What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-02-23 compared with 2022-02-23 · 178 added, 200 removed, 520 unchanged (42% of the section changed)

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We process rock into finished phosphate products at facilities in Florida, Louisiana and Brazil.

We are one of the four largest potash producers in the world.

We are typically one of the top four global potash producers in the world.

In 2022, we were the second-largest producer, with our position lifted by reduced production in Belarus and Russia.

We mine potash in Saskatchewan, New Mexico and Brazil.

We have other production, blending or distribution operations in Brazil, China, India and Paraguay, as well as a strategic equity investment in a joint venture that operates a phosphate rock mine and chemical complexes in the Kingdom of Saudi Arabia.

Our distribution operations serve the top four nutrient-consuming countries in the world:

China, India, the United States and Brazil.

Our operations serve the top four nutrient-consuming countries in the world:

China, India, U.S.

The Mosaic Company is a Delaware corporation that was incorporated in March 2004 and serves as the parent company of the business that was formed through the October 2004 combination of IMC Global Inc.

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We also account for approximately 14% of estimated global annual potash production.

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Phosphates Segment – We sell phosphate-based crop nutrients and animal feed ingredients throughout North America and internationally.

We account for approximately 69% of estimated North American annual production of concentrated phosphate crop nutrients.

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Potash Segment – We sell potash throughout North America and internationally, principally as fertilizer, but also for use in industrial applications and, to a lesser degree, as animal feed ingredients.

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Business Developments during 2022

• During the second quarter of 2021, due to increased brine inflows, we made the decision to accelerate the timing of the shutdown of our K1 and K2 mine shafts at our Esterhazy, Saskatchewan potash mine.

Closing the K1 and K2 shafts are key pieces of the transition to the K3 shaft, but the timeline for the closure was accelerated by approximately nine months.

We recognized pre-tax costs of $158.1 million related to the permanent closure of these facilities.

In the third quarter of 2021, we resumed production at our previously idled Colonsay potash mine to offset a portion of the production lost by the early closure of the K1 and K2 shafts at Esterhazy.

In December 2021, the K3 shaft became fully operational and is expected to reach full operating capacity in the first quarter of 2022.

The closure of the K1 and K2 shafts will eliminate future brine management expenses at these sites.

• In August 2021 we entered into a new, unsecured five-year credit facility of up to $2.5 billion, with a maturity date of August 19, 2026, which replaces our prior $2.2 billion line of credit.

This increase in size provides additional security and flexibility and reflects the growth in our business.

• In August 2021 we prepaid the outstanding balance of $450 million on our 3.75% senior notes, due November 15, 2021, without premium or penalty.

• During the third quarter of 2021, our Board of Directors approved a new $1 billion share repurchase authorization (the “ 2021 Repurchase Program ”), replacing our previous $1.5 billion authorization (the “ 2015 Repurchase Program ”) that had $700 million remaining.

This new, expanded authorization reflects our unchanged commitment to a balanced deployment of excess capital that includes returning capital to stockholders.

During 2021, we repurchased 11,200,371 shares of Common Stock, including 8,544,144 shares that we purchased in an underwritten secondary offering by Vale S.A., at an average price of $36.69, for a total of approximately $410.9 million.

• In November 2021, Vale S.A.

sold its 34,176,574 shares of common stock of Mosaic in an underwritten secondary offering.

no longer holds any shares of Mosaic common stock.

• In the fourth quarter of 2021, our Board of Directors approved a 50% increase in our annual dividend, to $0.45 per share, beginning in 2022.

• In 2020, we filed petitions with the U.S.

Department of Commerce ( “ DOC ” ) and the U.S.

International Trade Commission ( “ ITC ” ) that requested the initiation of countervailing duty investigations into imports of phosphate fertilizers from Morocco and Russia.

The purpose of the petitions was to remedy the distortions that we believe foreign subsidies have caused or are causing in the U.S.

market for phosphate fertilizers, and thereby restore fair competition.

During the first quarter of 2021, the DOC made final affirmative determinations that countervailable subsidies were being provided by those governments and the ITC made final affirmative determinations that the U.S.

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phosphate fertilizer industry is materially injured by reason of subsidized phosphate fertilizer imports from Morocco and Russia.

As a result of these determinations, the DOC issued countervailing duty orders on phosphate fertilizer imports from Russia and Morocco, which are scheduled to remain in place for at least five years.

Currently, the cash deposit rates for such imports are approximately 20 percent for Moroccan producer OCP, 9 percent and 47 percent for Russian producers PhosAgro and Eurochem, respectively, and 17 percent for all other Russian producers.

The final determinations in the DOC and ITC investigations are subject to possible challenges before U.S.

federal courts and the World Trade Organization, and Mosaic has initiated actions at the U.S.

Court of International Trade contesting certain aspects of the DOC’s final determinations that, we believe, failed to capture the full extent of Moroccan and Russian phosphate fertilizer subsidies.

Moroccan and Russian producers have also initiated U.S.

Court of International Trade actions, seeking lower cash deposit rates and revocation of the countervailing duty orders.

Further, the cash deposit rates and the amount of countervailing duties owed by importers on such imports could change based on the results of the DOC’s annual administrative review proceedings.

• In response to Covid-19, we continued to implement measures in 2021 that were intended to provide for the immediate health and safety of our employees, including working remotely and alternating work schedules, in order to minimize the number of employees at a single location.

Businesses have been impacted by short-term labor shortages due to illness, transportation issues such as trucking delays and port congestion which are slowing delivery of inputs to facilities and products to end customers.

At this time, we have experienced limited adverse financial or operational impacts related to Covid-19.

Subsequent to December 31, 2021, we expect to enter into an accelerated share repurchase (“ ASR ”) of $400 million, which would be initiated in February 2022.

