MOSAIC CO

Previous wording

The following table shows the results of operations for the three and nine months ended September 30, 2024 and September 30, 2023:

Current wording

The following table shows the results of operations for the three months ended March 31, 2025 and March 31, 2024:

Previous wording

For the three months ended September 30, 2024, Mosaic had net income of $122.2 million, or $0.38 per diluted share, compared to a net loss of $(4.2) million, or $(0.01) per diluted share, for the prior year period. Net sales for the three months ended September 30, 2024 decreased 21% compared to the same period of the prior year, driven by lower finished good sales pricing in our Potash and Mosaic Fertilizantes segments and lower sales volumes across our segments, as discussed further below. Net income for the three months ended September 30, 2024 was favorably impacted by a foreign currency transaction gain of $100.9 million, compared to a foreign currency transaction loss of $96.9 million in the prior year period.

Current wording

For the three months ended March 31, 2025, Mosaic had net income of $238.1 million, or $0.75 per diluted share, compared to net income of $45.2 million, or $0.14 per diluted share, for the prior year period. Gross margin for the three months ended March 31, 2025 increased 22% compared to the same period of the prior year, primarily driven by higher average selling pricing in our Phosphates segment and cost improvements in our Mosaic Fertilizantes segment as discussed further below. Net income for the three months ended March 31, 2025 was favorably impacted by a foreign currency transaction gain of $133.1 million, compared to a foreign currency transaction loss of $100.3 million in the prior year period. This is mostly offset by an unrealized mark to market loss of $117 million on the investment in shares of Ma'aden, included in other expense. We we did not hold this investment in the prior year period.

Previous wording

(c) Excludes sales revenue and tonnes associated with rock sales.

Current wording

(c) Excludes sales revenue and tonnes associated with rock sales. Average finished product selling price is calculated as finished goods sales revenue divided by finished goods sales volumes. The prior year amount has been recast to exclude revenue from other non-finished goods.

Previous wording

The Phosphate segment’s net sales were $1.0 billion for the three months ended September 30, 2024, compared to $986.4 million for the three months ended September 30, 2023. The increase in net sales in the current year period was primarily due to higher average finished goods sales prices, which had a favorable impact of approximately $130 million compared to the prior year period. This was partially offset by lower finished goods sales volumes, which had an unfavorable impact on net sales of approximately $100 million, and lower sales of raw materials of approximately $15 million.

Current wording

The Phosphate segment’s net sales were $1.1 billion for the three months ended March 31, 2025, compared to $1.2 billion for the three months ended March 31, 2024. The decrease in net sales in the current year period was primarily due to lower finished goods sales volumes, which had an unfavorable impact of approximately $100 million. In addition, Miski Mayo operations had an unfavorable impact of approximately $25 million compared to the prior year due to lower sales volumes. These impacts were partially offset by higher average finished goods sales prices, which had a favorable impact on net sales of approximately $60 million.

Previous wording

Our average finished product selling price increased 14% to $651 per tonne for the three months ended September 30, 2024, compared to $569 per tonne in the prior year period, due to the factor discussed in the Overview.

Current wording

Our average finished product selling price increased 7% to $632 per tonne for the three months ended March 31, 2025, compared to $593 per tonne in the prior year period, due to the factor discussed in the Overview.

Previous wording

The Phosphate segment’s sales volumes of finished products decreased to 1.5 million for the three months ended September 30, 2024, compared to 1.7 million in the prior year period, due to factors discussed in the Overview.

Current wording

The Phosphate segment’s sales volumes of finished products decreased to 1.5 million for the three months ended March 31, 2025, compared to 1.6 million in the prior year period. The segment had lower available tonnes to process in the current quarter due to the lower production discussed in the Overview.

