Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Mosaic Co., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net earnings (loss) including noncontrolling interests	1,634,900)	665,600)	(1,090,800)	469,900)	(104,200)
Depreciation, depletion and amortization	812,900)	847,600)	882,700)	883,900)	665,500)
Amortization of acquired inventory	—)	—)	(5,500)	(49,200)	—)
Deferred and other income taxes	98,800)	(684,000)	(261,300)	(101,800)	612,400)
Equity in net (earnings) loss of nonconsolidated companies, net of dividends	(2,100)	97,100)	64,600)	12,900)	34,400)
Accretion expense for asset retirement obligations	71,900)	68,000)	62,400)	48,000)	25,700)
Accretion expense for leases	13,400)	24,200)	18,600)	—)	—)
Share-based compensation expense	29,500)	17,800)	27,900)	27,500)	28,000)
Impairment of goodwill	—)	—)	588,600)	—)	—)
Unrealized (gain) loss on derivatives	7,200)	(26,600)	(59,200)	58,900)	8,300)
Foreign currency adjustments	(2,600)	14,100)	50,100)	141,700)	—)
Net proceeds from settlement of interest rate swaps	—)	34,700)	—)	—)	—)
Mine closure costs	158,100)	—)	871,000)	—)	—)
(Gain) loss on disposal of fixed assets	(5,300)	16,300)	18,700)	63,100)	(25,500)
Other	—)	(19,100)	(3,200)	20,100)	7,800)
Receivables, net	(683,600)	(153,600)	34,600)	5,900)	(91,200)
Inventories, net	(1,067,900)	191,400)	128,100)	(497,400)	(155,700)
Other current assets and noncurrent assets	(18,000)	66,100)	(36,000)	86,700)	(23,700)
Accounts payable and accrued liabilities	995,100)	333,300)	(175,200)	198,500)	(65,700)
Other noncurrent liabilities	144,700)	89,700)	(20,700)	41,100)	19,400)
Changes in assets and liabilities	(629,700)	526,900)	(69,200)	(165,200)	(316,900)
Adjustments to reconcile net earnings (loss) including noncontrolling interests to net cash provided by operating activities	552,100)	917,000)	2,186,200)	939,900)	1,039,700)
Net cash provided by operating activities	2,187,000)	1,582,600)	1,095,400)	1,409,800)	935,500)
Capital expenditures	(1,288,600)	(1,170,600)	(1,272,200)	(954,500)	(820,100)
Purchases of available-for-sale securities, restricted	(433,600)	(618,700)	(557,600)	(534,500)	(1,676,300)
Proceeds from sale of available-for-sale securities, restricted	410,100)	607,200)	533,200)	518,800)	1,658,100)
Proceeds from sale of assets	28,100)	—)	4,000)	12,600)	300,700)
Acquisition, net of cash acquired	(24,100)	—)	(55,100)	(985,300)	—)
Purchases of held-to-maturity securities	(3,200)	(6,100)	(15,400)	—)	—)
Proceeds from sale of held-to-maturity securities	800)	1,700)	2,300)	—)	—)
Other	(11,800)	(3,000)	(100)	(1,800)	(130,200)
Net cash used in investing activities	(1,322,300)	(1,189,500)	(1,360,900)	(1,944,700)	(667,800)
Payments of short-term debt	(726,600)	(1,542,500)	(554,200)	(144,400)	(601,400)
Proceeds from issuance of short-term debt	1,029,300)	1,521,100)	591,000)	155,100)	631,400)
Payments of structured accounts payable arrangements	(1,028,400)	(1,156,200)	(977,100)	(762,100)	(418,500)
Proceeds from structured accounts payable arrangements	1,122,700)	1,037,400)	1,124,200)	834,100)	666,800)
Collections of transferred receivables	445,000)	—)	—)	—)	—)
Payments of transferred receivables	(363,900)	—)	—)	—)	—)
Payments of long-term debt	(608,300)	(66,900)	(48,300)	(802,900)	(102,200)
Proceeds from issuance of long-term debt	—)	4,700)	—)	39,300)	1,251,400)
Payment of financing costs	—)	—)	—)	—)	(15,400)
Repurchases of stock	(410,900)	—)	(149,900)	—)	—)
Cash dividends paid	(103,700)	(75,800)	(67,200)	(38,500)	(210,600)
Dividends paid to non-controlling interest	(31,300)	(600)	(700)	(600)	(700)
Other	(6,000)	(5,000)	—)	(4,800)	—)
Net cash provided by (used in) financing activities	(682,100)	(283,800)	(82,200)	(724,800)	1,200,800)
Effect of exchange rate changes on cash	9,300)	(47,200)	9,000)	(63,700)	14,500)
Net change in cash, cash equivalents and restricted cash	191,900)	62,100)	(338,700)	(1,323,400)	1,483,000)
Cash, cash equivalents and restricted cash, beginning of year	594,400)	532,300)	871,000)	2,194,400)	711,400)
Cash, cash equivalents and restricted cash, end of year	786,300)	594,400)	532,300)	871,000)	2,194,400)