Following the completion of the current authorization, our Board of Directors has approved the establishment of a new $1 billion share repurchase authorization, which will go into effect following completion of this ASR.

The Board of Directors has also approved a regular dividend increase to $0.60 per share annually from $0.45, beginning with the second quarter 2022 payment.

• In the first quarter of 2022, our Board of Directors approved the establishment of a new $1.0 billion share repurchase authorization, which was completed in the second quarter of 2022.

Our Board of Directors authorized an additional $2.0 billion share repurchase program in the third quarter of 2022.

• During 2022, we repurchased 30,810,173 shares of Common Stock in the open market for approximately $1.7 billion.

This includes 7,056,229 shares we purchased under an accelerated share repurchase agreement in 2022.

• In the first quarter of 2022, our Board of Directors approved a regular dividend increase to $0.60 per share annually from $0.45, beginning with the second quarter of 2022.

In the fourth quarter of 2022, our Board of Directors increased the dividend to $0.80 per share annually, beginning with the dividend declared on December 16, 2022.

• In November 2022, we paid the outstanding balance of $550 million on our 3.25% senior notes, due November 15, 2022, without premium or penalty.

On January 12, 2023, we completed the sale of the Streamsong Resort ® (the “ Resort ”) and approximately 7,000 acres of land on which it sits for a purchase price of $160 million.

The Resort is a destination resort and conference center, which we developed in an area of previously mined land as part of our long-term business strategy to maximize the value and utility of our extensive land holdings in Florida.

In addition to a hotel and conference center, the Resort includes multiple golf courses, a clubhouse and ancillary facilities.

Subsequent to year end, our Board of Directors approved an accelerated share repurchase (“ ASR ”) of $300 million which is expected to be initiated in the first quarter of 2023.

Also, in February 2023, the Board of Directors approved a special dividend of $0.25 per share to be distributed in March, 2023 to our stockholders of record as of March 15, 2023.

We have included additional information about these and other developments in our business during 2022 in our Management’s Discussion and Analysis of Financial Condition and Results of Operations (“ Management’s Analysis ”) and in the Notes to Consolidated Financial Statements.

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standard), unless we specifically state that we mean short or long ton(s), which are the equivalent of 2,000 pounds and 2,240 pounds, respectively.

In addition, we measure natural gas, a raw material used in the production of our products, in MM BTU, which stands for one million British Thermal Units (“ BTU ”).

In addition, we measure natural gas, a raw material

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used in the production of our products, in MM BTU, which stands for one million British Thermal Units (“ BTU ”).

One BTU is equivalent to 1.06 Joules.

Information concerning our mining properties in this Annual Report on Form 10-K has been prepared in accordance with Subpart 1300 of Regulation S-K (“ S-K 1300 ”).

S-K 1300 requires us to disclose our mineral resources, in addition to our mineral reserves, as of the end of our most recently completed fiscal year, both in the aggregate and for each of our individually material mining properties.

We have four material properties:

Belle Plaine, Esterhazy, Florida and Tapira.

“Properties,” for further information regarding mineral reserves and resource and discussion of our material mining properties.

This report includes market share and industry data and forecasts that we obtained from publicly available information and industry publications, surveys, market research, internal company surveys and consultant surveys.

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Similarly, internal company surveys, industry forecasts and market research, which we believe to be reliable based upon management’s knowledge of the industry, have not been verified by any independent sources.

Application of SEC’s New Mining Rules Under Regulation S-K 1300

On October 31, 2018, The U.S.

Securities Exchange Commission (the “ SEC ”) adopted Subpart 1300 of Regulation S-K (“ S-K 1300 ”) to modernize the property disclosure requirements for mining registrants.

Information concerning our mining properties in this Form 10-K has been prepared in accordance with these requirements.

These requirements differ significantly from the previously applicable disclosure requirements of SEC Industry Guide 7.

Among other differences, S-K 1300 requires us to disclose our mineral resources, in addition to our mineral reserves, as of the end of our most recently completed fiscal year both in the aggregate and for each of our individually material mining properties.

The calculation of mineral reserves under SEC Industry Guide 7 and under S-K 1300 are significantly different which may lead to differences in reserve reporting.

We have four material properties:

Belle Plaine, Esterhazy, Florida and Tapira.

“Properties,” for further information regarding mineral reserves and resource and discussion of our material mining properties.

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BUSINESS SEGMENT INFORMATION

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We have a 75% economic interest in the Miski Mayo Phosphate Mine in Peru ( “ Miski Mayo Mine ” ), which is included in the results of our Phosphates segment.

O n June 18, 2019, we permanently closed our Plant City, Florida production facility.

On September 24, 2019, Mosaic entered into a long-term lease agreement with Anuvia Plant Nutrition to lease certain assets at that location.

The following map shows the locations of each of our phosphate concentrates plants in the United States and each of our active, temporarily idled, and planned phosphate mine locations, including beneficiation plants, in Florida.

The reserves associated with our Ona location have been allocated to other active mines based on our future mining plans:

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The following map shows the locations of each of our phosphate concentrates plants in the U.S.

and each of our active, temporarily idled, and planned phosphate mine locations, including beneficiation plants, in Florida.

The reserves associated with our Ona, Florida location have been allocated to other active mines based on our future mining plans:

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Phosphate Crop Nutrients and Animal Feed Ingredients

phosphates operations have capacity to produce approximately 4.5 million tonnes of phosphoric acid (“ P 2 O 5 ”) per year, or about 7% of world annual capacity and about 60% of North American annual capacity.

Phosphate operations have capacity to produce approximately 4.5 million tonnes of phosphoric acid (“ P 2 O 5 ”) per year, or about 7% of world annual capacity and about 60% of North American annual capacity.

P 2 O 5 is produced by reacting finely ground phosphate rock with sulfuric acid.