Previous wording

Gross margin for the Phosphate segment increased to $142.3 million for the three months ended September 30, 2024, from $87.5 million for the three months ended September 30, 2023. The increase in gross margin in the current year period was primarily due to higher average finished goods selling prices, which had a favorable impact of approximately $130 million versus the prior year. Gross margin also benefited from lower maintenance turnaround costs of approximately $20 million due to timing of turnarounds and the favorable impact of lower sulfur costs of approximately $15 million in the current period. These impacts were partially offset by lower sales volumes, which were unfavorable by approximately $50 million, higher blended rock and ammonia costs of approximately $45 million and higher conversion costs of approximately $10 million.

Current wording

Gross margin for the Phosphate segment increased to $167.3 million for the three months ended March 31, 2025, from $159.4 million for the three months ended March 31, 2024. The increase in gross margin in the current year period was primarily due to higher average finished goods selling prices, which had a favorable impact of approximately $60 million versus the prior year. Gross margin also benefited from lower blended rock costs of approximately $10 million compared to the prior year. These impacts were partially offset by higher conversion costs of approximately $20 million, higher sulfur and ammonia costs of approximately $15 million, and lower sales volumes, which were unfavorable by approximately $10 million. Lower sales volumes at Miski Mayo also unfavorably impacted gross margin by approximately $10 million compared to the prior year.

Previous wording

The average consumed price for ammonia for our North America operations increased 37%, to $482 per tonne, for the three months ended September 30, 2024, from $353 in the same period a year ago. The average consumed sulfur price for our North America operations decreased 19%, to $126 per long ton, for the three months ended September 30, 2024, from $156 in the same period a year ago. The purchase prices of these raw materials are driven by global supply and demand. The consumed ammonia and sulfur prices also include transportation, transformation and storage costs.

Current wording

The average consumed price for ammonia for our North America operations increased 3%, to $416 per tonne, for the three months ended March 31, 2025, from $404 in the same period a year ago. The average consumed sulfur price for our North America operations increased 11%, to $157 per long ton, for the three months ended March 31, 2025, from $142 in the same period a year ago. The purchase prices of these raw materials are driven by global supply and demand. The consumed ammonia and sulfur prices also include transportation, transformation and storage costs.

Previous wording

The average consumed cost of purchased and produced phosphate rock increased to $87 per tonne for the three months ended September 30, 2024, from $81 per tonne for the three months ended September 30, 2023. For the three months ended September 30, 2024, our North America phosphate rock production decreased to 2.2 million tonnes from 2.4 million tonnes during the same period of the prior year.

Current wording

The average consumed cost of purchased and produced phosphate rock decreased to $77 per tonne for the three months ended March 31, 2025, from $81 per tonne for the three months ended March 31, 2024. For the three months ended March 31, 2025 and 2024, our North America phosphate rock production was 2.4 million tonnes.

Previous wording

The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients increased 2% for the three months ended September 30, 2024 from the prior year period. Our operating rate for processed phosphate production increased to 66% for the three months ended September 30, 2024, from 64% for the same period in 2023.

Current wording

The Phosphate segment’s production of crop nutrient dry concentrates and animal feed ingredients decreased 10% for the three months ended March 31, 2025 from the prior year period due to planned maintenance downtime in the current year period. This resulted in an operating rate for processed phosphate production of 58% for the three months ended March 31, 2025, down from 64% for the same period in 2024.

Previous wording

The Potash segment’s net sales decreased to $525.7 million for the three months ended September 30, 2024, compared to $719.9 million in the same period a year ago. The decrease was primarily due to lower sales volumes and selling prices, which had an unfavorable impact on net sales of approximately $105 million and $90 million, respectively, compared to the same period in the prior year.

Current wording

The Potash segment’s net sales decreased to $570.2 million for the three months ended March 31, 2025, compared to $643.1 million in the same period a year ago. The decrease was primarily due to lower selling prices and sales volumes, which had unfavorable impacts on net sales of approximately $50 million and $20 million, respectively, compared to the same period in the prior year.

