PLYMOUTH, Minn., Nov. 1, 2016 /PRNewswire/ -- The Mosaic
Company (NYSE: MOS) today reported third quarter 2016 net earnings
of $39 million, down from net
earnings of $160 million in the third
quarter of 2015. Earnings per diluted share were $0.11, which included a negative $0.30 impact from notable items and a benefit of
$0.08 per share from lowering the
expected full year effective tax rate accrual. Mosaic's net sales
in the third quarter of 2016 were $2.0
billion, down from $2.1
billion last year. Operating earnings during the quarter
were $70 million, down from
$246 million a year ago, primarily
driven by lower potash prices and lower phosphate margins partially
offset by higher sales volumes and positive impacts of cost savings
initiatives.
"We expected improving market conditions in the second half of
2016 and this quarter's results reflect improvement," said
Joc O'Rourke, President and Chief
Executive Officer. "Both potash and phosphate prices strengthened
in the quarter as pent-up demand materialized. While the
fourth quarter is expected to reflect a normal seasonal slowdown,
we see a more stable operating environment in 2017, starting the
year with lower pipeline inventories and demand growth in both
nutrients. At the same time, we are taking action to protect the
balance sheet and reduce operating expenses."
Cash flow provided by operating activities in the third quarter
of 2016 was $96 million compared to
$184 million in the prior year.
Operating cash flow was negatively impacted by the record
prepayments received in the second quarter of 2016. Capital
expenditures plus investments totaled $380
million in the quarter, including a $120 million contribution for Mosaic's investment
in the Ma'aden Wa'ad Al Shamal Phosphate Company. Mosaic's total
cash and cash equivalents were $654
million and long-term debt was $3.8
billion as of September 30,
2016.
"We are pleased with this quarter's results and are continuing
to focus on optimizing cash flow and protecting our balance sheet,"
said Rich Mack, Mosaic's Executive
Vice President and Chief Financial Officer. "We've made
meaningful changes to our five year capital program and
significantly reduced operating costs. Going forward, we will
continue to assess our cash generation and use in light of our
strong commitment to maintain an investment grade credit
rating."
Phosphates
|
|
|
Phosphates
Results
|
3Q 2016
Actual
|
3Q 2016
Guidance
|
Average DAP Selling
Price
|
$326
|
$310 to
$340
|
Sales
Volume
|
2.5 million
tonnes
|
2.4 to 2.7 million
tonnes
|
Phosphate
Production
|
84% of operational
capacity
|
Around 85% of
operational capacity
|
"Our phosphates business results continued to gradually improve
from the early part of this year," O'Rourke said. "Relatively
stable prices, lower raw material and phosphate rock costs,
combined with a higher operating rate, resulted in better margins
during the quarter. Looking ahead, we see a return to a more
stable environment, with affordable phosphate prices and lower raw
material costs, following the traditional seasonal slowdown in the
fourth quarter."
Net sales in the Phosphates segment were $930 million for the third quarter, down from
$1.0 billion last year, driven by
lower prices of finished product partially offset by higher sales
volumes. Gross margin was $101
million, or 11 percent of net sales, compared to
$199 million, or 19 percent of net
sales, for the same period a year ago. The year-over-year change in
gross margin rate primarily reflects lower average selling prices
partially offset by lower realized ammonia and sulfur costs and
benefits from our actions to reduce costs.
The third quarter average DAP selling price, FOB plant, was
$326 per tonne, compared to
$451 per tonne a year ago. Phosphates
segment total sales volumes were 2.5 million tonnes, up from 2.1
million tonnes last year.
Mosaic's North American finished phosphate production was 2.5
million tonnes, or 84 percent of operational capacity, compared to
2.4 million tonnes, or 83 percent a year ago.