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Our principal phosphate crop nutrient products are:

• Diammonium Phosphate (18-46-0) Diammonium Phosphate (“ DAP ”) is the most widely used high-analysis phosphate crop nutrient worldwide.

• Diammonium Phosphate (18-46-0):

Diammonium Phosphate (“ DAP ”) is the most widely used high-analysis phosphate crop nutrient worldwide.

DAP is produced by first combining phosphoric acid with anhydrous ammonia in a reaction vessel.

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DAP is a solid granular product that is applied directly or blended with other solid plant nutrient products, such as urea and potash.

• Monoammonium Phosphate (11-52-0) Monoammonium Phosphate (“ MAP ”) is the second most widely used high-analysis phosphate crop nutrient and the fastest growing phosphate product worldwide.

• Monoammonium Phosphate (11-52-0):

Monoammonium Phosphate (“ MAP ”) is the second most widely used high-analysis phosphate crop nutrient and the fastest growing phosphate product worldwide.

MAP is also produced by first combining phosphoric acid with anhydrous ammonia in a reaction vessel.

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MAP is a solid granular product that is applied directly or blended with other solid plant nutrient products.

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• MicroEssentials ® is a value-added ammoniated phosphate product that is enhanced through a patented process that creates very thin platelets of sulfur and other micronutrients, such as zinc, on the granulated product.

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3.7 2.5 8.3 5.6

Uncle Sam (d)

Faustina — — 1.6 1.1

Uncle Sam 0.8 0.5 — —

0.8 0.5 1.6 1.1

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(c) Actual production varies from annual operational capacity shown in the above table due to factors that include, among others, the level of demand for our products, maintenance and turnaround time, accidents, mechanical failure, product mix, and other operating conditions.

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(d) Our Louisiana facilities experienced lower production as a result of downtime from sulfur supply constraints and damage from Hurricane Ida.

The P 2 O 5 produced at Uncle Sam is shipped to Faustina, where it is used to produce DAP, MAP and MicroEssentials ®.

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We are the world’s second largest miner of phosphate rock (excluding China) and currently operate four mines in North America with a combined annual capacity of approximately 18.0 million tonnes.

Additionally, we own 75% of the Miski Mayo Mine in Peru, which has an annual capacity of 4.0 million tonnes.

Additionally, we own 75% of the Miski Mayo Mine, which has an annual capacity of 4.0 million tonnes.

Production of one tonne of DAP requires between 1.6 and 1.7 tonnes of phosphate rock.

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We plan to explore and develop the DeSoto property and the South Pasture property, which was previously idled, to offset future depletion at our Florida properties.

We have a 75% economic interest in the Miski Mayo Mine in Peru, which allows us to supplement our other produced rock to meet our overall fertilizer production needs and is the primary source of rock for our Louisiana operations.

We have the right to use or sell to third parties 75% of Miski Mayo’s annual production.

We have a 75% economic interest in the Miski Mayo Mine, which allows us to supplement our other produced rock to meet our overall fertilizer production needs and is the primary source of rock for our Louisiana operations.

We have the right to use or sell to third parties 75% of the Miski Mayo Mine’s annual production.

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“Properties” for a discussion of our phosphate mining properties, including processing methods, facilities, production and summaries of our mineral resources and reserves, both in the aggregate and for our individual material phosphate mining properties.

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Ammonia operations commenced in late 2016 and on December 1, 2018, MWSPC commenced commercial operations of the phosphate plant, thereby bringing the entire project to the commercial production phase.

Phosphate production will gradually ramp-up until it reaches an expected 3.0 million tonnes in annual production capacity.

Phosphate production will ramp-up until it reaches an expected 3.0 million tonnes in annual production capacity.

Actual phosphate production was 2.6 million tonnes in 2022.

The Project benefits from the availability of key raw nutrients from sources within Saudi Arabia.

Our cash investment in the Project was $770 million at December 31, 2021.

Our obligation to contribute additional equity was eliminated as part of the Project debt refinancing in 2020.

We use molten sulfur at our phosphates concentrates plants to produce sulfuric acid, primarily for use in our production of P 2 O 5 .

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We then further transport by truck to our Florida phosphate plants.

In addition, we own a 50% equity interest in Gulf Sulphur Services Ltd., LLLP (“ Gulf Sulphur Services ”), which is operated by our joint venture partner.

Gulf Sulphur Services has a sulfur transportation and terminaling business in the Gulf

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of Mexico, and handles these functions for a substantial portion of our Florida sulfur volume.

In addition, we own Gulf Sulphur Services Ltd., LLLP (“ Gulf Sulphur Services ”), which operates a sulfur transportation and terminaling business in the Gulf of Mexico, and handles these functions for a substantial portion of our Florida sulfur volume.

Our sulfur logistic assets also include a large fleet of leased railcars that supplement our marine sulfur logistic system.

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We have service agreements with the operators of the pipelines for Bartow, New Wales and Riverview, which provide service through June 30, 2023 with annual auto-renewal provisions unless either party objects.

Under the CF Ammonia Supply Agreement, Mosaic agreed to purchase approximately 523,000 to 725,000 metric tonnes of ammonia per year during a term that commenced in 2017 and may extend until December 31, 2032, at a price tied to the prevailing price of U.S.

The contract provides for early termination at certain dates.

For 2021, our minimum purchase obligation was approximately 523,000 metric tonnes, and actual purchases were 580,000 metric tonnes.

A specialized tug and barge unit transports ammonia for Mosaic between a load location at Donaldsonville, Louisiana and a discharge location at Tampa, Florida.

Additional information about this chartered unit and its financing is provided in Note 23 of our Consolidated Financial Statements.

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Under the CF Ammonia Supply Agreement, we purchased 580,000 metric tonnes in 2022.

On October 14, 2022, we received notice from CF to exercise the bilateral, contractual right to end the ammonia supply agreement in its current form, effective January 1, 2025.

