Analysis of Reportable Segments
Mosaic Co. operates in 3 segments: Phosphates; Potash; and Mosaic Fertilizantes.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
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Segment Profit Margin
Mosaic Co., profit margin by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Phosphates | |||||
| Potash | |||||
| Mosaic Fertilizantes |
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).
- Phosphates Segment Profit Margin
- The profit margin for the phosphates segment exhibited considerable volatility over the analyzed period. In 2017, the margin was relatively modest at 5.34%, followed by a notable increase to 10.67% in 2018. However, the segment experienced a significant downturn in 2019, with the margin plunging drastically to -34.9%, indicating substantial losses. Although there was some recovery in 2020, the margin remained negative at -4.72%. By 2021, the segment rebounded strongly with a positive margin of 23.97%, representing the highest profitability level within the period under review.
- Potash Segment Profit Margin
- The potash segment demonstrated a generally positive and upward trend throughout the period. Beginning with a 15.18% margin in 2017, the segment improved appreciably to 20.89% in 2018. Despite a sharp reduction to 2.17% in 2019, this was followed by recovery in 2020 to 19.88%, and a further increase to 31.85% in 2021, the peak value for the segment. Overall, this segment maintained profitability each year and ended with a strong upward trajectory.
- Mosaic Fertilizantes Segment Profit Margin
- This segment's profit margin showed steady improvement over the five-year span. Starting at a low 2.84% in 2017, the margin increased to 6.06% in 2018, followed by a slight dip to 3.5% in 2019. Subsequently, the segment posted notable gains, reaching 9.95% in 2020 and further advancing to 14.66% in 2021. The trend conveys a consistent recovery and growth in profitability, albeit at a lower level compared to the potash segment.
- Summary of Trends
- The data reveal distinct patterns within each segment. The phosphates segment underwent significant fluctuations, including a severe loss period in 2019 and 2020 before a strong recovery in 2021. The potash segment remained profitable throughout and exhibited overall growth, with only a brief setback in 2019. The Mosaic Fertilizantes segment showed gradual but consistent improvement in profit margins, indicating steady growth in profitability. The year 2019 stands out as a challenging period across segments, particularly for phosphates and potash, while 2021 marks a year of robust recovery across all segments.
Segment Profit Margin: Phosphates
Mosaic Co.; Phosphates; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Operating earnings | |||||
| Net sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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 2021 Calculation
Segment profit margin = 100 × Operating earnings ÷ Net sales
= 100 × ÷ =
- Operating Earnings
- Operating earnings demonstrated significant volatility over the five-year period. Initially, there was a substantial increase from approximately $192 million in 2017 to about $415 million in 2018. However, this was followed by a marked deterioration in 2019, with operating earnings plunging to a loss of approximately $1.13 billion. Despite some recovery in 2020, losses persisted, albeit at a substantially lower magnitude of around $147 million. The year 2021 marked a strong turnaround with operating earnings rising sharply to nearly $1.18 billion.
- Net Sales
- Net sales exhibited fluctuations but an overall upward trend. Sales increased modestly from roughly $3.59 billion in 2017 to about $3.89 billion in 2018. A decline was observed during 2019 and 2020, with net sales decreasing to approximately $3.24 billion and $3.12 billion respectively. A significant rebound occurred in 2021, with net sales surging to nearly $4.92 billion, representing the highest point in the period analyzed.
- Segment Profit Margin
- The segment profit margin reflected the operating earnings trend, showing fluctuations and a wide range. It improved from 5.34% in 2017 to 10.67% in 2018 before deteriorating sharply into a negative margin of -34.9% in 2019. A partial recovery was seen in 2020 with the margin improving to -4.72%, followed by a robust positive margin of 23.97% in 2021, indicating enhanced profitability and operational efficiency in the latest year.
- Overall Insights
- The data indicates considerable volatility within the segment over the years. The sharp deterioration in 2019 in both operating earnings and profit margin suggests significant challenges during that year, potentially related to market conditions or operational issues. The recovery in 2020 was modest, but 2021 showed a strong positive turnaround, with revenues and profitability reaching their highest levels in the period reviewed. This recovery points to effective management responses or improved market dynamics contributing to enhanced financial performance.