Previous wording

Our average finished product selling price was $263 per tonne for the three months ended September 30, 2024, compared to $324 per tonne for the same period a year ago, as a result of the factor described in the Overview.

Current wording

Our average finished product selling price was $234 per tonne for the three months ended March 31, 2025, compared to $258 per tonne for the same period a year ago, as a result of the factor described in the Overview.

Previous wording

The Potash segment’s sales volumes of finished products decreased to 2.0 million tonnes for the three months ended September 30, 2024, compared to 2.2 million tonnes in the same period a year ago, due to the factors discussed in the Overview.

Current wording

The Potash segment’s sales volumes of finished products decreased to 2.1 million tonnes for the three months ended March 31, 2025, compared to 2.2 million tonnes in the same period a year ago, due to weather-related constraints as discussed in the Overview.

Previous wording

Gross margin for the Potash segment decreased to $121.9 million for the three months ended September 30, 2024, from $210.4 million in the same period of the prior year. Lower selling prices decreased gross margin by approximately $90 million versus the prior year period. Gross margin was also unfavorably impacted by lower sales volumes, which unfavorably impacted gross margin by approximately $70 million compared to the prior year. This was partially offset by lower Canadian resource taxes and royalties of approximately $40 million. In addition, lower idle and turnaround costs favorably impacted gross margin by approximately $15 million compared to the prior year, largely due to the timing of turnarounds. Lower conversion costs in the current period favorably impacted gross margin by approximately $10 million.

Current wording

Gross margin for the Potash segment decreased to $168.6 million for the three months ended March 31, 2025, from $211.7 million in the same period of the prior year. Lower selling prices decreased gross margin by approximately $50 million versus the prior year period. Gross margin was also unfavorably impacted by approximately $10 million, due to lower sales volumes compared to the prior year, and an additional $10 million due to higher conversion costs in the current period. These impacts were partially offset by lower Canadian resource taxes and royalties of approximately $20 million and lower idle and turnaround costs, due to the timing of turnarounds, of approximately $10 million compared to the prior year period.

Previous wording

We incurred $44.5 million in Canadian resource taxes for the three months ended September 30, 2024, compared to $85.6 million in the same period a year ago. Canadian royalty expense increased to $9.4 million for the three months ended September 30, 2024, compared to $8.7 million for the three months ended September 30, 2023. The fluctuations in Canadian resource taxes and royalties are a result of a decrease in our sales revenue and margins.

Current wording

We incurred $47.3 million in Canadian resource taxes for the three months ended March 31, 2025, compared to $64.5 million in the same period a year ago. Canadian royalty expense decreased to $8.9 million for the three months ended March 31, 2025, compared to $10.1 million for the three months ended March 31, 2024. The fluctuations in Canadian resource taxes and royalties are a result of a decrease in our sales revenue and margins.

Previous wording

The Mosaic Fertilizantes segment’s net sales decreased to $1.4 billion for the three months ended September 30, 2024, from $1.7 billion in the same period a year ago. The $331.4 million decrease in net sales was due to approximately $240 million of lower finished product sales prices and approximately $100 million of lower finished goods sales volume. This was partially offset by a $10 million favorable impact from sales of other products, primarily sulfuric acid.

Current wording

The Mosaic Fertilizantes segment’s net sales increased to $933.8 million for the three months ended March 31, 2025, from $886.4 million in the same period a year ago. The $47.4 million increase in net sales was due to approximately $60 million of higher finished goods sales volumes, and $5 million from higher sales volumes of other products, primarily gypsum. This was partially offset by lower finished product sales prices, primarily in the distribution business, which had an unfavorable impact of approximately $20 million.

Previous wording

Gross margin for the Mosaic Fertilizantes segment increased to $127.9 million for the three months ended September 30, 2024, from $106.1 million in the same period of the prior year. The increase in gross margin was primarily due to $270 million of lower costs driven by a decrease in product costs for our distribution business, and lower sulfur and ammonia costs in our production business. This was substantially offset by approximately $240 million related to the decrease in average selling prices during the current year period.

