EX-99.2 3 performancedataq32015-exhi.htm EXHIBIT 99.2 - PERFORMANCE DATA Exhibit


The Mosaic Company Exhibit 99.2
Selected Calendar Quarter Financial Information
(Unaudited)
 
 
Q4 2013
 
Q1 2014
 
Q2 2014
 
Q3 2014
 
Q4 2014
 
Q1 2015
 
Q2 2015
 
Q3 2015
Consolidated data (in millions, except per share)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted net earnings per share
 
$
0.30

 
$
0.54

 
$
0.64

 
$
0.54

 
$
0.97

 
$
0.80

 
$
1.08

 
$
0.45

Diluted weighted average # of shares outstanding(a)
 
415.5

 
379.6

 
376.2

 
375.9

 
372.0

 
367.9

 
363.3

 
356.0

Total Net Sales
 
$
2,182

 
$
1,986

 
$
2,440

 
$
2,251

 
$
2,379

 
$
2,139

 
$
2,488

 
$
2,106

Gross Margin
 
$
322

 
$
412

 
$
521

 
$
415

 
$
579

 
$
419

 
$
608

 
$
335

As % of Sales
 
15
%
 
21
 %
 
21
%
 
18
%
 
24
%
 
20
%
 
24
%
 
16
%
SG&A
 
91

 
120

 
88

 
84

 
91

 
100

 
89

 
77

Consolidated Foreign Currency Gain/(Loss)
 
25

 
43

 
(39
)
 
27

 
47

 
45

 
(16
)
 
(49
)
Effective Tax Rate(b)
 
51
%
 
(1
)%
 
25
%
 
27
%
 
7
%
 
9
%
 
16
%
 
6
%
Net Income
 
$
129

 
$
218

 
$
248

 
$
202

 
$
361

 
$
295

 
$
391

 
$
160

As % of Sales
 
6
%
 
11
 %
 
10
%
 
9
%
 
15
%
 
14
%
 
16
%
 
8
%
EBITDA(c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Potash
 
$
173

 
$
257

 
$
281

 
$
158

 
$
316

 
$
283

 
$
341

 
$
141

Phosphate
 
143

 
221

 
309

 
275

 
261

 
282

 
358

 
252

International Distribution
 
12

 
10

 
18

 
32

 
24

 
6

 
13

 
47

Corporate and Other(d)
 
23

 
(50
)
 
(13
)
 
(2
)
 
(36
)
 
(71
)
 
(10
)
 
(14
)
Consolidated EBITDA(c)
 
$
351

 
$
438

 
$
595

 
$
463

 
$
565

 
$
500

 
$
702

 
$
426

Short-term debt
 
$
23

 
$
41

 
$
13

 
$
—

 
$
14

 
$
10

 
$
27

 
$
18

Current maturities of long-term debt
 
—

 
1

 
1

 
41

 
41

 
41

 
57

 
42

Long-term debt, less current maturities
 
3,009

 
3,009

 
3,013

 
3,774

 
3,778

 
3,775

 
3,762

 
3,738

Cash & cash equivalents
 
5,293

 
2,491

 
2,367

 
2,971

 
2,375

 
2,517

 
2,210

 
1,285

Net
 
$
(2,261
)
 
$
560

 
$
660

 
$
844

 
$
1,458

 
$
1,309

 
$
1,636

 
$
2,513

Cash flow from operations
 
$
485

 
$
610

 
$
795

 
$
375

 
$
342

 
$
730

 
$
607

 
$
184

Cash flow from investments
 
(370
)
 
(1,634
)
 
(360
)
 
(158
)
 
(586
)
 
(183
)
 
(343
)
 
(823
)
Cash flow from financing
 
1,860

 
(1,753
)
 
(574
)
 
437

 
(279
)
 
(301
)
 
(601
)
 
(126
)
Effect of exchange rate changes on cash
 
(20
)
 
(25
)
 
15

 
(50
)
 
(73
)
 
(103
)
 
30

 
(160
)
Net cash flow
 
$
1,955

 
$
(2,802
)
 
$
(124
)
 
$
604

 
$
(596
)
 
$
143

 
$
(307
)
 
$
(925
)
Cash dividends paid
 
$
(107
)
 
$
(100
)
 
$
(95
)
 
$
(94
)
 