Segment Profit Margin: Potash
Mosaic Co.; Potash; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Operating earnings | |||||
| Net sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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 2021 Calculation
Segment profit margin = 100 × Operating earnings ÷ Net sales
= 100 × ÷ =
- Operating Earnings
- Operating earnings experienced significant fluctuations over the five-year period. Starting at $281.3 million in 2017, there was a notable increase to $454.1 million in 2018. However, 2019 saw a sharp decline to $45.8 million, followed by a recovery in 2020 with $401.5 million. The upward trend strongly continued in 2021, with operating earnings reaching $836.6 million, the highest level in the period analyzed.
- Net Sales
- Net sales showed a generally positive trend with some variability. Beginning at $1.85 billion in 2017, sales increased to $2.17 billion in 2018. In 2019, a slight decrease occurred to $2.11 billion, followed by another decline to $2.02 billion in 2020. In 2021, net sales grew markedly to $2.63 billion, exceeding previous year levels and hitting a peak in the dataset.
- Segment Profit Margin
- The segment profit margin mirrored the fluctuations in operating earnings, reflecting variable profitability. The margin improved from 15.18% in 2017 to 20.89% in 2018. A significant reduction to 2.17% occurred in 2019, consistent with the drop in operating earnings. Recovering profitability was evident in 2020 with a margin of 19.88%, followed by a substantial increase to 31.85% in 2021, indicating a strong improvement in cost efficiency or pricing power.
- Summary of Trends
- The data indicates that while 2019 presented challenges resulting in reduced earnings and profitability, the overall trend from 2017 through 2021 is upward. Notably, the strong performance in 2021 highlights exceptional growth in both sales and profit margins, suggesting enhanced operational performance and possibly favorable market conditions for the segment. The pattern suggests resilience and an ability to recover swiftly after downturns.
Segment Profit Margin: Mosaic Fertilizantes
Mosaic Co.; Mosaic Fertilizantes; segment profit margin calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Operating earnings | |||||
| Net sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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 2021 Calculation
Segment profit margin = 100 × Operating earnings ÷ Net sales
= 100 × ÷ =
The financial performance of Mosaic Fertilizantes over the analyzed five-year period demonstrates significant fluctuation and overall growth in key operational metrics.
- Operating Earnings
- The operating earnings exhibit a substantial upward trend with notable variability. Starting at 63.1 million US dollars in 2017, the earnings increased sharply to 227 million in 2018, followed by a decline to 132.5 million in 2019. However, the segment recovered and expanded markedly in the subsequent years, reaching 346.5 million in 2020 and further climbing to 745.9 million by the end of 2021. This indicates a strong rebound and growth in operating profitability toward the end of the period.
- Net Sales
- Net sales reflected a generally positive growth trajectory, albeit with some oscillations. From 2.22 billion US dollars in 2017, sales increased significantly to 3.75 billion in 2018 and remained relatively stable at 3.78 billion in 2019. A decline was observed in 2020, with net sales decreasing to 3.48 billion, likely influenced by external factors impacting demand or pricing. Nevertheless, sales surged to a peak of 5.09 billion in 2021, indicating strong market demand and/or pricing power during this latter period.
- Segment Profit Margin
- The segment profit margin percentage reveals an overall improving profitability trend. Starting from a modest 2.84% in 2017, the margin more than doubled to 6.06% in 2018 but declined to 3.5% in 2019, mirroring the dip in operating earnings. A noteworthy improvement is seen in 2020 with the margin rising to 9.95%, followed by continued expansion to 14.66% in 2021. This suggests enhanced operational efficiency or favorable pricing environment contributing to increased profitability margins over time.
In summary, the segment shows a pattern of initial growth, a dip in 2019, followed by robust recovery and significant improvement in both absolute and relative profitability measures by the end of 2021. The data points to enhanced operational performance and effective management of costs relative to sales, leading to stronger margins and higher earnings despite some sales volatility.
Segment Capital Expenditures to Depreciation
Mosaic Co., capital expenditures to depreciation by reportable segment
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Phosphates | |||||
| Potash | |||||
| Mosaic Fertilizantes |
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).
- Phosphates Segment
-
The capital expenditures to depreciation ratio for the Phosphates segment demonstrated moderate fluctuations over the five-year period. Starting at 1.19 in 2017, it declined to 0.98 in 2018, indicating a decrease in investment relative to depreciation. In 2019, the ratio increased again to 1.27, then slightly decreased to 1.21 in 2020. The ratio rose notably in 2021 to 1.52, suggesting an increased level of capital expenditures compared to depreciation, potentially reflecting enhanced investment activity or asset expansion within this segment.
