Document

Exhibit 99.2

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)


	Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023
Consolidated data (in millions, except per share)
Diluted net earnings (loss) per share	$	0.97		$	1.76		$	3.19		$	2.85		$	2.42		$	1.52		$	1.28		$	1.11
Notable items impact on earnings per share(a)	(0.38)			(0.19)			0.78			(0.79)			(0.80)			(0.22)			0.14			0.07
Adjusted diluted net earnings per share(a)	$	1.35		$	1.95		$	2.41		$	3.64		$	3.22		$	1.74		$	1.14		$	1.04
Diluted weighted average # of shares outstanding	383.2			377.5			370.1			363.1			347.7			343.8			338.7			333.7

Total Net Sales	$	3,419		$	3,841		$	3,922		$	5,373		$	5,348		$	4,481		$	3,604		$	3,395
Cost of goods sold	2,554			2,693			2,483			3,526			3,846			3,512			2,934			2,824
Gross Margin	$	865		$	1,148		$	1,439		$	1,847		$	1,502		$	969		$	670		$	571
SG&A	98			123			133			108			124			133			127			130
Other operating (income) expense	65			55			50			65			224			136			(2)			72
Operating earnings	$	702		$	970		$	1,256		$	1,674		$	1,154		$	700		$	545		$	369
Interest expense, net	(48)			(39)			(40)			(34)			(31)			(34)			(41)			(36)
Consolidated foreign currency gain/(loss)	(100)			(44)			311			(227)			(61)			75			51			149
Earnings from consolidated companies before income taxes	554			886			1,527			1,377			1,061			677			546			474
Provision for (benefit from) income taxes	177			245			372			369			277			206			118			108
Earnings (loss) from consolidated companies	$	377		$	641		$	1,155		$	1,008		$	784		$	471		$	428		$	366
Equity in net earnings (loss) of nonconsolidated companies	(1)			20			31			36			72			57			31			13
Less: Net earnings (loss) attributable to noncontrolling interests	4			(4)			4			8			14			5			24			10
Net earnings (loss) attributable to Mosaic	$	372		$	665		$	1,182		$	1,036		$	842		$	523		$	435		$	369
After tax Notable items included in earnings	$	(145)		$	(73)		$	288		$	(286)		$	(277)		$	(75)		$	46		$	22

Gross Margin Rate	25		%	30		%	37		%	34		%	28		%	22		%	19		%	17		%

Effective Tax Rate (including discrete tax)	32		%	28		%	24		%	27		%	26		%	30		%	22		%	23		%
Discrete Tax benefit (expense)	$	(19)		$	(26)		$	9		$	(14)		$	(12)		$	(9)		$	14		$	10

Depreciation, Depletion and Amortization	$	186		$	214		$	226		$	245		$	229		$	233		$	220		$	244
Accretion Expense	$	18		$	19		$	20		$	20		$	19		$	22		$	23		$	23
Share-Based Compensation Expense	$	5		$	6		$	16		$	(1)		$	6		$	6		$	12		$	9
Notable Items	$	163		$	59		$	(374)		$	361		$	354		$	84		$	(66)		$	(32)
Adjusted EBITDA(b)	$	969		$	1,227		$	1,451		$	2,028		$	1,686		$	1,051		$	777		$	744

Net cash provided by (used in) operating activities	$	423		$	431		$	506		$	1,585		$	889		$	956		$	149		$	1,073
Cash paid for interest (net of amount capitalized)	18			82			4			80			3			83			8			80
Cash paid for income taxes (net of refunds)	54			36			259			233			253			370			226			147
Net cash used in investing activities	$	(351)		$	(392)		$	(297)		$	(265)		$	(355)		$	(343)		$	(221)		$	(312)
Capital expenditures	(340)			(363)			(291)			(263)			(354)			(341)			(322)			(310)
Net cash (used in) provided by financing activities	$	(618)		$	(107)		$	(125)		$	(1,331)		$	(650)		$	(573)		$	(209)		$	(607)
Cash dividends paid	(28)			(28)			(41)			(54)			(51)			(51)			(152)			(68)
Effect of exchange rate changes on cash	$	(32)		$	(5)		$	31		$	(33)		$	(20)		$	(8)		$	4		$	9
Net change in cash and cash equivalents	$	(579)		$	(72)		$	115		$	(44)		$	(135)		$	32		$	(277)		$	164

