(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||
Securities registered pursuant to Section 12(b) of the Act | |||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. | |||
Emerging growth company | |||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ |
Item 2.02. | Results of Operations and Financial Condition. |
Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit No. | Description | |
10.1 | ||
10.2 | ||
99.1 | ||
99.2 |
THE MOSAIC COMPANY | |||||||
Date: November 4, 2019 | By: | /s/ Mark J. Isaacson | |||||
Name: | Mark J. Isaacson | ||||||
Title: | Senior Vice President, General Counsel | ||||||
and Corporate Secretary |
Plus Relocation Services Representative: Kari Cinker, International Relocation Counselor Plus Relocation Services, Inc. (PLUS) 600 Hwy 169 South, Suite 500, Minneapolis, MN 55426 Tel: 1.952.512.5592 Fax: 1.952.358.7705 E-mail: kari.cinker@plusrelocation.com |
• | A person who is a dependent on the home country tax return, or |
• | A person who is a dependent on your health insurance plan through the Company. |
Dependents | The members of an Expatriate's immediate family sharing the residence with the Expatriate in a bona fide dependency status (e.g., legal status, children or other relatives whose status qualifies as dependency under tax/legal status in the employee's home country and the Company's entity). A legal spouse is one who has legal spouse recognition/rights from the Expatriate's home country government. This does not include common-law marriage unless the home country recognizes it (usually with a certificate) as a legal marriage. |
CIBT Lisa McCallum, Concierge Agent 169 E Flagler St., Suite 1522 Miami, FL 33131 305.377.3077 ext 21219 Lisa.McCallum@Cibt.com |
BENEFITS | |
Immigration (Visa/Work Permit) | § Coordinated with a selected provider § Reasonable costs for vaccinations or exams that are not covered by medical insurance § Employee and immediate family members going on assignment |
Tax Consultation and Preparation | § Coordinated with selected provider § Home & Host Tax Consultation provided § Tax preparation & filing for duration of assignment and applicable tax situations beyond the duration of the assignment § Hypothetical Tax Calculation usually utilized |
Tax Assistance | § Tax Equalization |
Household Goods Shipment | § Packing, transporting and insuring § Customs duties covered § 30 days in transit storage (no storage for autos) § Pet Transportation costs capped at 5,000 USD § Home Country permanent storage: Up to 600 USD/month --------------------------------------------------------- § Air Shipments § Employee LDN 650 lbs § Employee, Spouse & Family 1,000 lbs § Air Shipment Valuation Caps: § Employee (and spouse) LDN shipments not to exceed 12,500 USD of insurance valuation § Family shipments not to exceed 17,500 USD of insurance valuation --------------------------------------------------------- § Auto Shipments § No shipments or storage of autos |
Auto Loss on Sale | § Reimbursement for the loss on sale automobile § Reimbursement capped at 2,500 USD per automobile § Single employee approved for 1 car § Married employee approved for 2 cars § Lease breaking fees covered up to the above caps |
Preview/Home Finding Trip | § 1 trip up to 5 days/4 nights § Employee, spouse § Round-trip airfare per travel policy guidelines § Reasonable meals, lodging, and local transportation § Mileage at current rate, if applicable |
En Route Trip | § One-way airfare per travel policy § Ground transportation to/from airport § Reasonable lodging, meals, and miscellaneous expenses (luggage, taxi/airport transfer, customary gratuities, initial entry duties) |
Temporary Living | § Furnished/serviced housing § Up to 30 days, when “preview trip” taken § Up to 90 days if no preview/home finding trip § No meals, unless there are no cooking facilities; case by case calculation § Car rental/public transportation reimbursed for up to 30 days |
Annual Home Leave and On Assignment Travel | § 8 round trips for family and dependents per travel policy guidelines |
Emergency Support and Leave | § Intl SOS Comprehensive Coverage in the event of serious illness, injury or death of assignee or spouse/partner’s immediate family members |
Home Country Housing Support | § Home Sale § Marketing Assistance § Appraised Value Option § Appraisals ordered at 90 days § Must market for 120 days before accepting offer § After 60 days of marketing, must reduce list price to within 105% of Most Probable Sales Price § Must use PLUS approved agents § Equity advance § Home sale benefit eligibility has been approved for 24 months from the start of the assignment § Home Sale Incentive § Home Sale Incentive up to 2% of sale price, capped at $6,000 § Home must be sold within the 90 day marketing period § Not grossed-up for taxes § Property Management Services § If homes are maintained, Property Management up to 200 USD per month per property for up to two properties |
Host Country Housing Support | § Furnished and serviced host country housing (rent) or an unfurnished or semi-furnished apartment plus a $20,000 USD furniture allowance; either case also includes utilities § Security deposits covered by company § Rental Commissions covered per destination norms § Home housing norm deduction § Purchases not supported or recommended |
Host Country Transportation | § Up to two cars and drivers to be arranged for employee and spouse |
Cultural Training | § 2-day program for employee and spouse/partner/dependents |
Host Country Destination Services | § 2 days settling-in service to establish temporary residency, bank account, credit, cell phone, and other customary local services § Home search assistance with destination agent, up to 3 days (only 2 days if preview trip was taken) |
Language Lessons | § Language training for employee and spouse for the duration of the assignment |
Family/Spousal Assistance | § Up to 3,000 USD per assignment for reimbursement |
Various Allowances | § Mail forwarding support (bi-weekly shipments sent to host office) § Goods & Services Differential (COLA) – adjusted 2 to 4 times annually, changes made if +/- 1%) § Hardship Premiums (annually reviewed amount determined by ORC, case by case) as applicable per policy |
Transfer Allowance | § 1 month’s salary, less taxes |
Sign-on Bonus | § A sign-on bonus (amount to be determined prior to the assignment) will be paid to you within 30 days of the start of the assignment |
Global Tax Network: Raj Azad, Senior Manager 7950 Main Street N, Ste 200 Minneapolis, MN 55369 Tel: 1.763.746.4557 Email: razad@globaltaxnetwork.com |
BENEFITS | |
Repat Home Finding Trip | § May be eligible for a home finding trip if no home country housing is owned or maintained. § 1 trip up to 5 days/4 nights § Employee, spouse and high school aged children, grades 9-12 § Round-trip airfare per travel policy § Reasonable lodging, rental car and fuel § Meal per diem 30 USD per adult, 15 USD per child age 15 and under § Mileage at current rate, if applicable |
