Mosaic Co. (NYSE:MOS)

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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	1,179,800)	(147,100)	(1,131,100)	414,800)	191,600)
Net sales	4,922,900)	3,116,400)	3,241,300)	3,886,300)	3,589,200)
Segment Profitability Ratio
Segment profit margin¹	23.97%	-4.72%	-34.90%	10.67%	5.34%

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 × 1,179,800 ÷ 4,922,900 = 23.97%

The Phosphates segment exhibited significant volatility in operating performance and profitability between 2017 and 2021. The period was characterized by an initial phase of growth, followed by a severe contraction in 2019, and a subsequent robust recovery that culminated in peak performance in 2021.

Net Sales Trends: Revenue remained relatively stable between 2017 and 2020, fluctuating within a range of approximately $3.12 billion to $3.89 billion. However, a substantial increase occurred in 2021, with net sales rising to $4.92 billion, marking the highest revenue level in the analyzed period.
Operating Earnings Volatility: Operating earnings demonstrated extreme variance. After rising from $191.6 million in 2017 to $414.8 million in 2018, the segment experienced a sharp reversal in 2019, posting a loss of $1.13 billion. While losses narrowed to $147.1 million in 2020, the segment achieved a significant turnaround in 2021 with earnings reaching $1.18 billion.
Segment Profit Margin Analysis: The profit margin reflected the cyclical nature of the segment's operations. The margin improved from 5.34% in 2017 to 10.67% in 2018 before collapsing to -34.90% in 2019. A gradual recovery was observed in 2020 as the margin improved to -4.72%, followed by a surge to 23.97% in 2021, representing the most profitable year in the sequence.

Overall, the data indicates a high sensitivity to market conditions, where a period of deep operational losses was offset by a strong expansion in both top-line revenue and bottom-line margins by the end of the five-year period.

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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	836,600)	401,500)	45,800)	454,100)	281,300)
Net sales	2,626,800)	2,019,300)	2,113,800)	2,173,900)	1,852,600)
Segment Profitability Ratio
Segment profit margin¹	31.85%	19.88%	2.17%	20.89%	15.18%

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 × 836,600 ÷ 2,626,800 = 31.85%

The Potash segment exhibited significant volatility in operational profitability between 2017 and 2021, characterized by a severe contraction in 2019 followed by a robust expansion through 2021. While net sales demonstrated a generally positive trajectory, operating earnings experienced extreme swings, indicating high sensitivity to market conditions.

Revenue and Earnings Trends: Net sales increased from 1.85 billion US dollars in 2017 to 2.63 billion US dollars in 2021. However, operating earnings showed a non-linear pattern, rising from 281.3 million US dollars in 2017 to 454.1 million US dollars in 2018, before dropping sharply to 45.8 million US dollars in 2019. A strong recovery followed, with earnings climbing to 401.5 million US dollars in 2020 and peaking at 836.6 million US dollars in 2021.
Segment Profit Margin Analysis: The segment profit margin fluctuated significantly over the observed period. An initial increase to 20.89% in 2018 was followed by a precipitous decline to 2.17% in 2019, marking the lowest point of operational efficiency. This was followed by a rapid rebound to 19.88% in 2020 and a further surge to 31.85% by the end of 2021.
Operational Efficiency Insights: The disparity between the relative stability of net sales and the extreme volatility of operating earnings suggests that profitability is heavily influenced by external pricing pressures or variable cost fluctuations. The peak margin achieved in 2021 indicates a period of significantly enhanced operational leverage or favorable market pricing relative to the previous four years.

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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	745,900)	346,500)	132,500)	227,000)	63,100)
Net sales	5,088,500)	3,481,600)	3,782,800)	3,747,100)	2,220,100)
Segment Profitability Ratio
Segment profit margin¹	14.66%	9.95%	3.50%	6.06%	2.84%

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 × 745,900 ÷ 5,088,500 = 14.66%

The Mosaic Fertilizantes segment demonstrated a strong upward trajectory in profitability and operational efficiency between 2017 and 2021. While the period was characterized by some volatility in the middle years, the segment concluded the five-year window with substantial growth in both absolute earnings and profit margins.