Current wording

Gross margin for the Mosaic Fertilizantes segment increased to $127.0 million for the three months ended March 31, 2025, from $75.2 million in the same period of the prior year. The increase in gross margin was primarily due to $65 million of lower costs driven by a decrease in product costs for our distribution business, and lower rock costs in our production business. This was partially offset by approximately $20 million related to the decrease in average selling prices during the current year period, driven primarily by pricing to retail customers.

Previous wording

The average consumed price for ammonia for our Brazilian operations decreased to $572 per tonne for the three months ended September 30, 2024, compared to $667 per tonne in the prior year period. The average consumed sulfur price for our Brazilian operations was $170 per long ton for the three months ended September 30, 2024, compared to $219 per long ton in the prior year period. The purchase prices of ammonia and sulfur are driven by global supply and demand, and also include transportation, transformation and storage costs.

Current wording

The average consumed price for ammonia for our Brazilian operations decreased to $684 per tonne for the three months ended March 31, 2025, compared to $705 per tonne in the prior year period. The average consumed sulfur price for our Brazilian operations was $219 per long ton for the three months ended March 31, 2025, compared to $173 per long ton in the prior year period. The purchase prices of ammonia and sulfur are driven by global supply and demand, and also include transportation, transformation and storage costs.

Previous wording

The Mosaic Fertilizantes segment’s production of crop nutrient dry concentrates and animal feed ingredients decreased 3% for the three months ended September 30, 2024, compared to the prior year period. For the three months ended September 30, 2024, our phosphate operating rate decreased to 78%, compared to 81% in the same period of the prior year.

Current wording

The Mosaic Fertilizantes segment’s production of crop nutrient dry concentrates and animal feed ingredients decreased 2% for the three months ended March 31, 2025, compared to the prior year period. For the three months ended March 31, 2025, our phosphate operating rate decreased to 78%, compared to 79% in the same period of the prior year.

Previous wording

For the three months ended September 30, 2024, our Brazilian phosphate rock production of 1.0 million tonnes was comparable to the prior year period.

Current wording

For the three months ended March 31, 2025, our Brazilian phosphate rock production was 1.0 million tonnes compared to 0.9 million in the prior year.

Previous wording

For the three months ended September 30, 2024, gross margin for Corporate, Eliminations and Other was $24.7 million, compared to $5.7 million for the same period in the prior year. Gross margin was favorably impacted by approximately $38 million from net unrealized gains on derivatives, primarily on foreign currency derivatives, compared to a net unrealized loss of approximately $45 million in the prior year period. Sales in China and India, collectively, resulted in revenue of $111.1 million and gross margin of $15.9 million in the current year period, compared to revenue of $204.1 million and gross margin of $12.4 million in the prior year period. China and India gross margin was favorably impacted by lower product costs in the current year period compared to the prior year, which was partially offset by the impact of lower sales volumes and selling prices compared to the prior year period.

Current wording

For the three months ended March 31, 2025, gross margin for Corporate, Eliminations and Other was $25.5 million, compared to $(47.1) million for the same period in the prior year. Gross margin in the current year was favorably impacted by approximately $60 million from net unrealized gains on derivatives, primarily on foreign currency derivatives, compared to a net unrealized loss of approximately $30 million in the prior year. Sales in China and India, collectively, resulted in revenue of $147.4 million and gross margin of $20.3 million in the current year period, compared to revenue of $129.3 million and gross margin of $7.6 million in the prior year period. The China and India gross margin was favorably impacted by higher average selling prices and sales volumes in the current year period, compared to the prior year period. The elimination of profit on intersegment sales of approximately $50 million unfavorably impacted gross margin in the current year compared to an elimination of approximately $15 million in the prior year.

