as follows: Shares (in millions) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2018 2.4 $ 45.50 Granted — — Cancelled (0.2 ) $ 52.92 Outstanding as of December 31, 2019 2.2 $ 44.69 3.4 $ — Exercisable as of December 31, 2019 2.0 $ 45.56 3.1 $ — The weighted-average grant date fair value of options granted during 2017 were $9.91 . There were no options exercised during 2019 , 2018 or 2017 . Restricted Stock Units Restricted stock units are issued to various employees, officers and directors at a price equal to the market price of our stock at the date of grant. The fair value of restricted stock units is equal to the market price of our stock at the date of grant. Restricted stock units generally cliff vest after three years of continuous service and are expensed on a straight-line basis over the required service period, based on the estimated grant date fair value, net of estimated forfeitures. A summary of the status of our restricted stock units as of December 31, 2019 , and activity during 2019 , is as follows: Shares (in millions) Weighted Average Grant Date Fair Value Per Share Restricted stock units as of December 31, 2018 1.6 $ 27.27 Granted 0.8 26.87 Issued and cancelled (0.6 ) $ 26.85 Restricted stock units as of December 31, 2019 1.8 $ 27.27 Performance Units During the years ended December 31, 2019, 2018 and 2017 , 603,856 , 401,098 and 455,740 total shareholder return (“ TSR ”) performance units were granted, respectively. Final performance units are awarded based on the increase or decrease, subject to certain limitations, in Mosaic’s share price from the grant date to the third anniversary of the award, plus dividends (a measure of total shareholder return or TSR). The beginning and ending stock prices are based on a 30 trading-day average stock price. Holders of the awards must be employed at the end of the performance period in order for any units to vest, except in the event of death, disability or retirement at or after age 60 , certain changes in control or the exercise of Committee or Board discretion as provided in the related award agreements. The fair value of each TSR performance unit is determined using a Monte Carlo simulation. This valuation methodology utilizes assumptions consistent with those of our other share-based awards and a range of ending stock prices; however, the expected term of the awards is three years , which impacts the assumptions used to calculate the fair value of performance units as shown in the table below. 203,782 of the TSR performance awards issued in 2019 are to be settled in cash, and are therefore accounted for as a liability with changes in value recorded through earnings during the service period. The remaining TSR performance units issued in 2019, and all of the 2018 and 2017 TSR performance units, are considered equity-classified fixed awards measured at grant-date fair value and not subsequently re-measured. All of the TSR performance units cliff vest after three years of continuous service and are expensed on a straight-line basis over the required service period, based on the estimated grant date fair value of the award net of estimated forfeitures. A summary of the assumptions used to estimate the fair value of TSR performance units is as follows: Years Ended December 31, 2019 2018 2017 Performance units granted 603,856 401,098 455,740 Average fair value of performance units on grant date $ 25.87 $ 28.09 $ 28.02 Weighted average assumptions used in performance unit valuations: Expected volatility 33.70 % 34.30 % 34.26 % Expected dividend yield 0.72 % 0.37 % 1.97 % Expected term (in years) 3 3 3 Risk-free interest rate 2.43 % 2.42 % 1.60 % A summary of our performance unit activity during 2019 is as follows: Shares (in millions) Weighted Average Grant Date Fair Value Per Share Outstanding as of December 31, 2018 1.3 $ 33.26 Granted 0.6 25.87 Issued and cancelled (0.5 ) $ 27.83 Outstanding as of December 31, 2019 1.4 $ 27.13 Share-Based Compensation Expense We recorded share-based compensation expense of $31.6 million , $27.5 million and $28.0 million for 2019 , 2018 and 2017 , respectively. The tax benefit related to share exercises and lapses in the year was $6.7 million , $5.8 million and $9.7 million for 2019 , 2018 and 2017 , respectively. As of December 31, 2019 , there was $16.6 million of total unrecognized compensation cost related to options, restricted stock units and performance units and shares granted under the 2014 Stock and Incentive Plan and the Omnibus Plan. The unrecognized compensation cost is expected to be recognized over a weighted-average period of one year . No options vested in 2019 or 2018. The total fair value of options vested in 2017 was $4.2 million . There was no cash received from exercises of share-based payment arrangements for 2019 , 2018 or 2017 . We received a tax benefit for tax deductions from options of $2.6 million , $2.3 million and $14.0 million in 2019 , 2018 and 2017 , respectively. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | COMMITMENTS We lease certain plants, warehouses, terminals, office facilities, railcars and various types of equipment under operating leases, some of which include rent payment escalation clauses, with lease terms ranging from one to 29 years. In addition to minimum lease payments, some of our office facility leases require payment of our proportionate share of real estate taxes and building operating expenses. Our future obligations under these leases are included in Note 4 of our Notes to Consolidated Financial Statements. We also have purchase obligations to purchase goods and services, primarily for raw materials used in products sold to customers. In 2013, we entered into an ammonia supply agreement with CF (the “ CF Ammonia Supply Agreement ”) that commenced in 2017, under which Mosaic agreed to purchase approximately 545,000 to 725,000 tonnes of ammonia per year during a term that may extend until December 31, 2032 at a price tied to the prevailing price of U.S. natural gas. We have long-term agreements for the purchase of sulfur, which is used in the production of phosphoric acid, and natural gas, which is a significant raw material used primarily in the solution mining process in our Potash segment as well as in our phosphate concentrates plants. Also, we have agreements for capital expenditures primarily in our Potash segments related to our expansion projects. A schedule of future minimum long-term purchase commitments, based on expected market prices as of December 31, 2019 is as follows: (in millions) Purchase Commitments 2020 $ 1,931.4 2021 682.6 2022 434.5 2023 319.7 2024 249.6 Subsequent years 1,344.5 $ 4,962.3 Purchases made under long-term commitments in 2019 , 2018 and 2017 were $1.9 billion , $2.0 billion and $1.9 billion , respectively. Most of our export sales of potash crop nutrients are marketed through a North American export association, Canpotex, which may fund its operations in part through third-party financing facilities. As a member, Mosaic or our subsidiaries are contractually obligated to reimburse Canpotex for their pro rata share of any operating expenses or other liabilities incurred. The reimbursements are made through reductions to members’ cash receipts from Canpotex. We incur liabilities for reclamation activities and Gypstack closures in our Florida and Louisiana operations where, in order to obtain necessary permits, we must either pass a test of financial strength or provide credit support, typically in the form of cash deposits, surety bonds or letters of credit. The surety bonds generally expire within one year or less but a substantial portion of these instruments provide financial assurance for continuing obligations and, therefore, in most cases, must be renewed on an annual basis. As of December 31, 2019 , we had $544.8 million in surety bonds outstanding, of which $260.3 million is for reclamation obligations, primarily related to mining in Florida. In addition, included in this amount is $244.9 million , reflecting our updated closure cost estimates, delivered to EPA as a substitute for the financial assurance provided through the Plant City Trust. The remaining balance in surety bonds outstanding of $39.6 million is for other matters. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIES We have described below the 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 $39.3 million and $58.6 million , as of December 31, 2019 and 2018 , respectively, expenditures for these known conditions currently are not expected, individually or in the aggregate, to have a material effect on our business or financial condition. However, material expenditures could be required in the future to remediate the contamination at known sites or at other current or former sites or as a result of other environmental, health and safety matters. Below is a discussion of the more significant environmental matters. New Wales Water Loss Incident. In August 2016, a sinkhole developed under one of the two cells of the active Gypstack at our New Wales facility in Polk County, Florida, resulting in process water from the stack draining into the sinkhole. The incident was reported to the FDEP and EPA. In October 2016, our subsidiary, Mosaic Fertilizer, entered into a consent order (the “ Order ”) with the FDEP relating to the incident. Under the order, Mosaic Fertilizer agreed to, among other things: implement a remediation plan to close the sinkhole; perform additional monitoring of the groundwater quality and act to assess and remediate in the event monitored off-site water does not comply with applicable standards as a result of the incident; evaluate the risk of potential future sinkhole formation at the New Wales facility and at Mosaic Fertilizer’s active Gypstack operations at the Bartow, Riverview and Plant City facilities with recommendations to address any identified issues; and provide financial assurance of no less than $40.0 million , which we have done without the need for any expenditure of corporate funds through satisfaction of a financial strength test and Mosaic parent guarantee. The Order did not require payment of civil penalties relating to the incident. As of December 31, 2019 , the sinkhole repairs were substantially complete, with $80.2 million spent in remediation and sinkhole-related costs through this date. We estimate remaining costs will have no significant impact to our Consolidated Financial Statements. Additional expenditures could be required in the future for additional remediation or other measures in connection with the sinkhole including if, for example, FDEP or EPA were to request additional measures to address risks presented by the Gypstack. These expenditures could be material. In addition, we are unable to predict at this time what, if any, impact the New Wales water loss incident will have on future Florida permitting efforts. EPA RCRA Initiative. We have certain financial assurance and other obligations under consent decrees and a separate financial assurance arrangement relating to our facilities in Florida and Louisiana. These obligations are discussed in Note 15 of our Notes to Consolidated Financial Statements. EPA EPCRA Initiative. In July 2008, DOJ sent a letter to major U.S. phosphoric acid manufacturers, including us, stating that EPA’s ongoing investigation indicates apparent violations of Section 313 of the Emergency Planning and Community Right-to-Know Act (“ EPCRA ”) at their phosphoric acid manufacturing facilities. Section 313 of EPCRA requires annual reports to be submitted with respect to the use or presence of certain toxic chemicals. DOJ and EPA also stated that they believe that a number of these facilities have violated Section 304 of EPCRA and Section 103 of the Comprehensive Environmental Response, Compensation and Liability Act (“ CERCLA ”) by failing to provide required notifications relating to the release of hydrogen fluoride from the facilities. The letter did not identify any specific violations by us or assert a demand for penalties against us. We cannot predict at this time whether EPA and DOJ will initiate an enforcement action over this matter, what its scope would be, or what the range of outcomes of such a potential enforcement action might be. Florida Sulfuric Acid Plants. On April 8, 2010, EPA Region 4 submitted an administrative subpoena to us under Section 114 of the Federal Clean Air Act (the “ CAA ”) regarding compliance of our Florida sulfuric acid plants with the “New Source Review” requirements of the CAA. The request received by Mosaic appears to be part of a broader EPA national enforcement initiative focusing on sulfuric acid plants. On June 6, 2010, EPA issued a notice of violation to CF (the " CF NOV ") with respect to "New Source Review" compliance at the Plant City Facility's sulfuric acid plants and the allegations in the CF NOV were not resolved before our 2014 acquisition of the Plant City Facility. CF has agreed to indemnify us with respect to any penalty EPA may assess as a result of the allegations in the CF NOV. We have been engaged in settlement discussions with U.S. EPA and the Department of Justice, originating with the allegations of violations of Clean Air Act Prevention of Significant Deterioration (PSD) permitting requirements at the Plant City sulfuric acid plants and encompassing injunctive relief regarding sulfur dioxide emissions across Mosaic’s Florida sulfuric acid plant fleet. With the closure of Plant City fertilizer operations, there is no longer a need to reach resolution with the government on injunctive relief (i.e., reduction of sulfur dioxide emissions) at that facility. Furthermore, the Department of Justice has determined that there is no basis for proceeding with a settlement, as EPA and the Department have not currently alleged any violations of the Clean Air Act PSD permitting requirements at any other of Mosaic’s Florida sulfuric acid plants. We cannot predict at this time whether EPA and DOJ will initiate an enforcement action in the future with respect to “New Source Review” compliance at our Florida sulfuric acid plants or what its scope would be, or what the range of outcomes might be with respect to such a potential enforcement action. Uncle Sam Gypstack . In January 2019, we observed lateral movement of the north slope of our active phosphogypsum stack at the Uncle Sam facility in Louisiana. The observation was reported to the Louisiana Department of Environmental Quality and the U.S. EPA. We continue to provide updates to the agencies on the movement, which has slowed following actions we have taken, which include reducing process water volume stored atop the stack to reduce the active load causing the movement; constructing a stability berm at the base of the slope to increase resistance; and removing gypsum from the north side to the south side. These steps have improved slope stability, reduced slope movement and reduced our capacity to store process water. There has been no loss of containment resulting from the movement observed, and none is expected. Although continued lateral movement on the north slope and a sustained reduction in process water storage could have a material effect on our future operations at that facility, we cannot predict the prospective impact on our results of operations at this time. Other Environmental Matters. Superfund and equivalent state statutes impose liability without regard to fault or to the legality of a party’s conduct on certain categories of persons who are considered to have contributed to the release of “hazardous substances” into the environment. Under Superfund, or its various state analogues, one party may, under certain circumstances, be required to bear more than its proportionate share of cleanup costs at a site where it has liability if payments cannot be obtained from other responsible parties. Currently, certain of our subsidiaries are involved or concluding involvement at several Superfund or equivalent state sites. Our remedial liability from these sites, alone or in the aggregate, currently is not expected to have a material effect on our business or financial condition. As more information is obtained regarding these sites and the potentially responsible parties involved, this expectation could change. We believe that, pursuant to several indemnification agreements, our subsidiaries are entitled to at least partial, and in many instances complete, indemnification for the costs that may be expended by us or our subsidiaries to remedy environmental issues at certain facilities. These agreements address issues that resulted from activities occurring prior to our acquisition of facilities or businesses from parties including, but not limited to, ARCO (BP); Beatrice Fund for Environmental Liabilities; Conoco; Conserv; Estech, Inc.; Kaiser Aluminum & Chemical Corporation; Kerr-McGee Inc.; PPG Industries, Inc.; The Williams Companies; CF; and certain other private parties. Our subsidiaries have already received and anticipate receiving amounts pursuant to the indemnification agreements for certain of their expenses incurred to date as well as future anticipated expenditures. We record potential indemnifications as an offset to the established accruals when they are realizable or realized. Louisiana Parishes Coastal Zone Cases. Several Louisiana parishes and the City of New Orleans have filed lawsuits against hundreds of oil and gas companies seeking regulatory, restoration and compensatory damages in connection with historical oil, gas and sulfur mining and transportation operations in the coastal zone of Louisiana. Mosaic is the corporate successor to certain companies which performed these types of operations in the coastal zone of Louisiana. Mosaic has been named in two of the lawsuits filed to date. In addition, in several other cases, historical oil, gas and sulfur operations which may have been related to Mosaic’s corporate predecessors have been identified in the complaints. Based upon information known to date, Mosaic has contractual indemnification rights against third parties for any loss or liability arising out of these claims pursuant to indemnification agreements entered into by Mosaic’s corporate predecessor(s) with third parties. There may also be insurance contracts which may respond to some or all of the claims. However, the financial ability of the third party indemnitors, the extent of potential insurance coverage and the extent of potential liability from these claims is currently unknown. In September 2019, counsel for several of the parishes announced that an agreement had been reached to settle the claims against Mosaic and its corporate predecessors, subject to approval by the participating parishes and the State of Louisiana. In connection with that settlement agreement, the proposed settlement payment obligations would be paid by third party indemnitors. Phosphate Mine Permitting in Florida Denial of the permits sought at any of our mines, issuance of the permits with cost-prohibitive conditions, substantial delays in issuing the permits, legal actions that prevent us from relying on permits or revocation of permits may create challenges for us to mine the phosphate rock required to operate our Florida and Louisiana phosphate plants at desired levels or increase our costs in the future. The South Pasture Extension Mine Litigation. In November 2016, the Army Corps of Engineers (the “ Corps ”) issued a federal wetlands permit under the Clean Water Act for mining an extension of our South Pasture phosphate rock mine in central Florida. On December 20, 2016, the Center for Biological Diversity, ManaSota-88, People for Protecting Peace River and Suncoast Waterkeeper (collectively, “ NGO Plaintiffs ”) issued a 60-day notice of intent to sue the Corps and the U.S. Fish and Wildlife Service (the “ Service ”) under the federal Endangered Species Act regarding actions taken by the Corps and the Service in connection with the issuance of the permit. On March 15, 2017, the NGO Plaintiffs filed a complaint against the Corps, the Service and the U.S. Department of the Interior (collectively “ Government Defendants ”) in the U.S. District Court for the Middle District of Florida, Tampa Division. The complaint alleges that various actions taken by the Corps and the Service in connection with the issuance of the permit, including in connection with the Service’s biological opinion and the Corps’ reliance on that biological opinion, violated substantive and procedural requirements of the federal Clean Water Act (“ CWA ”), the National Environmental Policy Act (“ NEPA ”) and the Endangered Species Act (the “ ESA ”), and were arbitrary, capricious, an abuse of discretion, and otherwise not in accordance with law, in violation of the Administrative Procedure Act (the “ APA ”). In their Complaint, the NGO Plaintiffs sought specific relief including (i) declarations that the Corps’ decision to issue the permit violated the CWA, NEPA, the ESA and the APA and that its NEPA review violated the law; (ii) declarations that the Service’s biological opinion violated applicable law and that the Corps’ reliance on the biological opinion violated the ESA; (iii) orders that the Corps rescind the permit, that the Service withdraw its biological opinion and related analyses and prepare a biological opinion that complies with the ESA; and (iv) that the Corps be preliminarily and permanently enjoined from authorizing any further action under the permit until it complies fully with the requirements of the CWA, NEPA, the ESA and the APA. On March 31, 2017, Mosaic’s motion for intervention was granted with no restrictions. Plaintiffs filed an amended complaint on June 2, 2017, without any new substantive allegations, and on June 28, 2017, Mosaic (as intervenor) and separately, the Government Defendants, filed answers to the amended complaint. In June through July, 2017, the parties filed competing Motions for Summary Judgment based on the administrative record developed for the challenged federal permits and approvals, consistent with the Administrative Procedures Act. On December 14, 2017, the U.S. District Court granted Mosaic’s motion for summary judgment in favor of Mosaic and the Government Defendants, denied all claims raised by the NGO Plaintiffs, and denied the NGO Plaintiffs’ motion to supplement the administrative record. On February 12, 2018, the NGO Plaintiffs filed an appeal with the U.S. Court of Appeals for the Eleventh Circuit seeking to overturn the U.S. District Court’s decision. Notably, the NGO Plaintiffs did not seek reversal of the Court’s decision as to the Clean Water Act claims, but focused on the Endangered Species Act and National Environmental Policy Act claims for relief. The appellate case was fully briefed with