What changed in this filing

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Item 1A. Risk Factors

2026-02-27 compared with 2025-03-03 · 91 added, 88 removed, 350 unchanged (34% of the section changed)

10 unchanged sentences

• governmental policies, including farm and biofuel policies, which may directly or indirectly influence the number of acres planted, the level of inventories, the mix of crops planted or crop prices or otherwise negatively affect our operating results.

International market conditions and the effects of recent countervailing duty orders, which are also outside of our control, may also significantly influence our operating results.

International market conditions and the effects of countervailing duty orders, which are also outside of our control, may also significantly influence our operating results.

The international market for crop nutrients is influenced by such factors as the relative value of the U.S.

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Department of Commerce (“ DOC ”) issued countervailing duty (“ CVD ”) orders on imports of phosphate fertilizers from Morocco and Russia, in response to petitions filed by Mosaic.

The orders were based on DOC’s determination that the imports are unfairly subsidized, and the U.S.

International Trade Commission’s (“ ITC ”) determination that the

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imports materially injure the U.S.

The orders were based on DOC’s determination that the imports were unfairly subsidized, and the U.S.

International Trade Commission’s (“ ITC ”) determination that the imports materially injured the U.S.

phosphate fertilizer industry.

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CVD orders normally stay in place for at least five years, with possible extensions.

Moroccan and Russian producers have initiated federal court actions seeking to overturn the orders.

Mosaic has also made claims contesting certain aspects of DOC’s final determinations that, we believe, failed to capture the full extent of Moroccan and Russian subsidies.

These litigation challenges remain underway as further described in this Item 3 of Form 10-K.

Moroccan and Russian producers initiated federal court actions seeking to overturn the orders.

Mosaic also made claims contesting certain aspects of DOC’s final determinations that, we believe, failed to capture the full extent of Moroccan and Russian subsidies.

These litigation challenges remain underway as further described in Item 3 of this Form 10-K.

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The applicable final CVD assessment rates and cash deposit rates for imports of phosphate fertilizer from Morocco and Russia could change as a result of these various proceedings and potential associated appeals, whether in federal courts or at the World Trade Organization.

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imposed a 25% tariff on most imports from Canada, including potash crop nutrients.

Although the implementation of these tariffs has been temporarily paused for 30 days, there is a risk that they may be reinstated and sustained for an extended period.

If these tariffs are reintroduced, they could significantly increase the cost of importing potash from Canada.

This tariff went into effect on March 4, 2025, but beginning March 7, 2025, the U.S.

exempted from this tariff goods that qualify as wholly originating in Canada under the United States‑Mexico‑Canada Agreement, including potash from Mosaic’s Canadian operations.

continues to assess the imposition of tariffs on Canadian potash.

There is a risk that such tariffs may be imposed and sustained for an extended period.

If tariffs are reintroduced, they could significantly increase the cost of importing potash from Canada.

Higher potash prices may lead to reduced usage by U.S.

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The prolonged imposition of these tariffs could have a material adverse effect on our business, financial condition and results of operations.

Pandemics, epidemics or other health outbreaks could materially adversely affect our business operations and financial condition.

Pandemics, epidemics or other health outbreaks have, and could again, adversely affect the global economy and have, and could again, significantly disrupt our operations, key suppliers or third-party logistics providers, customers and ultimate end-users.

These disruptions could arise due to the spread of the outbreak and/or from measures to contain or mitigate it such as quarantines and extended closures of businesses mandated by government authorities.

For example, the Covid-19 pandemic adversely affected our businesses in multiple ways, including by creating short-term labor shortages due to illness, and transportation issues, such as trucking delays and port congestion, which slowed delivery of inputs to our facilities and products to our end customers.

The full impact of another public health event depends on various factors, any of which could materially increase our costs, negatively impact our revenue and/or adversely impact our results of operations and liquidity, possibly to a significant degree.

A public health event could also have the effect of heightening many of the other risks described in this Item 1A of this Form 10-K.

Unfavorable worldwide economic and market conditions could adversely affect our business, financial condition or operating results.

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As a result, we and our customers generally build inventories during the low demand periods of the year in order to provide timely product availability during the peak sales seasons.

