Document

Exhibit 99.2

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)


	Q3 2022			Q4 2022			Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024
Consolidated data (in millions, except per share)
Diluted net earnings (loss) per share	$	2.42		$	1.52		$	1.28		$	1.11		$	(0.01)		$	1.11		$	0.14		$	(0.50)
Notable items impact on earnings per share(a)	(0.80)			(0.22)			0.14			0.07			(0.69)			0.40			(0.51)			(1.04)
Adjusted diluted net earnings per share(a)	$	3.22		$	1.74		$	1.14		$	1.04		$	0.68		$	0.71		$	0.65		$	0.54
Diluted weighted average # of shares outstanding	347.7			343.8			338.7			333.7			332.0			327.7			323.5			321.2

Total Net Sales	$	5,348		$	4,481		$	3,604		$	3,395		$	3,548		$	3,149		$	2,679		$	2,817
Cost of goods sold	3,846			3,512			2,934			2,824			3,139			2,589			2,280			2,423
Gross Margin	$	1,502		$	969		$	670		$	571		$	409		$	560		$	399		$	394
SG&A	124			133			127			130			120			123			107			128
Other operating (income) expense	224			136			(2)			72			144			158			119			33
Operating earnings	$	1,154		$	700		$	545		$	369		$	145		$	279		$	173		$	233
Interest expense, net	(31)			(34)			(41)			(36)			(17)			(35)			(48)			(46)
Consolidated foreign currency gain/(loss)	(61)			75			51			149			(97)			91			(100)			(268)
Earnings from consolidated companies before income taxes	1,061			677			546			474			(19)			324			25			(74)
Provision for (benefit from) income taxes	277			206			118			108			(6)			(44)			6			99
Earnings (loss) from consolidated companies	$	784		$	471		$	428		$	366		$	(13)		$	368		$	19		$	(173)
Equity in net earnings (loss) of nonconsolidated companies	72			57			31			13			16			—			37			22
Less: Net earnings (loss) attributable to noncontrolling interests	14			5			24			10			7			3			11			11
Net earnings (loss) attributable to Mosaic	$	842		$	523		$	435		$	369		$	(4)		$	365		$	45		$	(162)
After tax Notable items included in earnings	$	(277)		$	(75)		$	46		$	22		$	(231)		$	131		$	(165)		$	(334)

Gross Margin Rate	28		%	22		%	19		%	17		%	12		%	18		%	15		%	14		%

Effective Tax Rate (including discrete tax)	26		%	30		%	22		%	23		%	32		%	(14)		%	24		%	(133)		%
Discrete Tax benefit (expense)	$	(12)		$	(9)		$	14		$	10		$	17		$	2		$	1		$	(120)

Depreciation, Depletion and Amortization	$	229		$	233		$	220		$	244		$	239		$	257		$	241		$	264
Accretion Expense	$	19		$	22		$	23		$	23		$	23		$	27		$	27		$	28
Share-Based Compensation Expense	$	6		$	6		$	12		$	9		$	6		$	6		$	9		$	12
Notable Items	$	354		$	84		$	(66)		$	(32)		$	335		$	—		$	222		$	319
Adjusted EBITDA(b)	$	1,686		$	1,051		$	777		$	744		$	594		$	646		$	576		$	584

Net cash provided by (used in) operating activities	$	889		$	956		$	149		$	1,073		$	647		$	538		$	(80)		$	847
Cash paid for interest (net of amount capitalized)	3			83			8			80			5			76			17			77
Cash paid for income taxes (net of refunds)	253			370			226			147			49			(36)			99			74
Net cash used in investing activities	$	(355)		$	(343)		$	(221)		$	(312)		$	(422)		$	(362)		$	(388)		$	(349)
Capital expenditures	(354)			(341)			(322)			(310)			(412)			(359)			(383)			(334)
Net cash (used in) provided by financing activities	$	(650)		$	(573)		$	(209)		$	(607)		$	(254)		$	(411)		$	458		$	(489)
Cash dividends paid	(51)			(51)			(152)			(68)			(66)			(65)			(70)			(68)
Effect of exchange rate changes on cash	$	(20)		$	(8)		$	4		$	9		$	(10)		$	(6)		$	(4)		$	(6)
Net change in cash and cash equivalents	$	(135)		$	32		$	(277)		$	164		$	(39)		$	(241)		$	(14)		$	3