We are confident that we will continue to have adequate sources of supply for ammonia at competitive pricing, including from CF.

We expect a majority of the ammonia purchased under the CF Ammonia Supply Agreement to be received by barge at the Port of Tampa and delivered to our Florida facilities as described in the preceding paragraph.

While the market prices of natural gas and ammonia have changed since we executed the CF Ammonia Supply Agreement in 2013 and will continue to change, we expect that the agreement will provide us a competitive advantage over its term, including by providing a reliable long-term ammonia supply.

We produce ammonia at Faustina, Louisiana primarily for our own consumption.

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In addition, under certain circumstances we are permitted to receive ammonia at Faustina under the CF Ammonia Supply Agreement.

Although ammonia is readily available from many different suppliers and can be transported to our phosphates facilities by a variety of means, ammonia is an important raw material used in our business that has in the past been, and may in the future be, the subject of volatile pricing.

Although ammonia is readily available from many different suppliers and can be transported to our Phosphate facilities by a variety of means, ammonia is an important raw material used in our business that has in the past been, and may in the future be, the subject of volatile pricing.

In addition, alternative transportation and terminaling facilities might not have sufficient capacity to fully serve all of our facilities in the event of a disruption to existing transportation or terminaling facilities.

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The majority of natural gas is purchased through firm delivery contracts based on published index-based prices and is sourced from Texas and Louisiana via pipelines interconnected to the Henry Hub.

We use over-the-counter swap and/or

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option contracts to forward price portions of future natural gas purchases.

We use over-the-counter swap and/or option contracts to forward price portions of future natural gas purchases.

We typically purchase approximately 11.4 million MM BTU of natural gas per year for use in ammonia production at Faustina.

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Florida Land Holdings

We are a significant landowner in the State of Florida, which has in the past been considered one of the fastest areas of population growth in the United States.

We are a significant landowner in the State of Florida, which has in the past been considered one of the fastest areas of population growth in the U.S.

We own land comprising over 351,000 acres held in fee simple title in central Florida and have the right to mine additional properties which contain phosphate rock reserves.

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For example, we developed Streamsong Resort ® (the “ Resort ”), a destination resort and conference center, in an area of previously mined land as part of our long-term business strategy to maximize the value and utility of our extensive land holdings in Florida.

In addition to the hotel and conference center, the Resort includes three golf courses, a clubhouse and ancillary facilities.

In addition to a hotel and conference center, the Resort includes multiple golf courses, a clubhouse and ancillary facilities.

On January 12, 2023, we completed the sale of the Resort and approximately 7,000 acres of land on which it sits to Lone Windmill LLC, a subsidiary of Kemper Sports Management LLC, for a purchase price of $160 million.

See Note 27, Subsequent Events, in the accompanying consolidated financial statements for further information.

Potash Segment

We are one of the leading potash producers in the world.

We mine and process potash in Canada and the United States and sell potash in North America and internationally.

We mine and process potash in Canada and the U.S.

and sell potash in North America and internationally.

The term “potash” applies generally to the common salts of potassium.

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We also produce a double sulfate of potash magnesia product, which we market under our brand name K-Mag ® , at our Carlsbad, New Mexico facility.

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Our potash products are marketed worldwide to crop nutrient manufacturers, distributors and retailers and are also used in the manufacturing of mixed crop nutrients and, to a lesser extent, in animal feed ingredients.

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In addition, our potash products are used for de-icing and as a water softener regenerant.

In the first half of 2021, we operated two potash mines in Canada, including one shaft mine with a total of three production shafts and one solution mine, as well as one potash shaft mine in the United States.

During the second quarter of 2021, due to increased brine inflows, we made the decision to accelerate the timing of the shutdown of our K1 and K2 mine shafts at our Esterhazy, Saskatchewan mine by approximately nine months.

In the third quarter, we resumed production at our previously idled Colonsay potash mine to offset a portion of the production lost by the early closure of the K1 and K2 shafts.

In December, the K3 shaft became fully operational.

Currently, work is underway to decommission the K1 and K2 underground mines.

Due to this closure, we have eliminated future brine management costs at these locations.

We own related mills or refineries at our mines.

We also own a greenfield potash project in Kronau, Saskatchewan, approximately 27 kilometers southeast of Regina, Saskatchewan.

In addition, Mosaic leases approximately 291,500 acres of mineral rights from the government of Saskatchewan, and approximately 99,700 acres of freehold mineral rights in the Kronau/Regina area, which have not been developed.

In 2022, we operated three potash mines in Canada, including two shaft mines and one solution mine, as well as one potash shaft mine in the U.S..

In 2022, the decommissioning of the K1 and K2 shafts at our Esterhazy, Saskatchewan mine was completed after their shutdown in the second quarter of 2021.

Capacity and production from these shafts was replaced by the K3 expansion.

In the third quarter of 2021, we restarted the Colonsay, Saskatchewan mine to meet market demand for potash.

Mosaic leases approximately 291,500 acres of mineral rights from the government of Saskatchewan, and approximately 99,700 acres of freehold mineral rights in the Kronau/Regina area, which have not been developed.

We pay Canadian resource taxes consisting of the Potash Production Tax and resource surcharge.

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We have included a further discussion of the Canadian resource taxes and royalties in our Management’s Analysis.

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The map below shows the location of each of our potash properties:

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We account for approximately 14% of estimated world annual production and 35% of estimated North American annual production.

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The following table shows, for each of our potash mines, annual capacity as of December 31, 2022 and finished product output for 2022:

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Facility Annualized

(a)(c)(d) Annual

(a)(b)(d)(e) Finished

Belle Plaine—MOP 3.9 3.0 2.8

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When a Canpotex member expands its production capacity, the new capacity is added to that member’s proven peaking capacity based on a proving run at the maximum production level.

