Records a $458 million non-cash charge
related to changes in U.S. tax legislation
The Mosaic Company (NYSE: MOS) today reported a fourth quarter
2017 net loss of $431 million, compared to net income of $12
million in the fourth quarter of 2016. Fourth quarter loss per
share was $1.23, which included a negative impact of $1.57 per
share from notable items, primarily related to non-cash charges as
a result of changes in U.S. tax legislation. Adjusted earnings per
share during the fourth quarter of 2017 were $0.341.
“After a strong fourth quarter, we entered 2018 with positive
market momentum and expect this year will be a transformational
year for Mosaic,” said Joc O’Rourke, President and Chief Executive
Officer. “The addition of Vale Fertilizantes, the construction
completion of the Ma’aden phosphate project and progress on the
Esterhazy K3 complex further enhance our position as a world class,
global fertilizer company.”
Mosaic’s net sales in the fourth quarter of 2017 were $2.1
billion, compared to $1.9 billion last year, primarily driven by
higher realized prices throughout the business. Operating earnings
during the quarter were $127 million, up from $74 million a year
ago, driven by higher gross margins in both Potash and
Phosphates.
Cash flow provided by operating activities in the fourth quarter
of 2017 was $411 million compared to $323 million in the prior
year. Capital expenditures totaled $230 million in the quarter.
Mosaic’s total cash and cash equivalents, excluding restricted
cash, were $2.2 billion and long-term debt was $5.2 billion as of
December 31, 2017. Subsequent to quarter end, the Company used
$1.08 billion in cash to close the acquisition of Vale
Fertilizantes and pre-paid $200 million on an outstanding term
loan.
1 See “Non-GAAP Financial Measures” for additional information
and reconciliation.
“We delivered solid operational performance across our three
businesses during the fourth quarter,” said Joc O’Rourke. “Now that
the Vale Fertilizantes acquisition is closed, our focus shifts to
delivering the targeted $275 million of synergies and operational
improvements from the combined Brazil businesses. We are confident
in our ability to execute and get back to our through-cycle balance
sheet targets by the end of 2020.”
Phosphates
Phosphates Results
4Q 2017 Actual 4Q 2017 Guidance Average
DAP Selling Price $348 $320 to $350 Sales Volume 2.5 million tonnes
2.3 to 2.6 million tonnes Phosphate Production 79% of operational
capacity Low to Mid 80% range
Net sales in the Phosphates segment were $1.0 billion for the
fourth quarter, up from $896 million last year, driven by higher
average realized sales prices. Gross margin was $133 million, or 13
percent of net sales, compared to $84 million, or nine percent of
net sales, for the same period a year ago. The increase in the
fourth quarter gross margin per tonne to $53 from $34 in the prior
year period was primarily driven by higher realized sales prices
and lower phosphate rock costs, partially offset by higher ammonia
and sulfur costs.
The fourth quarter average DAP selling price, FOB plant, was
$348 per tonne, compared to $317 per tonne a year ago. Phosphates
segment total sales volumes were 2.5 million tonnes, flat with last
year.
Mosaic’s North American finished phosphate production was 2.3
million tonnes, or 79 percent of operational capacity, compared to
2.5 million tonnes, or 84 percent of operating capacity, during the
fourth quarter of 2016. Mosaic’s Plant City, Florida chemical plant
was temporarily idled on December 10, 2017.
Potash
Potash Results
4Q 2017 Actual 4Q 2017 Guidance Average
MOP Selling Price $188 $175 to $195 Sales Volume 2.2 million tonnes
1.9 to 2.2 million tonnes Potash Production 87% of operational
capacity Low 80% range
Net sales in the Potash segment totaled $496 million for the
fourth quarter, up from $407 million last year, driven by higher
average realized sales prices and higher sales volumes. Gross
margin was $114 million, or 23 percent of net sales, compared to
$66 million, or 16 percent of net sales a year ago. The improvement
in gross margin per tonne to $51 from $33 in the prior year period
is primarily driven by higher average realized sales prices,
partially offset by higher production costs as a result of an
increase in production at the higher cost Colonsay mine and planned
maintenance at the lower cost Esterhazy mine.
