Mosaic Co. (NYSE:MOS)

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Mosaic Co., adjusted total assets

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total assets	22,036,400)	19,789,800)	19,298,500)	20,119,200)	18,633,400)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	284,431)	265,706)
Add: Allowance for doubtful accounts	500)	400)	3,500)	1,300)	2,300)
Less: Deferred tax assets²	997,100)	1,179,400)	515,400)	343,800)	254,600)
After Adjustment
Adjusted total assets	21,039,800)	18,610,800)	18,786,600)	20,061,131)	18,646,806)

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).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets. See details »

An analysis of the asset base between 2017 and 2021 indicates an overall expansion of total assets, although the trajectory was characterized by periodic fluctuations. Reported total assets grew from $18,633.4 million in 2017 to $22,036.4 million in 2021, representing a cumulative increase of approximately 18.3% over the five-year period.

Total Asset Trends: Reported total assets experienced an initial rise in 2018, followed by a contraction in 2019. A recovery began in 2020, culminating in a significant surge of 11.3% in 2021, which represents the largest single-year increase within the observed period.
Adjusted Total Asset Trends: Adjusted total assets followed a similar general direction but exhibited different magnitudes of change. After an increase in 2018, adjusted assets declined for two consecutive years through 2020, reaching a period low of $18,610.8 million before rebounding sharply in 2021 to $21,039.8 million.
Variance Between Reported and Adjusted Assets: A growing divergence is observed between reported and adjusted total assets over the analyzed timeframe. In 2017, the figures were nearly aligned, with adjusted assets slightly exceeding reported assets. However, a significant negative variance emerged starting in 2019 and widened to its maximum in 2020, where adjusted assets were approximately $1.18 billion lower than reported total assets. This gap persisted into 2021, with adjusted assets remaining nearly $1 billion below the reported figures.

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Mosaic Co., adjusted total liabilities

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total liabilities	11,287,900)	10,034,600)	9,930,900)	9,514,500)	8,994,300)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	284,431)	265,706)
Less: Deferred tax liabilities²	1,016,200)	1,060,800)	1,040,700)	1,080,600)	1,117,300)
After Adjustment
Adjusted total liabilities	10,271,700)	8,973,800)	8,890,200)	8,718,331)	8,142,706)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

A consistent upward trajectory in both total and adjusted total liabilities is observed from 2017 through 2021. Total liabilities increased from 8,994,300 thousand US dollars in 2017 to 11,287,900 thousand US dollars in 2021, representing a cumulative increase of approximately 25.5% over the five-year period.

Growth Patterns in Total Liabilities: The expansion of total liabilities occurred steadily between 2017 and 2020, with the most modest year-over-year growth occurring in 2020. However, a significant acceleration is noted in 2021, where liabilities rose by approximately 12.5% in a single fiscal year, indicating a substantial increase in the company's overall obligations.
Trends in Adjusted Total Liabilities: Adjusted total liabilities followed a similar growth pattern, rising from 8,142,706 thousand US dollars in 2017 to 10,271,700 thousand US dollars in 2021. Similar to the total liabilities, the adjusted figures showed a sharp increase in 2021, growing by roughly 14.4% compared to the prior year.
Liability Adjustment Variance: A persistent gap exists between total liabilities and adjusted total liabilities throughout the period analyzed. This variance represents the specific components removed to arrive at the adjusted figure. The difference remained relatively stable, generally fluctuating between 8% and 11% of the total liability balance. The largest absolute difference was observed in 2020, reaching 1,060,800 thousand US dollars.

The convergence of trends in 2021 suggests a systemic increase in leverage or obligations that affected both reported and adjusted metrics. The proportional relationship between the two figures indicates that the nature of the adjustments remained consistent over time, even as the absolute volume of liabilities expanded.

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Mosaic Co., adjusted total Mosaic stockholders’ equity

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Total Mosaic stockholders’ equity	10,604,100)	9,581,400)	9,185,500)	10,397,300)	9,617,500)
Adjustments
Less: Net deferred tax assets (liabilities)¹	(19,100)	118,600)	(525,300)	(736,800)	(862,700)
Add: Allowance for doubtful accounts	500)	400)	3,500)	1,300)	2,300)
Add: Non-controlling interests	144,400)	173,800)	182,100)	207,400)	21,600)
After Adjustment
Adjusted total equity	10,768,100)	9,637,000)	9,896,400)	11,342,800)	10,504,100)

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).

¹ Net deferred tax assets (liabilities). See details »

The analysis of equity accounts from 2017 through 2021 reveals a period of volatility characterized by a significant contraction in 2019 followed by a consistent recovery. Both total stockholders' equity and adjusted total equity exhibit a high degree of correlation in their directional movements, although the variance between the two metrics shifted notably over the observed timeframe.

Total Stockholders' Equity Trends: Total stockholders' equity experienced an initial increase from US$ 9,617,500 thousand in 2017 to US$ 10,397,300 thousand in 2018. A subsequent decline occurred in 2019, with equity falling to a five-year low of US$ 9,185,500 thousand. This downward trend reversed starting in 2020, leading to a peak value of US$ 10,604,100 thousand by December 31, 2021.
Adjusted Total Equity Trends: Adjusted total equity followed a similar trajectory to the reported equity through 2019, peaking at US$ 11,342,800 thousand in 2018 before dropping to US$ 9,896,400 thousand in 2019. Unlike total stockholders' equity, which began recovering in 2020, adjusted total equity continued a slight decline to US$ 9,637,000 thousand in 2020 before rebounding strongly to US$ 10,768,100 thousand in 2021.
Analysis of Equity Adjustments: A significant divergence existed between total and adjusted equity from 2017 to 2019, with the gap reaching its widest point in 2018 at approximately US$ 945,500 thousand. However, a marked convergence is observed in the latter part of the period. By 2020, the difference narrowed to US$ 55,600 thousand, and by 2021, the variance remained low at US$ 164,000 thousand, indicating that the factors necessitating equity adjustments were substantially reduced or neutralized by the end of the period.