Alternatively, after January 2017, Canpotex members may elect to rely on an independent engineering firm and approved protocols to calculate their proven peaking capacity.

Alternatively, Canpotex members may elect to rely on an independent engineering firm and approved protocols to calculate their proven peaking capacity.

The annual operational capacity reported in the table above can exceed the annualized proven peaking capacity until the proving run has been completed.

Our entitlement percentage of Canpotex is 36.2%.

In 2021 our realized percentage was 33% due to lower shipments as a result of the early closure of the K1 and K2 mine shafts at Esterhazy.

(e) Annual operational capacity is our estimated long-term potash capacity based on the quality of reserves and the nature of the geologic formations expected to be mined, milled and/or processed over the long term, average amount of scheduled down time, including maintenance and scheduled turnaround time, and product mix, and no significant modifications to operating conditions, equipment or facilities.

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(f) We have the ability to reach an annual operating capacity of 2.1 million tonnes over time by increasing our staffing levels and investment in mine development activities.

In August 2019, we indefinitely idled our Colonsay, Saskatchewan mine.

In the third quarter of 2021, we restarted operations at Colonsay to offset a portion of the production lost by the early closure of K1 and K2.

Our Colonsay mine operates as a swing mine to meet market demands.

(g) In June, 2021, we permanently ceased operations at the K1 and K2 mine shafts.

The annual operational capacity of Esterhazy has remained consistent following the K1 and K2 closures based on the accelerated ramp-up in capacity from the K3 mine shafts.

The annual operational capacity of Esterhazy has remained consistent following the K1 and K2 closures as capacity from the K3 mine shafts has replaced K1 and K2.

(h) K-Mag ® is a specialty product that we produce at our Carlsbad facility.

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We purchase our natural gas requirements on firm delivery index price-based physical contracts and on short-term spot-priced physical contracts.

Our Canadian operations purchase physical natural gas from Alberta and Saskatchewan using AECO price indices references and transport the gas to our plants via the TransGas pipeline system.

potash operation in New Mexico purchases physical gas in the southwest respective regional market using the El Paso San Juan Basin market pricing reference.

We use financial derivative contracts to manage the pricing on portions of our natural gas

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requirements.

Our Canadian operations purchase physical natural gas from companies in Alberta and Saskatchewan using AECO price indices references and transport the gas to our plants via the TransGas pipeline system.

potash operation in New Mexico purchases physical gas in the southwest respective regional market using the El Paso

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San Juan Basin market pricing reference.

We use financial derivative contracts to manage the pricing on portions of our natural gas requirements.

Mosaic Fertilizantes Segment

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Crop nutrient products produced are marketed to crop nutrient manufacturers, distributors, retailers and farmers.

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In addition to producing crop nutrients, Mosaic Fertilizantes purchases phosphates, potash and nitrogen products which are either used to produce blended crop nutrients (“ Blends ”) or for resale.

In 2021, Mosaic Fertilizantes purchased 2.1 million

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tonnes of phosphate-based products, primarily MicroEssentials ® , from our Phosphates segment, and 2.5 million tonnes of potash products from our Potash segment and Canpotex.

In 2022, Mosaic Fertilizantes purchased 1.5 million tonnes of phosphate-based products, primarily MicroEssentials ® , from our Phosphates segment, and 2.3 million tonnes of potash products from our Potash segment and Canpotex.

Phosphate Crop Nutrients and Animal Feed Ingredients

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Our principal phosphate crop nutrient products are:

• Monoammonium Phosphate (11-52-0) ( “ MAP ” ) MAP is a crop nutrient composed of two macronutrients, nitrogen and phosphoric acid.

• Monoammonium Phosphate (11-52-0) ( “ MAP ” ):

MAP is a crop nutrient composed of two macronutrients, nitrogen and phosphoric acid.

This slurry is added inside a rotary drum type granulator with ammonia to complete the neutralization reaction and produce MAP.

• Triple superphosphate ( “ TSP ” ) TSP is a highly concentrated phosphate crop nutrient.

• Triple superphosphate ( “ TSP ” ):

TSP is a highly concentrated phosphate crop nutrient.

TSP is produced from the phosphate rock reaction with phosphoric acid in a kuhlmann type reactor.

The process for the production of TSP in Brazil is run of pile where the product undergoes a curing process of approximately seven days for later granulation.

• Single superphosphate ( “ SSP ” ) SSP is a crop nutrient with a low concentration of phosphorus that is used in agriculture because of the sulfur content in its formulation.

• Single superphosphate ( “ SSP ” ):

SSP is a crop nutrient with a low concentration of phosphorus that is used in agriculture because of the sulfur content in its formulation.

SSP is produced from mixing phosphate rock with sulfuric acid in a kuhlmann or malaxador type reactor.

After the reaction, the product goes to the curing process and then feeds the granulation units.

• Dicalcium phosphate ( “ DCP ” ) Dicalcium phosphate is produced by the reaction of desulphurized phosphoric acid with limestone.

• Dicalcium phosphate ( “ DCP ” ):

Dicalcium phosphate is produced by the reaction of desulphurized phosphoric acid with limestone.

At Uberaba, it is produced from the reaction of concentrated phosphoric acid with limestone slurry.

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(c) Actual production varies from annual operational capacity shown in the table above due to factors that include, among others, the level of demand for our products, maintenance and turnaround time, accidents and mechanical failure.

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The phosphoric acid produced at Cajati is used to produce DCP.

The phosphoric acid produced at Uberaba is used to produce MAP, TSP and DCP.

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We produced approximately 2.8 million tonnes of concentrated phosphate crop nutrients during 2022 which accounted for approximately 49% of estimated Brazilian annual production.

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Alternative transportation and terminaling facilities might not have sufficient capacity to fully serve all of our facilities in the event of a disruption to current transportation or terminaling facilities.

