MOSAIC CO, 10-Q filed on 5/4/2023
Quarterly Report
v3.23.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2023
Apr. 28, 2023
Cover [Abstract]    
Document type 10-Q  
Document quarterly report true  
Document period end date Mar. 31, 2023  
Document transition report false  
Entity file number 001-32327  
Entity registrant name MOSAIC CO  
State of incorporation DE  
Employer identification number 20-1026454  
Address line one 101 East Kennedy Blvd  
Address line two Suite 2500  
City Tampa  
State FL  
Zip code 33602  
Area code 800  
Phone number 918-8270  
Title of each class Common Stock, par value $0.01 per share  
Trading symbol MOS  
Name of each exchange on which registered NYSE  
Entity current reporting status Yes  
Entity interactive data current Yes  
Entity filer category Large Accelerated Filer  
Smaller reporting company false  
Emerging growth company false  
Entity shell company false  
Entity common stock shares outstanding   332,109,192
Entity central index key 0001285785  
Amendment flag false  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
Current fiscal year end date --12-31  
v3.23.1
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Net Sales $ 3,604.3 $ 3,922.3
Cost of goods sold 2,933.9 2,483.2
Gross margin 670.4 1,439.1
Selling, general and administrative expenses 127.7 132.4
Other operating (income) expense (1.9) 50.9
Operating earnings 544.6 1,255.8
Interest expense, net (41.1) (39.3)
Foreign currency transaction gain 51.4 310.7
Other income (expense) (8.9) 0.2
Earnings from consolidated companies before income taxes 546.0 1,527.4
Provision for income taxes 118.3 372.4
Earnings from consolidated companies 427.7 1,155.0
Equity in net earnings of nonconsolidated companies 31.3 30.7
Net earnings including noncontrolling interests (459.0) (1,185.7)
Less: Net earnings attributable to noncontrolling interests 24.2 3.7
Net earnings attributable to Mosaic $ 434.8 $ 1,182.0
Basic net earnings per share attributable to Mosaic $ 1.30 $ 3.23
Basic weighted average number of shares outstanding 335.4 366.1
Diluted net earnings per share attributable to Mosaic $ 1.28 $ 3.19
Diluted weighted average number of shares outstanding 338.7 370.1
v3.23.1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Comprehensive Income [Abstract]    
Net earnings including noncontrolling interest $ 459.0 $ 1,185.7
Other comprehensive income, net of tax    
Foreign currency translation gain 29.4 305.3
Net actuarial gain and prior service cost 0.4 0.4
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax 0.5 0.5
Net gain (loss) on marketable securities held in trust fund 16.6 (28.4)
Other comprehensive income 46.9 277.8
Comprehensive income 505.9 1,463.5
Less: Comprehensive income attributable to noncontrolling interest 24.9 8.0
Comprehensive income attributable to Mosaic $ 481.0 $ 1,455.5
v3.23.1
Condensed Consolidated Balance Sheet - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 464.8 $ 735.4
Receivables, net, including affiliate receivables of $35.7 and $291.5, respectively 1,426.3 1,699.9
Inventories 3,320.0 3,543.1
Other current assets 642.3 578.2
Total current assets 5,853.4 6,556.6
Property, plant and equipment, net of accumulated depreciation 12,789.2 12,678.7
Investments in nonconsolidated companies 879.8 885.9
Goodwill 1,118.6 1,116.3
Deferred Income Tax Assets, Net 764.1 752.3
Other assets 1,452.4 1,396.2
Total assets 22,857.5 23,386.0
Current liabilities:    
Other Short-term Borrowings 854.6 224.9
Current maturities of long-term debt 980.4 985.3
Structured accounts payable arrangements 544.3 751.2
Accounts payable, including affiliate payables of $305.1 and $353.2, respectively 1,027.0 1,292.5
Accrued liabilities 1,761.3 2,279.9
Total current liabilities 5,167.6 5,533.8
Long-term debt, less current maturities 2,408.9 2,411.9
Deferred Income Tax Liabilities, Net 1,012.5 1,010.1
Other noncurrent liabilities 2,212.0 2,236.0
Equity:    
Preferred stock, par value 0.0 0.0
Common stock, par value 3.3 3.4
Capital in excess of par value 0.0 0.0
Retained earnings 13,996.5 14,203.4
Accumulated other comprehensive loss (2,106.0) (2,152.2)
Total Mosaic stockholders' equity 11,893.8 12,054.6
Noncontrolling interests 162.7 139.6
Total equity 12,056.5 12,194.2
Total liabilities and equity $ 22,857.5 $ 23,386.0
v3.23.1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Accumulated depreciation $ 9,114.6 $ 8,944.9
Common stock, par value $ 0.01 $ 0.01
Common stock, authorized 1,000,000,000 1,000,000,000
Common stock, issued 393,682,617 391,964,464
Common stock, outstanding 332,098,640 339,071,423
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, authorized 15,000,000 15,000,000
Preferred stock, issued 0 0
Preferred stock, outstanding 0 0
Net amount due from our non-consolidated companies $ 35.7 $ 291.5
Net amount due to our non-consolidated companies $ 305.1 $ 353.2
v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Jun. 30, 2022
Dec. 31, 2022
Cash Flows from Operating Activities        
Net earnings including noncontrolling interest $ 459.0 $ 1,185.7    
Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities:        
Depreciation, depletion and amortization 220.0 226.7    
Deferred and other income taxes (1.2) 130.2    
Equity in net (earnings) of nonconsolidated companies, net of dividends (6.3) (30.7)    
Accretion expense for asset retirement obligations 22.8 19.6 $ 81.6  
Accretion Expense 5.0 3.2    
Share-based compensation expense 12.4 16.4    
Unrealized loss (gain) on derivatives 5.9 (98.8)    
Foreign Currency Transaction Gain, before Tax (51.3) (318.9)    
Gain (Loss) on Disposition of Business (56.5) 0.0    
Other 26.5 11.8    
Changes in assets and liabilities, excluding effects of acquisition:        
Receivables, net 310.7 87.0    
Inventories 241.2 (281.6)    
Other current and noncurrent assets (194.3) (88.1)    
Accounts payable and accrued liabilities (841.6) (296.9)    
Other noncurrent liabilities (3.3) (59.4)    
Net cash provided by operating activities 149.0 506.2    
Cash Flows from Investing Activities        
Capital expenditures (321.5) (290.5)    
Purchases of available-for-sale securities - restricted (604.6) (57.8)    
Proceeds from sale of available-for-sale securities - restricted 591.2 51.9    
Proceeds from Sales of Business, Affiliate and Productive Assets 158.4 0.0    
Payments to Acquire Businesses, Gross (41.0) 0.0    
Other (3.9) (0.8)    
Net cash used in investing activities (221.4) (297.2)    
Cash Flows from Financing Activities        
Repayments of Other Short-term Debt (3,127.9) (91.7)    
Proceeds from Other Short-term Debt 3,356.5 112.5    
Repayments of inventory financing arrangement 0.0 (551.6)    
Proceeds From Inventory Financing Arrangements 400.8 701.9    
Payments of structured accounts payable arrangements (381.2) (462.5)    
Proceeds from structured accounts payable arrangements 169.8 563.6    
Collections from Factoring Receivables 608.2 446.9    
Payments of Factoring Receivables (607.0) (375.6)    
Payments of long-term debt (15.0) (14.1)    
Cash dividends paid (152.4) (40.6)    
Proceeds from (Payments for) Other Financing Activities (4.8) 8.3    
Net cash used in financing activities (209.0) (125.0)    
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations 4.3 31.1    
Net change in cash, cash equivalents and restricted cash (277.1) 115.1    
Cash, cash equivalents and restricted cash-beginning of period 754.1 786.3 $ 786.3  
Cash, cash equivalents and restricted cash-end of period 477.0 901.4    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents 464.8 881.9   $ 735.4
Restricted cash in other current assets 9.8 10.1    
Restricted cash in other assets 2.4 9.4    
Cash, cash equivalents and restricted cash-end of period 477.0 901.4   $ 754.1
Supplemental Disclosure of Cash Flow Information:        
Interest (net of amount capitalized) 7.9 4.2    
Income taxes (net of refunds) 225.7 258.5    
Payments for Repurchase of Common Stock $ 456.0 $ 422.1    
v3.23.1
Condensed Consolidated Statements of Cash Flow Parenthetical - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Cash Flows [Abstract]    
Capitalized interest costs $ 7.5 $ 6.4
v3.23.1
Condensed Consolidated Statements of Shareholders Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Capital in Excess of Par Value
Retained Earnings
Accumulated Other Comprehensive Loss
Noncontrolling Interest
Beginning balance at Dec. 31, 2021 $ 10,748.5 $ 3.7 $ 478.0 $ 12,014.2 $ (1,891.8) $ 144.4
Common stock shares outstanding, beginning balance (in shares) at Dec. 31, 2021   368,700,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Total comprehensive income (loss) 1,463.5     1,182.0 273.5 8.0
Stock Issued During Period, Shares, Restricted Stock Award, Gross   900,000        
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition (19.5)   (19.5)      
Stock based compensation $ 11.8   11.8      
Stock Repurchased During Period, Shares (7,600,000)          
Stock Repurchased During Period, Value $ 422.1 $ (0.1) 422.0      
Stock Repurchased and Retired During Period, Value   (8.7)        
Dividends 0.3     0.3    
Ending balance at Mar. 31, 2022 $ 11,790.8 $ 3.6 $ 56.6 13,196.5 (1,618.3) 152.4
Common stock shares outstanding, ending balance (in shares) at Mar. 31, 2022   362,000,000.0        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period 8,300,000   8,300,000      
Beginning balance at Dec. 31, 2022 $ 12,194.2 $ 3.4 $ 0.0 14,203.4 (2,152.2) 139.6
Common stock shares outstanding, beginning balance (in shares) at Dec. 31, 2022 339,071,423 339,100,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Total comprehensive income (loss) $ 505.9     434.8 46.2 24.9
Stock Issued During Period, Shares, Restricted Stock Award, Gross   1,700,000        
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition (53.3)   0.0 (53.3)    
Stock based compensation 12.4   12.4      
Stock Repurchased During Period, Value   $ (0.1)        
Stock Repurchased and Retired During Period, Value (451.5)   (12.4) (439.0)    
Dividends 149.4     149.4    
Noncontrolling Interest, Increase from Subsidiary Equity Issuance 1.8         1.8
Ending balance at Mar. 31, 2023 $ 12,056.5 $ 3.3 $ 0.0 $ 13,996.5 $ (2,106.0) $ 162.7
Common stock shares outstanding, ending balance (in shares) at Mar. 31, 2023 332,098,640 332,100,000        
v3.23.1
Condensed Consolidated Statements of Shareholders Equity (Unaudited) (Parentheticals) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]    
Dividends per share $ 0.45 $ 0
Excised Tax on Share Repurchases $ 3.5  
v3.23.1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Abstract]  
Comprehensive Income (Loss) Note [Text Block] Accumulated Other Comprehensive Income (Loss) (“AOCI”)The following table sets forth the changes in AOCI, net of tax, by component during the three months ended March 31, 2023 and March 31, 2022:
Foreign Currency Translation Gain (Loss)Net Actuarial Gain and Prior Service CostAmortization of Gain on Interest Rate SwapNet Gain (Loss) on Marketable Securities Held in TrustTotal
Three Months Ended March 31, 2023
Balance at December 31, 2022$(2,082.3)$(53.1)$6.7 $(23.5)$(2,152.2)
Other comprehensive income (loss)30.0 0.6 0.5 21.5 52.6 
Tax (expense) benefit(0.6)(0.2)— (4.9)(5.7)
Other comprehensive income (loss), net of tax29.4 0.4 0.5 16.6 46.9 
Other comprehensive income (loss) attributable to noncontrolling interest(0.7)— — — (0.7)
Balance as of March 31, 2023$(2,053.6)$(52.7)$7.2 $(6.9)$(2,106.0)
Three Months Ended March 31, 2022
Balance at December 31, 2021$(1,825.5)$(72.8)$5.2 $1.3 $(1,891.8)
Other comprehensive income (loss)302.5 0.7 0.5 (37.0)266.7 
Tax (expense) benefit2.8 (0.3)— 8.6 11.1 
Other comprehensive income (loss), net of tax305.3 0.4 0.5 (28.4)277.8 
Other comprehensive income (loss) attributable to noncontrolling interest(4.3)— — — (4.3)
Balance as of March 31, 2022$(1,524.5)$(72.4)$5.7 $(27.1)$(1,618.3)
v3.23.1
Accumulated Other Comprehenive Income (Loss)
 3 Months Ended
Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] The following table sets forth the changes in AOCI, net of tax, by component during the three months ended March 31, 2023 and March 31, 2022:
Foreign Currency Translation Gain (Loss)Net Actuarial Gain and Prior Service CostAmortization of Gain on Interest Rate SwapNet Gain (Loss) on Marketable Securities Held in TrustTotal
Three Months Ended March 31, 2023
Balance at December 31, 2022$(2,082.3)$(53.1)$6.7 $(23.5)$(2,152.2)
Other comprehensive income (loss)30.0 0.6 0.5 21.5 52.6 
Tax (expense) benefit(0.6)(0.2)— (4.9)(5.7)
Other comprehensive income (loss), net of tax29.4 0.4 0.5 16.6 46.9 
Other comprehensive income (loss) attributable to noncontrolling interest(0.7)— — — (0.7)
Balance as of March 31, 2023$(2,053.6)$(52.7)$7.2 $(6.9)$(2,106.0)
Three Months Ended March 31, 2022
Balance at December 31, 2021$(1,825.5)$(72.8)$5.2 $1.3 $(1,891.8)
Other comprehensive income (loss)302.5 0.7 0.5 (37.0)266.7 
Tax (expense) benefit2.8 (0.3)— 8.6 11.1 
Other comprehensive income (loss), net of tax305.3 0.4 0.5 (28.4)277.8 
Other comprehensive income (loss) attributable to noncontrolling interest(4.3)— — — (4.3)
Balance as of March 31, 2022$(1,524.5)$(72.4)$5.7 $(27.1)$(1,618.3)
v3.23.1
Accumulated Other Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss $ (2,106.0) $ (1,618.3) $ (2,152.2) $ (1,891.8)
Other Comprehensive Income (Loss), Tax 52.6 266.7    
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax (5.7) 11.1    
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax 16.6 (28.4)    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest 46.9 277.8    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest (0.7) (4.3)    
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss (2,053.6) (1,524.5) (2,082.3) (1,825.5)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax 30.0 302.5    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax (0.6) 2.8    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax 29.4 305.3    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest (0.7) (4.3)    
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss (52.7) (72.4) (53.1) (72.8)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax 0.6 0.7    
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax (0.2) (0.3)    
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax 0.4 0.4    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest 0.0 0.0    
AOCI, Derivative Qualifying as Hedge, Excluded Component, Noncontrolling Interest [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss 7.2 5.7 6.7 5.2
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax 0.5 0.5    
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax 0.0 0.0    
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax 0.5 0.5    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest 0.0 0.0    
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Accumulated other comprehensive loss (6.9) (27.1) $ (23.5) $ 1.3
Net (loss) gain on marketable securities held in trust fund, net of tax (4.9) 8.6    
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax 16.6 (28.4)    
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax 21.5 (37.0)    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest $ 0.0 $ 0.0    
v3.23.1
Organization and Nature of Business
 3 Months Ended
Mar. 31, 2023
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 non-controlling interest, including consolidated variable interest entities and investments accounted for by the equity method.
We are organized into the following business segments:
•Our Phosphate 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. The Phosphate segment includes our 75% interest in the Miski Mayo Phosphate Mine in Peru. These results are consolidated in the Phosphate segment. The Phosphate segment also includes our 25% interest in the Ma’aden Wa’ad Al Shamal Phosphate Company (“MWSPC”), a joint venture to develop, own and operate integrated phosphate production facilities in the Kingdom of Saudi Arabia. We market approximately 25% of MWSPC phosphate production. We recognize our equity in the net earnings or losses relating to MWSPC on a one-quarter lag in our Condensed Consolidated Statements of Earnings.
•Our Potash business segment owns and operates potash mines and production facilities in Canada and the U.S. which produce potash-based crop nutrients, animal feed ingredients and industrial products. Potash sales include domestic and international sales. We are a member of Canpotex, Limited (“Canpotex”), an export association of Canadian potash producers through which we sell our Canadian potash outside the U.S. and Canada.
•Our Mosaic Fertilizantes business segment includes the assets in Brazil that we acquired in the 2018 acquisition (the “Acquisition”) of Vale Fertilizantes S.A. (now known as Mosaic Fertilizantes P&K S.A. or the “Acquired Business”), which consist of five phosphate rock mines, four phosphate chemical plants and a potash mine. The segment also includes our legacy distribution business in South America, which consists of sales offices, crop nutrient blending and bagging facilities, port terminals and warehouses in Brazil and Paraguay. We also have a majority interest in Fospar S.A., which owns and operates a single superphosphate granulation plant and a deep-water port and throughput warehouse terminal facility in Brazil.
Intersegment eliminations, unrealized mark-to-market gains/losses on derivatives, debt expenses, and the results of the China and India distribution businesses are included within Corporate, Eliminations and Other.
v3.23.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Statement Presentation and Basis of Consolidation
The accompanying unaudited Condensed Consolidated Financial Statements of Mosaic have been prepared on the accrual basis of accounting and in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. As permitted under these rules, certain footnotes and other financial information that are normally required by accounting principles generally accepted in the United States (“GAAP”) can be condensed or omitted. The Condensed Consolidated Financial Statements included in this document reflect, in the opinion of our management, all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. The following notes should be read in conjunction with the accounting policies and other disclosures in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2022 (the “10-K Report”). Sales, expenses, cash flows, assets and liabilities can and do vary during the year as a result of seasonality and other factors. Therefore, interim results are not necessarily indicative of the results to be expected for the full fiscal year.
The accompanying Condensed Consolidated Financial Statements include the accounts of Mosaic, its majority-owned subsidiaries, and certain variable interest entities in which Mosaic is the primary beneficiary. Certain investments in companies where we do not have control but have the ability to exercise significant influence are accounted for by the equity method.
Accounting Estimates
Preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. The most significant estimates made by management relate to the estimates of fair value of acquired assets and liabilities, the recoverability of non-current assets including goodwill, the useful lives and net realizable values of long-lived assets, environmental and reclamation liabilities, including asset retirement obligations (“ARO”), and income tax-related accounts, including the valuation allowance against deferred income tax assets. Actual results could differ from these estimates.
v3.23.1
Recently Issued Accounting Guidance
 3 Months Ended
Mar. 31, 2023
Recently Issued Accounting Guidance [Abstract]  
Accounting Standards Update and Change in Accounting Principle [Text Block] Recently Issued Accounting GuidanceIn September 2022, the Financial Accounting Standards Board (“FASB”) issued guidance which requires that a buyer in a supplier financing program make annual disclosures about the program's key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period, and associated rollforward information. We adopted this standard as of January 1, 2023, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023 (our fiscal 2024). We have historically presented supplier financing programs separately on the face of the balance sheet and disclosed key terms of such programs. As such, adoption of this standard did not impact our balance sheet presentation or footnote disclosures.
v3.23.1
Other Financial Statement Data
 3 Months Ended
Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]  
Other Financial Statement Data Other Financial Statement Data
The following provides additional information concerning selected balance sheet accounts:
March 31, 2023December 31, 2022
Other current assets
Income and other taxes receivable $323.7 $189.4 
Prepaid expenses 281.6 237.4 
Assets held for sale— 101.9 
Other 37.0 49.5 
$642.3 $578.2 
Other assets
Restricted cash$2.4 $10.5 
MRO inventory142.3 141.9 
Marketable securities held in trust692.8 666.0 
Operating lease right-of-use assets203.7 182.5 
Indemnification asset23.3 23.7 
Long-term receivable23.6 26.9 
Cloud computing cost63.5 32.9 
Other300.8 311.8 
$1,452.4 $1,396.2 
Accrued liabilities
Accrued dividends$69.9 $72.9 
Payroll and employee benefits 143.6 237.0 
Asset retirement obligations 263.8 212.3 
Customer prepayments(a)
552.8 743.9 
Accrued income and other taxes70.8 208.3 
Operating lease obligation49.2 50.7 
Other 611.2 754.8 
$1,761.3 $2,279.9 
Other noncurrent liabilities
Asset retirement obligations $1,649.2 $1,693.3 
Accrued pension and postretirement benefits106.6 103.3 
Operating lease obligation157.7 135.2 
Unrecognized tax benefits 34.2 32.5 
Other 264.3 271.7 
$2,212.0 $2,236.0 
______________________________
(a) 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.