The seasonality of crop nutrient demand results in our sales volumes and net sales

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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.

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.

Our quarterly financial results can vary significantly from one year to the next due to weather-related shifts in planting schedules and purchasing patterns.

If seasonal demand exceeds our projections, we will not have enough product, which would negatively impact our profitability.

If seasonal demand exceeds our projections, we will not have enough product, which would limit our profitability.

If seasonal demand is less than we expect, we will have excess inventory and higher working capital and liquidity requirements.

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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.

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

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as other commercial arrangements with third parties.

Any disruption of operations at any of these facilities may significantly negatively affect our production or our ability to distribute our products.

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brine inflows at our Esterhazy, Saskatchewan mine or our other shaft mines;

mechanical failure and accidents or other failures occurring in the course of operating activities, including at our gypstacks, clay settling areas and tailing dams;

mechanical failure and accidents or other failures occurring in the course of operating activities, including at our gypstacks, clay settling areas and tailing dams and mine shafts;

accidents occurring in the course of operating activities;

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Reduced oil refinery operating rates in the U.S.

and Canada could, and have, in the past, resulted in decreased availability of molten sulfur, which could increase costs of sulfur procurement or decrease availability of sulfur needed in our phosphate fertilizer production operations.

and Canada could result, and have, in the past, resulted in decreased availability of molten sulfur, which could increase costs of sulfur procurement or decrease availability of sulfur needed in our phosphate fertilizer production operations.

If it becomes necessary to procure sulfur at higher costs, and if we are unable to pass those costs on in our product prices, or if we are unable to procure sulfur at volumes necessary for our operations, such events could have a material adverse effect on our phosphate business, and/or our financial condition or operating results.

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Because most of our products are commodities, there can be no assurance that we will be able to pass through increased costs to our customers.

A significant increase in the price of fertilizer, natural gas, ammonia, sulfur or energy costs

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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.

A significant increase in the price of fertilizer, natural gas, ammonia, sulfur or energy 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.

We are subject to risks associated with our international sales and operations, which could negatively affect our sales to customers in foreign countries as well as our operations and assets in foreign countries.

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• nationalization of properties by foreign governments;

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• the imposition of tariffs, exchange controls, trade barriers or other restrictions, or government-imposed increases in the cost of resources and materials necessary for the conduct of our operations or the completion of strategic initiatives, including with respect to our joint ventures;

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Adverse weather conditions, including hurricanes, and excess heat, cold, snow, rainfall and drought, have in the past, and may in the future, adversely affect our operations, and result in increased costs, decreased sales or production and potential liabilities.

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Adverse weather conditions have in the past and may in the future adversely affect our operations, particularly our Phosphates operations.

In the past, hurricanes have resulted in physical damage to our facilities in Florida and Louisiana.

Adverse weather conditions have in the past and may in the future adversely affect our operations, particularly our Phosphate operations.

In the past, hurricanes have resulted in physical damage to and outages at our facilities in Florida and Louisiana.

Additionally, water treatment costs tend to increase significantly following excess rainfall.

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Resource Conservation and Recovery Act (“ RCRA ”) Consent Decrees.

If adverse weather conditions occur in coming years, 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.

If adverse weather conditions occur, as they have in 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.

Adverse weather conditions may also cause a loss of production and may disrupt our supply chain or adversely affect delivery of our products to our customers.

For example, oil refineries that supply sulfur to us may suspend operations as a result of a hurricane, and incoming shipments of ammonia can be delayed, disrupting production at our Florida or Louisiana facilities and delivery of our products.

In 2021, we experienced production impacts related to Hurricane Ida at our Louisiana operations.

In 2021, we experienced production impacts related to Hurricane Ida at our Louisiana

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We also experienced down time and delayed shipments caused by impacts from Hurricane Ian which occurred in 2022.

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As a result, these companies may contribute less than anticipated to our earnings and cash flow, negatively impacting our results of operations and liquidity.

In addition, our investment in Ma’aden is subject to stock‑market volatility, and declines in the market value of its publicly traded shares could reduce the value of our investment and negatively impact our results of operations and liquidity.

