Mosaic Co., balance sheet: debt

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Short-term debt	302,800)	100)	41,600)	11,500)	6,100)
Current maturities of long-term debt	596,600)	504,200)	47,200)	26,000)	343,500)
Structured accounts payable arrangements	743,700)	640,000)	740,600)	572,800)	386,200)
Long-term debt, less current maturities	3,382,200)	4,073,800)	4,525,500)	4,491,500)	4,878,100)
Total total debt (carrying amount)	5,025,300)	5,218,100)	5,354,900)	5,101,800)	5,613,900)

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Debt item	Description	The company
Total total debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Mosaic Co. total debt decreased from 2019 to 2020 and from 2020 to 2021.

	Dec 31, 2021
Selected Financial Data (US$ in thousands)
Structured accounts payable arrangements	743,700)
Short-term debt	302,800)
Long-term debt, including current portion	4,516,100)
Total total debt (fair value)	5,562,600)
Financial Ratio
Debt, fair value to carrying amount ratio	1.11

Weighted-average effective interest rate on debt: 5.08%

Interest rate	Debt amount¹	Interest rate × Debt amount
5.18%	3,543,400)	183,548)
7.19%	147,800)	10,627)
2.39%	213,000)	5,091)
4.08%	74,600)	3,044)
Total	3,978,800)	202,309)
5.08%

¹ US$ in thousands

² Weighted-average interest rate = 100 × 202,309 ÷ 3,978,800 = 5.08%

Mosaic Co., interest costs incurred

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Interest expense	194,300)	214,100)	216,000)	215,800)	171,300)
Capitalized interest on major construction projects	30,100)	33,300)	28,500)	22,100)	23,900)
Interest costs incurred	224,400)	247,400)	244,500)	237,900)	195,200)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Mosaic Co. interest expense decreased from 2019 to 2020 and from 2020 to 2021.
Capitalized interest on major construction projects	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Mosaic Co. capitalized interest on major construction projects increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Mosaic Co. interest costs incurred increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in thousands)
Net earnings (loss) attributable to Mosaic	1,630,600)	666,100)	(1,067,400)	470,000)	(107,200)
Add: Net income attributable to noncontrolling interest	4,300)	(500)	(23,400)	(100)	3,000)
Add: Income tax expense	597,700)	(578,500)	(224,700)	77,100)	494,900)
Add: Interest expense	194,300)	214,100)	216,000)	215,800)	171,300)
Earnings before interest and tax (EBIT)	2,426,900)	301,200)	(1,099,500)	762,800)	562,000)

Interest costs incurred	224,400)	247,400)	244,500)	237,900)	195,200)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	12.49	1.41	-5.09	3.53	3.28
Adjusted interest coverage ratio (with capitalized interest)²	10.82	1.22	-4.50	3.21	2.88

2021 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 2,426,900 ÷ 194,300 = 12.49

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 2,426,900 ÷ 224,400 = 10.82

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Mosaic Co. adjusted interest coverage ratio improved from 2019 to 2020 and from 2020 to 2021.

Mosaic Co. (NYSE:MOS)

Analysis of Debt