Mosaic Co 10-Q for FY2022 Q1

Mosaic Co (MOS)

10-Q 2022-05-03 For: 2022-03-31

Added on April 07, 2026

About this 10-Q

Mosaic Co filed this 10-Q on May 3, 2022, covering the quarter ended March 31, 2022 (FY2022 Q1).

Headline figures

Quarter ended March 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $3.92B; up 70.8% from $2.3B a year earlier
Net income: $1.18B; up 654.3% from net income of $156.7M a year earlier
Diluted EPS: $3.19; up 678.0% from $0.41 a year earlier

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Delaware			20-1026454
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	MOS	New York Stock Exchange


	Three months ended
	March 31, 2022		March 31, 2021
Net sales	$	3,922.3	$	2,297.1
Cost of goods sold	2,483.2		1,862.2
Gross margin	1,439.1		434.9
Selling, general and administrative expenses	132.4		101.7


Other operating expense	50.9		20.0
Operating earnings	1,255.8		313.2

Interest expense, net	(39.3)		(45.0)
Foreign currency transaction gain (loss)	310.7		(45.8)
Other income	0.2		3.0
Earnings from consolidated companies before income taxes	1,527.4		225.4
Provision for income taxes	372.4		59.7
Earnings from consolidated companies	1,155.0		165.7
Equity in net earnings (loss) of nonconsolidated companies	30.7		(7.5)
Net earnings including noncontrolling interests	1,185.7		158.2
Less: Net earnings attributable to noncontrolling interests	3.7		1.5
Net earnings attributable to Mosaic	$	1,182.0	$	156.7
Basic net earnings per share attributable to Mosaic	$	3.23	$	0.41
Basic weighted average number of shares outstanding	366.1		379.2
Diluted net earnings per share attributable to Mosaic	$	3.19	$	0.41
Diluted weighted average number of shares outstanding	370.1		382.8


	Three months ended
	March 31, 2022		March 31, 2021
Net earnings including noncontrolling interest	$	1,185.7	$	158.2
Other comprehensive income, net of tax
Foreign currency translation gain (loss)	305.3		(106.1)
Net actuarial gain and prior service cost	0.4		3.8
Realized gain on interest rate swap	0.5		0.5
Net (loss) on marketable securities held in trust fund	(28.4)		(17.8)
Other comprehensive income (loss)	277.8		(119.6)
Comprehensive income	1,463.5		38.6
Less: Comprehensive income (loss) attributable to noncontrolling interest	8.0		(0.8)
Comprehensive income attributable to Mosaic	$	1,455.5	$	39.4


	March 31, 2022		December 31, 2021

Assets
Current assets:
Cash and cash equivalents	$	881.9	$	769.5
Receivables, net, including affiliate receivables of $340.6 and $390.1, respectively	1,530.1		1,531.9
Inventories	3,326.5		2,741.4

Other current assets	486.9		282.5
Total current assets	6,225.4		5,325.3
Property, plant and equipment, net of accumulated depreciation of $8,579.6 and $8,238.1, respectively	12,837.6		12,475.3
Investments in nonconsolidated companies	727.2		691.8
Goodwill	1,196.4		1,172.2
Deferred income taxes	1,012.6		997.1
Other assets	1,423.9		1,374.7
Total assets	$	23,423.1	$	22,036.4
Liabilities and Equity
Current liabilities:
Short-term debt	$	480.5	$	302.8
Current maturities of long-term debt	599.7		596.6
Structured accounts payable arrangements	850.1		743.7
Accounts payable	848.7		1,260.7
Accrued liabilities	2,272.7		1,883.6