Previous wording

Selling, general and administrative expenses for the three months ended September 30, 2024 increased $28.3 million compared to the same period of prior year, primarily due to an increase of approximately $32 million in our bad debt reserve in our Mosaic Fertilizantes segment.

Current wording

Selling, general and administrative expenses for the three months ended March 31, 2025 increased $15.8 million compared to the same period of prior year, primarily due to higher incentive compensation and employee benefit costs of approximately $20 million in the current year period.

Previous wording

For the three months ended September 30, 2024, we had other operating expense of $153.2 million, compared to $143.9 million for the same period of the prior year. The increase from the prior year period was primarily due to higher legal reserves in our Mosaic Fertilizantes segment.

Current wording

For the three months ended March 31, 2025, we had other operating expense of $27.3 million, compared to $119.5 million for the same period of the prior year. The decrease from the prior year is due to environmental reserves of approximately $77 million in our Phosphate segment in the prior year period with no comparable increase in the current year period.

Previous wording

For the three and nine months ended September 30, 2024, net interest expense increased to $41.7 million and $136.1 million compared to $17.4 million and $94.5 million for the same periods of the prior year. The increase was primarily due to higher short term debt levels in the current year period and lower interest income. The prior year included approximately $10 million on tax credit refunds from our Brazilian subsidiaries.

Current wording

For the three months ended March 31, 2025, net interest expense decreased to $40.7 million compared to $48.0 million for the same period of the prior year. The decrease was primarily due to lower short term debt levels in the current year period.

Previous wording

We recorded a foreign currency transaction gain of $100.9 million for the three months ended September 30, 2024 compared to a loss of $96.9 million for the same period in the prior year. For the three months ended September 30, 2024, the gain was the result of the effect of the weakening of the U.S. dollar relative to the Brazilian real on significant intercompany loans and U.S. dollar-denominated payables held by our Brazilian subsidiaries and the impact of the U.S. dollar relative to the Canadian dollar on significant intercompany loans.

Current wording

We recorded a foreign currency transaction gain of $133.1 million for the three months ended March 31, 2025 compared to a loss of $100.3 million for the same period in the prior year. For the three months ended March 31, 2025, the gain was the result of the effect of the weakening of the U.S. dollar relative to the Brazilian real on significant intercompany loans and U.S. dollar-denominated payables held by our Brazilian subsidiaries.

Previous wording

For the three and nine months ended September 30, 2024, we had equity in net earnings of nonconsolidated companies of $4.5 million and $64.2 million compared to $15.8 million and $60.0 million for the same period in the prior year. These results were primarily related to the operations of MWSPC.

Current wording

For the three months ended March 31, 2025, we had equity in net earnings of nonconsolidated companies of $0.5 million compared to $37.5 million for the same period in the prior year. The prior period results were primarily related to the operations of MWSPC. In December 2024, we exchanged our ownership in MWSPC for shares in Ma’aden.

Previous wording

Income tax expense was $48.0 million and $152.9 million, and the effective tax rate was 27.6% and 122.3% for the three and nine months ended September 30, 2024.

Current wording

Income tax expense was $63.3 million, and the effective tax rate was 20.2% for the three months ended March 31, 2025.

Previous wording

For the three and nine months ended September 30, 2024, discrete tax items recorded in tax expense was a benefit of approximately $4.4 million and an expense of approximately $114.9 million, respectively. The net tax expense consisted primarily of the impact of accruing withholding tax expense on expected foreign distributions associated with changes in management’s indefinite reinvestment assertion on select foreign earnings under ASC 740-30 (formerly APB 23), share-based excess benefit, true-up of estimates from our U.S. and non-U.S. tax return provisions, non-U.S. audit settlements, and other miscellaneous costs. In addition to items specific to the period, our income tax rate is impacted by the mix of earnings across the jurisdictions in which we operate, by a benefit associated with depletion, and by the impact of certain entities being taxed in both their foreign jurisdiction and the U.S., including foreign tax credits for various taxes incurred.