Net Sales Trends: Net sales grew from 2,220,100 thousand US$ in 2017 to 5,088,500 thousand US$ by 2021. A period of rapid expansion occurred between 2017 and 2019, followed by a slight contraction in 2020 to 3,481,600 thousand US$, before reaching a peak in 2021.
Operating Earnings Performance: Operating earnings exhibited significant growth, rising from 63,100 thousand US$ in 2017 to 745,900 thousand US$ in 2021. A notable fluctuation is observed in 2019, where earnings declined to 132,500 thousand US$ despite stable sales, indicating a temporary compression in operating efficiency during that fiscal year.
Segment Profit Margin Evolution: The segment profit margin expanded from 2.84% in 2017 to 14.66% in 2021. The margin experienced a dip to 3.50% in 2019 but subsequently accelerated sharply, nearly tripling between 2019 and 2021. This trend suggests a successful transition toward higher-margin operations or a significant reduction in relative operating costs.

The relationship between net sales and operating earnings indicates that profit growth outpaced revenue growth over the analyzed period. The disproportionate increase in operating earnings relative to sales, particularly from 2020 to 2021, highlights a marked improvement in the segment's ability to convert top-line revenue into operating profit.

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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	1.52	1.21	1.27	0.98	1.19
Potash	1.53	1.69	1.82	1.36	1.29
Mosaic Fertilizantes	2.14	1.37	1.34	0.94	1.93

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 analysis of capital expenditures relative to depreciation across reportable segments indicates a general trend of investment exceeding asset amortization, suggesting a strategy focused on capacity expansion or infrastructure modernization. While volatility exists across the different business units, the overall trajectory points toward increased capital intensity by the end of the observed period.

Phosphates: This segment exhibited a fluctuating but generally upward trajectory. After a decline to 0.98 in 2018, the ratio recovered and increased steadily, reaching a five-year peak of 1.52 in 2021. This indicates a renewed acceleration of capital investment in the latter half of the period.
Potash: Investment patterns in the Potash segment peaked in 2019 at 1.82. Following this peak, a gradual decline was observed over the subsequent two years, settling at 1.53 by 2021. Despite this recent moderation, the ratio remained consistently above 2017 levels, indicating sustained capital commitment.
Mosaic Fertilizantes: The most significant volatility was observed in this segment. The ratio dropped sharply from 1.93 in 2017 to 0.94 in 2018, before entering a period of consistent recovery. By 2021, the ratio surged to 2.14, representing the highest value recorded across all segments and years, signaling aggressive capital allocation toward the end of the period.

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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	649,900)	538,100)	545,200)	393,900)	401,000)
Depreciation, depletion and amortization expense	428,700)	443,400)	430,100)	403,700)	338,000)
Segment Financial Ratio
Segment capital expenditures to depreciation¹	1.52	1.21	1.27	0.98	1.19

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
= 649,900 ÷ 428,700 = 1.52

The financial trajectory of the Phosphates segment from 2017 to 2021 is characterized by a general increase in capital reinvestment relative to asset depreciation. While investment levels remained relatively stable between 2017 and 2018, a significant acceleration in capital expenditures occurred from 2019 onward, reaching a peak in 2021.

Capital Expenditure Trends: Annual capital expenditures rose from 401 million USD in 2017 to 649.9 million USD by 2021. A notable surge was observed between 2018 and 2019, where spending increased from 393.9 million USD to 545.2 million USD, marking a substantial expansion in capital allocation.
Depreciation, Depletion, and Amortization Patterns: Expenses for depreciation, depletion, and amortization grew steadily from 338 million USD in 2017 to a peak of 443.4 million USD in 2020. A slight contraction occurred in 2021, with expenses decreasing to 428.7 million USD.
Segment Capital Expenditures to Depreciation Ratio: The ratio fluctuated over the five-year period, falling to 0.98 in 2018, which indicates a period where capital spending did not fully offset the depreciation of the asset base. Following this dip, the ratio trended upward, reaching 1.27 in 2019 and peaking at 1.52 in 2021. This upward trend suggests a shift toward aggressive growth or significant modernization of the segment's infrastructure, as the company invested at a rate substantially higher than the rate of asset consumption.

