Name: Mosaic Co. (NYSE:MOS) | Cash Flow Statement
Creator: Stock Analysis on Net

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.

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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).

Operational cash flow exhibits a general upward trend over the five-year period, growing from 935.5 million USD in 2017 to 2.187 billion USD in 2021. This growth occurs despite significant volatility in net earnings, which fluctuated from a loss of 1.09 billion USD in 2019 to a profit of 1.63 billion USD in 2021. The stability of cash provided by operating activities relative to net income is largely attributable to substantial non-cash adjustments, specifically consistent annual depreciation, depletion, and amortization expenses ranging between 665.5 million USD and 883.9 million USD.

Operating Cash Flow and Working Capital: Net cash from operating activities increased steadily, peaking in 2021. However, working capital management shows high variability. In 2021, a significant increase in inventories (1.067 billion USD outflow) and receivables (683.6 million USD outflow) was largely offset by a substantial increase in accounts payable and accrued liabilities (995.1 million USD inflow). Non-recurring items, such as the 588.6 million USD impairment of goodwill and 871 million USD in mine closure costs in 2019, heavily impacted net earnings without reducing operational cash liquidity.
Investing Activities and Capital Deployment: Investing activities remained consistently negative, reflecting a sustained commitment to capital expenditures, which averaged approximately 1.1 billion USD annually. The most significant investment outflow occurred in 2018, driven by a 985.3 million USD net acquisition. Activity in available-for-sale securities was frequent but largely neutral, as purchases were typically offset by corresponding proceeds from sales. Proceeds from the sale of assets were negligible after 2017, indicating a shift away from divestment toward asset maintenance and expansion.
Financing Activities and Debt Management: A transition is observed from net financing inflows in 2017 (1.2 billion USD) to consistent net outflows from 2018 through 2021. The company maintains a high volume of short-term liquidity cycling, characterized by large, offsetting proceeds and payments of short-term debt and structured accounts payable arrangements. Long-term debt issuance peaked in 2017 but ceased almost entirely by 2021, coinciding with increased capital returns to shareholders. Specifically, stock repurchases accelerated in 2021 to 410.9 million USD, and cash dividends showed a gradual increase from 2019 levels.
Overall Liquidity Position: The net change in cash has been volatile, resulting in a year-end cash, cash equivalents, and restricted cash balance that fluctuated between a low of 532.3 million USD in 2019 and a high of 2.194 billion USD in 2018. By the end of 2021, the cash position improved to 786.3 million USD, supported by strong operating cash flows that more than covered the combined requirements of capital expenditures and financing outflows.

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