v3.23.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2023
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:
Three Months Ended March 31,
20232022
Net income attributable to Mosaic$434.8 $1,182.0 
Basic weighted average number of shares outstanding335.4 366.1 
Dilutive impact of share-based awards3.3 4.0 
Diluted weighted average number of shares outstanding338.7 370.1 
Basic net income per share attributable to Mosaic$1.30 $3.23 
Diluted net income per share attributable to Mosaic$1.28 $3.19 
A total of 0.2 million shares of common stock subject to issuance related to share-based awards for the three months ended March 31, 2023, and 0.4 million for the three months ended March 31, 2022, have been excluded from the calculation of diluted EPS because the effect would have been anti-dilutive.
v3.23.1
Inventories
 3 Months Ended
Mar. 31, 2023
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consist of the following:
March 31, 2023December 31, 2022
Raw materials$176.5 $177.2 
Work in process815.8 844.8 
Finished goods1,946.2 2,158.3 
Final price deferred(a)
188.9 184.2 
Operating materials and supplies192.6 178.6 
$3,320.0 $3,543.1 
______________________________
(a)Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon.
v3.23.1
Goodwill
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill GoodwillMosaic had goodwill of $1.1 billion as of March 31, 2023 and December 31, 2022, respectively. We review goodwill for impairment annually in October and at any time events or circumstances indicate that the carrying value may not be fully recoverable, which is based on our accounting policy and GAAP. The changes in the carrying amount of goodwill, by reporting unit, are as follows:
PotashMosaic FertilizantesCorporate, Eliminations and OtherTotal
Balance as of December 31, 2022$1,006.6 $97.6 $12.1 $1,116.3 
Foreign currency translation1.6 0.7 — 2.3 
Balance as of March 31, 2023$1,008.2 $98.3 $12.1 $1,118.6 
We are required to perform our next annual goodwill impairment analysis as of October 31, 2023.
v3.23.1
Marketable Securities Held in Trusts
 3 Months Ended
Mar. 31, 2023
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 11 of our Notes to Condensed 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 entire unamortized cost basis of the investment is not expected to be recovered. A credit loss would then be recognized in operations for the amount of the expected credit loss. As of March 31, 2023, we expect to recover our amortized cost on all available-for-sale securities and have not established an allowance for credit loss.
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 March 31, 2023 and December 31, 2022 are as follows:
March 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Level 1
    Cash and cash equivalents $2.0 $— $— $2.0 
Level 2
    Corporate debt securities204.0 0.6 (12.9)191.7 
    Municipal bonds202.8 1.0 (5.3)198.5 
    U.S. government bonds268.1 10.0 (0.1)278.0 
Total$676.9 $11.6 $(18.3)$670.2 
December 31, 2022
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Level 1
    Cash and cash equivalents $7.7 $— $— $7.7 
Level 2
    Corporate debt securities203.8 0.1 (17.1)186.8 
    Municipal bonds197.0 0.4 (8.0)189.4 
    U.S. government bonds269.6 — (3.6)266.0 
Other holdings0.2 — — 0.2 
Total$678.3 $0.5 $(28.7)$650.1 
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 for which an allowance for credit losses has not been recorded as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
(in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Securities that have been in a continuous loss position for less than 12 months:
Corporate debt securities$35.0 $(0.9)$105.6 $(6.5)
Municipal bonds45.4 (0.3)104.7 (2.9)
U.S. government bonds— — 264.9 (3.5)
$80.4 $(1.2)$475.2 $(12.9)
Securities that have been in a continuous loss position for more than 12 months:
Corporate debt securities$128.5 $(12.1)$72.8 $(10.6)
Municipal bonds94.1 (4.9)61.9 (5.1)
U.S. government bonds0.8 (0.1)0.8 (0.1)
$223.4 $(17.1)$135.5 $(15.8)
The following table summarizes the balance by contractual maturity of the available-for-sale debt securities invested by the RCRA Trusts as of March 31, 2023. 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.
March 31, 2023
Due in one year or less$19.0 
Due after one year through five years306.3 
Due after five years through ten years314.3 
Due after ten years28.6 
Total debt securities$668.2 
For the three months ended March 31, 2023, realized gains were $5.1 million, and realized losses were $13.4 million. For the three months ended March 31, 2022, realized gains were $0.8 million, and there were no realized losses.
v3.23.1
Financing Arrangements Financing Arrangements
 3 Months Ended
Mar. 31, 2023
Financing Arrangements [Abstract]  
Debt Disclosure Financing Arrangements
Inventory Financing Arrangement
We have an inventory financing arrangement whereby we can sell up to $625 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. Under the terms of the agreement, we may borrow up to 90% of the value of the inventory. It is later repurchased by Mosaic at the original sale price plus interest and any transaction costs. As of March 31, 2023 and December 31, 2022, we had financed inventory of $400.8 million and zero, respectively, under this arrangement, which is included in short-term debt on the Condensed Consolidated Balance Sheet.
Receivable Purchasing Arrangement
We finance certain accounts receivable through a Receivable Purchasing Agreement (“RPA”) with banks whereby, from time-to-time, we sell the receivables. The net face value of the purchased receivables may not exceed $600 million at any point in time. The purchase price of the receivable sold under the RPA is the face value of the receivable less an agreed upon discount. The receivables sold under the RPA are accounted for as a true sale. Upon sale, these receivables are removed from the Condensed Consolidated Balance Sheets. Cash received is presented as cash provided by operating activities in the Condensed Consolidated Statements of Cash Flows.
During the three months ended March 31, 2023, the Company sold approximately $607.1 million, of accounts receivable under this arrangement. During the three months ended March 31, 2022, the Company sold approximately $549.3 million. Discounts on sold receivables were not material for any period presented. Following the sale to the banks, we continue to service the collection of the receivable on behalf of the banks without further consideration. As of March 31, 2023 and December 31, 2022, $1.2 million and $0.0 million, respectively, had been collected but not yet remitted to the bank. This amount was classified in accrued liabilities on the Condensed Consolidated Balance Sheets. Cash collected and remitted are presented as cash used in financing activities in the Condensed Consolidated Statements of Cash Flows.
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 contractual 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. Mosaic then makes payment to the third-party intermediary at dates ranging from 130 to 344 days from date of shipment. As of March 31, 2023 and December 31, 2022, the total structured accounts payable arrangements were $544.3 million and $751.2 million, respectively.
Commercial Paper Note Program
In September 2022, we established a commercial paper program which allows us to issue unsecured commercial paper notes with maturities that vary, but do not exceed 397 days from the date of issue, up to a maximum aggregate face or principal amount outstanding at any time of $2.5 billion. We plan to use the revolving credit facility as a liquidity backstop for borrowings under the commercial paper program. As of March 31, 2023, we had $399.4 million outstanding under this program, with a weighted average interest rate of 5.32% and remaining average term of 11 days. As of December 31, 2022, we had $224.8 million outstanding under this program, with a weighted average interest rate of 4.66% and a remaining average term of 10 days.
v3.23.1
Asset Retirement Obligations
 3 Months Ended
Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligation Disclosure Asset Retirement Obligations
We recognize our estimated 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; and (viii) decommission plant sites and close Gypstacks in Brazil. 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:
(in millions)March 31, 2023December 31, 2022
AROs, beginning of period$1,905.6 $1,749.3 
Liabilities incurred3.4 14.9 
Liabilities settled(47.3)(205.6)
Accretion expense22.8 81.6 
Revisions in estimated cash flows22.0 264.5 
Foreign currency translation6.5 0.9 
AROs, end of period1,913.0 1,905.6 
Less current portion263.8 212.3 
Non-current portion of AROs$1,649.2 $1,693.3 
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 non-current liabilities.
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 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, 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 remaining capital expenditures likely to exceed $20 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 8 to our Condensed 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, 2022, 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 $2.1 billion, and the present value of our Gypstack Closure Costs ARO reflected in our Consolidated Balance Sheet for those facilities was approximately $692.3 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 provided sources of funds for the estimated Gypstack Closure Costs for these facilities.
Pursuant to federal or state laws, the applicable government entities are permitted to draw against such amounts in the event we cannot perform such closure activities. One of the financial assurance arrangements 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. The Plant City Trust 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 the Plant City Facility in the form of a surety bond (the “Plant City Bond”). The amount of the Plant City Bond is $300.8 million, which reflects our closure cost estimates as of December 31, 2022. The other financial assurance arrangement 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. In July 2018, we received $21.0 million from the Bonnie Facility Trust by substituting for the trust fund 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 March 31, 2023 and December 31, 2022, the aggregate amounts of AROs associated with the combined Plant City Facility and Bonnie Facility Gypstack closure costs included in our Condensed Consolidated Balance Sheets were $336.0 million and $327.5 million, respectively. The aggregate amount represented by the Plant City Bond exceeds the present value of the aggregate amount of ARO associated with that facility. This is because the amount of financial assurance we are required to provide represents the aggregate undiscounted estimated amount to be paid by us in the normal course of our Phosphate business over a period that may not end until three decades or more after the Gypstack has been closed, whereas the ARO included in our Condensed Consolidated Balance Sheet reflects the discounted present value of those estimated amounts.
v3.23.1
Income Taxes
 3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
During the three months ended March 31, 2023, gross unrecognized tax benefits increased by $1.3 million to $26.7 million. The increase is primarily related to recording non-U.S. reserves and foreign exchange. If recognized, approximately $26.7 million in unrecognized tax benefits would affect our effective tax rate and net earnings in future periods.
We recognize interest and penalties related to unrecognized tax benefits as a component of our income tax provision. We had accrued interest and penalties totaling $5.6 million and $5.0 million as of March 31, 2023 and December 31, 2022, respectively, that were included in other noncurrent liabilities in the Condensed Consolidated Balance Sheets.