Total current liabilities	5,051.7		4,787.4
Long-term debt, less current maturities	3,377.6		3,382.2
Deferred income taxes	1,070.7		1,016.2
Other noncurrent liabilities	2,132.3		2,102.1
Equity:
Preferred Stock, $0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of March 31, 2022 and December 31, 2021	—		—
Common Stock, $0.01 par value, 1,000,000,000 shares authorized, 391,681,516 shares issued and 362,008,984 shares outstanding as of March 31, 2022, 390,815,099 shares issued and 368,732,231 shares outstanding as of December 31, 2021	3.6		3.7
Capital in excess of par value	56.6		478.0
Retained earnings	13,196.5		12,014.2
Accumulated other comprehensive loss	(1,618.3)		(1,891.8)
Total Mosaic stockholders' equity	11,638.4		10,604.1
Noncontrolling interests	152.4		144.4
Total equity	11,790.8		10,748.5
Total liabilities and equity	$	23,423.1	$	22,036.4


		Mosaic Shareholders
	Shares	Dollars
	Common Stock	Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive (Loss)		Noncontrolling Interests		Total Equity
Balance as of December 31, 2020	379.1	$	3.8	$	872.8	$	10,511.0	$	(1,806.2)	$	173.8	$	9,755.2

Total comprehensive income (loss)	—	—		—		156.7		(117.3)		(0.8)		38.6
Vesting of restricted stock units	0.6	—		(7.6)		—		—		—		(7.6)
Stock based compensation	—	—		11.0		—		—		—		11.0


Dividends for noncontrolling interests	—	—		—		—		—		(0.2)		(0.2)

Balance as of March 31, 2021	379.7	$	3.8	$	876.2	$	10,667.7	$	(1,923.5)	$	172.8	$	9,797.0












Balance as of December 31, 2021	368.7	$	3.7	$	478.0	$	12,014.2	$	(1,891.8)	$	144.4	$	10,748.5
Total comprehensive income (loss)	—	—		—		1,182.0		273.5		8.0		1,463.5
Stock option exercises	—	—		8.3		—		—		—		8.3
Vesting of restricted stock units	0.9	—		(19.5)		—		—		—		(19.5)
Stock based compensation	—	—		11.8		—		—		—		11.8
Share repurchases	(7.6)	(0.1)		(422.0)		—		—		—		(422.1)
Dividends	—	—		—		0.3		—		—		0.3


Balance as of March 31, 2022	362.0	$	3.6	$	56.6	$	13,196.5	$	(1,618.3)	$	152.4	$	11,790.8


Table of Contents


			THE MOSAIC COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)


	Three Months Ended March 31,
	2022		2021
Net income attributable to Mosaic	$	1,182.0	$	156.7
Basic weighted average number of shares outstanding	366.1		379.2
Dilutive impact of share-based awards	4.0		3.6
Diluted weighted average number of shares outstanding	370.1		382.8
Basic net income per share attributable to Mosaic	$	3.23	$	0.41
Diluted net income per share attributable to Mosaic	$	3.19	$	0.41


	March 31, 2022		December 31, 2021

Raw materials	$	373.7	$	296.6
Work in process	749.6		741.1
Finished goods	2,001.6		1,534.3
Final price deferred(a)	47.4		31.4
Operating materials and supplies	154.2		138.0
	$	3,326.5	$	2,741.4


	Potash		Mosaic Fertilizantes		Corporate, Eliminations and Other		Total



Balance as of December 31, 2021	$	1,064.2	$	95.9	$	12.1	$	1,172.2
Foreign currency translation	19.9		4.3		—		24.2




Balance as of March 31, 2022	$	1,084.1	$	100.2	$	12.1	$	1,196.4


	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Level 1
Cash and cash equivalents	$	7.1	$	—	$	—	$	7.1
Level 2
Corporate debt securities	198.6		0.8		(7.3)		192.1
Municipal bonds	201.0		0.9		(5.8)		196.1
U.S. government bonds	306.2		—		(21.6)		284.6
Total	$	712.9	$	1.7	$	(34.7)	$	679.9

	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Level 1
Cash and cash equivalents	$	8.1	$	—	$	—	$	8.1
Level 2
Corporate debt securities	198.8		5.6		(0.9)		203.5
Municipal bonds	198.1		6.5		(0.5)		204.1
U.S. government bonds	305.3		—		(6.1)		299.2
Total	$	710.3	$	12.1	$	(7.5)	$	714.9


