v3.26.1
Business Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Business Segments
The reportable segments are determined by management based upon factors such as products and services, production processes, technologies, market dynamics and for which segment financial information is available for our chief operating decision maker (“CODM”). Our CODM is our chief executive officer.
Our CODM uses more than one measure to evaluate performance of our segments and allocate resources, including gross margin and operating earnings, for each segment. The financial results of our business segments includes certain allocations of corporate selling, general and administrative expenses. Therefore, the results may not represent the actual results that would be expected if the segments were independent, stand-alone businesses. Intersegment eliminations, including profit on intersegment sales, mark-to-market gains/losses on derivatives, debt expenses and the results of the China and India distribution businesses are included within Corporate, Eliminations and Other. For a description of our business segments, see Note 1 to the Condensed Consolidated Financial Statements.
Segment information for the three months ended March 31, 2026 and 2025 was as follows:
PhosphatePotashMosaic Fertilizantes
Corporate, Eliminations and Other(a)
Total
Three months ended March 31, 2026
Net sales to external customers$1,211.8 $671.4 $937.1 $177.7 $2,998.0 
Intersegment net sales214.2 (4.0)— (210.2)— 
Net sales1,426.0 667.4 937.1 (32.5)2,998.0 
Cost of goods sold(b)
1,422.6 476.1 902.5 (38.8)2,762.4 
Gross margin3.4 191.3 34.6 6.3 235.6 
Canadian resource taxes— 66.8 — — 66.8 
Gross margin (excluding Canadian resource taxes)3.4 258.1 34.6 6.3 302.4 
Selling, general and administrative(c)
12.9 8.6 36.1 78.3 135.9 
Loss on assets to be sold— — 232.6 — 232.6 
Other operating expenses(d)
38.4 5.7 188.0 7.9 240.0 
Operating earnings (loss)(47.9)176.9 (422.1)(79.8)(372.9)
Capital expenditures222.0 48.7 85.5 0.6 356.8 
Depreciation, depletion and amortization expense151.0 89.8 65.9 9.9 316.6 
Three months ended March 31, 2025
Net sales to external customers$964.8 $570.2 $933.8 $152.1 $2,620.9 
Intersegment net sales133.8 — — (133.8)— 
Net sales1,098.6 570.2 933.8 18.3 2,620.9 
Cost of goods sold(b)
931.3 401.6 806.8 (7.2)2,132.5 
Gross margin167.3 168.6 127.0 25.5 488.4 
Canadian resource taxes— 47.3 — — 47.3 
Gross margin (excluding Canadian resource taxes)167.3 215.9 127.0 25.5 535.7 
Selling, general and administrative(c)
12.1 7.8 23.2 79.5 122.6 
Other operating expenses(d)
15.8 4.1 5.3 2.1 27.3 
Operating earnings (loss)139.4 156.8 98.5 (56.2)338.5 
Capital expenditures236.3 45.1 59.2 0.2 340.8 
Depreciation, depletion and amortization expense113.2 81.0 38.1 10.7 243.0 
Total Assets
As of March 31, 2026$10,200.7 $6,464.9 $4,725.0 $3,177.9 $24,568.5 
As of December 31, 202510,239.0 6,610.6 4,618.5 3,012.0 24,480.1 
______________________________
(a)The “Corporate, Eliminations and Other” category includes the results of our ancillary distribution operations in India and China. For the three months ended March 31, 2026, distribution operations in India and China collectively had revenue of $177.0 million and gross margin
of $21.4 million. For the three months ended March 31, 2025, distribution operations in India and China collectively had revenue of $147.4 million and gross margin of $20.3 million. These operations do not meet the quantitative thresholds for determining reportable segments.
(b)The primary components of cost of goods sold are raw material purchases, including sulfur and ammonia, conversion costs and transportation costs.
(c)Selling, general and administrative expenses include nonmanufacturing payroll expense and professional services expense.
(d)Other operating expenses typically relate to five major categories: (1) AROs, (2) environmental and legal reserves, (3) idle facility costs, (4) insurance reimbursements, and (5) gain/loss on sale or disposal of fixed assets. In the first quarter of 2026, this specifically includes expenses such as contract terminations, impairment of property, plant and equipment, inventory write-offs and severance costs as a result of the decision to divest of the Araxá mining and chemical complex and idle the related mining activities at the Patrocínio complex in Brazil.

Financial information relating to our operations by geographic area is as follows:
 Three Months Ended 
 
March 31,
(in millions)20262025
Net sales(a)(b):
Brazil924.7 $907.0 
Canada405.4 340.5 
Other foreign countries485.9 310.6 
Total international sales1,816.0 1,558.1 
United States1,182.0 1,062.8 
Consolidated2,998.0 $2,620.9 
______________________________
(a)Revenues are attributed to countries based on location of customer.
(b)Sales to Canpotex were $315.2 million and $215.5 million for the three months ended March 31, 2026 and 2025, respectively. Canpotex sales to the ultimate third-party customers are made to customers in various countries. The countries with the largest portion of third-party customer sales are Brazil, China, India and Indonesia.

Net sales by product type are as follows:
 Three Months Ended 
 
March 31,
(in millions)20262025
Sales by product type:
Phosphate Crop Nutrients$1,041.5 $720.3 
Potash Crop Nutrients563.0 507.4 
Crop Nutrient Blends369.7 340.1 
Performance Products(a)
572.5 497.8 
Phosphate Rock29.0 119.9 
Other(b)
422.3 435.4 
$2,998.0 $2,620.9 
____________________________________________
(a)Includes sales of MicroEssentials®, K-Mag® and Aspire®.
(b)Includes sales of industrial potash, feed products, nitrogen and other products.