Accounting for uncertain tax positions is determined by prescribing the minimum probability threshold that a tax position is more likely than not to be sustained based on the technical merits of the position. 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 raised have been properly accounted for in its current financial statements.
For the three months ended March 31, 2023, discrete tax items recorded in tax expense was a benefit of approximately $13.9 million. The net tax benefit consisted primarily of share-based excess benefit, true-up of estimates and other miscellaneous costs. In addition to items specific to the period, our income tax rate is impacted by the mix of earnings across the jurisdictions in which we operate, by a benefit associated with depletion, a benefit associated with non-U.S. incentives, 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.
Generally, for interim periods, income tax is equal to the total of (1) year-to-date pretax income multiplied by our forecasted effective tax rate plus (2) tax expense items specific to the period. In situations where we expect to report losses for which we do not expect to receive tax benefits, we are required to apply separate forecasted effective tax rates to those jurisdictions rather than including them in the consolidated effective tax rate. For the three months ended March 31, 2023, income tax expense was not impacted by this set of rules.
For the three months ended March 31, 2022, discrete tax items recorded in tax expense was a benefit of approximately $9.0 million. This consisted primarily of a share-based excess benefit, which was partially offset by changes in valuation allowances and other miscellaneous benefits. In addition to items specific to the period, our income tax rate is impacted by the mix of earnings across the jurisdictions in which we operate, by a benefit associated with depletion, a benefit associated with non-U.S. incentives, 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
v3.23.1
Accounting for Derivative Instruments and Hedging Activities
 3 Months Ended
Mar. 31, 2023
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 Condensed Consolidated Balance Sheets at fair value. The fair value of these instruments is determined by using quoted market prices, third-party comparables, or internal estimates. We net our derivative asset and liability positions when we have a master netting arrangement in place. Changes in the fair value of the foreign currency, commodity and freight derivatives are immediately recognized in earnings.
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 Condensed 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 Condensed Consolidated Statements of Earnings. Unrealized gains or (losses) on foreign currency exchange contracts used to hedge cash flows that are not related to the production of our products are included in the foreign currency transaction gain/(loss) caption in the Condensed Consolidated Statements of Earnings.
From time to time, we enter into fixed-to-floating interest rate contracts. We apply fair value hedge accounting treatment to these 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. We had no fixed-to-floating interest rate swap agreements in effect as of March 31, 2023 and December 31, 2022.
As of March 31, 2023 and December 31, 2022, the gross asset position of our derivative instruments was $20.5 million and $38.8 million, respectively, and the gross liability position of our liability instruments was $36.9 million and $50.1 million, respectively.
As of March 31, 2023 and December 31, 2022, the following is the total absolute notional volume associated with our outstanding derivative instruments:
(in millions of Units)March 31, 2023December 31, 2022
Derivative InstrumentDerivative CategoryUnit of Measure
Foreign currency derivativesForeign currencyUS Dollars2,547.6 2,361.1 
Natural gas derivativesCommodityMMbtu16.114.2
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 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 March 31, 2023 and December 31, 2022 was $24.9 million and $34.8 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 March 31, 2023, we would have been required to post an additional $18.3 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.
v3.23.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2023
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 Condensed 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 Condensed Consolidated Financial Statements as a component of cost of goods sold in our Corporate, Eliminations and Other segment, or foreign currency transaction (gain) loss. As of March 31, 2023 and December 31, 2022, the gross asset position of our foreign currency derivative instruments was $12.5 million and $20.7 million, respectively, and the gross liability position of our foreign currency derivative instruments was $36.9 million and $49.2 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 Condensed Consolidated Financial Statements as a component of cost of goods sold in our Corporate, Eliminations and Other segment. As of March 31, 2023 and December 31, 2022, the gross asset position of our commodity derivative instruments was $8.0 million and $18.1 million, respectively, and the gross liability position of our commodity instruments was zero and $0.9 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. From time to time, we also enter into interest rate swap agreements to hedge our exposure to changes in future interest rates related to anticipated debt issuances. Valuations are based on external pricing sources and are classified as Level 2. Changes in the fair market values of these contracts are recognized in the Condensed Consolidated Financial Statements as a component of interest expense. We did not hold any interest rate derivative positions as of March 31, 2023.
Financial Instruments
The carrying amounts and estimated fair values of our financial instruments are as follows:
March 31, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
Cash and cash equivalents$464.8 $464.8 $735.4 $735.4 
Accounts receivable1,426.3 1,426.3 1,699.9 1,699.9 
Accounts payable1,027.0 1,027.0 1,292.5 1,292.5 
Structured accounts payable arrangements544.3 544.3 751.2 751.2 
Short-term debt854.6 854.6 224.9 224.9 
Long-term debt, including current portion3,389.3 3,339.2 3,397.2 3,276.5 
For cash and cash equivalents, accounts receivables, 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.
v3.23.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure 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 March 31, 2023 and December 31, 2022, the net amount due to our non-consolidated companies totaled $264.5 million and $56.8 million, respectively.
The Condensed Consolidated Statements of Earnings included the following transactions with our non-consolidated companies:
Three Months Ended March 31,
20232022
Transactions with related parties included in net sales(a)
$445.9 $513.0 
Transactions with related parties included in cost of goods sold(b)
396.8 511.1 
______________________________
(a) Amounts included in net sales primarily relate to sales from our Potash segment to Canpotex.
(b) Amounts included in cost of goods sold primarily relate to purchases from Canpotex and MWSPC by our Mosaic Fertilizantes segment and India and China distribution businesses.
As part of the MWSPC joint venture, we market approximately 25% of MWSPC production. Marketing fees of approximately $5.7 million, and $3.3 million are included in revenue for the three months ended March 31, 2023 and 2022, respectively.
v3.23.1
Contingencies
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies We have described below 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 $166.8 million and $185.5 million as of March 31, 2023 and December 31, 2022, 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 Phase II East Stack. In April 2022, we confirmed the presence of a cavity in and liner tear beneath the southern part of the active phosphogypsum stack at the Company’s New Wales facility in Florida. This resulted in process water draining beneath the stack. The circumstances were reported to the FDEP and the EPA. Phase I of the repairs, consisting of stabilizing the cavity by depositing low pressure grout into it began in July 2022 and now is complete. Phase II will then inject high pressure grout beneath the stack to restore the geological confining layer beneath it. That work began in early in 2023 and is expected to conclude in the fourth quarter of 2023.
As of March 31, 2023, we have a reserve of $55.4 million for the estimated repairs. We are unable to estimate at this time potential future additional financial impacts or a range of loss, if any, due to the ongoing evaluation.
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 14 of our Notes to Consolidated Financial Statements.
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. The failure of an indemnitor to fulfill its obligations could result in future costs that could be material.
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.
As of October of 2022, a memorandum of understanding has been executed by the State of Louisiana and the plaintiff parishes that filed claims against Mosaic and its corporate predecessors on one hand, and Mosaic Global Holdings Inc. and its third-party indemnitors on the other hand which, when fully implemented, will release and dismiss Mosaic and its corporate predecessors from the coastal zone cases. Funding obligations in the memorandum of understanding are expected to be undertaken by third-party indemnitors and/or insurers.
Brazil Legal Contingencies
Our Brazilian subsidiaries are engaged in a number of judicial and administrative proceedings regarding labor, environmental, mining and civil claims that allege aggregate damages and/or fines of approximately $801.9 million. We estimate that our probable aggregate loss with respect to these claims is approximately $66.5 million, which is included in our accrued liabilities in our Condensed Consolidated Balance Sheets at March 31, 2023. Approximately $625.3 million of the foregoing maximum potential loss relates to labor claims, of which approximately $56.8 million is included in accrued liabilities in our Condensed Consolidated Balance Sheets at March 31, 2023.
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.
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 $569.7 million, of which $213.2 million is subject to an indemnification agreement entered into with Vale S.A in connection with the Acquisition.
Approximately $377.1 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. The maximum potential liability can increase with new audits from Brazilian tax authorities. Based on Brazil tax 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
We also have certain other contingent liabilities with respect to judicial, administrative and arbitration proceedings and claims of third parties, including tax matters, arising in the ordinary course of business. We do not believe that any of these contingent liabilities will have a material adverse impact on our business or financial condition, results of operations, and cash flows.
v3.23.1
Business Segments
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting Disclosure Business SegmentsThe 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.
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, and the results of the China and India distribution businesses are included within Corporate, Eliminations and Other. For a description of our business segments, see Note 1 to the Condensed Consolidated Financial Statements.
Segment information for the three months ended March 31, 2023 and 2022 was as follows:
PhosphatePotashMosaic Fertilizantes
Corporate, Eliminations and Other(a)
Total
Three months ended March 31, 2023
Net sales to external customers$1,088.9 $900.4 $1,343.3 $271.7 $3,604.3 
Intersegment net sales293.2 6.2 — (299.4)— 
Net sales1,382.1 906.6 1,343.3 (27.7)3,604.3 
Gross margin259.3 413.3 (1.1)(1.1)670.4 
Canadian resource taxes— 120.8 — — 120.8 
Gross margin (excluding Canadian resource taxes)259.3 534.1 (1.1)(1.1)791.2 
Operating earnings (loss)266.2 401.5 (32.1)(91.0)544.6 
Capital expenditures141.7 92.8 86.7 0.3 321.5 
Depreciation, depletion and amortization expense116.6 69.6 31.6 2.2 220.0 
Three months ended March 31, 2022
Net sales to external customers$1,152.8 $1,035.7 $1,488.6 $245.2 $3,922.3 
Intersegment net sales343.2 24.1 — (367.3)— 
Net sales1,496.0 1,059.8 1,488.6 (122.1)3,922.3 
Gross margin527.7 578.9 219.3 113.2 1,439.1 
Canadian resource taxes— 157.2 — — 157.2 
Gross margin (excluding Canadian resource taxes)527.7 736.1 219.3 113.2 1,596.3 
Operating earnings (loss)492.5 563.3 186.7 13.3 1,255.8 
Capital expenditures147.7 65.1 75.1 2.6 290.5 
Depreciation, depletion and amortization expense120.5 77.0 25.2 4.0 226.7 
Total Assets
As of March 31, 2023$9,562.7 $9,224.5 $5,177.8 $(1,107.5)$22,857.5 
As of December 31, 20229,570.5 9,582.2 5,562.7 (1,329.4)23,386.0 

______________________________
(a)The “Corporate, Eliminations and Other” category includes the results of our ancillary distribution operations in India and China. For the three months ended March 31, 2023, distribution operations in India and China collectively had revenue of $266.8 million, and gross margin of $(10.8) million. For the three months ended March 31, 2022, distribution operations in India and China collectively had revenue of $220.9 million, and gross margin of $87.0 million.