	March 31, 2022				December 31, 2021
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Securities that have been in a continuous loss position for less than 12 months:
Corporate debt securities	$	143.8	$	(6.6)	$	67.1	$	(0.8)
Municipal bonds	127.2		(5.0)		39.9		(0.4)
U.S. government bonds	116.5		(8.3)		152.2		(2.5)
	$	387.5	$	(19.9)	$	259.2	$	(3.7)
Securities that have been in a continuous loss position for more than 12 months:


Corporate debt securities	$	6.5	$	(0.7)	$	3.6	$	(0.1)
Municipal bonds	10.3		(0.8)		4.5		(0.1)
U.S. government bonds	165.7		(13.3)		143.4		(3.6)
	$	182.5	$	(14.8)	$	151.5	$	(3.8)


	March 31, 2022
Due in one year or less	$	17.7
Due after one year through five years	348.4
Due after five years through ten years	280.7
Due after ten years	26.0
Total debt securities	$	672.8


	March 31, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value

Cash and cash equivalents	$	881.9	$	881.9	$	769.5	$	769.5
Accounts receivable	1,530.1		1,530.1		1,531.9		1,531.9
Accounts payable	848.7		848.7		1,260.7		1,260.7
Structured accounts payable arrangements	850.1		850.1		743.7		743.7
Short-term debt	480.5		480.5		302.8		302.8
Long-term debt, including current portion	3,977.3		4,261.0		3,978.8		4,516.1


	Foreign Currency Translation Gain (Loss)		Net Actuarial Gain and Prior Service Cost		Amortization of Gain on Interest Rate Swap		Net Gain (Loss) on Marketable Securities Held in Trust		Total
Three Months Ended March 31, 2022
Balance at December 31, 2021	$	(1,825.5)	$	(72.8)	$	5.2	$	1.3	$	(1,891.8)
Other comprehensive income (loss)	302.5		0.7		0.5		(37.0)		266.7
Tax (expense) benefit	2.8		(0.3)		—		8.6		11.1
Other comprehensive income (loss), net of tax	305.3		0.4		0.5		(28.4)		277.8
Other comprehensive income (loss) attributable to noncontrolling interest	(4.3)		—		—		—		(4.3)
Balance as of March 31, 2022	$	(1,524.5)	$	(72.4)	$	5.7	$	(27.1)	$	(1,618.3)

Three Months Ended March 31, 2021
Balance at December 31, 2020	$	(1,719.1)	$	(109.7)	$	3.7	$	18.9	$	(1,806.2)
Other comprehensive income (loss)	(114.4)		1.3		0.5		(17.8)		(130.4)
Tax (expense) benefit	8.3		2.5		—		—		10.8
Other comprehensive income (loss), net of tax	(106.1)		3.8		0.5		(17.8)		(119.6)
Other comprehensive income (loss) attributable to noncontrolling interest	2.3		—		—		—		2.3
Balance as of March 31, 2021	$	(1,822.9)	$	(105.9)	$	4.2	$	1.1	$	(1,923.5)


	March 31, 2022		December 31, 2021

Other current assets
Income and other taxes receivable	$	185.6	$	126.1
Prepaid expenses	163.5		107.3
Other	137.8		49.1
	$	486.9	$	282.5

Other assets
Restricted cash	$	9.4	$	8.5
MRO inventory	148.7		144.7
Marketable securities held in trust	695.8		731.5
Operating lease right-of-use assets	154.8		120.2
Indemnification asset	24.9		21.0
Long-term receivable	46.4		41.5
Other	343.9		307.3
	$	1,423.9	$	1,374.7

Accrued liabilities

Accrued dividends	$	1.9	$	43.6
Payroll and employee benefits	169.0		235.9
Asset retirement obligations	218.0		222.4