Short-term debt	$	—		$	303		$	481		$	17		$	201		$	225		$	855		$	229
Long-term debt (including current portion)	3,995			3,979			3,977			3,960			3,959			3,397			3,389			3,393
Cash & cash equivalents	843			770			882			839			703			735			465			626
Net debt	$	3,152		$	3,512		$	3,576		$	3,138		$	3,457		$	2,887		$	3,779		$	2,996

Segment Contributions (in millions)
Phosphate	$	1,281		$	1,466		$	1,496		$	1,801		$	1,577		$	1,310		$	1,382		$	1,286
Potash	589			897			1,060			1,580			1,432			1,136			907			849
Mosaic Fertilizantes	1,755			1,535			1,488			2,260			2,629			1,910			1,343			1,419
Corporate and Other(c)	(206)			(57)			(122)			(268)			(290)			125			(28)			(159)
Total net sales	$	3,419		$	3,841		$	3,922		$	5,373		$	5,348		$	4,481		$	3,604		$	3,395

Phosphate	$	326		$	418		$	493		$	578		$	131		$	145		$	266		$	146
Potash	220			443			563			915			793			497			402			328
Mosaic Fertilizantes	290			195			187			420			323			(20)			(32)			(20)
Corporate and Other(c)	(134)			(86)			13			(239)			(93)			78			(91)			(85)
Consolidated operating earnings	$	702		$	970		$	1,256		$	1,674		$	1,154		$	700		$	545		$	369



Phosphate(d)	1,836	1,813	1,661	1,675	1,651	1,571	1,836	1,922
Potash(d)	1,808	2,072	1,792	2,304	2,142	1,863	1,910	2,163
Mosaic Fertilizantes	3,350	2,347	1,822	2,320	2,824	2,472	2,080	2,385
Corporate and Other	292	432	370	533	221	466	420	359
Total finished product tonnes sold ('000 tonnes)	7,286	6,664	5,645	6,832	6,838	6,372	6,246	6,829
Sales of Performance Products ('000 tonnes)(e)	1,132	1,077	711	741	790	1,265	819	977

The Mosaic Company - Phosphate Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales	$	1,281		$	1,466		$	1,496		$	1,801		$	1,577		$	1,310		$	1,382		$	1,286
Cost of Goods Sold	917			1,006			968			1,159			1,219			1,078			1,123			1,070
Gross Margin	$	364		$	460		$	528		$	642		$	358		$	232		$	259		$	216
Notable Items Included in Gross Margin	(17)			(9)			—			—			(9)			(30)			—			(31)
Adjusted Gross Margin(b)	$	381		$	469		$	528		$	642		$	367		$	262		$	259		$	247

SG&A	7			15			8			10			8			15			10			11
Other operating (income) expense	31			27			27			54			219			72			(17)			59

Operating Earnings	$	326		$	418		$	493		$	578		$	131		$	145		$	266		$	146
Plus: Depreciation, Depletion and Amortization	106			115			120			133			121			111			116			129
Plus: Accretion Expense	13			13			13			14			13			15			16			16
Plus: Foreign Exchange Gain (Loss)	6			(11)			(7)			—			3			(4)			(2)			(2)
Plus: Other Income (Expense)	1			—			—			(24)			1			(9)			—			(1)
Plus: Dividends from equity investments	—			—			—			—			—			—			25			—
Less: Earnings (loss) from Consolidated Noncontrolling Interests	4			(3)			4			9			14			5			25			12
Plus: Notables Items	31			33			17			66			226			95			(14)			109
Adjusted EBITDA(b)	$	479		$	571		$	632		$	758		$	481		$	348		$	382		$	385

Capital expenditures	$	161		$	187		$	148		$	157		$	168		$	159		$	142		$	119
Gross Margin $ / tonne of finished product	$	198		$	254		$	318		$	383		$	217		$	148		$	141		$	112
Adjusted Gross Margin $ / tonne of finished product	$	208		$	259		$	318		$	383		$	222		$	167		$	141		$	129
Gross margin as a percent of sales	28		%	31		%	35		%	36		%	23		%	18		%	19		%	17		%

Freight included in finished goods (in millions)	$	96		$	103		$	90		$	94		$	98		$	95		$	96		$	102
Idle/Turnaround costs (excluding notable items)	$	33		$	25		$	31		$	79		$	79		$	70		$	42		$	34