$
(94
)
 
$
(91
)
 
$
(98
)
 
$
(98
)
Operating Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Potash
 
$
89

 
$
170

 
$
189

 
$
69

 
$
229

 
$
204

 
$
259

 
$
66

Phosphates
 
64

 
146

 
219

 
188

 
157

 
190

 
259

 
157

International Distribution
 
10

 
8

 
16

 
30

 
22

 
3

 
8

 
44

Corporate and Other(d)
 
16

 
(57
)
 
(21
)
 
(10
)
 
(43
)
 
(78
)
 
(16
)
 
(21
)
Consolidated Operating Earnings
 
$
179

 
$
267

 
$
403

 
$
277

 
$
365

 
$
319

 
$
510

 
$
246

Segment data  (in millions, except per tonne)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Phosphates
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales volumes ('000 tonnes)(e)(f)
 
2,395

 
2,051

 
2,637

 
2,176

 
2,392

 
2,297

 
2,788

 
2,049

Realized average DAP price/tonne(g)
 
$
370

 
$
413

 
$
465

 
$
463

 
$
447

 
$
458

 
$
450

 
$
451

Revenue
 
$
1,072

 
$
959

 
$
1,333

 
$
1,133

 
$
1,212

 
$
1,172

 
$
1,385

 
$
1,032

Segment Gross Margin
 
$
134

 
$
200

 
$
271

 
$
236

 
$
231

 
$
222

 
$
296

 
$
199

As % of Sales
 
13
%
 
21
 %
 
20
%
 
21
%
 
19
%
 
19
%
 
21
%
 
19
%
Potash
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales volumes ('000 tonnes)(f)
 
1,862

 
2,355

 
2,500

 
1,808

 
2,309

 
2,027

 
2,342

 
1,626

Realized average MOP price/tonne(g)
 
$
303

 
$
267

 
$
267

 
$
291

 
$
295

 
$
288

 
$
280

 
$
265

Revenue
 
$
652

 
$
733

 
$
762

 
$
593

 
$
763

 
$
653

 
$
730

 
$
492

Segment Gross Margin
 
$
135

 
$
216

 
$
226

 
$
154

 
$
327

 
$
242

 
$
295

 
$
97

As % of Sales
 
21
%
 
29
 %
 
30
%
 
26
%
 
43
%
 
37
%
 
40
%
 
20
%
International Distribution
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales volumes ('000 tonnes)
 
1,133

 
870

 
1,185

 
1,398

 
1,113

 
976

 
1,477

 
2,046

Realized average Blend price/tonne(g)
 
$
466

 
$
438

 
$
452

 
$
481

 
$
427

 
$
444

 
$
427

 
$
400

Revenue
 
$
549

 
$
393

 
$
542

 
$
684

 
$
516

 
$
439

 
$
637

 
$
825

Segment Gross Margin
 
$
29

 
$
22

 
$
34

 
$
51

 
$
41

 
$
21

 
$
29

 
$
61

As % of Sales
 
5
%
 
6
 %
 
6
%
 
7
%
 
8
%
 
5
%
 
4
%
 
7
%





The Mosaic Company - Potash Segment
Selected Calendar Quarter Financial Information
(Unaudited)
 
 
Q4 2013
 
Q1 2014
 
Q2 2014
 
Q3 2014
 
Q4 2014
 
Q1 2015
 
Q2 2015
 
Q3 2015
Net Sales and Gross Margin (in millions, except per tonne)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment income statement
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
North America
 
$
470

 
$
506

 
$
435

 
$
371

 
$
467

 
$
345

 
$
372

 
$
250

International
 
182

 
227

 
327

 
222

 
296

 
308

 
358

 
242

Net Sales
 
$
652

 
$
733

 
$
762

 
$
593

 
$
763

 
$
653

 
$
730

 
$
492

Cost of Goods Sold
 
517

 
517

 
536

 
439

 
436

 
411

 
435

 
395

Gross Margin
 
$
135

 
$
216

 
$
226

 
$
154

 
$
327

 
$
242

 
$
295

 
$
97

As % of Sales
 
21
%
 
29
%
 
30
%
 
26
%
 
43
%
 
37
%
 
40
%
 
20
%
Freight included in revenue & cost of goods sold (in millions)(h)
 