Short-term debt	$	201		$	225		$	855		$	229		$	300		$	400		$	1,204		$	882
Long-term debt (including current portion)	3,959			3,397			3,389			3,393			3,357			3,362			3,350			3,319
Cash & cash equivalents	703			735			465			626			591			349			337			322
Net debt	$	3,457		$	2,887		$	3,779		$	2,996		$	3,066		$	3,413		$	4,217		$	3,879

Segment Contributions (in millions)
Phosphate	$	1,577		$	1,310		$	1,382		$	1,286		$	986		$	1,070		$	1,169		$	1,180
Potash	1,432			1,136			907			849			720			758			643			663
Mosaic Fertilizantes	2,629			1,910			1,343			1,419			1,731			1,192			886			1,049
Corporate and Other(c)	(290)			125			(28)			(159)			111			129			(19)			(75)
Total net sales	$	5,348		$	4,481		$	3,604		$	3,395		$	3,548		$	3,149		$	2,679		$	2,817

Phosphate	$	131		$	145		$	266		$	146		$	(58)		$	21		$	40		$	133
Potash	793			497			402			328			200			222			198			174
Mosaic Fertilizantes	323			(20)			(32)			(20)			77			50			42			61
Corporate and Other(c)	(93)			78			(91)			(85)			(74)			(14)			(107)			(135)
Consolidated operating earnings	$	1,154		$	700		$	545		$	369		$	145		$	279		$	173		$	233



Phosphate(d)	1,651	1,571	1,836	1,922	1,651	1,582	1,644	1,696
Potash(d)	2,142	1,863	1,910	2,163	2,220	2,577	2,163	2,346
Mosaic Fertilizantes	2,824	2,472	2,080	2,385	3,060	2,158	1,715	2,196
Corporate and Other	221	466	420	359	482	618	333	316
Total finished product tonnes sold ('000 tonnes)	6,838	6,372	6,246	6,829	7,413	6,935	5,855	6,554
Sales of Performance Products ('000 tonnes)(e)	790	1,265	819	977	1,305	1,044	787	839

The Mosaic Company - Phosphate Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q3 2022			Q4 2022			Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales	$	1,577		$	1,310		$	1,382		$	1,286		$	986		$	1,070		$	1,169		$	1,180
Cost of Goods Sold	1,219			1,078			1,123			1,070			899			931			1,010			1,026
Gross Margin	$	358		$	232		$	259		$	216		$	87		$	139		$	159		$	154
Notable Items Included in Gross Margin	(9)			(30)			—			(31)			—			(28)			—			(15)
Adjusted Gross Margin(b)	$	367		$	262		$	259		$	247		$	87		$	167		$	159		$	169

SG&A	8			15			10			11			10			11			13			10
Other operating (income) expense	219			72			(17)			59			135			107			106			11

Operating Earnings	$	131		$	145		$	266		$	146		$	(58)		$	21		$	40		$	133
Plus: Depreciation, Depletion and Amortization	121			111			116			129			117			124			117			128
Plus: Accretion Expense	13			15			16			16			16			19			20			20
Plus: Foreign Exchange Gain (Loss)	3			(4)			(2)			(2)			4			(1)			2			2
Plus: Other Income (Expense)	1			(9)			—			(1)			(6)			(9)			3			(2)
Plus: Dividends from equity investments	—			—			25			—			—			—			15			—
Less: Earnings (loss) from Consolidated Noncontrolling Interests	14			5			25			12			8			2			10			11
Plus: Notables Items	226			95			(14)			109			136			107			90			38
Adjusted EBITDA(b)	$	481		$	348		$	382		$	385		$	201		$	259		$	277		$	308

Capital expenditures	$	168		$	159		$	142		$	119		$	157		$	208		$	197		$	177
Gross Margin $ / tonne of finished product	$	217		$	148		$	141		$	112		$	53		$	88		$	97		$	91
Adjusted Gross Margin $ / tonne of finished product	$	222		$	167		$	141		$	129		$	53		$	106		$	97		$	100
Gross margin as a percent of sales	23		%	18		%	19		%	17		%	9		%	13		%	14		%	13		%

Freight included in finished goods (in millions)	$	98		$	95		$	96		$	102		$	92		$	105		$	103		$	104
Idle/Turnaround costs (excluding notable items)	$	79		$	70		$	42		$	34		$	25		$	32		$	56		$	36

