Stock Analysis on Net
Stock Analysis on Net

Mosaic Co. (NYSE:MOS)

This company has been moved to the archive! The financial data has not been updated since August 2, 2022.

Analysis of Income Taxes

Microsoft Excel

Income Tax Expense (Benefit)

Mosaic Co., income tax expense (benefit), continuing operations

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Federal (12,700) (22,000) (75,500) 24,500 (167,600)
State 5,600 1,300 (5,200) 1,800 14,900
Non-U.S. 386,900 114,400 119,100 147,200 31,000
Current 379,800 93,700 38,400 173,500 (121,700)
Non-U.S. 110,000 3,200 — — —
Noncurrent 110,000 3,200 — — —
Federal 141,900 (66,700) (194,800) (105,100) 602,300
State 21,400 (12,900) (6,700) 9,900 (39,900)
Non-U.S. (55,400) (595,800) (61,600) (1,200) 54,200
Deferred 107,900 (675,400) (263,100) (96,400) 616,600
Provision for (benefit from) income taxes 597,700 (578,500) (224,700) 77,100 494,900

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Mosaic Co. current increased from 2019 to 2020 and from 2020 to 2021.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Mosaic Co. deferred decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.
Provision for (benefit from) income taxes Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Mosaic Co. provision for (benefit from) income taxes decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

Effective Income Tax Rate (EITR)

Mosaic Co., effective income tax rate (EITR) reconciliation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
U.S. federal statutory tax rate 21.00% 21.00% 21.00% 21.00% 35.00%
State and local income taxes, net of federal income tax benefit 1.20% -7.00% 2.60% 2.00% -0.10%
Percentage depletion in excess of basis -1.10% -10.30% 2.50% -6.70% -13.20%
Impact of non-U.S. earnings 6.30% 42.10% 5.30% 11.80% -46.90%
Change in valuation allowance -0.30% -330.00% -3.10% -15.20% 148.80%
Phosphates goodwill impairment 0.00% 0.00% -5.00% 0.00% 0.00%
Non-U.S. incentives -5.70% -35.60% 0.00% 0.00% 0.00%
Share-based excess cost (benefits) 0.00% 0.00% 0.00% 0.70% 2.00%
Other items 5.50% 0.00% -5.40% 0.40% 6.70%
Effective tax rate 26.90% -319.80% 17.90% 14.00% 132.30%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
Effective tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Mosaic Co. effective tax rate decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

Components of Deferred Tax Assets and Liabilities

Mosaic Co., components of deferred tax assets and liabilities

US$ in thousands

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Deferred revenue — 62,400 — — 252,000
Alternative minimum tax credit carryforwards — — — 76,500 46,800
Capital loss carryforwards — 100 — 3,000 100
Foreign tax credit carryforwards 775,100 628,600 522,500 493,500 322,900
Net operating loss carryforwards 232,300 321,800 420,000 408,900 112,000
Pension plans and other benefits 19,800 34,200 43,800 33,400 2,100
Asset retirement obligations 337,300 262,900 232,100 187,600 174,100
Disallowed interest expense under §163(j) 31,600 68,800 58,100 — —
Other assets 351,200 287,600 349,300 388,800 169,700
Deferred tax assets 1,747,300 1,666,400 1,625,800 1,591,700 1,079,700
Valuation allowance (774,700) (683,000) (1,457,100) (1,530,500) (584,100)
Net deferred tax assets 972,600 983,400 168,700 61,200 495,600
Depreciation and amortization (456,200) (232,500) (70,700) (317,300) (864,200)
Depletion (430,100) (527,000) (530,700) (390,800) (260,900)
Partnership tax basis differences (66,300) (69,000) (69,800) (64,600) (67,600)
Undistributed earnings of non-U.S. subsidiaries — (3,800) (3,800) (15,000) (15,000)
Other liabilities (39,100) (32,500) (19,000) (10,300) (150,600)
Deferred tax liabilities (991,700) (864,800) (694,000) (798,000) (1,358,300)
Net deferred tax assets (liabilities) (19,100) 118,600 (525,300) (736,800) (862,700)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
Deferred tax assets Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Mosaic Co. deferred tax assets increased from 2019 to 2020 and from 2020 to 2021.
Net deferred tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Mosaic Co. net deferred tax assets increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.
Net deferred tax assets (liabilities) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Mosaic Co. net deferred tax assets (liabilities) increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Deferred Tax Assets and Liabilities, Classification