Repat Household Goods Shipment | § Packing, transporting and insuring § 30 days in transit storage § Allow 10% increase on return shipment § Pet Transportation costs capped at 5,000 USD § Air Shipments § Employee LDN 650 lbs/295 kg § Employee, Spouse & Family 1,000 lbs/450 kg § Air Shipment Valuation Caps: § Employee LDN shipments not to exceed 12,500 USD of insurance valuation § Family shipments not to exceed 25,000 USD of insurance valuation ------------------------------------------------------ § Sea/Surface Shipments § Employee 20ft container § Employee & Spouse 20ft container § Family 40ft container § Sea Shipment Valuation Caps: § Employee shipments not to exceed 175,000 USD of insurance valuation § Employee + Spouse shipments not to exceed 175,000 USD of insurance valuation § Family shipments not to exceed 225,000 USD of insurance valuation ------------------------------------------------------ § Auto Shipments § No shipments or storage of autos |
Repat Host Country Departure Assistance | § 1 day departure services offered for lease breaking, lease close out, utility disconnections, local deregistration requirements |
Repat En Route Trip | § One-way airfare per travel policy § Ground transportation to/from airport § Reasonable lodging, meals, and miscellaneous expenses (luggage, taxi/airport transfer, customary gratuities, initial entry duties) |
Repat Temporary Living | § Furnished/serviced housing § Up to 30 days § No meals, unless there are no cooking facilities; case by case calculation § Car rental/public transportation reimbursed for up to 30 days |
Repat Home Country Housing Support | § 1 day rental tour, if applicable |
Repat Transfer Allowance | § 1 month’s salary, less taxes |
/s/ Corrine Ricard | 11/1/2019 | |||
Corrine Ricard | Date | |||
International Assignee | ||||
/s/ Joc O'Rourke | 11/1/2019 | |||
Joc O'Rourke | Date | |||
President and Chief Executive Officer | ||||
/s/ Christopher Lewis | 11/1/2019 | |||
Christopher Lewis | Date | |||
Senior Vice President, Human Resources |
1. | Should my employment with The Mosaic Company terminate for reasons of cause or resignation within two years of my assignment start date, the following consequences will be agreed: |
a.) | All assignment benefits (including allowances) will end on the date of termination or the last day the employee is in the Host Country; |
b.) | The Mosaic Company will not pay for any repatriation expenses, including travel or moving expenses back to the home country. |
2. | I authorize The Mosaic Company to withhold from any monies due to me at the time of termination necessary to satisfy this obligation, above those sums exempt from attachment under Federal and State laws. |
PRINT NAME: | Corrine D. Ricard | |||
SIGNATURE: | /s/ Corrine D. Ricard | DATE: | 11/1/2019 | |
On Each of the Following Dates | Number of RSUs Earned and Vested | |
_____________, ______ | 1/3 of total RSUs awarded | |
_____________, ______ | 1/3 of total RSUs awarded | |
_____________, ______ | 1/3 of total RSUs awarded | |
![]() | The Mosaic Company 3033 Campus Drive, Suite E490 Plymouth, MN 55441 www.mosaicco.com |
FOR IMMEDIATE RELEASE | ||||
Media Ben Pratt The Mosaic Company 813-775-4206 benjamin.pratt@mosaicco.com | Investors Laura Gagnon The Mosaic Company 813-775-4214 investor@mosaicco.com |
• | The company accelerated development of the Esterhazy K3 potash mine by an additional year, allowing the closure of the K1 and K2 shafts and elimination of brine management costs by mid-2022, as well as lower cost of production. |
• | The company expects to exceed its previously announced synergy target for Mosaic Fertilizantes of $275 million in 2019, by up to $50 million. In addition, the company announced a new target of $200 million in incremental annual EBITDA growth through ongoing business transformation efforts beginning in 2020 and ending by 2022. |
(1) | See “Non-GAAP Financial Measures” for additional information and reconciliation. |
• | Year-to-date, Mosaic has repurchased 7.1 million shares of its common stock for $150 million. During the third quarter, the company repurchased 5.8 million shares for $125 million. The company previously announced plans to repurchase up to $250 million of its common stock under an existing share repurchase authorization. |
• | Mosaic Fertilizantes completed tailings dam remediation activities and returned the Tapira and Araxá phosphate mines in Brazil to full production in September, a month ahead of the original schedule announced in March. All necessary activities to comply with the new tailings dam requirements in Brazil are now complete and the company received new required safety certifications as of September 2019 to continue full operations. |
• | The company revised its full-year adjusted EBITDA(1) guidance to $1.4 to $1.5 billion and adjusted EPS(1) guidance to $0.50 to $0.60, primarily reflecting the impact of historically low potash sales volumes due to delays in Canpotex shipments to India and China, and expectations that phosphates margins and pricing remain consistent with September 2019 levels, $10 to $15 per tonne lower than the third quarter 2019 average. |
• | The Colonsay, Saskatchewan potash mine was temporarily idled in August. In the fourth quarter of 2019, the Esterhazy, Saskatchewan potash mine will be temporarily idled, bringing the company’s total 2019 potash curtailment to 600,000 tonnes. The curtailment is not expected to impact the pace of development at the Esterhazy K3 mine project. |
• | On October 1, the company announced that it would reduce phosphates production by approximately 500,000 tonnes in 2019 by temporarily idling its operations in Louisiana. |
• | These actions are expected to accelerate the reduction of fertilizer inventories remaining after a weak spring application season in the U.S. All three facilities are available to resume production when demand improves. |
(1) | See “Non-GAAP Financial Measures” for additional information and reconciliation. |
Potash Results | 3Q 2019 | 2Q 2019 | 3Q 2018 |
Sales Volumes million tonnes | 2.3 | 2.2 | 2.4 |
Gross Margin (GAAP) per tonne | $68 | $84 | $66 |
Adjusted Gross Margin (non-GAAP) per tonne(1) | $73 | $84 | $66 |
Mosaic Fertilizantes Results* | 3Q 2019 | 2Q 2019 | 3Q 2018 |
Sales Volumes million tonnes | 3.4 | 2.1 | 3.6 |
Gross Margin (GAAP) per tonne | $39 | $17 | $42 |
Phosphates Results* | 3Q 2019 | 2Q 2019 | 3Q 2018 |
Sales Volumes million tonnes | 2.2 | 2.2 | 2.2 |
Gross Margin (GAAP) per tonne | $(10) | $(7) | $80 |
Adjusted Gross Margin (non-GAAP) per tonne(1) | $(6) | $(5) | $80 |
$ in billions except per share | 2019 Guidance | Reported YTD 9/30/2019 |
Adjusted EBITDA(1) | $1.4 - $1.5 | $1.145 |
Adjusted earnings per share(1) | $0.50 - $0.60 | $0.45 |
Capital Expenditures | ~$1.1 | $0.931 |
In Millions* | Full-Year 2019 Assumptions | Reported YTD 9/30/2019 |
Potash tonnes sold | 8.0 - 8.2 | 6.3 |
Phosphates tonnes sold | 8.3 - 8.5 | 6.2 |
Mosaic Fertilizantes tonnes sold | 9.3 - 9.5 | 7.1 |
SG&A Expenses | ~ $340 | $250 |
Sales Volumes millions of tonnes* | Adjusted Gross Margin(1) | |
Potash | 2.2 - 2.4 | $60 - $70 per tonne |
Phosphates | 2.2 - 2.4 | $5 - $15 per tonne |
Mosaic Fertilizantes | 3.6 - 3.8 | $30 - $40 per tonne |
Corporate and Other | $10 - $20 million |
Amount | Tax effect | EPS impact | ||||||||||||||
Description | Segment | Line item | (in millions) | (in millions) | (per basic share) | |||||||||||
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $ | (54 | ) | $ | 16 | $ | (0.10 | ) | ||||||