Financial information relating to our operations by geographic area is as follows:
 Three Months Ended 
 
March 31,
(in millions)20232022
Net sales(a):
Brazil$1,300.6 $1,448.5 
Canpotex(b)
431.3 492.5 
China145.4 220.8 
India121.4 — 
Canada81.1 230.5 
Mexico77.7 67.9 
Paraguay45.6 35.0 
Colombia39.0 32.2 
Japan38.5 26.5 
Australia20.3 24.9 
Argentina18.9 53.6 
Honduras8.0 3.4 
Peru6.7 — 
Other21.1 24.7 
Total international countries2,355.6 2,660.5 
United States1,248.7 1,261.8 
Consolidated$3,604.3 $3,922.3 
______________________________
(a)Revenues are attributed to countries based on location of customer.
(b)Canpotex is the export association of two Saskatchewan potash producers. The net sales of potash from Mosaic to Canpotex included in our consolidated financial statements in the Net Sales line represent Mosaic’s sales of potash to Canpotex, and are recognized upon delivery to the unrelated third-party customer. Canpotex annual sales to the ultimate third-party customers are approximately: 30% to customers based in Brazil, 14% to customers based in Indonesia, 11% to customers based in China, 6% to customers based in India, and 39% to customers based in the rest of the world.
Net sales by product type are as follows:
 Three Months Ended 
 
March 31,
(in millions)20232022
Sales by product type:
Phosphate Crop Nutrients$896.5 $958.8 
Potash Crop Nutrients1,015.3 1,194.8 
Crop Nutrient Blends653.4 553.0 
Performance Products(a)
540.5 616.4 
Phosphate Rock40.8 27.1 
Other(b)
457.8 572.2 
$3,604.3 $3,922.3 
____________________________________________
(a)Includes sales of MicroEssentials®, K-Mag, Aspire and Sus-Terra.
(b)Includes sales of industrial potash, feed products, nitrogen and other products.
v3.23.1
Share Repurchases
 3 Months Ended
Mar. 31, 2023
Share Repurchases [Abstract]  
Stockholders' Equity Note Disclosure Share Repurchases
In 2022, our Board of Directors approved two share repurchase programs for a total of $3.0 billion. Our repurchase programs allow the Company to repurchase shares of our Common Stock through open market purchases, accelerated share repurchase arrangements, privately negotiated transactions or otherwise and have no set expiration date.
On February 24, 2023, pursuant to existing stock repurchase authorizations, we entered into an accelerated share repurchase agreement (the “2023 ASR Agreement”) with a third-party financial institution to repurchase $300 million of our Common Stock. At inception, we paid the financial institution $300 million and took initial delivery of 4,659,290 shares of our Common Stock, representing an estimated 80% of the total shares expected to be delivered under the 2023 ASR Agreement. In March 2023, the transaction was completed and we received an additional 965,284 shares of Common Stock. In total, 5,624,574 shares were delivered under the 2023 ASR Agreement, at an average purchase price of $53.34 per share.
During the three months ended March 31, 2023, we repurchased 8,690,936 shares of Common Stock in the open market, for approximately $448.0 million at an average purchase price of $51.55. This includes the 5,624,574 shares purchased under the 2023 ASR Agreement.
On February 24, 2022, pursuant to existing stock repurchase authorizations, we entered into an accelerated share repurchase (“ASR”) agreement with a third-party financial institution to repurchase $400 million of our Common Stock. At inception, we paid the financial institution $400 million and took initial delivery of 7,056,229 shares of our Common Stock. Under the terms of the ASR agreement, upon settlement, we would either receive additional shares from the financial institution or be required to deliver additional shares or cash to the financial institution. In the second quarter of 2022, the ASR agreement was completed and we paid the financial institution an additional $54.2 million. When combining the initial $400 million paid at the inception of the ASR agreement and the cash settlement of $54.2 million at the termination of the 2022 ASR agreement, we repurchased approximately 7,056,229 shares at an average repurchase price of $64.37 per share.
During the three months ended March 31, 2022, we repurchased 7,589,664 shares of Common Stock in the open market for approximately $422.1 million. This includes 7,056,229 shares purchased under the 2022 ASR agreement.
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, our capital resource liquidity and corporate, regulatory and other considerations.
v3.23.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Basis of Consolidation
Statement Presentation and Basis of Consolidation
The accompanying unaudited Condensed Consolidated Financial Statements of Mosaic have been prepared on the accrual basis of accounting and in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. As permitted under these rules, certain footnotes and other financial information that are normally required by accounting principles generally accepted in the United States (“GAAP”) can be condensed or omitted. The Condensed Consolidated Financial Statements included in this document reflect, in the opinion of our management, all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. The following notes should be read in conjunction with the accounting policies and other disclosures in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2022 (the “10-K Report”). Sales, expenses, cash flows, assets and liabilities can and do vary during the year as a result of seasonality and other factors. Therefore, interim results are not necessarily indicative of the results to be expected for the full fiscal year.
The accompanying Condensed Consolidated Financial Statements include the accounts of Mosaic, its majority-owned subsidiaries, and certain variable interest entities in which Mosaic is the primary beneficiary. Certain investments in companies where we do not have control but have the ability to exercise significant influence are accounted for by the equity method
Accounting Estimates Accounting EstimatesPreparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. The most significant estimates made by management relate to the estimates of fair value of acquired assets and liabilities, the recoverability of non-current assets including goodwill, the useful lives and net realizable values of long-lived assets, environmental and reclamation liabilities, including asset retirement obligations (“ARO”), and income tax-related accounts, including the valuation allowance against deferred income tax assets. Actual results could differ from these estimates
v3.23.1
Other Financial Statement Data (Tables)
 3 Months Ended
Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]  
Schedule of Other Financial Statement Data
The following provides additional information concerning selected balance sheet accounts:
March 31, 2023December 31, 2022
Other current assets
Income and other taxes receivable $323.7 $189.4 
Prepaid expenses 281.6 237.4 
Assets held for sale— 101.9 
Other 37.0 49.5 
$642.3 $578.2 
Other assets
Restricted cash$2.4 $10.5 
MRO inventory142.3 141.9 
Marketable securities held in trust692.8 666.0 
Operating lease right-of-use assets203.7 182.5 
Indemnification asset23.3 23.7 
Long-term receivable23.6 26.9 
Cloud computing cost63.5 32.9 
Other300.8 311.8 
$1,452.4 $1,396.2 
Accrued liabilities
Accrued dividends$69.9 $72.9 
Payroll and employee benefits 143.6 237.0 
Asset retirement obligations 263.8 212.3 
Customer prepayments(a)
552.8 743.9 
Accrued income and other taxes70.8 208.3 
Operating lease obligation49.2 50.7 
Other 611.2 754.8 
$1,761.3 $2,279.9 
Other noncurrent liabilities
Asset retirement obligations $1,649.2 $1,693.3 
Accrued pension and postretirement benefits106.6 103.3 
Operating lease obligation157.7 135.2 
Unrecognized tax benefits 34.2 32.5 
Other 264.3 271.7 
$2,212.0 $2,236.0 
______________________________
(a) 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.
v3.23.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2023
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:
Three Months Ended March 31,
20232022
Net income attributable to Mosaic$434.8 $1,182.0 
Basic weighted average number of shares outstanding335.4 366.1 
Dilutive impact of share-based awards3.3 4.0 
Diluted weighted average number of shares outstanding338.7 370.1 
Basic net income per share attributable to Mosaic$1.30 $3.23 
Diluted net income per share attributable to Mosaic$1.28 $3.19 
v3.23.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2023
Inventory Disclosure [Abstract]  
Schedule of inventories
Inventories consist of the following:
March 31, 2023December 31, 2022
Raw materials$176.5 $177.2 
Work in process815.8 844.8 
Finished goods1,946.2 2,158.3 
Final price deferred(a)
188.9 184.2 
Operating materials and supplies192.6 178.6 
$3,320.0 $3,543.1 
______________________________
(a)Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon
v3.23.1
Goodwill (Tables)
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill The changes in the carrying amount of goodwill, by reporting unit, are as follows:
PotashMosaic FertilizantesCorporate, Eliminations and OtherTotal
Balance as of December 31, 2022$1,006.6 $97.6 $12.1 $1,116.3 
Foreign currency translation1.6 0.7 — 2.3 
Balance as of March 31, 2023$1,008.2 $98.3 $12.1 $1,118.6 
v3.23.1
Marketable Securities Held in Trusts (Tables)
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
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 March 31, 2023. 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.