Changes in the price of sulfur or disruptions or sulfur transportation or terminaling facilities could have a material impact on our business.

Changes in the price of sulfur or disruptions to sulfur transportation or terminaling facilities could have a material impact on our business.

We use ammonia, together with phosphoric acid, to produce MAP, and to a lesser extent for SSP production.

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Alternative transportation and terminaling facilities might not have sufficient capacity to fully serve all of our facilities in the event of a disruption to existing transportation or terminaling facilities.

Changes in the price of ammonia or disruptions to ammonia transportation of terminaling could have a material impact on our business.

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Changes in the price of ammonia or disruptions to ammonia transportation or terminaling could have a material impact on our business.

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Brazilian Potash

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Land Holdings

Mosaic Fertilizantes owns properties and the surface rights of certain additional rural lands comprising over 35,000 hectares (86,500 acres) in the States of São Paulo, Minas Gerais, Goiás, Paraná, Mato Grosso, Santa Catarina, Bahia and Sergipe, and has the right to mine additional properties which contain phosphate rock or potash reserves.

Mosaic Fertilizantes owns the surface rights of certain rural lands comprising over 34,000 hectares (84,000 acres) in the States of São Paulo, Minas Gerais, Goiás, Paraná, Mato Grosso, Santa Catarina, Bahia and Sergipe, and has the right to mine additional properties which contain phosphate rock or potash reserves.

Most of our land holdings are needed to operate our phosphate and potash production and fertilizer distribution businesses.

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United States and Canada

We have a United States and Canada sales and marketing team that serves our business segments.

We have a U.S.

and Canada sales and marketing team that serves our business segments.

We sell to wholesale distributors, retail chains, cooperatives, independent retailers and national accounts.

Customer service and the ability to effectively minimize the overall supply chain costs are key competitive factors in the crop nutrient and animal feed ingredients businesses.

In addition to our production facilities, to service the needs of our customers, we own or have contractual throughput or other arrangements at strategically located distribution warehouses along or near the Mississippi and Ohio Rivers as well as in other key agricultural regions of the United States and Canada.

From these facilities, we distribute Mosaic-produced phosphate and potash products for customers who in turn resell the product into the distribution channel or directly to farmers in the United States and Canada.

In addition to our production facilities, to service the needs of our customers, we own or have contractual throughput or other arrangements at strategically located distribution warehouses along or near the Mississippi and Ohio Rivers, as well as in other key agricultural regions of the U.S.

From these facilities, we distribute Mosaic-produced phosphate and potash products for customers who in turn resell the product into the distribution channel or directly to farmers in the U.S.

We own port facilities in Tampa, Florida which have deep water berth capabilities providing access to the Gulf of Mexico.

We also own warehouse distribution facilities in Savage, Minnesota;

We also own warehouse distribution facilities in:

Rosemount, Minnesota;

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and Henderson, Kentucky.

The Savage, Minnesota facility has been idled awaiting decisions on future use or sale.

In 2022, we sold our warehouse facility in Savage, Minnesota.

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In addition to the facilities that we own, our U.S.

distribution operations also include leased distribution space or contractual throughput agreements in other key geographical areas including California, Florida, Illinois, Indiana, Iowa, Kentucky, Louisiana, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Oklahoma, Texas and Wisconsin.

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Our Canadian customers include independent dealers and national accounts.

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International

Outside of the United States and Canada, we market our Phosphates segment’s products through our Mosaic Fertilizantes segment and our China and India distribution businesses, as well as a salesforce focused on geographies outside of North America.

The countries that account for the largest amount of our phosphates sales outside the United States, by volume, are Brazil, Canada, Colombia and Mexico.

Our sales outside of the United States and Canada of potash products are made through Canpotex.

Canpotex sales are allocated between its members based on peaking capacity.

In 2021, our entitlement percentage of Canpotex is 36.2%.

Outside of the U.S.

and Canada, we market our Phosphates segment’s products through our Mosaic Fertilizantes segment and our China and India distribution businesses, as well as a salesforce focused on geographies outside of North America.

The countries that account for the largest amount of our phosphates sales outside the U.S., by volume, are Brazil, Canada, Argentina and Mexico.

Our sales of potash products outside of the U.S.

and Canada are made through Canpotex.

Canpotex sales are allocated among its members based on peaking capacity.

In 2022, our entitlement percentage of Canpotex was 36.2%.

Our potash exports from Carlsbad are sold through our own sales force.

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We compete with a broad range of domestic and international producers, including farmer cooperatives, subsidiaries of larger companies, and independent crop nutrient companies.

Foreign competitors may have access to cheaper raw materials, may not have to comply with as stringent regulatory requirements or are owned or subsidized by governments and, as a result, may have cost advantages over North American companies.

Foreign competitors may have access to less expensive raw materials, may not have to comply with as stringent regulatory requirements or are owned or subsidized by governments and, as a result, may have cost advantages over North American companies.

We believe that our extensive North American and international production and distribution system provides us with a competitive advantage by allowing us to achieve economies of scale, transportation and storage efficiencies, and obtain market intelligence.

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Unlike many of our competitors, we have our own distribution system to sell phosphate- and potash-based crop nutrients and animal feed ingredients, whether produced by us or by other third parties, around the globe.

In North America, we have one of the largest and most strategically located distribution systems for crop nutrients, including warehouse facilities in key agricultural regions.

In North America, we have one of the largest and most strategically located distribution systems for crop nutrients, including warehouse facilities in key

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agricultural regions.

We also have an extensive network of distribution facilities internationally, including in the key growth regions of South America and Asia, with port terminals, warehouses, and blending plants in Brazil, Paraguay, China, and India.

Our global presence allows us to efficiently serve customers in approximately 40 countries.