Operating Data
Sales volumes ('000 tonnes)(d)
DAP/MAP	907			907			917			814			824			844			1,022			928
Performance & other products(f)	812			813			659			780			750			640			740			919
Other products(i)	117			93			85			81			77			87			74			75
Total Finished Product(d)	1,836			1,813			1,661			1,675			1,651			1,571			1,836			1,922

DAP selling price (fob plant)(q)	$	605		$	676		$	785		$	920		$	809		$	722		$	660		$	585
Average finished product selling price (destination)(g)	$	681		$	758		$	877		$	1,048		$	924		$	794		$	717		$	634

Production Volumes ('000 tonnes)
Total tonnes produced(h)	1,738			1,857			1,745			1,636			1,664			1,602			1,836			1,660
Operating Rate	70		%	75		%	70		%	66		%	67		%	65		%	74		%	67		%

Raw Materials
Ammonia used in production	$	255		$	287		$	258		$	236		$	236		$	243		$	274		$	240
% manufactured ammonia used in production	20		%	20		%	34		%	22		%	5		%	42		%	29		%	44		%
Sulfur used in production	$	792		$	848		$	818		$	764		$	781		$	745		$	840		$	771
% prilled sulfur used in production	21		%	17		%	11		%	5		%	—		%	3		%	7		%	11		%

Realized costs ($/tonne)
Ammonia (tonne)(j)	$	424		$	463		$	532		$	591		$	665		$	653		$	605		$	441
Sulfur (long ton)(k)	$	214		$	229		$	281		$	385		$	436		$	348		$	236		$	195
Blended rock	$	59		$	64		$	61		$	64		$	68		$	78		$	77		$	79

Phosphate cash conversion costs, production / tonne(r)	$	68		$	71		$	76		$	86		$	85		$	96		$	96		$	105
Cash costs of U.S. mined rock/production tonne(s)	$	41		$	44		$	50		$	46		$	41		$	48		$	58		$	56

ARO cash spending (in millions)	$	26		$	26		$	33		$	28		$	33		$	43		$	41		$	41


MWSPC equity earnings (loss)	$	(1)	$	20	$	31	$	34	$	72	$	58	$	31	$	10
MWSPC total sales tonnes (DAP/MAP/NPK)	486		653		592		413		599		684		762		649

Miski Mayo external sales revenue	$	21	$	18	$	26	$	21	$	33	$	38	$	41	$	47

The Mosaic Company - Potash Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales	$	589		$	897		$	1,060		$	1,580		$	1,432		$	1,136		$	907		$	849
Cost of Goods Sold	353			433			481			652			633			598			494			513
Gross Margin	$	236		$	464		$	579		$	928		$	799		$	538		$	413		$	336
Notable Items Included in Gross Margin	—			—			—			—			—			—			—			—
Adjusted Gross Margin(b)	$	236		$	464		$	579		$	928		$	799		$	538		$	413		$	336

SG&A	8			11			7			8			6			9			8			7
Other operating (income) expense	8			10			9			5			—			32			3			1

Operating Earnings	$	220		$	443		$	563		$	915		$	793		$	497		$	402		$	328
Plus: Depreciation, Depletion and Amortization	50			68			77			81			76			73			70			74
Plus: Accretion Expense	2			2			2			2			2			2			2			2
Plus: Foreign Exchange Gain (Loss)	(38)			3			17			(23)			(19)			6			3			23
Plus: Other Income (Expense)	—			—			—			—			—			—			—			—
Plus: Notable Items	38			1			(8)			23			19			19			(3)			(19)
Adjusted EBITDA(b)	$	272		$	517		$	651		$	998		$	871		$	597		$	474		$	408

Capital expenditures	$	123		$	92		$	65		$	67		$	78		$	72		$	93		$	74
Gross Margin $ / tonne of finished product	$	131		$	224		$	323		$	403		$	373		$	289		$	216		$	155
Adjusted Gross Margin $ / tonne of finished product	$	131		$	224		$	323		$	403		$	373		$	289		$	216		$	155
Gross margin as a percent of sales	40		%	52		%	55		%	59		%	56		%	47		%	46		%	40		%

Supplemental Cost Information
Canadian resource taxes	$	57		$	113		$	157		$	274		$	258		$	238		$	121		$	95
Royalties	$	8		$	15		$	27		$	32		$	31		$	24		$	19		$	13
Freight(l)	$	60		$	65		$	70		$	76		$	55		$	66		$	80		$	94
Idle/Turnaround costs (excluding notable items)	$	36		$	11		$	15		$	9		$	13		$	24		$	22		$	35