Current wording

For the three months ended March 31, 2025, discrete tax items recorded in tax expense was a benefit of approximately $26.3 million. The net tax benefit consisted primarily of changes in valuation allowance and share-based excess costs. In addition to items specific to the period, our income tax rate is impacted by the mix of earnings across the jurisdictions in which we operate, by a benefit associated with depletion, withholding tax expense and by the impact of certain entities being taxed in both their foreign jurisdiction and the U.S., including foreign tax credits for various taxes incurred.

Previous wording

As of September 30, 2024, we had cash and cash equivalents of $301.6 million, short-term debt of $0.8 billion, long-term debt, including current maturities, of approximately $3.3 billion, and stockholders’ equity of approximately $12.0 billion. We have a target liquidity buffer of up to $3.0 billion, including cash and available committed and uncommitted credit lines. We expect our liquidity to fluctuate from time to time, especially in the first quarter of each year, to manage through the seasonality of our business. We also target debt leverage ratios that are consistent with investment grade credit metrics. Our capital allocation priorities include maintaining our target investment grade metrics and financial strength, sustaining our assets, including ensuring the safety of our employees and reliability of our assets, investing to grow our business, either through organic growth or taking advantage of strategic opportunities, and returning excess cash to shareholders, including by paying dividends. During the nine months ended September 30, 2024, we returned cash to shareholders through share repurchases of $210.4 million and cash dividends of $204.2 million, and invested $957.7 million in capital expenditures.

Current wording

As of March 31, 2025, we had cash and cash equivalents of $259.2 million, short-term debt of $1.2 billion, long-term debt, including current maturities, of approximately $3.4 billion, and stockholders’ equity of approximately $11.9 billion. We have a target liquidity buffer of up to $3.0 billion, including cash and available committed and uncommitted credit lines. We expect our liquidity to fluctuate from time to time, especially in the first quarter of each year, to manage through the seasonality of our business. We also target debt leverage ratios that are consistent with investment grade credit metrics. Our capital allocation priorities include maintaining our target investment grade metrics and financial strength, sustaining our assets, including ensuring the safety of our employees and reliability of our assets, investing to grow our business, either through organic growth or taking advantage of strategic opportunities, and returning excess cash to shareholders, including by paying dividends. During the three months ended March 31, 2025, we returned cash dividends of $70.9 million, and invested $340.8 million in capital expenditures.

Previous wording

Funds generated by operating activities, available cash and cash equivalents, and our credit facilities continue to be our most significant sources of liquidity. We believe funds generated from the expected results of operations and available cash, cash equivalents and borrowings under our committed and uncommitted credit facilities, as needed, will be sufficient to finance our operations, including our capital expenditures, existing strategic initiatives, debt repayments and expected dividend payments, for the next 12 months and beyond. There can be no assurance, however, that we will continue to generate cash flows at or above current levels. As of September 30, 2024, we had $2.49 billion available under our $2.50 billion committed revolving credit facility, approximately $1.0 billion available under our uncommitted facilities and had $2.0 billion available under our $2.5 billion commercial paper program that is backed by the revolving credit facility. We consider amounts borrowed under our commercial paper program as a reduction of availability under our revolving credit facility. Our credit facilities, including the revolving credit facility, require us to maintain certain financial ratios, as discussed in Note 11 of our Notes to Consolidated Financial Statements in our 10-K Report. We were in compliance with these ratios as of September 30, 2024.