close coordination between counsel for Mosaic and the Justice Department in developing the Appellants’ Briefs and Reply Briefs. A mandatory mediation occurred on March 19, 2018, but no settlement was reached. Oral argument was held before the Eleventh Circuit Court of Appeals on May 22, 2019. On November 4, 2019, the 11th Circuit U.S. Court of Appeals upheld the federal permits issued for Mosaic’s South Pasture Extension Mine and the adequacy of the Area wide Environmental Impact Statement (AEIS) that served as the NEPA support for three of Mosaic’s new Florida phosphate mines. The Court of Appeals held that the Corps of Engineers’ decision to issue the Clean Water Act 404 Permit and its reliance on the AEIS to satisfy the federal NEPA requirements was a proper exercise of its authority. On December 18, 2019, the NGO Plaintiffs filed a Petition for Rehearing En Banc seeking a rehearing before the entire 15-judge panel of the Court of Appeals. No responses to the Petition for Rehearing are allowed by Mosaic or the Government Defendants, unless requested by the Court. We believe the NGO Plaintiffs’ claims in this case are without merit and we will continue to vigorously defend the Corps’ issuance of the SPE Mine CWA 404 Permit and the Service’s biological opinion. However, if the NGO Plaintiffs were to prevail in this case, we would be prohibited from continuing to mine the SPE Mine, and obtaining new or modified permits could significantly delay our resumption of mining and could result in more onerous mining conditions. This could have a material adverse effect on our future results of operations, reduce future cash flows from operations, and in the longer term, conceivably adversely affect our liquidity and capital resources. MicroEssentials ® Patent Lawsuit On January 9, 2009, John Sanders and Specialty Fertilizer Products, LLC filed a complaint against Mosaic, Mosaic Fertilizer, LLC, Cargill, Incorporated and Cargill Fertilizer, Inc. in the United States District Court for the Western District of Missouri (the “ Missouri District Court ”). The plaintiffs alleged that our production of MicroEssentials ® value-added ammoniated phosphate crop nutrient products that we produce, infringed on a patent owned by the plaintiffs. Plaintiffs sought to enjoin the alleged infringement and to recover an unspecified amount of damages and attorneys’ fees for past infringement. Through an order entered by the court on September 25, 2014, Cargill was dismissed as a defendant, and the two original plaintiffs were replaced by a single plaintiff, JLSMN LLC, an entity to whom the patent was transferred. The Missouri District Court stayed the lawsuit pending reexamination of plaintiff’s patent claims by the U.S. Patent and Trademark Office (the “ PTO ”). On September 12, 2012, Shell Oil Company (“ Shell ”) filed an additional reexamination request which in part asserted that the claims as amended and added in connection with the reexamination are unpatentable. On October 4, 2012, the PTO issued a Reexamination Certificate in which certain claims of the plaintiff’s patent were cancelled, disclaimed and amended, and new claims were added. On December 11, 2012, the PTO issued an initial rejection of all of plaintiff’s remaining patent claims but later reversed its decision. Shell appealed the PTO’s decision. On June 7, 2016, the Patent Trial and Appeal Board issued a decision holding that all patent claims initially allowed to the plaintiff should have been found invalid. On November 8, 2017, the Federal Circuit Court of Appeals affirmed the Patent Trial and Appeal Board’s decision. On June 25, 2018, the United States Supreme Court denied plaintiffs petition for writ of certiorari. The case in the Missouri District Court has been dismissed with prejudice, and the matter is now concluded. Brazil Legal Contingencies Our Brazilian subsidiaries are engaged in a number of judicial and administrative proceedings regarding labor, environmental and civil claims that allege aggregate damages and/or fines of approximately $1.1 billion . We estimate that our probable aggregate loss with respect to these claims is approximately $90.5 million , which is included in our accrued liabilities in our Consolidated Balance Sheets at December 31, 2019 . Approximately $775.5 million of the maximum potential loss relates to labor claims, such as in-house and third-party employees' judicial proceedings alleging the right to receive overtime pay, additional payment due to work in hazardous conditions, risk premium, profit sharing, additional payment due to night work, salary parity and wage differences. We estimate that our probable aggregate loss regarding these claims is approximately $63.2 million , which is included in accrued liabilities in our Consolidated Balance Sheets at December 31, 2019 . 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. From the $63.2 million reserves mentioned above, approximately $7.4 million r elates to a collective lawsuit filed by the labor union in Tapira claiming workers are entitled to overtime pay because the work shift should include transportation time to travel to a facility in which no public transportation was available. Approximately $4.9 million relates to a collective lawsuit filed by the labor union in Rosário do Catete, Sergipe, claiming payment of overtime due to an irregular work shift in force until 2016. Both matters are currently before the Brazilian Labor Superior Court. Approximately $2.7 million relates to a class action filed by one of the unions claiming additional payment for occupational hazard due to the alleged exposure of workers to explosive gases at the Company's potash mine at Rosário do Catete, Sergipe. The environmental judicial and administrative proceedings claims allege aggregate damages and/or fines in excess of $145.9 million ; however, we estimate that our probable aggregate loss regarding these claims in approximately $5.6 million , which has been accrued at December 31, 2019 . The majority of the reserves involves a claim filed in 2012 by the State Public Prosecutor Office, alleging that the Company delayed construction of an effluent treatment plant, thereby subjecting it to a fine under the commitment agreement. The mining judicial and administrative proceedings claims allege aggregate damages and/or fines of approximately $16.7 million . We estimate that our probable aggregate loss regarding these claims is approximately $10.2 million , which has been accrued at December 31, 2019 . The majority of the reserves involves an arbitration proceeding initiated by EMS/GEOFOCUS (" EMS ") in which Mosaic was ordered to indemnify EMS for the costs of exploring certain mining rights on behalf of Mosaic. Our Brazilian subsidiaries also have certain other civil contingent liabilities with respect to judicial, administrative and arbitration proceedings and claims related to contract disputes, pension plan matters, real state disputes and other civil matters arising in the ordinary course of business. These claims allege aggregate damages in excess of $180.8 million . We estimate that the probable aggregate loss with respect to these matters is approximately $11.5 million . Uberaba Judicial Settlement In 2013, the Federal Public Prosecutor filed a public civil action requesting the Company adopt several measures to mitigate soil and water contamination related to the Gypstack at our Uberaba facility, including compensation for the alleged social and environmental damages. In 2014, our predecessor subsidiary in Brazil entered into a judicial settlement with the federal public prosecutor, the State of Minas Gerais public prosecutor and the federal environmental agency. Under this agreement, we agreed to implement remediation measures such as: constructing a liner under the Gypstack water ponds and lagoons, and monitoring the groundwater and soil quality. We also agreed to create a private reserve of natural heritage and to pay compensation in the amount of approximately $0.3 million , which was paid in July 2018. We are currently acting in compliance with our obligations under the judicial settlement and expect them to be completed by December 31, 2023. Uberaba EHS Class Action In 2013, the State of Minas Gerais public prosecutor filed a class action claiming that our predecessor company in Brazil did not comply with labor safety rules and working hour laws. This claim was based on an inspection conducted by the Labor and Employment Ministry in 2010, following which we were fined for not complying with several labor regulations. We filed our defense, claiming that we complied with these labor regulations and that the assessment carried out by the inspectors in 2010 was abusive. Following the initial hearing, the court ordered an examination to determine whether there has been any non-compliance with labor regulations. The examination is currently pending. The amount involved in the proceeding is $31.8 million . Brazil Tax Contingencies Our Brazilian subsidiaries are engaged in a number of judicial and administrative proceedings relating to various non-income tax matters. We estimate that our maximum potential liability with respect to these matters is approximately $408.2 million , of which $212.0 million is subject to an indemnification agreement entered into with Vale S.A. in connection with the Acquisition. Approximately $271.0 million of the maximum potential liability relates to a Brazilian federal value added tax, PIS and COFINS, and tax credit cases, while the majority of the remaining amount relates to various other non-income tax cases such as value-added taxes. The maximum potential liability can increase with new audits. Based on Brazil legislation and the current status of similar tax cases involving unrelated taxpayers, we believe we have recorded adequate loss contingency reserves sufficient to cover our estimate of probable losses, which are immaterial. If the status of similar tax cases involving unrelated taxpayer changes in the future, additional accruals could be required. Other Claims |
Related Party (Notes)
Related Party (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 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 December 31, 2019 , the net amount due from our non-consolidated companies totaled $23.2 million . As of December 31, 2018 , there was a net amount due to our non-consolidated companies of $95.2 million . These amounts include a long-term indemnification asset of $32.5 million from Vale S.A. for reimbursement of pension plan obligations. The Consolidated Statements of Earnings included the following transactions with our non-consolidated companies: Years Ended December 31, (in millions) 2019 2018 2017 Transactions with non-consolidated companies included in net sales $ 969.5 $ 842.4 $ 715.3 Transactions with non-consolidated companies included in cost of goods sold $ 1,057.7 $ 1,046.4 $ 750.2 As part of the MWSPC joint venture, we market approximately 25% of the MWSPC production, for which approximately $8.3 million , $6.6 million and $1.0 million is included in revenue for the years ended December 31, 2019 , 2018 and 2017 , respectively. In November 2015, we agreed to provide funds to finance the purchase and construction of two articulated tug and barge units, intended to transport anhydrous ammonia for our operations, through a bridge loan agreement with Gulf Marine Solutions, LLC ( “GMS” ). GMS is a wholly owned subsidiary of Gulf Sulphur Services Ltd., LLLP (“ Gulf Sulphur Services ”), an entity in which we and a joint venture partner, Savage Companies (“ Savage ”), each indirectly own a 50% equity interest and for which a subsidiary of Savage provides operating and management services. GMS provided these funds through draws on the Mosaic bridge loan, and through additional loans from Gulf Sulphur Services. We determined, beginning in 2015 that we are the primary beneficiary of GMS, a variable interest entity and, at that time, we consolidated GMS’s operations in our Phosphates segment. On October 24, 2017, a lease financing transaction was completed with respect to the completed tug and barge unit, and; following the application of proceeds from the transaction, all outstanding loans made by Gulf Sulphur Services to GMS, together with accrued interest, were repaid, and the bridge loans related to the first unit’s construction were repaid. At December 31, 2019 and December 31, 2018 , $74.7 million and $75.3 million in bridge loans relating to the cancelled second barge and the remaining tug, which are eliminated in consolidation, were outstanding, respectively. Reserves against the bridge loan of approximately $54.2 million were recorded through December 31, 2018 , and no additional charges were recorded in 2019 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | 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. For a description of our business segments see Note 1 of our Notes to Consolidated Financial Statements. We evaluate performance based on the operating earnings of the respective business segments, which includes certain allocations of corporate selling, general and administrative expenses. The segment results may not represent the actual results that would be expected if they were independent, stand-alone businesses. Intersegment eliminations, including profit on intersegment sales, mark-to-market gains/losses on derivatives, debt expenses, Streamsong Resort® results of operations and the results of the China and India distribution business 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 years ended December 31, 2018 and 2017 have been recast to reflect this change. Segment information for the years 2019 , 2018 and 2017 is as follows: (in millions) Phosphates Potash Mosaic Fertilizantes Corporate, Eliminations and Other (a) Total Year Ended December 31, 2019 Net sales to external customers $ 2,416.6 $ 2,081.7 $ 3,782.8 $ 625.2 $ 8,906.3 Intersegment net sales 824.7 32.1 — (856.8 ) — Net sales 3,241.3 2,113.8 3,782.8 (231.6 ) 8,906.3 Gross margin (82.3 ) 616.8 290.1 72.7 897.3 Canadian resource taxes — 174.6 — — 174.6 Gross margin (excluding Canadian resource taxes) (82.3 ) 791.4 290.1 72.7 1,071.9 Impairment, restructuring and other expenses 931.6 530.5 — — 1,462.1 Operating earnings (1,131.1 ) 45.8 132.5 (142.1 ) (1,094.9 ) Capital expenditures 545.2 540.1 182.3 4.6 1,272.2 Depreciation, depletion and amortization expense 430.1 296.3 135.8 20.5 882.7 Equity in net earnings (loss) of nonconsolidated companies (60.1 ) — — 0.7 (59.4 ) Year Ended December 31, 2018 Net sales to external customers $ 3,106.3 $ 2,154.8 $ 3,747.1 $ 579.1 $ 9,587.3 Intersegment net sales 780.0 19.1 — (799.1 ) — Net sales 3,886.3 2,173.9 3,747.1 (220.0 ) 9,587.3 Gross margin 581.5 597.2 382.9 (63.2 ) 1,498.4 Canadian resource taxes — 159.4 — — 159.4 Gross margin (excluding Canadian resource taxes) 581.5 756.6 382.9 (63.2 ) 1,657.8 Operating earnings 471.4 510.8 240.6 (294.5 ) 928.3 Capital expenditures 393.9 410.5 148.2 1.9 954.5 Depreciation, depletion and amortization expense 403.7 301.5 158.5 20.2 883.9 Equity in net earnings (loss) of nonconsolidated companies (4.6 ) — — 0.1 (4.5 ) Year Ended December 31, 2017 Net sales to external customers $ 2,826.6 $ 1,836.5 $ 2,220.1 $ 526.2 $ 7,409.4 Intersegment net sales 762.6 16.1 — (778.7 ) — Net sales 3,589.2 1,852.6 2,220.1 (252.5 ) 7,409.4 Gross margin 332.2 391.6 128.6 (9.6 ) 842.8 Canadian resource taxes — 70.1 — — 70.1 Gross margin (excluding Canadian resource taxes) 332.2 461.7 128.6 (9.6 ) 912.9 Operating earnings 254.5 344.2 63.1 (196.1 ) 465.7 Capital expenditures 401.0 371.6 32.7 14.8 820.1 Depreciation, depletion and amortization expense 338.0 287.2 16.9 23.4 665.5 Equity in net earnings (loss) of nonconsolidated companies 16.0 — — 0.7 16.7 Total assets as of December 31, 2019 (b) $ 7,183.5 $ 7,219.2 $ 3,974.9 $ 920.9 $ 19,298.5 Total assets as of December 31, 2018 7,877.3 7,763.1 3,952.4 526.4 20,119.2 Total assets as of December 31, 2017 7,700.6 8,301.7 1,376.7 1,254.4 18,633.4 ______________________________ (a) The "Corporate, Eliminations and Other" category includes the results of our ancillary distribution operations in India and China. For the years ended December 31, 2019 , 2018 and 2017 , distribution operations in India and China had revenues of $575.6 million , $533.9 million , and $493.2 million , respectively and gross margins of $27.3 million , $42.8 million , and $46.9 million , respectively. (b) In 2019 we recorded an impairment of goodwill in Phosphates of $588.6 million which reduced the total asset balance. Financial information relating to our operations by geographic area is as follows: Years Ended December 31, (in millions) 2019 2018 2017 Net sales (a) : Brazil $ 3,675.1 $ 3,727.7 $ 2,199.0 Canpotex (b) 952.5 820.2 700.6 Canada 602.0 639.0 508.9 India 347.1 304.4 305.2 China 225.3 231.7 206.4 Mexico 117.8 133.9 131.8 Argentina 116.3 70.5 53.1 Paraguay 102.9 100.7 113.8 Australia 91.3 136.0 147.0 Peru 89.3 82.6 56.9 Colombia 82.8 101.5 86.9 Japan 33.0 92.2 71.7 Thailand 24.8 28.1 20.9 Honduras 11.7 28.7 20.6 Other 101.6 118.4 105.6 Total international countries 6,573.5 6,615.6 4,728.4 United States 2,332.8 2,971.7 2,681.0 Consolidated $ 8,906.3 $ 9,587.3 $ 7,409.4 ______________________________ (a) Revenues are attributed to countries based on location of customer. (b) Canpotex is the export association of the Saskatchewan potash producers. Canpotex sells approximately 25% of its sales volumes to Brazil, 22% to China, 10% to India, 8% to Indonesia and 35% to the rest of the world. December 31, (in millions) 2019 2018 Long-lived assets: Canada $ 4,553.7 $ 4,764.8 Brazil 1,934.6 1,886.0 Other 1,476.1 1,778.6 Total international countries 7,964.4 8,429.4 United States 5,943.6 5,401.5 Consolidated $ 13,908.0 $ 13,830.9 Excluded from the table above as of December 31, 2019 and 2018 , are goodwill of $1,156.9 million and $1,707.5 million and deferred income taxes of $515.4 million and $343.8 million , respectively. Net sales by product type for the years 2019 , 2018 and 2017 are as follows: Years Ended December 31, (in millions) 2019 2018 2017 Sales by product type: Phosphate Crop Nutrients $ 2,541.3 $ 2,956.8 $ 2,266.7 Potash Crop Nutrients 2,716.8 2,755.9 2,180.6 Crop Nutrient Blends 1,415.7 1,418.9 1,384.2 Specialty Products (a) 1,623.5 1,844.8 1,319.8 Phosphate Rock 53.6 53.0 — Other (b) 555.4 557.9 258.1 $ 8,906.3 $ 9,587.3 $ 7,409.4 ______________________________ (a) Includes sales of MicroEssentials ® , K-Mag ® , Aspire and animal feed ingredients. (b) Includes sales of industrial potash. |
Plant City and Colonsay Closure
Plant City and Colonsay Closure Costs (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Plant City and Colonsay Closure Costs [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | PLANT CITY AND COLONSAY CLOSURE COSTS On June 18, 2019, we announced the permanent closure of the Plant City Facility. We temporarily idled the Plant City Facility in the fourth quarter of 2017, as it was one of our higher cost phosphate facilities. For the year ended December 31, 2019, we recognized pre-tax costs of $341.3 million in impairment, restructuring and other expenses in our Consolidated Statement of Earnings (Loss), related to the permanent closure of this facility. These costs consisted of approximately $210 million related to the write-off of fixed assets, $110 million related to asset retirement obligations and $21 million related to inventory and other reserves. Following the end of our fiscal year, on January 28, 2020, we announced that we intend to keep our Colonsay, Saskatchewan potash mine idled for the foreseeable future. The mine will be placed in care and maintenance mode, employing minimal staff and allowing for resumption of operations when needed to meet customers’ needs. At December 31, 2019, we have recorded pre-tax costs of approximately $529.7 million , in impairment, restructuring and other expenses in our Consolidated Statement of Earnings (Loss), related to this idling. These costs consisted of approximately $493 million related to the write-off of fixed assets, $27 million related to severance and other employee costs, and $10 million related to the write-off of maintenance, repair, and operating inventories. The write-off is principally the carrying value of the 2013 expansion project, which increased Colonsay’s operating capacity to 2.1 million tonnes. Colonsay has been operating with a modified 1.5 million tonnes capacity since 2016. The Company does not expect to use the expansion capacity for the foreseeable future. |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation And Qualifying Accounts | SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS For the years ended 2019 , 2018 and 2017 In millions Column A Column B Column C Column D Column E Additions Description Balance Beginning of Period Charges or (Reductions) to Costs and Charges or (Reductions) to Other Accounts Deductions Balance at End of Period (a) Allowance for doubtful accounts, deducted from accounts receivable in the balance sheet: Year Ended December 31, 2017 10.3 5.6 (0.2 ) (0.2 ) 15.5 Year Ended December 31, 2018 15.5 — 12.0 (b) (4.1 ) 23.4 Year Ended December 31, 2019 23.4 4.6 (6.8 ) (1.0 ) 20.2 Income tax valuation allowance, related to deferred income taxes Year Ended December 31, 2017 30.6 553.5 — — 584.1 Year Ended December 31, 2018 584.1 946.4 — — 1,530.5 Year Ended December 31, 2019 1,530.5 (73.4 ) — — 1,457.1 ______________________________ (a) Allowance for doubtful accounts balance includes $16.7 million , $22.1 million , $13.2 million of allowance on long-term receivables recorded in other long term assets for the years ended December 31, 2019 , 2018 and 2017 , respectively. (b) Amount relates to allowance of $12.0 million |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Statement of Presentation and Basis of Consolidation | Statement Presentation and Basis of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP ”). Throughout the Notes to Consolidated Financial Statements, amounts in tables are in millions of dollars except for per share data and as otherwise designated. The accompanying Consolidated Financial Statements include the accounts of Mosaic and its majority owned subsidiaries. Certain investments in companies in which 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 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 |