Operating Data
Sales volumes ('000 tonnes)(d)
MOP	1,547			1,870			1,532			2,045			1,952			1,707			1,696			1,883
Performance & other products(m)	202			187			243			245			178			143			201			270
Other products(i)	59			15			17			14			12			13			13			10
Total Finished Product(d)	1,808			2,072			1,792			2,304			2,142			1,863			1,910			2,163

Crop Nutrients North America	642			610			618			727			439			594			739			881
Crop Nutrients International	1,067			1,301			1,020			1,415			1,574			1,145			1,053			1,144
Non-Agricultural	99			161			154			162			129			125			118			138
Total Finished Product(d)	1,808			2,072			1,792			2,304			2,142			1,863			1,910			2,163

MOP selling price (fob mine)(o)	$	290		$	414		$	582		$	678		$	666		$	581		$	421		$	326
Average finished product selling price (destination)(g)	$	326		$	433		$	591		$	686		$	669		$	610		$	475		$	392

Production Volumes ('000 tonnes)
Production Volume	1,580			2,208			2,200			2,436			2,266			2,151			1,944			1,921
Operating Rate	65		%	81		%	80		%	87		%	81		%	77		%	69		%	69		%

MOP cash costs of production including brine / production tonne(n)	$	72		$	71		$	81		$	78		$	78		$	76		$	81		$	74
ARO cash spending (in millions)	$	7		$	15		$	18		$	13		$	11		$	5		$	3		$	3

Average CAD / USD	$	1.259		$	1.261		$	1.267		$	1.276		$	1.304		$	1.358		$	1.352		$	1.343

The Mosaic Company - Mosaic Fertilizantes Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales	$	1,755		$	1,535		$	1,488		$	2,260		$	2,629		$	1,910		$	1,343		$	1,419
Cost of Goods Sold	1,423			1,313			1,269			1,810			2,281			1,882			1,344			1,406
Gross Margin	$	332		$	222		$	219		$	450		$	348		$	28		$	(1)		$	13
Notable Items Included in Gross Margin	3			23			(18)			—			14			(1)			—			(13)
Adjusted Gross Margin(b)	$	329		$	199		$	237		$	450		$	334		$	29		$	(1)		$	26

SG&A	20			24			21			27			25			29			26			29
Other operating (income) expense	22			3			11			3			—			19			5			4

Operating Earnings	$	290		$	195		$	187		$	420		$	323		$	(20)		$	(32)		$	(20)
Plus: Depreciation, Depletion and Amortization	26			28			25			27			28			45			32			38
Plus: Accretion Expense	3			4			4			4			4			5			5			5
Plus: Foreign Exchange Gain (Loss)	(40)			(31)			119			(83)			(66)			38			23			73
Plus: Other Income (Expense)	(2)			(1)			(1)			(1)			(1)			(1)			(1)			(1)
Less: Earnings from Consolidated Noncontrolling Interests	—			—			—			(1)			—			—			—			(2)
Plus: Notable Items	40			2			(101)			76			55			(38)			(24)			(31)
Adjusted EBITDA(b)	$	317		$	197		$	233		$	444		$	343		$	29		$	3		$	66

Capital expenditures	$	52		$	81		$	75		$	39		$	92		$	100		$	87		$	63
Gross Margin $ / tonne of finished product	$	99		$	95		$	120		$	194		$	123		$	11		$	(1)		$	5
Adjusted Gross Margin $ / tonne of finished product	$	98		$	85		$	130		$	194		$	118		$	12		$	(1)		$	11
Gross margin as a percent of sales	19		%	14		%	15		%	20		%	13		%	1		%	—		%	1		%
Idle/Turnaround costs (excluding notable items)	$	16		$	25		$	9		$	30		$	44		$	29		$	11		30

Operating Data
Sales volumes ('000 tonnes)
Phosphate produced in Brazil	722			599			737			638			488			505			510			611
Potash produced in Brazil	56			59			46			46			33			40			44			44
Purchased nutrients for distribution(p)	2,572			1,689			1,039			1,636			2,303			1,927			1,526			1,730
Total Finished Product	3,350			2,347			1,822			2,320			2,824			2,472			2,080			2,385

Sales of Performance Products ('000 tonnes)(e)	584			375			155			290			574			473			211			283

Brazil MAP price (Brazil production delivered price to third party)	$	622		$	765		$	882		$	1,021		$	866		$	663		$	669		$	653
Average finished product selling price (destination)(g)	$	524		$	654		$	817		$	974		$	931		$	773		$	646		$	595