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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	410,100)	478,200)	540,100)	410,500)	371,600)
Depreciation, depletion and amortization expense	267,800)	282,400)	296,300)	301,500)	287,200)
Segment Financial Ratio
Segment capital expenditures to depreciation¹	1.53	1.69	1.82	1.36	1.29

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
= 410,100 ÷ 267,800 = 1.53

The Potash segment demonstrated a consistent pattern of investing in capital assets at a rate that exceeded the annual depreciation, depletion, and amortization expenses from 2017 through 2021. This indicates a sustained strategy of asset replacement and capacity expansion over the five-year period.

Capital Expenditures Trend: Investment in capital assets exhibited an upward trajectory from 2017, rising from 371.6 million US dollars to a peak of 540.1 million US dollars in 2019. Following this peak, expenditures moderated, declining to 478.2 million US dollars in 2020 and further to 410.1 million US dollars by the end of 2021.
Depreciation, Depletion, and Amortization Analysis: Expense levels for depreciation, depletion, and amortization remained relatively stable throughout the period. After a slight increase to 301.5 million US dollars in 2018, these expenses entered a gradual decline, ending the period at 267.8 million US dollars in 2021.
Capital Expenditures to Depreciation Ratio: The ratio of capital expenditures to depreciation remained consistently above 1.0, confirming that capital reinvestment surpassed asset consumption in every reported year. The ratio climbed from 1.29 in 2017 to a high of 1.82 in 2019, reflecting an intensified period of investment. In the subsequent two years, the ratio contracted to 1.69 in 2020 and 1.53 in 2021, indicating a reduction in the pace of investment relative to asset depreciation.

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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	216,100)	144,900)	182,300)	148,200)	32,700)
Depreciation, depletion and amortization expense	101,200)	105,700)	135,800)	158,500)	16,900)
Segment Financial Ratio
Segment capital expenditures to depreciation¹	2.14	1.37	1.34	0.94	1.93

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
= 216,100 ÷ 101,200 = 2.14

The financial trajectory of the Mosaic Fertilizantes segment between 2017 and 2021 is characterized by significant fluctuations in capital allocation and asset consumption. The investment pattern indicates a transition from a period of asset depreciation dominance in 2018 toward a strategy of aggressive capital expansion by 2021.

Capital Expenditures Trend: Investment levels exhibited substantial volatility, starting at 32.7 million US$ in 2017 and peaking at 216.1 million US$ in 2021. A notable increase occurred in 2018, followed by a further rise in 2019, a temporary contraction in 2020, and a final surge in 2021, reflecting a general long-term upward trend in capital deployment.
Depreciation, Depletion, and Amortization (DD&A) Analysis: DD&A expenses experienced a sharp escalation in 2018, rising from 16.9 million US$ to 158.5 million US$. Following this peak, a consistent downward trend was observed, with expenses declining each subsequent year to reach 101.2 million US$ by the end of 2021.
Segment Capital Expenditures to Depreciation Ratio: The ratio fluctuated significantly, serving as an indicator of the segment's reinvestment strategy. In 2018, the ratio fell to 0.94, marking the only period in the analyzed timeframe where depreciation exceeded capital expenditures, suggesting a temporary reduction in relative investment. This was followed by a recovery in 2019 and 2020, culminating in a ratio of 2.14 in 2021. This final peak indicates that capital reinvestment more than doubled the rate of asset depreciation, pointing toward a period of significant capacity expansion or modernization.