Customer prepayments (a)	818.4		437.7
Accrued income and other taxes	250.4		184.3
Operating lease obligation	56.1		59.7
Servicing liability	152.4		81.1
Other	606.5		618.9
	$	2,272.7	$	1,883.6

Other noncurrent liabilities
Asset retirement obligations	$	1,553.4	$	1,526.9
Accrued pension and postretirement benefits	127.9		64.3
Operating lease obligation	101.6		114.4
Unrecognized tax benefits	29.6		156.6
Other	319.8		239.9
	$	2,132.3	$	2,102.1


(in millions)	March 31, 2022		December 31, 2021
AROs, beginning of period	$	1,749.3	$	1,393.9
Liabilities incurred	4.6		20.2
Liabilities settled	(54.1)		(163.1)
Accretion expense	19.6		71.9
Revisions in estimated cash flows	12.1		443.3
Foreign currency translation	39.9		(16.9)
AROs, end of period	1,771.4		1,749.3
Less current portion	218.0		222.4
Non-current portion of AROs	$	1,553.4	$	1,526.9


	Phosphate		Potash		Mosaic Fertilizantes		Corporate, Eliminations and Other (a)		Total
Three months ended March 31, 2022
Net sales to external customers	$	1,152.8	$	1,035.7	$	1,488.6	$	245.2	$	3,922.3
Intersegment net sales	343.2		24.1		—		(367.3)		—
Net sales	1,496.0		1,059.8		1,488.6		(122.1)		3,922.3
Gross margin	527.7		578.9		219.3		113.2		1,439.1
Canadian resource taxes	—		157.2		—		—		157.2
Gross margin (excluding Canadian resource taxes)	527.7		736.1		219.3		113.2		1,596.3
Operating earnings	492.5		563.3		186.7		13.3		1,255.8
Capital expenditures	147.7		65.1		75.1		2.6		290.5
Depreciation, depletion and amortization expense	120.5		77.0		25.2		4.0		226.7



Three months ended March 31, 2021
Net sales to external customers	$	884.6	$	473.1	$	763.4	$	176.0	$	2,297.1
Intersegment net sales	116.4		4.3		—		(120.7)		—
Net sales	1,001.0		477.4		763.4		55.3		2,297.1
Gross margin	172.6		140.2		103.1		19.0		434.9
Canadian resource taxes	—		35.0		—		—		35.0
Gross margin (excluding Canadian resource taxes)	172.6		175.2		103.1		19.0		469.9

Operating earnings (loss)	152.9		124.9		90.5		(55.1)		313.2
Capital expenditures	152.5		96.5		38.8		0.8		288.6
Depreciation, depletion and amortization expense	102.4		79.5		23.2		4.0		209.1






























Total Assets
As of March 31, 2022	$	8,901.3	$	8,887.6	$	5,984.8	$	(350.6)	$	23,423.1
As of December 31, 2021	8,776.4		8,312.8		4,908.2		39.0		22,036.4


	Three Months Ended March 31,
(in millions)	2022		2021
Net sales(a):
Brazil	$	1,448.5	$	767.8
Canpotex(b)	492.5		150.2
Canada	230.5		190.4
China	220.8		125.7
Mexico	67.9		50.2
Argentina	53.6		17.3
Paraguay	35.0		19.0
Colombia	32.2		27.8
Japan	26.5		21.7
Australia	24.9		23.8
Honduras	3.4		2.8
Thailand	2.3		3.1
Dominican Republic	2.2		6.6
India	—		29.5
Other	20.2		13.2
Total international countries	2,660.5		1,449.1
United States	1,261.8		848.0
Consolidated	$	3,922.3	$	2,297.1


	Three months ended
	March 31,						2022-2021
(in millions, except per share data)	2022			2021			Change		Percent
Net sales	$	3,922.3		$	2,297.1		$	1,625.2	71	%
Cost of goods sold	2,483.2			1,862.2			621.0		33	%
Gross margin	1,439.1			434.9			1,004.2		NM
Gross margin percentage	37		%	19		%
Selling, general and administrative expenses	132.4			101.7			30.7		30	%