$
61

 
$
73

 
$
57

 
$
51

 
$
69

 
$
47

 
$
47

 
$
34

Net sales less freight
 
$
591

 
$
660

 
$
705

 
$
542

 
$
694

 
$
606

 
$
683

 
$
458

Cost of Goods Sold less freight
 
$
456

 
$
444

 
$
479

 
$
388

 
$
367

 
$
364

 
$
388

 
$
361

Resources Taxes
 
$
57

 
$
30

 
$
45

 
$
46

 
$
48

 
$
78

 
$
55

 
$
59

Royalties
 
9

 
6

 
7

 
6

 
8

 
11

 
9

 
7

Total Resources Taxes & Royalties
 
$
66

 
$
36

 
$
52

 
$
52

 
$
56

 
$
89

 
$
64

 
$
66

Gross Margin (excluding Resources Taxes & Royalties)(i)
 
$
201

 
$
252

 
$
278

 
$
206

 
$
383

 
$
331

 
$
359

 
$
163

As % of Sales
 
31
%
 
34
%
 
36
%
 
35
%
 
50
%
 
51
%
 
49
%
 
33
%
Segment Operating Earnings
 
$
89

 
$
170

 
$
189

 
$
69

 
$
229

 
$
204

 
$
259

 
$
66

Depreciation, Depletion and Amortization
 
84

 
87

 
92

 
89

 
87

 
79

 
82

 
75

EBITDA(c)
 
$
173

 
$
257

 
$
281

 
$
158

 
$
316

 
$
283

 
$
341

 
$
141

Cost of Goods Sold Detail (in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
COGS additional detail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Resource Taxes
 
$
57

 
$
30

 
$
45

 
$
46

 
$
48

 
$
78

 
$
55

 
$
59

Royalties
 
9

 
6

 
7

 
6

 
8

 
11

 
9

 
7

Brine Inflow Expenses
 
50

 
44

 
46

 
44

 
47

 
44

 
45

 
37

Depreciation, Depletion and Amortization
 
84

 
87

 
92

 
89

 
87

 
79

 
82

 
75

Total
 
$
200

 
$
167

 
$
190

 
$
185

 
$
190

 
$
212

 
$
191

 
$
178

Operating Data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales volumes ('000 tonnes)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Crop Nutrients North America(f)
 
933

 
1,111

 
873

 
691

 
964

 
572

 
641

 
419

Crop Nutrients International(f)
 
744

 
1,065

 
1,427

 
919

 
1,228

 
1,248

 
1,544

 
1,041

Non-Agricultural
 
185

 
179

 
200

 
198

 
117

 
207

 
157

 
166

Total(f)
 
1,862

 
2,355

 
2,500

 
1,808

 
2,309

 
2,027

 
2,342

 
1,626

Production Volumes ('000 tonnes)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Production Volume
 
1,741

 
1,871

 
2,044

 
1,666

 
2,584

 
2,451

 
2,362

 
1,749

Operating Rate(j)
 
65
%
 
70
%
 
76
%
 
62
%
 
91
%
 
93
%
 
90
%
 
67
%
Realized prices (FOB plant, $/tonne)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MOP - North America crop nutrients(g)(k)
 
$
332

 
$
300

 
$
308

 
$
344

 
$
355

 
$
362

 
$
345

 
$
293

MOP - International(g)
 
$
225

 
$
209

 
$
225

 
$
232

 
$
239

 
$
245

 
$
244

 
$
236

MOP - Average(g)
 
$
303

 
$
267

 
$
267

 
$
291

 
$
295

 
$
288

 
$
280

 
$
265

Brine inflow cost/production tonne
 
$
29

 
$
24

 
$
23

 
$
26

 
$
18

 
$
18

 
$
19

 
$
21

Cash COGS/sales tonne
 
$
164

 
$
136

 
$
134

 
$
137

 
$
97

 
$
97

 
$
103

 
$
135

EBITDA(c)/sales tonne(l)
 
$
93

 
$
109

 
$
112

 
$
87

 
$
137

 
$
140

 
$
146

 
$
87

Potash CAPEX  (in millions)
 
$
197

 
$
144

 
$
94

 
$
92

 
$
141

 
$
95

 
$
88

 
$
119






The Mosaic Company - Phosphates Segment
Selected Calendar Quarter Financial Information
(Unaudited)
 