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Phosphates Segment

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Phosphate producers compete primarily based on price, as well as product quality, service and innovation.

Major integrated producers of feed phosphates are located in the United States, Europe and China.

Major integrated producers of feed phosphates are located in the U.S., Europe and China.

Many smaller producers are located in emerging markets around the world.

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We believe that we are a low-cost integrated producer of phosphate-based crop nutrients, due in part to our scale, vertical integration and strategic network of production and distribution facilities.

As the world’s second largest producer of concentrated phosphates, as well as the second largest miner of phosphate rock in the world and the largest in the United States, we maintain an advantage over some competitors as the scale of operations effectively reduces production costs per unit.

As the world’s second largest producer of concentrated phosphates, as well as the second largest miner of phosphate rock in the world and the largest in the U.S., we maintain an advantage over some competitors as the scale of operations effectively reduces production costs per unit.

We are also vertically integrated to captively supply one of our key inputs, phosphate rock, to our phosphate production facilities.

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In addition, our ownership in the Miski Mayo Mine allows us to supplement our overall phosphate rock needs.

We also sell approximately 25% of Miski Mayo production to third parties.

We also sell approximately 25% of Miski Mayo Mine production to third parties.

MWSPC enables us to not only further diversify our sources of phosphates but also improve our access to key agricultural countries in Asia and the Middle East.

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We purchase additional ammonia from world markets and thus are subject to significant volatility in our purchase price of ammonia.

The CF Ammonia Supply Agreement provides us with a long-term supply of a substantial volume of ammonia at prices based on the price of natural gas.

The CF Ammonia Supply Agreement provides us with a supply of a substantial volume of ammonia at prices based on the price of natural gas.

With our dedicated sulfur transportation barges and tugs, and our ownership interest in Gulf Sulphur Services, we are also well-positioned to source an adequate, flexible and cost-effective supply of sulfur, our third key input, to our Florida and Louisiana phosphate production facilities.

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We believe that having a vertically integrated business, internationally but also in Brazil, provides us with a competitive advantage by allowing us to achieve economies of scale, transportation and storage efficiencies, and obtain market intelligence.

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Mosaic Fertilizantes has a wide variety of customers including farmers, blenders, and other local distributors.

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We believe the strategic location of our mines and chemical plants, in close proximity to our customers, and the benefit of our own distribution network, gives us an advantage over most of our competitors.

The vertical integration of our wholly-owned production, along with our distribution network, as well as our focus on product innovation and customer solutions, position us with an

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advantage over many of our competitors.

The vertical integration of our wholly-owned production, along with our distribution network, as well as our focus on product innovation and customer solutions, position us with an advantage over many of our competitors.

We have a strong brand in Brazil.

In addition to having access to our own production, our distribution activities have the capability to supply a wide variety of crop nutrients to our dealer/farmer customer base.

In addition to having access to our own production, our distribution activities have the capability to supply a wide variety of crop nutrients to our dealer and farmer customer base.

FACTORS AFFECTING DEMAND

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the level of inventories in the crop nutrient distribution channels;

customer expectations about farmer economics, future crop nutrient prices and availability, and transportation costs, among other matters;

customer expectations regarding farmer economics, future crop nutrient prices and availability, and transportation costs, among other matters;

market trends in raw material costs;

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unexpected changes in tax and trade treaties;

and strengthening or weakening of foreign economies as well as political relations with the United States may cause sales trends to customers in one or more foreign countries to differ from sales trends in the United States.

and strengthening or weakening of foreign economies as well as political relations with the U.S.

may cause sales trends to customers in one or more foreign countries to differ from sales trends in the U.S.

Our international operations are subject to risks from changes in foreign currencies, or government policy, which can affect local farmer economics.

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As of December 31, 2022:

• We had twenty collective bargaining agreements with unions covering certain hourly employees in the U.S.

Of these employees, approximately 49% are covered under collective bargaining agreements which expire in 2022.

• We had ten collective bargaining agreements with unions covering certain hourly employees in the U.S.

Of these employees, approximately 5% are covered under agreements that expire in 2023.

All are expected to collectively bargain for new contracts in 2023.

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However, we have not experienced a significant work stoppage in many years and historically have had good labor relations.

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Information Available on our Website

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments thereto, filed with the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder are made available free of charge on our website (www.mosaicco.com) as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

Our Annual Report Form on 10-K ( “ Form 10-K ” ) , Quarterly Reports on Form 10-Q ( “ Form 10-Q ” ) , Current Reports on Form 8-K (“ Form 8-K ”), and amendments thereto, filed with the Securities and Exchange Commission (“ SEC ”) pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder are made available free of charge on our website (www.mosaicco.com) as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

These reports are also available on the SEC’s website (www.sec.gov).

The information contained on our website and the SEC’s website is not being incorporated in

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The information contained on our website and the SEC’s website is not being incorporated in this report.

HUMAN CAPITAL

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As of December 31, 2022, our regular employee base was made up of the following:

5,621 1,008 6,629

1,612 277 1,889

Brazil 5,710 1,174 6,884

United States 3,206 603 3,809

3,146 585 3,731

Canada 1,630 288 1,918

Peru 623 68 691

China 103 48 151

India 58 8 66

Paraguay 37 13 50

Saudi Arabia 1 — 1

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Through the implementation of the Mosaic Management System, we have established a structured approach to effectively manage and control risk for the safety and well-being of our colleagues, the environment and our stockholders.

The management system defines processes that help support a safe work environment and establishes a continuous improvement cycle to adjust for changing conditions and identified risks.

The management system defines processes that help support a safe work environment and establish a continuous improvement cycle to adjust for changing conditions and identified risks.

Global Worker Wellness –extending beyond safety, our wellness programs seek to improve the well-being of our employees – and their families – in the areas of physical and psychological health, and financial security.