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).

Net Earnings: Net earnings displayed significant volatility across the periods analyzed, showing losses in 2017 and 2019, with the lowest point being a loss of approximately $1.09 billion in 2019. Conversely, 2018, 2020, and 2021 witnessed positive earnings, with a marked increase to $1.63 billion in 2021, indicating a strong recovery and growth trend in the latest year.
Depreciation, Depletion, and Amortization: This expense remained relatively high and stable, peaking in 2018 at around $884 million and slightly declining to approximately $813 million by 2021. The consistency reflects ongoing asset usage and capital intensity.
Deferred and Other Income Taxes: Significant fluctuations were observed in deferred and other income taxes, shifting from a positive $612 million in 2017 to notable negative amounts in 2018 through 2020, then rebounding to a positive value of $98.8 million in 2021. This pattern suggests variable tax impacts, which may be linked to earnings volatility or tax strategy changes.
Equity in Net Earnings (Loss) of Nonconsolidated Companies: This line item showed variability but generally positive contributions until 2020, followed by a negative impact in 2021, indicating reduced income or increased losses from investments in nonconsolidated affiliates.
Accretion Expenses: Accretion expenses for asset retirement obligations consistently increased from $25.7 million in 2017 to $71.9 million in 2021, signifying growing obligations related to asset retirement. Accretion for leases began appearing in 2019 and showed some decline by 2021.
Share-Based Compensation: This expense remained relatively stable, with mild fluctuations, consistently hovering around $18–30 million, indicating a steady compensation policy.
Impairment of Goodwill and Mine Closure Costs: One significant impairment charge of $588.6 million occurred in 2019, correlating with the net loss that year. Mine closure costs were substantial in 2019 ($871 million) and appeared again in 2021 ($158 million), suggesting nonrecurring but material charges affecting profitability.
Working Capital Changes (Receivables, Inventories, Payables): Receivables net changes varied greatly, turning significantly negative in 2021 by about $684 million, potentially signaling collection efforts or reduced sales. Inventories fluctuated widely, including a large negative adjustment of $1.07 billion in 2021, implying inventory management challenges or write-downs. Accounts payable and accrued liabilities showed large increases in 2020 and especially in 2021, suggesting extended payment terms or increased supplier liabilities.
Operating Cash Flow: Net cash provided by operating activities exhibited an overall upward trend from $935 million in 2017 to $2.19 billion in 2021, despite a dip in 2019. This indicates improving operational cash generation capacity over time.
Investing Activities: Net cash used in investing activities consistently remained negative, reflecting continuous capital expenditures ranging from $820 million to almost $1.29 billion annually, alongside purchases and sales of available-for-sale securities. Acquisition activity peaked negatively in 2018, consistent with a major outflow of cash.
Financing Activities: Cash flows from financing activities were positive in 2017, then shifted to negative in subsequent years, reaching a low in 2021 with usage of $682 million. This pattern indicates increasing debt repayments, stock repurchases, and dividend payments reducing financing cash inflows.
Liquidity and Cash Position: Cash, cash equivalents, and restricted cash began at $711 million in 2017, peaked in 2018 at $2.19 billion, and then decreased, stabilizing around $786 million by the end of 2021. Net changes in cash mirrored fluctuations in operating, investing, and financing activities with high volatility, reflecting significant capital deployment and financial restructuring.

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Mosaic Co. (NYSE:MOS)

Cash Flow Statement