Other operating expense	50.9			20.0			30.9		155	%
Operating earnings	1,255.8			313.2			942.6		NM

Interest expense, net	(39.3)			(45.0)			5.7		(13)	%
Foreign currency transaction gain (loss)	310.7			(45.8)			356.5		NM
Other income	0.2			3.0			(2.8)		(93)	%
Earnings from consolidated companies before income taxes	1,527.4			225.4			1,302.0		NM
Provision for income taxes	372.4			59.7			312.7		NM
Earnings from consolidated companies	1,155.0			165.7			989.3		NM
Equity in net earnings (loss) of nonconsolidated companies	30.7			(7.5)			38.2		NM
Net earnings including noncontrolling interests	1,185.7			158.2			1,027.5		NM
Less: Net earnings attributable to noncontrolling interests	3.7			1.5			2.2		147	%
Net earnings attributable to Mosaic	$	1,182.0		$	156.7		$	1,025.3	NM
Diluted net earnings per share attributable to Mosaic	$	3.19		$	0.41		$	2.78	NM
Diluted weighted average number of shares outstanding	370.1			382.8


Three months ended	Effective Tax Rate		Provision for (Benefit from) Income Taxes

March 31, 2022	24.4	%	$	372.4
March 31, 2021	26.5	%	$	59.7


(in millions US$)	As of March 31, 2022										As of December 31, 2021
	Expected Maturity Date								Fair Value		Expected Maturity Date						Fair Value
	Years ending December 31,										Years ending December 31,
	2022		2023		2024		2025				2022		2023		2024
Foreign Currency Exchange Forwards
Canadian Dollar									$	16.8							$	3.8
Notional (million US$) - short Canadian dollars	$	373.6	$	94.0	$	28.2	$	—			$	421.2	$	78.3	$	28.2
Weighted Average Rate - Canadian dollar to U.S. dollar	1.2716		1.2675		1.2874		—				1.2731		1.2665		1.2874
Notional (million US$) - long Canadian dollars	$	1,027.6	$	350.7	$	36.0	$	—			$	1,030.7	$	192.0	$	35.2
Weighted Average Rate - Canadian dollar to U.S. dollar	1.2714		1.2820		1.2354		—				1.2708		1.2893		1.2346
Foreign Currency Exchange Collars
Canadian Dollar									$	0.3							$	0.4
Notional (million US$) - long Canadian dollars	$	7.7	$	—	$	—	$	—			$	15.5	$	—	$	—
Weighted Average Participation Rate - Canadian dollar to U.S. dollar	1.2950		—		—		—				1.3433		—		—
Weighted Average Protection Rate - Canadian dollar to U.S. dollar	1.3382		—		—		—				1.2875		—		—





Foreign Currency Exchange Non-Deliverable Forwards
Brazilian Real									$	39.3							$	(20.8)
Notional (million US$) - short Brazilian real	$	753.7	$	—	$	—	$	—			$	531.5	$	—	$	—
Weighted Average Rate - Brazilian real to U.S. dollar	4.9559		—		—		—				5.7121		—		—
Notional (million US$) - long Brazilian real	$	374.6	$	—	$	—	$	—			$	679.2	$	—	$	—
Weighted Average Rate - Brazilian real to U.S. dollar	5.7272		—		—		—				5.6748		—		—
Indian Rupee									$	(0.3)							$	(1.5)
Notional (million US$) - short Indian rupee	$	97.0	$	—	$	—	$	—			$	125.0	$	—	$	—
Weighted Average Rate - Indian rupee to U.S. dollar	77.1729		—		—		—				75.7627		—		—
China Renminbi									$	(0.9)							$	(0.5)
Notional (million US$) - short China renminbi	$	88.0	$	—	$	—	$	—			$	68.0	$	—	$	—
Weighted Average Rate - China renminbi to U.S. dollar	6.4624		—		—		—				6.4750		—		—