Potash
|
|
|
Potash
Results
|
3Q 2016
Actual
|
3Q 2016
Guidance
|
Average MOP Selling
Price
|
$160
|
$160 to
$175
|
Sales
Volume
|
2.2 million
tonnes
|
1.8 to 2.1 million
tonnes
|
Potash
Production
|
63% of operational
capacity
|
Around 65% of
operational capacity
|
"As anticipated, pent-up demand, combined with a reduction in
output across the industry, dramatically drew down producer and
channel inventories resulting in higher spot prices globally,"
O'Rourke said. "We are cautiously optimistic with good buyer
engagement in most geographies, including India and China. Longer term, we expect further supply
rationalization and demand growth will result in a constructive
operating environment for the industry."
Net sales in the Potash segment totaled $428 million for the third quarter, down from
$492 million last year, driven by
lower average realized prices partially offset by higher sales
volumes. Gross margin was $40
million, or nine percent of net sales, compared to
$97 million in the year ago
period. The year-over-year decrease in gross margin was
driven by lower selling prices partially offset by lower Canadian
resource taxes ("CRT") and benefits of cost reduction efforts.
The third quarter average MOP selling price, FOB plant, was
$160 per tonne, down from
$265 per tonne a year ago. The Potash
segment's total sales volumes for the third quarter were 2.2
million tonnes, compared to 1.6 million tonnes a year ago.
Potash production was 1.7 million tonnes, or 63 percent of
operational capacity, roughly flat with a year ago.
International
Distribution (ID)
|
ID
Results
|
3Q 2016
Actual
|
3Q 2016
Guidance
|
Sales
Volume
|
2.2 million
tonnes
|
2.1 to 2.4 million
tonnes
|
Gross Margin per
Tonne
|
$32 per
tonne
|
$15 to $20
range
|
"Strong performance in our International Distribution segment
highlights the resilience of the Brazilian agricultural industry,
and reflects our leverage to the favorable market trends in potash
and phosphates," said O'Rourke. "In the quarter, our business
delivered both an increase in sales volumes and expanding margins.
We now expect total full year fertilizer shipments in the region to
surpass the prior record, which bodes well for profitability of our
expanded and growing business footprint in Brazil."
Net sales in the International Distribution segment were
$849 million for the third quarter,
up from $825 million last year,
primarily as a result of higher sales volumes partially offset by
lower average selling prices. Gross margin was $71 million, or eight percent of net sales,
compared to $61 million, or seven
percent of net sales, for the same period a year ago. Gross margin
per tonne improved from the second quarter primarily as a result of
higher sales of volumes of premium MicroEssentials®
products, as well as higher margins on those products.
The third quarter average selling price was $380 per tonne compared to $400 per tonne a year ago. International
Distribution segment total sales volumes were 2.2 million tonnes,
up from 2.0 million tonnes last year.
Other
SG&A expenses were $67 million
for the third quarter, down from $77
million last year and lowest in the last nine years,
benefitting from Mosaic's ongoing expense management
initiatives.
The effective tax rate in the quarter was negative. The
provision for income taxes in the third quarter included a
$28 million benefit related to the
expected reduction of the full-year effective tax rate.
Fourth Quarter Financial Guidance
"In the last three years, Mosaic made significant strides to
advance long term value for our shareholders," said Joc O'Rourke, President and Chief Executive
Officer. "We grew the business organically and through
strategically important acquisitions; we lowered our operating cost
structure and optimized our portfolio of assets to weather the
current cycle; and we distributed capital to our shareholders in
the form of dividends and share repurchases. I am confident
Mosaic is well positioned to outperform when market conditions
further improve."
Total sales volumes for the Phosphates segment are expected to
range from 2.1 to 2.4 million tonnes for the fourth quarter of
2016, compared to 2.2 million tonnes last year. Mosaic's realized
DAP price, FOB plant, is estimated to range from $300 to $330 per tonne. The segment gross margin
rate is estimated to be in the upper single digits, and the
operating rate is expected to be approximately 85 percent.
