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Screener / SEC EDGAR /CIK 0001285785 /10-K filed Feb 27, 2026, compared with Mar 3, 2025 /Numbers from the XBRL of the 10-Ks
NYSE Materials · Fertilizers

Mosaic MOS

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The 10-K against last year's

152 changes: 24 added, 22 removed, 105 reworded, 1 quiet changes

10-K Feb 27, 2026 vs Mar 3, 2025
Risk Factors 9.9% of the text changed · 9,506 words now MD&A 16.4% of the text changed · 18,746 words now Legal Proceedings 24.7% of the text changed · 1,160 words now Accounting Policies 8.2% of the text changed · 2,939 words now

10-K 0001285785-26-000017 (Feb 27, 2026) vs 10-K 0001618034-25-000003 (Mar 3, 2025)

The paragraph that changed most in each section

The redline

Marked against last year's 10-K: cut words struck through, new words highlighted.

Legal Proceedings165 words changed in this paragraph; it is 31% similar to last year's version.
Faustina Plant Risk Management Plan. On September 14, 2022, EPA Region 6 issued a Notice of Potential Violation and Opportunity to Confer (“NOPVOC”) regarding compliance of our Faustina Plant with Section 112(r) of the Federal Clean Air Act and 40 C.F.R. Part 68, commonly known as the Risk Management Plan Rule (“RMP Rule”). The NOPVOC relates to a compliance evaluation inspection conducted by the EPA at the Faustina Plant from February 22-25, 2022 and alleges violations of the RMP Rule. We conferred with the EPA regarding the allegations in the NOPVOC on November 30, 2022. We negotiated a Consent Agreement and Final Order (“CAFO”) with the agency that was filed on January 30, 2024. As required by the CAFO, we paid a penalty in the amount of $217,085. The CAFO also requires the completion of two supplemental environmental projects: (1) installation of ammonia monitors and monitoring at the plant for a period of two years, and (2) donation of two generators to the St. James Parish Department of Emergency Preparedness. We completed the donation to the St. James Parish Department of Emergency Preparedness on March 14, 2024, and we completed installation and began operation of the ammonia monitors on April 24, 2024.

Source: Item 3, 10-K 0001285785-26-000017 vs Item 3, 10-K 0001618034-25-000003

MD&A141 words changed in this paragraph; it is 41% similar to last year's version.
Gross margin for the Mosaic Fertilizantes segment increased to $406.6 $492.0 million for the year ended December 31, 2024, 2025, from $211.6 $406.6 million in the prior year. The This increase in gross margin was primarily due to the focus on obtaining margin over sales volume as discussed in the Overview and lower costs, which had a favorable impact of $1.13 billion, driven by a decrease in product costs for our distribution business, and lower sulfur and ammonia costs in our production business. higher average selling prices of approximately $420 million during the current year period. This benefit was partially offset by approximately $870 $280 million related to the of higher production costs, primarily in our distribution operations, along with a decrease in average selling prices during the current year period, sales volumes, which reduced gross margin by approximately $80 million, higher turnaround and idle costs of approximately $40 $35 million due to lower sales volumes and higher freight expenses of approximately $20 million. Additionally, foreign currency changes positively impacted gross margin by approximately $80 million in the current year period. Although gross margin increased from the prior year, our margin declined in the fourth

Source: Item 7, 10-K 0001285785-26-000017 vs Item 7, 10-K 0001618034-25-000003

Risk Factors137 words changed in this paragraph; it is 43% similar to last year's version.
Our primary foreign currency exposures are the Canadian dollar and Brazilian real. The functional currency for our Brazilian subsidiaries is the Brazilian real. However, we finance our Brazilian inventory purchases with U.S. dollar-denominated liabilities. The functional currency of several of our Canadian entities is the Canadian dollar. For those entities, sales are primarily denominated in U.S. dollars, but the costs are paid principally in Canadian dollars. Canadian entities have significant U.S. dollar denominated intercompany loans and U.S. entities, with the U.S. dollar as functional currency, have Brazilian real denominated loans. During periods of local or global economic crises, local currencies may be devalued significantly against the U.S. dollar. During times of a strengthening dollar, our net earnings can be reduced due to transaction currency losses arising from these exposures of U.S. dollar denominated liabilities held in the Brazilian and Canadian entities and Brazilian real denominated assets held in U.S. entities. To reduce economic risk and volatility on expected cash flows that are denominated in the Canadian dollar and Brazilian real, we use financial instruments that may include forward contracts, options or collars when unable to naturally offset the exposures.