The fourth quarter average MOP selling price, FOB plant, was
$188 per tonne, up from $169 per tonne a year ago. The Potash
segment’s total sales volumes for the fourth quarter were 2.2
million tonnes, up from 2.0 million tonnes last year.
Potash production for the fourth quarter was 2.1 million tonnes,
or 87 percent of operational capacity, up from 82 percent last year
when the Company’s Colonsay mine was temporarily idled.
International Distribution (ID)
ID Results 4Q
2017 Actual 4Q 2017 Guidance Sales Volume
1.9 million tonnes 1.5 to 1.8 million tonnes Gross Margin per Tonne
$24 per tonne Around $20 per tonne
Net sales in the International Distribution segment were $713
million for the fourth quarter, up from $684 million last year,
driven by higher average realized selling prices. Gross margin was
$45 million, or $24 per tonne, compared to $59 million, or $31 per
tonne for the same period a year ago. The year-over-year decrease
in gross margin per tonne is driven by a decline in blending
margins in Brazil as a result of competitive pressures.
The fourth quarter average selling price was $370 per tonne,
compared to $354 per tonne a year ago. International Distribution
segment total sales volumes were 1.9 million tonnes, flat with last
year’s levels.
Other
Selling, General and Administrative (SG&A) expenses were $83
million for the fourth quarter, up from $75 million last year, in
part as a result of bad debt expense of $4 million in the
International Distribution business.
Impact of changes in U.S. tax legislation
The enactment of the Tax Cuts and Jobs Act resulted in a
non-cash $458 million charge during the fourth quarter of 2017.
Additionally, while the Company’s long term, through-cycle tax rate
is expected to decline marginally from the low 20 percent range,
Mosaic anticipates an approximate $200 million reduction in cash
taxes paid over the next five year period. The estimated effective
tax rate for 2018 is in the 20 percent range.
Full-year 2017 results (unaudited)
For the 12 months ended December 31, 2017, net loss was $107
million, or $0.31 per share, compared to net earnings of $298
million, or $0.85 per share in 2016. Full-year adjusted earnings
per share of $1.09 exclude the negative impact of a $1.40 of
notable items, primarily related to non-cash charges as a result of
the recently enacted U.S. tax reform. The $458 million non-cash
charge is driven by the revaluation of our tax assets as of
December 31, 2017. Net sales were $7.4 billion, up from $7.2
billion a year ago. Full-year operating earnings were $466 million,
up from $319 million last year, primarily driven by higher average
realized sales prices and higher sales volumes in potash.
Full-year selling, general and administrative (SG&A)
expenses were $301 million, the lowest in eight years reflecting
on-going progress on cost savings initiatives. Net cash provided by
operating activities was $936 million and capital expenditures
including investments in MWSPC were $883 million.
Financial Guidance
“We are optimistic about 2018,” O’Rourke said. “We are seeing
improving market conditions in both potash and phosphates, which,
combined with benefits from our actions across our three business
units, puts Mosaic in an excellent position to create value for all
of our stakeholders.”
In order to simplify and provide incremental insight into the
Company’s operational performance, Mosaic made several changes to
the presentation of financials and operating metrics, which can be
found on mosaicco.com/investors. The Company is also making
modifications to its quarterly and annual guidance approach.
For the first quarter of 2018, Mosaic expects:
Sales Volumes Gross Margin
millions of tonnes (finished
product)
Potash 1.7 – 2.0
$50 – $60 per tonne Phosphates 1.9 – 2.2
$55 – $65 per tonne Mosaic Fertilizantes 1.4 –
1.7 $25 – $35 per tonne Corporate and Other
$(15) – $0 million
The Company is not providing forward looking guidance for U.S.