 
Q4 2013
 
Q1 2014
 
Q2 2014
 
Q3 2014
 
Q4 2014
 
Q1 2015
 
Q2 2015
 
Q3 2015
Net Sales and Gross Margin (in millions, except per tonne)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment income statement
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
North America
 
$
721

 
$
559

 
$
725

 
$
636

 
$
714

 
$
668

 
$
705

 
$
570

International
 
351

 
400

 
608

 
497

 
498

 
504

 
680

 
462

Net Sales
 
$
1,072

 
$
959

 
$
1,333

 
$
1,133

 
$
1,212

 
$
1,172

 
$
1,385

 
$
1,032

Cost of Goods Sold
 
938

 
759

 
1,062

 
897

 
981

 
950

 
1,089

 
833

Gross Margin
 
$
134

 
$
200

 
$
271

 
$
236

 
$
231

 
$
222

 
$
296

 
$
199

As % of Sales
 
13
%
 
21
%
 
20
%
 
21
%
 
19
%
 
19
%
 
21
%
 
19
%
Freight included in revenue & cost of goods sold (in millions)
 
$
112

 
$
81

 
$
100

 
$
88

 
$
103

 
$
82

 
$
98

 
$
79

Net sales less freight
 
$
960

 
$
878

 
$
1,233

 
$
1,045

 
$
1,109

 
$
1,090

 
$
1,287

 
$
953

Cost of Goods Sold less freight
 
$
826

 
$
678

 
$
962

 
$
809

 
$
878

 
$
868

 
$
991

 
$
754

PhosChem sales of other member
 
$
23

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Segment Operating Earnings
 
$
64

 
$
146

 
$
219

 
$
188

 
$
157

 
$
190

 
$
259

 
$
157

Depreciation, Depletion and Amortization
 
75

 
79

 
93

 
91

 
97

 
94

 
99

 
96

Equity Earnings (Loss)
 
4

 
(4
)
 
(3
)
 
(4
)
 
7

 
(2
)
 
—

 
(1
)
EBITDA(c)
 
$
143

 
$
221

 
$
309

 
$
275

 
$
261

 
$
282

 
$
358

 
$
252

Operating Data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales volumes ('000 tonnes)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
North America - DAP/MAP
 
1,116

 
747

 
948

 
805

 
837

 
951

 
895

 
709

International - DAP/MAP(f)
 
577

 
650

 
1,040

 
878

 
882

 
754

 
1,224

 
819

MicroEssentials®(f)
 
541

 
510

 
481

 
357

 
502

 
440

 
516

 
389

Feed and Other
 
161

 
144

 
168

 
136

 
171

 
152

 
153

 
132

Total(e)
 
2,395

 
2,051

 
2,637

 
2,176

 
2,392

 
2,297

 
2,788

 
2,049

Production Volumes ('000 tonnes)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total tonnes produced(m)
 
1,960

 
1,971

 
2,458

 
2,480

 
2,364

 
2,299

 
2,504

 
2,434

Operating Rate
 
81
%
 
79
%
 
84
%
 
85
%
 
81
%
 
79
%
 
86
%
 
83
%
Realized prices ($/tonne)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DAP (FOB plant)(g)
 
$
370

 
$
413

 
$
465

 
$
463

 
$
447

 
$
458

 
$
450

 
$
451

Realized costs  ($/tonne)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ammonia (tonne)(n)
 
$
422

 
$
374

 
$
473

 
$
508

 
$
544

 
$
519

 
$
417

 
$
418

Sulfur (long ton)(o)
 
$
123

 
$
96

 
$
128

 
$
148

 
$
154

 
$
145

 
$
161

 
$
151

Blended rock
 
$
62

 
$
64

 
$
68

 
$
60

 
$
58

 
$
61

 
$
61

 
$
61

Average Market prices  ($/tonne)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ammonia (tonne)(p)
 
$
467

 
$
455

 
$
557

 
$
547

 
$
625

 
$
497

 
$
462

 
$
454

Sulfur (long ton)(q)
 
$
77

 
$
104

 
$
131

 
$
135

 
$
131

 
$
141

 
$
135

 
$
136

Natural Gas(r)
 