Strikes or other forms of work stoppage or slowdown could disrupt our business and lead to increased costs.

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Our financial performance is dependent on a reliable and productive work force.

A significant portion of our work force, and that of the joint ventures in which we participate, is covered by collective bargaining agreements with unions.

A significant portion of our workforce, and that of the joint ventures in which we participate, is covered by collective bargaining agreements with unions.

Unsuccessful contract negotiations or adverse labor relations could result in strikes or slowdowns.

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Though minor inflows are regularly managed, it is possible that significant water inflows could occur which may present risks to our employees and our operations, and which may require us to incur brine management costs, change our mining processes, or abandon our operating mines .

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.

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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.

Accidents or equipment failures occurring in the course of our operating activities could result in significant liabilities, interruptions or shutdowns of facilities or the need for significant safety or other expenditures.

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• Some of our facilities are subject to potential damage from seismic activity or other geologic concerns.

The excavation of mines in some parts of the world can result in potential seismic events or can increase the likelihood or potential severity of a seismic event.

Mining activities in some parts of the world can result in potential seismic events or can increase the likelihood or potential severity of a seismic event.

Our Esterhazy mine and Louisiana facilities have experienced minor seismic events from time to time.

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We produce ammonia at our Faustina, Louisiana phosphate concentrates plant, use ammonia in significant quantities at all of our Florida and Louisiana phosphates concentrates plants and store ammonia at some of our distribution facilities.

In Florida, ammonia is received at terminals in Tampa and transported by pipelines and trucks to our facilities.

In Florida, ammonia is received at coastal terminals around Tampa and transported by pipelines and trucks to our facilities.

We also use ammonia in our Brazil phosphate operations.

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Accidents at any of our ammonia facilities could result in serious injury or death and could adversely impact our operations.

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• We also use or produce other hazardous chemicals at some of our facilities.

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We have invested significant capital associated with the implementation and integration of our information technology systems across our businesses.

This process involves the replacement and consolidation of technology platforms, resulting in operational efficiencies and reduced costs.

This process involves the replacement and consolidation of technology platforms, resulting in operational efficiencies and reduced

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Our inability to effectively implement or convert our operations to the new systems could cause delays in product fulfillment and reduced efficiency in our operations and could have a material impact on our financial condition or operating results.

A shortage or unavailability of trucks, railcars, tugs, barges and ships for carrying our products and the raw materials we use in our business could result in customer dissatisfaction, loss of production or sales and higher transportation or equipment costs.

We rely heavily upon truck, rail, tug, barge and ocean freight transportation to move raw materials needed at our mines and concentrates facilities and to deliver our products to our customers.

In addition, the cost of transportation is an important part of the final sale price of our products.

Finding affordable and dependable transportation is important in obtaining our raw materials and to supply our customers.

Higher costs for these transportation services or an interruption or slowdown due to factors including high demand, high fuel prices, labor disputes, layoffs or other factors affecting the availability of qualified transportation workers, adverse weather or other environmental events, or changes to rail, barge or ocean freight systems, could negatively affect our ability to produce our products or deliver them to our customers, which could affect our performance and results of operations.

Strong demand for grain and other products and a strong world economy increases the demand for and reduces the availability of transportation assets, both domestically and internationally.

Shortages of railcars, barges and ocean transport for carrying product and increased transit time may result in customer dissatisfaction, loss of sales and higher equipment and transportation costs.

In addition, during periods when the shipping industry has a shortage of ships, the substantial time needed to build new ships prevents rapid market response.

Delays and missed shipments due to transportation shortages, including vessels, barges, railcars and trucks, could result in customer dissatisfaction or loss of sales potential, which could negatively affect our performance and results of operations.

Our success will continue to depend on our ability to attract and retain highly qualified and motivated employees.

Our continued success depends on the collective abilities and efforts of our employees.

We compete for a talented workforce with other businesses, particularly within the mining and chemicals industries, in general, and the crop nutrients industry, in particular.

Our expansion plans are highly dependent on our ability to attract, retain and train highly qualified and motivated employees who are essential to the success of our ongoing operations as well as to our expansion plans.