GAAP reported earnings per diluted share or a quantitative
reconciliation of forward-looking adjusted earnings per diluted
share. Please see "Non-GAAP Financial Measures" for additional
information. EPS guidance is based on preliminary estimates of
asset values and depreciation for the acquired Vale Fertilizantes
business which are expected to be finalized during 2018.
For calendar 2018, Mosaic expects:
$ in millions except per share
Full Year 2018 Adjusted earnings per share
$1.00 - $1.50 per share SG&A $325 –
$350 Capital Expenditures $900 – $1,100
Millions of tonnes Full Year
2018 Sales Volumes (finished
product) Potash 8.2 – 9.0* Phosphates
8.2 – 9.0 Mosaic Fertilizantes 9.5 – 10.3
*Reflects a change in Canpotex accounting methodology due to the
adoption of new revenue recognition standards. Canpotex will now
recognize revenue when product is delivered to final destination,
compared to the prior method which recognized revenue at time of
shipment from the port. The estimated timing impact on first
quarter 2018 and full year 2018 sales volumes is a reduction of
approximately 300,000 tonnes.
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, February 20,
2018, at 9:00 a.m. Eastern Time to discuss fourth quarter 2017
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 release 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 anticipated benefits and synergies of our acquisition of the
global phosphate and potash operations of Vale S.A. conducted
through Vale Fertilizantes S.A. (now known as Mosaic Fertilizantes
P&K S.A.) (the “Transaction”), 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: difficulties
with realization of the benefits and synergies of the Transaction,
including the risks that the acquired business may not be
integrated successfully or that the anticipated synergies or cost
or capital expenditure savings from the Transaction may not be
fully realized or may take longer to realize than expected,
including because of political and economic instability in Brazil
or changes in government policy in Brazil; 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 performance of the Wa’ad Al
Shamal Phosphate Company (also known as MWSPC), 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, and the future success of current plans for MWSPC and any
future changes in those plans; the risk that protests against
natural resource companies in Peru extend to or impact the Miski
Mayo mine, which is operated by an entity in which we are the
majority owner; 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; 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,
Canada or Brazil, 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.
Non-GAAP Financial Measures
This press release includes the presentation and discussion of
non-GAAP diluted net earnings per share guidance, or adjusted EPS.
Generally, a non-GAAP financial measure is a supplemental numerical
measure of a company's performance, financial position or cash
flows that either excludes or includes amounts that are not
normally excluded or included in the most directly comparable
measure calculated and presented in accordance with U.S. generally
accepted accounting principles, or GAAP. Non-GAAP financial
measures should not be considered as substitutes for, or superior
to, measures of financial performance prepared in accordance with
GAAP. In addition, because non-GAAP measures are not determined in
accordance with GAAP, they are thus susceptible to varying
interpretations and calculations and may not be comparable to other
similarly titled measures of other companies.
Adjusted EPS is defined as diluted net earnings per share,
excluding the impact of notable items. Notable items impact on
diluted net earnings per share is calculated as notable item amount
plus income tax effect, based on expected annual effective tax
rate, divided by diluted weighted average shares. Management
believes that adjusted EPS provides securities analysts, investors
and others, in addition to management, with useful supplemental
information regarding our performance by excluding certain items
that may not be indicative of or are unrelated to our core
operating results. Management utilizes adjusted EPS in analyzing
and assessing Mosaic’s overall performance, for financial and
operating decision-making, and to forecast and plan for the future
periods. Adjusted EPS also assists our management in comparing our
and our competitors' operating results.
We are not providing forward looking guidance for U.S. GAAP
reported diluted net earnings per share or a quantitative
reconciliation of forward-looking adjusted EPS because we are
unable to predict with reasonable certainty our notable items
without unreasonable effort. Historically, our notable items have
included, but are not limited to, foreign currency transaction gain
or loss, unrealized gain or loss on derivatives,
acquisition-related fees, discrete tax items, contingencies and
certain other gains or losses. These items are uncertain, depend on
various factors, and could have a material impact on U.S. GAAP
reported results for the guidance period. Reconciliations of
adjusted EPS to diluted net earnings per share for the fourth
quarter of 2017 and full-year 2017 are provided below.