Source: Item 1A, 10-K 0001285785-26-000017 vs Item 1A, 10-K 0001618034-25-000003

Accounting Policies135 words changed in this paragraph; it is 34% similar to last year's version.
In the U.S., we sell our products to manufacturers, distributors and retailers primarily in the Midwest and Southeast. Internationally, We generally sell our potash principal products are sold primarily through Canpotex, an export association. A concentration to a large number of customers. At December 31, 2025 and 2024, one customer accounted for approximately 12% and 11%, respectively, of our trade accounts receivable. We continually monitor the creditworthiness of our customers and general economic conditions to manage our credit risk arises from our sales and accounts receivable associated with the international sales of potash product through Canpotex. We consider our concentration risk related to the Canpotex receivable to be mitigated by their credit policy, which requires the underlying receivables to be substantially insured or secured by letters of credit. exposure. As of December 31, 2024 and 2023, such, we do not believe there were $65.1 million and $193.1 million, respectively, of trade accounts receivable due from Canpotex. During 2024, 2023 and 2022, sales to Canpotex were $884.3 million, $1.3 billion and $3.0 billion, respectively. is any significant collection risk.

Source: Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001285785-26-000017 vs Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001618034-25-000003

Sentences and paragraphs added, removed or reworded

Every change, by type

Sentences and paragraphs of MOS's Risk Factors and MD&A, 10-K Feb 27, 2026 against 10-K Mar 3, 2025. Each links to the text at sec.gov.