Operating Data
Sales volumes ('000 tonnes)(d)
DAP/MAP	824			844			1,022			928			913			762			900			828
Performance & other products(f)	750			640			740			919			673			741			673			794
Other products(i)	77			87			74			75			65			79			71			74
Total Finished Product(d)	1,651			1,571			1,836			1,922			1,651			1,582			1,644			1,696

DAP selling price (fob plant)(q)	$	809		$	722		$	660		$	585		$	487		$	552		$	598		$	575
Average finished product selling price (destination)(g)	$	924		$	794		$	717		$	634		$	569		$	658		$	677		$	667

Production Volumes ('000 tonnes)
Total tonnes produced(h)	1,664			1,602			1,836			1,660			1,593			1,479			1,577			1,675
Operating Rate	67		%	65		%	74		%	67		%	64		%	60		%	64		%	68		%

Raw Materials
Ammonia used in production	$	236		$	243		$	274		$	240		$	234		$	209		$	246		$	243
% manufactured ammonia used in production	5		%	42		%	29		%	44		%	32		%	53		%	1		%	41		%
Sulfur used in production	$	781		$	745		$	840		$	771		$	735		$	549		$	725		$	778
% prilled sulfur used in production	—		%	3		%	7		%	11		%	5		%	6		%	1		%	8		%

Realized costs ($/tonne)
Ammonia (tonne)(j)	$	665		$	653		$	605		$	441		$	353		$	366		$	404		$	424
Sulfur (long ton)(k)	$	436		$	348		$	236		$	195		$	156		$	152		$	142		$	138
Blended rock	$	68		$	78		$	77		$	79		$	81		$	77		$	81		$	86

Phosphate cash conversion costs, production / tonne(r)	$	85		$	96		$	96		$	105		$	105		$	118		$	110		$	100
Cash costs of U.S. mined rock/production tonne(s)	$	41		$	48		$	58		$	56		$	56		$	56		$	57		$	54

ARO cash spending (in millions)	$	33		$	43		$	41		$	41		$	42		$	41		$	40		$	59


MWSPC equity earnings (loss)	$	72	$	58	$	31	$	10	$	17	$	—	$	37	$	22
MWSPC total sales tonnes (DAP/MAP/NPK)	599		684		762		649		771		722		671		688

Miski Mayo external sales revenue	$	33	$	38	$	41	$	47	$	33	$	18	$	37	$	34

The Mosaic Company - Potash Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q3 2022			Q4 2022			Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales	$	1,432		$	1,136		$	907		$	849		$	720		$	758		$	643		$	663
Cost of Goods Sold	633			598			494			513			510			503			431			477
Gross Margin	$	799		$	538		$	413		$	336		$	210		$	255		$	212		$	186
Notable Items Included in Gross Margin	—			—			—			—			—			—			—			—
Adjusted Gross Margin(b)	$	799		$	538		$	413		$	336		$	210		$	255		$	212		$	186

SG&A	6			9			8			7			6			8			9			7
Other operating (income) expense	—			32			3			1			4			25			5			5

Operating Earnings	$	793		$	497		$	402		$	328		$	200		$	222		$	198		$	174
Plus: Depreciation, Depletion and Amortization	76			73			70			74			66			89			82			94
Plus: Accretion Expense	2			2			2			2			2			3			2			3
Plus: Foreign Exchange Gain (Loss)	(19)			6			3			23			(26)			41			(31)			(12)
Plus: Other Income (Expense)	—			—			—			—			(43)			(2)			—			—
Plus: Notable Items	19			19			(3)			(19)			68			(31)			30			12
Adjusted EBITDA(b)	$	871		$	597		$	474		$	408		$	267		$	322		$	281		$	271

Capital expenditures	$	78		$	72		$	93		$	74		$	85		$	105		$	97		$	75
Gross Margin $ / tonne of finished product	$	373		$	289		$	216		$	155		$	95		$	99		$	98		$	79
Adjusted Gross Margin $ / tonne of finished product	$	373		$	289		$	216		$	155		$	95		$	99		$	98		$	79
Gross margin as a percent of sales	56		%	47		%	46		%	40		%	29		%	34		%	33		%	28		%

Supplemental Cost Information
Canadian resource taxes	$	258		$	238		$	121		$	95		$	86		$	102		$	64		$	58
Royalties	$	31		$	24		$	19		$	13		$	9		$	13		$	10		$	10
Freight(l)	$	55		$	66		$	80		$	94		$	99		$	78		$	86		$	94
Idle/Turnaround costs (excluding notable items)	$	13		$	24		$	22		$	35		$	37		$	3		$	9		$	18