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | (7 | ) | 2 | (0.01 | ) | |||||||||
Louisiana gypstack costs | Phosphates | Cost of goods sold | (7 | ) | 2 | (0.01 | ) | |||||||||
Integration costs | Corporate and Other | Other operating income (expense) | (2 | ) | 1 | — | ||||||||||
Plant City closure costs | Phosphates | Other operating income (expense) | 15 | (4 | ) | 0.03 | ||||||||||
ARO adjustment | Phosphates | Other operating income (expense) | (31 | ) | 9 | (0.06 | ) | |||||||||
Discrete tax items | Consolidated | (Provision for) benefit from income taxes | — | (16 | ) | (0.05 | ) | |||||||||
ARO adjustment | Mosaic Fertilizantes | Other operating income (expense) | 4 | (1 | ) | 0.01 | ||||||||||
Realized gain on RCRA Trust Securities | Phosphates | Other non-operating income (expense) | 13 | (4 | ) | 0.02 | ||||||||||
Accelerated depreciation | Potash | Cost of goods sold | (12 | ) | 4 | (0.02 | ) | |||||||||
Total Notable Items | $ | (81 | ) | $ | 9 | $ | (0.19 | ) |
Amount | Tax effect | EPS impact | ||||||||||||||
Description | Segment | Line item | (in millions) | (in millions) | (per diluted share) | |||||||||||
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $ | (2 | ) | $ | — | $ | — | |||||||
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | 11 | (2 | ) | 0.02 | ||||||||||
Integration costs | Corporate and Other | Other operating income (expense) | (3 | ) | 1 | (0.01 | ) | |||||||||
Costs to capture synergies | Mosaic Fertilizantes | Other operating income (expense) | (4 | ) | 1 | (0.01 | ) | |||||||||
Realized loss on RCRA Trust securities | Phosphates | Other non-operating income (expense) | (7 | ) | 1 | (0.01 | ) | |||||||||
Discrete tax items | Consolidated | (Provision for) benefit from income taxes | — | (29 | ) | (0.08 | ) | |||||||||
Earn-out obligation | Corporate and Other | Other operating income (expense) | (8 | ) | — | (0.02 | ) | |||||||||
Total Notable Items | $ | (13 | ) | $ | (28 | ) | $ | (0.11 | ) |
The Mosaic Company | (unaudited) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net sales | $ | 2,753.4 | $ | 2,928.1 | $ | 6,830.0 | $ | 7,066.8 | ||||||||
Cost of goods sold | 2,473.5 | 2,432.6 | 6,013.4 | 6,034.6 | ||||||||||||
Gross margin | 279.9 | 495.5 | 816.6 | 1,032.2 | ||||||||||||
Selling, general and administrative expenses | 78.2 | 78.5 | 249.8 | 251.4 | ||||||||||||
Plant City closure (benefit) costs | (15.6 | ) | — | 353.8 | — | |||||||||||
Other operating expense | 77.8 | 23.7 | 113.3 | 110.5 | ||||||||||||
Operating earnings | 139.5 | 393.3 | 99.7 | 670.3 | ||||||||||||
Interest expense, net | (43.2 | ) | (40.9 | ) | (136.2 | ) | (135.4 | ) | ||||||||
Foreign currency transaction (loss) | (53.8 | ) | (2.2 | ) | (10.4 | ) | (113.1 | ) | ||||||||
Other income (expense) | 9.7 | (7.6 | ) | 4.9 | (15.6 | ) | ||||||||||
Earnings (loss) from consolidated companies before income taxes | 52.2 | 342.6 | (42.0 | ) | 406.2 | |||||||||||
Provision for income taxes | 69.2 | 90.6 | 64.1 | 44.4 | ||||||||||||
(Loss) earnings from consolidated companies | (17.0 | ) | 252.0 | (106.1 | ) | 361.8 | ||||||||||
Equity in net (loss) of nonconsolidated companies | (23.0 | ) | (2.3 | ) | (34.3 | ) | (3.9 | ) | ||||||||
Net (loss) earnings including noncontrolling interests | (40.0 | ) | 249.7 | (140.4 | ) | 357.9 | ||||||||||
Less: Net gain attributable to noncontrolling interests | 4.1 | 2.2 | 6.0 | 0.2 | ||||||||||||
Net (loss) earnings attributable to Mosaic | $ | (44.1 | ) | $ | 247.5 | $ | (146.4 | ) | $ | 357.7 | ||||||
Diluted net (loss) earnings per share attributable to Mosaic | $ | (0.11 | ) | $ | 0.64 | $ | (0.38 | ) | $ | 0.93 | ||||||
Diluted weighted average number of shares outstanding | 385.0 | 387.5 | 385.5 | 386.1 |
The Mosaic Company | (unaudited) |
September 30, 2019 | December 31, 2018 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 641.1 | $ | 847.7 | ||||
Receivables, net | 801.4 | 838.5 | ||||||
Inventories | 2,294.3 | 2,270.2 | ||||||
Other current assets | 388.5 | 280.6 | ||||||
Total current assets | 4,125.3 | 4,237.0 | ||||||
Property, plant and equipment, net | 11,943.4 | 11,746.5 | ||||||
Investments in nonconsolidated companies | 787.5 | 826.6 | ||||||
Goodwill | 1,731.8 | 1,707.5 | ||||||
Deferred income taxes | 371.4 | 343.8 | ||||||
Other assets | 1,480.7 | 1,257.8 | ||||||
Total assets | $ | 20,440.1 | $ | 20,119.2 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Short-term debt | $ | 88.0 | $ | 11.5 | ||||
Current maturities of long-term debt | 42.9 | 26.0 | ||||||
Structured accounts payable arrangements | 692.0 | 572.8 | ||||||
Accounts payable | 766.1 | 780.9 | ||||||
Accrued liabilities | 1,135.5 | 1,092.5 | ||||||
Total current liabilities | 2,724.5 | 2,483.7 | ||||||
Long-term debt, less current maturities | 4,533.2 | 4,491.5 | ||||||
Deferred income taxes | 1,150.8 | 1,080.6 | ||||||
Other noncurrent liabilities | 1,720.4 | 1,458.7 | ||||||
Equity: | ||||||||
Preferred Stock, $0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of September 30, 2019 and December 31, 2018 | — | — | ||||||
Common Stock, $0.01 par value, 1,000,000,000 shares authorized, 389,643,771 shares issued and 380,045,964 shares outstanding as of September 30, 2019, 389,242,360 shares issued and 385,470,085 shares outstanding as of December 31, 2018 | 3.8 | 3.8 | ||||||
Capital in excess of par value | 881.3 | 985.9 | ||||||
Retained earnings | 10,880.7 | 11,064.7 | ||||||
Accumulated other comprehensive loss | (1,665.4 | ) | (1,657.1 | ) | ||||
Total Mosaic stockholders' equity | 10,100.4 | 10,397.3 | ||||||
Noncontrolling interests | 210.8 | 207.4 | ||||||
Total equity | 10,311.2 | 10,604.7 | ||||||
Total liabilities and equity | $ | 20,440.1 | $ | 20,119.2 |
The Mosaic Company | (unaudited) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net cash provided by operating activities | $ | 486.0 | $ | 523.8 | $ | 817.8 | $ | 1,259.8 | ||||||||
Cash Flows from Investing Activities: | ||||||||||||||||
Capital expenditures | (322.3 | ) | (241.0 | ) | (931.1 | ) | (665.4 | ) | ||||||||
Purchases of available-for-sale securities - restricted | (250.1 | ) | (228.5 | ) | (484.3 | ) | (486.1 | ) | ||||||||
Proceeds from sale of available-for-sale securities - restricted | 246.4 | 221.1 | 468.2 | 470.5 | ||||||||||||
Investments in consolidated affiliate | — | — | — | (3.6 | ) | |||||||||||
Proceeds from sale of fixed assets | — | 9.3 | — | 9.3 | ||||||||||||
Acquisition, net of cash acquired | — | — | — | (985.3 | ) | |||||||||||
Purchase of assets | — | — | (55.1 | ) | — | |||||||||||
Purchases of held-to-maturity securities | (1.5 | ) | — | (14.5 | ) | — | ||||||||||
Proceeds from sale of held-to-maturity securities | — | — | 2.3 | — | ||||||||||||
Other | 1.0 | (4.7 | ) | 0.4 | (0.3 | ) | ||||||||||
Net cash used in investing activities | (326.5 | ) | (243.8 | ) | (1,014.1 | ) | (1,660.9 | ) | ||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Payments of short-term debt | (119.0 | ) | (31.2 | ) | (441.7 | ) | (120.1 | ) | ||||||||
Proceeds from issuance of short-term debt | 116.8 | 38.0 | 521.3 | 145.2 | ||||||||||||
Payments of structured accounts payable arrangements | (164.4 | ) | (144.2 | ) | (762.5 | ) | (582.4 | ) | ||||||||