All 152 Added 24Removed 22Reworded 105Quiet changes 1
RewordedRisk Factors
See “Key Factors that can Affect Results of Operations and Financial Condition” and “Potash Net Sales and Gross Margin” sections of our Management’s Analysis in this Form 10-K and the Esterhazy closure costs in Note 26 of this Form 10-K, which sections are incorporated herein by reference, for a discussion of costs, risks and other information relating to the brine inflows. 10-K.
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedRisk Factors
The seasonality of crop nutrient demand results in our sales volumes and net sales typically being the highest during the North American spring season and our working capital requirements typically being the highest just prior to the start of the spring season.
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedRisk Factors
A significant increase in the price of fertilizer, natural gas, ammonia, sulfur or energy costs that is not recovered through an increase in the price of our related crop nutrients products could have a material adverse impact on our business.
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedRisk Factors
Although the implementation of these tariffs has been temporarily paused for 30 days, there There is a risk that they such tariffs may be reinstated imposed and sustained for an extended period.
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedRisk Factors
In March 2024, the SEC issued final rules on climate-related disclosures that, if adopted, will that would require disclosure of extensive detailed climate-related information. information by domestic and foreign registrants.
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedRisk Factors
If adverse weather conditions occur occur, as they have in coming years, the past, our facilities may be required to take additional measures to manage process water to comply with existing or future requirements and these measures could potentially have a material effect on our business and financial condition.
Read it in 10-K Feb 27, 2026 at sec.gov
Show the other 16
RewordedRisk Factors
In periods when the market prices for our products are falling rapidly, including in response to falling market prices for raw materials, we have in the past, and it is possible that in the future we could be required to write-down the value of our inventories if market prices fall below our costs.
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedRisk Factors
These facilities include our phosphate mines and concentrates plants; our potash mines; and the ports and other distribution facilities through which we, Canpotex and the other joint ventures in which we participate, conduct our respective businesses, as well as other commercial arrangements with unrelated third parties.
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedRisk Factors
Denial or delay by a government agency in issuing any of our permits and approvals or imposition of restrictive conditions on us with respect to these in those permits and approvals may impair our business and operations.
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedMD&A
The table below provides information about Mosaic’s significant foreign exchange derivatives.As of December 31, 2024 2025 As of December 31, 2023 2024 Expected Fair Expected Fair Maturity Date Value Maturity Date Value Years ending Years ending December 31, December 31, (in millions) 2026 2027 2028 2025 2026 2027 2024 2025 2026 Foreign Currency Exchange Forwards Canadian Dollar $ 2.4 $ (32.6) $ 15.5 Notional (million US$) - short Canadian dollars $ 51.6 — $ $ $ 297.3 51.6 $ — $ Weighted Average Rate - Canadian dollar to U.S. dollar 1.3771 — — 1.3387 — 1.3771 — — Notional (million US$) - long Canadian dollars $ 638.3 181.1 $ $ $ 1,068.5 638.3 $ 120.5 $ Weighted Average Rate - Canadian dollar to U.S. dollar 1.3859 — — 1.3504 — — 1.3430 1.3445 — Indian Rupee $ — 0.5 $ — Notional (million US$) - short Indian rupee $ 2.0 42.0 $ $ $ — 2.0 $ — $ Weighted Average Rate - Indian rupee to U.S. dollar 84.0382 89.0340 — — — 84.0382 — — Foreign Currency Exchange Non-Deliverable Forwards Brazilian Real $ (1.4) $ (51.2) $ 14.6 Notional (million US$) - long Brazilian real $ 563.4 95.0 $ $ $ 741.7 563.4 $ — $ Weighted Average Rate - Brazilian real to U.S. dollar 5.8279 5.6132 — — 5.0023 5.8279 — — Indian Rupee $ — $ 1.1 $ (0.3) Notional (million US$) - short Indian rupee $ 89.1 28.8 $ $ $ 80.0 89.1 $ — $ Weighted Average Rate - Indian rupee to U.S. dollar 84.7720 90.1810 — — 83.7458 84.7720 — — China Renminbi $ (0.5) $ 0.1 $ (1.4) Notional (million US$) - short China renminbi $ 33.0 86.4 $ $ $ 110.7 33.0 $ — $ Weighted Average Rate - China renminbi to U.S. dollar 7.1923 7.0585 — — 7.1336 7.1923 — — Total Fair Value $ 1.0 $ (82.6) $ 28.4