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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	4,922,900)	3,116,400)	3,241,300)	3,886,300)	3,589,200)
Potash	2,626,800)	2,019,300)	2,113,800)	2,173,900)	1,852,600)
Mosaic Fertilizantes	5,088,500)	3,481,600)	3,782,800)	3,747,100)	2,220,100)
Corporate, eliminations and other	(280,800)	64,400)	(231,600)	(220,000)	(252,500)
Total	12,357,400)	8,681,700)	8,906,300)	9,587,300)	7,409,400)

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).

Total net sales exhibited significant volatility over the five-year period from 2017 to 2021, characterized by an initial growth phase, a moderate contraction between 2019 and 2020, and a sharp acceleration in 2021. Consolidated revenue grew from $7.41 billion in 2017 to $12.36 billion in 2021, representing a substantial overall increase.

Phosphates Segment Trends: Net sales in the Phosphates segment were volatile, peaking in 2018 at $3.89 billion before experiencing a two-year decline to $3.12 billion in 2020. This downward trend was reversed abruptly in 2021, with sales surging to $4.92 billion, the highest value recorded in the period.
Potash Segment Trends: The Potash segment demonstrated a more stable but similar trajectory to the broader portfolio. After an increase to $2.17 billion in 2018, sales entered a period of gradual decline, reaching a low of $2.02 billion in 2020. A recovery occurred in 2021, with sales rising to $2.63 billion.
Mosaic Fertilizantes Growth Analysis: This segment showed the most aggressive expansion, particularly between 2017 and 2018, where sales jumped from $2.22 billion to $3.75 billion. Following a period of relative stability and a minor dip in 2020, the segment reached $5.09 billion in 2021, becoming the primary contributor to total net sales.
Corporate, Eliminations, and Other: Corporate eliminations typically acted as a reduction to total net sales throughout the period. An anomaly is observed in 2020, where the item reported a positive value of $64.4 million, deviating from the negative values seen in 2017, 2018, 2019, and 2021.

The synchronized growth across all three primary segments in 2021 suggests a systemic increase in market demand or pricing power across the product lines, resulting in a total revenue peak for the observed period.

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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	1,179,800)	(147,100)	(1,131,100)	414,800)	191,600)
Potash	836,600)	401,500)	45,800)	454,100)	281,300)
Mosaic Fertilizantes	745,900)	346,500)	132,500)	227,000)	63,100)
Corporate, eliminations and other	(293,800)	(188,000)	(142,100)	(167,600)	(70,300)
Total	2,468,500)	412,900)	(1,094,900)	928,300)	465,700)

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).

Total operating earnings exhibited extreme volatility between 2017 and 2021, characterized by a severe contraction in 2019 followed by a rapid recovery and substantial expansion. After an initial increase from 465.7 million US dollars in 2017 to 928.3 million US dollars in 2018, total earnings dropped to a deficit of 1.0949 billion US dollars in 2019, before rebounding to a period high of 2.4685 billion US dollars by the end of 2021.

Phosphates Segment Volatility: The Phosphates segment was the primary driver of overall earnings instability. While the segment performed strongly in 2018, it experienced a significant collapse in 2019, reporting a loss of 1.1311 billion US dollars. This deficit continued into 2020, albeit at a reduced scale of 147.1 million US dollars, before achieving a sharp recovery to 1.1798 billion US dollars in 2021.
Potash Segment Growth: Operating earnings for the Potash segment remained positive throughout the analyzed period but showed sensitivity to market conditions in 2019, where earnings fell to 45.8 million US dollars. A robust upward trend followed, with earnings increasing to 401.5 million US dollars in 2020 and reaching 836.6 million US dollars in 2021.
Mosaic Fertilizantes Expansion: The Mosaic Fertilizantes segment demonstrated the most consistent growth trajectory among the reportable segments. Earnings increased from 63.1 million US dollars in 2017 to 745.9 million US dollars in 2021. Despite a moderate decline in 2019, the segment maintained a steady upward momentum, providing a stabilizing effect on the total operating results.
Corporate and Eliminations Trend: Corporate, eliminations, and other items represented a consistent drag on operating earnings. The negative impact of these items expanded steadily every year, increasing from a cost of 70.3 million US dollars in 2017 to 293.8 million US dollars in 2021.