March 31, 2023
Due in one year or less$19.0 
Due after one year through five years306.3 
Due after five years through ten years314.3 
Due after ten years28.6 
Total debt securities$668.2 
Schedule of Unrealized Loss on Investments
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 for which an allowance for credit losses has not been recorded as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
(in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
Securities that have been in a continuous loss position for less than 12 months:
Corporate debt securities$35.0 $(0.9)$105.6 $(6.5)
Municipal bonds45.4 (0.3)104.7 (2.9)
U.S. government bonds— — 264.9 (3.5)
$80.4 $(1.2)$475.2 $(12.9)
Securities that have been in a continuous loss position for more than 12 months:
Corporate debt securities$128.5 $(12.1)$72.8 $(10.6)
Municipal bonds94.1 (4.9)61.9 (5.1)
U.S. government bonds0.8 (0.1)0.8 (0.1)
$223.4 $(17.1)$135.5 $(15.8)
Unrealized Gain (Loss) on Investments The estimated fair value of the investments in the RCRA Trusts as of March 31, 2023 and December 31, 2022 are as follows:
March 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Level 1
    Cash and cash equivalents $2.0 $— $— $2.0 
Level 2
    Corporate debt securities204.0 0.6 (12.9)191.7 
    Municipal bonds202.8 1.0 (5.3)198.5 
    U.S. government bonds268.1 10.0 (0.1)278.0 
Total$676.9 $11.6 $(18.3)$670.2 
December 31, 2022
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Level 1
    Cash and cash equivalents $7.7 $— $— $7.7 
Level 2
    Corporate debt securities203.8 0.1 (17.1)186.8 
    Municipal bonds197.0 0.4 (8.0)189.4 
    U.S. government bonds269.6 — (3.6)266.0 
Other holdings0.2 — — 0.2 
Total$678.3 $0.5 $(28.7)$650.1 
v3.23.1
Schedule of Change in Asset Retirement Obligations (Tables)
 3 Months Ended
Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Change in Asset Retirement Obligation [Table Text Block] A reconciliation of our AROs is as follows:
(in millions)March 31, 2023December 31, 2022
AROs, beginning of period$1,905.6 $1,749.3 
Liabilities incurred3.4 14.9 
Liabilities settled(47.3)(205.6)
Accretion expense22.8 81.6 
Revisions in estimated cash flows22.0 264.5 
Foreign currency translation6.5 0.9 
AROs, end of period1,913.0 1,905.6 
Less current portion263.8 212.3 
Non-current portion of AROs$1,649.2 $1,693.3 
v3.23.1
Accounting for Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Derivative Instruments Notional Amounts
As of March 31, 2023 and December 31, 2022, the following is the total absolute notional volume associated with our outstanding derivative instruments:
(in millions of Units)March 31, 2023December 31, 2022
Derivative InstrumentDerivative CategoryUnit of Measure
Foreign currency derivativesForeign currencyUS Dollars2,547.6 2,361.1 
Natural gas derivativesCommodityMMbtu16.114.2
v3.23.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2023
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:
March 31, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
Cash and cash equivalents$464.8 $464.8 $735.4 $735.4 
Accounts receivable1,426.3 1,426.3 1,699.9 1,699.9 
Accounts payable1,027.0 1,027.0 1,292.5 1,292.5 
Structured accounts payable arrangements544.3 544.3 751.2 751.2 
Short-term debt854.6 854.6 224.9 224.9 
Long-term debt, including current portion3,389.3 3,339.2 3,397.2 3,276.5 
v3.23.1
Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
Schedule of related party transactions
The Condensed Consolidated Statements of Earnings included the following transactions with our non-consolidated companies:
Three Months Ended March 31,
20232022
Transactions with related parties included in net sales(a)
$445.9 $513.0 
Transactions with related parties included in cost of goods sold(b)
396.8 511.1 
______________________________
(a) Amounts included in net sales primarily relate to sales from our Potash segment to Canpotex.
(b) Amounts included in cost of goods sold primarily relate to purchases from Canpotex and MWSPC by our Mosaic Fertilizantes segment and India and China distribution businesses.
v3.23.1
Business Segments (Tables) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Net Sales $ 3,604.3 $ 3,922.3  
Gross margin 670.4 1,439.1  
Canadian resource taxes 120.8 157.2  
Gross margin (excluding canadian resource taxes) 791.2 1,596.3  
Operating earnings (loss) 544.6 1,255.8  
Capital expenditures 321.5 290.5  
Depreciation, depletion and amortization expense 220.0 226.7  
Assets $ 22,857.5   $ 23,386.0
Schedule of Segment Reporting Information
Segment information for the three months ended March 31, 2023 and 2022 was as follows:
PhosphatePotashMosaic Fertilizantes
Corporate, Eliminations and Other(a)
Total
Three months ended March 31, 2023
Net sales to external customers$1,088.9 $900.4 $1,343.3 $271.7 $3,604.3 
Intersegment net sales293.2 6.2 — (299.4)— 
Net sales1,382.1 906.6 1,343.3 (27.7)3,604.3 
Gross margin259.3 413.3 (1.1)(1.1)670.4 
Canadian resource taxes— 120.8 — — 120.8 
Gross margin (excluding Canadian resource taxes)259.3 534.1 (1.1)(1.1)791.2 
Operating earnings (loss)266.2 401.5 (32.1)(91.0)544.6 
Capital expenditures141.7 92.8 86.7 0.3 321.5 
Depreciation, depletion and amortization expense116.6 69.6 31.6 2.2 220.0 
Three months ended March 31, 2022
Net sales to external customers$1,152.8 $1,035.7 $1,488.6 $245.2 $3,922.3 
Intersegment net sales343.2 24.1 — (367.3)— 
Net sales1,496.0 1,059.8 1,488.6 (122.1)3,922.3 
Gross margin527.7 578.9 219.3 113.2 1,439.1 
Canadian resource taxes— 157.2 — — 157.2 
Gross margin (excluding Canadian resource taxes)527.7 736.1 219.3 113.2 1,596.3 
Operating earnings (loss)492.5 563.3 186.7 13.3 1,255.8 
Capital expenditures147.7 65.1 75.1 2.6 290.5 
Depreciation, depletion and amortization expense120.5 77.0 25.2 4.0 226.7 
Total Assets
As of March 31, 2023$9,562.7 $9,224.5 $5,177.8 $(1,107.5)$22,857.5 
As of December 31, 20229,570.5 9,582.2 5,562.7 (1,329.4)23,386.0 

______________________________
(a)The “Corporate, Eliminations and Other” category includes the results of our ancillary distribution operations in India and China. For the three months ended March 31, 2023, distribution operations in India and China collectively had revenue of $266.8 million, and gross margin of $(10.8) million. For the three months ended March 31, 2022, distribution operations in India and China collectively had revenue of $220.9 million, and gross margin of $87.0 million.
    
Revenue from External Customers by Geographic Areas [Table Text Block]
Financial information relating to our operations by geographic area is as follows:
 Three Months Ended 
 
March 31,
(in millions)20232022
Net sales(a):
Brazil$1,300.6 $1,448.5 
Canpotex(b)
431.3 492.5 
China145.4 220.8 
India121.4 — 
Canada81.1 230.5 
Mexico77.7 67.9 
Paraguay45.6 35.0 
Colombia39.0 32.2 
Japan38.5 26.5 
Australia20.3 24.9 
Argentina18.9 53.6 
Honduras8.0 3.4 
Peru6.7 — 
Other21.1 24.7 
Total international countries2,355.6 2,660.5 
United States1,248.7 1,261.8 
Consolidated$3,604.3 $3,922.3 
______________________________
(a)Revenues are attributed to countries based on location of customer.
(b)Canpotex is the export association of two Saskatchewan potash producers. The net sales of potash from Mosaic to Canpotex included in our consolidated financial statements in the Net Sales line represent Mosaic’s sales of potash to Canpotex, and are recognized upon delivery to the unrelated third-party customer. Canpotex annual sales to the ultimate third-party customers are approximately: 30% to customers based in Brazil, 14% to customers based in Indonesia, 11% to customers based in China, 6% to customers based in India, and 39% to customers based in the rest of the world.
    
Sales by Product Type
Net sales by product type are as follows:
 Three Months Ended 
 
March 31,
(in millions)20232022
Sales by product type:
Phosphate Crop Nutrients$896.5 $958.8 
Potash Crop Nutrients1,015.3 1,194.8 
Crop Nutrient Blends653.4 553.0 
Performance Products(a)
540.5 616.4 
Phosphate Rock40.8 27.1 
Other(b)
457.8 572.2 
$3,604.3 $3,922.3 
____________________________________________
(a)Includes sales of MicroEssentials®, K-Mag, Aspire and Sus-Terra.
(b)Includes sales of industrial potash, feed products, nitrogen and other products.