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedMD&A
Receivables, net 75.7 59.2 526.3 (215.2) Inventories, net (761.5) (275.6) 1,061.4 (749.6) Other current assets and noncurrent assets 8.1 (79.2) (239.2) (247.4) Accounts payable and accrued liabilities (359.6) 96.4 (1,055.1) 219.8 Other noncurrent liabilities 76.0 220.3 108.3 (0.1) Net cash provided by operating activities 824.8 1,299.2 2,407.2 3,935.8 Cash Flows from Investing Activities Capital expenditures (1,359.4) (1,251.8) (1,402.4) (1,247.3) Purchases of available-for-sale securities - restricted (975.6) (1,529.7) (1,240.8) (762.5) Proceeds from sale of available-for-sale securities - restricted 949.1 1,501.1 1,209.1 743.0 Proceeds from sale of business — — 158.4 — Acquisition of business — — (41.0) — Proceeds from sale of assets 79.0 16.8 4.8 Other 19.4 (0.5) 7.2 (2.6) 2.6 (5.3) Net cash used in investing activities (1,309.5) (1,261.0) (1,317.2) (1,259.6) Cash Flows from Financing Activities Payments of short-term debt (16,471.4) (16,779.6) (9,832.0) (1,761.2) Proceeds from issuance of short-term debt 16,282.6 17,032.8 10,007.1 1,980.5 Payments from inventory financing arrangement (2,005.8) (1,805.0) (601.4) (1,651.5) Proceeds from inventory financing arrangement 2,106.5 2,004.5 601.4 1,348.8 Payments of structured accounts payable arrangements (906.1) (755.0) (1,432.9) (1,476.6) Proceeds from structured accounts payable arrangements 961.8 737.3 1,048.2 1,460.5 Collections of transferred receivables 572.5 425.5 1,468.6 2,352.1 Payments of transferred receivables (572.5) (425.5) (1,468.6) (2,433.2) Payments of long-term debt (73.4) (67.2) (995.3) (610.3) Proceeds from issuance of long-term debt 904.7 70.3 900.0 — Repurchases of stock — (235.4) (756.0) (1,665.2) Cash dividends paid (280.4) (270.7) (351.6) (197.7) Dividends paid to non-controlling interest (20.2) (31.9) (41.5) (38.0) Other (46.3) (32.0) (26.5) 13.1 Net cash used in provided by (used in) financing activities 452.0 (131.9) (1,480.5) (2,678.7) Effect of exchange rate changes on cash 26.3 37.9 (2.8) (29.7) Net change in cash, cash equivalents and restricted cash (6.4) (55.8) (393.3) (32.2) Cash, cash equivalents and restricted cash—beginning of year 305.0 360.8 754.1 786.3 Cash, cash equivalents and restricted cash—end of year $ 298.6 $ 305.0 $ 360.8 $ 754.1
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedMD&A
The following table represents a comparison of the net cash provided by operating activities, net cash used in investing activities and net cash used in financing activities for calendar years 2024, 2023 2025, 2024 and 2022:Years Ended December 31, (in millions) 2024-2023 2023-2022 Cash Flow 2024 2023 2022 Change Percent Change Percent Net cash provided by operating activities $ 1,299.2 $ 2,407.2 $ 3,935.8 $ (1,108.0) (46)% $ (1,528.6) (39)% Net cash used in investing activities (1,261.0) (1,317.2) (1,259.6) 56.2 4% (57.6) (5)% Net cash used in financing activities (131.9) (1,480.5) (2,678.7) 1,348.6 91% 1,198.2 45% 2023:
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedMD&A
Depreciation, depletion and amortization 1,049.9 1,025.5 960.6 933.9 Deferred and other income taxes 251.8 (142.9) (261.2) 344.4 Equity in net (earnings) of nonconsolidated companies, net of dividends 0.6 (55.7) (31.8) (191.5) Accretion expense for asset retirement obligations 129.7 111.2 96.1 81.6 Amortization of debt financing fees 43.0 36.5 21.4 7.2 Share-based compensation expense 30.7 31.8 33.0 27.9 Impairment of goodwill 99.9 — — Unrealized (gain) loss on derivatives (85.7) 104.1 (29.0) 4.3 Foreign currency adjustments (267.1) 462.7 (94.0) (67.9) (Gain) loss Loss (gain) on sale of securities (2.4) 19.4 46.6 assets sold and to be sold 157.3 — (56.5) Pension settlement loss — — 42.4 41.9 Gain on sale of business — (56.5) — Gain on sale of equity investment — (538.2) — — Unrealized (gain) loss on equity securities (317.4) (28.3) — — Other 71.8 95.9 85.7 118.0 69.4 115.3 Changes in assets and liabilities:
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedMD&A