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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	649,900)	538,100)	545,200)	393,900)	401,000)
Potash	410,100)	478,200)	540,100)	410,500)	371,600)
Mosaic Fertilizantes	216,100)	144,900)	182,300)	148,200)	32,700)
Corporate, eliminations and other	12,500)	9,400)	4,600)	1,900)	14,800)
Total	1,288,600)	1,170,600)	1,272,200)	954,500)	820,100)

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).

Total capital expenditures exhibited a general upward trajectory between 2017 and 2021, rising from 820.1 million US$ to 1,288.6 million US$. A significant increase occurred in 2019, where spending peaked at 1,272.2 million US$, followed by a slight contraction in 2020 and a subsequent recovery to a five-year high in 2021.

Phosphates Segment Trends: The Phosphates segment demonstrated consistent growth in capital allocation over the analyzed period. Expenditures rose from 401 million US$ in 2017 to 649.9 million US$ in 2021. This segment became the primary driver of total capital expenditures, particularly from 2019 onward, indicating a sustained investment strategy in phosphate assets.
Potash Segment Trends: Capital spending in the Potash segment followed a bell-shaped trajectory. Investment increased from 371.6 million US$ in 2017 to a peak of 540.1 million US$ in 2019. However, spending declined in the subsequent two years, returning to 410.1 million US$ by 2021, effectively neutralizing most of the gains seen during the 2019 peak.
Mosaic Fertilizantes Expansion: The Mosaic Fertilizantes segment experienced the most aggressive relative growth. Starting at 32.7 million US$ in 2017, expenditures surged to 148.2 million US$ in 2018 and continued to climb, reaching 216.1 million US$ by 2021. This represents a significant shift in resource allocation toward this specific reportable segment.
Corporate and Other Expenditures: Expenditures within the Corporate, eliminations, and other category remained minimal relative to operational segments. After a sharp decline from 14.8 million US$ in 2017 to 1.9 million US$ in 2018, spending trended upward gradually to end at 12.5 million US$ in 2021.

The overall capital expenditure profile suggests a strategic pivot. While Potash investments were prioritized through 2019, the latter part of the period is characterized by intensified investment in Phosphates and the rapid scaling of Mosaic Fertilizantes.

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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	428,700)	443,400)	430,100)	403,700)	338,000)
Potash	267,800)	282,400)	296,300)	301,500)	287,200)
Mosaic Fertilizantes	101,200)	105,700)	135,800)	158,500)	16,900)
Corporate, eliminations and other	15,200)	16,100)	20,500)	20,200)	23,400)
Total	812,900)	847,600)	882,700)	883,900)	665,500)

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).

Total depreciation, depletion, and amortization expenses experienced a significant increase between 2017 and 2018, rising from $665.5 million to a peak of $883.9 million. Following this peak, a gradual downward trend was observed, with total expenses declining to $812.9 million by the end of 2021.

Phosphates Segment Trend: The Phosphates segment consistently represents the largest share of total expenses. An upward trajectory was observed from 2017 through 2020, during which expenses grew from $338.0 million to $443.4 million. A slight reduction occurred in 2021, bringing the expense to $428.7 million.
Potash Segment Trend: Expenses within the Potash segment remained relatively stable over the analyzed period. After a modest increase to $301.5 million in 2018, a consistent decline was noted over the following three years, ending at $267.8 million in 2021.
Mosaic Fertilizantes Trend: This segment showed the highest degree of volatility. A sharp increase occurred in 2018, with expenses rising from $16.9 million to $158.5 million. This was followed by a steady annual decrease, with expenses falling to $101.2 million by the end of 2021.
Corporate, Eliminations, and Other Trend: The corporate and other category exhibited a gradual and consistent decrease throughout the period, moving from $23.4 million in 2017 to $15.2 million in 2021.

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