- Potash Segment
-
The Potash segment's capital expenditures to depreciation ratio exhibited a general upward trend from 2017 through 2019. Beginning at 1.29 in 2017, the ratio increased to 1.36 in 2018 and peaked at 1.82 in 2019, indicating substantial capital investment relative to asset depreciation. However, this trend reversed somewhat with a decrease to 1.69 in 2020 and further to 1.53 in 2021. Despite the decline, the ratio remained above 1.5 during the last two years, suggesting sustained but reduced capital expenditure compared to prior peaks.
- Mosaic Fertilizantes Segment
-
The capital expenditures to depreciation ratio for the Mosaic Fertilizantes segment showed considerable variability. Starting at a high level of 1.93 in 2017, the ratio fell substantially to 0.94 in 2018, implying a marked reduction in capital expenditures relative to depreciation for that year. Subsequently, the ratio rebounded to 1.34 in 2019 and showed a slight increase to 1.37 in 2020. A significant jump was observed in 2021, reaching 2.14, the highest value across all segments and periods analyzed. This suggests a strong escalation in capital investments during 2021, significantly outpacing asset depreciation.
Segment Capital Expenditures to Depreciation: Phosphates
Mosaic Co.; Phosphates; segment capital expenditures to depreciation calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Capital expenditures | |||||
| Depreciation, depletion and amortization expense | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion and amortization expense
= ÷ =
- Capital Expenditures
- Capital expenditures showed variability over the five-year period, starting at $401.0 million in 2017 and experiencing a slight decline in 2018 to $393.9 million. Thereafter, the spending increased significantly in 2019 to $545.2 million and remained relatively stable in 2020 at $538.1 million. In 2021, capital expenditures reached a peak of $649.9 million, indicating a strong upward trend in investment towards the end of the period.
- Depreciation, Depletion and Amortization Expense
- This expense category generally increased from $338.0 million in 2017 to a peak of $443.4 million in 2020, reflecting higher amortization associated with prior capital expenditures or asset base growth. In 2021, the expense declined slightly to $428.7 million, suggesting either a reduction in asset base depreciation rates or changes in asset composition.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation fluctuated over the period. It started above 1.0 in 2017 at 1.19, dropped below parity in 2018 to 0.98, indicating capital spending was lower than depreciation expense. The ratio then rebounded to 1.27 in 2019 and remained above 1.0 in 2020 at 1.21, showing that capital investments exceeded asset amortization during these years. In 2021, this ratio rose further to 1.52, the highest in the period, suggesting a significant increase in capital investment relative to the depreciation expense.
- Overall Trends and Insights
- Over the five years, capital expenditures demonstrated a general upward trajectory with notable acceleration starting in 2019. The depreciation expense followed a rising trend until 2020 before a slight decline in the final year. The capital expenditure to depreciation ratio highlights periods of investment growth, particularly from 2019 onward, where capital expenditures consistently exceeded depreciation, indicating expansion or renewal of asset base. The sharp increase in the ratio in 2021 may reflect strategic decisions to enhance capacity or upgrade assets within the segment.
Segment Capital Expenditures to Depreciation: Potash
Mosaic Co.; Potash; segment capital expenditures to depreciation calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Capital expenditures | |||||
| Depreciation, depletion and amortization expense | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion and amortization expense
= ÷ =
- Capital Expenditures
- The capital expenditures demonstrate a fluctuating trend over the analyzed period. Starting at $371.6 million in 2017, there was a consistent increase reaching a peak of $540.1 million in 2019. Subsequently, capital expenditures declined to $478.2 million in 2020 and further decreased to $410.1 million in 2021. Overall, despite the decline in the last two years, the 2021 figure remains above the initial 2017 level.
- Depreciation, Depletion, and Amortization Expense
- The depreciation, depletion, and amortization expense shows a gradual decreasing trend throughout the period. It began at $287.2 million in 2017, increased slightly to $301.5 million in 2018, and then steadily declined each year, reaching $267.8 million in 2021. This overall downward trend may suggest reduced asset base charges or changes in asset valuation or usage.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation exhibits a generally elevated level with some variation. It started at 1.29 in 2017 and increased to a peak of 1.82 in 2019, indicating that capital investments were substantially higher than depreciation charges that year. Following 2019, the ratio decreased to 1.69 in 2020 and further to 1.53 in 2021, suggesting the pace of capital expenditure growth relative to depreciation is slowing but still exceeding the depreciation expense each year.