If we were to be unsuccessful in attracting, retaining and training the employees we require, our ongoing operations and expansion plans could be materially and adversely affected.

Regulatory Risks

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We periodically have incurred and may incur liabilities and cleanup costs, under CERCLA and other environmental laws, with regard to our current or former facilities, adjacent or nearby third-party facilities or offsite disposal locations.

Our operations are dependent on having the required permits and approvals from governmental authorities.

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 permits and approvals may impair our business and operations.

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Our operations depend on having the required permits and approvals from governmental authorities.

Denial or delay by a government agency in issuing any of our permits and approvals or imposition of restrictive conditions in those permits and approvals may impair our business and operations.

Our operations, including our mines, are dependent on having the required permits and approvals from governmental authorities.

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For example, in Florida, local community involvement has become an increasingly important factor in the permitting process for mining companies, and various counties and other parties in Florida have in the past filed and continue to file lawsuits challenging the issuance or renewal of some of the permits we require.

A recent federal court decision invalidated Florida’s Clean Water Act 404 “dredge and fill” permitting program and returned that permitting authority to the federal agencies.

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While that decision is under appeal, a change in permitting authority may complicate and delay the receipt of 404 Act approvals.

A recent federal court decision invalidated Florida’s assumption of the Clean Water Act Section 404 “dredge and fill” permitting program and returned that permitting authority to the federal agencies.

While that decision is under appeal, the change in permitting authority may complicate and delay the receipt of 404 permit approvals.

We are, and may in the future be, involved in legal and regulatory proceedings that could be material to us.

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Environmental justice considerations could have a material adverse effect on our business, financial condition or results of operations.

Some state governments increasingly are adopting standards or policies requiring environmental justice reviews in some permitting actions.

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Some state governments are adopting standards or policies requiring environmental justice reviews in some permitting actions.

In general, they require governmental agencies to evaluate projects for disproportionate impacts to disadvantaged or already burdened communities.

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The purpose of these requirements is to provide comfort to the government that sufficient funds will be available for the ultimate closure, post-closure care or reclamation of our facilities.

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In some cases, we comply through the satisfaction of applicable state financial strength tests;

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Each signatory is expected to develop its own plan (referred to as a Nationally Determined Contribution, or “ NDC ”) for reaching that goal.

formally withdrew from the Paris Agreement in January 2025.

withdrew from the Paris Agreement in January 2025.

Various legislative or regulatory initiatives relating to greenhouse gases have been adopted or considered by the U.S.

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More stringent laws and regulations may be enacted to accomplish the goals set out in Canada’s NDC and Canada’s own long-term emissions reduction targets.

In March 2024, the SEC issued final rules on climate-related disclosures that, if adopted, will require disclosure of extensive detailed climate-related information.

The future of the SEC climate-related disclosure rule is uncertain as it was immediately challenged in litigation and implementation has been stayed pending the legal challenges.

Most recently, the SEC issued a statement halting the defense of the climate-related disclosures until the Commission decides whether to continue defending it.

The Company is monitoring the SEC’s climate-related disclosure rules and recently enacted standards in the European Union and California on climate change disclosure and is taking necessary steps to plan for the anticipated or adopted disclosure requirements.

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In March 2024, the SEC issued final rules on climate-related disclosures that would require disclosure of extensive detailed climate-related information by domestic and foreign registrants.

Following legal challenges consolidated in the U.S.

Court of Appeals for the Eighth Circuit, the SEC issued a voluntary stay of the climate rules.

In March 2025, the SEC announced that it would end its defense of the climate-related disclosures.

In September 2025, the Eight Circuit continued to hold the litigation in abeyance, pending definitive action by the SEC on the climate rules.

The Company is monitoring the SEC’s climate-related disclosure standards and recently enacted standards in the European Union and California on climate change disclosure and is taking necessary steps to plan for the anticipated or adopted disclosure requirements.

It is possible that such legislation and other future legislation or regulation addressing climate change, including the Paris Agreement or any new international agreements, could adversely affect our operating activities, energy, raw material and transportation costs, results of operations, liquidity or capital resources, and these effects could be material or adversely impact our competitive advantage.