Proceeds from structured accounts payable arrangements | 419.8 | 259.2 | 865.2 | 590.2 | ||||||||||||
Payments of long-term debt | (11.5 | ) | (408.5 | ) | (32.9 | ) | (722.4 | ) | ||||||||
Proceeds from issuance of long-term debt | — | 0.1 | — | 39.3 | ||||||||||||
Repurchases of stock | (117.1 | ) | — | (117.1 | ) | — | ||||||||||
Cash dividends paid | (19.3 | ) | (9.7 | ) | (48.2 | ) | (28.9 | ) | ||||||||
Other | (0.1 | ) | (0.1 | ) | (0.4 | ) | (0.5 | ) | ||||||||
Net cash provided by (used in) financing activities | 105.2 | (296.4 | ) | (16.3 | ) | (679.6 | ) | |||||||||
Effect of exchange rate changes on cash | (24.2 | ) | (11.2 | ) | 0.1 | (62.8 | ) | |||||||||
Net change in cash, cash equivalents and restricted cash | 240.5 | (27.6 | ) | (212.5 | ) | (1,143.5 | ) | |||||||||
Cash, cash equivalents and restricted cash - beginning of period | 418.0 | 1,078.5 | 871.0 | 2,194.4 | ||||||||||||
Cash, cash equivalents and restricted cash - end of period | $ | 658.5 | $ | 1,050.9 | $ | 658.5 | $ | 1,050.9 |
Reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets to the unaudited condensed consolidated statements of cash flows: | ||||||||||
Cash and cash equivalents | $ | 641.1 | $ | 1,029.9 | ||||||
Restricted cash in other current assets | 8.6 | 8.2 | ||||||||
Restricted cash in other assets | 8.8 | 12.8 | ||||||||
Total cash, cash equivalents and restricted cash shown in the unaudited condensed consolidated statement of cash flows | $ | 658.5 | $ | 1,050.9 | ||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net (loss) earnings attributable to Mosaic | $ | (44.1 | ) | $ | 247.5 | $ | (146.4 | ) | $ | 357.7 | ||||||
Basic weighted average number of shares outstanding | 385.0 | 385.5 | 385.5 | 384.5 | ||||||||||||
Dilutive impact of share-based awards | — | 2.0 | — | 1.6 | ||||||||||||
Diluted weighted average number of shares outstanding | 385.0 | 387.5 | 385.5 | 386.1 | ||||||||||||
Basic net (loss) earnings per share attributable to Mosaic | $ | (0.11 | ) | $ | 0.64 | $ | (0.38 | ) | $ | 0.93 | ||||||
Diluted net (loss) earnings per share attributable to Mosaic | $ | (0.11 | ) | $ | 0.64 | $ | (0.38 | ) | $ | 0.93 | ||||||
Notable items impact on earnings per share | $ | 0.19 | $ | 0.11 | $ | 0.82 | $ | 0.42 | ||||||||
Adjusted earnings per share | $ | 0.08 | $ | 0.75 | $ | 0.45 | $ | 1.35 | ||||||||
Certain tax accruals | $ | 0.10 | $ | — | $ | 0.10 | $ | — | ||||||||
Increase in Brazil legal accruals | $ | 0.02 | $ | — | $ | 0.02 | $ | — | ||||||||
Run rate earnings per share | $ | 0.20 | $ | — | $ | 0.57 | $ | — |
![]() |
Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 | Q2 2019 | Q3 2019 | |||||||||||||||||
Consolidated data (in millions, except per share) | ||||||||||||||||||||||||
Diluted net earnings (loss) per share | $ | (1.23 | ) | $ | 0.11 | $ | 0.18 | $ | 0.64 | $ | 0.29 | $ | 0.34 | $ | (0.60 | ) | $ | (0.11 | ) | |||||
Notable items impact on earnings per share(a) | (1.57 | ) | (0.09 | ) | (0.22 | ) | (0.11 | ) | (0.48 | ) | 0.09 | (0.72 | ) | (0.19 | ) | |||||||||
Adjusted diluted net earnings per share(a) | $ | 0.34 | $ | 0.20 | $ | 0.40 | $ | 0.75 | $ | 0.77 | $ | 0.25 | $ | 0.12 | $ | 0.08 | ||||||||
Diluted weighted average # of shares outstanding | 351.0 | 384.1 | 387.2 | 387.5 | 387.6 | 387.4 | 385.8 | 385.0 | ||||||||||||||||
Total Net Sales | $ | 2,092 | $ | 1,934 | $ | 2,205 | $ | 2,928 | $ | 2,521 | $ | 1,900 | $ | 2,177 | $ | 2,753 | ||||||||
Cost of goods sold | 1,812 | 1,691 | 1,910 | 2,432 | 2,055 | 1,590 | 1,950 | 2,473 | ||||||||||||||||
Gross Margin | $ | 280 | $ | 243 | $ | 295 | $ | 496 | $ | 466 | $ | 310 | $ | 227 | $ | 280 | ||||||||
SG&A | 83 | 94 | 79 | 79 | 90 | 94 | 78 | 78 | ||||||||||||||||
Other operating (income) expense(t) | 70 | 68 | 20 | 24 | 118 | 14 | 391 | 62 | ||||||||||||||||
Operating earnings | $ | 127 | $ | 81 | $ | 196 | $ | 393 | $ | 258 | $ | 202 | $ | (242 | ) | $ | 140 | |||||||
Interest expense, net | (40 | ) | (49 | ) | (45 | ) | (41 | ) | (31 | ) | (47 | ) | (46 | ) | (43 | ) | ||||||||
Consolidated foreign currency gain/(loss) | (27 | ) | (32 | ) | (79 | ) | (2 | ) | (79 | ) | 23 | 21 | (54 | ) | ||||||||||
Earnings from consolidated companies before income taxes | 59 | (7 | ) | 70 | 342 | 145 | 176 | (271 | ) | 52 | ||||||||||||||
Provision for (benefit from) income taxes | 490 | (50 | ) | 4 | 91 | 33 | 46 | (52 | ) | 69 | ||||||||||||||
Earnings (loss) from consolidated companies | $ | (431 | ) | $ | 43 | $ | 66 | $ | 251 | $ | 112 | $ | 130 | $ | (219 | ) | $ | (17 | ) | |||||
Equity in net earnings (loss) of nonconsolidated companies | 1 | (3 | ) | 2 | (2 | ) | (1 | ) | — | (11 | ) | (23 | ) | |||||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | 1 | (2 | ) | — | 2 | (1 | ) | (1 | ) | 3 | 4 | |||||||||||||
Net earnings (loss) attributable to Mosaic | $ | (431 | ) | $ | 42 | $ | 68 | $ | 247 | $ | 112 | $ | 131 | $ | (233 | ) | $ | (44 | ) | |||||
After tax Notable items included in earnings | $ | (550 | ) | $ | (35 | ) | $ | (86 | ) | $ | (41 | ) | $ | (185 | ) | $ | 33 | $ | (277 | ) | $ | (72 | ) | |
Gross Margin Rate | 13 | % | 13 | % | 13 | % | 17 | % | 18 | % | 16 | % | 10 | % | 10 | % | ||||||||
Effective Tax Rate (including discrete tax) | 828 | % | 714 | % | 5 | % | 26 | % | 23 | % | 26 | % | 19 | % | 133 | % | ||||||||
Discrete Tax benefit (expense) | $ | (463 | ) | $ | 48 | $ | 13 | $ | (29 | ) | $ | (33 | ) | $ | — | $ | (10 | ) | $ | (16 | ) | |||
Depreciation, Depletion and Amortization | $ | 172 | $ | 217 | $ | 217 | $ | 215 | $ | 235 | $ | 218 | $ | 221 | $ | 211 | ||||||||
Accretion Expense | $ | 6 | $ | 12 | $ | 12 | $ | 13 | $ | 11 | $ | 15 | $ | 13 | $ | 16 | ||||||||
Share-Based Compensation Expense | $ | 3 | $ | 15 | $ | 7 | $ | 3 | $ | 2 | $ | 15 | $ | 7 | $ | 2 | ||||||||
Notable Items | $ | 95 | $ | 115 | $ | 128 | $ | 13 | $ | 176 | $ | (42 | ) | $ | 347 | $ | 69 | |||||||
Adjusted EBITDA(b) | $ | 375 | $ | 399 | $ | 480 | $ | 622 | $ | 603 | $ | 430 | $ | 349 | $ | 366 | ||||||||
Net cash provided by (used in) operating activities | $ | 411 | $ | (71 | ) | $ | 807 | $ | 524 | $ | 150 | $ | (176 | ) | $ | 507 | $ | 486 | ||||||
Cash paid for interest (net of amount capitalized) | 57 | 11 | 78 | 9 | 76 | 11 | 92 | 14 | ||||||||||||||||
Cash paid for income taxes (net of refunds) | (53 | ) | 13 | 14 | (13 | ) | (48 | ) | 94 | 10 | 11 | |||||||||||||
Net cash used in investing activities | $ | (25 | ) | $ | (1,220 | ) | $ | (197 | ) | $ | (244 | ) | $ | (284 | ) | $ | (329 | ) | $ | (359 | ) | $ | (327 | ) |
Capital expenditures | (230 | ) | (223 | ) | (201 | ) | (241 | ) | (289 | ) | (314 | ) | (295 | ) | (322 | ) | ||||||||
Net cash (used in) provided by financing activities | $ | 1,090 | $ | (213 | ) | $ | (170 | ) | $ | (297 | ) | $ | (45 | ) | $ | 22 | $ | (143 | ) | $ | 105 | |||
Cash dividends paid | (9 | ) | (10 | ) | (10 | ) | (10 | ) | (10 | ) | (10 | ) | (19 | ) | (19 | ) | ||||||||
Effect of exchange rate changes on cash | $ | (8 | ) | $ | 13 | $ | (65 | ) | $ | (11 | ) | $ | (1 | ) | $ | 14 | $ | 11 | $ | (24 | ) | |||
Net change in cash and cash equivalents | $ | 1,468 | $ | (1,491 | ) | $ | 375 | $ | (28 | ) | $ | (180 | ) | $ | (469 | ) | $ | 16 | $ | 240 | ||||
Short-term debt | $ | 6 | $ | 72 | $ | 20 | $ | 26 | $ | 12 | $ | 168 | $ | 94 | $ | 88 | ||||||||