- Overall Insights
- The data indicates that capital investments were particularly aggressive through 2019, potentially reflecting a period of expansion or enhancement of productive capacity. The declining depreciation expense might indicate aging of the asset base or changes in accounting estimates. The high capital expenditures to depreciation ratio implies continued reinvestment in assets beyond the rate at which existing assets are being expensed, though the decreasing trend post-2019 suggests a moderation in spending intensity relative to asset charges.
Segment Capital Expenditures to Depreciation: Mosaic Fertilizantes
Mosaic Co.; Mosaic Fertilizantes; segment capital expenditures to depreciation calculation
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Capital expenditures | |||||
| Depreciation, depletion and amortization expense | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion and amortization expense
= ÷ =
- Capital Expenditures
- Capital expenditures exhibit a fluctuating trend over the examined period. There was a substantial increase from 32.7 million US dollars in 2017 to 148.2 million in 2018, representing more than a fourfold rise. This upward movement continued to 182.3 million in 2019, followed by a decline to 144.9 million in 2020. In 2021, capital expenditures escalated again to reach 216.1 million, the highest figure recorded in the period.
- Depreciation, Depletion, and Amortization Expense
- This expense category shows an initial sharp rise from 16.9 million in 2017 to 158.5 million in 2018, suggesting a significant increase in asset base or changes in accounting estimates. Following this peak, there is a consistent downward trend: the figures declined to 135.8 million in 2019, 105.7 million in 2020, and further reduced to 101.2 million in 2021. This decline suggests either slower asset depreciation or disposals of depreciable assets during this period.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation fluctuates across the years, indicating varying investment intensity relative to asset depreciation. Beginning at 1.93 in 2017, there was a steep drop to 0.94 in 2018, implying that depreciation expenses exceeded capital spending during that year. The ratio recovered to 1.34 in 2019 and slightly increased to 1.37 in 2020, suggesting a gradual rise in investment relative to asset depreciation. In 2021, the ratio peaked at 2.14, indicating a significant increase in capital expenditure relative to depreciation, which may signal an expansion phase or asset base renewal.
Net sales
Mosaic Co., net sales by reportable segment
US$ in thousands
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Phosphates | |||||
| Potash | |||||
| Mosaic Fertilizantes | |||||
| Corporate, eliminations and other | |||||
| Total |
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).
The annual reportable segment net sales data reveals several notable trends and fluctuations over the five-year period. Overall, there is an observable growth pattern in total net sales, with figures increasing from 7,409,400 thousand US dollars in 2017 to 12,357,400 thousand US dollars in 2021. This represents a substantial rise despite some variability in interim years.
- Phosphates Segment
- Net sales in the Phosphates segment exhibit variability over the period. Sales increased from 3,589,200 thousand US dollars in 2017 to a peak of 3,886,300 thousand US dollars in 2018, followed by a decline to 3,241,300 thousand US dollars in 2019 and a further slight decrease to 3,116,400 thousand US dollars in 2020. However, there was a significant rebound in 2021, with sales reaching 4,922,900 thousand US dollars, the highest value in the dataset.
- Potash Segment
- The Potash segment shows a relatively stable sales trend with moderate growth. Sales rose from 1,852,600 thousand US dollars in 2017 to 2,173,900 thousand US dollars in 2018 before a small decrease to 2,113,800 thousand US dollars in 2019. Sales then declined further to 2,019,300 thousand US dollars in 2020 but recovered to 2,626,800 thousand US dollars in 2021. Despite the fluctuations, the end value reflects an overall upward movement.
- Mosaic Fertilizantes Segment
- This segment experienced substantial increases, especially notable after 2017. Starting at 2,220,100 thousand US dollars in 2017, sales increased sharply to 3,747,100 thousand US dollars in 2018 and maintained a comparable level at 3,782,800 thousand US dollars in 2019. Although a minor drop to 3,481,600 thousand US dollars occurred in 2020, there was a strong recovery to 5,088,500 thousand US dollars in 2021, representing the highest annual sales for this segment during the period.