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We use tailings, sediments and water dams and other impoundments to manage residual materials generated by our facilities, including Brazilian mining operations.

If our safety procedures are not effective, an accident involving these

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impoundments could result in serious injuries or death, damage to property or the environment, or result in the shutdown of our facilities, any of which could materially adversely affect our results of operations.

If our safety procedures are not effective, an accident involving these impoundments could result in serious injuries or death, damage to property or the environment, or result in the shutdown of our facilities, any of which could materially adversely affect our results of operations.

Mining and processing of potash and phosphate generate residual materials that must be managed both during the operation of the facility and upon facility closure.

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Phosphate residuals from mining or processing are deposited in tailings dams or clay settling areas and phosphogypsum stacks.

Mosaic manages its structures in accordance with all legal requirements and is implementing actions to be aligned with the major principles from the Global Industry Standard on Tailings Management – GISTM (established in 2020 by the ICMM – International Council of Metals and Mining, the UN environment program and the PRI – Principles of responsible investment).

Mosaic manages its structures in accordance with legal requirements and is implementing actions to be aligned with the major principles from the Global Industry Standard on Tailings Management – GISTM (established in 2020 by the ICMM – International Council of Metals and Mining, the UN environment program and the PRI – Principles of Responsible Investment).

The failure of or a breach at any of our impoundments at any of our operations could cause severe property and environmental damage and loss of life, could result in the shut down or idling of our facilities and could have a material adverse effect on our results of operations.

We cannot predict the full impact of these rules or potentially related judicial actions, or future actions, or whether or how it would affect our Brazilian operations or customers.

Any accident involving our tailings or other dams, or any shut down or idling of our related mines, could have a material adverse effect on our results of operations.

Competitive Risks

Our competitive position could be adversely affected if we are unable to participate in continuing industry consolidation.

Most of our products are readily available from a number of competitors, and price and other competition in the crop nutrient industry is intense.

Most of our commodity products are readily available from a number of competitors, and price and other competition in the crop nutrient industry is intense.

In addition, crop nutrient production facilities and distribution activities frequently benefit from economies of scale.

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If we do not successfully participate in continuing industry consolidation, our ability to compete successfully could be adversely affected and result in the loss of customers or an uncompetitive cost structure, which could adversely affect our sales and profitability.

Our strategy for managing market and interest rate risk may not be effective.

Our businesses are affected by fluctuations in market prices for our products, the purchase price of key inputs to operations, freight and shipping costs, foreign currency exchange rates and interest rates.

We periodically enter into derivatives and forward purchase contracts to mitigate some of these risks.

However, our strategy may not be successful in minimizing our exposure to these fluctuations.

See “Market Risk” in our Management’s Analysis and Note 15 of our Notes to Consolidated Financial Statements which sections are incorporated herein by reference.

We rely heavily upon truck, rail, tug, barge and ocean freight transportation to obtain raw materials needed at our mines and concentrates facilities and to deliver our products to our customers.

In addition, the cost of transportation is an important part of the final sale price of our products.

Finding affordable and dependable transportation is important in obtaining our raw materials and to supply our customers.

Strong demand for grain and other products and a strong world economy increases the demand for and reduces the availability of transportation, both domestically and internationally.

Shortages of railcars, barges and ocean transport for carrying product and increased transit time may result in customer dissatisfaction, loss of sales and higher equipment and

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transportation costs.

In addition, during periods when the shipping industry has a shortage of ships, the substantial time needed to build new ships prevents rapid market response.

Our success will continue to depend on our ability to attract and retain highly qualified and motivated employees.

Our continued success depends on the collective abilities and efforts of our employees.

We compete for a talented workforce with other businesses, particularly within the mining and chemicals industries, in general, and the crop nutrients industry, in particular.

If we were to be unsuccessful in attracting, retaining and training the employees we require, our ongoing operations and expansion plans could be materially and adversely affected.

Our most important products are global commodities, and we face intense global competition from other crop nutrient producers that can affect our prices and volumes.

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Increases in the global supply of DAP, MAP and MOP or competitors’ increased sales into regions in which we have significant sales could adversely affect our prices and volumes.