Current wording

Funds generated by operating activities, available cash and cash equivalents, and our credit facilities continue to be our most significant sources of liquidity. We believe funds generated from the expected results of operations and available cash, cash equivalents and borrowings under our committed and uncommitted credit facilities, as needed, will be sufficient to finance our operations, including our capital expenditures, existing strategic initiatives, debt repayments and expected dividend payments, for the next 12 months and beyond. There can be no assurance, however, that we will continue to generate cash flows at or above current levels. As of March 31, 2025, we had $2.50 billion available under our $2.50 billion committed revolving credit facility, approximately $0.8 billion available under our uncommitted facilities and had $1.7 billion available under our $2.5 billion commercial paper program that is backed by the revolving credit facility. We consider amounts borrowed under our commercial paper program as a reduction of availability under our revolving credit facility. Our credit facilities, including the revolving credit facility, require us to maintain certain financial ratios, as discussed in Note 11 of our Notes to Consolidated Financial Statements in our 10-K Report. We were in compliance with these ratios as of March 31, 2025.

Previous wording

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 the nine months ended September 30, 2024 and September 30, 2023:

Current wording

The following table represents a comparison of the net cash provided by (used in) operating activities, net cash used in investing activities, and net cash provided by financing activities for the three months ended March 31, 2025 and March 31, 2024:

Previous wording

During the nine months ended September 30, 2024, net cash provided by operating activities was $1.1 billion, compared to $1.9 billion for the same period in the prior year. Our results of operations, after non-cash adjustments, contributed $1.1 billion to cash flows from operating activities during the nine months ended September 30, 2024, compared to $1.6 billion as computed on the same basis for the prior year period. During the nine months ended September 30, 2024, we had an unfavorable change in assets and liabilities of $9.9 million, compared to a favorable change of $252.4 million during the nine months ended September 30, 2023.

Current wording

During the three months ended March 31, 2025, net cash provided by operating activities was $42.9 million, compared to net cash used in operating activities of $80.0 million for the same period in the prior year. Our results of operations, after non-cash adjustments, contributed $434.4 million to cash flows from operating activities during the three months ended March 31, 2025, compared to $383.5 million as computed on the same basis for the prior year period. During the three months ended March 31, 2025, we had an unfavorable change in assets and liabilities of $391.5 million, compared to an unfavorable change of $463.5 million during the three months ended March 31, 2024.

Previous wording

The change in assets and liabilities for the nine months ended September 30, 2024, was primarily driven by increases in inventories of $517.3 million and other current and noncurrent assets of $179.7 million, offset by increase in accounts payable and accrued liabilities of $257.8 million and other noncurrent liabilities of $233.9 million, and a decrease in accounts receivable of $195.4 million. The increase in inventories was primarily due to higher inventory volumes across our segments in the current year period. The increase in other current and noncurrent assets was primarily related to an increase in taxes receivable. The increase in account payable and accrued liabilities was primarily due to an increase in inventory purchases and an increase in customer prepayments. The increase in other noncurrent liabilities was primarily related to increases in ARO obligations and environmental reserves in our Phosphate segment in the current year. Accounts receivable decreased primarily due to lower average selling prices in our Potash and Mosaic Fertilizantes segments.

Current wording

The change in assets and liabilities for the three months ended March 31, 2025, was primarily driven by increases in inventories of $162.4 million and a decrease in accounts payable and accrued liabilities of $331.9 million, offset by a favorable impact from a decrease in current and noncurrent assets of $55.1 million and accounts receivable of $59.6 million. The increase in inventories was primarily due to higher inventory volumes across our segments in the current year period, especially in Brazil as they prepare for their high season. The decrease in accounts payable and accrued liabilities was primarily due to the timing of tax and employee incentive payments. The decrease in other current and noncurrent assets was primarily related to a decrease in taxes receivable and prepaid taxes. Accounts receivable decreased primarily due to lower sales volumes primarily in our Phosphate segment.

Previous wording

Net cash used in investing activities was $984.5 million for the nine months ended September 30, 2024 compared to $955.0 million for the same period a year ago. We had capital expenditures of $957.7 million for the nine months ended September 30, 2024, compared to $1.0 billion in the prior year period. The prior year period included net proceeds of $158.4 million from the sale of a business and used cash of $41.0 million to acquire the other 50% of an equity investment.

