Mosaic Co. (NYSE:MOS)

The financial data over the five-year period reveals notable fluctuations in current assets and adjusted current assets. Both metrics exhibit a comparable trend, with only marginal differences between them each year, indicating consistency in the adjustments applied to current assets.

Current assets

The value of current assets shows a declining pattern from 2017 to 2020, dropping from approximately 4.62 billion US dollars in 2017 to about 3.52 billion US dollars in 2020. However, there is a significant increase in 2021, where current assets rise sharply to over 5.33 billion US dollars, surpassing the initial 2017 level.

Adjusted current assets

Adjusted current assets follow a nearly identical trend, with values slightly exceeding the reported current assets by small margins each year. The downward trend continues until 2020, followed by a substantial recovery in 2021, reaching approximately 5.33 billion US dollars.

This trend suggests that while the company experienced a contraction in its liquidity position over four years, there was a strong rebound in the final year under review. The increase in current assets in 2021 may reflect improved working capital management, increased cash and equivalents, or higher receivables or inventories. The alignment of adjusted current assets with the reported figures indicates that adjustments made do not materially alter the overall liquidity picture during this period.

Total Assets

The total assets of the company show a general upward trend over the five-year period. Starting at approximately 18.63 billion US dollars at the end of 2017, the figure increased to roughly 20.12 billion by the end of 2018. There was a slight decline in 2019 to about 19.30 billion, followed by a minor increase in 2020 reaching nearly 19.79 billion. By the end of 2021, total assets rose significantly to approximately 22.04 billion. Overall, this indicates growth with some fluctuations, culminating in a notable increase in the final year of the period.

Adjusted Total Assets

The adjusted total assets also demonstrate a fluctuating pattern similar to total assets, but with some differences in magnitude. Beginning at around 18.65 billion at the end of 2017, the figure decreased marginally to approximately 20.06 billion in 2018. Subsequently, a decline is visible in 2019 and 2020 with values near 18.79 billion and 18.61 billion respectively, indicating a slight contraction over these years. By 2021, adjusted total assets significantly increased to about 21.04 billion. This pattern reflects variability in asset adjustments over time, with an overall increase towards the end of the period.

General Observations

The data reveals that while both total and adjusted total assets have increased over the five years, adjusted total assets are generally lower than total assets except in the initial year where values are very close. This suggests some asset revaluations or adjustments have impacted the net asset value reported. The fluctuations in both metrics from 2018 to 2020 might indicate periods of asset reclassification, impairment, or other accounting adjustments. The substantial rise in 2021 for both measures may point to asset acquisitions or favorable market conditions affecting asset valuations.

Total liabilities

The total liabilities increased steadily from 8,994,300 thousand US dollars in 2017 to 11,287,900 thousand US dollars in 2021. This indicates a consistent upward trend, with total liabilities rising by approximately 25.5% over the five-year period. The increase was particularly notable between 2020 and 2021, where total liabilities grew by over 1.2 billion US dollars, suggesting possibly higher borrowing or accrued obligations during this period.

Adjusted total liabilities

Adjusted total liabilities also showed an increasing pattern over the same timeframe, starting at 8,142,706 thousand US dollars in 2017 and reaching 10,271,700 thousand US dollars in 2021. This represents a growth of around 26.2%. The rate of increase was relatively moderate from 2017 to 2020 but became more pronounced in the final year, mirroring the pattern seen in total liabilities. The adjustment appears to maintain a similar trajectory to the total liabilities, suggesting that the adjustments applied have not materially altered the overall upward trend in company liabilities.

The analysis of the provided financial data reveals fluctuations in both total mosaic stockholders' equity and adjusted total equity over the five-year period from 2017 to 2021.

Total Mosaic stockholders’ equity

Starting at $9,617,500 thousand in 2017, total equity increased by approximately 8.1% to $10,397,300 thousand in 2018. However, in 2019, there was a notable decline of about 11.7% to $9,185,500 thousand. The equity modestly recovered in 2020 to $9,581,400 thousand, showing a 4.3% increase from the previous year. The upward trend continued in 2021 with a rise to $10,604,100 thousand, the highest in the period, representing an increase of approximately 10.7% from 2020.

Adjusted total equity

Adjusted total equity exhibits a similar trend with some variations. Beginning at $10,504,100 thousand in 2017, the value increased by about 8.0% to $11,342,800 thousand in 2018. Following this, it declined sharply by approximately 12.7% to $9,896,400 thousand in 2019. Unlike total equity, adjusted equity continued to decrease slightly in 2020 to $9,637,000 thousand, a drop of 2.6%. However, in 2021, adjusted equity rebounded to $10,768,100 thousand, an increase of 11.7%, reaching the highest level over the five years.