Long-term debt (including current portion) | 5,222 | 5,074 | 4,998 | 4,584 | 4,518 | 4,574 | 4,585 | 4,576 | ||||||||||||||||
Cash & cash equivalents | 2,154 | 659 | 1,035 | 1,030 | 848 | 385 | 402 | 641 | ||||||||||||||||
Net debt | $ | 3,074 | $ | 4,487 | $ | 3,983 | $ | 3,580 | $ | 3,682 | $ | 4,357 | $ | 4,277 | $ | 4,023 | ||||||||
Segment Contributions (in millions) | ||||||||||||||||||||||||
Phosphates | $ | 997 | $ | 866 | $ | 1,053 | $ | 1,041 | $ | 926 | $ | 806 | $ | 917 | $ | 820 | ||||||||
Potash | 496 | 404 | 569 | 609 | 592 | 504 | 599 | 616 | ||||||||||||||||
Mosaic Fertilizantes | 520 | 665 | 713 | 1,400 | 969 | 698 | 833 | 1,388 | ||||||||||||||||
Corporate and Other(c) | 79 | (1 | ) | (130 | ) | (122 | ) | 34 | (108 | ) | (172 | ) | (71 | ) | ||||||||||
Total net sales | $ | 2,092 | $ | 1,934 | $ | 2,205 | $ | 2,928 | $ | 2,521 | $ | 1,900 | $ | 2,177 | $ | 2,753 | ||||||||
Phosphates | $ | 71 | $ | 78 | $ | 142 | $ | 170 | $ | 83 | $ | 44 | $ | (393 | ) | $ | (70 | ) | ||||||
Potash | 97 | 92 | 121 | 149 | 149 | 176 | 174 | 148 | ||||||||||||||||
Mosaic Fertilizantes | 10 | 13 | 17 | 123 | 85 | 27 | 2 | 98 | ||||||||||||||||
Corporate and Other(c) | (51 | ) | (102 | ) | (84 | ) | (49 | ) | (59 | ) | (45 | ) | (25 | ) | (36 | ) | ||||||||
Consolidated operating earnings (loss) | $ | 127 | $ | 81 | $ | 196 | $ | 393 | $ | 258 | $ | 202 | $ | (242 | ) | $ | 140 |
Phosphates(d) | 2,496 | 1,945 | 2,302 | 2,235 | 1,876 | 1,790 | 2,184 | 2,194 | ||||||||||||||||
Potash(d) | 2,217 | 1,690 | 2,364 | 2,428 | 2,301 | 1,861 | 2,163 | 2,321 | ||||||||||||||||
Mosaic Fertilizantes | 1,399 | 1,584 | 1,846 | 3,595 | 2,108 | 1,528 | 2,101 | 3,424 | ||||||||||||||||
Corporate and Other | 497 | 266 | 348 | 311 | 438 | 249 | 333 | 348 | ||||||||||||||||
Total finished product tonnes sold ('000 tonnes) | 6,609 | 5,485 | 6,860 | 8,569 | 6,723 | 5,428 | 6,781 | 8,287 | ||||||||||||||||
Percent specialty(e) | 18 | % | 22 | % | 25 | % | 26 | % | 23 | % | 21 | % | 27 | % | 24 | % |
Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 | Q2 2019 | Q3 2019 | |||||||||||||||||
Net Sales and Gross Margin (in millions, except per tonne) | ||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||
Net Sales | $ | 997 | $ | 866 | $ | 1,053 | $ | 1,041 | $ | 926 | $ | 806 | $ | 917 | $ | 820 | ||||||||
Cost of Goods Sold | 864 | 769 | 899 | 861 | 775 | 751 | 929 | 839 | ||||||||||||||||
Gross Margin | $ | 133 | $ | 97 | $ | 154 | $ | 180 | $ | 151 | $ | 55 | $ | (12 | ) | $ | (19 | ) | ||||||
Notable Items Included in Gross Margin | — | (15 | ) | (6 | ) | — | — | (9 | ) | (5 | ) | (7 | ) | |||||||||||
Adjusted Gross Margin(b) | $ | 133 | $ | 112 | $ | 160 | $ | 180 | $ | 151 | $ | 64 | $ | (7 | ) | $ | (12 | ) | ||||||
SG&A | 15 | 13 | 11 | 11 | 13 | 7 | 7 | 9 | ||||||||||||||||
Other operating (income) expense(r) | 47 | 6 | 1 | (1 | ) | 55 | 4 | 374 | 42 | |||||||||||||||
Operating Earnings | $ | 71 | $ | 78 | $ | 142 | $ | 170 | $ | 83 | $ | 44 | $ | (393 | ) | $ | (70 | ) | ||||||
Plus: Depreciation, Depletion and Amortization | 89 | 99 | 102 | 101 | 101 | 103 | 105 | 109 | ||||||||||||||||
Plus: Accretion Expense | 5 | 9 | 10 | 10 | 8 | 12 | 10 | 12 | ||||||||||||||||
Plus: Foreign Exchange Gain (Loss) | 1 | 4 | 1 | (1 | ) | 7 | 2 | (2 | ) | 4 | ||||||||||||||
Plus: Other Income (Expense) | (1 | ) | (5 | ) | (3 | ) | (7 | ) | — | 1 | — | 12 | ||||||||||||
Plus: Equity in net earnings (loss) of nonconsolidated companies | 1 | (4 | ) | 1 | (2 | ) | (1 | ) | — | (12 | ) | (23 | ) | |||||||||||
Less: Earnings (loss) from Consolidated Noncontrolling Interests | 2 | (1 | ) | 1 | 2 | (1 | ) | 1 | 5 | 5 | ||||||||||||||
Plus: Notables Items | 38 | 16 | (1 | ) | 8 | 41 | 7 | 371 | 6 | |||||||||||||||
Adjusted EBITDA(b) | $ | 201 | $ | 198 | $ | 251 | $ | 277 | $ | 240 | $ | 168 | $ | 74 | $ | 45 | ||||||||
Capital expenditures | $ | 110 | $ | 100 | $ | 92 | $ | 103 | $ | 119 | $ | 120 | $ | 122 | $ | 124 | ||||||||
Gross Margin $ / tonne of finished product | $ | 53 | $ | 49 | $ | 67 | $ | 80 | $ | 81 | $ | 31 | $ | (7 | ) | $ | (10 | ) | ||||||
Adjusted Gross Margin $ / tonne of finished product | $ | 53 | $ | 57 | $ | 70 | $ | 80 | $ | 81 | $ | 36 | $ | (5 | ) | $ | (6 | ) | ||||||
Gross margin as a percent of sales | 13 | % | 11 | % | 15 | % | 17 | % | 16 | % | 7 | % | (1 | )% | (2 | )% | ||||||||
Freight included in finished goods (in millions) | $ | 107 | $ | 77 | $ | 100 | $ | 92 | $ | 86 | $ | 74 | $ | 91 | $ | 86 | ||||||||
Idle/Turnaround costs (excluding notable items) | $ | 27 | $ | 27 | $ | 24 | $ | 35 | $ | 47 | $ | 37 | $ | 43 | $ | 18 | ||||||||
Operating Data | ||||||||||||||||||||||||
Sales volumes ('000 tonnes)(d) | ||||||||||||||||||||||||
DAP/MAP | 1,663 | 1,295 | 1,332 | 1,261 | 1,059 | 1,141 | 1,275 | 1,311 | ||||||||||||||||
Specialty(f) | 833 | 650 | 970 | 974 | 817 | 649 | 909 | 883 | ||||||||||||||||
Total Finished Product(d) | 2,496 | 1,945 | 2,302 | 2,235 | 1,876 | 1,790 | 2,184 | 2,194 | ||||||||||||||||
Average finished product selling price (destination)(g) | $ | 399 | $ | 431 | $ | 450 | $ | 454 | $ | 479 | $ | 442 | $ | 398 | $ | 355 | ||||||||
Production Volumes ('000 tonnes) | ||||||||||||||||||||||||
Total tonnes produced(h) | 2,322 | 2,045 | 2,081 | 2,115 | 2,117 | 1,992 | 2,050 | 2,111 | ||||||||||||||||
Operating Rate(i) | 79 | % | 84 | % | 86 | % | 87 | % | 87 | % | 82 | % | 85 | % | 87 | % | ||||||||
Realized costs ($/tonne) | ||||||||||||||||||||||||
Ammonia (tonne)(j) | $ | 298 | $ | 344 | $ | 325 | $ | 329 | $ | 343 | $ | 352 | $ | 337 | $ | 306 | ||||||||
Sulfur (long ton)(k) | $ | 97 | $ | 128 | $ | 139 | $ | 137 | $ | 149 | $ | 153 | $ | 138 | $ | 119 | ||||||||
Blended rock | $ | 55 | $ | 55 | $ | 59 | $ | 57 | $ | 59 | $ | 61 | $ | 63 | $ | 65 | ||||||||
Phosphate cash conversion costs, production / tonne | $ | 64 | $ | 64 | $ | 64 | $ | 63 | $ | 61 | $ | 63 | $ | 67 | $ | 65 | ||||||||
U.S. mined rock costs, cash produced / tonne | $ | 35 | $ | 35 | $ | 36 | $ | 40 | $ | 43 | $ | 43 | $ | 40 | $ | 41 |
Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 | Q2 2019 | Q3 2019 | |||||||||||||||||
Net Sales and Gross Margin (in millions, except per tonne) | ||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||
Net Sales | $ | 496 | $ | 404 | $ | 569 | $ | 609 | $ | 592 | $ | 504 | $ | 599 | $ | 616 | ||||||||
Cost of Goods Sold | 383 | 301 | 437 | 448 | 390 | 318 | 418 | 458 | ||||||||||||||||
Gross Margin | $ | 114 | $ | 103 | $ | 132 | $ | 161 | $ | 202 | $ | 186 | $ | 181 | $ | 158 | ||||||||
Notable Items Included in Gross Margin | — | (5 | ) | (4 | ) | — | — | — | — | (12 | ) | |||||||||||||
Adjusted Gross Margin(b) | $ | 114 | $ | 108 | $ | 136 | $ | 161 | $ | 202 | $ | 186 | $ | 181 | $ | 170 | ||||||||
SG&A | 10 | 8 | 9 | 8 | 10 | 6 | 5 | 6 | ||||||||||||||||
Other operating (income) expense | 7 | 3 | 2 | 4 | 43 | 4 | 2 | 4 | ||||||||||||||||
Operating Earnings | $ | 97 | $ | 92 | $ | 121 | $ | 149 | $ | 149 | $ | 176 | $ | 174 | $ | 148 | ||||||||
Plus: Depreciation, Depletion and Amortization | 72 | 76 | 73 | 73 | 80 | 78 | 79 | 63 | ||||||||||||||||
Plus: Accretion Expense | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | ||||||||||||||||
Plus: Foreign Exchange Gain (Loss) | (13 | ) | (30 | ) | (23 | ) | 22 | (86 | ) | 37 | 26 | (20 | ) | |||||||||||
