MOSAIC CO (MOS)

The Mosaic Company is the world's leading producer and marketer of concentrated phosphate and potash crop nutrients, operating as a single-source supplier of phosphate- and potash-based crop nutrients and animal feed ingredients to customers in approximately 40 countries. Incorporated in Delaware in March 2004 as the parent company formed through the October 2004 combination of IMC Global Inc. and Cargill's fertilizer businesses, Mosaic trades on the NYSE under ticker "MOS" and is headquartered in Tampa, Florida. The company is the second largest integrated phosphate producer globally, typically ranks among the top four global potash producers, and is the leading fertilizer production and distribution company in Brazil.

Mosaic mines phosphate rock in Florida, Brazil, and Peru, processing it into finished products at facilities in Florida, Louisiana, and Brazil; it mines potash in Saskatchewan, New Mexico, and Brazil; and maintains additional production, blending, or distribution operations in Brazil, China, India, and Paraguay, along with an equity investment in a Saudi Arabian joint venture operating a phosphate rock mine and chemical complexes. The company accounts for approximately 12% of global phosphate production and 13% of global potash production, and serves the top four nutrient-consuming countries: China, India, the U.S., and Brazil. Mosaic operates through three reportable segments: Phosphates (accounting for ~80% of North American concentrated phosphate production), Potash (~35% of North American potash production), and Mosaic Fertilizantes (Brazilian operations accounting for ~72% of Brazil's phosphate production and 100% of Brazil's potash production, also serving as a distribution outlet for the other two segments).

Notable 2023 developments include the $158 million sale of the Streamsong Resort in Florida (generating a $57 million gain), acquisition of the remaining 50% interest in Gulf Sulphur Services to secure sulfur supply chain control, a special dividend of $0.25 per share plus an increased regular annual dividend to $0.84 per share, a $300 million accelerated share repurchase agreement with total 2023 repurchases of approximately $748 million (16,879,059 shares), entry into a 10-year $700 million senior unsecured term loan facility ($500 million drawn as of year-end), repayment of $900 million in 4.25% senior notes, and issuance of $400 million in new 5.375% senior notes due 2028. The company also continues to navigate ongoing countervailing duty litigation related to phosphate fertilizer imports from Morocco and Russia, originally initiated by Mosaic in 2021, with administrative reviews and court proceedings ongoing into 2024 that could affect applicable duty rates.