Production Volumes ('000 tonnes)
MAP	210			233			261			266			174			261			235			219
TSP	130			102			131			129			85			82			106			88
SSP	350			349			312			275			343			332			283			240
DCP	130			124			127			85			114			126			108			133
NPK	65			55			64			55			25			49			45			56
Total phosphate tonnes produced	885			863			895			810			741			851			777			736
MOP	97			97			94			38			69			100			82			61

Phosphate operating rate	91		%	89		%	92		%	83		%	76		%	87		%	78		%	74		%
Potash operating rate	75		%	74		%	72		%	29		%	55		%	80		%	65		%	49		%

Realized Costs ($/tonne)
Ammonia/tonne	$	640		$	775		$	1,145		$	1,396		$	1,267		$	1,354		$	1,150		$	912


Sulfur (long ton)	$	222	$	251	$	337	$	384	$	432	$	402	$	278	$	258
Blended rock	$	81	$	83	$	105	$	102	$	106	$	106	$	124	$	128

Purchases ('000 tonnes)
DAP/MAP from Mosaic	62		89		102		102		30		38		146		117
MicroEssentials® from Mosaic	344		243		248		448		370		205		277		427
Potash from Mosaic/Canpotex	1,023		550		398		663		798		417		235		756

Phosphate cash conversion costs in BRL, production / tonne(r)	R$347		R$388		R$403		R$506		R$533		R$483		R$538		R$540
Potash cash conversion costs in BRL, production / tonne	R$986		R$1,059		R$1,296		R$2,285		R$1,591		R$1,176		R$1,455		R$1,701
Mined rock costs in BRL, cash produced / tonne	R$430		R$456		R$557		R$500		R$525		R$632		R$606		R$533
ARO cash spending (in millions)	$	5	$	5	$	2	$	4	$	5	$	11	$	3	$	4

Average BRL / USD	$	5.225	$	5.579	$	5.235	$	4.917	$	5.244	$	5.255	$	5.196	$	4.954

The Mosaic Company - Corporate and Other Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q3 2021		Q4 2021		Q1 2022		Q2 2022		Q3 2022		Q4 2022		Q1 2023		Q2 2023
Net Sales and Gross Margin (in millions)
Segment income statement
Net Sales	$	(206)	$	(57)	$	(122)	$	(268)	$	(290)	$	125	$	(28)	$	(159)
Cost of Goods Sold	(139)		(59)		(235)		(95)		(287)		(46)		(27)		(165)
Gross Margin (Loss)	$	(67)	$	2	$	113	$	(173)	$	(3)	$	171	$	(1)	$	6
Notable items Included in Gross Margin	(26)		(18)		100		(62)		(76)		14		(1)		34
Adjusted Gross Margin (Loss)(b)	$	(41)	$	20	$	13	$	(111)	$	73	$	157	$	—	$	(28)

SG&A	63		73		97		63		85		80		83		83
Other operating (income) expense	4		15		3		3		5		13		7		8

Operating Earnings (Loss)	$	(134)	$	(86)	$	13	$	(239)	$	(93)	$	78	$	(91)	$	(85)
Plus: Depreciation, Depletion and Amortization	4		3		4		4		4		4		2		3
Plus: Share-Based Compensation Expense	5		6		16		(1)		6		6		12		9
Plus: Foreign Exchange Gain (Loss)	(28)		(4)		182		(121)		21		34		27		54
Plus: Other Income (Expense)	—		—		2		(11)		(1)		(53)		(7)		(5)
Less: Earnings (Loss) from Consolidated Noncontrolling Interests	—		—		—		—		—		—		—		—
Plus: Notable Items	54		23		(282)		196		54		8		(25)		(91)
Adjusted EBITDA(b)	$	(99)	$	(58)	$	(65)	$	(172)	$	(9)	$	77	$	(82)	$	(115)

Elimination of profit in inventory included in COGS	$	(60)	$	(29)	$	(76)	$	(180)	$	104	$	171	$	20	$	35
Unrealized gain (loss) on derivatives included in COGS	$	(26)	$	(17)	$	100	$	(59)	$	(76)	$	14	$	(1)	$	34

Operating Data
Sales volumes ('000 tonnes)	292		432		370		533		221		466		420		359
Sales of Performance Products ('000 tonnes)	13		12		1		14		9		6		—		—

Average finished product selling price (destination)(g)	$	466	$	539	$	597	$	732	$	720	$	692	$	636	$	478