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Mosaic Co., adjusted capitalization table

US$ in thousands

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
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 reported debt	5,025,300)	5,218,100)	5,354,900)	5,101,800)	5,613,900)
Total Mosaic stockholders’ equity	10,604,100)	9,581,400)	9,185,500)	10,397,300)	9,617,500)
Total reported capital	15,629,400)	14,799,500)	14,540,400)	15,499,100)	15,231,400)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	284,431)	265,706)
Add: Short-term operating lease obligation²	59,700)	64,000)	67,100)	—)	—)
Add: Long-term operating lease obligation³	64,300)	109,600)	127,000)	—)	—)
Adjusted total debt	5,149,300)	5,391,700)	5,549,000)	5,386,231)	5,879,606)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	(19,100)	118,600)	(525,300)	(736,800)	(862,700)
Add: Allowance for doubtful accounts	500)	400)	3,500)	1,300)	2,300)
Add: Non-controlling interests	144,400)	173,800)	182,100)	207,400)	21,600)
Adjusted total equity	10,768,100)	9,637,000)	9,896,400)	11,342,800)	10,504,100)
After Adjustment
Adjusted total capital	15,917,400)	15,028,700)	15,445,400)	16,729,031)	16,383,706)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Short-term operating lease obligation. See details »

³ Long-term operating lease obligation. See details »

⁴ Net deferred tax assets (liabilities). See details »

The capitalization structure exhibits a trend toward deleveraging combined with fluctuating equity levels over the five-year period from 2017 to 2021. Total capital reached its peak in 2021 after a notable contraction in 2019, while both reported and adjusted debt figures showed a general downward trajectory.

Debt Obligations: Total reported debt decreased from US$ 5,613,900 thousand in 2017 to US$ 5,025,300 thousand in 2021. Adjusted total debt followed a similar downward trajectory, although it remained consistently higher than reported figures throughout the period, beginning at US$ 5,879,606 thousand in 2017 and ending at US$ 5,149,300 thousand in 2021. This indicates the consistent application of adjustments to the debt baseline across all five years.
Equity Position: Stockholders' equity experienced significant volatility, increasing in 2018 before declining to a period low of US$ 9,185,500 thousand in 2019. A recovery followed, with equity reaching its highest reported level of US$ 10,604,100 thousand by December 31, 2021. Adjusted total equity mirrored these fluctuations but generally maintained higher valuations than the reported equity, peaking at US$ 11,342,800 thousand in 2018.
Total Capitalization: Total reported capital fluctuated between a low of US$ 14,540,400 thousand in 2019 and a high of US$ 15,629,400 thousand in 2021. Adjusted total capital consistently exceeded reported capital, peaking in 2018 at US$ 16,729,031 thousand. The gap between reported and adjusted total capital was most pronounced in 2017 and 2018, showing a relative narrowing in the subsequent years as the reported and adjusted figures converged.

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Mosaic Co., adjusted net earnings (loss) attributable to Mosaic

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
As Reported
Net earnings (loss) attributable to Mosaic	1,630,600)	666,100)	(1,067,400)	470,000)	(107,200)
Adjustments
Add: Deferred income tax expense (benefit)¹	107,900)	(675,400)	(263,100)	(96,400)	616,600)
Add: Increase (decrease) in allowance for doubtful accounts	100)	(3,100)	2,200)	(1,000)	(400)
Add: Other comprehensive income (loss), net of tax	(87,400)	(215,200)	57,700)	(600,700)	250,200)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	2,500)	(7,700)	(24,600)	(5,300)	2,600)
After Adjustment
Adjusted net earnings (loss) including noncontrolling interests	1,653,700)	(235,300)	(1,295,200)	(233,400)	761,800)

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).

¹ Deferred income tax expense (benefit). See details »

The financial performance from 2017 through 2021 is characterized by significant volatility in both reported net earnings and adjusted net earnings. While reported net earnings exhibited an oscillating pattern of losses and gains, the adjusted net earnings remained predominantly negative for a three-year period before a substantial recovery in the final year of the sequence.

Reported Net Earnings Trend: Reported net earnings attributable to the company show a lack of linear stability. A loss of 107.2 million US$ in 2017 was followed by a profit of 470 million US$ in 2018, which then plummeted to a peak loss of 1.067 billion US$ in 2019. A recovery phase began in 2020 with earnings of 666.1 million US$, culminating in a period high of 1.631 billion US$ by December 31, 2021.
Adjusted Net Earnings Trend: The adjusted figures, including noncontrolling interests, demonstrate a more prolonged period of deficit. After a positive start of 761.8 million US$ in 2017, adjusted earnings fell into negative territory for three consecutive years, reaching a low of 1.295 billion US$ in 2019. This downward trajectory reversed sharply in 2021, with adjusted earnings rising to 1.654 billion US$.
Analysis of Financial Adjustments: Significant divergences between reported and adjusted earnings are observed, particularly in 2017 and 2020. In 2017, the adjusted figure was substantially higher than the reported loss, suggesting the presence of significant non-recurring charges in the reported earnings. Conversely, in 2020, reported net earnings were positive while adjusted earnings remained negative, indicating that reported profitability was likely driven by one-time gains or non-operating items that were excluded from the adjusted metric.
Convergence in 2021: By the end of 2021, a strong convergence is noted between the two metrics. Reported net earnings of 1.631 billion US$ and adjusted net earnings of 1.654 billion US$ suggest that the company's profitability in the final period was driven primarily by core operational performance rather than anomalous adjustments or non-recurring items.

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