Reconciliations for historical periods beginning with the quarter
ended September 30, 2016 are provided under “Consolidated Data” in
the Selected Calendar Quarter Financial Information performance
data for the related periods. This information is available on our
website at www.mosaicco.com in the “Financial Information –
Quarterly Earnings” section under the “Investors” tab.
Three Months Ended
Twelve Months Ended
December
31,
December
31,
2017
2016
2017
2016
Diluted earnings per share, as reported $(1.23
) $0.03 $(0.31 ) $0.85 Impact of
notables from quarterly tables* $(1.57 ) $(0.23 ) $(1.40 ) $(0.03 )
Adjusted diluted earnings per share $0.34
$0.26 $1.09 $0.88
*Notable items for each quarter in the
twelve-month periods presented above are detailed in the quarterly
earnings releases for the related period, each of which is
furnished as Exhibit 99.1 to the Current Report on Form 8-K filed
to report that quarter’s earnings results.
For the three months ended December 31, 2017, the Company
reported the following notable items which, combined, negatively
impacted earnings per share by $1.57:
Amount Tax effect EPS impact
Description Segment Line item (in
millions) (in millions) (per share) Foreign
currency transaction gain (loss)
Consolidated
Foreign currency transaction gain (loss) $ (27 ) $ 2 $ (0.07 )
Unrealized gain (loss) on derivatives Corporate and Other Cost of
goods sold (17 ) 1 (0.05 ) Fees related to purchase of Vale assets
Corporate and Other Other operating income (expense) (12 ) — (0.04
) Pre-issuance hedging gain (loss)
Consolidated
Interest expense (2 ) — — Resolution of royalty matter Potash Cost
of goods sold — 2 0.01 Asset write-off Phosphates Other operating
income (expense) (8 ) 1 (0.02 ) Restructuring Phosphates Other
operating income (expense) (20 ) 2 (0.05 ) ARO adjustment
Phosphates Other operating income (expense) (11 ) 1 (0.03 )
Discrete tax items relating to change in U.S. tax legislation
Consolidated (Provision for) benefit from income taxes — (458 )
(1.30 ) Other discrete tax items Consolidated
(Provision for) benefit from income taxes — (5
) (0.02 ) Total Notable Items $ (97 ) $ (454 ) $ (1.57 )
For the three months ended December 31, 2016, the Company
reported the following notable items which, combined, negatively
impacted earnings per share by $0.23:
Amount Tax effect EPS impact
Description Segment Line item (in
millions) (in millions) (per share) Foreign
currency transaction (loss) gain Consolidated Foreign currency
transaction (loss) gain $ (30 ) $ (2 ) $ (0.09 ) Unrealized gain
(loss) on derivatives Corporate & Other Cost of goods sold (4 )
— (0.01 ) Water loss expense Phosphates Other operating expenses
(10 ) (1 ) (0.03 ) ARO adjustment Phosphates Other operating
expenses (21 ) (2 ) (0.07 ) Discrete tax items Consolidated Benefit
from income taxes — (7 ) (0.02 ) Pension de-risking Consolidated
Other operating expenses (6 ) — (0.02 ) Costs related to purchase
of Vale Fertilizantes Business Corporate & Other Other
operating expenses (4 ) — (0.01 ) Gain on sale of equity investment
Phosphates Other expense 7 1 0.02 Depletion adjustment Phosphates
Cost of goods sold 9 1 0.03 Realized loss on RCRA Trust securities