Revenue Recognition | Revenue Recognition We generate revenues primarily by producing and marketing phosphate and potash crop nutrients. Revenue is recognized when control of the product is transferred to the customer, which is generally upon transfer of title to the customer based on the contractual terms of each arrangement. Title is typically transferred to the customer upon shipment of the product. In certain circumstances, which are referred to as final price deferred arrangements, we ship product prior to the establishment of a valid sales contract. In such cases, we retain control of the product and do not recognize revenue until a sales contract has been agreed to with the customer. Revenue is measured as the amount of consideration we expect to receive in exchange for the transfer of our goods. Our products are generally sold based on market prices prevailing at the time the sales contract is signed or through contracts which are priced at the time of shipment based on a formula. Sales incentives are recorded as a reduction of revenue at the time of initial sale. We estimate the variable consideration related to our sales incentive programs based on the sales terms with customers and historical experience. Shipping and handling costs are included as a component of cost of goods sold. We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses. We have elected to recognize the cost for freight and shipping as an expense in cost of sales, when control over the product has passed to the customer. |
Non-Income Taxes | Non-Income Taxes We pay Canadian resource taxes consisting of the Potash Production Tax and resource surcharge. The Potash Production Tax is a Saskatchewan provincial tax on potash production and consists of a base payment and a profits tax. In addition to the Canadian resource taxes, royalties are payable to the mineral owners with respect to potash reserves or production of potash. These resource taxes and royalties are recorded in our cost of goods sold. Our Canadian resource tax and royalty expenses were $211.9 million , $198.8 million and $142.0 million during 2019 , 2018 and 2017 , respectively. We have approximately $126.6 million of assets recorded as of December 31, 2019 related to PIS and Cofins, which is a Brazilian federal value-added tax, and income tax credits mostly earned in 2008 through 2019 that we believe will be realized through paying income taxes, paying other federal taxes or receiving cash refunds. Should the Brazilian government determine that these are not valid credits upon audit, this could impact our results in such period. We have recorded the PIS and Cofins credits at amounts which we believe are probable of collection. Information regarding PIS and Cofins taxes already audited is included in Note 24 of our Notes to Consolidated Financial Statements. |
Foreign Currency Translation | Foreign Currency Translation The Company’s reporting currency is the U.S. dollar; however, for operations located in Canada and Brazil, the functional currency is the local currency. Assets and liabilities of these foreign operations are translated to U.S. dollars at exchange rates in effect at the balance sheet date, while income statement accounts and cash flows are translated to U.S. dollars at the average exchange rates for the period. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive income in equity until the foreign entity is sold or liquidated. Transaction gains and losses result from transactions that are denominated in a currency other than the functional currency of the operation, primarily accounts receivable and intercompany loans in our Canadian entities denominated in U.S. dollars, and accounts payable in Brazil denominated in U.S. dollars. These foreign currency transaction gains and losses are presented separately in the Consolidated Statement of Earnings. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include short-term, highly liquid investments with original maturities of 90 days or less and other highly liquid investments that are payable on demand such as money market accounts, certain certificates of deposit and repurchase agreements. The carrying amount of such cash equivalents approximates their fair value due to the short-term and highly liquid nature of these instruments. |
Concentration of Credit Risk | Concentration of Credit Risk In the U.S., we sell our products to manufacturers, distributors and retailers, primarily in the Midwest and Southeast. Internationally, our potash products are sold primarily through Canpotex, an export association. A concentration of credit risk arises from our sales and accounts receivable associated with the international sales of potash product through Canpotex. We consider our concentration risk related to the Canpotex receivable to be mitigated by their credit policy, which requires the underlying receivables to be substantially insured or secured by letters of credit. As of December 31, 2019 and 2018 , there was an immaterial amount of accounts receivable due from Canpotex. During 2019 , 2018 and 2017 , sales to Canpotex were $952.5 million , $820.1 million and $700.6 million , respectively. |
Inventories | Inventories Inventories of raw materials, work-in-process products, finished goods and operating materials and supplies are stated at the lower of cost or net realizable value. Costs for substantially all inventories are determined using the weighted average cost basis. To determine the cost of inventory, we allocate fixed expense to the costs of production based on the normal capacity, which refers to a range of production levels and is considered the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. Fixed overhead costs allocated to each unit of production should not increase due to abnormally low production. Those excess costs are recognized as a current period expense. When a production facility is completely shut down temporarily, it is considered “idle,” and all related expenses are charged to cost of goods sold. Net realizable value of our inventory is defined as forecasted selling prices less reasonably predictable selling costs. Significant management judgment is involved in estimating forecasted selling prices including various demand and supply variables. Examples of demand variables include grain and oilseed prices, stock-to-use ratios and changes in inventories in the crop nutrients distribution channels. Examples of supply variables include forecasted prices of raw materials, such as phosphate rock, sulfur, ammonia and natural gas, estimated operating rates and industry crop nutrient inventory levels. Results could differ materially if actual selling prices differ materially from forecasted selling prices. Charges for lower of cost or market are recognized in our Consolidated Statements of Earnings in the period when there is evidence of a decline of market value below cost. |
Property, Plant and Equipment and Recoverability of Long-Lived Assets | Property, Plant and Equipment and Recoverability of Long-Lived Assets Property, plant and equipment are stated at cost. Costs of significant assets include capitalized interest incurred during the construction and development period. Repairs and maintenance, including planned major maintenance and plant turnaround costs, are expensed when incurred. Depletion expenses for mining operations, including mineral reserves, are generally determined using the units-of-production method based on estimates of recoverable reserves. Depreciation is computed principally using the straight-line method and units-of-production method over the following useful lives: machinery and equipment three to 25 years, and buildings and leasehold improvements three to 40 years. We estimate initial useful lives based on experience and current technology. These estimates may be extended through sustaining capital programs. Factors affecting the fair value of our assets or periods of expected use may also affect the estimated useful lives of our assets and these factors can change. Therefore, we periodically review the estimated remaining lives of our facilities and other significant assets and adjust our depreciation rates prospectively where appropriate. We have worked extensively to ensure the mechanical integrity of our fixed assets in order to help prolong their useful lives, while helping to improve asset utilization and potential cash preservation. As a result, we completed an in-depth review of our fixed assets and concluded that for certain assets, we would make a change to the units-of-production depreciation method from the straight-line method to better reflect the pattern of consumption of those assets. We also determined the expected lives of certain mining and production equipment and reserves were longer than the previously estimated useful lives used to determine depreciation in our financial statements. As a result, effective January 1, 2017, we changed our estimates of the useful lives and method of determining the depreciation of certain equipment to better reflect the estimated periods during which these assets will remain in service. The effect of this change in estimates reduced depreciation expense, thus increasing operating earnings, by approximately $65 million in 2017. Amounts may vary throughout the year due to changes in production levels. As a result of this change and actions taken to prolong asset lives, we expect our maintenance expense to increase in the future. Long-lived assets, including fixed assets and right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment assessment involves management judgment and estimates of factors such as industry and market conditions, the economic life of the asset, sales volume and prices, inflation, raw materials costs, cost of capital, tax rates and capital spending. The carrying amount of a long-lived asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the long-lived asset group exceeds its fair value. |
Lease, Policy | Leases Right of use (“ 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. 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 ROU assets within other assets and the associated 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 the associated 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. 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. |
Contingencies | Contingencies Accruals for environmental remediation efforts are recorded when costs are probable and can be reasonably estimated. In determining these accruals, we use the most current information available, including similar past experiences, available technology, consultant evaluations, regulations in effect, the timing of remediation and cost-sharing arrangements. Adjustments to accruals, recorded as needed in our Consolidated Statement of Earnings each quarter, are made to reflect changes in and current status of these factors. We are involved from time to time in claims and legal actions incidental to our operations, both as plaintiff and defendant. We have established what we currently believe to be adequate accruals for pending legal matters. These accruals are established as part of an ongoing worldwide assessment of claims and legal actions that takes into consideration such items as advice of legal counsel, individual developments in court proceedings, changes in the law, changes in business focus, changes in the litigation environment, changes in opponent strategy and tactics, new developments as a result of ongoing discovery and our experience in defending and settling similar claims. The litigation accruals at any time reflect updated assessments of the then-existing claims and legal actions. The final outcome or potential settlement of litigation matters could differ materially from the accruals which we have established. Legal costs are expensed as incurred. |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Mosaic offers a number of benefit plans that provide pension and other benefits to qualified employees. These plans include defined benefit pension plans, supplemental pension plans, defined contribution plans and other postretirement benefit plans. We accrue the funded status of our plans, which is representative of our obligations under employee benefit plans and the related costs, net of plan assets measured at fair value. The cost of pensions and other retirement benefits earned by employees is generally determined with the assistance of an actuary using the projected benefit method prorated on service and management’s best estimate of expected plan investment performance, salary escalation, retirement ages of employees and expected healthcare costs. |
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. |
Investments in Non-consolidated Companies | We have investments in various international and domestic entities and ventures. The equity method of accounting is applied to such investments when the ownership structure prevents us from exercising a controlling influence over operating and financial policies of the businesses but still allow us to have significant influence. Under this method, our equity in the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Earnings. The effects of material intercompany transactions with these equity method investments are eliminated, including the gross profit on sales to and purchases from our equity-method investments which is deferred until the time of sale to the final third party customer. The cash flow presentation of dividends received from equity method investees is determined by evaluation of the facts, circumstances and nature of the distribution. |
Goodwill | Goodwill is carried at cost, not amortized, and represents the excess of the purchase price and related costs over the fair value assigned to the net identifiable assets of a business acquired. We test goodwill for impairment on a quantitative basis at the reporting unit level on an annual basis or upon the occurrence of events that may indicate possible impairment |
Structured Accounts Payable Arrangements | In Brazil, we finance some of our potash-based fertilizer, sulfur, ammonia and other raw material product purchases through third-party financing arrangements. These arrangements provide that the third-party intermediary advance the amount of the scheduled payment to the vendor, less an appropriate discount, at a scheduled payment date and Mosaic makes payment to the third-party intermediary at a later date, stipulated in accordance with the commercial terms negotiated. |
Marketable Securities Held in Trusts | 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. There were no other-than-temporary impairment write-downs on available-for-sale securities during the year ended December 31, 2019 . 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. |
Income Taxes | In preparing our Consolidated Financial Statements, we utilize the asset and liability approach in accounting for income taxes. We recognize income taxes in each of the jurisdictions in which we have a presence. For each jurisdiction, we estimate the actual amount of income taxes currently payable or receivable, as well as deferred income tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Asset Retirement Obligations | We recognize our estimated asset retirement obligations (“ 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. |
Derivative 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 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 |
Fair Value Measurements | For cash and cash equivalents, accounts receivable, 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. |
Leases (Tables)
Leases (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | 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 | The total impact of adoption on our condensed consolidated statement of earnings and balance sheet was as follows (in millions): For the year ended December 31, 2018 Elimination of Revenue Deferral Canpotex Impact (a) Balances Without New Revenue Standards As Reported Impact Income Statement Net sales $ 9,587.3 $ (87.9 ) $ 96.4 $ 9,595.8 (8.5 ) Cost of goods sold 8,088.9 (64.3 ) 54.1 8,078.7 10.2 Provision for (benefit from) income taxes 77.1 (2.1 ) 5.8 80.8 (3.7 ) Net earnings (loss) attributable to Mosaic 470.0 (21.5 ) 36.5 485.0 (15.0 ) Balance Sheet Receivables, net $ 838.5 $ (107.3 ) $ 96.4 $ 827.6 $ 10.9 Inventories 2,270.2 48.1 (42.8 ) 2,275.5 (5.3 ) Other current assets 280.6 23.5 — 304.1 (23.5 ) Deferred income tax asset 343.8 3.4 (5.8 ) 341.4 2.4 Accrued liabilities 1,092.5 (8.1 ) 11.4 1,095.8 (3.3 ) Retained earnings 11,064.7 (24.2 ) 36.4 11,076.9 (12.2 ) ______________________________ (a) Includes impact from Canpotex's adoption of new revenue standards, resulting in a deferral of approximately 450,000 tonnes as of December 31, 2018. |
Schedule of Lease Assets and Liabilities [Table Text Block] | Finance and operating lease assets and liabilities as of December 31, 2019 were as follows: Type of Lease Asset or Liability Amount Balance Sheet Classification (in millions) Operating Leases Right-of-use assets $ 192.1 Other assets Lease liabilities: Short-term 67.1 Accrued liabilities Long-term 127.0 Other noncurrent liabilities Total $ 194.1 Finance Leases Right-of-use assets: Gross assets $ 423.2 Less: accumulated depreciation 57.5 Net assets $ 365.7 Property, plant and equipment, net Lease liabilities: Short-term $ 41.7 Current maturities of long-term debt Long-term 303.4 Long-term debt, less current maturities Total $ 345.1 | |
Lease, Cost [Table Text Block] | The components of lease expense were as follows: 2019 (in millions) Operating lease cost $ 98.4 Finance lease cost: Amortization of right-of-use assets 28.3 Interest on lease liabilities 15.2 43.5 Short-term lease cost 10.5 Variable lease cost 21.5 Total lease cost $ 173.9 Rental expense for 2019 , 2018 and 2017 was $249.1 million , $270.3 million and $114.0 million , respectively. Supplemental cash flow information related to leases was as follows: 2019 (In millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 107.9 Operating cash flows from finance leases $ 10.7 Financing cash flows from finance leases $ 41.3 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 56.0 Finance leases $ 88.2 Other information related to leases was as follows: | |
Schedule of Future Minimum Lease Payments for Operating and Finance Leases [Table Text Block] | Future lease payments under non-cancellable leases recorded as of December 31, 2019 , were as follows: Operating Leases Finance Leases (in millions) 2020 $ 77.5 $ 51.5 2021 51.6 53.2 2022 33.9 44.5 2023 22.2 76.1 2024 15.6 168.3 Thereafter 27.1 14.4 Total future lease payments $ 227.9 $ 408.0 Less imputed interest (33.8 ) (62.9 ) Total $ 194.1 $ 345.1 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Item Effected [Line Items] | ||
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | 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 | The total impact of adoption on our condensed consolidated statement of earnings and balance sheet was as follows (in millions): For the year ended December 31, 2018 Elimination of Revenue Deferral Canpotex Impact (a) Balances Without New Revenue Standards As Reported Impact Income Statement Net sales $ 9,587.3 $ (87.9 ) $ 96.4 $ 9,595.8 (8.5 ) Cost of goods sold 8,088.9 (64.3 ) 54.1 8,078.7 10.2 Provision for (benefit from) income taxes 77.1 (2.1 ) 5.8 80.8 (3.7 ) Net earnings (loss) attributable to Mosaic 470.0 (21.5 ) 36.5 485.0 (15.0 ) Balance Sheet Receivables, net $ 838.5 $ (107.3 ) $ 96.4 $ 827.6 $ 10.9 Inventories 2,270.2 48.1 (42.8 ) 2,275.5 (5.3 ) Other current assets 280.6 23.5 — 304.1 (23.5 ) Deferred income tax asset 343.8 3.4 (5.8 ) 341.4 2.4 Accrued liabilities 1,092.5 (8.1 ) 11.4 1,095.8 (3.3 ) Retained earnings 11,064.7 (24.2 ) 36.4 11,076.9 (12.2 ) ______________________________ (a) Includes impact from Canpotex's adoption of new revenue standards, resulting in a deferral of approximately 450,000 tonnes as of December 31, 2018. |
Accounting Standards Update 2014-09 | ||
Item Effected [Line Items] | ||
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | The cumulative effects of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of the new revenue standard were as follows (in millions): Balance at Adjustments Balance at December 31, 2017 Upon Adoption January 1, 2018 Balance Sheet Receivables, net $ 642.6 $ 18.2 $ 660.8 Inventories 1,547.2 (13.3 ) 1,533.9 Deferred income tax asset 254.6 (1.3 ) 253.3 Accrued Liabilities 754.4 0.9 755.3 Retained earnings 10,631.1 2.7 10,633.8 |
Other Financial Statement Data
Other Financial Statement Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Other Assets and Other Liabilities | The following provides additional information concerning selected balance sheet accounts: December 31, (in millions) 2019 2018 Receivables Trade $ 649.3 $ 703.7 Non-trade 158.1 136.1 807.4 839.8 Less allowance for doubtful accounts 3.5 1.3 $ 803.9 $ 838.5 Inventories Raw materials $ 68.3 $ 147.5 Work in process 618.4 625.5 Finished goods 1,219.3 1,343.8 Final price deferred (a) 47.9 39.3 Operating materials and supplies 122.5 114.1 $ 2,076.4 $ 2,270.2 Other current assets Income and other taxes receivable $ 179.5 $ 149.2 Prepaid expenses 110.7 86.8 Other 28.6 44.6 $ 318.8 $ 280.6 Other assets Restricted cash $ 5.4 $ 15.8 MRO inventory 126.8 134.6 Marketable securities held in trust - restricted 691.7 632.3 Operating lease right-of-use assets (b) 192.1 — Indemnification asset 40.6 30.7 Long-term receivable 81.6 91.7 Other 316.2 352.7 $ 1,454.4 $ 1,257.8 December 31, (in millions) 2019 2018 Accrued liabilities Accrued dividends $ 20.0 $ 11.8 Payroll and employee benefits 173.8 217.5 Asset retirement obligations 154.4 136.3 Customer prepayments (c) 266.9 199.8 Accrued income tax 33.9 65.5 Operating lease obligation (b) 67.1 — Other 365.8 461.6 $ 1,081.9 $ 1,092.5 Other noncurrent liabilities Asset retirement obligations $ 1,160.8 $ 1,023.8 Operating lease obligation (b) 127.0 — Accrued pension and postretirement benefits 173.6 146.3 Unrecognized tax benefits 42.1 33.0 Other 269.5 255.6 $ 1,773.0 $ 1,458.7 ______________________________ (a) Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon. (b) 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. See Note 4 to the Consolidated Financial Statements for additional information on the impact to our Consolidated Balance Sheets. (c) 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. |