Total sales volumes for the Potash segment are expected to range
from 1.9 to 2.1 million tonnes for the fourth quarter of 2016,
compared to 1.9 million tonnes last year. Mosaic's realized MOP
price, FOB plant, is expected to increase sequentially to
$160 to $175 per tonne and the gross
margin rate is estimated to be in the mid- teens. The
operating rate is expected to be approximately 75 percent, as the
Company continues to maximize production at Esterhazy and Belle
Plaine.
Total sales volumes for the International Distribution segment
are expected to range from 1.7 to 1.9 million tonnes for the fourth
quarter of 2016, compared to 1.5 million tonnes last year. The
segment gross margin is estimated to be around $20 per tonne.
For calendar year 2016, Mosaic updated its guidance as
follows:
- SG&A expense to range from $315 to
$330 million, further reduced from the initial guidance of
$350 to $370 million.
- The effective tax rate to be around zero percent, down from
prior guidance of approximately 10 percent.
All other guidance remains unchanged from the prior quarter:
- Brine management costs to range from $150 to $170 million, down from the initial
$160 to $180 million.
- Capital expenditures to range from $750
to $850 million, down from the Company's initial guidance of
$900 million to $1.1 billion. Equity
investments in the Ma'aden joint venture were $220 million in 2016.
- CRT to range from $95 to $110
million.
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and
marketers of concentrated phosphate and potash crop nutrients.
Mosaic is a single source provider of phosphate and potash
fertilizers and feed ingredients for the global agriculture
industry. More information on the Company is available at
www.mosaicco.com.
Mosaic will conduct a conference call on Tuesday, November 1, 2016, at 9:00 a.m. EST to discuss third quarter 2016
earnings results as well as global markets and trends. Presentation
slides and a simultaneous webcast of the conference call may be
accessed through Mosaic's website at www.mosaicco.com/investors.
This webcast will be available up to one year from the time of the
earnings call.
This document contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements include, but are not limited to, statements about
the Wa'ad Al Shamal Phosphate Company (also known as MWSPC) and
other proposed or pending future transactions or strategic plans
and other statements about future financial and operating results.
Such statements are based upon the current beliefs and expectations
of The Mosaic Company's management and are subject to significant
risks and uncertainties. These risks and uncertainties include but
are not limited to risks and uncertainties arising from the ability
of MWSPC to obtain additional planned funding in acceptable
amounts and upon acceptable terms, the timely development and
commencement of operations of production facilities in the
Kingdom of Saudi Arabia, the
future success of current plans for MWSPC and any future
changes in those plans; difficulties with realization of the
benefits of our long term natural gas based pricing ammonia supply
agreement with CF Industries, Inc., including the risk that
the cost savings initially anticipated from the agreement may not
be fully realized over its term or that the price of natural gas or
ammonia during the term are at levels at which the pricing is
disadvantageous to Mosaic; customer defaults; the effects of
Mosaic's decisions to exit business operations or locations; the
predictability and volatility of, and customer expectations about,
agriculture, fertilizer, raw material, energy and transportation
markets that are subject to competitive and other pressures and
economic and credit market conditions; the level of inventories in
the distribution channels for crop nutrients; the effect of future
product innovations or development of new technologies on demand
for our products; changes in foreign currency and exchange rates;
international trade risks and other risks associated with Mosaic's
international operations and those of joint ventures in which
Mosaic participates, including the risk that protests against
natural resource companies in Peru
extend to or impact the Miski Mayo mine; changes in government
policy; changes in environmental and other governmental regulation,
including expansion of the types and extent of water resources
regulated under federal law, carbon taxes or other greenhouse gas
regulation, implementation of numeric water quality standards for
the discharge of nutrients into Florida waterways or efforts to reduce the
flow of excess nutrients into the Mississippi River basin, the
Gulf of Mexico or elsewhere;
further developments in judicial or administrative proceedings, or
complaints that Mosaic's operations are adversely impacting nearby
farms, business operations or properties; difficulties or delays in
receiving, increased costs of or challenges to necessary
governmental permits or approvals or increased financial assurance
requirements; resolution of global tax audit activity; the
effectiveness of Mosaic's processes for managing its strategic
priorities; adverse weather conditions affecting operations in
Central Florida, the Mississippi
River basin, the Gulf Coast of the United
States or Canada, and
including potential hurricanes, excess heat, cold, snow, rainfall
or drought; actual costs of various items differing from
management's current estimates, including, among others, asset
retirement, environmental remediation, reclamation or other
environmental regulation, Canadian resources taxes and royalties,
or the costs of the MWSPC, its existing or future funding and
Mosaic's commitments in support of such funding; reduction of
Mosaic's available cash and liquidity, and increased leverage, due
to its use of cash and/or available debt capacity to fund financial
assurance requirements and strategic investments; brine inflows at
Mosaic's Esterhazy, Saskatchewan,
potash mine or other potash shaft mines; other accidents and
disruptions involving Mosaic's operations, including potential mine
fires, floods, explosions, seismic events, sinkholes or releases of
hazardous or volatile chemicals; and risks associated with cyber
security, including reputational loss, as well as other risks and
uncertainties reported from time to time in The Mosaic Company's
reports filed with the Securities and Exchange Commission. Actual
results may differ from those set forth in the forward-looking
statements.