Phosphates Other expense (10 ) (1 ) (0.03 ) Total Notable Items $
(69 ) $ (11 ) $ (0.23 )
Condensed Consolidated
Statements of Earnings (in millions, except per share
amounts)
The Mosaic Company
(unaudited)
Three months ended Twelve months ended
December 31, December 31, 2017
2016 2017 2016 Net sales $
2,091.9 $ 1,862.0 $ 7,409.4 $ 7,162.8 Cost of goods sold 1,811.8
1,656.0 6,566.6 6,352.8 Gross margin
280.1 206.0 842.8 810.0 Selling, general and administrative
expenses 83.1 74.6 301.3 304.2 Other operating expenses 70.0
57.8 75.8 186.8 Operating earnings 127.1 73.6
465.7 319.0 Interest (expense), net (39.7 ) (27.2 ) (138.1 ) (112.4
) Foreign currency transaction gain (loss) (26.7 ) (30.1 ) 49.9
40.1 Other expense (1.5 ) (4.6 ) (3.5 ) (4.3 ) Earnings from
consolidated companies before income taxes 59.2 11.7 374.0 242.4
(Benefit from) provision for income taxes 490.2 (5.5 ) 494.9
(74.2 ) Earnings (loss) from consolidated companies (431.0 )
17.2 (120.9 ) 316.6 Equity in net earnings (loss) of
nonconsolidated companies 1.2 (2.6 ) 16.7 (15.4 ) Net
earnings (loss) including noncontrolling interests (429.8 ) 14.6
(104.2 ) 301.2 Less: Net earnings attributable to noncontrolling
interests 1.3 2.6 3.0 3.4 Net earnings
(loss) attributable to Mosaic $ (431.1 ) $ 12.0 $ (107.2 ) $
297.8 Diluted net earnings (loss) per share attributable to
Mosaic $ (1.23 ) $ 0.03 $ (0.31 ) $ 0.85 Diluted
weighted average number of shares outstanding 351.0 351.6 350.9
351.7
Condensed Consolidated Balance Sheets
(in millions, except per share amounts)
The Mosaic Company
(unaudited)
December 31, December 31, 2017
2016 Assets Current assets: Cash and cash
equivalents $ 2,153.5 $ 673.1 Receivables, net 642.6 627.8
Inventories 1,547.2 1,391.1 Other current assets 273.2 365.7
Total current assets 4,616.5 3,057.7 Property, plant and
equipment, net 9,711.7 9,198.5 Investments in nonconsolidated
companies 1,089.5 1,063.1 Goodwill 1,693.6 1,630.9 Deferred income
taxes 254.6 836.4 Other assets 1,267.5 1,054.1 Total
assets $ 18,633.4 $ 16,840.7
Liabilities and
Equity Current liabilities: Short-term debt $ 6.1 $ 0.1 Current
maturities of long-term debt 343.5 38.8 Structured accounts payable
arrangements 386.2 128.8 Accounts payable 540.9 471.8 Accrued
liabilities 754.4 837.3 Total current liabilities
2,031.1 1,476.8 Long-term debt, less current maturities 4,878.1
3,779.3 Deferred income taxes 1,117.3 1,009.2 Other noncurrent
liabilities 967.8 952.9 Equity: Preferred stock, $0.01 par value,
15,000,000 shares authorized, none issued and outstanding as of
December 31, 2017 and 2016 — — Common stock, $0.01 par value,
1,000,000,000 shares authorized, 388,998,498 shares issued and
351,049,649 shares outstanding as of December 31, 2017, 388,187,398
shares issued and 350,238,549 shares outstanding as of December 31,
2016 3.5 3.5 Capital in excess of par value 44.5 29.9 Retained
earnings 10,631.1 10,863.4 Accumulated other comprehensive income
(1,061.6 ) (1,312.2 ) Total Mosaic stockholders’ equity 9,617.5
9,584.6 Non-controlling interests 21.6 37.9
Total equity
9,639.1 9,622.5 Total liabilities and equity $
18,633.4 $ 16,840.7
Condensed