Schedule of Other Nonoperating Income (Expense) | Interest expense, net was comprised of the following in 2019 , 2018 and 2017 : Years Ended December 31, (in millions) 2019 2018 2017 Interest income $ 33.1 $ 49.7 $ 33.2 Less interest expense 216.0 215.8 171.3 Interest expense, net $ (182.9 ) $ (166.1 ) $ (138.1 ) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property Plant And Equipment | Property, plant and equipment consist of the following: December 31, (in millions) 2019 2018 Land $ 340.3 $ 321.5 Mineral properties and rights 4,979.2 4,478.2 Buildings and leasehold improvements 3,108.7 2,760.9 Machinery and equipment 9,294.1 8,955.7 Construction in-progress 1,259.7 2,164.7 18,982.0 18,681.0 Less: accumulated depreciation and depletion 7,292.0 6,934.5 $ 11,690.0 $ 11,746.5 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: Years Ended December 31, (in millions) 2019 2018 2017 Net (loss) earnings attributable to Mosaic $ (1,067.4 ) $ 470.0 $ (107.2 ) Basic weighted average number of shares outstanding attributable to common stockholders 383.8 384.8 350.9 Dilutive impact of share-based awards — 1.6 — Diluted weighted average number of shares outstanding 383.8 386.4 350.9 Basic net (loss) earnings per share $ (2.78 ) $ 1.22 $ (0.31 ) Diluted net (loss) earnings per share $ (2.78 ) $ 1.22 $ (0.31 ) |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule Of Cash Flow Supplemental Disclosures Table | Supplemental disclosures of cash paid for interest and income taxes and non-cash investing and financing information is as follows: Years Ended December 31, (in millions) 2019 2018 2017 Cash paid (received) during the period for: Interest $ 231.3 $ 196.0 $ 178.9 Less amount capitalized 28.5 22.1 23.9 Cash interest, net $ 202.8 $ 173.9 $ 155.0 Income taxes $ 46.5 $ (34.2 ) $ (70.1 ) |
Investments in Non-Consolidat_2
Investments in Non-Consolidated Companies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | A summary of our equity-method investments, which were in operation as of December 31, 2019 , is as follows: Entity Economic Interest Gulf Sulphur Services LTD., LLLP 50.0 % River Bend Ag, LLC 50.0 % IFC S.A. 45.0 % MWSPC 25.0 % Canpotex 36.2 % The summarized financial information shown below includes all non-consolidated companies carried on the equity method. Years Ended December 31, (in millions) 2019 2018 2017 Net sales $ 4,058.5 $ 3,555.6 $ 2,871.2 Net earnings (loss) (215.0 ) (5.4 ) 95.3 Mosaic’s share of equity in net earnings (loss) (59.4 ) (4.5 ) 16.7 Total assets 9,682.5 9,042.9 8,623.6 Total liabilities 7,512.7 6,658.2 5,971.9 Mosaic’s share of equity in net assets 554.7 609.1 712.8 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill [Line Items] | |
Sensitivity Analysis WACC [Table Text Block] | Assuming that all other components of our fair value estimate remain unchanged, a change in the WACC would have the following effect on estimated fair values in excess of carrying values: Sensitivity Analysis - Percent of Fair Values in Excess of Carrying Values Excess at Current WACC WACC Decreased by 50 Basis Points WACC Decreased by 25 Basis Points WACC Increased by 25 Basis Points WACC Increased by 50 Basis Points Potash Reporting Unit 4.3% 12.0% 8.2% 0.4% (3.7)% Mosaic Fertilizantes Reporting Unit 4.6% 10.7% 7.7% 1.4% (1.9)% |
Goodwill | The changes in the carrying amount of goodwill, by reporting unit, as of December 31, 2019 and 2018 , are as follows: (in millions) Phosphates Potash Mosaic Fertilizantes Corporate, Eliminations and Other Total Balance as of December 31, 2017 492.4 1,076.9 124.3 — 1,693.6 Foreign currency translation — (76.5 ) (5.8 ) — (82.3 ) Allocation of goodwill due to segment realignment — — (12.1 ) 12.1 — Goodwill acquired in the Vale acquisition 96.2 — — — 96.2 Balance as of December 31, 2018 $ 588.6 $ 1,000.4 $ 106.4 $ 12.1 $ 1,707.5 Foreign currency translation — 39.4 (1.4 ) — 38.0 Impairment (588.6 ) — — — (588.6 ) Balance as of December 31, 2019 $ — $ 1,039.8 $ 105.0 $ 12.1 $ 1,156.9 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt, including current maturites | Long-term debt as of December 31, 2019 and 2018 , respectively, consisted of the following: (in millions) December 31, 2019 December 31, 2019 Maturity Date December 31, 2019 Combination Fair Market Value Adjustment Discount on Notes Issuance December 31, 2019 December 31, 2018 Combination Fair Market Value Adjustment Discount on Notes Issuance December 31, 2018 Unsecured notes 3.25% - 5.63% 5.01% 2021- 2043 $ 4,000.0 $ — $ (6.3 ) $ 3,993.7 $ 4,000.0 $ — $ (7.3 ) $ 3,992.7 Unsecured debentures 7.30% 7.19% 2028 147.1 1.0 — 148.1 147.1 1.1 — 148.2 Term loan (a) Libor plus 1.25% Variable 2021 — — — — — — — — Finance leases 2.32% - 3.87% 2020- 345.1 — — 345.1 302.2 — — 302.2 Other (b) 2.50% - 9.98% 5.39% 2021- 2026 71.6 14.2 — 85.8 58.0 16.4 — 74.4 Total long-term debt 4,563.8 15.2 (6.3 ) 4,572.7 4,507.3 17.5 (7.3 ) 4,517.5 Less current portion 45.9 2.3 (1.0 ) 47.2 24.7 2.3 (1.0 ) 26.0 Total long-term debt, less current maturities $ 4,517.9 $ 12.9 $ (5.3 ) $ 4,525.5 $ 4,482.6 $ 15.2 $ (6.3 ) $ 4,491.5 ______________________________ (a) Term loan facility is pre-payable. (b) Includes deferred financing fees related to our long term debt. |
Scheduled maturities of long-term debt | Scheduled maturities of long-term debt are as follows for the periods ending December 31: (in millions) 2020 $ 47.2 2021 503.6 2022 596.3 2023 80.5 2024 1,070.8 Thereafter 2,274.3 Total $ 4,572.7 |
Marketable Securities Held in_2
Marketable Securities Held in Trusts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale securities | The estimated fair value of the investments in the RCRA Trusts as of December 31, 2019 and December 31, 2018 are as follows: December 31, 2019 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 Cash and cash equivalents $ 3.4 $ — $ — $ 3.4 Level 2 Corporate debt securities 194.2 5.8 (0.1 ) 199.9 Municipal bonds 188.3 4.4 (0.4 ) 192.3 U.S. government bonds 280.6 3.2 (2.5 ) 281.3 Total $ 666.5 $ 13.4 $ (3.0 ) $ 676.9 December 31, 2018 (in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Level 1 Cash and cash equivalents $ 4.0 $ — $ — $ 4.0 Level 2 Corporate debt securities 180.8 0.3 (4.3 ) 176.8 Municipal bonds 186.1 0.5 (3.4 ) 183.2 U.S. government bonds 262.1 3.3 — 265.4 Total $ 633.0 $ 4.1 $ (7.7 ) $ 629.4 |
Fair value of available-for-sale debt securities in an unrealized loss position | The following tables show gross unrealized losses and fair values of the RCRA Trusts’ available-for-sale securities that have been in a continuous unrealized loss position deemed to be temporary as of December 31, 2019 and December 31, 2018 . December 31, 2019 December 31, 2018 Securities that have been in a continuous loss position for less than 12 months (in millions) : Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate debt securities $ 17.9 $ — $ 43.9 $ (0.6 ) Municipal bonds 11.7 (0.1 ) 12.3 — U.S. government bonds 195.4 (2.5 ) — — Total $ 225.0 $ (2.6 ) $ 56.2 $ (0.6 ) December 31, 2019 December 31, 2018 Securities that have been in a continuous loss position for more than 12 months (in millions) : Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Corporate debt securities $ 20.7 $ (0.1 ) $ 103.4 $ (3.7 ) Municipal bonds 14.7 (0.3 ) 117.5 (3.4 ) Total $ 35.4 $ (0.4 ) $ 220.9 $ (7.1 ) |
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 December 31, 2019 . 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. (in millions) December 31, 2019 Due in one year or less $ 28.8 Due after one year through five years 423.6 Due after five years through ten years 184.4 Due after ten years 36.7 Total debt securities $ 673.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Provision For Income Taxes | The provision for income taxes for 2019 , 2018 and 2017 , consisted of the following: Years Ended December 31, (in millions) 2019 2018 2017 Current: Federal $ (75.5 ) $ 24.5 $ (167.6 ) State (5.2 ) 1.8 14.9 Non-U.S. 119.1 147.2 31.0 Total current 38.4 173.5 (121.7 ) Deferred: Federal (194.8 ) (105.1 ) 602.3 State (6.7 ) 9.9 (39.9 ) Non-U.S. (61.6 ) (1.2 ) 54.2 Total deferred (263.1 ) (96.4 ) 616.6 (Benefit from) provision for income taxes $ (224.7 ) $ 77.1 $ 494.9 |
Schedule Of Effective Income Tax Rate | The components of earnings from consolidated companies before income taxes, and the effects of significant adjustments to tax computed at the federal statutory rate, were as follows: Years Ended December 31, (in millions) 2019 2018 2017 United States earnings (loss) $ (1,096.2 ) $ 322.7 $ (82.5 ) Non-U.S. earnings (159.9 ) 228.8 456.5 (Loss) earnings from consolidated companies before income taxes $ (1,256.1 ) $ 551.5 $ 374.0 Computed tax at the U.S. federal statutory rate 21.0 % 21.0 % 35.0 % State and local income taxes, net of federal income tax benefit 2.6 % 2.0 % (0.1 )% Percentage depletion in excess of basis 2.5 % (6.7 )% (13.2 )% Impact of non-U.S. earnings 5.3 % 11.8 % (46.9 )% Change in valuation allowance (3.1 )% (15.2 )% 148.8 % Phosphates goodwill impairment (5.0 )% — % — % Share-based excess cost/(benefits) — % 0.7 % 2.0 % Other items (none in excess of 5% of computed tax) (5.4 )% 0.4 % 6.7 % Effective tax rate 17.9 % 14.0 % 132.3 % |
Schedule Of Deferred Tax Assets And Liabilities | Significant components of our deferred tax liabilities and assets as of December 31 were as follows: December 31, (in millions) 2019 2018 Deferred tax liabilities: Depreciation and amortization $ 70.7 $ 317.3 Depletion 530.7 390.8 Partnership tax basis differences 69.8 64.6 Undistributed earnings of non-U.S. subsidiaries 3.8 15.0 Other liabilities 19.0 10.3 Total deferred tax liabilities $ 694.0 $ 798.0 Deferred tax assets: Alternative minimum tax credit carryforwards $ — $ 76.5 Capital loss carryforwards — 3.0 Foreign tax credit carryforwards 522.5 493.5 Net operating loss carryforwards 420.0 408.9 Pension plans and other benefits 43.8 33.4 Asset retirement obligations 232.1 187.6 Disallowed interest expense under §163(j) 58.1 — Other assets 349.3 388.8 Subtotal 1,625.8 1,591.7 Valuation allowance 1,457.1 1,530.5 Net deferred tax assets 168.7 61.2 Net deferred tax liabilities $ (525.3 ) $ (736.8 ) |
Summary Of Income Tax Uncertainties | Years Ended December 31, (in millions) 2019 2018 2017 Gross unrecognized tax benefits, beginning of period $ 38.1 $ 39.3 $ 27.1 Gross increases: Prior period tax positions — 0.3 1.9 Current period tax positions 5.1 3.8 8.5 Gross decreases: Prior period tax positions (4.9 ) (2.9 ) — Currency translation 1.2 (2.4 ) 1.8 Gross unrecognized tax benefits, end of period $ 39.5 $ 38.1 $ 39.3 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | A reconciliation of our AROs is as follows: Years Ended December 31, (in millions) 2019 2018 AROs, beginning of period $ 1,160.1 $ 859.3 Liabilities acquired in the Acquisition — 258.9 Liabilities incurred 15.8 27.8 Liabilities settled (112.8 ) (69.6 ) Accretion expense 62.4 48.0 Revisions in estimated cash flows 191.0 78.2 Foreign currency translation (1.3 ) (42.5 ) AROs, end of period 1,315.2 1,160.1 Less current portion 154.4 136.3 $ 1,160.8 $ 1,023.8 |
Accounting for Derivative Ins_2
Accounting for Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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) Instrument Derivative Category Unit of Measure December 31, December 31, Foreign currency derivatives Foreign Currency US Dollars 1,923.3 2,091.7 Interest rate derivatives Interest Rate US Dollars 585.0 585.0 Natural gas derivatives Commodity MMbtu 44.1 52.2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: December 31, 2019 2018 Carrying Fair Carrying Fair (in millions) Amount Value Amount Value Cash and cash equivalents $ 519.1 $ 519.1 $ 847.7 $ 847.7 Accounts receivable 803.9 803.9 838.5 838.5 Accounts payable 680.4 680.4 780.9 780.9 Structured accounts payable arrangements 740.6 740.6 572.8 572.8 Short-term debt 41.6 41.6 11.5 11.5 Long-term debt, including current portion 4,572.7 4,920.9 4,517.5 4,554.6 |
Pension Plans and Other Benef_2
Pension Plans and Other Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule Of Defined Benefit Plans Disclosures | The year-end status of the North American pension plans was as follows: Pension Plans Years Ended December 31, (in millions) 2019 2018 Change in projected benefit obligation: Benefit obligation at beginning of period $ 673.6 $ 766.1 Service cost 4.8 6.2 Interest cost 25.0 24.0 Actuarial (gain) loss 67.4 (48.3 ) Currency fluctuations 15.7 (28.0 ) Benefits paid (40.6 ) (46.4 ) Plan amendments 9.6 — Projected benefit obligation at end of period $ 755.5 $ 673.6 Change in plan assets: Fair value at beginning of period $ 701.2 $ 793.2 Currency fluctuations 16.8 (30.7 ) Actual return 107.7 (22.0 ) Company contribution 5.5 7.1 Benefits paid (40.6 ) (46.4 ) Fair value at end of period $ 790.6 $ 701.2 Funded status of the plans as of the end of period $ 35.1 $ 27.6 Amounts recognized in the consolidated balance sheets: Noncurrent assets $ 45.8 $ 40.5 Current liabilities (0.8 ) (0.7 ) Noncurrent liabilities (9.9 ) (12.2 ) Amounts recognized in accumulated other comprehensive (income) loss Prior service costs $ 25.2 $ 16.9 Actuarial loss 94.8 107.7 |
Schedule Of Net Benefit Costs | The components of net annual periodic benefit costs and other amounts recognized in other comprehensive income include the following components: Pension Plans (in millions) Years Ended December 31, 2019 2018 2017 Net Periodic Benefit Cost Service cost $ 4.8 $ 6.2 $ 5.9 Interest cost 25.0 24.0 24.3 Expected return on plan assets (33.8 ) (39.7 ) (41.3 ) Amortization of: Prior service cost 2.3 2.4 2.3 Actuarial loss 9.2 9.1 2.8 Preliminary net periodic benefit cost (income) $ 7.5 $ 2.0 $ (6.0 ) Curtailment/settlement expense — 1.2 2.4 Total net periodic benefit cost (income) $ 7.5 $ 3.2 $ (3.6 ) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income Prior service (credit) cost recognized in other comprehensive income $ 5.5 $ (4.3 ) $ (3.8 ) Net actuarial loss (gain) recognized in other comprehensive income (13.9 ) 5.0 (4.0 ) Total recognized in other comprehensive income (loss) $ (8.4 ) $ 0.7 $ (7.8 ) Total recognized in net periodic benefit (income) cost and other comprehensive income $ (0.9 ) $ 3.9 $ (11.4 ) |
Schedule Of Expected Benefit Payments | The following estimated benefit payments, which reflect estimated future service are expected to be paid by the related plans in the years ending December 31: (in millions) Pension Plans Benefit Payments Other Postretirement Plans Benefit Payments Medicare Part D Adjustments 2020 $ 42.5 $ 3.5 $ 0.2 2021 43.3 3.3 0.2 2022 44.1 3.1 0.2 2023 44.2 2.8 0.2 2024 44.1 2.6 0.1 2024-2028 218.0 9.6 0.4 |
Schedule of Allocation of Plan Assets | The following tables provide fair value measurement, by asset class, of the Company’s defined benefit plan assets for both the U.S. and Canadian plans: (in millions) December 31, 2019 Pension Plan Asset Category Total Level 1 Level 2 Level 3 Cash $ 3.4 $ 3.4 $ — $ — Equity securities (a) 216.4 — 216.4 — Fixed income (b) 569.3 — 569.3 — Private equity funds 1.5 — — 1.5 Total assets at fair value $ 790.6 $ 3.4 $ 785.7 $ 1.5 (in millions) December 31, 2018 Pension Plan Asset Category Total Level 1 Level 2 Level 3 Cash $ 12.0 $ 12.0 $ — $ — Equity securities (a) 172.9 — 172.9 — Fixed income (b) 514.3 — 514.3 — Private equity funds 2.0 — — 2.0 Total assets at fair value $ 701.2 $ 12.0 $ 687.2 $ 2.0 ______________________________ (a) This class, which includes several funds, was invested approximately 35% in U.S. equity securities, 18% in Canadian equity securities and 47% in international equity securities as of December 31, 2019 , and 39% in U.S. equity securities, 18% in Canadian equity securities and 43% in international equity securities as of December 31, 2018 . (b) This class, which includes several funds, was invested approximately 46% in corporate debt securities, 49% in governmental securities in the U.S. and Canada and 5% in foreign entity debt securities as of December 31, 2019 , and 50% in corporate debt securities, 44% in governmental securities in the U.S. and Canada and 6% in foreign entity debt securities as of December 31, 2018 . |
Schedule of Assumptions Used | Weighted average assumptions used to determine benefit obligations were as follows: Pension Plans Years Ended December 31, 2019 2018 2017 Discount rate 3.12 % 4.09 % 3.51 % Expected return on plan assets 5.13 % 5.14 % 5.54 % Rate of compensation increase 3.00 % 3.50 % 3.50 % Weighted-average assumptions used to determine net benefit cost were as follows: Pension Plans Years Ended December 31, 2019 2018 2017 Discount rate 4.09 % 3.51 % 3.97 % Service cost discount rate 4.00 % 3.50 % 4.02 % Interest cost discount rate 3.77 % 3.21 % 3.44 % Expected return on plan assets 5.14 % 5.54 % 5.54 % Rate of compensation increase 3.50 % 3.50 % 3.50 % |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The year-end status of the Brazil postretirement medical benefit plans with a discount rate of 9.15% on each of December 31, 2019 and December 31, 2018 , was as follows: Postretirement Medical Benefits Years Ended December 31, (in millions) 2019 2018 Change in accumulated postretirement benefit obligation (“APBO”): APBO at beginning of year $ 75.8 $ 69.1 Service cost 0.8 1.5 Interest cost 6.9 6.8 Actuarial loss 30.7 13.0 Currency fluctuations (4.3 ) (13.1 ) Benefits paid (0.5 ) (1.5 ) APBO at end of year $ 109.4 $ 75.8 Change in plan assets: Company contribution $ 0.5 $ 1.5 Benefits paid (0.5 ) (1.5 ) Fair value at end of year $ — $ — Unfunded status of the plans as of the end of the year $ (109.4 ) $ (75.8 ) Amounts recognized in the consolidated balance sheets: Current liabilities $ (1.7 ) $ (0.5 ) Noncurrent liabilities (107.7 ) (75.3 ) Amounts recognized in accumulated other comprehensive (income) loss Actuarial loss $ 50.9 $ 23.9 |
Accumulated other Comprehensi_2
Accumulated other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table sets forth the changes in AOCI by component during the years ended December 31, 2019, 2018 and 2017 : (in millions) Foreign Currency Translation Gain (Loss) Net Actuarial Gain and Prior Service Cost Amortization of Gain on Interest Rate Swap Net Gain (Loss) on Marketable Securities Held in Trust Total Balance at December 31, 2016 $ (1,196.6 ) $ (101.0 ) $ (3.5 ) $ (11.1 ) (1,312.2 ) Other comprehensive income 251.9 8.4 2.4 2.7 265.4 Tax (expense) or benefit (11.4 ) (2.1 ) (0.7 ) (1.0 ) (15.2 ) Other comprehensive income, net of tax 240.5 6.3 1.7 1.7 250.2 Less: amount attributable to noncontrolling interest 0.4 — — — 0.4 Balance at December 31, 2017 $ (955.7 ) $ (94.7 ) $ (1.8 ) $ (9.4 ) $ (1,061.6 ) Other comprehensive income (loss) (621.4 ) (8.2 ) 2.3 4.8 (622.5 ) Tax (expense) or benefit 24.5 (2.4 ) (0.1 ) (0.2 ) 21.8 Other comprehensive income (loss), net of tax (596.9 ) (10.6 ) 2.2 4.6 (600.7 ) Less: amount attributable to noncontrolling interest 5.2 — — — 5.2 Balance at December 31, 2018 $ (1,547.4 ) $ (105.3 ) $ 0.4 $ (4.8 ) $ (1,657.1 ) Other comprehensive income (loss) 74.1 (26.2 ) 2.2 14.0 64.1 Tax (expense) or benefit (4.7 ) 1.9 (0.5 ) (3.1 ) (6.4 ) Other comprehensive income (loss), net of tax 69.4 (24.3 ) 1.7 10.9 57.7 Less: amount attributable to noncontrolling interest 1.2 — — — 1.2 Balance at December 31, 2019 $ (1,476.8 ) $ (129.6 ) $ 2.1 $ 6.1 $ (1,598.2 ) |
Share-based Payments (Tables)
Share-based Payments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Assumptions used to calculate the fair value of stock options awarded in 2017 are noted in the following table. There were no stock options granted or issued in 2019 or 2018. Expected volatility is based on the simple average of implied and historical volatility using the daily closing prices of the Company’s stock for a period equal to the expected term of the option. The risk-free interest rate is based on the U.S. Treasury rate at the time of the grant for instruments of comparable life. Year Ended December 31, 2017 Weighted average assumptions used in option valuations: Expected volatility 35.35 % Expected dividend yield 1.97 % Expected term (in years) 7 Risk-free interest rate 2.34 % |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the status of our stock options as of December 31, 2019 , and activity during 2019 , is as follows: Shares (in millions) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2018 2.4 $ 45.50 Granted — — Cancelled (0.2 ) $ 52.92 Outstanding as of December 31, 2019 2.2 $ 44.69 3.4 $ — Exercisable as of December 31, 2019 2.0 $ 45.56 3.1 $ — |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | A summary of the status of our restricted stock units as of December 31, 2019 , and activity during 2019 , is as follows: Shares (in millions) Weighted Average Grant Date Fair Value Per Share Restricted stock units as of December 31, 2018 1.6 $ 27.27 Granted 0.8 26.87 Issued and cancelled (0.6 ) $ 26.85 Restricted stock units as of December 31, 2019 1.8 $ 27.27 |
Schedule Of Nonvested Performance Based Units Valuation Assumptions | A summary of the assumptions used to estimate the fair value of TSR performance units is as follows: Years Ended December 31, 2019 2018 2017 Performance units granted 603,856 401,098 455,740 Average fair value of performance units on grant date $ 25.87 $ 28.09 $ 28.02 Weighted average assumptions used in performance unit valuations: Expected volatility 33.70 % 34.30 % 34.26 % Expected dividend yield 0.72 % 0.37 % 1.97 % Expected term (in years) 3 3 3 Risk-free interest rate 2.43 % 2.42 % 1.60 % |
Schedule of Nonvested Performance-based Units Activity | A summary of our performance unit activity during 2019 is as follows: Shares (in millions) Weighted Average Grant Date Fair Value Per Share Outstanding as of December 31, 2018 1.3 $ 33.26 Granted 0.6 25.87 Issued and cancelled (0.5 ) $ 27.83 Outstanding as of December 31, 2019 1.4 $ 27.13 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of commitments and contingencies | A schedule of future minimum long-term purchase commitments, based on expected market prices as of December 31, 2019 is as follows: (in millions) Purchase Commitments 2020 $ 1,931.4 2021 682.6 2022 434.5 2023 319.7 2024 249.6 Subsequent years 1,344.5 $ 4,962.3 |
Related Party (Tables)