For the three months ended September 30, 2016, the Company
reported the following notable items which, combined, negatively
impacted earnings per share by $0.30:
|
|
|
|
|
|
Amount
|
|
Tax
effect
|
|
EPS impact
|
Description
|
|
Segment
|
|
Line
item
|
|
(in millions)
|
|
(in millions)
|
|
(per share)
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
transaction loss
|
|
Consolidated
|
|
Foreign currency
transaction gain (loss)
|
|
$
|
(32)
|
|
|
$
|
(1)
|
|
|
$
|
(0.10)
|
|
Unrealized loss on
derivatives
|
|
Corporate &
Other
|
|
Cost of goods
sold
|
|
(8)
|
|
|
—
|
|
|
(0.02)
|
|
Discrete tax
items
|
|
Consolidated
|
|
(Provision for)
benefit from income taxes
|
|
—
|
|
|
2
|
|
|
0.01
|
|
Asset reserve
adjustment
|
|
Phosphates
|
|
Other operating
expense
|
|
4
|
|
|
—
|
|
|
0.01
|
|
New Wales water loss
incident
|
|
Phosphates
|
|
Other operating
expense
|
|
(60)
|
|
|
(2)
|
|
|
(0.18)
|
|
Restructuring
|
|
Consolidated
|
|
Other operating
expense
|
|
(8)
|
|
|
—
|
|
|
(0.02)
|
|
Total Notable
Items
|
|
|
|
|
|
$
|
(104)
|
|
|
$
|
(1)
|
|
|
$
|
(0.30)
|
|
For the three months ended September 30, 2015, the Company
reported the following notable items which, combined, negatively
impacted earnings per share by $0.17:
|
|
|
|
|
|
Amount
|
|
Tax effect
|
|
EPS impact
|
Description
|
|
Segment
|
|
Line
item
|
|
(in millions)
|
|
(in millions)
|
|
(per
share)
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
transaction loss
|
|
Consolidated
|
|
Foreign currency
transaction gain (loss)
|
|
$
|
(49)
|
|
|
$
|
8
|
|
|
$
|
(0.12)
|
|
Unrealized loss on
derivatives
|
|
Corporate &
Other
|
|
Cost of goods
sold
|
|
(22)
|
|
|
4
|
|
|
(0.05)
|
|
Discrete tax
items
|
|
Consolidated
|
|
(Provision for)
benefit from income taxes
|
|
—
|
|
|
3
|
|
|
0.01
|
|
Write-off of fixed
assets
|
|
Phosphates
|
|
Other operating
expense
|
|
(10)
|
|
|
2
|
|
|
(0.02)
|
|
Consumption tax
refund
|
|
Potash
|
|
Cost of goods
sold
|
|
6
|
|
|
(1)
|
|
|
0.01
|
|
Total Notable
Items
|
|
|
|
|
|
$
|
(75)
|
|
|
$
|
16
|
|
|
$
|
(0.17)
|
|
Condensed
Consolidated Statements of Earnings
|
(in millions,
except per share amounts)
|
|
|
The Mosaic
Company
|
(unaudited)
|
|
|
|
|
Three months
ended
September 30,
|
|
Nine months
ended
September 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net sales
|
|
$
|
1,952.2
|
|
|
$
|
2,105.5
|
|
|
$
|
5,300.7
|
|
|
$
|
6,732.1
|
|
Cost of goods
sold
|
|
1,738.9
|
|
|
1,770.2
|
|
|
4,696.6
|
|
|
5,369.7
|
|
Gross
margin
|
|
213.3
|
|
|
335.3
|
|
|