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Competitors and new entrants in the markets for both concentrated phosphate crop nutrients and potash have in recent years expanded capacity, or begun, or announced plans, to expand capacity or build new facilities.

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Furthermore, certain governments as owners of some of our competitors may be willing to accept lower prices and profitability on their products in order to support domestic employment or other political or social goals.

To the extent other producers of crop nutrients

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enjoy competitive advantages or are willing to accept lower profit levels, the price of our products, our sales volumes and our profits may be adversely affected.

To the extent other producers of crop nutrients enjoy competitive advantages or are willing to accept lower profit levels, the price of our products, our sales volumes and our profits may be adversely affected.

Industry Risks

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We utilize and rely upon information technology systems in many aspects of our business, including internal and external communications and the management of our accounting, financial, production and supply chain functions.

As we become more dependent on information technologies to conduct our operations, and as the number and sophistication of cyberattacks increase, the risks associated with cybersecurity increase.

As we become more dependent on information technologies to conduct our operations, and as the number and sophistication of cyberattacks

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increase, the risks associated with cybersecurity increase.

These risks apply to us, our employees, and to third parties on whose systems we rely to conduct our business.

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Any such write-down could adversely affect our results of operations and the value of our assets.

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We carry our inventories at the lower of cost or market.

In periods when the market prices for our products are falling rapidly, including in response to falling market prices for raw materials, it is possible that we could be required to write-down the value of our inventories if market prices fall below our costs.

We carry our inventories at net realizable value.

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.

Any such write-down could adversely affect our results of operations and the value of our assets.

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Changes in tax laws or regulations or their interpretation, or exposure to additional tax liabilities, could materially adversely affect our operating results and financial condition.

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We are subject to taxes, including income taxes, resource taxes and royalties, and non-income based taxes in countries where we operate.

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This may result in tying up significant funds and/or creating adverse treasury and credit risks that may interrupt, impede or otherwise materially affect our business operations.

Capital markets access, liquidity and credit ratings.

Our ability to fund operations, meet obligations, and pursue strategic initiatives depends on maintaining sufficient liquidity and access to capital markets.

We rely on cash generated from operations, committed credit facilities, and debt financing.

Adverse conditions in global credit markets, disruptions in banking systems, or a deterioration in our financial performance could limit our ability to obtain financing on acceptable terms or at all.

Our credit ratings significantly affect our cost of borrowing and access to financing.

A downgrade by any major rating agency—whether due to industry conditions, commodity price volatility, or company-specific factors—could increase our borrowing costs and restrict access to credit markets.

If we are unable to maintain adequate liquidity or favorable credit ratings, we may be forced to reduce capital expenditures, delay strategic projects, or seek alternative financing under unfavorable terms.

Any of these outcomes could materially and adversely affect our business, financial condition, and results of operations.

Our strategy for managing market and interest rate risk may not be effective.

We periodically enter into derivatives and forward purchase contracts to mitigate some of these risks.

However, our strategy may not be successful in minimizing our exposure to these fluctuations.

See “Market Risk” in our Management’s Analysis and Note 15 of our Notes to Consolidated Financial Statements which sections are incorporated herein by reference.

We extend trade credit to our customers and guarantee the financing that some of our customers use to purchase our products.

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Additionally, we become increasingly exposed to risk due to weather and crop growing conditions, fluctuations in crop nutrient prices, commodity prices or foreign currencies, and other factors that influence the price, supply and demand for agricultural commodities.

Significant defaults by our customers could adversely affect our financial condition and results of operations.

Significant defaults by our customers, have in the past, and may in the future adversely affect our financial condition and results of operations.

Due to the global nature of our operations, we are exposed to currency exchange rate changes, which may cause fluctuations in earnings and cash flows.

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Our primary foreign currency exposures are the Canadian dollar and Brazilian real.

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The functional currency of several of our Canadian entities is the Canadian dollar.

For those entities, sales are primarily denominated in U.S.

For those entities, sales are

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primarily denominated in U.S.

dollars, but the costs are paid principally in Canadian dollars.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1A. Risk Factors