Total Fair Value									$	55.2							$	(18.6)


Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of a publicly announced program	Maximum approximate dollar value of shares that may yet be purchased under the program(b)
Common Stock
January 1, 2022- January 31, 2022	377,591	$	40.09	377,591	$	573,936,173
February 1, 2022- February 28, 2022(c)	7,212,073	56.42		7,212,073	167,000,619
March 1, 2022- March 31, 2022	—	—		—	—
Total	7,589,664	$	55.61	7,589,664	$	167,000,619


			THE MOSAIC COMPANY

			by:						/S/ CLINT C. FREELAND
									Clint C. Freeland
									Senior Vice President and Chief Financial Officer
									(on behalf of the registrant and as principal accounting officer)


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Tax Consultation and Preparation			▪Coordinated with selected provider ▪Home & Host Tax Consultation provided ▪Tax preparation & filing for duration of assignment and applicable tax situations beyond the duration of the assignment ▪Hypothetical Tax Calculation usually utilized
Tax Assistance			▪Tax Equalization
Household Goods Shipment			▪Packing, transporting and Insuring ▪Customs duties covered ▪30 days in transit storage (no storage for autos) ▪Pet Transportation costs capped at 5,000 USD/5,000 CAD ▪Home Country Perm Storage: Up to 450 - 600 USD/month 450 - 600/CAD/month ▪Air Shipments ▪Employee, Spouse & Family 1,000 lbs/450 kg ▪Air Shipment Valuation Caps: ▪Family shipments not to exceed 17,500 USD/17,500 CAD of insurance valuation ▪Sea/Surface Shipments ▪Employee & Spouse 20ft container ▪Sea Shipment Valuation Caps; ▪Employee+ Spouse shipments not to exceed 175,000 USD/175,000 CAD of insurance valuation ▪Auto Shipments ▪No shipments or storage of autos
Auto Loss on Sale			▪Reimbursement for the loss on sale automobile ▪Reimbursement capped at 2,500 USD/2,500 CAD per automobile ▪Single employee approved for 1 car ▪Married employee approved for 2 cars ▪Lease breaking fees covered up to the above caps


			BENEFITS
Preview/Home Finding Trip			▪1 trip up to 5 days/4 nights ▪Employee, spouse and high school aged children, grades 9-12 ▪Round-trip airfare per travel policy guidelines ▪Reasonable meals, lodging, and local transportation ▪Mileage at current rate, if applicable ▪Childcare 50 USD/50 CAD per day
En Route Trip			▪One-way airfare per travel policy ▪Ground transportation to/from airport ▪Reasonable lodging, meals, and miscellaneous expenses (luggage, taxi/airport transfer, customary gratuities, initial entry duties)
Temporary Living			▪Furnished housing - while in Regina, prior to family relocation ▪No meals, unless there are no cooking facilities; case by case calculation ▪Car rental/public transportation reimbursed for up to 30 days
Annual Home Leave and On Assignment Travel			▪1 return trip annually for employee and 3 return trips annually for accompanying spouse ▪Round-trip airfare per travel policy guidelines ▪Airport transportation, rental car, lodging ▪1 trip up to 7 days every 12 months ▪Available after the first 6 months of assignment and prior to the final 6 months prior to repatriation
Dependent Travel			▪1 trip annually for eligible family members ▪Round trip airfare per travel policy guidelines
Emergency Support and Leave			▪Intl SOS Comprehensive Coverage in the event of serious illness, injury or death of assignee or spouse/partner's immediate family members
Home Country Housing Support			■Home Sale ■Marketing Assistance ■Appraised Value Option ■Appraisals ordered at 90 days ■Must market for 120 days before accepting offer ■After 60 days of marketing, must reduce list price to within 105% of Most Probable Sales Price ■Must use PLUS approved agents ■Equity advance ■Home Sale Incentive ■Home Sale Incentive up to 2% of sale price, capped at $6,000 ■Home must be sold within the 90 day marketing period ■Not grossed-up for taxes ■If home maintained Property Management up to 200 USD/200 CAD per month for homeowners
Host Country Housing Support			▪Furnished host country housing (rent) and utilities ▪Security deposits covered by company ▪Rental Commissions covered per destination norms ▪Home housing norm deduction ▪Purchases not supported or recommended
Host Country Transportation			▪Two cars for employee and spouse
Cultural Training			▪Pre-approval required ▪2-dav program for employee and spouse/partner/dependents
Host Country Destination Services			▪2 days settling-in service to establish temporary residency, bank account, credit, cell phone,and other customary local services ▪Home search assistance with destination agent, up to 3 days (only 2 days if preview trip was taken)