604.1
|
|
|
1,362.4
|
|
Selling, general and
administrative expenses
|
|
66.9
|
|
|
76.6
|
|
|
229.6
|
|
|
266.3
|
|
Other operating
expense
|
|
76.7
|
|
|
12.7
|
|
|
129.1
|
|
|
21.6
|
|
Operating
earnings
|
|
69.7
|
|
|
246.0
|
|
|
245.4
|
|
|
1,074.5
|
|
Interest expense,
net
|
|
(25.5)
|
|
|
(24.2)
|
|
|
(85.2)
|
|
|
(79.0)
|
|
Foreign currency
transaction gain (loss)
|
|
(32.4)
|
|
|
(48.6)
|
|
|
70.2
|
|
|
(19.4)
|
|
Other income
(expense)
|
|
0.5
|
|
|
(1.1)
|
|
|
0.3
|
|
|
(14.5)
|
|
Earnings from
consolidated companies before income taxes
|
|
12.3
|
|
|
172.1
|
|
|
230.7
|
|
|
961.6
|
|
Provision for
(benefit from) income taxes
|
|
(30.1)
|
|
|
10.1
|
|
|
(68.7)
|
|
|
113.4
|
|
Earnings from
consolidated companies
|
|
42.4
|
|
|
162.0
|
|
|
299.4
|
|
|
848.2
|
|
Equity in net
earnings (loss) of nonconsolidated companies
|
|
(1.7)
|
|
|
(1.3)
|
|
|
(12.8)
|
|
|
(1.9)
|
|
Net earnings
including noncontrolling interests
|
|
40.7
|
|
|
160.7
|
|
|
286.6
|
|
|
846.3
|
|
Less: Net earnings
attributable to noncontrolling interests
|
|
1.5
|
|
|
0.7
|
|
|
0.7
|
|
|
0.9
|
|
Net earnings
attributable to Mosaic
|
|
$
|
39.2
|
|
|
$
|
160.0
|
|
|
$
|
285.9
|
|
|
$
|
845.4
|
|
Diluted net earnings
per share attributable to Mosaic
|
|
$
|
0.11
|
|
|
$
|
0.45
|
|
|
$
|
0.81
|
|
|
$
|
2.33
|
|
Diluted weighted
average number of shares outstanding
|
|
351.5
|
|
|
356.0
|
|
|
351.7
|
|
|
362.3
|
|
Condensed
Consolidated Balance Sheets
|
(in millions,
except per share amounts)
|
|
The Mosaic
Company
|
|
(unaudited)
|
|
|
September 30,
2016
|
|
December 31,
2015
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
653.5
|
|
|
$
|
1,276.3
|
|
Receivables,
net
|
|
512.4
|
|
|
675.0
|
|
Inventories
|
|
1,500.1
|
|
|
1,563.5
|
|
Other current
assets
|
|
783.2
|
|
|
628.6
|
|
Total current
assets
|
|
3,449.2
|
|
|
4,143.4
|
|
Property, plant and
equipment, net
|
|
9,230.6
|
|
|
8,721.0
|
|
Investments in
nonconsolidated companies
|
|
1,064.3
|
|
|
980.5
|
|
Goodwill
|
|
1,651.6
|
|
|
1,595.3
|
|
Deferred income
taxes
|
|
789.0
|
|
|
691.9
|
|
Other
assets
|
|
1,078.5
|
|
|
1,257.4
|
|
Total
assets
|
|
$
|
17,263.2
|
|
|
$
|
17,389.5
|
|
Liabilities and
Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term
debt
|
|
$
|
53.6
|
|
|
$
|
25.5
|
|
Current maturities of
long-term debt
|
|
372.8
|
|
|
41.7
|
|
Structured accounts
payable arrangements
|
|
223.7
|
|
|
481.7
|
|
Accounts
payable
|
|
486.9
|
|
|
520.6
|
|
Accrued
liabilities
|
|
802.4
|
|
|
977.5
|
|
Total current
liabilities