Related Party (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | The Consolidated Statements of Earnings included the following transactions with our non-consolidated companies: Years Ended December 31, (in millions) 2019 2018 2017 Transactions with non-consolidated companies included in net sales $ 969.5 $ 842.4 $ 715.3 Transactions with non-consolidated companies included in cost of goods sold $ 1,057.7 $ 1,046.4 $ 750.2 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting by segment | Segment information for the years 2019 , 2018 and 2017 is as follows: (in millions) Phosphates Potash Mosaic Fertilizantes Corporate, Eliminations and Other (a) Total Year Ended December 31, 2019 Net sales to external customers $ 2,416.6 $ 2,081.7 $ 3,782.8 $ 625.2 $ 8,906.3 Intersegment net sales 824.7 32.1 — (856.8 ) — Net sales 3,241.3 2,113.8 3,782.8 (231.6 ) 8,906.3 Gross margin (82.3 ) 616.8 290.1 72.7 897.3 Canadian resource taxes — 174.6 — — 174.6 Gross margin (excluding Canadian resource taxes) (82.3 ) 791.4 290.1 72.7 1,071.9 Impairment, restructuring and other expenses 931.6 530.5 — — 1,462.1 Operating earnings (1,131.1 ) 45.8 132.5 (142.1 ) (1,094.9 ) Capital expenditures 545.2 540.1 182.3 4.6 1,272.2 Depreciation, depletion and amortization expense 430.1 296.3 135.8 20.5 882.7 Equity in net earnings (loss) of nonconsolidated companies (60.1 ) — — 0.7 (59.4 ) Year Ended December 31, 2018 Net sales to external customers $ 3,106.3 $ 2,154.8 $ 3,747.1 $ 579.1 $ 9,587.3 Intersegment net sales 780.0 19.1 — (799.1 ) — Net sales 3,886.3 2,173.9 3,747.1 (220.0 ) 9,587.3 Gross margin 581.5 597.2 382.9 (63.2 ) 1,498.4 Canadian resource taxes — 159.4 — — 159.4 Gross margin (excluding Canadian resource taxes) 581.5 756.6 382.9 (63.2 ) 1,657.8 Operating earnings 471.4 510.8 240.6 (294.5 ) 928.3 Capital expenditures 393.9 410.5 148.2 1.9 954.5 Depreciation, depletion and amortization expense 403.7 301.5 158.5 20.2 883.9 Equity in net earnings (loss) of nonconsolidated companies (4.6 ) — — 0.1 (4.5 ) Year Ended December 31, 2017 Net sales to external customers $ 2,826.6 $ 1,836.5 $ 2,220.1 $ 526.2 $ 7,409.4 Intersegment net sales 762.6 16.1 — (778.7 ) — Net sales 3,589.2 1,852.6 2,220.1 (252.5 ) 7,409.4 Gross margin 332.2 391.6 128.6 (9.6 ) 842.8 Canadian resource taxes — 70.1 — — 70.1 Gross margin (excluding Canadian resource taxes) 332.2 461.7 128.6 (9.6 ) 912.9 Operating earnings 254.5 344.2 63.1 (196.1 ) 465.7 Capital expenditures 401.0 371.6 32.7 14.8 820.1 Depreciation, depletion and amortization expense 338.0 287.2 16.9 23.4 665.5 Equity in net earnings (loss) of nonconsolidated companies 16.0 — — 0.7 16.7 Total assets as of December 31, 2019 (b) $ 7,183.5 $ 7,219.2 $ 3,974.9 $ 920.9 $ 19,298.5 Total assets as of December 31, 2018 7,877.3 7,763.1 3,952.4 526.4 20,119.2 Total assets as of December 31, 2017 7,700.6 8,301.7 1,376.7 1,254.4 18,633.4 ______________________________ (a) The "Corporate, Eliminations and Other" category includes the results of our ancillary distribution operations in India and China. For the years ended December 31, 2019 , 2018 and 2017 , distribution operations in India and China had revenues of $575.6 million , $533.9 million , and $493.2 million , respectively and gross margins of $27.3 million , $42.8 million , and $46.9 million , respectively. (b) In 2019 we recorded an impairment of goodwill in Phosphates of $588.6 million which reduced the total asset balance. |
Revenue from external customers by geographic areas | Financial information relating to our operations by geographic area is as follows: Years Ended December 31, (in millions) 2019 2018 2017 Net sales (a) : Brazil $ 3,675.1 $ 3,727.7 $ 2,199.0 Canpotex (b) 952.5 820.2 700.6 Canada 602.0 639.0 508.9 India 347.1 304.4 305.2 China 225.3 231.7 206.4 Mexico 117.8 133.9 131.8 Argentina 116.3 70.5 53.1 Paraguay 102.9 100.7 113.8 Australia 91.3 136.0 147.0 Peru 89.3 82.6 56.9 Colombia 82.8 101.5 86.9 Japan 33.0 92.2 71.7 Thailand 24.8 28.1 20.9 Honduras 11.7 28.7 20.6 Other 101.6 118.4 105.6 Total international countries 6,573.5 6,615.6 4,728.4 United States 2,332.8 2,971.7 2,681.0 Consolidated $ 8,906.3 $ 9,587.3 $ 7,409.4 |
Financial information relating to our operations by geographic area | December 31, (in millions) 2019 2018 Long-lived assets: Canada $ 4,553.7 $ 4,764.8 Brazil 1,934.6 1,886.0 Other 1,476.1 1,778.6 Total international countries 7,964.4 8,429.4 United States 5,943.6 5,401.5 Consolidated $ 13,908.0 $ 13,830.9 |
Sales by product type | Net sales by product type for the years 2019 , 2018 and 2017 are as follows: Years Ended December 31, (in millions) 2019 2018 2017 Sales by product type: Phosphate Crop Nutrients $ 2,541.3 $ 2,956.8 $ 2,266.7 Potash Crop Nutrients 2,716.8 2,755.9 2,180.6 Crop Nutrient Blends 1,415.7 1,418.9 1,384.2 Specialty Products (a) 1,623.5 1,844.8 1,319.8 Phosphate Rock 53.6 53.0 — Other (b) 555.4 557.9 258.1 $ 8,906.3 $ 9,587.3 $ 7,409.4 ______________________________ (a) Includes sales of MicroEssentials ® , K-Mag ® , Aspire and animal feed ingredients. (b) Includes sales of industrial potash. |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) | 12 Months Ended | |
Dec. 31, 2019 | Jan. 08, 2018 | |
Miski Mayo Joint Venture | ||
Schedule of Equity Method Investments | ||
Business Acquisition, Percentage of Voting Interests Acquired | 40.00% | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 75.00% | |
Ma'aden Wa'ad Al Shamal Phosphate Company | ||
Schedule of Equity Method Investments | ||
Equity Method Investment, Ownership Percentage | 25.00% | |
Percentage Of Total Production Expected To Market | 25.00% |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Accounting Policies [Abstract] | ||||
Net sales | $ 9,587.3 | |||
Sales And Receivables [Line Items] | ||||
Receivables, net | $ 803.9 | 838.5 | $ 642.6 | $ 660.8 |
Canadian resources taxes and royalties included in cost of goods sold | 211.9 | 198.8 | 142 | |
Assets related to PIS and Cofins and income tax credits in Brazil | 126.6 | |||
Expected Annualized Impact Of Change In Estimate On Depreciation And Operating Income | $ 65 | |||
Minimum | Machinery and equipment | ||||
Useful life | 3 years | |||
Minimum | Buildings and Leashold Improvements | ||||
Useful life | 3 years | |||
Maximum | ||||
Duration of short term investments in number of days | 90 days | |||
Maximum | Machinery and equipment | ||||
Useful life | 25 years | |||
Maximum | Buildings and Leashold Improvements | ||||
Useful life | 40 years | |||
Canpotex | ||||
Accounting Policies [Abstract] | ||||
Net sales | $ 952.5 | $ 820.1 | $ 700.6 |
Leases Schedule of Prospective
Leases Schedule of Prospective Adoption of New Accounting Pronouncements (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Leases, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Operating Lease, Right-of-Use Asset | $ 192.1 | [1] | $ 241.1 | $ 0 |
Finance Lease, Right-of-Use Asset | 423.2 | 340.9 | 340.9 | |
Operating Lease, Liability | $ 194.1 | 241.1 | 0 | |
Capital Lease Obligations | 302.2 | $ 302.2 | ||
Accounting Standards Update 2016-02 | ||||
Leases, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Operating Lease, Right-of-Use Asset | 241.1 | |||
Finance Lease, Right-of-Use Asset | 0 | |||
Operating Lease, Liability | 241.1 | |||
Capital Lease Obligations | $ 0 | |||
[1] | 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. See Note 4 to the Consolidated Financial Statements for additional information on the impact to our Consolidated Balance Sheets. |
Leases Operating and Fincnce Le
Leases Operating and Fincnce Lease Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||
Leases [Abstract] | ||||
Lessee, Operating and Finance Lease, Maximum Term of Lease Contract | 29 years | |||
Finance and Operating Leases, Maximum Lease Extension Term | 10 years | |||
Operating Lease, Right-of-Use Asset | $ 192.1 | [1] | $ 241.1 | $ 0 |
Operating Lease, Liability, Current | 67.1 | [1] | 0 | |
Operating Lease, Liability, Noncurrent | 127 | [1] | 0 | |
Operating Lease, Liability | 194.1 | 241.1 | 0 | |
Finance Lease, Right-of-Use Asset | 423.2 | $ 340.9 | $ 340.9 | |
Less: accumulated depreciation | 57.5 | |||
Finance Lease, Right-of-Use Asset, Net | 365.7 | |||
Finance Lease, Liability, Current | 41.7 | |||
Finance Lease, Liability, Noncurrent | 303.4 | |||
Finance Lease, Liability | $ 345.1 | |||
[1] | 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. See Note 4 to the Consolidated Financial Statements for additional information on the impact to our Consolidated Balance Sheets. |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 8 months 12 days | |
Operating Lease Cost | $ 98.4 | |
Finance Lease, Right-of-Use Asset, Amortization | 28.3 | |
Finance Lease, Interest Expense | 15.2 | |
Finance Lease Cost | 43.5 | |
Short-term Lease Cost | 10.5 | |
Variable Lease Cost | 21.5 | |
Total Lease Cost | 173.9 | |
Operating Lease, Payments | 107.9 | |
Finance Lease, Interest Payment on Liability | 10.7 | |
Finance Lease, Principal Payments | 41.3 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 56 | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 88.2 | $ 267.9 |
Finance Lease, Weighted Average Remaining Lease Term | 4 years 9 months 18 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 6.10% | |
Finance Lease, Weighted Average Discount Rate, Percent | 3.90% |
Leases Narrative (Details)
Leases Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Operating Leases, Rent Expense | $ 249.1 | $ 270.3 | $ 114 |
Leases Future Minimum Lease Pay
Leases Future Minimum Lease Payments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 77.5 | ||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 51.5 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 51.6 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 53.2 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 33.9 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 44.5 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 22.2 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 76.1 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 15.6 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 168.3 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 27.1 | ||
Capital Leases, Future Minimum Payments Due Thereafter | 14.4 | ||
Operating Leases, Future Minimum Payments Due | 227.9 | ||
Finance Lease, Liability, Payment, Due | 408 | ||
Operating Leases, Imputed Interest | (33.8) | ||
Finance Leases, Imputed Interest | (62.9) | ||
Operating Lease, Liability | 194.1 | $ 241.1 | $ 0 |
Finance Lease, Liability | $ 345.1 |
Revenue (Details)
Revenue (Details) t in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)t | Dec. 31, 2017USD ($) | Jan. 01, 2018USD ($) | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Sales Volume | t | 450 | |||
Net sales | $ 9,587.3 | |||
Cost of goods sold | 8,088.9 | |||
(Benefit from) provision for income taxes | $ (224.7) | 77.1 | $ 494.9 | |
Net earnings (loss) attributable to Mosaic | (1,067.4) | 470 | (107.2) | |
Other current assets | 318.8 | 280.6 | ||
Receivables, net | 803.9 | 838.5 | 642.6 | $ 660.8 |
Inventory, Net | 2,076.4 | 2,270.2 | 1,547.2 | 1,533.9 |
Accrued liabilities | 1,081.9 | 1,092.5 | 754.4 | 755.3 |
Retained earnings | $ 9,921.5 | 11,064.7 | 10,631.1 | 10,633.8 |
Deferred Tax Assets, Net, Noncurrent | 343.8 | $ 254.6 | 253.3 | |
Canpotex ASC Topic 606 Adoption Impact | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 96.4 | |||
Cost of goods sold | 54.1 | |||
(Benefit from) provision for income taxes | 5.8 | |||
Net earnings (loss) attributable to Mosaic | 36.5 | |||
Other current assets | 0 | |||
Receivables, net | 96.4 | |||
Inventory, Net | (42.8) | |||
Accrued liabilities | 11.4 | |||
Retained earnings | 36.4 | |||
Deferred Tax Assets, Net, Noncurrent | (5.8) | |||
Elimination of Revenue Deferral | Accounting Standards Update 2014-09 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | (87.9) | |||
Cost of goods sold | (64.3) | |||
(Benefit from) provision for income taxes | (2.1) | |||
Net earnings (loss) attributable to Mosaic | (21.5) | |||
Other current assets | 23.5 | |||
Receivables, net | (107.3) | |||
Inventory, Net | 48.1 | |||
Accrued liabilities | (8.1) | |||
Retained earnings | (24.2) | |||
Deferred Tax Assets, Net, Noncurrent | 3.4 | |||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | (8.5) | |||
Cost of goods sold | 10.2 | |||
(Benefit from) provision for income taxes | (3.7) | |||
Net earnings (loss) attributable to Mosaic | (15) | |||
Other current assets | (23.5) | |||
Receivables, net | 10.9 | 18.2 | ||
Inventory, Net | (5.3) | (13.3) | ||
Accrued liabilities | (3.3) | 0.9 | ||
Retained earnings | (12.2) | 2.7 | ||
Deferred Tax Assets, Net, Noncurrent | 2.4 | $ (1.3) | ||
Calculated under Revenue Guidance in Effect before Topic 606 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Net sales | 9,595.8 | |||
Cost of goods sold | 8,078.7 | |||
(Benefit from) provision for income taxes | 80.8 | |||
Net earnings (loss) attributable to Mosaic | 485 | |||
Other current assets | 304.1 | |||
Receivables, net | 827.6 | |||
Inventory, Net | 2,275.5 | |||
Accrued liabilities | 1,095.8 | |||
Retained earnings | 11,076.9 | |||
Deferred Tax Assets, Net, Noncurrent | $ 341.4 |
Other Financial Statement Dat_2
Other Financial Statement Data (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2018 | Aug. 31, 2016 | |||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Dividends Payable | $ 20 | $ 11.8 | $ 12.1 | |||||
Receivables | ||||||||
Trade | 649.3 | 703.7 | ||||||
Non-trade | 158.1 | 136.1 | ||||||
Current receivables, gross | 807.4 | 839.8 | ||||||
Less: Allowance for doubtful accounts | 3.5 | 1.3 | ||||||
Current receivables, net | 803.9 | 838.5 | 642.6 | $ 660.8 | ||||
Inventories | ||||||||
Raw materials | 68.3 | 147.5 | ||||||
Work in process | 618.4 | 625.5 | ||||||
Finished goods | 1,219.3 | 1,343.8 | ||||||
Deferred Costs | [1] | 47.9 | 39.3 | |||||
Operating materials and supplies | 122.5 | 114.1 | ||||||
Inventory, net | 2,076.4 | 2,270.2 | 1,547.2 | 1,533.9 | ||||
Other current assets | ||||||||
Income and other taxes receivable | 179.5 | 149.2 | ||||||
Prepaid expenses | 110.7 | 86.8 | ||||||
Other | 28.6 | 44.6 | ||||||
Total other current assets | 318.8 | 280.6 | ||||||
Other Assets | ||||||||
Restricted cash | 5.4 | 15.8 | 32.6 | |||||
MRO inventory | 126.8 | 134.6 | ||||||
Debt Securities, Available-for-sale, Restricted | 691.7 | 632.3 | ||||||
Operating Lease, Right-of-Use Asset | 192.1 | [2] | 0 | $ 241.1 | ||||
Indemnification asset | 40.6 | 30.7 | ||||||
Long-term receivable | 81.6 | 91.7 | ||||||
Other | 316.2 | 352.7 | ||||||
Other Assets, Noncurrent | 1,454.4 | 1,257.8 | ||||||
Accrued liabilities | ||||||||
Accrued dividends | 11.8 | |||||||
Payroll and employee benefits | 173.8 | 217.5 | ||||||
Asset retirement obligations | 154.4 | 136.3 | ||||||
Customer prepayments | [3] | 266.9 | 199.8 | |||||
Accrued Income Taxes | 33.9 | 65.5 | ||||||
Operating Lease, Liability, Current | 67.1 | [2] | 0 | |||||
Other | 365.8 | 461.6 | ||||||
Total accrued liabilities, current | 1,081.9 | 1,092.5 | 754.4 | $ 755.3 | ||||
Other noncurrent liabilities | ||||||||
Asset retirement obligations | 1,160.8 | 1,023.8 | ||||||
Operating Lease, Liability, Noncurrent | 127 | [2] | 0 | |||||
Accrued pension and postretirement benefits | 173.6 | 146.3 | ||||||
Unrecognized tax benefits | 42.1 | 33 | ||||||
Other | 269.5 | 255.6 | ||||||
Total other noncurrent liabilities | 1,773 | 1,458.7 | ||||||
Restricted Cash and Investments, Noncurrent [Abstract] | ||||||||
Assets Held-in-trust, Noncurrent | $ 630 | |||||||
Interest expense, net was comprised of the following: | ||||||||
Interest income | 33.1 | 49.7 | 33.2 | |||||
Less interest expense | 216 | 215.8 | 171.3 | |||||
Interest expense, net | $ (182.9) | $ (166.1) | $ (138.1) | |||||
[1] | Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon. | |||||||
[2] | 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. See Note 4 to the Consolidated Financial Statements for additional information on the impact to our Consolidated Balance Sheets. | |||||||
[3] | 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. |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | $ 18,982 | $ 18,681 | |
Less: accumulated depreciation and depletion | 7,292 | 6,934.5 | |
Property, plant and equipment, net | 11,690 | 11,746.5 | |
Capitalized interest on major construction projects | 28.5 | 22.1 | $ 23.9 |
Depreciation | 877.6 | 878.2 | $ 659.4 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | 340.3 | 321.5 | |
Mining properties and rights | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | 4,979.2 | 4,478.2 | |
Buildings and leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | 3,108.7 | 2,760.9 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | 9,294.1 | 8,955.7 | |
Construction in-progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, at cost | $ 1,259.7 | $ 2,164.7 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2.5 | 2 | 3.5 |
Net earnings (loss) attributable to Mosaic | $ (1,067.4) | $ 470 | $ (107.2) |
Basic weighted average number of shares outstanding (in shares) | 383.8 | 384.8 | 350.9 |
Dilutive impact of share-based awards (in shares) | 0 | 1.6 | 0 |
Diluted weighted average number of shares outstanding (in shares) | 383.8 | 386.4 | 350.9 |
Basic net (loss) earnings per share (in usd per share) | $ (2.78) | $ 1.22 | $ (0.31) |
Diluted net (loss) earnings per share (in usd per share) | $ (2.78) | $ 1.22 | $ (0.31) |
Cash Flow Information (Details)
Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash paid (received) during the period for: | |||
Interest | $ 231.3 | $ 196 | $ 178.9 |
Less amount capitalized | 28.5 | 22.1 | 23.9 |
Cash interest, net | 202.8 | 173.9 | 155 |
Income taxes | 46.5 | (34.2) | (70.1) |
Increase (decrease) in capital expenditures incurred but not yet paid | 63.2 | (96.8) | 11.1 |
Dividends Payable | 20 | 11.8 | 12.1 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 88.2 | 267.9 | |
Depreciation | 877.6 | 878.2 | 659.4 |
Amortization of Intangible Assets | $ 5.1 | $ 5.7 | $ 6.1 |
Equity Method Investee Gulf Sulphur Services | |||
Cash paid (received) during the period for: | |||
Equity Method Investment, Ownership Percentage | 50.00% |
Investments in Non-Consolidat_3
Investments in Non-Consolidated Companies (Details) | Dec. 31, 2019 |
Equity Method Investee Gulf Sulphur Services | |
Schedule of Equity Method Investments | |
Equity Method Investment, Ownership Percentage | 50.00% |
River Bend Ag | |
Schedule of Equity Method Investments | |
Equity Method Investment, Ownership Percentage | 50.00% |
I F C | |
Schedule of Equity Method Investments | |
Equity Method Investment, Ownership Percentage | 45.00% |
MWSPC | |
Schedule of Equity Method Investments | |
Equity Method Investment, Ownership Percentage | 25.00% |
Proportion of assets represented by MWSPC | 81.00% |
Proportion of liabilities represented by MWSPC | 76.00% |
Canpotex | |
Schedule of Equity Method Investments | |
Equity Method Investment, Ownership Percentage | 36.20% |
Investments in Non-Consolidat_4
Investments in Non-Consolidated Companies (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investment, Summarized Financial Information, Income Statement | |||
Net sales | $ 4,058.5 | $ 3,555.6 | $ 2,871.2 |
Net earnings (loss) | (215) | (5.4) | 95.3 |
Equity in net (loss) earnings of nonconsolidated companies | (59.4) | (4.5) | 16.7 |
Equity Method Investment Summarized Financial Information Balance Sheet | |||
Total assets | 9,682.5 | 9,042.9 | 8,623.6 |
Total liabilities | 7,512.7 | 6,658.2 | 5,971.9 |
Mosaic's share of equity in net assets | $ 554.7 | $ 609.1 | $ 712.8 |
Investments in Non-Consolidat_5
Investments in Non-Consolidated Companies - MWSPC Joint Venture (Details) t in Millions, $ in Millions | Jul. 01, 2016USD ($) | Jun. 30, 2014USD ($)financialinstitution | Dec. 31, 2019USD ($)t | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 30, 2017USD ($) |
Schedule of Equity Method Investments | ||||||
Equity in net (loss) earnings of nonconsolidated companies | $ (59.4) | $ (4.5) | $ 16.7 | |||
Payments to Acquire Equity Method Investments | 0.1 | 0 | 62.5 | |||
Investments in nonconsolidated companies | 763.6 | 826.6 | ||||
Mosaic investment in MWSPC Joint Venture | ||||||
Schedule of Equity Method Investments | ||||||
Equity in net (loss) earnings of nonconsolidated companies | (62.1) | (9.5) | $ 32 | |||
Payments to Acquire Equity Method Investments | $ 120 | |||||
Investments in nonconsolidated companies | 770 | |||||
Future Cash Payments To Acquire Interest In Joint Venture | 70 | |||||
Mosaic investment in MWSPC Joint Venture | Maximum | ||||||
Schedule of Equity Method Investments | ||||||
Mosaic's exposure in MWSPC credit facility | $ 200 | |||||
Ma'aden Wa'ad Al Shamal Phosphate Company | ||||||
Schedule of Equity Method Investments | ||||||
Aggregate cost of investment in phosphates greenfield mine including Mosaic's portion to date | $ 8,000 | |||||
Annual production of finished product (Tonnes) | t | 3 | |||||
Percentage Of Total Production Expected To Market | 25.00% | |||||
Number of lenders in MWSPC credit facility | financialinstitution | 20 | |||||
MWSPC line of credit facility, maximum borrowing capacity | $ 5,000 | $ 506 | $ 560 | |||
After project completion, number of months of shareholder tax amounts and severance fees for which the joint venture parties may have exposure | 36 months | |||||
Loans Payable | $ 1,100 | |||||
Ma'aden Wa'ad Al Shamal Phosphate Company | Maximum | ||||||
Schedule of Equity Method Investments | ||||||
Total cash investment from investors to acquire interest in MWSPC | $ 2,400 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Beginning balance | $ 1,707.5 | $ 1,693.6 |
Foreign currency translation | 38 | (82.3) |
Reallocation of goodwill due to segment realignment | 0 | |
Ending balance | 1,156.9 | 1,707.5 |
Goodwill, Acquired During Period | 96.2 | |
Goodwill, Impairment Loss | (588.6) | |
Goodwill determined to be tax deductible | $ 5.1 | |
Potash Segment | ||
Goodwill [Line Items] | ||
Percentage of fair value in excess of carrying amount | 4.30% | |
Beginning balance | $ 1,000.4 | 1,076.9 |
Foreign currency translation | 39.4 | (76.5) |
Reallocation of goodwill due to segment realignment | 0 | |
Ending balance | 1,039.8 | 1,000.4 |
Goodwill, Acquired During Period | 0 | |
Goodwill, Impairment Loss | $ 0 | |
Mosaic Fertilizantes | ||
Goodwill [Line Items] | ||
Percentage of fair value in excess of carrying amount | 4.60% | |
Beginning balance | $ 106.4 | 124.3 |
Foreign currency translation | (1.4) | (5.8) |
Reallocation of goodwill due to segment realignment | (12.1) | |
Ending balance | 105 | 106.4 |
Goodwill, Acquired During Period | 0 | |
Goodwill, Impairment Loss | 0 | |
Corporate Eliminations And Other Segment | ||
Goodwill [Line Items] | ||
Beginning balance | 12.1 | 0 |
Foreign currency translation | 0 | 0 |
Reallocation of goodwill due to segment realignment | 12.1 | |
Ending balance | 12.1 | 12.1 |
Goodwill, Acquired During Period | 0 | |
Goodwill, Impairment Loss | 0 | |
Phosphates Segment | ||
Goodwill [Line Items] | ||
Beginning balance | 588.6 | 492.4 |
Foreign currency translation | 0 | 0 |
Reallocation of goodwill due to segment realignment | 0 | |
Ending balance | 0 | 588.6 |
Goodwill, Acquired During Period | $ 96.2 | |
Goodwill, Impairment Loss | $ 588.6 | |
Minimum | ||
Goodwill [Line Items] | ||
Terminal Value Growth Rate | 2.00% | |
WACC fifty basis point decrease | Potash Segment | ||
Goodwill [Line Items] | ||
Percentage of fair value in excess of carrying amount | 12.00% | |
WACC fifty basis point decrease | Mosaic Fertilizantes | ||
Goodwill [Line Items] | ||
Percentage of fair value in excess of carrying amount | 10.70% | |
WACC twenty-five basis point decrease | Potash Segment | ||
Goodwill [Line Items] | ||
Percentage of fair value in excess of carrying amount | 8.20% | |
WACC twenty-five basis point decrease | Mosaic Fertilizantes | ||
Goodwill [Line Items] | ||
Percentage of fair value in excess of carrying amount | 7.70% | |