$
3.9

 
$
4.7

 
$
4.6

 
$
4.0

 
$
3.9

 
$
2.8

 
$
2.7

 
$
2.7

Full production conversion cost/production tonne
 
$
81

 
$
89

 
$
87

 
$
82

 
$
90

 
$
91

 
$
83

 
$
89

EBITDA(c)/sales tonne(l)
 
$
60

 
$
108

 
$
117

 
$
126

 
$
100

 
$
123

 
$
128

 
$
123

Phosphates CAPEX (in millions)
 
$
135

 
$
116

 
$
104

 
$
85

 
$
98

 
$
129

 
$
128

 
$
118






The Mosaic Company - International Distribution Segment
Selected Calendar Quarter Financial Information
(Unaudited)
 
 
Q4 2013
 
Q1 2014
 
Q2 2014
 
Q3 2014
 
Q4 2014
 
Q1 2015
 
Q2 2015
 
Q3 2015
Net Sales and Gross Margin (in millions, except per tonne)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment income statement
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Sales
 
$
549

 
$
393

 
$
542

 
$
684

 
$
516

 
$
439

 
$
637

 
$
825

Cost of Goods Sold
 
520

 
371

 
508

 
633

 
475

 
418

 
608

 
764

Gross Margin
 
$
29

 
$
22

 
$
34

 
$
51

 
$
41

 
$
21

 
$
29

 
$
61

As % of Sales
 
5
%
 
6
%
 
6
%
 
7
%
 
8
%
 
5
%
 
4
%
 
7
%
Per tonne
 
$
26

 
$
25

 
$
29

 
$
36

 
$
37

 
$
21

 
$
19

 
$
30

SG&A and Other Operating Expenses
 
$
19

 
$
14

 
$
18

 
$
21

 
$
19

 
$
18

 
$
21

 
$
17

Segment Operating Earnings
 
$
10

 
$
8

 
$
16

 
$
30

 
$
22

 
$
3

 
$
8

 
$
44

Depreciation, Depletion and Amortization
 
2

 
2

 
2

 
2

 
2

 
3

 
5

 
3

EBITDA(c)
 
$
12

 
$
10

 
$
18

 
$
32

 
$
24

 
$
6

 
$
13

 
$
47

Operating Data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales volumes ('000 tonnes)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
1,133

 
870

 
1,185

 
1,398

 
1,113

 
976

 
1,477

 
2,046

Realized prices ($/tonne)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average selling price (FOB destination)
 
$
466

 
$
438

 
$
452

 
$
481

 
$
456

 
$
444

 
$
427

 
$
400

Purchases ('000 tonnes)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DAP/MAP from Mosaic
 
212

 
93

 
290

 
331

 
214

 
138

 
363

 
349

MicroEssentials® from Mosaic
 
131

 
147

 
168

 
83

 
56

 
125

 
198

 
155

Potash from Mosaic/Canpotex
 
340

 
269

 
484

 
261

 
334

 
249

 
769

 
556

International Distribution CAPEX (in millions)
 
$
8

 
$
8

 
$
11

 
$
7

 
$
9

 
$
4

 
$
6

 
$
4

Working Capital (in millions)(s)
 
$
153

 
$
168

 
$
188

 
$
184

 
$
186

 
$
145

 
$
149

 
$
105

EBITDA(c)/sales tonne(l)
 
$
11

 
$
11

 
$
15

 
$
23

 
$
22

 
$
6

 
$
9

 
$
23






The Mosaic Company - Corporate and Other Segment
Selected Calendar Quarter Financial Information
(Unaudited)

 
 
Q4 2013
 
Q1 2014
 
Q2 2014
 
Q3 2014
 
Q4 2014
 
Q1 2015
 
Q2 2015
 
Q3 2015
Net Sales and Gross Margin (in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment income statement
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Sales
 
$
(91
)
 
$
(99
)
 
$
(197
)
 
$
(159
)
 
$
(112
)
 
$
(125
)
 
$
(265
)
 
$
(243
)
Cost of Goods Sold
 
(115
)
 
(73
)
 
(187
)
 
(133
)
 
(92
)
 
(60
)
 
(253
)
 
(222
)
Gross Margin (loss)
 
$
24

 
$
(26
)
 
$
(10
)
 
$
(26
)
 
$
(20
)
 
$
(65
)
 
$
(12
)
 