Consolidated Statements of Cash Flows (in millions, except
per share amounts)
The Mosaic Company
(unaudited)
Three months ended Twelve months ended
December 31, December 31, 2017
2016 2017 2016 Cash Flows
from Operating Activities: Net cash provided by operating
activities $ 411.2 $ 322.5 $ 935.5 $ 1,260.2
Cash Flows from
Investing Activities: Capital expenditures (230.2 ) (209.4 )
(820.1 ) (843.1 ) Purchases of available-for-sale securities -
restricted (130.0 ) (925.0 ) (1,676.3 ) (1,659.4 ) Proceeds from
sale of available-for-sale securities - restricted 124.4 890.4
1,658.1 1,029.3 Proceeds from sale of assets 231.6 — 300.7 0.9
Investments in nonconsolidated companies — — (62.5 ) (244.0 )
Investments in consolidated affiliate (1.8 ) (39.0 ) (49.5 ) (169.0
) Proceeds from sale of equity investment — 17.8 — — Other (18.5 )
(0.9 ) (18.2 ) 19.3 Net cash (used in) investing activities
(24.5 ) (266.1 ) (667.8 ) (1,866.0 )
Cash Flows from Financing
Activities: Payments of short-term debt (78.2 ) (87.6 ) (601.4
) (421.3 ) Proceeds from issuance of short-term debt 23.3 35.1
631.4 397.0 Payments of structured accounts payable arrangements
(179.7 ) (188.5 ) (418.5 ) (792.2 ) Proceeds from structured
accounts payable arrangements 193.0 92.3 666.8 433.6 Payments of
long-term debt (96.0 ) (726.1 ) (102.2 ) (769.1 ) Proceeds from
issuance of long-term debt 1,249.9 720.0 1,251.4 720.0 Payment of
financing costs (15.4 ) (3.7 ) (15.4 ) — Repurchases of stock — — —
(75.0 ) Cash dividends paid (8.8 ) (96.3 ) (210.6 ) (385.1 ) Other
1.5 0.3 (0.7 ) 3.5 Net cash provided by (used
in) financing activities 1,089.6 (254.5 ) 1,200.8 (888.6 ) Effect
of exchange rate changes on cash (8.3 ) (10.0 ) 14.5 68.8
Net change in cash and cash equivalents 1,468.0 (208.1 )
1,483.0 (1,425.6 ) Cash and cash equivalents - beginning of period
726.4 919.5 711.4 2,137.0 Cash and cash
equivalents - end of period $ 2,194.4 $ 711.4 $
2,194.4 $ 711.4
Years Ended
December 31, 2017 2016
2015 Reconciliation of cash, cash equivalents and
restricted cash reported within the condensed consolidated balance
sheets to the consolidated statements of cash flows: Cash and
cash equivalents $ 2,153.5 $ 673.1 $ 1,276.3 Restricted cash in
other current assets 8.3 7.0 9.3 Restricted cash in other assets
32.6 31.3 851.4 Total cash, cash equivalents and
restricted cash shown in the unaudited statement of cash flows $
2,194.4 $ 711.4 $ 2,137.0
Earnings Per
Share Calculation
Three months ended Twelve
months ended December 31, December 31,
2017 2016 2017
2016 Net earnings attributed to Mosaic $ (431.1 ) $ 12.0
$ (107.2 ) $ 297.8 Basic weighted average number of shares
outstanding 351.0 350.2 350.9 350.4 Dilutive impact of share-based
awards — 1.4 — 1.3 Diluted weighted
average number of shares outstanding 351.0 351.6
350.9 351.7 Basic net earnings per share $ (1.23 ) $ 0.03 $
(0.31 ) $ 0.85 Diluted net earnings per share $ (1.23 ) $ 0.03 $
(0.31 ) $ 0.85
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180219005570/en/
The Mosaic CompanyMediaBen Pratt,
763-577-6102benjamin.pratt@mosaicco.comorInvestorsLaura
Gagnon, 763-577-8213investor@mosaicco.com
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