WACC twenty-five basis point increase | Potash Segment | ||
Goodwill [Line Items] | ||
Percentage of fair value in excess of carrying amount | 0.40% | |
WACC twenty-five basis point increase | Mosaic Fertilizantes | ||
Goodwill [Line Items] | ||
Percentage of fair value in excess of carrying amount | 1.40% | |
WACC fifty basis point increase | Potash Segment | ||
Goodwill [Line Items] | ||
Percentage of fair value in excess of carrying amount | (3.70%) | |
WACC fifty basis point increase | Mosaic Fertilizantes | ||
Goodwill [Line Items] | ||
Percentage of fair value in excess of carrying amount | (1.90%) |
Financing Arrangements - Mosaic
Financing Arrangements - Mosaic Credit Facility (Details) $ in Millions | Nov. 18, 2016USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)Rate | Dec. 31, 2017USD ($) | Dec. 05, 2013USD ($) |
Debt Instrument | |||||
Structured accounts payable arrangements | $ 740.6 | $ 572.8 | |||
Short-term Debt | $ 41.6 | 11.5 | |||
Term Loan Facility | |||||
Debt Instrument | |||||
Long term debt including current maturities | $ 720 | ||||
Line of Credit | Mosaic Credit Facility | |||||
Debt Instrument | |||||
Credit facility term | 5 years | ||||
The Mosaic Credit Facility amount of revolving credit loans | $ 2,000 | $ 1,500 | |||
Line of credit facility, expiration date | Nov. 18, 2021 | ||||
A failure to pay principal or interest under any one item of other indebtedness in excess of $50 million, or breach or default under such indebtedness that permits the holders thereof to accelerate the maturity thereof, will result in a cross-default in the Mosaic Credit Line | $ 50 | ||||
A failure to pay principal or interest for multiple items of other indebtedness in excess of $75 million, or breach or default under such indebtedness that permits the holders thereof to accelerate the maturity thereof, will result in a cross-default in the Mosaic Credit Line | 75 | ||||
Credit facility, Consolidated Capitalization Ratio, minimum | 0.65 | ||||
Credit facility, interest coverage ratio, minimum | 3 | ||||
Net available borrowings for revolving loans under the Mosaic Credit Facility | $ 1,990 | $ 1,990 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | 0.20% | 0.16% | ||
Line of Credit Facility, Commitment Fee Amount | $ 4 | $ 4 | $ 3.3 | ||
Line of Credit | Mosaic Credit Facility | Term Loan Facility | |||||
Debt Instrument | |||||
The Mosaic Credit Facility amount of revolving credit loans | $ 2,720 | ||||
Letter of Credit | |||||
Debt Instrument | |||||
Letters of Credit Outstanding, Amount | 54.5 | ||||
Letter of Credit | Mosaic Credit Facility | |||||
Debt Instrument | |||||
Letters of Credit Outstanding, Amount | $ 18.3 | 13.1 | 14.3 | ||
Short-term Debt | |||||
Debt Instrument | |||||
Short-term Debt | $ 41.6 | $ 11.5 | |||
Unfavorable Regulatory Action | 2015 Consent Decrees With EPA | |||||
Debt Instrument | |||||
Letters of Credit Outstanding, Amount | $ 50 |
Financing Arrangements - Long-t
Financing Arrangements - Long-term Debt (Details 2) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Nov. 13, 2017 | Nov. 18, 2016 | |
Term Loan Facility | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 720 | |||
Long-term debt, prepayment | $ 684 | |||
Senior Notes | Senior Notes Due 2022 [Member] | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 550 | |||
Stated interest rate | 3.25% | |||
Senior Notes | Senior Notes Due 2027 [Member] | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 700 | |||
Stated interest rate | 4.05% | |||
Senior Notes | Senior Notes Due 2023 | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 900 | |||
Stated interest rate | 4.25% | |||
Senior Notes | Senior Notes Due 2033 | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 500 | |||
Stated interest rate | 5.45% | |||
Senior Notes | Senior Notes Due 2043 | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 600 | |||
Stated interest rate | 5.625% | |||
Senior Notes | Senior Notes Due 2021 | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 450 | |||
Stated interest rate | 3.75% | |||
Senior Notes | Senior Notes Due 2041 | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 300 | |||
Stated interest rate | 4.875% | |||
Bank Loan | ||||
Debt Instrument | ||||
Interest rate margin on LIBOR | 1.25% | |||
Debentures | Debentures Due 2028 | ||||
Debt Instrument | ||||
Long term debt including current maturities | $ 147.1 |
Financing Arrangements - Long_2
Financing Arrangements - Long-term debt - Stated value (Details 3) - USD ($) $ in Millions | 2 Months Ended | 12 Months Ended | |||
Feb. 20, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Long-term Debt, Excluding Current Maturities | |||||
Stated value of issued debt | $ 4,563.8 | $ 4,507.3 | |||
Fair value adjustment of debt | 15.2 | 17.5 | |||
Discount on notes issuance | (6.3) | (7.3) | |||
Total long term debt | 4,572.7 | 4,517.5 | |||
Stated value of current portion of issued debt | 45.9 | 24.7 | |||
Fair value adjustment of current portion of long-term debt | 2.3 | 2.3 | |||
Discount on Notes Issuance, current portion | (1) | (1) | |||
Carrying Value, current portion | 47.2 | 26 | |||
Stated value of noncurrent portion of issued debt | 4,517.9 | 4,482.6 | |||
Fair Market Value Adjustment, Total long term debt noncurrent | 12.9 | 15.2 | |||
Discount on Notes Issuance, Total long term debt noncurrent | (5.3) | (6.3) | |||
Total long-term debt, less current maturities | 4,525.5 | 4,491.5 | |||
Maturities of Long-term Debt | |||||
2020 | 47.2 | ||||
2021 | 503.6 | ||||
2022 | 596.3 | ||||
2023 | 80.5 | ||||
2024 | 1,070.8 | ||||
Thereafter | 2,274.3 | ||||
Total long term debt | 4,572.7 | 4,517.5 | |||
Unsecured Notes | |||||
Long-term Debt, Excluding Current Maturities | |||||
Stated value of issued debt | 4,000 | 4,000 | |||
Fair value adjustment of debt | 0 | 0 | |||
Discount on notes issuance | (6.3) | (7.3) | |||
Total long term debt | $ 3,993.7 | 3,992.7 | |||
Stated interest rates: | |||||
Effective interest rate | 5.01% | ||||
Long-term debt - other disclosures: | |||||
Maturity year - earliest | Jan. 1, 2021 | ||||
Maturity year - latest | Dec. 31, 2043 | ||||
Maturities of Long-term Debt | |||||
Total long term debt | $ 3,993.7 | 3,992.7 | |||
Unsecured Notes | Minimum | |||||
Stated interest rates: | |||||
Stated interest rate | 3.25% | ||||
Unsecured Notes | Maximum | |||||
Stated interest rates: | |||||
Stated interest rate | 5.63% | ||||
Unsecured Debentures | |||||
Long-term Debt, Excluding Current Maturities | |||||
Stated value of issued debt | $ 147.1 | 147.1 | |||
Fair value adjustment of debt | 1 | 1.1 | |||
Discount on notes issuance | 0 | 0 | |||
Total long term debt | $ 148.1 | 148.2 | |||
Stated interest rates: | |||||
Effective interest rate | 7.19% | ||||
Long-term debt - other disclosures: | |||||
Maturity year - latest | Dec. 31, 2028 | ||||
Maturities of Long-term Debt | |||||
Total long term debt | $ 148.1 | 148.2 | |||
Unsecured Debentures | Minimum | |||||
Stated interest rates: | |||||
Stated interest rate | 0.00% | ||||
Unsecured Debentures | Maximum | |||||
Stated interest rates: | |||||
Stated interest rate | 7.30% | ||||
Term loan | |||||
Long-term Debt, Excluding Current Maturities | |||||
Stated value of issued debt | [1] | $ 0 | 0 | ||
Fair value adjustment of debt | 0 | 0 | |||
Discount on notes issuance | 0 | 0 | |||
Total long term debt | [1] | $ 0 | 0 | ||
Stated interest rates: | |||||
The reference rate for the variable rate of the Term Loans | LIBOR | ||||
Interest rate margin on LIBOR | 1.25% | ||||
Long-term debt - other disclosures: | |||||
Maturity year - latest | Nov. 18, 2021 | ||||
Maturities of Long-term Debt | |||||
Total long term debt | [1] | $ 0 | 0 | ||
Finance Leases | |||||
Long-term Debt, Excluding Current Maturities | |||||
Stated value of issued debt | 345.1 | 302.2 | |||
Fair value adjustment of debt | 0 | 0 | |||
Discount on notes issuance | 0 | 0 | |||
Total long term debt | $ 345.1 | 302.2 | |||
Stated interest rates: | |||||
Effective interest rate | 3.87% | ||||
Long-term debt - other disclosures: | |||||
Maturity year - earliest | Jan. 1, 2020 | ||||
Maturity year - latest | Dec. 31, 2030 | ||||
Maturities of Long-term Debt | |||||
Total long term debt | $ 345.1 | 302.2 | |||
Finance Leases | Minimum | |||||
Stated interest rates: | |||||
Stated interest rate | 2.32% | ||||
Finance Leases | Maximum | |||||
Stated interest rates: | |||||
Stated interest rate | 19.72% | ||||
Other | |||||
Long-term Debt, Excluding Current Maturities | |||||
Stated value of issued debt | $ 71.6 | [2] | 58 | ||
Fair value adjustment of debt | 14.2 | 16.4 | |||
Discount on notes issuance | 0 | 0 | |||
Total long term debt | $ 85.8 | [2] | 74.4 | ||
Stated interest rates: | |||||
Effective interest rate | 5.39% | ||||
Long-term debt - other disclosures: | |||||
Maturity year - earliest | Jan. 1, 2021 | ||||
Maturity year - latest | Dec. 31, 2026 | ||||
Maturities of Long-term Debt | |||||
Total long term debt | $ 85.8 | [2] | $ 74.4 | ||
Other | Minimum | |||||
Stated interest rates: | |||||
Stated interest rate | 2.50% | ||||
Other | Maximum | |||||
Stated interest rates: | |||||
Stated interest rate | 9.98% | ||||
Subsequent Event [Member] | |||||
Debt Instrument | |||||
Inventory Financing Arrangement, Maximum Amount | $ 400 | ||||
Long-term debt - other disclosures: | |||||
Inventory Financing Arrangement, Amount Sold | $ 50.3 | ||||
[1] | Term loan facility is pre-payable. | ||||
[2] | Includes deferred financing fees related to our long term debt. |
Marketable Securities Held in_3
Marketable Securities Held in Trusts (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Aug. 31, 2016USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Amount deposited by Mosaic into the RCRA Trusts | $ 630 | ||
Number Of Decades Remaining For Trust | 3 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | |||
Amortized Cost | 666.5 | $ 633 | |
Gross Unrealized Gains | 13.4 | 4.1 | |
Gross Unrealized Losses | (3) | (7.7) | |
Fair Value | 676.9 | 629.4 | |
Cash And Cash Equivalents | Fair Value Inputs Level 1 | |||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | |||
Amortized Cost | 3.4 | 4 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 3.4 | 4 | |
Corporate Debt Securities | Fair Value Inputs Level 2 | |||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | |||
Amortized Cost | 194.2 | 180.8 | |
Gross Unrealized Gains | 5.8 | 0.3 | |
Gross Unrealized Losses | (0.1) | (4.3) | |
Fair Value | 199.9 | 176.8 | |
Municipal Bonds | Fair Value Inputs Level 2 | |||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | |||
Amortized Cost | 188.3 | 186.1 | |
Gross Unrealized Gains | 4.4 | 0.5 | |
Gross Unrealized Losses | (0.4) | (3.4) | |
Fair Value | 192.3 | 183.2 | |
U.S. Government Bonds | Fair Value Inputs Level 2 | |||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | |||
Amortized Cost | 280.6 | 262.1 | |
Gross Unrealized Gains | 3.2 | 3.3 | |
Gross Unrealized Losses | (2.5) | 0 | |
Fair Value | $ 281.3 | $ 265.4 |
Marketable Securities Held in_4
Marketable Securities Held in Trusts - Continuous Loss Position (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 225 | $ 56.2 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2.6) | (0.6) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 35.4 | 220.9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (0.4) | (7.1) |
Corporate Debt Securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 17.9 | 43.9 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (0.6) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 20.7 | 103.4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (0.1) | (3.7) |
Municipal Bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 11.7 | 12.3 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (0.1) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 14.7 | 117.5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (0.3) | (3.4) |
U.S. Government Bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 195.4 | 0 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (2.5) | $ 0 |
Marketable Securities Held in_5
Marketable Securities Held in Trusts - Maturity Dates and Realized Gain and Loss (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Realized Losses | $ (1.8) | $ (13.5) |
Realized Gains | 17 | $ 0.3 |
Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less | 28.8 | |
Due after one year through five years | 423.6 | |
Due after five years through ten years | 184.4 | |
Due after ten years | 36.7 | |
Total debt securities | $ 673.5 |
Income Taxes Provision for Taxe
Income Taxes Provision for Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ (75.5) | $ 24.5 | $ (167.6) |
State | (5.2) | 1.8 | 14.9 |
Non-U.S. | 119.1 | 147.2 | 31 |
Total current | 38.4 | 173.5 | (121.7) |
Deferred: | |||
Federal | (194.8) | (105.1) | 602.3 |
State | (6.7) | 9.9 | (39.9) |
Non-U.S. | (61.6) | (1.2) | 54.2 |
Total deferred | (263.1) | (96.4) | 616.6 |
(Benefit from) provision for income taxes | $ (224.7) | $ 77.1 | $ 494.9 |
Income Taxes Effective Tax Rate
Income Taxes Effective Tax Rate (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ (1,096,200,000) | $ 322,700,000 | $ (82,500,000) | |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (159,900,000) | 228,800,000 | 456,500,000 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ (1,256,100,000) | $ 551,500,000 | $ 374,000,000 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation | ||||
Computed tax at the U.S. federal statutory rate | 21.00% | 21.00% | 35.00% | |
State and local income taxes, net of federal income tax benefit | 2.60% | 2.00% | (0.10%) | |
Percentage depletion in excess of basis | 2.50% | (6.70%) | (13.20%) | |
Impact of non-U.S. earnings | 5.30% | 11.80% | (46.90%) | |
Change in valuation allowance | (3.10%) | (15.20%) | 148.80% | |
Share-based excess cost/(benefits) | 0.00% | 0.70% | 2.00% | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | (5.00%) | 0.00% | 0.00% | |
Other items (none in excess of 5% of computed tax) | (5.40%) | 0.40% | 6.70% | |
Effective tax rate | 17.90% | 14.00% | 132.30% | |
Effective Income Tax Rate Reconciliation, Amounts | ||||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | $ (355,600,000) | $ 700,000 | $ (15,100,000) | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | (79,600,000) | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (73,400,000) | 945,800,000 | 553,500,000 | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 14,000,000 | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 4,800,000 | 1,000,000 | (6,100,000) | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | 7,500,000 | |||
Refund of Future Alternative Minimum Tax Credits | (8,600,000) | |||
Valuation allowance | $ 1,530,500,000 | 1,457,100,000 | 1,530,500,000 | |
Alternative minimum tax credit carryforwards | 100,400,000 | 100,400,000 | ||
Sequestration Rules, amount of AMT refunded | 8,600,000 | 8,600,000 | ||
Increase (Decrease) in Royalties Payable | 10,400,000 | |||
Undistributed earnings of non-U.S. subsidiaries | 15,000,000 | 3,800,000 | 15,000,000 | |
Undistributed earnings withholding taxes | 15,000,000 | |||
Deferred Income Tax Expense (Benefit) | (263,100,000) | (96,400,000) | 616,600,000 | |
Foreign Tax Credit Carryforward | ||||
Effective Income Tax Rate Reconciliation, Amounts | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (30,600,000) | |||
United States | ||||
Effective Income Tax Rate Reconciliation, Amounts | ||||
Deferred Income Tax Expense (Benefit) | (14,900,000) | |||
Peru | ||||
Effective Income Tax Rate Reconciliation, Amounts | ||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 6,700,000 | |||
United States Tax Cuts and Jobs Act Law | ||||
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation | ||||
Computed tax at the U.S. federal statutory rate | 21.00% | |||
Effective Income Tax Rate Reconciliation, Amounts | ||||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Amount | 21,200,000 | 12,200,000 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 30,700,000 | $ 546,100,000 | ||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | 12,500,000 | |||
Estimated impacts on deferred tax and tax expenses | 457,500,000 | |||
Alternative minimum tax credit carryforwards | 121,500,000 | |||
Undistributed earnings of non-U.S. subsidiaries | 202,600,000 | |||
Sequestration Rules, refundable alternative minimum tax | 8,600,000 | |||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 9,000,000 | 21,200,000 | 12,200,000 | 107,700,000 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 2,300,000 | |||
Foreign and Domestic Tax Authority | ||||
Effective Income Tax Rate Reconciliation, Amounts | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 15,900,000 | |||
Foreign Tax Authority | ||||
Effective Income Tax Rate Reconciliation, Amounts | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 9,200,000 | 11,700,000 | ||
US Branch Basket Foreign Tax Credits | United States Tax Cuts and Jobs Act Law | ||||
Effective Income Tax Rate Reconciliation, Amounts | ||||
Valuation allowance | 156,800,000 | 156,800,000 | ||
Anticipatory Foreign Tax Credit Carryforward | United States Tax Cuts and Jobs Act Law | ||||
Effective Income Tax Rate Reconciliation, Amounts | ||||
Valuation allowance | 361,600,000 | 361,600,000 | 440,300,000 | |
Foreign Tax Credit Carryforward | ||||
Effective Income Tax Rate Reconciliation, Amounts | ||||
Tax Credit Carryforward, Amount | 522,500,000 | |||
Foreign Tax Credit Carryforward | United States Tax Cuts and Jobs Act Law | ||||
Effective Income Tax Rate Reconciliation, Amounts | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 30,600,000 | |||
Valuation allowance | $ 105,800,000 | 238,300,000 | 105,800,000 | $ 105,800,000 |
Alternative Minimum Tax Credit Carryforward | ||||
Effective Income Tax Rate Reconciliation, Amounts | ||||
Tax Credit Carryforward, Amount | 85,500,000 | |||
Estimate | United States Tax Cuts and Jobs Act Law | ||||
Effective Income Tax Rate Reconciliation, Amounts | ||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 21,200,000 | |||
Colonsay Mine Idle | ||||
Effective Income Tax Rate Reconciliation, Amounts | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Amount | (263,400,000) | |||
Plant City Closure | ||||
Effective Income Tax Rate Reconciliation, Amounts | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Amount | $ (81,000,000) |
Income Taxes Deferred Tax (Deta
Income Taxes Deferred Tax (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax liabilities: | ||
Depreciation and amortization | $ 70.7 | $ 317.3 |
Depletion | 530.7 | 390.8 |
Partnership tax basis differences | 69.8 | 64.6 |
Undistributed earnings of non-U.S. subsidiaries | 3.8 | 15 |
Other liabilities | 19 | 10.3 |
Total deferred tax liabilities | 694 | 798 |
Before valuation allowance | ||
Alternative minimum tax credit carryforwards | 0 | 76.5 |
Capital loss carryforwards | 0 | 3 |
Foreign tax credit carryforwards | 522.5 | 493.5 |
Net operating loss carryforwards | 420 | 408.9 |
Pension plans and other benefits | 43.8 | 33.4 |
Asset retirement obligations | 232.1 | 187.6 |
Disallowed interest expense under 163(j) | 58.1 | 0 |
Other assets | 349.3 | 388.8 |
Subtotal | 1,625.8 | 1,591.7 |
Valuation allowance | 1,457.1 | 1,530.5 |
Net deferred tax assets | 168.7 | 61.2 |
Net deferred tax liabilities | $ (525.3) | $ (736.8) |
Income Taxes Carryforwards (Det
Income Taxes Carryforwards (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | $ 1,457.1 | $ 1,530.5 | |
Undistributed Earnings of Foreign Subsidiaries | 886.7 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | $ (73.4) | 945.8 | $ 553.5 |
Brazil | |||
Tax Credit Carryforward [Line Items] | |||
Maximum percentage of annual taxable income allowed to use of the tax credit carryforward | 30.00% | ||
Anticipatory Foreign Tax Credit Carryforward | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets Foreign Tax Credits Netted Against Related Deferred Tax Liabilities | $ 224.6 | 361.6 | |
Alternative Minimum Tax Credit Carryforward | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | 85.5 | ||
Net Operating Loss Carryforward | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss | 1,930 | ||
Net Operating Loss Carryforward | Brazil | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss | $ 832 | ||
Net Operating Loss Carryforward | United States | |||
Tax Credit Carryforward [Line Items] | |||
Maximum Period to Utilize Tax Credits | 20 years | ||
Foreign Tax Credit Carryforward | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | $ 522.5 | ||
Foreign Tax Credit Carryforward | Tax Year 2023 Or Earlier | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | 36.5 | ||
Foreign Tax Credit Carryforward | Tax Year 2026 Or Earlier | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | 235.4 | ||
Foreign Tax Credit Carryforward | Tax Year 2028 Or Earlier | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | 150.3 | ||
Foreign Tax Credit Carryforward | Tax Year 2029 Or Earlier | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | 100.2 | ||
Anticipatory Foreign Tax Credit Carryforward | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | 224.6 | 361.6 | |
United States Tax Cuts and Jobs Act Law | |||
Tax Credit Carryforward [Line Items] | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 30.7 | 546.1 | |
United States Tax Cuts and Jobs Act Law | Anticipatory Foreign Tax Credit Carryforward | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | 361.6 | 440.3 | |
United States Tax Cuts and Jobs Act Law | Foreign Tax Credit Carryforward | |||
Tax Credit Carryforward [Line Items] | |||
Valuation allowance | 238.3 | 105.8 | $ 105.8 |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | $ 30.6 | ||
Non-US | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | $ 1.6 |
Income Taxes Income Tax Valuati
Income Taxes Income Tax Valuation Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation Allowance [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (73.4) | $ 945.8 | $ 553.5 |
Tax Credit Carryforward, Valuation Allowance | (49.8) | ||
Operating Loss Carryforwards, Valuation Allowance | 6.8 | ||
Valuation allowance | 1,457.1 | 1,530.5 | |
United States Tax Cuts and Jobs Act Law | |||
Valuation Allowance [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 30.7 | $ 546.1 | |
PERU | |||
Valuation Allowance [Line Items] | |||
Operating Loss Carryforwards, Valuation Allowance | 8.3 | ||
Foreign Tax Authority | |||
Valuation Allowance [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 9.2 | 11.7 | |
Vale Fertilizantes S.A. | |||
Valuation Allowance [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (48) | $ 956.2 |
Income Taxes Uncertain Tax Prov
Income Taxes Uncertain Tax Provisions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate in future periods | $ 23.3 | ||