$
(21
)
Elimination of profit in inventory (income) loss included in COGS
 
$
(30
)
 
$
9

 
$
29

 
$
(3
)
 
$
(18
)
 
$
18

 
$
34

 
$
(12
)
Unrealized (gain) loss on derivatives included in COGS
 
$
3

 
$
4

 
$
(26
)
 
$
23

 
$
31

 
$
38

 
$
(27
)
 
$
(22
)
Segment Operating Earnings
 
$
16

 
$
(57
)
 
$
(21
)
 
$
(10
)
 
$
(43
)
 
$
(78
)
 
$
(16
)
 
$
(21
)
Depreciation, Depletion and Amortization
 
6

 
6

 
7

 
8

 
7

 
6

 
5

 
7

Equity Earnings (Loss)
 
1

 
1

 
1

 
—

 
—

 
1

 
1

 
—

EBITDA(c)
 
$
23

 
$
(50
)
 
$
(13
)
 
$
(2
)
 
$
(36
)
 
$
(71
)
 
$
(10
)
 
$
(14
)





Footnotes
 
(a)
For Q4 2013 through Q4 2014, diluted weighted average number of shares reflects the impact of shares subject to the forward contract for our contractual share repurchase obligations.
(b)
Includes a discrete income tax benefit of approximately $63 million in Q1 2014, $14 million in Q2 2014, $29 million in Q3 2014, $100 million in Q4 2014, $28 million in Q1 2015, $10 million in Q2 2015, $3 million in Q3 2015 and a discrete income tax expense of approximately $104 million in Q4 2013.
(c)
The Company defines EBITDA as operating earnings plus depreciation, depletion and amortization plus equity earnings in nonconsolidated companies. EBITDA is a non-GAAP financial measure. 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 ("GAAP"). A reconciliation of EBITDA to the nearest comparable GAAP measure and an explanation of why we include EBITDA appear below under "Non-GAAP Reconciliation".
(d)
Includes elimination of intersegment sales.
(e)
Excludes tonnes sold by PhosChem for its other member. Effective December 31, 2013, we and PhosChem's other member each assumed responsibility for PhosChem's former activities as they related to our respective products. We subsequently dissolved PhosChem.
(f)
Sales volumes include intersegment sales.
(g)
FOB Plant, sales to unrelated parties.
(h)
Includes inbound freight, outbound freight and warehousing costs on domestic MOP sales.
(i)
The Company has presented gross margin excluding Canadian resource taxes and royalties (“CRT”) for Potash which is a non-GAAP financial measure. 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. Gross margin excluding CRT provides a measure that we believe enhances the reader’s ability to compare our gross margin with that of other companies which incur CRT expense and classify it in a manner different than the Company in their statement of earnings. Because securities analysts, investors, lenders and others use gross margin excluding CRT, the Company’s management believes that the Company's presentation of gross margin excluding CRT for Potash affords them greater transparency in assessing the Company’s financial performance against competitors. Because not all companies use identical calculations, investors should consider that the Company's calculation may not be comparable to other similarly titled measures presented by other companies. Gross margin excluding CRT, should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
(j)
Q4 2014 operating rate includes an additional 600 thousand metric tonnes of annual capacity from our Colonsay expansion.
(k)
This price excludes industrial and feed sales.
(l)
Calculated as EBITDA divided by sales tonnes.
(m)
Includes crop nutrient dry concentrates and animal feed ingredients.
(n)
Amounts are representative of our average ammonia costs in cost of goods sold.
(o)
Amounts are representative of our average sulfur cost in cost of goods sold.
(p)
Three point quarterly average (Fertecon).
(q)
Three point quarterly average (Green Markets).
(r)
Three point quarterly average (NYMEX).
(s)
Calculated as current assets less cash and liabilities for the International Distribution segment.





The Mosaic Company
Selected Calendar Quarter Financial Information
(Unaudited)

Non-GAAP Reconciliation
EBITDA is provided 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.  EBITDA should not be considered as an alternative to, or more meaningful than, net income as a measure of operating performance.  Since EBITDA is not a measure determined in accordance with GAAP and is thus susceptible to varying interpretations and calculations, EBITDA, as presented, may not be comparable to other similarly titled measures of other companies.  A reconciliation of net income to EBITDA is included below.
 