Purchases ('000 tonnes)
DAP/MAP from Mosaic	—		—		—		—		6		47		—		31
MicroEssentials® from Mosaic	1		4		15		—		15		1		16		3
Potash from Mosaic/Canpotex	218		304		220		471		332		337		296		126

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

Notable Items


Q2 2023
Description	Segment	Line Item	Amount (in millions)		Tax Effect(t) (in millions)		EPS Impact (per basic share)

Unrealized foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	114	$	(28)	$	0.26
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	34		(9)		0.08
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(12)		3		(0.03)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	(13)		3		(0.03)
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	2		—		—
ARO Adjustment	Phosphate	Other operating income (expense)	(28)		7		(0.06)
Environmental reserve	Phosphate	Other operating income (expense)	(37)		9		(0.08)
Land reclamation	Phosphate	Cost of goods sold	(31)		8		(0.07)
Total Notable Items			$	29	$	(7)	$	0.07


Q1 2023
Description	Segment	Line Item	Amount (in millions)		Tax Effect(t) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	51	$	(12)	$	0.11
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	(1)		—		—
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(12)		3		(0.03)
Gain on sale of Streamsong Resort	Phosphate	Other operating income (expense)	57		(14)		0.13

Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	(8)		2		(0.02)
ARO Adjustment	Phosphate	Other operating income (expense)	(20)		5		(0.04)
Environmental reserve	Phosphate	Other operating income (expense)	(6)		1		(0.01)
Total Notable Items			$	61	$	(15)	$	0.14


Q4 2022
Description	Segment	Line Item	Amount (in millions)		Tax Effect(t) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	75	$	(18)	$	0.16
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	14		(4)		0.03
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(11)		3		(0.03)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	(1)		—		—
Fixed asset write-off	Phosphate	Other operating income (expense)	(6)		2		(0.01)
ARO Adjustment	Potash	Other operating income (expense)	3		(1)		0.01
Discrete tax items	Consolidated	(Provision for) benefit from income taxes	—		(9)		(0.03)
Realized gain (loss) on RCRA Trust Securities	Phosphates	Other non-operating income (expense)	(20)		5		(0.04)
Environmental reserve	Phosphates	Other operating income (expense)	(44)		11		(0.09)
Hurricane Ian idle costs	Phosphates	Cost of goods sold	(30)		8		(0.07)
Insurance proceeds	Phosphates	Other operating income (expense)	5		(1)		0.01
Pension plan termination settlement	Consolidated	Other non-operating income (expense)	(42)		10		(0.09)
Environmental reserve	Potash	Other operating income (expense)	(28)		7		(0.06)
Lease termination and severance	Corporate and Other	Other operating income (expense)	(4)		1		(0.01)
Total Notable Items			$	(89)	$	14	$	(0.22)


Q3 2022
Description	Segment	Line Item	Amount (in millions)		Tax Effect(t) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	(61)	$	16	$	(0.13)
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	(76)		20		(0.16)
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(12)		4		(0.02)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	14		(4)		0.03
Discrete tax items	Consolidated	(Provision for) benefit from income taxes	—		(12)		(0.04)
ARO Adjustment	Phosphates	Other operating income (expense)	(143)		36		(0.31)
Environmental reserve	Phosphates	Other operating income (expense)	(71)		18		(0.15)
Hurricane Ian idle costs	Phosphates	Cost of goods sold	(9)		2		(0.02)
Insurance proceeds	Phosphates	Other operating income (expense)	4		(1)		0.01
ARO Adjustment	Mosaic Fertilizantes	Other operating income (expense)	(3)		1		(0.01)
Total Notable Items			$	(357)	$	80	$	(0.80)


Q2 2022
Description	Segment	Line Item	Amount (in millions)		Tax Effect(t) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	(227)	$	57	$	(0.47)
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	(59)		15		(0.12)
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(9)		3		(0.03)
Discrete tax items	Consolidated	(Provision for) benefit from income taxes	—		(14)		(0.04)
Realized gain (loss) on RCRA Trust Securities	Phosphates	Other non-operating income (expense)	(26)		7		(0.05)
Gain on sale of plant	Mosaic Fertilizantes	Other operating income (expense)	7		(2)		0.02
ARO Adjustment	Phosphates	Other operating income (expense)	(5)		1		(0.01)
Environmental reserve	Phosphates	Other operating income (expense)	(30)		7		(0.06)
Write down of investment	Corporate and Other	Other non-operating income (expense)	(12)		3		(0.02)
Inventory lower of cost or market	Corporate and Other	Cost of goods sold	(3)		1		(0.01)
Total Notable Items			$	(364)	$	78	$	(0.79)


