Mosaic Co. Files 10-Q for Q1 2024

TL;DR

<b>Mosaic Co. filed its Q1 2024 10-Q, detailing financial position and segment performance.</b>

AI Summary

MOSAIC CO (MOS) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Mosaic Co. reported financial results for the first quarter ended March 31, 2024. The filing includes detailed balance sheet information as of March 31, 2024, and December 31, 2023. Key equity components such as Common Stock, Additional Paid-In Capital, and Retained Earnings are presented for multiple periods. Information on Noncontrolling Interest and Accumulated Other Comprehensive Income is also detailed. The filing references specific joint ventures and business segments, including Potash, Mosaic Fertilizantes, and Corporate Eliminations.

Why It Matters

For investors and stakeholders tracking MOSAIC CO, this filing contains several important signals. Investors can assess Mosaic's financial health and changes in equity from the previous quarter and year-end. Understanding segment performance provides insight into the company's operational focus and revenue drivers.

Risk Assessment

Risk Level: low — MOSAIC CO shows low risk based on this filing. The filing is a standard 10-Q report, providing routine financial disclosures without immediate red flags.

Analyst Insight

Review the detailed segment data and balance sheet changes to understand the company's financial performance and position in Q1 2024.

Key Numbers

• 2024-03-31 — Report Date (Period of report)
• 2024-01-01 — Quarter Start Date (Reporting period)
• 2023-03-31 — Prior Year Quarter End (Comparative period)
• 2023-12-31 — Prior Year End (Comparative period)

Key Players & Entities

• MOSAIC CO (company) — Filer name
• MOS (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-02 (date) — Filed as of date
• 101 EAST KENNEDY BLVD. SUITE 2500 (address) — Business address
• TAMPA (location) — City in business address
• FL (location) — State in business address
• 33602 (postal_code) — ZIP code in business address

FAQ

Industry Context

Mosaic Co. operates in the agriculture chemicals sector, specifically focusing on phosphate and potash fertilizers.

Regulatory Implications

The filing is a 10-Q, a standard quarterly report required by the SEC for publicly traded companies.

What Investors Should Do

1. Analyze the balance sheet details for March 31, 2024, comparing key equity accounts to prior periods.
2. Examine the segment information provided for Potash, Mosaic Fertilizantes, and Corporate Eliminations.
3. Review any disclosures related to joint ventures like Maaden Waad Al Shamal Phosphate Company.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the Q1 2024 results, providing updated financial data compared to the previous quarter and year-end.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share MOS New York Stock Exchange

Filing Documents

• mos-20240331.htm (10-Q) — 1440KB
• exhibit10iiii_20240331.htm (EX-10.III I) — 80KB
• exhibit10iiiii_20240331.htm (EX-10.III II) — 78KB
• exhibit311_20240331.htm (EX-31.1) — 16KB
• exhibit312_20240331.htm (EX-31.2) — 16KB
• exhibit321_20240331.htm (EX-32.1) — 4KB
• exhibit322_20240331.htm (EX-32.2) — 4KB
• exhibit95_20240331.htm (EX-95) — 56KB
• 0001618034-24-000006.txt (&nbsp;) — 7940KB
• mos-20240331.xsd (EX-101.SCH) — 45KB
• mos-20240331_cal.xml (EX-101.CAL) — 82KB
• mos-20240331_def.xml (EX-101.DEF) — 273KB
• mos-20240331_lab.xml (EX-101.LAB) — 584KB
• mos-20240331_pre.xml (EX-101.PRE) — 428KB
• mos-20240331_htm.xml (XML) — 1108KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Statements of Earnings 1 Condensed Consolidated Statements of Comprehensive Income (Loss) 2 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Cash Flows 4 Condensed Consolidated Statements of Equity 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

Item 4. Controls and Procedures 41

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 42

Risk Factors

Item 1A. Risk Factors 44

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 45

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 46

Signatures

Signatures 47 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS THE MOSAIC COMPANY CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In millions, except per share amounts) (Unaudited) Three months ended March 31, 2024 March 31, 2023 Net sales $ 2,679.4 $ 3,604.3 Cost of goods sold 2,280.2 2,933.9 Gross margin 399.2 670.4 Selling, general and administrative expenses 106.8 127.7 Other operating expense (income) 119.5 ( 1.9 ) Operating earnings 172.9 544.6 Interest expense, net ( 48.0 ) ( 41.1 ) Foreign currency transaction (loss) gain ( 100.3 ) 51.4 Other income (expense) 0.6 ( 8.9 ) Earnings from consolidated companies before income taxes 25.2 546.0 Provision for income taxes 6.2 118.3 Earnings from consolidated companies 19.0 427.7 Equity in net earnings of nonconsolidated companies 37.5 31.3 Net earnings including noncontrolling interests 56.5 459.0 Less: Net earnings attributable to noncontrolling interests 11.3 24.2 Net earnings attributable to Mosaic $ 45.2 $ 434.8 Basic net earnings per share attributable to Mosaic $ 0.14 $ 1.30 Basic weighted average number of shares outstanding 322.1 335.4 Diluted net earnings per share attributable to Mosaic $ 0.14 $ 1.28 Diluted weighted average number of shares outstanding 323.5 338.7 See Notes to Condensed Consolidated Financial Statements 1 Table of Contents THE MOSAIC COMPANY CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In millions) (Unaudited) Three months ended March 31, 2024 March 31, 2023 Net earnings including noncontrolling interest $ 56.5 $ 459.0 Other comprehensive income (loss), net of tax Foreign currency translation (loss) gain ( 129.7 ) 29.4 Net actuarial gain and prior service cost 0.8 0.4 Realized gain on interest rate swap — 0.5 Net (loss) on marketable securities held in trust fund ( 10.3 ) 16.6 Other comprehensive (loss) income ( 139.2 ) 46.9 Comprehensive (loss) income ( 82.7 ) 505.9 Less: Comprehensive income attributable to noncontrolling interest 10.5 24.9 Compreh