- Corporate, Eliminations, and Other
- The Corporate, eliminations, and other category generally shows negative values, indicating net deductions. The values started at -252,500 thousand US dollars in 2017 and moved towards smaller negative amounts of -220,000 thousand in 2018 and -231,600 thousand in 2019. An exception is noted in 2020 with a positive figure of 64,400 thousand US dollars. However, the category reverted to a negative figure at -280,800 thousand US dollars in 2021. This volatility suggests adjustments or eliminations impacting consolidated net sales differently across years.
- Total Net Sales
- The aggregate net sales reveal a general increasing trend. After a rise from 7,409,400 thousand US dollars in 2017 to 9,587,300 thousand US dollars in 2018, sales slightly declined in 2019 to 8,906,300 thousand US dollars and again to 8,681,700 thousand US dollars in 2020. A marked increase occurred in 2021 when total net sales reached 12,357,400 thousand US dollars. The significant increase in 2021 is primarily driven by substantial improvements in the Phosphates and Mosaic Fertilizantes segments.
Operating earnings
Mosaic Co., operating earnings by reportable segment
US$ in thousands
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Phosphates | |||||
| Potash | |||||
| Mosaic Fertilizantes | |||||
| Corporate, eliminations and other | |||||
| Total |
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).
- Phosphates Segment
- The Phosphates segment experienced substantial fluctuations over the five-year period. Initially, operating earnings increased markedly from $191.6 million in 2017 to $414.8 million in 2018. However, the segment then faced a significant downturn, reporting a substantial operating loss of $1.13 billion in 2019, followed by a smaller loss of $147.1 million in 2020. A strong recovery occurred in 2021, with earnings rising sharply to $1.18 billion, the highest in the observed period.
- Potash Segment
- The Potash segment showed a generally positive trend with some volatility. Earnings started at $281.3 million in 2017 and climbed to $454.1 million in 2018. In 2019, earnings dropped significantly to $45.8 million but rebounded to $401.5 million in 2020. The upward trajectory continued in 2021 with earnings reaching $836.6 million, indicating strong recovery and growth.
- Mosaic Fertilizantes Segment
- This segment displayed consistent growth throughout the period. Operating earnings increased steadily from $63.1 million in 2017 to $227.0 million in 2018, experienced a slight decline to $132.5 million in 2019, then rose markedly to $346.5 million in 2020 and further to $745.9 million in 2021. This pattern reflects improving profitability with a brief interruption in 2019.
- Corporate, Eliminations, and Other
- The corporate level and eliminations consistently showed negative operating earnings each year. The losses deepened over time, starting at $70.3 million in 2017 and increasing to $167.6 million in 2018. Although there was a slight improvement in 2019 to a loss of $142.1 million, losses again increased to $188.0 million in 2020 and further to $293.8 million in 2021. This indicates escalating corporate-level expenses or eliminations impacting overall profitability.
- Total Operating Earnings
- The total operating earnings reflect the combined effects of the segment performances and corporate overheads. There was a strong increase from $465.7 million in 2017 to $928.3 million in 2018. The total earnings then sharply declined into a significant loss of $1.09 billion in 2019, attributable mainly to the Phosphates segment loss that year. Recovery ensued with positive earnings of $412.9 million in 2020 and a further substantial increase to $2.47 billion in 2021, demonstrating a return to robust overall profitability.
Capital expenditures
Mosaic Co., capital expenditures by reportable segment
US$ in thousands
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Phosphates | |||||
| Potash | |||||
| Mosaic Fertilizantes | |||||
| Corporate, eliminations and other | |||||
| Total |
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).
- Phosphates Capital Expenditures
- The capital expenditures for Phosphates display an overall increasing trend over the five-year period. Beginning at $401,000 thousand in 2017, the amount remained relatively stable in 2018 at $393,900 thousand. A significant increase occurred in 2019 reaching $545,200 thousand. Although there was a slight decrease in 2020 to $538,100 thousand, expenditures surged again in 2021, peaking at $649,900 thousand. This suggests a growing investment focus in the Phosphates segment, especially notable during the latter part of the period.
- Potash Capital Expenditures
- Potash capital expenditures presented notable fluctuations. Starting at $371,600 thousand in 2017, there was an increase to $410,500 thousand in 2018 followed by a substantial rise to $540,100 thousand in 2019, indicating a period of heightened investment. However, in 2020, expenditures declined to $478,200 thousand and continued decreasing in 2021 to $410,100 thousand, returning to near 2018 levels. This pattern reflects a peak in capital spending in 2019 with a subsequent reduction possibly due to shifting strategic priorities or market conditions.