Q1 2022
Description	Segment	Line Item	Amount (in millions)		Tax Effect(t) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	311	$	(78)	$	0.62
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	100		(25)		0.21
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(9)		3		(0.02)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	(18)		5		(0.03)
Fixed asset write-off	Phosphate	Other operating income (expense)	(4)		1		(0.01)
ARO Adjustment	Potash	Other operating income (expense)	(9)		2		(0.02)
Discrete tax items	Consolidated	(Provision for) benefit from income taxes	—		9		0.03
Total Notable Items			$	371	$	(83)	$	0.78


Q4 2021
Description	Segment	Line Item	Amount (in millions)		Tax Effect(t) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	(44)	$	11	$	(0.09)
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	(18)		5		(0.03)
Closed and indefinitely idled facility costs	Phosphates	Other operating income (expense)	(9)		3		(0.02)
Pre-acquisition reserve adjustment	Mosaic Fertilizantes	Other operating income (expense)	5		(2)		0.01
Realized gain on RCRA Trust Securities	Phosphates	Other non-operating income (expense)	(2)		1		—
Discrete tax items	Consolidated	(Provision for) benefit from income taxes	—		(26)		(0.06)
ARO Adjustment	Phosphates	Other operating income (expense)	(5)		1		(0.01)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	23		(6)		0.04
Hurricane Ida recovery	Phosphates	Cost of goods sold/Other income (expense)	(9)		2		(0.02)
ARO Adjustment	Potash	Other operating income (expense)	(4)		1		(0.01)
Total Notable Items			$	(63)	$	(10)	$	(0.19)


Q3 2021
Description	Segment	Line Item	Amount (in millions)		Tax Effect(t) (in millions)		EPS Impact (per basic share)

Foreign currency transaction gain (loss)	Consolidated	Foreign currency transaction gain (loss)	$	(100)	$	25	$	(0.19)
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	(26)		6		(0.05)
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(11)		3		(0.03)
Pre-acquisition reserve adjustment	Mosaic Fertilizantes	Other operating income (expense)	(3)		1		(0.01)
Discrete tax items	Consolidated	(Provision for) benefit from income taxes	—		(19)		(0.05)
ARO Adjustment	Phosphate	Other operating income (expense)	(13)		3		(0.03)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	3		(1)		0.01
Hurricane Ida recovery	Phosphate	Cost of goods sold/Other income (expense)	(18)		5		(0.03)
Total Notable Items			$	(168)	$	23	$	(0.38)

Footnotes

(a)Notable items impact on 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. Adjusted Diluted Net Earnings per Share is defined as diluted net earnings (loss) per share excluding the impact of notable items. See "Non-GAAP Reconciliations".

(b)See definitions of Adjusted EBITDA and Adjusted Gross Margin under “Non-GAAP Reconciliations”.

(c)Includes elimination of intersegment sales.

(d)Finished product sales volumes include intersegment sales.

(e)Includes MicroEssentials, K-Mag, Aspire and Sus-Terra sales tonnes.

(f)Includes MicroEssentials performance products.

(g)Average price of all finished products sold by Potash, Phosphate, Mosaic Fertilizantes and India/China.

(h)Includes crop nutrient dry concentrates and animal feed ingredients.

(i)Includes finished goods sales of feed and other products.

(j)Amounts are representative of our average ammonia costs in cost of goods sold.

(k)Amounts are representative of our average sulfur costs in cost of goods sold.

(l)Includes inbound freight, outbound freight and warehousing costs on K-Mag, animal feed and domestic MOP sales.

(m)Includes K-Mag, and Aspire finished performance products.

(n)MOP cash costs of production are reflective of actual costs during the period excluding brine management costs, depreciation, depletion, accretion, carbon-based and Canadian resource tax, idle and turnaround costs. Total Production costs for MOP production excludes K-Mag costs, Aspire raw material costs and incremental Aspire operating costs.

(o)Excludes industrial and feed sales. Price has been calculated using the average monthly foreign exchange rate.

(p)Includes sales volumes of phosphate and potash nutrients purchased from other Mosaic segments and Canpotex.

(q)Includes intersegment sales.

(r)Total production costs less depreciation, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of finished phosphate production in the period.