Plus: Other Income (Expense) | — | — | — | — | 1 | 1 | — | 1 | ||||||||||||||||
Plus: Notable Items | 13 | 35 | 27 | (22 | ) | 125 | (37 | ) | (26 | ) | 20 | |||||||||||||
Adjusted EBITDA(b) | $ | 170 | $ | 174 | $ | 199 | $ | 223 | $ | 270 | $ | 256 | $ | 254 | $ | 215 | ||||||||
Capital expenditures | $ | 103 | $ | 104 | $ | 80 | $ | 98 | $ | 148 | $ | 140 | $ | 130 | $ | 153 | ||||||||
Gross Margin $ / tonne of finished product | $ | 51 | $ | 61 | $ | 56 | $ | 66 | $ | 88 | $ | 100 | $ | 84 | $ | 68 | ||||||||
Adjusted Gross Margin $ / tonne of finished product | $ | 51 | $ | 64 | $ | 58 | $ | 66 | $ | 88 | $ | 100 | $ | 84 | $ | 73 | ||||||||
Gross margin as a percent of sales | 23 | % | 25 | % | 23 | % | 26 | % | 34 | % | 37 | % | 30 | % | 26 | % | ||||||||
Supplemental Cost Information | ||||||||||||||||||||||||
Canadian resource taxes | $ | 19 | $ | 26 | $ | 34 | $ | 41 | $ | 59 | $ | 47 | $ | 56 | $ | 58 | ||||||||
Royalties | $ | 9 | $ | 8 | $ | 9 | $ | 10 | $ | 12 | $ | 11 | $ | 11 | $ | 9 | ||||||||
Brine inflow expenses(s) | $ | 36 | $ | 39 | $ | 39 | $ | 37 | $ | 39 | $ | 36 | $ | 36 | $ | 32 | ||||||||
Freight(l) | $ | 80 | $ | 71 | $ | 87 | $ | 84 | $ | 71 | $ | 53 | $ | 68 | $ | 79 | ||||||||
Idle/Turnaround costs (excluding notable items) | $ | — | $ | 5 | $ | 15 | $ | 37 | $ | 13 | $ | 11 | $ | 25 | $ | 49 | ||||||||
Operating Data | ||||||||||||||||||||||||
Sales volumes ('000 tonnes)(d) | ||||||||||||||||||||||||
MOP | 2,026 | 1,525 | 2,125 | 2,187 | 2,143 | 1,729 | 1,919 | 2,099 | ||||||||||||||||
Specialty(m) | 191 | 165 | 239 | 241 | 158 | 132 | 244 | 222 | ||||||||||||||||
Total Finished Product(d) | 2,217 | 1,690 | 2,364 | 2,428 | 2,301 | 1,861 | 2,163 | 2,321 | ||||||||||||||||
Average finished product selling price (destination)(g) | $ | 224 | $ | 239 | $ | 241 | $ | 251 | $ | 257 | $ | 271 | $ | 277 | $ | 266 | ||||||||
Production Volumes ('000 tonnes) | ||||||||||||||||||||||||
Production Volume | 2,149 | 2,275 | 2,151 | 2,220 | 2,593 | 2,254 | 2,180 | 1,771 | ||||||||||||||||
Operating Rate | 87 | % | 87 | % | 82 | % | 85 | % | 99 | % | 86 | % | 83 | % | 67 | % | ||||||||
MOP cash costs of production including brine / production tonne(n) | $ | 87 | $ | 86 | $ | 85 | $ | 79 | $ | 72 | $ | 84 | $ | 83 | $ | 97 | ||||||||
MOP cash costs of brine management / production tonne | $ | 14 | $ | 15 | $ | 16 | $ | 14 | $ | 13 | $ | 13 | $ | 14 | $ | 15 | ||||||||
Average CAD / USD | $ | 1.270 | $ | 1.264 | $ | 1.291 | $ | 1.307 | $ | 1.322 | $ | 1.329 | $ | 1.338 | $ | 1.320 |
Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 | Q2 2019 | Q3 2019 | |||||||||||||||||
Net Sales and Gross Margin (in millions, except per tonne) | ||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||
Net Sales | $ | 520 | $ | 665 | $ | 713 | $ | 1,400 | $ | 969 | $ | 698 | $ | 833 | $ | 1,388 | ||||||||
Cost of Goods Sold | 487 | 606 | 660 | 1,248 | 851 | 646 | 798 | 1,256 | ||||||||||||||||
Gross Margin | $ | 32 | $ | 59 | $ | 53 | $ | 152 | $ | 118 | $ | 52 | $ | 35 | $ | 132 | ||||||||
Notable Items Included in Gross Margin | — | — | — | — | — | — | — | — | ||||||||||||||||
Adjusted Gross Margin(b) | $ | 32 | $ | 59 | $ | 53 | $ | 152 | $ | 118 | $ | 52 | $ | 35 | $ | 132 | ||||||||
SG&A | 22 | 21 | 26 | 23 | 24 | 22 | 22 | 23 | ||||||||||||||||
Other operating (income) expense | 1 | 25 | 10 | 6 | 9 | 3 | 11 | 11 | ||||||||||||||||
Operating Earnings | $ | 10 | $ | 13 | $ | 17 | $ | 123 | $ | 85 | $ | 27 | $ | 2 | $ | 98 | ||||||||
Plus: Depreciation, Depletion and Amortization | 4 | 37 | 37 | 36 | 49 | 32 | 32 | 34 | ||||||||||||||||
Plus: Accretion Expense | — | 2 | 1 | 2 | 2 | 2 | 2 | 1 | ||||||||||||||||
Plus: Foreign Exchange Gain (Loss) | (19 | ) | (5 | ) | (57 | ) | (21 | ) | (2 | ) | (9 | ) | (3 | ) | (39 | ) | ||||||||
Plus: Other Income (Expense) | (1 | ) | — | (1 | ) | (1 | ) | 1 | (2 | ) | (2 | ) | (2 | ) | ||||||||||
Less: Earnings from Consolidated Noncontrolling Interests | 1 | — | — | 1 | 2 | — | — | 1 | ||||||||||||||||
Plus: Notable Items | 19 | 21 | 63 | 25 | 5 | 12 | 7 | 35 | ||||||||||||||||
Adjusted EBITDA(b) | $ | 13 | $ | 68 | $ | 60 | $ | 163 | $ | 138 | $ | 62 | $ | 38 | $ | 126 | ||||||||
Capital expenditures | $ | 16 | $ | 18 | $ | 29 | $ | 40 | $ | 61 | $ | 53 | $ | 41 | $ | 43 | ||||||||
Gross Margin $ / tonne of finished product | $ | 23 | $ | 37 | $ | 29 | $ | 42 | $ | 56 | $ | 34 | $ | 17 | $ | 39 | ||||||||
Adjusted Gross Margin $ / tonne of finished product | $ | 23 | $ | 37 | $ | 29 | $ | 42 | $ | 56 | $ | 34 | $ | 17 | $ | 39 | ||||||||
Gross margin as a percent of sales | 6 | % | 9 | % | 7 | % | 11 | % | 12 | % | 8 | % | 4 | % | 10 | % | ||||||||
Idle/Turnaround costs (excluding notable items) | $ | — | $ | 5 | $ | 23 | $ | 25 | $ | 6 | $ | 15 | $ | 36 | $ | 28 | ||||||||
Operating Data | ||||||||||||||||||||||||
Sales volumes ('000 tonnes) | ||||||||||||||||||||||||
Phosphate produced in Brazil | 85 | 427 | 636 | 1,214 | 570 | 412 | 763 | 846 | ||||||||||||||||
Potash produced in Brazil | — | 99 | 66 | 82 | 75 | 72 | 81 | 88 | ||||||||||||||||
Purchased nutrients for distribution(q) | 1,314 | 1,058 | 1,144 | 2,299 | 1,463 | 1,044 | 1,257 | 2,490 | ||||||||||||||||
Total Finished Product | 1,399 | 1,584 | 1,846 | 3,595 | 2,108 | 1,528 | 2,101 | 3,424 | ||||||||||||||||
Average finished product selling price (destination)(g) | $ | 372 | $ | 420 | $ | 386 | $ | 389 | $ | 460 | $ | 457 | $ | 396 | $ | 405 | ||||||||
Production Volumes ('000 tonnes) | ||||||||||||||||||||||||
Total tonnes produced(o) | — | 987 | 822 | 920 | 1,019 | 889 | 687 | 765 | ||||||||||||||||
Operating Rate | — | % | 81 | % | 67 | % | 75 | % | 82 | % | 72 | % | 56 | % | 62 | % | ||||||||
Purchases ('000 tonnes) | ||||||||||||||||||||||||
DAP/MAP from Mosaic | 150 | 70 | 216 | 97 | 156 | 162 | 301 | 201 | ||||||||||||||||
MicroEssentials® from Mosaic | 55 | 182 | 392 | 394 | 90 | 202 | 356 | 294 | ||||||||||||||||
Potash from Mosaic/Canpotex | 346 | 389 | 770 | 841 | 361 | 452 | 558 | 868 | ||||||||||||||||
Phosphate cash conversion costs in BRL, production / tonne | R$ | — | R$ | 262 | R$ | 264 | R$ | 268 | R$ | 268 | R$ | 285 | R$ | 379 | R$ | 351 | ||||||||
Potash cash conversion costs in BRL, production / tonne | R$ | — | R$ | 567 | R$ | 946 | R$ | 513 | R$ | 651 | R$ | 516 | R$ | 613 | R$ | 665 | ||||||||
Mined rock costs in BRL, cash produced / tonne | R$ | — | R$ | 335 | R$ | 335 | R$ | 346 | R$ | 369 | R$ | 344 | R$ | 336 | R$ | 299 | ||||||||
Average BRL / USD | $ | 3.308 | $ | 3.246 | $ | 3.604 | $ | 3.955 | $ | 3.804 | $ | 3.771 | $ | 3.920 | $ | 3.969 |
Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 | Q2 2019 | Q3 2019 | |||||||||||||||||
Net Sales and Gross Margin (in millions) | ||||||||||||||||||||||||
Segment income statement | ||||||||||||||||||||||||
Net Sales | $ | 79 | $ | (1 | ) | $ | (130 | ) | $ | (122 | ) | $ | 34 | $ | (108 | ) | $ | (172 | ) | $ | (71 | ) | ||
Cost of Goods Sold | 78 | 15 | (86 | ) | (125 | ) | 39 | (125 | ) | (195 | ) | (80 | ) | |||||||||||
Gross Margin (Loss) | $ | 1 | $ | (16 | ) | $ | (44 | ) | $ | 3 | $ | (5 | ) | $ | 17 | $ | 23 | $ | 9 | |||||
Notable items Included in Gross Margin | (17 | ) | (12 | ) | (34 | ) | 11 | 2 | 25 | 7 | (7 | ) | ||||||||||||