Operating Data
Sales volumes ('000 tonnes)(d)
MOP	1,952			1,707			1,696			1,883			2,031			2,359			1,927			2,113
Performance & other products(m)	178			143			201			270			177			207			225			225
Other products(i)	12			13			13			10			12			11			11			8
Total Finished Product(d)	2,142			1,863			1,910			2,163			2,220			2,577			2,163			2,346

Crop Nutrients North America	439			594			739			881			1,129			773			838			970
Crop Nutrients International	1,574			1,145			1,053			1,144			1,007			1,666			1,195			1,260
Non-Agricultural	129			125			118			138			84			138			130			116
Total Finished Product(d)	2,142			1,863			1,910			2,163			2,220			2,577			2,163			2,346

MOP selling price (fob mine)(o)	$	666		$	581		$	421		$	326		$	266		$	243		$	241		$	224
Average finished product selling price (destination)(g)	$	669		$	610		$	475		$	392		$	324		$	294		$	297		$	283

Production Volumes ('000 tonnes)
Production Volume	2,266			2,151			1,944			1,921			1,854			2,527			2,338			2,224
Operating Rate	81		%	77		%	69		%	69		%	66		%	90		%	81		%	78		%

MOP cash costs of production including brine / production tonne(n)	$	78		$	76		$	81		$	74		$	73		$	66		$	72		$	64
ARO cash spending (in millions)	$	11		$	5		$	3		$	3		$	3		$	2		$	1		$	2

Average CAD / USD	$	1.304		$	1.358		$	1.352		$	1.343		$	1.342		$	1.361		$	1.348		$	1.368

The Mosaic Company - Mosaic Fertilizantes Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q3 2022			Q4 2022			Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024
Net Sales and Gross Margin (in millions, except per tonne)
Segment income statement
Net Sales	$	2,629		$	1,910		$	1,343		$	1,419		$	1,731		$	1,192		$	886		$	1,049
Cost of Goods Sold	2,281			1,882			1,344			1,406			1,625			1,098			811			947
Gross Margin	$	348		$	28		$	(1)		$	13		$	106		$	94		$	75		$	102
Notable Items Included in Gross Margin	14			(1)			—			(13)			(2)			(3)			1			4
Adjusted Gross Margin(b)	$	334		$	29		$	(1)		$	26		$	108		$	97		$	74		$	98

SG&A	25			29			26			29			26			29			30			27
Other operating (income) expense	—			19			5			4			3			15			3			14

Operating Earnings	$	323		$	(20)		$	(32)		$	(20)		$	77		$	50		$	42		$	61
Plus: Depreciation, Depletion and Amortization	28			45			32			38			54			41			40			40
Plus: Accretion Expense	4			5			5			5			5			5			5			5
Plus: Foreign Exchange Gain (Loss)	(66)			38			23			73			(48)			32			(45)			(144)
Plus: Other Income (Expense)	(1)			(1)			(1)			(1)			(1)			(1)			(2)			(2)
Less: Earnings from Consolidated Noncontrolling Interests	—			—			—			(2)			—			—			1			(1)
Plus: Notable Items	55			(38)			(24)			(31)			60			(16)			44			135
Adjusted EBITDA(b)	$	343		$	29		$	3		$	66		$	147		$	111		$	83		$	96

Capital expenditures	$	92		$	100		$	87		$	63		$	118		$	68		$	82		$	46
Gross Margin $ / tonne of finished product	$	123		$	11		$	(1)		$	5		$	35		$	44		$	44		$	46
Adjusted Gross Margin $ / tonne of finished product	$	118		$	12		$	(1)		$	11		$	35		$	45		$	43		$	45
Gross margin as a percent of sales	13		%	1		%	—		%	1		%	6		%	8		%	8		%	10		%
Idle/Turnaround costs (excluding notable items)	$	44		$	29		$	11		$	30		$	28		$	26		$	15		24

Operating Data
Sales volumes ('000 tonnes)
Phosphate produced in Brazil	488			505			510			611			622			492			324			433
Potash produced in Brazil	33			40			44			44			62			45			32			34
Purchased nutrients for distribution(p)	2,303			1,927			1,526			1,730			2,376			1,621			1,359			1,729
Total Finished Product	2,824			2,472			2,080			2,385			3,060			2,158			1,715			2,196

Sales of Performance Products ('000 tonnes)(e)	574			473			211			283			660			341			123			215