(s)Total production cost less depreciation/depletion, ARO costs including accretion and idle and turnaround costs divided by metric tonnes of rock produced in the period.

(t)Tax impact is based on our expected annual effective rate.

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), Mosaic has presented in this Selected Calendar Quarter Financial Information certain non-GAAP financial measures, or measures calculated based on non-GAAP financial measures, including: Adjusted Diluted Net Earnings Per Share, Consolidated Adjusted EBITDA, Segment Adjusted EBITDA, and Adjusted Gross Margin. 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 GAAP. Each of the non-GAAP financial measures we present is determined as described below.

The non-GAAP financial measures we present should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, because these non-GAAP measures, as presented, 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 Diluted Net Earnings Per Share

Adjusted diluted net earnings per share 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 diluted net earnings per share 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 diluted net earnings per share in analyzing and assessing Mosaic’s overall performance, for financial and operating decision-making, and to forecast and plan for the future periods. Adjusted diluted net earnings per share also assists our management in comparing our and our competitors' operating results. Reconciliations of adjusted diluted net earnings per share to diluted net earnings per share for the periods presented are provided under “Consolidated Data” on the first page of this Selected Calendar Quarter Financial Information.

Consolidated Adjusted EBITDA

Consolidated Adjusted EBITDA is defined as consolidated Net Income (Loss) before net interest expense, depreciation, depletion and amortization, asset retirement obligation accretion, share-based compensation expense and provision for/(benefit from) income taxes less equity in net earnings (loss) of nonconsolidated companies, net of dividends. Consolidated Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. Consolidated Adjusted EBITDA is a non-GAAP financial measure that we provide to assist securities analysts, investors, lenders and others in their comparisons of operational performance, valuation and debt capacity across companies with differing capital, tax and legal structures. Consolidated Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, consolidated Net Income (Loss) as a measure of operating performance. A reconciliation of Consolidated Net Income (Loss) to Consolidated Adjusted EBITDA is provided below.


(in millions)	Q3 2021		Q4 2021		Q1 2022		Q2 2022		Q3 2022		Q4 2022		Q1 2023		Q2 2023
Consolidated Net Income (Loss)	$	372	$	665	$	1,182	$	1,036	$	842	$	523	$	435	$	369
Less: Consolidated Interest Expense, Net	(48)		(39)		(40)		(34)		(31)		(34)		(41)		(36)
Plus: Consolidated Depreciation, Depletion & Amortization	186		214		226		245		229		233		220		244
Plus: Accretion Expense	17		19		20		20		19		22		23		23
Plus: Share-Based Compensation Expense (Benefit)	5		6		16		(1)		6		6		12		9
Plus: Consolidated Provision for (Benefit from) Income Taxes	177		245		372		369		277		206		118		108
Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends	(1)		20		31		36		72		57		6		13
Plus: Notable Items	163		59		(374)		361		354		84		(66)		(32)
Consolidated Adjusted EBITDA	$	969	$	1,227	$	1,451	$	2,028	$	1,686	$	1,051	$	777	$	744

Segment Adjusted EBITDA

Adjusted EBITDA presented at the segment level is defined as the related segment's operating earnings (loss) plus depreciation, depletion and amortization, plus asset retirement obligation accretion, plus foreign exchange gain (loss), plus other income (expense), plus dividends from equity investments, less equity earnings (loss) from noncontrolling interests. Adjusted EBITDA is also adjusted for notable items that management excludes in analyzing our performance. We provide these non-GAAP financial measures because we believe they are relevant and useful to securities analysts, investors and others because they are part of our internal management reporting and planning process, and our management uses these measures to evaluate the operational performance and valuation of our segments. Management also uses these measures as a method of comparing segment, performance with that of its competitors. Segment Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, segment Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, as measures of operating performance. Management believes Operating Earnings (Loss) and segment Operating Earnings (Loss)/sales tonne, respectively, are the most directly comparable GAAP measures because we do not allocate taxes on a segment basis. Reconciliations of Segment Adjusted EBITDA to segment Operating Earnings (Loss) and segment Operating (Loss) Earnings/sales tonne, respectively, are provided as part of each segment's Selected Calendar Quarter Financial Information.

Adjusted Gross Margin

Adjusted gross margin is defined as gross margin excluding the impact of notable items. Management believes the adjusted measures provides security analysts, investors, management & others 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 gross margin in analyzing and assessing Mosaic's overall performance for financial and operating decision-making and to forecast and plan for future periods.