In summary, both total stockholders’ equity and adjusted total equity demonstrate a cyclical pattern with peak values in 2018, a trough in 2019 (and continuing into 2020 for adjusted equity), followed by recovery in 2021 to levels exceeding those at the start of the period. The adjusted total equity consistently remains higher than the total stockholders’ equity, which may reflect adjustments for certain accounting or valuation considerations. The observed fluctuations suggest that the company experienced challenges around 2019 and 2020, but managed to improve equity positions by 2021.

The financial data over the five-year period reveals several noteworthy trends in the capital structure and equity positions.

Total Reported Debt

This item experienced a general decline from 5,613,900 thousand USD at the end of 2017 to 5,025,300 thousand USD by the end of 2021. Although there was a slight increase in 2019, the overall trend indicates a gradual reduction in reported debt levels over the period.

Total Mosaic Stockholders’ Equity

Equity presented fluctuations during the period, increasing from 9,617,500 thousand USD in 2017 to a peak of 10,397,300 thousand USD in 2018, then decreasing in 2019 before rising again through 2021 to 10,604,100 thousand USD. This suggests some variability but generally stable or slightly growing equity.

Total Reported Capital

Total capital, representing the sum of reported debt and equity, mirrored the movements of its components. It rose marginally from 15,231,400 thousand USD in 2017 to 15,499,100 thousand USD in 2018 before falling in subsequent years with a mild recovery by 2021 to 15,629,400 thousand USD. This indicates a relatively stable capital base with minor fluctuations.

Adjusted Total Debt

Adjusted debt figures follow a very similar pattern to the reported debt but are slightly higher in value. It decreased steadily from 5,879,606 thousand USD in 2017 to 5,149,300 thousand USD in 2021, reflecting consistent efforts to reduce indebtedness after accounting for any adjustments made.

Adjusted Total Equity

Adjusted equity increased from 10,504,100 thousand USD in 2017 to a high of 11,342,800 thousand USD in 2018 but then declined and stabilized near 9,637,000 thousand USD in 2020 before rebounding to 10,768,100 thousand USD by 2021. This pattern indicates some volatility but a general trend of recovery in equity after 2019.

Adjusted Total Capital

The adjusted total capital, combining adjusted debt and equity, shows a peak at 16,729,031 thousand USD in 2018, followed by a decline in 2019 and 2020, and a subsequent increase to 15,917,400 thousand USD by 2021. Overall, adjusted capital remains relatively stable, with the highest point in 2018.

Overall, the company appears to have managed its debt levels moderately downward while maintaining or slightly increasing equity levels by 2021. The fluctuations in both reported and adjusted figures suggest some financial restructuring or changes in accounting treatments but point toward a stable capital structure by the end of the period.

The financial performance over the reported periods exhibits significant volatility in earnings, with notable fluctuations in both net earnings attributable to the company and adjusted net earnings including noncontrolling interests.

Net Earnings (Loss) Attributable to Mosaic

The net earnings show a transformative journey characterized by a substantial loss of $107.2 million at the end of 2017, which shifted dramatically to a positive figure of $470 million in 2018. This positive trend reversed sharply in 2019, with net earnings plunging to a loss of approximately $1.067 billion. In the subsequent years, the company experienced recovery, posting positive net earnings of $666.1 million in 2020 and significantly increasing to $1.63 billion in 2021, indicating a strong turnaround and enhanced profitability in the most recent period.

Adjusted Net Earnings (Loss) Including Noncontrolling Interests

The adjusted net earnings, which incorporate noncontrolling interests, follow a somewhat similar but notably more negative pattern in the earlier years compared to net earnings alone. The figure stood at a positive $761.8 million in 2017, yet this reversed to a loss of $233.4 million in 2018. The downward trajectory intensified in 2019 with an adjusted loss exceeding $1.295 billion, marking the most severe negative performance within the timeframe. A partial recovery occurred in 2020, narrowing the loss to $235.3 million, and then a significant improvement in 2021, reaching a positive $1.65 billion. This indicates considerable volatility but also a substantial rebound by the end of the period.

Overall, the trends reveal a highly cyclical earnings pattern with a pronounced nadir in 2019, followed by a notable recovery phase in 2020 and 2021. The reconciled recovery in both net earnings and adjusted net earnings suggests operational or market factors that significantly influenced the company's performance during this timespan. The strong earnings growth in the last reported year may reflect successful strategic initiatives, improved market conditions, or other favorable business dynamics impacting profitability.