Current wording

Net cash used in investing activities was $340.8 million for the three months ended March 31, 2025 compared to $387.8 million for the same period a year ago. We had capital expenditures of $340.8 million for the three months ended March 31, 2025, compared to $383.0 million in the prior year period.

Previous wording

Net cash used in financing activities for the nine months ended September 30, 2024 was $168.6 million, compared to $1.1 billion for the same period in the prior year. During the nine months ended September 30, 2024, we received net proceeds of $200 million under our inventory financing arrangement and $151.5 million under other short-term debt arrangements. During the current year period, we made repurchases of our common stock at an aggregate cost of $210.4 million and paid dividends of $204.2 million. In addition, we made payments on long-term debt of $55.2 million and net payments on our structured accounts payable arrangements of $12.1 million.

Current wording

Net cash provided by financing activities for the three months ended March 31, 2025 was $272.0 million, compared to $457.9 million for the same period in the prior year. During the three months ended March 31, 2025, we received net proceeds of $202.1 million under our inventory financing arrangement and $185.8 million under other short-term debt arrangements. During the current year period, we paid dividends of $70.9 million, made payments on long-term debt of $11.7 million and made net payments on our structured accounts payable arrangements of $22.8 million.

Previous wording

•because of political and economic instability, civil unrest or changes in government policies in Brazil, Saudi Arabia, Peru or other countries in which we do business, our operations could be disrupted as higher costs of doing business could result, including those associated with implementation of new freight tables and new mining legislation;

Current wording

•because of political and economic instability, civil unrest or changes in government policies in Brazil, Peru or other countries in which we do business, our operations could be disrupted as higher costs of doing business could result, including those associated with implementation of new freight tables and new mining legislation;

Previous wording

•the expansion or contraction of production capacity or selling efforts by competitors or new entrants in the industries in which we operate, including the effects of actions by other members of Canpotex to prove the production capacity of potash expansion projects, through proving runs or otherwise;

Current wording

•the expansion or contraction of production capacity or selling efforts by competitors or new entrants in the industries in which we operate, including the effects of actions by the other member of Canpotex to prove the production capacity of potash expansion projects, through proving runs or otherwise;

Previous wording

•changes in the environmental and other governmental regulations that apply to our operations, including federal legislation or regulatory action expanding the types and extent of water resources regulated under federal law and the possibility of further federal or state legislation or regulatory action affecting or related to greenhouse gas emissions, including carbon taxes or other measures that may be implemented in Canada or other jurisdictions in which we operate, or of restrictions or liabilities related to elevated levels of naturally-occurring radiation that arise from disturbing the ground in the course of mining activities or possible efforts to reduce the flow of nutrients into the Gulf of Mexico, the Mississippi River basin or elsewhere;

Current wording

•changes in the environmental and other governmental regulations that apply to our operations, including federal legislation or regulatory action expanding the types and extent of water resources regulated under federal law and the possibility of further federal or state legislation or regulatory action affecting or related to greenhouse gas emissions, including carbon taxes or other measures that may be implemented in Canada or other jurisdictions in which we operate, or of restrictions or liabilities related to elevated levels of naturally-occurring radiation that arise from disturbing the ground in the course of mining activities or possible efforts to reduce the flow of nutrients into the Gulf of America, the Mississippi River basin or elsewhere;

Previous wording

•the effectiveness of the processes we put in place to manage our significant strategic priorities, including our investment in MWSPC, and to successfully integrate and grow acquired businesses;

Current wording

•the effectiveness of the processes we put in place to manage our significant strategic priorities and to successfully integrate and grow acquired businesses;

Previous wording

•actual costs of various items differing from management’s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental obligations and Canadian resource taxes and royalties, or the costs of MWSPC or its existing or future funding;

Current wording

•actual costs of various items differing from management’s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental obligations;