Accrued interest and penalties related to unrecognized tax benefits, which are reflected in other noncurrent liabilities | 7.4 | $ 4.9 | |
Changes in unrecognized tax benefits for all jurisdictions were as follows: | |||
Gross unrecognized tax benefits, beginning of period | 38.1 | 39.3 | $ 27.1 |
Prior year tax positions - increases | 0 | 0.3 | 1.9 |
Current year tax positions | 5.1 | 3.8 | 8.5 |
Prior year tax positions - decreases | (4.9) | (2.9) | 0 |
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | 1.2 | 1.8 | |
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | (2.4) | ||
Gross unrecognized tax benefits, end of period | 39.5 | $ 38.1 | $ 39.3 |
Non-US | |||
Changes in unrecognized tax benefits for all jurisdictions were as follows: | |||
Prior year tax positions - increases | 1.4 | ||
US and non-US [Domain] | |||
Income Tax Contingency [Line Items] | |||
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate in future periods | $ 2.8 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset retirement obligations, beginning of period | $ 1,160.1 | $ 859.3 | |
AROs acquired in Vale S.A. acquisition | 0 | 258.9 | |
Liabilities incurred | 15.8 | 27.8 | |
Liabilities settled | (112.8) | (69.6) | |
Accretion expense | 62.4 | 48 | $ 25.7 |
Revisions in estimated cash flows | 191 | 78.2 | |
Foreign currency translation | (1.3) | (42.5) | |
Asset retirement obligations, end of period | 1,315.2 | 1,160.1 | $ 859.3 |
Less current portion | 154.4 | 136.3 | |
Asset retirement obligations | $ 1,160.8 | $ 1,023.8 |
Asset Retirement Obligations Co
Asset Retirement Obligations Contingencies - Gypstack (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Jul. 27, 2018 | Dec. 31, 2017 | Aug. 31, 2016 | |
Loss Contingencies [Line Items] | |||||
Discounted asset retirement obligation | $ 1,315.2 | $ 1,160.1 | $ 859.3 | ||
Amount deposited by Mosaic into the RCRA Trusts | $ 630 | ||||
Surety Bonds Outstanding Delivered To EPA | 244.9 | ||||
Unfavorable Regulatory Action | |||||
Loss Contingencies [Line Items] | |||||
Discounted asset retirement obligation | 660.2 | $ 578.4 | |||
2015 Consent Decrees With EPA | Unfavorable Regulatory Action | |||||
Loss Contingencies [Line Items] | |||||
Expected capital improvements and expenses | 200 | ||||
Letters of Credit to be issued to support financial assurance obligations under the Florida Consent | $ 50 | ||||
Asset retirement obligations, undiscounted | 1,600 | ||||
Discounted asset retirement obligation | $ 429.3 | ||||
Bonnie Facility Trust | |||||
Loss Contingencies [Line Items] | |||||
Assets held-in-trust, current | $ 21 |
Asset Retirement Obligations Ot
Asset Retirement Obligations Other Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 27, 2018 | Dec. 31, 2017 |
Other Commitments [Line Items] | ||||
Surety Bonds Outstanding Delivered To EPA | $ 244.9 | |||
Restricted cash | 5.4 | $ 15.8 | $ 32.6 | |
Asset retirement obligations | 1,160.8 | 1,023.8 | ||
Bonnie Facility Trust | ||||
Other Commitments [Line Items] | ||||
Assets held-in-trust, current | $ 21 | |||
Plant City and Bonnie Facilities [Member] | ||||
Other Commitments [Line Items] | ||||
Asset retirement obligations | $ 211.2 | $ 109.2 |
Derivatives - Gross Assets and
Derivatives - Gross Assets and Liabilities Positions (Details) $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Derivative | ||
Gross asset position | $ 29.9 | $ 13.4 |
Gross liability position | $ 29.1 | $ 89.4 |
Interest Rate Swap Contract | ||
Derivative | ||
Number of Interest Rate Derivatives Held | 9 | 9 |
Derivative - Notional Amounts (
Derivative - Notional Amounts (Details) MMBTU in Millions, $ in Millions | Dec. 31, 2019USD ($)MMBTU | Dec. 31, 2018USD ($)MMBTU |
Foreign Exchange Contract | ||
Derivative | ||
Derivative, notional amount | $ 1,923.3 | $ 2,091.7 |
Debt Fix-to-Float Interest Rate Swap Contract | ||
Derivative | ||
Number of Interest Rate Derivatives Held | 9 | 9 |
Derivative, notional amount | $ 585 | $ 585 |
Commodity Contract (MMbtu) | ||
Derivative | ||
Derivative, nonmonetary notional amount | MMBTU | 44.1 | 52.2 |
Derivatives - Credit Risk Relat
Derivatives - Credit Risk Related Contingent Features (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative, Credit Risk Related Contingent Features | ||
The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position | $ 11.6 | $ 37.9 |
Required collateral assets to be posted if the credit-risk contingent features of these underlying agreements were triggered. | $ 7 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis | ||
Gross asset position | $ 29.9 | $ 13.4 |
Gross liability position | $ 29.1 | 89.4 |
Fair Value, Measurements, Recurring | Foreign Exchange Contract | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis | ||
Average maturity of foreign currency derivative instruments | 18 months | |
Gross asset position | $ 15.6 | 13.1 |
Gross liability position | 22.9 | 62.2 |
Fair Value, Measurements, Recurring | Commodity Contract | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis | ||
Gross asset position | 2.9 | 0.3 |
Gross liability position | 6.2 | 17.7 |
Fair Value, Measurements, Recurring | Interest Rate Swap Contract | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis | ||
Gross asset position | 11.4 | 0 |
Gross liability position | $ 0 | $ 9.5 |
Fair Value Financial Instrument
Fair Value Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and cash equivalents | $ 519.1 | $ 847.7 |
Accounts receivable | 803.9 | 838.5 |
Accounts payable | 680.4 | 780.9 |
Structured accounts payable arrangements | 740.6 | 572.8 |
Short-term debt | 41.6 | 11.5 |
Long-term debt, including current portion | 4,572.7 | 4,517.5 |
Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and cash equivalents | 519.1 | 847.7 |
Accounts receivable | 803.9 | 838.5 |
Accounts payable | 680.4 | 780.9 |
Structured accounts payable arrangements | 740.6 | 572.8 |
Short-term debt | 41.6 | 11.5 |
Long-term debt, including current portion | $ 4,920.9 | $ 4,554.6 |
Guarantees and Indemnities (Det
Guarantees and Indemnities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Brazilian Financial Parties | |
Guarantor Obligations [Line Items] | |
Guarantee Obligations Maximum Exposure | $ 71.4 |
Pension Plans and Other Benef_3
Pension Plans and Other Benefits - Changes in Defined Benefit Obligations and Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in plan assets: | |||
Fair value at beginning of period | $ 701.2 | ||
Fair value at end of period | 790.6 | $ 701.2 | |
Amounts recognized in the consolidated balance sheets: | |||
Noncurrent liabilities | (173.6) | (146.3) | |
North American Pension Plans | |||
Change in projected benefit obligation: | |||
Benefit obligation at beginning of period | 673.6 | 766.1 | |
Service cost | 4.8 | 6.2 | $ 5.9 |
Interest cost | 25 | 24 | 24.3 |
Actuarial (gain) loss | 67.4 | (48.3) | |
Currency fluctuations | 15.7 | (28) | |
Benefits paid | (40.6) | (46.4) | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 9.6 | 0 | |
Projected benefit obligation at end of period | 755.5 | 673.6 | 766.1 |
Change in plan assets: | |||
Fair value at beginning of period | 701.2 | 793.2 | |
Currency fluctuations | 16.8 | (30.7) | |
Actual return | 107.7 | (22) | |
Company contribution | 5.5 | 7.1 | |
Benefits paid | (40.6) | (46.4) | |
Fair value at end of period | 790.6 | 701.2 | $ 793.2 |
Funded status of the plans as of the end of period | 35.1 | 27.6 | |
Amounts recognized in the consolidated balance sheets: | |||
Noncurrent assets | 45.8 | 40.5 | |
Current liabilities | (0.8) | (0.7) | |
Noncurrent liabilities | (9.9) | (12.2) | |
Amounts recognized in accumulated other comprehensive (income) loss | |||
Prior service costs | 25.2 | 16.9 | |
Actuarial loss | 94.8 | 107.7 | |
Accumulated benefit obligation for the defined benefit pension plans | 754.7 | 673 | |
North American Other Postretirement Benefits Plan | |||
Change in projected benefit obligation: | |||
Benefit obligation at beginning of period | 35.3 | ||
Projected benefit obligation at end of period | 35.5 | 35.3 | |
Brazil Defined Benefit Pension Plans | |||
Change in plan assets: | |||
Company contribution | 0.7 | $ 1 | |
Colonsay | |||
Amounts recognized in the consolidated balance sheets: | |||
Current liabilities | $ (7.4) |
Pension Plans and Other Benef_4
Pension Plans and Other Benefits - Changes in Net Periodic Pension Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income | |||
The estimated net actuarial (gain) loss and prior service cost (credit) for the pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost in the next fiscal year | $ 11.5 | ||
North American Pension Plans | |||
Net Periodic Benefit Cost Before Settlements: | |||
Service cost | 4.8 | $ 6.2 | $ 5.9 |
Interest cost | 25 | 24 | 24.3 |
Expected return on plan assets | (33.8) | (39.7) | (41.3) |
Prior service cost | 2.3 | 2.4 | 2.3 |
Actuarial loss | 9.2 | 9.1 | 2.8 |
Preliminary net periodic benefit cost (income) | 7.5 | 2 | (6) |
Curtailment/settlement expense | 0 | 1.2 | 2.4 |
Total net periodic benefit cost (income) | 7.5 | 3.2 | (3.6) |
Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income | |||
Prior service (credit) cost recognized in other comprehensive income | 5.5 | (4.3) | (3.8) |
Net actuarial loss (gain) recognized in other comprehensive income | (13.9) | 5 | (4) |
Total recognized in other comprehensive income (loss) | (8.4) | 0.7 | (7.8) |
Total recognized in net periodic benefit (income) cost and other comprehensive income | $ (0.9) | $ 3.9 | $ (11.4) |
Pension Plans and Other Benef_5
Pension Plans and Other Benefits - Est Future Defined Benefit Pension Plan Pmts (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Plans Benefit Payments | |
Defined Benefit Plan Disclosure | |
2020 | $ 42.5 |
2021 | 43.3 |
2022 | 44.1 |
2023 | 44.2 |
2024 | 44.1 |
2025-2029 | 218 |
Other Postretirement Plans Benefit Payments | |
Defined Benefit Plan Disclosure | |
2020 | 3.5 |
2021 | 3.3 |
2022 | 3.1 |
2023 | 2.8 |
2024 | 2.6 |
2025-2029 | 9.6 |
Medicare Part D Adjustments | |
Defined Benefit Plan Disclosure | |
2020 | 0.2 |
2021 | 0.2 |
2022 | 0.2 |
2023 | 0.2 |
2024 | 0.1 |
2025-2029 | $ 0.4 |
Pension Plans and Other Benef_6
Pension Plans and Other Benefits - Other Disclosures (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure | |
The amount of cash contribution to the defined benefit postretirement medical plans needed next fiscal year to meet minimum funding requirements | $ 3.5 |
Minimum | |
Defined Benefit Plan Disclosure | |
The amount of estimated cash contribution to the defined benefit pension plans needed next fiscal year to meet minimum funding requirements | $ 7.2 |
Fixed Income Securities | Foreign Hourly Plans | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% |
Fixed Income Securities | United States | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80.00% |
Fixed Income Securities | Foreign Salaried Plans | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80.00% |
Return Seeking Investments | Foreign Hourly Plans | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% |
Return Seeking Investments | United States | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% |
Return Seeking Investments | Foreign Salaried Plans | |
Defined Benefit Plan Disclosure | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% |
Pension Plans and Other Benef_7
Pension Plans and Other Benefits - Plan Asset Allocations (Details) - Foreign Hourly Plans | Dec. 31, 2019 |
Fixed Income Securities | |
Summary Target Allocation Strategy | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% |
Return Seeking Investments | |
Summary Target Allocation Strategy | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% |
Pension Plans and Other Benef_8
Pension Plans and Other Benefits - Plan Asset FV Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure | |||
Fair value of asset | $ 790.6 | $ 701.2 | |
Fair Value Inputs Level 1 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | 3.4 | 12 | |
Fair Value Inputs Level 2 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | 785.7 | 687.2 | |
Fair Value Inputs Level 3 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | $ 1.5 | $ 2 | |
Debt Security, Corporate, US | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 46.00% | 50.00% | |
US and Canada Government Debt Securities | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 49.00% | 44.00% | |
Canadian Equity Securities | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 18.00% | 18.00% | |
Cash And Cash Equivalents | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | $ 3.4 | $ 12 | |
Cash And Cash Equivalents | Fair Value Inputs Level 1 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | 3.4 | 12 | |
Cash And Cash Equivalents | Fair Value Inputs Level 2 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | 0 | 0 | |
Cash And Cash Equivalents | Fair Value Inputs Level 3 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | 0 | 0 | |
Equity Securities | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | [1] | 216.4 | 172.9 |
Equity Securities | Fair Value Inputs Level 1 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | [1] | 0 | 0 |
Equity Securities | Fair Value Inputs Level 2 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | [1] | 216.4 | 172.9 |
Equity Securities | Fair Value Inputs Level 3 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | [1] | 0 | 0 |
Fixed Income Securities | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | [2] | 569.3 | 514.3 |
Fixed Income Securities | Fair Value Inputs Level 1 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | [2] | 0 | 0 |
Fixed Income Securities | Fair Value Inputs Level 2 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | [2] | 569.3 | 514.3 |
Fixed Income Securities | Fair Value Inputs Level 3 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | [2] | 0 | 0 |
Private Equity Funds | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | 1.5 | 2 | |
Private Equity Funds | Fair Value Inputs Level 1 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | 0 | 0 | |
Private Equity Funds | Fair Value Inputs Level 2 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | 0 | 0 | |
Private Equity Funds | Fair Value Inputs Level 3 | |||
Defined Benefit Plan Disclosure | |||
Fair value of asset | $ 1.5 | $ 2 | |
Other Foreign | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 47.00% | 43.00% | |
U.S. Government Bonds | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 35.00% | 39.00% | |
Debt Security, Corporate, Non-US | |||
Defined Benefit Plan Disclosure | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 5.00% | 6.00% | |
[1] | This class, which includes several funds, was invested approximately 35% in U.S. equity securities, 18% in Canadian equity securities and 47% in international equity securities as of December 31, 2019 , and 39% in U.S. equity securities, 18% in Canadian equity securities and 43% in international equity securities as of December 31, 2018 . | ||
[2] | This class, which includes several funds, was invested approximately 46% in corporate debt securities, 49% in governmental securities in the U.S. and Canada and 5% in foreign entity debt securities as of December 31, 2019 , and 50% in corporate debt securities, 44% in governmental securities in the U.S. and Canada and 6% in foreign entity debt securities as of December 31, 2018 . |
Pension Plans and Other Benef_9
Pension Plans and Other Benefits - Fair Value Assumptions (Details) - North American Pension Plans | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
The assumptions used to determine benefit obligations were as follows: | |||
Discount rate | 3.12% | 4.09% | 3.51% |
Expected return on plan assets | 5.13% | 5.14% | 5.54% |
Rate of compensation increase | 3.00% | 3.50% | 3.50% |
The assumptions used to determine net benefit cost were as follows: | |||
Discount rate | 4.09% | 3.51% | 3.97% |
Service cost discount rate | 4.00% | 3.50% | 4.02% |
Interest cost discount rate | 3.77% | 3.21% | 3.44% |
Expected return on plan assets | 5.14% | 5.54% | 5.54% |
Rate of compensation increase | 3.50% | 3.50% | 3.50% |
Pension Plans and Other Bene_10
Pension Plans and Other Benefits - Defined Contribution Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan [Abstract] | |||
Mosaic's matching rate of first tier of employee's compensation deferrals under the "Investment Plan" | 100.00% | ||
Maximum rate of first tier of deferred compensation elected by employees under the Company's "Investment Plan" | 3.00% | ||
Mosaic's matching rate of second tier of employee's compensation deferrals under the "Investment Plan" | 50.00% | ||
Maximum rate of second tier of deferred compensation elected by employees under the Company's "Investment Plan" | 3.00% | ||
Expense attributable to the Company's Investment Plan and Savings Plan | $ 56.4 | $ 51.2 | $ 54.3 |
Pension Plans and Other Bene_11
Pension Plans and Other Benefits Postretirement Medical Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 790.6 | $ 701.2 | |
Liability, Defined Benefit Plan, Noncurrent | (173.6) | (146.3) | |
North American Other Postretirement Benefits Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 35.5 | 35.3 | |
Brazil Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0.8 | 1.5 | |
Interest cost | 6.9 | 6.8 | |
Actuarial (gain) loss | 30.7 | 13 | |
Currency fluctuations | (4.3) | (13.1) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (0.5) | (1.5) | |
Defined Benefit Plan, Benefit Obligation | 109.4 | 75.8 | $ 69.1 |
Company contribution | 0.5 | 1.5 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (0.5) | (1.5) | |
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Funded status of the plans as of the end of period | (109.4) | (75.8) | |
Liability, Defined Benefit Plan, Current | (1.7) | (0.5) | |
Liability, Defined Benefit Plan, Noncurrent | (107.7) | (75.3) | |
Actuarial loss | $ 50.9 | $ 23.9 | |
Discount rate | 9.15% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | $ (1,598.2) | $ (1,657.1) | $ (1,061.6) | $ (1,312.2) |
Other Comprehensive Income (Loss), before Tax | 64.1 | (622.5) | 265.4 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 24.3 | 10.6 | (6.3) | |
Net gain on marketable securities held in trust fund, net of tax (expense) benefit | 10.9 | 4.6 | 1.7 | |
Other Comprehensive Income (Loss), Tax | (6.4) | 21.8 | (15.2) | |
Other Comprehensive Income (Loss), Net of Tax | 57.7 | (600.7) | 250.2 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 1.2 | 5.2 | 0.4 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | 6.1 | (4.8) | (9.4) | (11.1) |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, before Tax | 14 | 4.8 | 2.7 | |
Net gain on marketable securities held in trust fund, net of tax (expense) benefit | 10.9 | 4.6 | 1.7 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | (3.1) | (0.2) | (1) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | |
AOCI, Derivative Qualifying as Hedge, Excluded Component, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | 2.1 | 0.4 | (1.8) | (3.5) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 2.2 | 2.3 | 2.4 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 1.7 | 2.2 | 1.7 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | (0.5) | (0.1) | (0.7) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (129.6) | (105.3) | (94.7) | (101) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (26.2) | (8.2) | 8.4 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Tax Effect | 1.9 | (2.4) | (2.1) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (24.3) | (10.6) | 6.3 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | |
Accumulated Foreign Currency Adjustment Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (1,476.8) | (1,547.4) | (955.7) | $ (1,196.6) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 74.1 | (621.4) | 251.9 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (4.7) | 24.5 | (11.4) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 69.4 | (596.9) | 240.5 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ 1.2 | $ 5.2 | $ 0.4 |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 14, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Payments for Repurchase of Common Stock | $ 149.9 | $ 0 | $ 0 | |
2015 Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 1,500 | |||
Stock Repurchased and Retired During Period, Shares | 7.1 | 15.8 | ||
Payments for Repurchase of Common Stock | $ 150 | $ 650 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 700 |
Share-based Payments (Details)
Share-based Payments (Details) | Dec. 31, 2019shares |
2014 Mosaic Stock and Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares and share options authorized under plan | 25,000,000 |
Omnibus Stock and Incentive Plan 2004 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares and share options authorized under plan | 25,000,000 |
Share-based Payments, Stock Opt
Share-based Payments, Stock Options (Details 2) - Stock Options - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of years the employee stock options vest in equal annual installments | 3 years | ||
Assumptions used to calculate the fair value of stock options in each period are noted in the following table. A summary of the assumptions used to estimate the fair value of stock option awards is as follows: | |||
Expected volatility (percent) | 35.35% | ||
Expected dividend yield (percent) | 1.97% | ||
Expected term (in years) | 7 years | ||
Risk-free interest rate (percent) | 2.34% | ||
Shares (in millions) | |||
Number of option shares outstanding at beginning of period (in shares) | 2.4 | ||
Granted (in shares) | 0 | ||
Cancelled (in shares) | (0.2) | ||
Number of option shares outstanding at end of period (in shares) | 2.2 | 2.4 | |
Number of shares issuable under options exercisable at end of period (in shares) | 2 | ||
Weighted Average Exercise Price | |||
Weighted average exercise price- options outstanding at beginning of period (in usd per share) | $ 45.50 | ||
Granted (in usd per share) | 0 | ||
Cancelled (in usd per share) | 52.92 | ||
Weighted Average Exercise Price- options outstanding at end of period (in usd per share) | 44.69 | $ 45.50 | |
Weighted Average Exercise Price- options exercisable at end of period (in usd per share) | $ 45.56 | ||
The weighted-average grant date fair value of options granted during the fiscal year (in usd per share) | $ 9.91 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Weighted Average Remaining Contractual Term (Years) - options outstanding at end of fiscal year | 3 years 4 months 24 days | ||
Weighted Average Remaining Contractual Term (Years) - options exercisable as of the end of the fiscal year | 3 years 1 month 6 days | ||
Aggregate Intrinsic Value - options outstanding at end of fiscal year | $ 0 | ||