Years Ended December 31, 2025 2024 2023 2022 Net sales $ 12,052.4 $ 11,122.8 $ 13,696.1 $ 19,125.2 Cost of goods sold 10,150.5 9,610.9 11,485.5 13,369.4 Gross margin 1,901.9 1,511.9 2,210.6 5,755.8 Selling, general and administrative expenses 533.9 496.9 500.5 498.0 Loss (gain) on assets sold and to be sold 157.3 — (56.5) Impairment of goodwill 99.9 — — Other operating expenses 289.3 393.5 372.0 472.5 428.5 Operating earnings 821.5 621.5 1,338.1 4,785.3 Interest expense, net (187.7) (182.8) (129.4) (137.8) Foreign currency transaction gain (loss) gain 271.7 (685.8) 194.0 97.5 Gain on sale of equity investment — 522.2 — — Other income (expense) 307.4 40.3 (76.8) (102.5) Earnings from consolidated companies before income taxes 1,212.9 315.4 1,325.9 4,642.5 Provision for income taxes 639.8 186.7 177.0 1,224.3 Earnings from consolidated companies 573.1 128.7 1,148.9 3,418.2 Equity in net earnings of nonconsolidated companies 2.3 73.3 60.3 196.0 Net earnings including noncontrolling interests 575.4 202.0 1,209.2 3,614.2 Less:
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedMD&A
Preferred stock, $0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of December 31, 2025 and 2024 and 2023 — — Common stock, $0.01 par value, 1,000,000,000 shares authorized, 395,125,254 shares issued and 317,408,647 shares outstanding as of December 31, 2025, 394,648,654 shares issued and 316,932,047 shares outstanding as of December 31, 2024, 393,875,241 shares issued and 324,103,141 shares outstanding as of December 31, 2023 2024 3.2 3.2 Capital in excess of par value 29.2 2.1 — Retained earnings 14,184.4 13,926.1 14,241.9 Accumulated other comprehensive loss (2,131.9) (2,449.0) (1,954.9) Total Mosaic stockholders’ equity 12,084.9 11,482.4 12,290.2 Non-controlling interests 149.3 132.3 142.6 Total equity 12,234.2 11,614.7 12,432.8 Total liabilities and equity $ 24,480.1 $ 22,924.0 $ 23,032.8
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedMD&A
Distribution operations in India and China had revenues and gross margin of $640.0 million and $88.0 million, respectively, for the year ended December 31, 2025, compared to revenues and gross margin of $519.6 million and $39.7 million, respectively, for the year ended December 31, 2024, compared to revenues and gross margin of $898.9 million and $(16.8) million, respectively, for the year ended December 31, 2023. 2024.
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedMD&A
As of October 31, 2024, the date of Based on our annual impairment testing, the Company concluded quantitative analysis, we determined that the fair values of the reporting units which include goodwill, Potash, Mosaic Fertilizantes our Potash and Corporate, Eliminations and Other, reporting units were in substantial excess of their respective carrying values and the goodwill for those units was not impaired.
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedMD&A
Net income for the year ended December 31, 2024 2025 was unfavorably favorably impacted by a foreign currency transaction loss gain of $686 $271.7 million, compared to a foreign currency transaction gain loss of $194 $685.8 million in the prior year period. period and an unrealized mark-to-market gain of approximately $317.0 million on the investment in Ma’aden shares, included in other income (expense).
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedMD&A
The Corporate, Eliminations and Other category includes the results of the China and India distribution businesses, intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and losses on derivatives and the investment in equity securities of Ma'aden, debt expenses, corporate functional costs and the results of the China and India distribution businesses. expenses.
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedMD&A
The Corporate, Eliminations and Other category includes the results of the China and India distribution businesses, intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and losses on derivatives and the investment in equity securities of Ma'aden, debt expenses, corporate functional costs and the results of the China and India distribution businesses. expenses.
Read it in 10-K Feb 27, 2026 at sec.gov
RewordedMD&A
Cash and cash equivalents $ 276.6 $ 272.8 $ 348.8 Receivables, net 1,078.6 1,113.3 1,269.2 Inventories 3,363.0 2,548.4 2,523.2 Assets held for sale 73.5 — Other current assets 445.8 563.8 603.8 Total current assets 5,237.5 4,498.3 4,745.0 Property, plant and equipment, net 13,982.6 13,352.6 13,585.4 Equity securities and investments in nonconsolidated companies 1,848.2 1,533.4 909.0 Goodwill 1,005.1 1,061.1 1,138.6 Deferred income taxes 811.6 958.3 1,079.2 Other assets 1,595.1 1,520.3 1,575.6 Total assets $ 24,480.1 $ 22,924.0 $ 23,032.8 Liabilities and Equity Current liabilities:
Read it in 10-K Feb 27, 2026 at sec.gov

Sources

The two latest 10-Ks on EDGAR, section by section. Each change links to the text at sec.gov.

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New risk factors: paragraphs with nothing like them last year, quoted in full.

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