|
|
1,939.4
|
|
|
2,047.0
|
|
Long-term debt, less
current maturities
|
|
3,450.3
|
|
|
3,769.5
|
|
Deferred income
taxes
|
|
1,061.5
|
|
|
977.4
|
|
Other noncurrent
liabilities
|
|
937.7
|
|
|
1,030.6
|
|
Equity:
|
|
|
|
|
Preferred Stock,
$0.01 par value, 15,000,000 shares authorized, none issued and
outstanding as of September 30, 2016 and December 31,
2015
|
|
—
|
|
|
—
|
|
Class A Common Stock,
$0.01 par value, none authorized, issued and outstanding as of
September 30, 2016, 194,203,987 shares authorized, none issued and
outstanding as of December 31, 2015
|
|
—
|
|
|
—
|
|
Class B Common Stock,
$0.01 par value, none authorized, issued, and outstanding as of
September 30, 2016, 87,008,602 shares authorized, none issued and
outstanding as of December 31, 2015
|
|
—
|
|
|
—
|
|
Common Stock, $0.01
par value, 1,000,000,000 shares authorized, 388,171,874 shares
issued and 350,223,025 shares outstanding as of September 30, 2016,
387,697,547 shares issued and 352,515,256 shares outstanding as of
December 31, 2015
|
|
3.5
|
|
|
3.5
|
|
Capital in excess of
par value
|
|
19.3
|
|
|
6.4
|
|
Retained
earnings
|
|
11,045.4
|
|
|
11,014.8
|
|
Accumulated other
comprehensive income (loss)
|
|
(1,231.5)
|
|
|
(1,492.9)
|
|
Total Mosaic
stockholders' equity
|
|
9,836.7
|
|
|
9,531.8
|
|
Noncontrolling
interests
|
|
37.6
|
|
|
33.2
|
|
Total
equity
|
|
9,874.3
|
|
|
9,565.0
|
|
Total liabilities and
equity
|
|
$
|
17,263.2
|
|
|
$
|
17,389.5
|
|
Condensed
Consolidated Statements of Cash Flows
|
(in millions,
except per share amounts)
|
|
The Mosaic
Company
|
(unaudited)
|
|
|
Three months
ended
September 30,
|
|
Nine months
ended
September 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Cash Flows from
Operating Activities:
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
|
95.8
|
|
|
$
|
184.0
|
|
|
$
|
944.9
|
|
|
$
|
1,520.7
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
(196.4)
|
|
|
(245.3)
|
|
|
(633.7)
|
|
|
(702.2)
|
|
Purchases of
available-for-sale securities - restricted
|
|
(734.4)
|
|
|
—
|
|
|
(734.4)
|
|
|
—
|
|
Proceeds from sale of
available-for-sale securities - restricted
|
|
138.9
|
|
|
—
|
|
|
138.9
|
|
|
—
|
|
Restricted
cash
|
|
593.3
|
|
|
(630.0)
|
|
|
587.5
|
|
|
(630.0)
|
|
Proceeds from
adjustment to acquisition of business
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47.9
|
|
Investments in
nonconsolidated companies
|
|
(144.0)
|
|
|
—
|
|
|
(244.0)
|
|
|
(125.0)
|
|
Investments in
affiliate
|
|
(40.0)
|
|
|
—
|
|