Brazil MAP price (Brazil production delivered price to third party)	$	866		$	663		$	669		$	653		$	533		$	580		$	581		$	596
Average finished product selling price (destination)(g)	$	931		$	773		$	646		$	595		$	566		$	552		$	517		$	478

Production Volumes ('000 tonnes)
MAP	174			261			235			219			160			256			241			212
TSP	85			82			106			88			131			50			99			95
SSP	343			332			283			240			321			316			278			273
DCP	114			126			108			133			133			120			124			128
NPK	25			49			45			56			62			32			51			44
Total phosphate tonnes produced	741			851			777			736			807			774			793			752
MOP	69			100			82			61			106			114			104			79

Phosphate operating rate	76		%	87		%	78		%	74		%	81		%	77		%	79		%	75		%
Potash operating rate	55		%	80		%	65		%	49		%	85		%	91		%	83		%	63		%

Realized Costs ($/tonne)
Ammonia/tonne	$	1,267		$	1,354		$	1,150		$	912		$	667		$	655		$	705		$	623


Sulfur (long ton)	$	432	$	402	$	278	$	258	$	219	$	179	$	173	$	174
Blended rock	$	106	$	106	$	124	$	128	$	117	$	117	$	115	$	107

Purchases ('000 tonnes)
DAP/MAP from Mosaic	30		38		146		117		20		58		68		30
MicroEssentials® from Mosaic	370		205		277		427		152		163		169		289
Potash from Mosaic/Canpotex	798		417		235		756		672		404		358		736

Phosphate cash conversion costs in BRL, production / tonne(r)	R$533		R$483		R$538		R$540		R$495		R$546		R$502		R$521
Potash cash conversion costs in BRL, production / tonne	R$1,591		R$1,176		R$1,455		R$1,701		R$1,143		R$1,064		R$970		R$1,084
Mined rock costs in BRL, cash produced / tonne	R$525		R$632		R$606		R$533		R$498		R$548		R$597		R$509
ARO cash spending (in millions)	$	5	$	11	$	3	$	4	$	6	$	7	$	2	$	5

Average BRL / USD	$	5.244	$	5.255	$	5.196	$	4.954	$	4.880	$	4.953	$	4.952	$	5.216

The Mosaic Company - Corporate and Other Segment

Selected Calendar Quarter Financial Information

(Unaudited)


	Q3 2022		Q4 2022		Q1 2023		Q2 2023		Q3 2023		Q4 2023		Q1 2024		Q2 2024
Net Sales and Gross Margin (in millions)
Segment income statement
Net Sales	$	(290)	$	125	$	(28)	$	(159)	$	111	$	129	$	(19)	$	(75)
Cost of Goods Sold	(287)		(46)		(27)		(165)		105		57		28		(27)
Gross Margin (Loss)	$	(3)	$	171	$	(1)	$	6	$	6	$	72	$	(47)	$	(48)
Notable items Included in Gross Margin	(76)		14		(1)		34		(45)		40		(31)		(28)
Adjusted Gross Margin (Loss)(b)	$	73	$	157	$	—	$	(28)	$	51	$	32	$	(16)	$	(20)

SG&A	85		80		83		83		78		75		55		84
Other operating (income) expense	5		13		7		8		2		11		5		3

Operating Earnings (Loss)	$	(93)	$	78	$	(91)	$	(85)	$	(74)	$	(14)	$	(107)	$	(135)
Plus: Depreciation, Depletion and Amortization	4		4		2		3		2		3		2		2
Plus: Share-Based Compensation Expense	6		6		12		9		6		6		9		11
Plus: Foreign Exchange Gain (Loss)	21		34		27		54		(26)		19		(27)		(114)
Plus: Other Income (Expense)	(1)		(53)		(7)		(5)		—		—		—		11
Less: Earnings (Loss) from Consolidated Noncontrolling Interests	—		—		—		—		—		—		—		—
Plus: Notable Items	54		8		(25)		(91)		71		(60)		58		134
Adjusted EBITDA(b)	$	(9)	$	77	$	(82)	$	(115)	$	(21)	$	(46)	$	(65)	$	(91)

Elimination of profit in inventory included in COGS	$	104	$	171	$	20	$	35	$	45	$	16	$	(15)	$	(10)
Unrealized gain (loss) on derivatives included in COGS	$	(76)	$	14	$	(1)	$	34	$	(45)	$	41	$	(31)	$	(29)