Adjusted Gross Margin (Loss)(b) | $ | 18 | $ | (4 | ) | $ | (10 | ) | $ | (8 | ) | $ | (7 | ) | $ | (8 | ) | $ | 16 | $ | 16 | |||
SG&A | 37 | 52 | 33 | 37 | 43 | 59 | 44 | 40 | ||||||||||||||||
Other operating (income) expense | 15 | 34 | 7 | 15 | 11 | 3 | 4 | 5 | ||||||||||||||||
Operating Earnings (Loss) | $ | (51 | ) | $ | (102 | ) | $ | (84 | ) | $ | (49 | ) | $ | (59 | ) | $ | (45 | ) | $ | (25 | ) | $ | (36 | ) |
Plus: Depreciation, Depletion and Amortization | 7 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | ||||||||||||||||
Plus: Share-Based Compensation Expense | 3 | 15 | 7 | 3 | 2 | 15 | 7 | 2 | ||||||||||||||||
Plus: Foreign Exchange Gain (Loss) | 5 | (1 | ) | — | (2 | ) | 2 | (7 | ) | — | 1 | |||||||||||||
Plus: Other Income (Expense) | — | (2 | ) | 2 | (1 | ) | (2 | ) | (2 | ) | (2 | ) | (2 | ) | ||||||||||
Plus: Equity in net earnings (loss) of nonconsolidated companies | — | — | — | — | — | — | 1 | — | ||||||||||||||||
Less: Earnings (Loss) from Consolidated Noncontrolling Interests | (2 | ) | (1 | ) | (1 | ) | (1 | ) | (2 | ) | (2 | ) | (2 | ) | (2 | ) | ||||||||
Plus: Notable Items | 25 | 43 | 39 | 2 | 5 | (24 | ) | (5 | ) | 8 | ||||||||||||||
Adjusted EBITDA(b) | $ | (9 | ) | $ | (41 | ) | $ | (30 | ) | $ | (41 | ) | $ | (45 | ) | $ | (56 | ) | $ | (17 | ) | $ | (20 | ) |
Elimination of profit in inventory income (loss) included in COGS | $ | (18 | ) | $ | (8 | ) | $ | (21 | ) | $ | (7 | ) | $ | (7 | ) | $ | (12 | ) | $ | 13 | $ | 28 | ||
Unrealized gain (loss) on derivatives included in COGS | $ | (17 | ) | $ | (12 | ) | $ | (34 | ) | $ | 11 | $ | 2 | $ | 25 | $ | 7 | $ | (6 | ) | ||||
Operating Data | ||||||||||||||||||||||||
Sales volumes ('000 tonnes) | 497 | 266 | 348 | 311 | 438 | 249 | 333 | 348 | ||||||||||||||||
Average finished product selling price (destination)(g) | $ | 387 | $ | 333 | $ | 396 | $ | 377 | $ | 431 | $ | 372 | $ | 399 | $ | 385 | ||||||||
Purchases ('000 tonnes) | ||||||||||||||||||||||||
DAP/MAP from Mosaic | 50 | — | 22 | 47 | 47 | 98 | 52 | 89 | ||||||||||||||||
MicroEssentials® from Mosaic | 68 | — | 8 | — | 44 | 38 | 15 | — | ||||||||||||||||
Potash from Mosaic/Canpotex | 198 | 240 | 108 | 125 | 278 | 257 | 253 | 180 |
Q3 2019 | ||||||||||||||
Description | Segment | Line Item | Amount (in millions) | Tax Effect(p) (in millions) | EPS Impact (per basic share) | |||||||||
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $ | (54 | ) | $ | 16 | $ | (0.10 | ) | ||||
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | (7 | ) | 2 | (0.01 | ) | |||||||
Louisiana gypstack costs | Phosphates | Cost of goods sold | (7 | ) | 2 | (0.01 | ) | |||||||
Integration costs | Corporate and Other | Other operating income (expense) | (2 | ) | 1 | — | ||||||||
Plant City closure costs | Phosphates | Other operating income (expense) | 15 | (4 | ) | 0.03 | ||||||||
ARO adjustment | Phosphates | Other operating income (expense) | (31 | ) | 9 | (0.06 | ) | |||||||
Discrete tax items | Consolidated | (Provision for) benefit from income taxes | — | (16 | ) | (0.05 | ) | |||||||
ARO adjustment | Mosaic Fertilizantes | Other operating income (expense) | 4 | (1 | ) | 0.01 | ||||||||
Realized gain on RCRA Trust Securities | Phosphates | Other non-operating income (expense) | 13 | (4 | ) | 0.02 | ||||||||
Accelerated depreciation | Potash | Cost of goods sold | (12 | ) | 4 | (0.02 | ) | |||||||
Total Notable Items | $ | (81 | ) | $ | 9 | $ | (0.19 | ) |
Q2 2019 | ||||||||||||||
Description | Segment | Line Item | Amount (in millions) | Tax Effect(p) (in millions) | EPS Impact (per basic share) | |||||||||
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $ | 21 | $ | (5 | ) | $ | 0.04 | |||||
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | 7 | (2 | ) | 0.01 | ||||||||
Louisiana gypstack costs | Phosphates | Cost of goods sold | (5 | ) | 1 | (0.01 | ) | |||||||
Integration costs | Corporate and Other | Other operating income (expense) | (3 | ) | 1 | (0.01 | ) | |||||||
Costs to capture synergies | Mosaic Fertilizantes | Other operating income (expense) | (4 | ) | 1 | (0.01 | ) | |||||||
Earn-out obligation | Corporate and Other | Other operating income (expense) | 1 | — | — | |||||||||
Plant City closure costs | Phosphates | Other operating income (expense) | (369 | ) | 85 | (0.73 | ) | |||||||
ARO adjustment | Phosphates | Other operating income (expense) | (3 | ) | 1 | (0.01 | ) | |||||||
Miski Mayo flood insurance proceeds | Phosphates | Other operating income (expense) | 8 | (2 | ) | 0.02 | ||||||||
Discrete tax items | Consolidated | (Provision for) benefit from income taxes | — | (10 | ) | (0.02 | ) | |||||||
Total Notable Items | $ | (347 | ) | $ | 70 | $ | (0.72 | ) |
Q1 2019 | ||||||||||||||
Description | Segment | Line Item | Amount (in millions) | Tax Effect(p) (in millions) | EPS Impact (per diluted share) | |||||||||
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $ | 23 | $ | (6 | ) | $ | 0.05 | |||||
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | 25 | (7 | ) | 0.05 | ||||||||
Louisiana gypstack costs | Phosphates | Cost of goods sold | (9 | ) | 2 | (0.02 | ) | |||||||
Integration costs | Corporate and Other | Other operating income (expense) | (5 | ) | 1 | (0.01 | ) | |||||||
Costs to capture synergies | Mosaic Fertilizantes | Other operating income (expense) | (3 | ) | 1 | (0.01 | ) | |||||||
Earn-out obligation | Corporate and Other | Other operating income (expense) | 11 | — | 0.03 | |||||||||
Total Notable Items | $ | 42 | $ | (9 | ) | $ | 0.09 |
Q4 2018 | ||||||||||||||
Description | Segment | Line Item | Amount (in millions) | Tax Effect(p) (in millions) | EPS Impact (per diluted share) | |||||||||
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $ | (79 | ) | $ | 11 | $ | (0.17 | ) | ||||
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | 2 | — | — | |||||||||
Integration costs | Corporate and Other | Other operating income (expense) | (6 | ) | 1 | (0.01 | ) | |||||||
Costs to capture synergies | Mosaic Fertilizantes | Other operating income (expense) | (3 | ) | — | (0.01 | ) | |||||||
Discrete tax items | Consolidated | (Provision for) benefit from income taxes | — | (33 | ) | (0.09 | ) | |||||||
Earn-out obligation | Corporate and Other | Other operating income (expense) | (3 | ) | — | (0.01 | ) | |||||||
ARO adjustment | Phosphates | Other operating income (expense) | (30 | ) | 4 | (0.06 | ) | |||||||
Asset write-off | Phosphates | Other operating income (expense) | (18 | ) | 3 | (0.04 | ) | |||||||
Asset write-off | Potash | Other operating income (expense) | (39 | ) | 5 | (0.09 | ) | |||||||
Total Notable Items | $ | (176 | ) | $ | (9 | ) | $ | (0.48 | ) |
Q3 2018 | ||||||||||||||
Description | Segment | Line Item | Amount (in millions) | Tax Effect(p) (in millions) | EPS Impact (per diluted share) | |||||||||
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $ | (2 | ) | $ | — | $ | — | |||||
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | 11 | (2 | ) | 0.02 | ||||||||
Integration costs | Corporate and Other | Other operating income (expense) | (3 | ) | 1 | (0.01 | ) | |||||||
Costs to capture synergies | Mosaic Fertilizantes | Other operating income (expense) | (4 | ) | 1 | (0.01 | ) | |||||||
Realized loss on RCRA Trust Securities | Phosphates | Other non-operating income (expense) | (7 | ) | 1 | (0.01 | ) | |||||||