- Mosaic Fertilizantes Capital Expenditures
- The Mosaic Fertilizantes segment showed considerable growth in capital expenditures across the timeframe, with some variability. Expenditures began at $32,700 thousand in 2017, followed by a dramatic increase to $148,200 thousand in 2018. The upward trend continued, reaching $182,300 thousand in 2019. However, a decline to $144,900 thousand occurred in 2020, before rising again to $216,100 thousand in 2021. This suggests a growing emphasis on this segment, albeit with some adjustments year-over-year.
- Corporate, Eliminations, and Other Capital Expenditures
- This category showed the smallest capital expenditure amounts with modest fluctuations. Starting at $14,800 thousand in 2017, expenditures dropped sharply to $1,900 thousand in 2018, then gradually increased to $4,600 thousand in 2019 and $9,400 thousand in 2020, followed by further growth to $12,500 thousand in 2021. Although the absolute values remain low, the upward trend from 2018 onwards indicates a gradual increase in capital allocations or adjustments in corporate-level spending.
- Total Capital Expenditures
- Total reportable segment capital expenditures indicate a general ascending trend. Beginning at $820,100 thousand in 2017, total expenditures rose to $954,500 thousand in 2018 and experienced a significant jump to $1,272,200 thousand in 2019. Despite a decrease to $1,170,600 thousand in 2020, total spending rebounded in 2021 to $1,288,600 thousand, surpassing previous highs. This overall pattern reflects periods of increased capital deployment with minor retractions, corresponding closely with segment-level expenditure trends.
- Summary
- The analyzed data reveals that capital expenditures were primarily driven by the Phosphates and Potash segments, with Phosphates showing a consistent upward trajectory. Potash expenditures peaked mid-period before declining. Mosaic Fertilizantes displayed strong growth with some fluctuations, indicating increased investment focus. The Corporate, eliminations, and other category remained minimal but showed a gradual increase over time. Overall, the company’s total capital expenditures grew steadily, reflecting sustained investment activities with occasional year-to-year adjustments.
Depreciation, depletion and amortization expense
Mosaic Co., depreciation, depletion and amortization expense by reportable segment
US$ in thousands
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
|---|---|---|---|---|---|
| Phosphates | |||||
| Potash | |||||
| Mosaic Fertilizantes | |||||
| Corporate, eliminations and other | |||||
| Total |
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).
- Overall Trend
- The total depreciation, depletion, and amortization expense exhibited significant fluctuations over the analyzed period. There was a marked increase from 665.5 million US dollars in 2017 to a peak of 883.9 million in 2018, followed by a plateau in 2019. Subsequently, a declining trend emerged in 2020 and 2021, bringing the expense down to 812.9 million by the end of 2021.
- Phosphates Segment
- Depreciation, depletion, and amortization expenses in the phosphates segment showed a consistent upward trajectory between 2017 and 2020, starting at 338.0 million and reaching 443.4 million. However, this segment experienced a reversal in 2021, with expenses slightly decreasing to 428.7 million. The earlier increase signifies either expansion or enhanced capital investment in phosphate-related assets, whereas the recent decline could indicate a reduction in capital asset base or changes in amortization policies.
- Potash Segment
- The potash segment demonstrated a relatively stable expense pattern with a mild decline overall. It rose modestly from 287.2 million in 2017 to 301.5 million in 2018, then gradually decreased each year thereafter, falling to 267.8 million in 2021. This downward movement might reflect amortization of existing assets without replacement or operational adjustments in the potash business line.
- Mosaic Fertilizantes Segment
- This segment exhibited pronounced volatility. Expenses surged sharply from 16.9 million in 2017 to 158.5 million in 2018, signaling a likely acquisition, expansion, or capital investment. Afterward, the expense declined steadily, down to 101.2 million by 2021. The initial sharp increase followed by gradual reduction hints at one-time capital additions or change in asset base that subsequently stabilized.
- Corporate, Eliminations and Other
- Expenses in this category experienced a gradual decline throughout the period, decreasing from 23.4 million in 2017 to 15.2 million in 2021. The consistent downward trend suggests effective cost control measures or diminishing capital assets in corporate operations and adjustments related to eliminations.