			BENEFITS
Language Lessons			▪Pre-approval required ■Language training for employee and spouse/partner/dependents, capped at 2500 USD/CAD (or local currency equivalent) per family member
Various Allowances			▪Pre-approval required ▪Mail forwarding support (bi-weekly shipments sent to host office) ▪Goods & Services Differential (COLA) - adjusted 2 to 4 times annually, changes made If+/- 1%) ▪Hardship Premiums <annually reviewed amount determined by ORC case by case)
Transfer Allowance			▪1 month's salary, less taxes


Global Tax Network:
Shawn Siwek, Senior Manager
7950 Main Street N, Ste 200
Minneapolis, MN 55369
Tel: 763.252.0643 Email: ssiwek@gtn.com


			:BENEFITS
Repat Home Finding Trip			▪May be eligible for a home finding trip if no home country housing is owned or maintained. ▪1 trip up to 5 days/4 nights ▪Employee, spouse and high school aged children, grades 9-12 ▪Round-trip airfare per travel policy ▪Reasonable lodging, rental car and fuel ▪Meal per diem 30 USD/30 CAD per adult, 15 USD/15 CAD per child age 15 and under ▪Mileage at current rate if applicable
Repat Household Goods Shipment			▪Packing, transporting and insuring ▪30 days in transit storage ▪Allow 10% increase on return shipment ▪Pet Transportation costs capped at 5,000 USD/5,000 CAD ▪Air Shipments ▪Employee, Spouse & Family 1,000 lbs/450 kg ▪Air Shipment Valuation Caps; ▪Family shipments not to exceed 25,000 USD/25,000 CAD of insurance valuation ▪sea/Surface Shipments ▪Employee & Spouse 20ft container ▪sea Shipment Valuatjon caps; ▪Employee+ Spouse shipments not to exceed 175,000 USD/175,000 CAD of insurance valuation ▪Auto Shipments ▪No shipments or storage of autos
Repat Host Country Departure Assistance			▪1 day departure services offered for lease breaking, lease close out, utility disconnections, local deregistration requirements
Repat En Route trip			▪One-way airfare per travel policy ▪Ground transportation to/from airport ▪Reasonable lodging, meals, and miscellaneous expenses (luggage, taxi/airport transfer, customary gratuities initial entry duties)
Repat Home Finding Trip			▪May be eligible for a home finding trip if no home country housing is owned or maintained. ▪1 trip up to 5 days/4 nights ▪Employee, spouse and high school aged children, grades 9-12 ▪Round-trip airfare per travel policy ▪Reasonable lodging, rental car and fuel ▪Meal per diem 30 USD/30 CAD per adult, 15 USD/15 CAD per child age 15 and under Mileage at current rate if applicable



/s/ Bruce M. Bodine									2-3-2016
Bruce Bodine									Date
International Assignee

/s/ Joc O'Rourke									2-5-16
Joc O'Rourke									Date
President & CEO

/s/ Renee Robideau									2-3-16
Renee Robideau
Director, Human Resources & Global Mobility


PRINT NAME:	Bruce Bodine
SIGNATURE:	/s/ Bruce Bodine	Date:	2-3-2016


1.			I have reviewed this quarterly report on Form 10-Q of The Mosaic Company;


2.			Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.			Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4.			The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


			a)			Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;