Discrete tax items | Consolidated | (Provision for) benefit from income taxes | — | (29 | ) | (0.08 | ) | |||||||
Earn-out obligation | Corporate and Other | Other operating income (expense) | (8 | ) | — | (0.02 | ) | |||||||
Total Notable Items | $ | (13 | ) | $ | (28 | ) | $ | (0.11 | ) |
Q2 2018 | ||||||||||||||
Description | Segment | Line Item | Amount (in millions) | Tax Effect(p) (in millions) | EPS Impact (per diluted share) | |||||||||
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $ | (79 | ) | $ | 18 | $ | (0.16 | ) | ||||
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | (34 | ) | 8 | (0.07 | ) | |||||||
Integration costs | Corporate and Other | Other operating income (expense) | (5 | ) | 1 | (0.01 | ) | |||||||
Costs to capture synergies | Mosaic Fertilizantes | Other operating income (expense) | (6 | ) | 1 | (0.01 | ) | |||||||
Refinement of inventory costing | Potash | Cost of goods sold | (4 | ) | 1 | (0.01 | ) | |||||||
Refinement of inventory costing | Phosphates | Cost of goods sold | (6 | ) | 1 | (0.01 | ) | |||||||
Discrete tax items | Consolidated | (Provision for) benefit from income taxes | — | 13 | 0.04 | |||||||||
Sales tax refund | Phosphates | Other operating income (expense) | 6 | (1 | ) | 0.01 | ||||||||
Total Notable Items | $ | (128 | ) | $ | 42 | $ | (0.22 | ) |
Q1 2018 | ||||||||||||||
Description | Segment | Line Item | Amount (in millions) | Tax Effect(p) (in millions) | EPS Impact (per diluted share) | |||||||||
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $ | (32 | ) | $ | 9 | $ | (0.06 | ) | ||||
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | (12 | ) | 3 | (0.02 | ) | |||||||
Fees related to purchase of Vale assets | Corporate and Other | Other operating income (expense) | (18 | ) | 5 | (0.03 | ) | |||||||
Integration costs | Corporate and Other | Other operating income (expense) | (8 | ) | 2 | (0.02 | ) | |||||||
Costs to capture synergies | Mosaic Fertilizantes | Other operating income (expense) | (16 | ) | 5 | (0.03 | ) | |||||||
Refinement of inventory costing | Potash | Cost of goods sold | (5 | ) | 2 | (0.01 | ) | |||||||
Refinement of inventory costing | Phosphates | Cost of goods sold | (15 | ) | 4 | (0.03 | ) | |||||||
Realized loss on RCRA Trust securities | Phosphates | Other non-operating income (expense) | (5 | ) | 1 | (0.01 | ) | |||||||
Severance | Corporate and Other | Other operating income (expense) | (4 | ) | 1 | (0.01 | ) | |||||||
Discrete tax items | Consolidated | (Provision for) benefit from income taxes | — | 48 | 0.13 | |||||||||
Total Notable Items | $ | (115 | ) | $ | 80 | $ | (0.09 | ) |
Q4 2017 | ||||||||||||||
Description | Segment | Line Item | Amount (in millions) | Tax Effect(p) (in millions) | EPS Impact (per basic share) | |||||||||
Foreign currency transaction gain (loss) | Consolidated | Foreign currency transaction gain (loss) | $ | (27 | ) | $ | 2 | $ | (0.07 | ) | ||||
Unrealized gain (loss) on derivatives | Corporate and Other | Cost of goods sold | (17 | ) | 1 | (0.05 | ) | |||||||
Fees related to purchase of Vale assets | Corporate and Other | Other operating income (expense) | (12 | ) | — | (0.04 | ) | |||||||
Discrete tax items relating to changes in US tax laws | Consolidated | (Provision for) benefit from income taxes | — | (456 | ) | (1.30 | ) | |||||||
Other discrete tax items | Consolidated | (Provision for) benefit from income taxes | — | (7 | ) | (0.02 | ) | |||||||
Pre-issuance hedging gain (loss) | Consolidated | Interest expense | (2 | ) | — | — | ||||||||
Restructuring | Phosphates | Other operating income (expense) | (20 | ) | 2 | (0.05 | ) | |||||||
ARO adjustment | Phosphates | Other operating income (expense) | (11 | ) | 1 | (0.03 | ) | |||||||
Asset write-off | Phosphates | Other operating income (expense) | (8 | ) | 1 | (0.02 | ) | |||||||
Resolution of royalty matter | Potash | Cost of goods sold | — | 2 | 0.01 | |||||||||
Total Notable Items | $ | (97 | ) | $ | (454 | ) | $ | (1.57 | ) |
(a) | Notable items impact on Earnings Per Share is calculated as notable item amount plus income tax effect, based on expected annual effective tax rate, divided by diluted weighted average shares. Adjusted Diluted Net Earnings per Share is defined as diluted net earnings (loss) per share excluding the impact of notable items. See “Non-GAAP Reconciliations”. |
(b) | See definitions of Adjusted EBITDA and Adjusted Gross Margin under “Non-GAAP Reconciliations”. |
(c) | Includes elimination of intersegment sales. |
(d) | Finished product sales volumes include intersegment sales. |
(e) | Includes MicroEssentials, K-Mag, Aspire and animal feed finished specialty products as a percentage of Phosphate and Potash segment sales tonnes. |
(f) | Includes MicroEssentials and animal feed finished specialty products. |
(g) | Average price of all finished products sold by Potash, Phosphates, Mosaic Fertilizantes and India/China. |
(h) | Includes crop nutrient dry concentrates and animal feed ingredients. |
(i) | Starting in Q1 2018, Plant City was excluded from operational capacity. |
(j) | Amounts are representative of our average ammonia costs in cost of goods sold. |
(k) | Amounts are representative of our average sulfur costs in cost of goods sold. |
(l) | Includes inbound freight, outbound freight and warehousing costs on K-Mag, animal feed and domestic MOP sales. |
(m) | Includes K-Mag, Aspire and animal feed finished specialty products. |
(n) | MOP production cash costs including brine and excluding Canadian resource tax are reflective of actual costs during the period. These costs are captured in inventory and are not necessarily reflective of costs included in costs of goods sold for the period. |
(o) | Includes phosphate and potash crop nutrients and animal feed ingredients. |
(p) | Tax impact is based on our expected annual effective tax rate. |
(q) | Includes sales volumes of phosphate and potash nutrients purchased from other Mosaic segments and Canpotex. |
(r) | Q3 2019 and Q2 2019 included the loss on Plant City related to closure costs. |
(s) | Starting in Q3 2019, includes approximately $6 million of accelerated depreciation included as a notable item. |
(in millions) | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 | Q2 2019 | Q3 2019 | ||||||||||||||||
Consolidated Net Income (Loss) | $ | (431 | ) | $ | 42 | $ | 68 | $ | 247 | $ | 112 | $ | 131 | $ | (233 | ) | $ | (44 | ) | |||||
Less: Consolidated Interest Expense, Net | (40 | ) | (49 | ) | (45 | ) | (41 | ) | (31 | ) | (47 | ) | (46 | ) | (43 | ) | ||||||||
Plus: Consolidated Depreciation, Depletion & Amortization | 172 | 217 | 217 | 215 | 235 | 218 | 221 | 211 | ||||||||||||||||
Plus: Accretion Expense | 6 | 12 | 12 | 13 | 11 | 15 | 13 | 16 | ||||||||||||||||
Plus: Share-Based Compensation Expense | 3 | 15 | 7 | 3 | 2 | 15 | 7 | 2 | ||||||||||||||||
Plus: Consolidated Provision for (Benefit from) Income Taxes | 490 | (50 | ) | 4 | 91 | 33 | 46 | (52 | ) | 69 | ||||||||||||||
Plus: Notable Items | 95 | 115 | 128 | 13 | 176 | (42 | ) | 347 | 69 | |||||||||||||||
Consolidated Adjusted EBITDA | $ | 375 | $ | 399 | $ | 480 | $ | 622 | $ | 603 | $ | 430 | $ | 349 | $ | 366 |
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