Mosaic Co., deferred tax assets and liabilities, classification

US$ in thousands

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Deferred tax assets 997,100 1,179,400 515,400 343,800 254,600
Deferred tax liabilities 1,016,200 1,060,800 1,040,700 1,080,600 1,117,300

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
Deferred tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Mosaic Co. deferred tax assets increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.
Deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Mosaic Co. deferred tax liabilities increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Adjustments to Financial Statements: Removal of Deferred Taxes

Mosaic Co., adjustments to financial statements

US$ in thousands

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Adjustment to Total Assets
Total assets (as reported) 22,036,400 19,789,800 19,298,500 20,119,200 18,633,400
Less: Noncurrent deferred tax assets, net 997,100 1,179,400 515,400 343,800 254,600
Total assets (adjusted) 21,039,300 18,610,400 18,783,100 19,775,400 18,378,800
Adjustment to Total Liabilities
Total liabilities (as reported) 11,287,900 10,034,600 9,930,900 9,514,500 8,994,300
Less: Noncurrent deferred tax liabilities, net 1,016,200 1,060,800 1,040,700 1,080,600 1,117,300
Total liabilities (adjusted) 10,271,700 8,973,800 8,890,200 8,433,900 7,877,000
Adjustment to Total Mosaic Stockholders’ Equity
Total Mosaic stockholders’ equity (as reported) 10,604,100 9,581,400 9,185,500 10,397,300 9,617,500
Less: Net deferred tax assets (liabilities) (19,100) 118,600 (525,300) (736,800) (862,700)
Total Mosaic stockholders’ equity (adjusted) 10,623,200 9,462,800 9,710,800 11,134,100 10,480,200
Adjustment to Net Earnings (loss) Attributable To Mosaic
Net earnings (loss) attributable to Mosaic (as reported) 1,630,600 666,100 (1,067,400) 470,000 (107,200)
Add: Deferred income tax expense (benefit) 107,900 (675,400) (263,100) (96,400) 616,600
Net earnings (loss) attributable to Mosaic (adjusted) 1,738,500 (9,300) (1,330,500) 373,600 509,400

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Mosaic Co., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Mosaic Co., adjusted financial ratios

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net Profit Margin
Reported net profit margin 13.20% 7.67% -11.98% 4.90% -1.45%
Adjusted net profit margin 14.07% -0.11% -14.94% 3.90% 6.88%
Total Asset Turnover
Reported total asset turnover 0.56 0.44 0.46 0.48 0.40
Adjusted total asset turnover 0.59 0.47 0.47 0.48 0.40
Financial Leverage
Reported financial leverage 2.08 2.07 2.10 1.94 1.94
Adjusted financial leverage 1.98 1.97 1.93 1.78 1.75
Return on Equity (ROE)
Reported ROE 15.38% 6.95% -11.62% 4.52% -1.11%
Adjusted ROE 16.37% -0.10% -13.70% 3.36% 4.86%
Return on Assets (ROA)
Reported ROA 7.40% 3.37% -5.53% 2.34% -0.58%
Adjusted ROA 8.26% -0.05% -7.08% 1.89% 2.77%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Mosaic Co. adjusted net profit margin ratio improved from 2019 to 2020 and from 2020 to 2021.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Mosaic Co. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Mosaic Co. adjusted financial leverage ratio increased from 2019 to 2020 and from 2020 to 2021.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Mosaic Co. adjusted ROE improved from 2019 to 2020 and from 2020 to 2021.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Mosaic Co. adjusted ROA improved from 2019 to 2020 and from 2020 to 2021.

Mosaic Co., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net earnings (loss) attributable to Mosaic 1,630,600 666,100 (1,067,400) 470,000 (107,200)
Net sales 12,357,400 8,681,700 8,906,300 9,587,300 7,409,400
Profitability Ratio
Net profit margin1 13.20% 7.67% -11.98% 4.90% -1.45%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net earnings (loss) attributable to Mosaic 1,738,500 (9,300) (1,330,500) 373,600 509,400
Net sales 12,357,400 8,681,700 8,906,300 9,587,300 7,409,400
Profitability Ratio
Adjusted net profit margin2 14.07% -0.11% -14.94% 3.90% 6.88%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 Net profit margin = 100 × Net earnings (loss) attributable to Mosaic ÷ Net sales
= 100 × 1,630,600 ÷ 12,357,400 = 13.20%

2 Adjusted net profit margin = 100 × Adjusted net earnings (loss) attributable to Mosaic ÷ Net sales
= 100 × 1,738,500 ÷ 12,357,400 = 14.07%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Mosaic Co. adjusted net profit margin ratio improved from 2019 to 2020 and from 2020 to 2021.