|
(130.0)
|
|
|
—
|
|
Return of investment
from nonconsolidated companies
|
|
—
|
|
|
54.4
|
|
|
—
|
|
|
54.4
|
|
Other
|
|
0.6
|
|
|
(1.7)
|
|
|
3.3
|
|
|
6.0
|
|
Net cash used in
investing activities
|
|
(382.0)
|
|
|
(822.6)
|
|
|
(1,012.4)
|
|
|
(1,348.9)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
Payments of
short-term debt
|
|
(160.0)
|
|
|
(152.2)
|
|
|
(333.7)
|
|
|
(297.0)
|
|
Proceeds from
issuance of short-term debt
|
|
159.2
|
|
|
144.0
|
|
|
361.9
|
|
|
302.5
|
|
Payments of
structured accounts payable arrangements
|
|
(109.1)
|
|
|
(69.3)
|
|
|
(603.7)
|
|
|
(311.4)
|
|
Proceeds from
structured accounts payable arrangements
|
|
135.3
|
|
|
185.8
|
|
|
341.3
|
|
|
329.8
|
|
Payments of long-term
debt
|
|
(41.2)
|
|
|
(56.0)
|
|
|
(43.0)
|
|
|
(58.4)
|
|
Proceeds from
issuance of long-term debt
|
|
—
|
|
|
2.1
|
|
|
—
|
|
|
5.9
|
|
Proceeds from stock
option exercises
|
|
1.2
|
|
|
1.1
|
|
|
3.8
|
|
|
5.3
|
|
Repurchases of
stock
|
|
—
|
|
|
(74.9)
|
|
|
(75.0)
|
|
|
(709.4)
|
|
Cash dividends
paid
|
|
(96.4)
|
|
|
(98.3)
|
|
|
(288.8)
|
|
|
(287.8)
|
|
Other
|
|
(0.6)
|
|
|
(8.8)
|
|
|
3.1
|
|
|
(8.3)
|
|
Net cash used in
financing activities
|
|
(111.6)
|
|
|
(126.5)
|
|
|
(634.1)
|
|
|
(1,028.8)
|
|
Effect of exchange
rate changes on cash
|
|
(8.0)
|
|
|
(159.9)
|
|
|
78.8
|
|
|
(232.7)
|
|
Net change in cash
and cash equivalents
|
|
(405.8)
|
|
|
(925.0)
|
|
|
(622.8)
|
|
|
(1,089.7)
|
|
Cash and cash
equivalents - beginning of period
|
|
1,059.3
|
|
|
2,209.9
|
|
|
1,276.3
|
|
|
2,374.6
|
|
Cash and cash
equivalents - end of period
|
|
$
|
653.5
|
|
|
$
|
1,284.9
|
|
|
$
|
653.5
|
|
|
$
|
1,284.9
|
|
Earnings Per Share
Calculation
|
|
|
|
Three months
ended
September 30,
|
|
Nine months
ended
September 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net earnings
attributable to Mosaic
|
|
$
|
39.2
|
|
|
$
|
160.0
|
|
|
$
|
285.9
|
|
|
$
|
845.4
|
|
Basic weighted
average number of shares outstanding
|
|
350.1
|
|
|
354.3
|
|
|
350.4
|
|
|
360.5
|
|
Dilutive impact of
share-based awards
|
|
1.4
|
|
|
1.7
|
|
|
1.3
|
|
|
1.8
|
|
Diluted weighted
average number of shares outstanding
|
|
351.5
|
|
|
356.0
|
|
|
351.7
|
|
|
362.3
|
|
Basic net earnings
per share attributable to Mosaic
|
|
$
|
0.11
|
|
|
$
|
0.45
|
|
|
$
|
0.82
|
|
|
$
|
2.35
|
|
Diluted net earnings
per share attributable to Mosaic
|
|
$
|
0.11
|
|
|
$
|
0.45
|
|
|
$
|
0.81
|
|
|
$
|
2.33
|
|
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SOURCE The Mosaic Company