Aggregate Intrinsic Value - options exercisable as of the end of the fiscal year | $ 0 | ||
The total intrinsic value of options exercised during the fiscal year | $ 0 |
Share-based Payments, RSU's (De
Share-based Payments, RSU's (Details 3) - Restricted Stock Units R S U shares in Millions | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Shares (in millions) | |
Number of stock units outstanding at beginning of period (shares) | shares | 1.6 |
Granted (in shares) | shares | 0.8 |
Issued and canceled (shares) | shares | (0.6) |
Number of stock units outstanding at end of period (shares) | shares | 1.8 |
Weighted Average Grant Date Fair Value | |
Weighted-average grant date fair value per share - stock unit awards outstanding, beginning of period (in usd per share) | $ / shares | $ 27.27 |
Granted (in usd per share) | $ / shares | 26.87 |
Issued and canceled (in usd per share) | $ / shares | 26.85 |
Weighted-average grant date fair value per share - stock unit awards outstanding, end of period (in usd per share) | $ / shares | $ 27.27 |
Share-based Payments, PSU's (De
Share-based Payments, PSU's (Details 4) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted Average Grant Date Fair Value | |||
Share-based compensation expense, net of forfeitures, in the fiscal year | $ 31.6 | $ 27.5 | $ 28 |
The tax benefit related to share-based compensation expense in the fiscal year | 6.7 | 5.8 | 9.7 |
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized | $ 16.6 | ||
The average weighted-average period the unrecognized compensation cost will be recognized (years) | 1 year | ||
The total fair value of options vested during the fiscal year | $ 0 | 0 | 4.2 |
Proceeds from Stock Options Exercised | 0 | ||
Tax benefit for tax deductions from options during the fiscal year | $ 2.6 | $ 2.3 | $ 14 |
TSR Performance Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Minimum retirement age for performance units to vest | 60 years | ||
Number Of Trading Days To Calculate Weighted Average Trading Price | 30 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Expected volatility (percent) | 33.70% | 34.30% | 34.26% |
Expected dividend yield (percent) | 0.72% | 0.37% | 1.97% |
Expected term (in years) | 3 years | 3 years | 3 years |
Risk-free interest rate (percent) | 2.43% | 2.42% | 1.60% |
Shares (in millions) | |||
Granted (in shares) | 603,856 | 401,098 | 455,740 |
Weighted Average Grant Date Fair Value | |||
Weighted Average Grant Date Fair Value Per Share, Granted (in usd per share) | $ 25.87 | $ 28.09 | $ 28.02 |
Performance Units Cash Settled | |||
Shares (in millions) | |||
Granted (in shares) | 203,782 | ||
Performance Units | |||
Shares (in millions) | |||
Number of stock units outstanding at beginning of period (shares) | 1,300,000 | ||
Granted (in shares) | 600,000 | ||
Issued and canceled (shares) | (500,000) | ||
Number of stock units outstanding at end of period (shares) | 1,400,000 | 1,300,000 | |
Weighted Average Grant Date Fair Value | |||
Weighted-average grant date fair value per share - stock unit awards outstanding, beginning of period (in usd per share) | $ 33.26 | ||
Weighted Average Grant Date Fair Value Per Share, Granted (in usd per share) | 25.87 | ||
Issued and canceled (in usd per share) | 27.83 | ||
Weighted-average grant date fair value per share - stock unit awards outstanding, end of period (in usd per share) | $ 27.13 | $ 33.26 |
Commitments (Details)
Commitments (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)t | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity | |||
2020 | $ 1,931.4 | ||
2021 | 682.6 | ||
2022 | 434.5 | ||
2023 | 319.7 | ||
2024 | 249.6 | ||
Subsequent years | 1,344.5 | ||
Total | 4,962.3 | ||
Purchases made for the fiscal period were as follows: | |||
Purchases made under long-term commitments during the reporting period | 1,900 | $ 2,000 | $ 1,900 |
Surety Bonds Outstanding | |||
Total amount of surety bonds outstanding | 544.8 | ||
Surety bonds outstanding for mining reclamation obligations | 260.3 | ||
Surety Bonds Outstanding Delivered To EPA | 244.9 | ||
Surety bonds outstanding for other than mining reclamation obligations | $ 39.6 | ||
Inventories At Price Tied To Natural Gas | |||
Long-term Purchase Commitment | |||
Long-term Purchase Commitment, Minimum Quantity Required | t | 545,000 | ||
Long Term Purchase Commitment Maximum Quantity Required | t | 725,000 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2014 | Dec. 31, 2018 | Oct. 24, 2016 | |
Applicability, Impact and Conclusion of Environmental Loss Contingencies | ||||
Environmental contingency accrual | $ 39.3 | $ 58.6 | ||
Water loss incident | Sinkhole closure remediation plan | ||||
Loss Contingencies [Line Items] | ||||
Expense related to environmental remediation | 80.2 | |||
Brazilian subsidiary judicial and administrative proceedings | ||||
Loss Contingencies [Line Items] | ||||
Estimated loss contingency | 90.5 | |||
Brazilian subsidiary labor claims | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual | 63.2 | |||
Brazilian subsidiary Potash Mine occupational hazard | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual | 2.7 | |||
Brazilian subsidiary mining claims | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual | 10.2 | |||
Brazilian subsidiary other civil contingent liabilities and other claims | ||||
Loss Contingencies [Line Items] | ||||
Estimated loss contingency | 11.5 | |||
Uberaba gypstacks settled litigation | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Damages Awarded, Value | $ 0.3 | |||
Uberaba EHS Class Action pending litigation | ||||
Loss Contingencies [Line Items] | ||||
Estimated loss contingency | 31.8 | |||
Tapira Overtime Pay Matter | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual | 7.4 | |||
Sergipe Overime Pay Matter | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual | 4.9 | |||
Maximum | Brazilian subsidiary judicial and administrative proceedings | ||||
Loss Contingencies [Line Items] | ||||
Estimated loss contingency | 1,100 | |||
Maximum | Brazilian Non Income Tax Proceedings | ||||
Loss Contingencies [Line Items] | ||||
Estimated loss contingency | 408.2 | |||
Maximum | Brazilian Non Income Tax Proceedings | Indemnification Agreement | ||||
Loss Contingencies [Line Items] | ||||
Estimated loss contingency | 212 | |||
Maximum | Brazilian Non Income Tax Proceedings | PIS And Cofins cases | ||||
Loss Contingencies [Line Items] | ||||
Estimated loss contingency | 271 | |||
Maximum | Brazilian subsidiary labor claims | ||||
Loss Contingencies [Line Items] | ||||
Estimated loss contingency | 775.5 | |||
Maximum | Brazilian subsidiary environmental claims | ||||
Loss Contingencies [Line Items] | ||||
Estimated loss contingency | 145.9 | |||
Loss Contingency Accrual | 5.6 | |||
Maximum | Brazilian subsidiary mining claims | ||||
Loss Contingencies [Line Items] | ||||
Estimated loss contingency | 16.7 | |||
Maximum | Brazilian subsidiary other civil contingent liabilities and other claims | ||||
Loss Contingencies [Line Items] | ||||
Estimated loss contingency | $ 180.8 | |||
Minimum | Water loss incident | ||||
Loss Contingencies [Line Items] | ||||
Financial assurance to support off-site monitoring and sinkhole remediation costs | $ 40 |
Related Party (Details)
Related Party (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||||
Due from Affiliates | $ 23.2 | |||
Due to Affiliate | $ 95.2 | |||
Other Assets, Miscellaneous | 40.6 | 30.7 | ||
Revenue from Related Parties | 969.5 | 842.4 | $ 715.3 | |
Related Parties Amount in Cost of Sales | 1,057.7 | 1,046.4 | 750.2 | |
Vale Fertilizantes S.A. | ||||
Related Party Transaction [Line Items] | ||||
Other Assets, Miscellaneous | 32.5 | |||
Ma'aden Wa'ad Al Shamal Phosphate Company | ||||
Related Party Transaction [Line Items] | ||||
Revenue from Related Parties | $ 8.3 | 6.6 | $ 1 | |
Ma'aden Wa'ad Al Shamal Phosphate Company | ||||
Related Party Transaction [Line Items] | ||||
Percentage Of Total Production Expected To Market | 25.00% | |||
Equity Method Investment, Ownership Percentage | 25.00% | |||
Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Guarantor Obligations, Number Of Vessels To Be Constructed | 2 | |||
Notes Payable, Related Parties | $ 74.7 | 75.3 | ||
Increase (Decrease) in Notes Payable, Related Parties | $ 54.2 | |||
Equity Method Investee Gulf Sulphur Services | ||||
Related Party Transaction [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Segment Reporting Information [Line Items] | |||||
Net sales | $ 9,587.3 | ||||
Gross margin | $ 897.3 | 1,498.4 | $ 842.8 | ||
Canadian resource taxes) | 174.6 | 159.4 | 70.1 | ||
Gross margin (excluding Canadian resource taxes) | 1,071.9 | 1,657.8 | 912.9 | ||
Restructuring and Related Cost, Incurred Cost | 1,462.1 | 0 | 0 | ||
Operating Income (Loss) | (1,094.9) | 928.3 | 465.7 | ||
Payments to Acquire Property, Plant, and Equipment | 1,272.2 | 954.5 | 820.1 | ||
Depreciation, Depletion and Amortization | 882.7 | 883.9 | 665.5 | ||
Equity in net (loss) earnings of nonconsolidated companies | (59.4) | (4.5) | 16.7 | ||
Assets | 19,298.5 | 20,119.2 | 18,633.4 | ||
Goodwill, Impairment Loss | 588.6 | ||||
Corporate Eliminations And Other Segment | |||||
Segment Reporting Information [Line Items] | |||||
Gross margin | [1] | 72.7 | (63.2) | (9.6) | |
Canadian resource taxes) | [1] | 0 | 0 | 0 | |
Gross margin (excluding Canadian resource taxes) | [1] | 72.7 | (63.2) | (9.6) | |
Restructuring and Related Cost, Incurred Cost | 0 | ||||
Operating Income (Loss) | [1] | (142.1) | (294.5) | (196.1) | |
Payments to Acquire Property, Plant, and Equipment | [1] | 4.6 | 1.9 | 14.8 | |
Depreciation, Depletion and Amortization | [1] | 20.5 | 20.2 | 23.4 | |
Equity in net (loss) earnings of nonconsolidated companies | [1] | 0.7 | 0.1 | 0.7 | |
Assets | [1] | 920.9 | 526.4 | 1,254.4 | |
Goodwill, Impairment Loss | 0 | ||||
Corporate Eliminations And Other Segment | China and India distribution operations | |||||
Segment Reporting Information [Line Items] | |||||
Gross margin | 27.3 | 42.8 | 46.9 | ||
Phosphates Segment | |||||
Segment Reporting Information [Line Items] | |||||
Gross margin | (82.3) | 581.5 | 332.2 | ||
Canadian resource taxes) | 0 | 0 | 0 | ||
Gross margin (excluding Canadian resource taxes) | (82.3) | 581.5 | 332.2 | ||
Restructuring and Related Cost, Incurred Cost | 931.6 | ||||
Operating Income (Loss) | (1,131.1) | 471.4 | 254.5 | ||
Payments to Acquire Property, Plant, and Equipment | 545.2 | 393.9 | 401 | ||
Depreciation, Depletion and Amortization | 430.1 | 403.7 | 338 | ||
Equity in net (loss) earnings of nonconsolidated companies | (60.1) | (4.6) | 16 | ||
Assets | 7,183.5 | [2] | 7,877.3 | 7,700.6 | |
Goodwill, Impairment Loss | (588.6) | ||||
Potash Segment | |||||
Segment Reporting Information [Line Items] | |||||
Gross margin | 616.8 | 597.2 | 391.6 | ||
Canadian resource taxes) | 174.6 | 159.4 | 70.1 | ||
Gross margin (excluding Canadian resource taxes) | 791.4 | 756.6 | 461.7 | ||
Restructuring and Related Cost, Incurred Cost | 530.5 | ||||
Operating Income (Loss) | 45.8 | 510.8 | 344.2 | ||
Payments to Acquire Property, Plant, and Equipment | 540.1 | 410.5 | 371.6 | ||
Depreciation, Depletion and Amortization | 296.3 | 301.5 | 287.2 | ||
Equity in net (loss) earnings of nonconsolidated companies | 0 | 0 | 0 | ||
Assets | 7,219.2 | 7,763.1 | 8,301.7 | ||
Goodwill, Impairment Loss | 0 | ||||
Mosaic Fertilizantes | |||||
Segment Reporting Information [Line Items] | |||||
Gross margin | 290.1 | 382.9 | 128.6 | ||
Canadian resource taxes) | 0 | 0 | 0 | ||
Gross margin (excluding Canadian resource taxes) | 290.1 | 382.9 | 128.6 | ||
Restructuring and Related Cost, Incurred Cost | 0 | ||||
Operating Income (Loss) | 132.5 | 240.6 | 63.1 | ||
Payments to Acquire Property, Plant, and Equipment | 182.3 | 148.2 | 32.7 | ||
Depreciation, Depletion and Amortization | 135.8 | 158.5 | 16.9 | ||
Equity in net (loss) earnings of nonconsolidated companies | 0 | 0 | 0 | ||
Assets | 3,974.9 | 3,952.4 | 1,376.7 | ||
Goodwill, Impairment Loss | 0 | ||||
Product | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 8,906.3 | 9,587.3 | 7,409.4 | ||
Product | Corporate Eliminations And Other Segment | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | [1] | (231.6) | (220) | (252.5) | |
Product | Corporate Eliminations And Other Segment | China and India distribution operations | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 575.6 | 533.9 | 493.2 | ||
Product | Phosphates Segment | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 3,241.3 | 3,886.3 | 3,589.2 | ||
Product | Potash Segment | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 2,113.8 | 2,173.9 | 1,852.6 | ||
Product | Mosaic Fertilizantes | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 3,782.8 | 3,747.1 | 2,220.1 | ||
Product | Operating Segments | Corporate Eliminations And Other Segment | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | [1] | 625.2 | 579.1 | 526.2 | |
Product | Operating Segments | Phosphates Segment | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 2,416.6 | 3,106.3 | 2,826.6 | ||
Product | Operating Segments | Potash Segment | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 2,081.7 | 2,154.8 | 1,836.5 | ||
Product | Operating Segments | Mosaic Fertilizantes | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 3,782.8 | 3,747.1 | 2,220.1 | ||
Product | Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 0 | 0 | 0 | ||
Product | Intersegment Eliminations | Corporate Eliminations And Other Segment | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | [1] | (856.8) | (799.1) | (778.7) | |
Product | Intersegment Eliminations | Phosphates Segment | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 824.7 | 780 | 762.6 | ||
Product | Intersegment Eliminations | Potash Segment | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 32.1 | 19.1 | 16.1 | ||
Product | Intersegment Eliminations | Mosaic Fertilizantes | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | $ 0 | $ 0 | $ 0 | ||
[1] | The "Corporate, Eliminations and Other" category includes the results of our ancillary distribution operations in India and China. For the years ended December 31, 2019 , 2018 and 2017 , distribution operations in India and China had revenues of $575.6 million , $533.9 million , and $493.2 million , respectively and gross margins of $27.3 million , $42.8 million , and $46.9 million | ||||
[2] | (b) In 2019 we recorded an impairment of goodwill in Phosphates of $588.6 million |
Disaggregation of Revenue and L
Disaggregation of Revenue and Long Lived Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | $ 9,587.3 | |||
Long-lived assets | $ 13,908 | 13,830.9 | ||
Goodwill | 1,156.9 | 1,707.5 | $ 1,693.6 | |
Deferred income taxes | 515.4 | 343.8 | ||
Product | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | 8,906.3 | 9,587.3 | 7,409.4 | |
Phosphate Crop Nutrients | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | 2,541.3 | 2,956.8 | 2,266.7 | |
Potash Crop Nutrients | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | 2,716.8 | 2,755.9 | 2,180.6 | |
Crop Nutrient Blends | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | 1,415.7 | 1,418.9 | 1,384.2 | |
Specialty Products | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [1] | 1,623.5 | 1,844.8 | 1,319.8 |
Phosphate Rock | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | 53.6 | 53 | 0 | |
Other Product Types | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [2] | $ 555.4 | 557.9 | 258.1 |
Brazil | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Canpotex sales volumes by geography, percentage | 25.00% | |||
Long-lived assets | $ 1,934.6 | 1,886 | ||
Brazil | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3] | 3,675.1 | 3,727.7 | 2,199 |
Canpotex | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | 952.5 | 820.1 | 700.6 | |
Canpotex | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3],[4] | 952.5 | 820.2 | 700.6 |
Canada | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Long-lived assets | 4,553.7 | 4,764.8 | ||
Canada | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3] | $ 602 | 639 | 508.9 |
India | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Canpotex sales volumes by geography, percentage | 10.00% | |||
India | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3] | $ 347.1 | 304.4 | 305.2 |
China | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Canpotex sales volumes by geography, percentage | 22.00% | |||
China | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3] | $ 225.3 | 231.7 | 206.4 |
Australia | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3] | 91.3 | 136 | 147 |
Mexico | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3] | 117.8 | 133.9 | 131.8 |
Colombia | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3] | 82.8 | 101.5 | 86.9 |
Paraguay | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3] | 102.9 | 100.7 | 113.8 |
Japan | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3] | 33 | 92.2 | 71.7 |
Peru | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3] | 89.3 | 82.6 | 56.9 |
Argentina | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3] | 116.3 | 70.5 | 53.1 |
HONDURAS | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3] | 11.7 | 28.7 | 20.6 |
THAILAND | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3] | 24.8 | 28.1 | 20.9 |
Other Foreign | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Long-lived assets | 1,476.1 | 1,778.6 | ||
Other Foreign | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3] | 101.6 | 118.4 | 105.6 |
Total Foreign | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Long-lived assets | 7,964.4 | 8,429.4 | ||
Total Foreign | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3] | 6,573.5 | 6,615.6 | 4,728.4 |
United States | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Long-lived assets | 5,943.6 | 5,401.5 | ||
United States | Transferred at Point in Time | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | [3] | $ 2,332.8 | 2,971.7 | 2,681 |
INDONESIA | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Canpotex sales volumes by geography, percentage | 8.00% | |||
Other Countries | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Canpotex sales volumes by geography, percentage | 35.00% | |||
Total Geography | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Net sales | $ 8,906.3 | $ 9,587.3 | $ 7,409.4 | |
[1] | Includes sales of MicroEssentials ® , K-Mag ® , Aspire and animal feed ingredients. | |||
[2] | Includes sales of industrial potash. | |||
[3] | Revenues are attributed to countries based on location of customer. | |||
[4] | Canpotex is the export association of the Saskatchewan potash producers. Canpotex sells approximately 25% of its sales volumes to Brazil, 22% to China, 10% to India, 8% to Indonesia and 35% to the rest of the world. December 31, (in millions) 2019 2018 Long-lived assets: Canada $ 4,553.7 $ 4,764.8 Brazil 1,934.6 1,886.0 Other 1,476.1 1,778.6 Total international countries 7,964.4 8,429.4 United States 5,943.6 5,401.5 Consolidated $ 13,908.0 $ 13,830.9 |
Revenue by Product Type (Detail
Revenue by Product Type (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenue from External Customer | ||||
Net sales | $ 9,587.3 | |||
Product | ||||
Revenue from External Customer | ||||
Net sales | $ 8,906.3 | 9,587.3 | $ 7,409.4 | |
Transferred at Point in Time | Phosphate Crop Nutrients | ||||
Revenue from External Customer | ||||
Net sales | 2,541.3 | 2,956.8 | 2,266.7 | |
Transferred at Point in Time | Potash Crop Nutrients | ||||
Revenue from External Customer | ||||
Net sales | 2,716.8 | 2,755.9 | 2,180.6 | |
Transferred at Point in Time | Crop Nutrient Blends | ||||
Revenue from External Customer | ||||
Net sales | 1,415.7 | 1,418.9 | 1,384.2 | |
Transferred at Point in Time | Specialty Products | ||||
Revenue from External Customer | ||||
Net sales | [1] | 1,623.5 | 1,844.8 | 1,319.8 |
Transferred at Point in Time | Phosphate Rock | ||||
Revenue from External Customer | ||||
Net sales | 53.6 | 53 | 0 | |
Transferred at Point in Time | Other Product Types | ||||
Revenue from External Customer | ||||
Net sales | [2] | $ 555.4 | $ 557.9 | $ 258.1 |
[1] | Includes sales of MicroEssentials ® , K-Mag ® , Aspire and animal feed ingredients. | |||
[2] | Includes sales of industrial potash. |
Plant City and Colonsay Closu_2
Plant City and Colonsay Closure Costs (Details) t in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)t | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Closure costs | $ 871 | $ 0 | $ 0 |
Plant City | |||
Restructuring Cost and Reserve [Line Items] | |||
Closure costs | 341.3 | ||
Colonsay | |||
Restructuring Cost and Reserve [Line Items] | |||
Closure costs | $ 529.7 | ||
Production Capacity | t | 1.5 | ||
2013 Expansion Project Written Off | t | 2.1 | ||
Colonsay | Operating Expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Closure costs | $ 27 | ||
Asset Retirement Obligation Costs | Plant City | |||
Restructuring Cost and Reserve [Line Items] | |||
Closure costs | 110 | ||
Other Current Assets | Plant City | |||
Restructuring Cost and Reserve [Line Items] | |||
Closure costs | 21 | ||
Other Current Assets | Colonsay | |||
Restructuring Cost and Reserve [Line Items] | |||
Closure costs | 10 | ||
Property, Plant and Equipment | Plant City | |||
Restructuring Cost and Reserve [Line Items] | |||
Closure costs | 210 | ||
Property, Plant and Equipment | Colonsay | |||
Restructuring Cost and Reserve [Line Items] | |||
Closure costs | $ 493 |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Allowance For Doubtful Accounts | ||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | [1] | $ 12 | ||||
Accounts Receivable, Allowance for Credit Loss, Noncurrent | $ 16.7 | 22.1 | $ 13.2 | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance Beginning of Period | 23.4 | [2] | 15.5 | [2] | 10.3 | |
Charges or (Reductions) to Costs and Expenses | 4.6 | 0 | 5.6 | |||
Charges or (Reductions) to Other Accounts | (6.8) | 12 | [1] | (0.2) | ||
Deductions | (1) | (4.1) | (0.2) | |||
Balance at End of Period | [2] | 20.2 | 23.4 | 15.5 | ||
Valuation Allowance Of Deferred Tax Assets | ||||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance Beginning of Period | 1,530.5 | [1] | 584.1 | [1] | 30.6 | |
Charges or (Reductions) to Costs and Expenses | (73.4) | 946.4 | 553.5 | |||
Charges or (Reductions) to Other Accounts | 0 | 0 | 0 | |||
Deductions | 0 | 0 | 0 | |||
Balance at End of Period | [1] | $ 1,457.1 | $ 1,530.5 | $ 584.1 | ||
[1] | mount relates to allowance of $12.0 million | |||||
[2] | Allowance for doubtful accounts balance includes $16.7 million , $22.1 million , $13.2 million of allowance on long-term receivables recorded in other long term assets for the years ended December 31, 2019 , 2018 and 2017 , respectively. |