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net sales 12,357,400 8,681,700 8,906,300 9,587,300 7,409,400
Total assets 22,036,400 19,789,800 19,298,500 20,119,200 18,633,400
Activity Ratio
Total asset turnover1 0.56 0.44 0.46 0.48 0.40
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Net sales 12,357,400 8,681,700 8,906,300 9,587,300 7,409,400
Adjusted total assets 21,039,300 18,610,400 18,783,100 19,775,400 18,378,800
Activity Ratio
Adjusted total asset turnover2 0.59 0.47 0.47 0.48 0.40

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 Total asset turnover = Net sales ÷ Total assets
= 12,357,400 ÷ 22,036,400 = 0.56

2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 12,357,400 ÷ 21,039,300 = 0.59

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Mosaic Co. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Total assets 22,036,400 19,789,800 19,298,500 20,119,200 18,633,400
Total Mosaic stockholders’ equity 10,604,100 9,581,400 9,185,500 10,397,300 9,617,500
Solvency Ratio
Financial leverage1 2.08 2.07 2.10 1.94 1.94
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets 21,039,300 18,610,400 18,783,100 19,775,400 18,378,800
Adjusted total Mosaic stockholders’ equity 10,623,200 9,462,800 9,710,800 11,134,100 10,480,200
Solvency Ratio
Adjusted financial leverage2 1.98 1.97 1.93 1.78 1.75

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 Financial leverage = Total assets ÷ Total Mosaic stockholders’ equity
= 22,036,400 ÷ 10,604,100 = 2.08

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Mosaic stockholders’ equity
= 21,039,300 ÷ 10,623,200 = 1.98

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Mosaic Co. adjusted financial leverage ratio increased from 2019 to 2020 and from 2020 to 2021.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net earnings (loss) attributable to Mosaic 1,630,600 666,100 (1,067,400) 470,000 (107,200)
Total Mosaic stockholders’ equity 10,604,100 9,581,400 9,185,500 10,397,300 9,617,500
Profitability Ratio
ROE1 15.38% 6.95% -11.62% 4.52% -1.11%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net earnings (loss) attributable to Mosaic 1,738,500 (9,300) (1,330,500) 373,600 509,400
Adjusted total Mosaic stockholders’ equity 10,623,200 9,462,800 9,710,800 11,134,100 10,480,200
Profitability Ratio
Adjusted ROE2 16.37% -0.10% -13.70% 3.36% 4.86%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 ROE = 100 × Net earnings (loss) attributable to Mosaic ÷ Total Mosaic stockholders’ equity
= 100 × 1,630,600 ÷ 10,604,100 = 15.38%

2 Adjusted ROE = 100 × Adjusted net earnings (loss) attributable to Mosaic ÷ Adjusted total Mosaic stockholders’ equity
= 100 × 1,738,500 ÷ 10,623,200 = 16.37%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Mosaic Co. adjusted ROE improved from 2019 to 2020 and from 2020 to 2021.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Selected Financial Data (US$ in thousands)
Net earnings (loss) attributable to Mosaic 1,630,600 666,100 (1,067,400) 470,000 (107,200)
Total assets 22,036,400 19,789,800 19,298,500 20,119,200 18,633,400
Profitability Ratio
ROA1 7.40% 3.37% -5.53% 2.34% -0.58%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net earnings (loss) attributable to Mosaic 1,738,500 (9,300) (1,330,500) 373,600 509,400
Adjusted total assets 21,039,300 18,610,400 18,783,100 19,775,400 18,378,800
Profitability Ratio
Adjusted ROA2 8.26% -0.05% -7.08% 1.89% 2.77%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 Calculations

1 ROA = 100 × Net earnings (loss) attributable to Mosaic ÷ Total assets
= 100 × 1,630,600 ÷ 22,036,400 = 7.40%

2 Adjusted ROA = 100 × Adjusted net earnings (loss) attributable to Mosaic ÷ Adjusted total assets
= 100 × 1,738,500 ÷ 21,039,300 = 8.26%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Mosaic Co. adjusted ROA improved from 2019 to 2020 and from 2020 to 2021.