Operating Data
Sales volumes ('000 tonnes)	221		466		420		359		482		618		333		316
Sales of Performance Products ('000 tonnes)	9		6		—		—		—		—		—		—

Average finished product selling price (destination)(g)	$	720	$	692	$	636	$	478	$	423	$	414	$	389	$	383

Purchases ('000 tonnes)
DAP/MAP from Mosaic	6		47		—		31		—		—		—		—
MicroEssentials® from Mosaic	15		1		16		3		—		2		3		6
Potash from Mosaic/Canpotex	332		337		296		126		—		345		322		240

The Mosaic Company

Selected Calendar Quarter Financial Information

(Unaudited)

Notable Items


Q2 2024
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)	$	(263)	$	76	$	(0.58)
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	(28)		9		(0.07)
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(13)		3		(0.03)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	4		(1)		—
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	(2)		—		—
Land reclamation	Phosphate	Cost of goods sold	(15)		4		(0.03)
Pension plan termination	Corporate and Other	Other non-operating income (expense)	8		(2)		0.02
Franchise tax reversal	Phosphate	Other operating income (expense)	(15)		4		(0.03)
Discrete tax items	Consolidated	(Provision for) benefit from income taxes	—		(103)		(0.32)
Total Notable Items			$	(324)	$	(10)	$	(1.04)


Q1 2024
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)	$	28	$	(0.22)
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	(31)		8		(0.07)
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		—		—
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	4		(1)		0.01
ARO Adjustment	Phosphate	Other operating income (expense)	(14)		4		(0.03)
Environmental reserve	Phosphate	Other operating income (expense)	(77)		21		(0.17)
Total Notable Items			$	(228)	$	63	$	(0.51)


Q4 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)	$	79	$	(16)	$	0.20
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	40		(7)		0.10
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(9)		2		(0.03)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	(3)		1		(0.01)
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	(7)		2		(0.02)
ARO Adjustment	Phosphate	Other operating income (expense)	(4)		1		(0.01)
Environmental reserve	Phosphate	Other operating income (expense)	(64)		11		(0.16)
Land reclamation	Phosphate	Cost of goods sold	(28)		5		(0.07)
ARO adjustment	Potash	Other operating income (expense)	(10)		2		(0.02)
Tax law change	Mosaic Fertilizantes	(Provision for) benefit from income taxes	—		136		0.42
Total Notable Items			$	(6)	$	137	$	0.40


Q3 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)	$	(107)	$	27	$	(0.23)
Unrealized gain (loss) on derivatives	Corporate and Other	Cost of goods sold	(45)		12		(0.10)
Closed and indefinitely idled facility costs	Phosphate	Other operating income (expense)	(12)		3		(0.03)
FX functional currency	Mosaic Fertilizantes	Cost of goods sold	(2)		1		—
Realized gain (loss) on RCRA Trust Securities	Phosphate	Other non-operating income (expense)	(6)		1		(0.01)
ARO Adjustment	Phosphate	Other operating income (expense)	(123)		32		(0.28)
Environmental reserve	Phosphate	Other operating income (expense)	(3)		1		(0.01)
Pension plan termination settlement	Potash	Other non-operating income (expense)	(42)		10		(0.10)
Discrete tax items	Consolidated	(Provision for) benefit from income taxes	—		22		0.07
Total Notable Items			$	(340)	$	109	$	(0.69)


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)

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 2022		Q4 2022		Q1 2023		Q2 2023		Q3 2023		Q4 2023		Q1 2024		Q2 2024
Consolidated Net Income (Loss)	$	842	$	523	$	435	$	369	$	(4)	$	365	$	45	$	(162)
Less: Consolidated Interest Expense, Net	(31)		(34)		(41)		(36)		(17)		(35)		(48)		(46)
Plus: Consolidated Depreciation, Depletion & Amortization	229		233		220		244		239		257		241		264
Plus: Accretion Expense	19		22		23		23		23		27		27		28
Plus: Share-Based Compensation Expense (Benefit)	6		6		12		9		6		6		9		12
Plus: Consolidated Provision for (Benefit from) Income Taxes	277		206		118		108		(6)		(44)		6		99
Less: Equity in net earnings (loss) of nonconsolidated companies, net of dividends	72		57		6		13		16		—		22		22
Plus: Notable Items	354		84		(66)		(32)		335		—		222		319
Consolidated Adjusted EBITDA	$	1,686	$	1,051	$	777	$	744	$	594	$	646	$	576	$	584

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.