    
Phosphates segment      
Segment Reporting Information [Line Items]      
Gross margin $ 259.3 527.7  
Canadian resource taxes 0.0 0.0  
Gross margin (excluding canadian resource taxes) 259.3 527.7  
Operating earnings (loss) 266.2 492.5  
Capital expenditures 141.7 147.7  
Depreciation, depletion and amortization expense 116.6 120.5  
Assets 9,562.7   9,570.5
Potash segment      
Segment Reporting Information [Line Items]      
Gross margin 413.3 578.9  
Canadian resource taxes 120.8 157.2  
Gross margin (excluding canadian resource taxes) 534.1 736.1  
Operating earnings (loss) 401.5 563.3  
Capital expenditures 92.8 65.1  
Depreciation, depletion and amortization expense 69.6 77.0  
Assets 9,224.5   9,582.2
Mosaic Fertilizantes segment      
Segment Reporting Information [Line Items]      
Gross margin (1.1) 219.3  
Canadian resource taxes 0.0 0.0  
Gross margin (excluding canadian resource taxes) 1.1 219.3  
Operating earnings (loss) (32.1) 186.7  
Capital expenditures 86.7 75.1  
Depreciation, depletion and amortization expense 31.6 25.2  
Assets 5,177.8   5,562.7
Corporate, other and intersegment eliminations      
Segment Reporting Information [Line Items]      
Gross margin (1.1) 113.2  
Canadian resource taxes 0.0 0.0  
Gross margin (excluding canadian resource taxes) (1.1) 113.2  
Operating earnings (loss) (91.0) 13.3  
Capital expenditures 0.3 2.6  
Depreciation, depletion and amortization expense 2.2 4.0  
Assets (1,107.5)   $ (1,329.4)
Product      
Segment Reporting Information [Line Items]      
Net Sales 3,604.3 3,922.3  
Intersegment Sales 0.0 0.0  
Revenues 3,604.3 3,922.3  
Product | Phosphates segment      
Segment Reporting Information [Line Items]      
Net Sales 1,088.9 1,152.8  
Intersegment Sales 293.2 343.2  
Revenues 1,382.1 1,496.0  
Product | Potash segment      
Segment Reporting Information [Line Items]      
Net Sales 900.4 1,035.7  
Intersegment Sales 6.2 24.1  
Revenues 906.6 1,059.8  
Product | Mosaic Fertilizantes segment      
Segment Reporting Information [Line Items]      
Net Sales 1,343.3 1,488.6  
Intersegment Sales 0.0 0.0  
Revenues 1,343.3 1,488.6  
Product | Corporate, other and intersegment eliminations      
Segment Reporting Information [Line Items]      
Net Sales 271.7 245.2  
Intersegment Sales (299.4) (367.3)  
Revenues (27.7) (122.1)  
Product | Corporate, other and intersegment eliminations | China and India distribution operations      
Segment Reporting Information [Line Items]      
Revenues 266.8 220.9  
Gross margin $ (10.8) $ 87.0  
v3.23.1
Organization and Nature of Business (Details)
 3 Months Ended
Mar. 31, 2023
Jan. 08, 2018
Schedule of Equity Method Investments [Line Items]    
Percent of joint venture production Mosaic expects to market 25.00%  
MWSPC Joint Venture    
Schedule of Equity Method Investments [Line Items]    
Mosaic's ownership percentage 25.00%  
Percent of joint venture production Mosaic expects to market 25.00%  
Miski Mayo Joint Venture    
Schedule of Equity Method Investments [Line Items]    
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage   75.00%
v3.23.1
Other Financial Statement Data (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Other current assets    
Income and other taxes receivable $ 323.7 $ 189.4
Prepaid expenses 281.6 237.4
Other 37.0 49.5
Total other current assets 642.3 578.2
Restricted Cash Equivalents, Noncurrent 2.4 10.5
Other assets    
MRO inventory 142.3 141.9
Marketable securities held in trust 692.8 666.0
Operating Lease, Right-of-Use Asset 203.7 182.5
Indemnification asset 23.3 23.7
Nontrade Receivables, Noncurrent 23.6 26.9
Other 300.8 311.8
Total other assets 1,452.4 1,396.2
Dividends Payable 69.9 72.9
Accrued liabilities    
Payroll and employee benefits 143.6 237.0
Asset retirement obligations 263.8 212.3
Customer Advances, Current 552.8 743.9
Contractual Obligation For Equity Method Investment 70.8 208.3
Operating Lease, Liability, Current 49.2 50.7
Other 611.2 754.8
Accrued liabilities 1,761.3 2,279.9
Other noncurrent liabilities    
Asset retirement obligations 1,649.2 1,693.3
Operating Lease, Liability, Noncurrent 157.7 135.2
Accrued pension and postretirement benefits 106.6 103.3
Unrecognized tax benefits 34.2 32.5
Other 264.3 271.7
Total other noncurrent liabilities 2,212.0 2,236.0
Assets Held-for-sale, Not Part of Disposal Group, Current 0.0 101.9
Cloud computing asset $ 63.5 $ 32.9
v3.23.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Earnings Per Share [Abstract]    
Net income attributable to Mosaic $ 434.8 $ 1,182.0
Basic weighted average number of shares outstanding 335.4 366.1
Dilutive impact of share-based awards 3.3 4.0
Diluted weighted average number of shares outstanding 338.7 370.1
Basic net earnings per share attributable to Mosaic $ 1.30 $ 3.23
Diluted net earnings per share attributable to Mosaic $ 1.28 $ 3.19
Shares subject to issuance upon exercise of stock options excluded from the calculation of diluted earnings per share 0.2 0.4
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Shares subject to issuance upon exercise of stock options excluded from the calculation of diluted earnings per share 0.2 0.4
Debt securities    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Debt Securities, Available-for-sale, Realized Gain $ 5.1 $ 0.8
v3.23.1
Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]    
Raw materials $ 176.5 $ 177.2
Work in process 815.8 844.8
Finished goods 1,946.2 2,158.3
Other Inventory, Inventory at off Site Premises, Gross 188.9 184.2
Operating materials and supplies 192.6 178.6
Total Inventory $ 3,320.0 $ 3,543.1
v3.23.1
Goodwill (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2023
USD ($)
Goodwill [Line Items]  
Goodwill, net of accumulated amortization $ 1,116.3
Foreign currency translation 2.3
Goodwill, net of accumulated amortization 1,118.6
Goodwill, Gross 1,100.0
Potash segment  
Goodwill [Line Items]  
Goodwill, net of accumulated amortization 1,006.6
Foreign currency translation 1.6
Goodwill, net of accumulated amortization 1,008.2
Mosaic Fertilizantes segment  
Goodwill [Line Items]  
Goodwill, net of accumulated amortization 97.6
Foreign currency translation 0.7
Goodwill, net of accumulated amortization 98.3
Corporate, other and intersegment eliminations  
Goodwill [Line Items]  
Goodwill, net of accumulated amortization 12.1
Foreign currency translation 0.0
Goodwill, net of accumulated amortization $ 12.1
v3.23.1
Marketable Securities Held in Trusts - Maturity Dates and Realized Gain and Loss (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity      
Debt Securities, Available-for-sale $ 670.2   $ 650.1
Debt securities      
Debt Securities, Available-for-sale [Line Items]      
Debt Securities, Available-for-sale, Realized Loss 13.4 $ 0.0  
Debt Securities, Available-for-sale, Realized Gain 5.1 $ 0.8  
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity      
Available-for-sale debt maturities due within one year, fair value 19.0    
Available-for-sale debt maturities, after 1 but within 5 years, fair value 306.3    
Available-for-sale debt maturities, after 5 but within 10 years, fair value 314.3    
Available-for-sale debt maturities, after 10 years, fair value 28.6    
Debt Securities, Available-for-sale $ 668.2    
v3.23.1
Marketable Securities Held in Trusts (Details)
$ in Millions
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Aug. 31, 2016
USD ($)
Investments, Debt and Equity Securities [Abstract]      
Amount deposited by Mosaic into the RCRA Trusts     $ 630.0
Number Of Decades Remaining For Trust 3    
Available-for-sale Securities, Fair Value to Amortized Cost Basis      
Amortized cost $ 676.9 $ 678.3  
Gross unrealized gains 11.6 0.5  
Gross unrealized losses (18.3) (28.7)  
Debt Securities, Available-for-sale 670.2 650.1  
Cash and Cash Equivalents | Level 1      
Available-for-sale Securities, Fair Value to Amortized Cost Basis      
Amortized cost 2.0 7.7  
Gross unrealized gains 0.0 0.0  
Gross unrealized losses 0.0 0.0  
Debt Securities, Available-for-sale 2.0 7.7  
Corporate debt securities | Level 2      
Available-for-sale Securities, Fair Value to Amortized Cost Basis      
Amortized cost 204.0 203.8  
Gross unrealized gains 0.6 0.1  
Gross unrealized losses (12.9) (17.1)  
Debt Securities, Available-for-sale 191.7 186.8  
Municipal bonds | Level 2      
Available-for-sale Securities, Fair Value to Amortized Cost Basis      
Amortized cost 202.8 197.0  
Gross unrealized gains 1.0 0.4  
Gross unrealized losses (5.3) (8.0)  
Debt Securities, Available-for-sale 198.5 189.4  
U.S. government bonds | Level 2      
Available-for-sale Securities, Fair Value to Amortized Cost Basis      
Amortized cost 268.1 269.6  
Gross unrealized gains 10.0 0.0  
Gross unrealized losses (0.1) (3.6)  
Debt Securities, Available-for-sale 278.0 266.0  
Debt securities      
Available-for-sale Securities, Fair Value to Amortized Cost Basis      
Debt Securities, Available-for-sale $ 668.2    
Asset-Backed Securities | Level 2      
Available-for-sale Securities, Fair Value to Amortized Cost Basis      
Amortized cost   0.2  
Gross unrealized gains   0.0  
Gross unrealized losses   0.0  
Debt Securities, Available-for-sale   $ 0.2  
v3.23.1
Marketable Securities Held in Trusts - Continuous Loss Position (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss      
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value $ 223.4   $ 135.5
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (17.1)   (15.8)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 80.4   475.2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 1.2   12.9
Corporate debt securities      
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss      
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value 128.5   72.8
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (12.1)   (10.6)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 35.0   105.6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0.9   6.5
Municipal bonds      
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss      
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value 94.1   61.9
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (4.9)   (5.1)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 45.4   104.7
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0.3   2.9
U.S. government bonds      
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss      
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value 0.8   0.8
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (0.1)   (0.1)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months 0.0   264.9
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss 0.0   $ 3.5
Debt securities      
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss      
Debt Securities, Available-for-sale, Realized Loss $ 13.4 $ 0.0  
v3.23.1
Short-term Debt (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
Short-term Debt [Line Items]      
Structured accounts payable arrangements $ 544.3   $ 751.2
Inventory Financing Arrangement, Maximum Amount $ 625.0    
Inventory Financing Arrangement, Maximum Borrowing Capacity, Percentage 0.90    
Proceeds From Inventory Financing Arrangements $ 400.8 $ 701.9  
Servicing Liability $ 1.2   0.0
Maximum      
Short-term Debt [Line Items]      
Inventory Financing Arrangement, Number Of Days 180 days    
Duration Commercial Paper Note Program, Number Of Days 397 days    
Duration, Number of Days 344 days    
Minimum      
Short-term Debt [Line Items]      
Duration, Number of Days 130 days    
Structured Accounts Payable [Member]      
Short-term Debt [Line Items]      
Structured accounts payable arrangements     751.2
Receivable Purchasing Agreement [Domain]      
Short-term Debt [Line Items]      
Short-term Debt, Maximum Amount Outstanding During Period $ 600.0    
Receivable Purchasing Arrangements Sold 607.1 549.3  