 
Q4 2013
 
Q1 2014
 
Q2 2014
 
Q3 2014
 
Q4 2014
 
Q1 2015
 
Q2 2015
 
Q3 2015
Potash EBITDA(c)
 
$
173

 
$
257

 
$
281

 
$
158

 
$
316

 
$
283

 
$
341

 
$
141

Phosphates EBITDA(c)
 
143

 
221

 
309

 
275

 
261

 
282

 
358

 
252

ID EBITDA(c)
 
12

 
10

 
18

 
32

 
24

 
6

 
13

 
47

Corporate EBITDA(c)
 
23

 
(50
)
 
(13
)
 
(2
)
 
(36
)
 
(71
)
 
(10
)
 
(14
)
Consolidated EBITDA(c)
 
$
351

 
$
438

 
$
595

 
$
463

 
$
565

 
$
500

 
$
702

 
$
426

Consolidated Foreign Currency Gain/(Loss)
 
25

 
43

 
(39
)
 
27

 
47

 
45

 
(16
)
 
(49
)
Consolidated Gain (Loss) in Value of Share Repurchase Agreement
 
73

 
(60
)
 
(5
)
 
5

 
—

 
—

 
—

 
—

Consolidated Interest Income/(Expense)
 
(12
)
 
(27
)
 
(25
)
 
(25
)
 
(31
)
 
(31
)
 
(24
)
 
(24
)
Consolidated Depreciation, Depletion & Amortization
 
(167
)
 
(174
)
 
(194
)
 
(190
)
 
(193
)
 
(182
)
 
(191
)
 
(181
)
Consolidated Non-Controlling Interest
 
(1
)
 
—

 
—

 
(1
)
 
(1
)
 
—

 
—

 
(1
)
Consolidated Provision from/(Benefit for)Income Taxes
 
(131
)
 
3

 
(83
)
 
(78
)
 
(27
)
 
(31
)
 
(73
)
 
(10
)
Consolidated Other Income (Expense)
 
(9
)
 
(5
)
 
(1
)
 
1

 
1

 
(6
)
 
(7
)
 
(1
)
Consolidated Net Income
 
$
129

 
$
218

 
$
248

 
$
202

 
$
361

 
$
295

 
$
391

 
$
160


Cash COGS/sales tonne is defined for the Potash segment as [Cost of Goods Sold per sales tonne less depreciation, depletion, amortization, Canadian royalties and resource taxes and freight included in revenue and cost of goods sold].  Cash COGS/sales tonne is a non-GAAP financial measure provided to assist securities analysts, lenders and others in their comparisons of operational performance but should not be considered as an alternative to, or more meaningful than, Potash Cost of Goods Sold as a measure of operating performance.  Since Cash COGS/sales tonne is not a measure determined in accordance with GAAP and is thus susceptible to varying interpretations and calculations, it may, as presented, not be comparable to other similarly titled measures of other companies.  A reconciliation of Cash COGS/sales tonne to Potash Cost of Goods Sold is included below.
(in millions, except sales tonnes)
 
Q4 2013
 
Q1 2014
 
Q2 2014
 
Q3 2014
 
Q4 2014
 
Q1 2015
 
Q2 2015
 
Q3 2015
Cash COGS/sales tonne
 
$
164

 
$
136

 
$
134

 
$
137

 
$
97

 
$
97

 
$
103

 
$
135

Sales tonnes (in thousands)
 
1,862

 
2,355

 
2,500

 
1,808

 
2,309

 
2,027

 
2,342

 
1,626

Cash Cost of Goods Sold
 
$
306

 
$
321

 
$
335

 
$
247

 
$
224

 
$
196

 
$
242

 
$
220

Potash Depreciation, Depletion & Amortization
 
84

 
87

 
92

 
89

 
87

 
79

 
82

 
75

Royalties
 
9

 
6

 
7

 
6

 
8

 
11

 
9

 
7

Resources Taxes
 
57

 
30

 
45

 
46

 
48

 
78

 
55

 
59

Freight included in revenue & cost of goods sold (in millions)(h)
 
61

 
73

 
57

 
51

 
69

 
47

 
47

 
34

Potash Cost of Goods Sold
 
$
517

 
$
517

 
$
536

 
$
439

 
$
436

 
$
411

 
$
435

 
$
395