Inventory Financing Arrangement      
Short-term Debt [Line Items]      
Proceeds From Inventory Financing Arrangements 400.8 $ 0.0  
Commercial Paper      
Short-term Debt [Line Items]      
Commerical Paper Note Program, Maximum Amount 2,500.0    
Commercial Paper $ 399.4   $ 224.8
Debt, Weighted Average Interest Rate 5.32%   4.66%
Remaining Average Term, Number of Days 11 days 10 days  
v3.23.1
Asset Retirement Obligation (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Jun. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Jul. 27, 2018
USD ($)
ARO Loss Contingencies [Line Items]            
Asset Retirement Obligation, Liabilities Incurred $ 3.4   $ 14.9      
Number Of Consent Decrees 2          
Asset Retirement Obligation $ 1,913.0     $ 1,905.6 $ 1,749.3  
Surety Bonds Outstanding Delivered To EPA       300.8    
Asset retirement obligations $ 1,649.2     1,693.3    
Number Of Decades Remaining For Trust 3          
Asset Retirement Obligation, Liabilities Settled $ (47.3)   (205.6)      
Accretion expense for asset retirement obligations 22.8 $ 19.6 81.6      
Asset Retirement Obligation, Revision of Estimate 22.0   264.5      
Asset Retirement Obligation, Foreign Currency Translation Gain (Loss) 6.5   $ 0.9      
Asset retirement obligations 263.8     212.3    
Unfavorable Regulatory Action | 2015 Consent Decrees With EPA            
ARO Loss Contingencies [Line Items]            
Asset retirement obligations, undiscounted       2,100.0    
Asset Retirement Obligation 20.0     692.3    
Bonnie Facility Trust [Member]            
ARO Loss Contingencies [Line Items]            
Assets Held-in-trust, Current           $ 21.0
Plant City and Bonnie Facilities            
ARO Loss Contingencies [Line Items]            
Asset retirement obligations $ 336.0     $ 327.5    
v3.23.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Interest And Penalties [Abstract]      
Change in unrecognized tax benefit $ 1.3    
Unrecognized tax benefits 26.7    
Unrecognized tax benefits that would impact effective tax rate 26.7    
Unrecognized tax benefits, income tax penalties and interest accrued 5.6   $ 5.0
Income Tax (Expense) Benefit, Continuing Operations [Abstract]      
Effective income tax rate reconciliation, other expense (benefit) reconciling items, amount $ 13.9 $ 9.0  
v3.23.1
Derivatives - Gross Assets and Liabilities Position (Details)
$ in Millions
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Derivative [Line Items]    
Gross asset position $ 20.5 $ 38.8
Gross liability position 36.9 50.1
Foreign Exchange Contract    
Derivative [Line Items]    
Derivative, Notional Amount $ 2,547.6 $ 2,361.1
Interest Rate Swap    
Derivative [Line Items]    
Number of Interest Rate Derivatives Held 0 0
Derivative, Notional Amount $ 0.0  
Commodity Contract (MMbtu)    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount 16.1 14.2
v3.23.1
Credit Risk Related Contingent Features (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Derivative, Credit Risk Related Contingent Features [Abstract]    
The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position $ 24.9 $ 34.8
Required collateral assets to be posted if the credit-risk contingent features of these underlying agreements were triggered $ 18.3  
v3.23.1
Fair Value Measurements (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Gross asset position $ 20.5 $ 38.8
Gross liability position $ 36.9 50.1
Fair Value, Recurring [Member] | Foreign Exchange Contract    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Average maturity of foreign currency derivative instruments 18 months  
Gross asset position $ 12.5 20.7
Gross liability position 36.9 49.2
Fair Value, Recurring [Member] | Commodity Contract    
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]    
Gross asset position 8.0 18.1
Gross liability position $ 0.0 $ 0.9
v3.23.1
Fair Value Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Carrying Amount [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents $ 464.8 $ 735.4
Receivables, net 1,426.3 1,699.9
Accounts payable 1,027.0 1,292.5
Structured accounts payable arrangements 544.3 751.2
Short-term debt 854.6 224.9
Long-term debt, including current portion 3,389.3 3,397.2
Fair Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 464.8 735.4
Receivables, net 1,426.3 1,699.9
Accounts payable 1,027.0 1,292.5
Structured accounts payable arrangements 544.3 751.2
Short-term debt 854.6 224.9
Long-term debt, including current portion $ 3,339.2 $ 3,276.5
v3.23.1
Related Party Transactions (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Related Party Transaction [Line Items]      
Net amount due from our non-consolidated companies $ 35.7   $ 291.5
Indemnification asset 23.3   23.7
Transactions with non-consolidated companies included in net sales 445.9 $ 513.0  
Transactions with non-consolidated companies included in cost of sales $ 396.8 511.1  
Percent of joint venture production Mosaic expects to market 25.00%    
Investee      
Related Party Transaction [Line Items]      
Net amount due from our non-consolidated companies $ 264.5   $ 56.8
Equity Method Investee      
Related Party Transaction [Line Items]      
Transactions with non-consolidated companies included in net sales $ 5.7 $ 3.3  
v3.23.1
Contingencies (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Applicability, Impact and Conclusion of Environmental Loss Contingencies [Abstract]    
Environmental contingency accrual $ 166.8 $ 185.5
New Wales Phase II East Stack    
Loss Contingencies [Line Items]    
Maximum potential liabilitiy 55.4  
Brazilian subsidiary judicial and administrative proceedings    
Loss Contingencies [Line Items]    
Maximum potential liabilitiy 66.5  
Brazilian subsidiary labor claims    
Loss Contingencies [Line Items]    
Loss Contingency Accrual 56.8  
Maximum | Brazilian subsidiary judicial and administrative proceedings    
Loss Contingencies [Line Items]    
Maximum potential liabilitiy 801.9  
Maximum | Brazilian Non Income Tax Proceedings    
Loss Contingencies [Line Items]    
Maximum potential liabilitiy 569.7  
Maximum | Brazilian Non Income Tax Proceedings | Indemnification Agreement Vale S.A.    
Loss Contingencies [Line Items]    
Maximum potential liabilitiy 213.2  
Maximum | Brazilian Non Income Tax Proceedings | PIS And Cofins Cases    
Loss Contingencies [Line Items]    
Maximum potential liabilitiy 377.1  
Maximum | Brazilian subsidiary labor claims    
Loss Contingencies [Line Items]    
Maximum potential liabilitiy $ 625.3  
v3.23.1
Business Segments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation of Revenue [Line Items]    
Net Sales $ 3,604.3 $ 3,922.3
Gross margin 670.4 1,439.1
Corporate, other and intersegment eliminations    
Disaggregation of Revenue [Line Items]    
Gross margin (1.1) 113.2
Phosphates segment    
Disaggregation of Revenue [Line Items]    
Gross margin 259.3 527.7
Product    
Disaggregation of Revenue [Line Items]    
Net Sales 3,604.3 3,922.3
Revenues 3,604.3 3,922.3
Product | Corporate, other and intersegment eliminations    
Disaggregation of Revenue [Line Items]    
Net Sales 271.7 245.2
Revenues (27.7) (122.1)
Product | Corporate, other and intersegment eliminations | China and India distribution operations    
Disaggregation of Revenue [Line Items]    
Revenues 266.8 220.9
Gross margin (10.8) 87.0
Product | Phosphates segment    
Disaggregation of Revenue [Line Items]    
Net Sales 1,088.9 1,152.8
Revenues 1,382.1 1,496.0
Product | Canada | Transferred at Point in Time    
Disaggregation of Revenue [Line Items]    
Net Sales $ 81.1 $ 230.5
v3.23.1
Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Jun. 30, 2022
Disaggregation of Revenue [Line Items]      
Net Sales $ 3,604.3 $ 3,922.3  
Potash Crop Nutrients | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 1,015.3 1,194.8  
Phosphate Crop Nutrients | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 896.5 958.8  
Crop Nutrient Blends | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 653.4 553.0  
Specialty Products | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 540.5 616.4  
Phosphate Rock | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 40.8 27.1  
Other Product Types | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 457.8 572.2  
Product      
Disaggregation of Revenue [Line Items]      
Net Sales 3,604.3 3,922.3  
Brazil      
Disaggregation of Revenue [Line Items]      
Canpotexsalesvolumesbygeographypercentage     30.00%
Brazil | Product | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 1,300.6 1,448.5  
Canpotex [Member] | Product | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 431.3 492.5  
Canada | Product | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 81.1 230.5  
India      
Disaggregation of Revenue [Line Items]      
Canpotexsalesvolumesbygeographypercentage     6.00%
India | Product | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 121.4 0.0  
China      
Disaggregation of Revenue [Line Items]      
Canpotexsalesvolumesbygeographypercentage     11.00%
China | Product | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 145.4 220.8  
Australia | Product | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 20.3 24.9  
Mexico | Product | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 77.7 67.9  
Colombia | Product | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 39.0 32.2  
Paraguay | Product | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 45.6 35.0  
Japan | Product | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 38.5 26.5  
Argentina | Product | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 18.9 53.6  
Honduras | Product | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 8.0 3.4  
Other Foreign      
Disaggregation of Revenue [Line Items]      
Canpotexsalesvolumesbygeographypercentage     39.00%
Other Foreign | Product | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 21.1 24.7  
Total Foreign | Product | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 2,355.6 2,660.5  
United States | Product | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales 1,248.7 1,261.8  
INDONESIA      
Disaggregation of Revenue [Line Items]      
Canpotexsalesvolumesbygeographypercentage     1400.00%
Peru | Product | Transferred at Point in Time      
Disaggregation of Revenue [Line Items]      
Net Sales $ 6.7 $ 0.0  
v3.23.1
Share Repurchases (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
Mar. 31, 2023
USD ($)
shares
Mar. 31, 2023
USD ($)
$ / shares
shares
Mar. 31, 2022
USD ($)
$ / shares
shares
Share Repurchases [Line Items]      
Stock Repurchased and Retired During Period, Value   $ 451.5  
Accelerated Share Repurchases, Settlement (Payment) or Receipt     $ 400.0
Stock Repurchased and Retired During Period, Shares | shares   8,690,936 7,589,664
Accelerated Share Repurchases, Adjustment to Recorded Amount     $ 54.2
Accelerated Share Repurchases, Final Price Paid Per Share | $ / shares   $ 53.34 $ 64.37
Treasury Stock, Shares, Acquired | shares 965,284 4,659,290  
Percent of total shares expected to be delivered 0.80 0.80  
Treasury Stock Acquired, Average Cost Per Share | $ / shares   $ 51.55  
Share Repurchase Program 2022      
Share Repurchases [Line Items]      
Stock Repurchase Program, Authorized Amount $ 3,000.0 $ 3,000.0  
Accelerated Share Repurchase Agreement [Member]      
Share Repurchases [Line Items]      
Accelerated Share Repurchases, Adjustment to Recorded Amount     $ 54.2
Treasury Stock, Shares, Acquired | shares     7,056,229
2021 and 2022 Repurchase Program      
Share Repurchases [Line Items]      
Stock Repurchased and Retired During Period, Value   448.0 $ 422.1
Accelerated Share Repurchase Agreement 2023      
Share Repurchases [Line Items]      
Accelerated Share Repurchases, Settlement (Payment) or Receipt $ 300.0 $ 300.0 $ 400.0
Treasury Stock, Shares, Acquired | shares   5,624,574