These programs include health screenings, insurance plans and mental health resources, as well as our Environmental, Health and Safety ( “ EHS ” ) Risk Reduction Program, various trainings and flexible schedules.

• In 2021, we continued to build more flexibility into our pay and leave policies and medical plans to help our employees with any potential or confirmed exposure to Covid-19.

We limited the number of employees to those who critically needed to be on site and allowed others to work remotely.

We also put a significant amount of preventative measures in place globally to reduce the exposure risk to employees and contractors, including mask requirements, social distancing policies, travel limitations, virtual audits, ultraviolet (UV) light installation, filter upgrades, increased sanitization, ongoing incentives to encourage vaccination and much more.

These programs include health screenings, insurance plans, psychological health training and mental health resources, as well as our Environmental, Health and Safety ( “ EHS ” ) Risk Reduction Program, various trainings and flexible schedules.

Development –Mosaic believes in continually investing in people and their lifelong learning.

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• In 2022, Mosaic continued its pilot programs to help employees gain the knowledge and skills that we believe will be necessary for the next evolution of our business.

Like any company, Mosaic experiences turnover and the need to replace talent related to retirement and succession.

Like any company, Mosaic experiences turnover and the need to

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replace talent related to retirement and succession.

Mosaic seeks to minimize unwanted turnover through its talent review, succession management, performance management, and compensation processes.

For certain roles critical to

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our operations, such as engineering, operations, and employee health and safety professionals, we maintain specific talent programs, internal development strategies, and recruitment pipelines.

Community –Mosaic is an active contributor to the communities in which we operate.

For certain roles critical to our operations, such as engineering, operations, and employee health and safety professionals, we maintain specific talent programs, internal development strategies, and recruitment pipelines.

Community –Mosaic is a thoughtful and engaged neighbor who invests carefully and generously through long-term partnerships with organizations that are making a difference.

We are proud to support organizations and initiatives that create growth and leave a lasting impact in our communities in three main focus areas:

food, water and local community.

Each year, we invest an average of $15 million.

In addition to philanthropic grants and sponsorships of local programs, we also support and facilitate volunteerism by our employees.

We also participate on local committees and associations focused on contributing to the vitality of the people and communities around us.

• In 2021, we initiated the Mosaic Employee Giving Program that provides employees with greater flexibility in leveraging matching funds from The Mosaic Company Foundation and aligns to Mosaic’s strategic priorities and our 2025 Environmental, Social and Governance performance targets.

Employees can take advantage of matching funds through financial contributions, volunteering, or both - up to $2,000 annually.

The opportunity to offer volunteering incentives is an exciting addition we hope provides employees equal opportunity to participate in helping our communities prosper.

We also participate on local committees and associations focused on contributing to the vitality of the people and the communities around us.

Diversity, Inclusion and Equal Opportunities –In 2021, Mosaic’s Diversity and Inclusion Task Force engaged in several initiatives to advance Mosaic’s commitments to our employees and stakeholders to do more to ensure a diverse and inclusive environment.

Initiatives included conducting a global listening strategy to ascertain the current culture as well as conducting Conscious Inclusion training for all salaried and graded employees globally.

Similarly, we participate on local committees and associations focused on contributing to the vitality of the people and communities around us.

• 2022 was the second year of the Mosaic Employee Giving Program (the“Program”) that provides employees with flexibility to connect their personal causes to corporate giving, matching and volunteerism opportunities.

The Program aligns to Mosaic’s strategic priorities, our 2025 Environmental, Social and Governance performance targets, and companywide 2030 global diversity and inclusion goals.

Employees can take advantage of Company matching funds through financial contributions, volunteering on personal time, or both - In North America this can be up to $2,000 annually.

Our 2030 diversity and inclusion target for community investment provides intentional focus to support underserved or underrepresented populations in regions where we operate.

Diversity, Inclusion and Equal Opportunities –in 2022, Mosaic’s Diversity and Inclusion Program engaged in several initiatives to advance Mosaic’s commitments to our employees and stakeholders, increase accountability and promote a more diverse and inclusive environment.

Initiatives included establishing a governance structure that will provide for increased global visibility, and improved efficiencies and collaboration in identifying, developing and executing strategies to increase diversity and inclusion.

We announced global 2030 diversity goals and are driving accountability into the business units by establishing business-level initiatives and programs to address opportunities to progress toward the goals.

We also established our first executive-led Employee Inclusion Networks to create community and allyship, develop awareness and enhance workforce engagement.

• In 2022, Mosaic continued to evolve and build upon foundational learning by driving conscious inclusion education deeper into the organization and providing an enhanced, self-directed learning platform to our leaders.

We refocused our recruitment efforts on creating a more diverse talent pipeline, partnering with a U.S.-based public historically black college to create an immersive internship program;

and identifying additional opportunities to attract and retain diverse talent.

Additional information about our human capital, including our diversity and inclusion goals for 2030, is available in the sustainability report posted on our website.

The information contained on our website is not being incorporated in this report.

• Pay equity is fundamental to our compensation philosophy and our commitment to diversity and inclusion.

Mosaic annually evaluates pay equity and compensation practices to ensure fair and equitable treatment of employees based on our pay-for-performance framework.

In 2020, Mosaic retained an independent consultant to assist with our pay equity analysis on the basis of both gender and ethnicity across our global operations.

The results revealed fewer than .05% outliers without adequate business justifications.

Mosaic addressed each of the instances during our 2021 compensation cycle.

We expect to conduct external independent reviews every three years.

Looking ahead to 2022, Mosaic will continue to evolve and build upon current initiatives to ensure inclusion and diversity across our global operations, including driving diversity and inclusion education deeper into the organization, concentrating on attracting a more diverse pipeline of talent and introduction of Employee Inclusion Networks to facilitate increased awareness, engagement and inclusion within our employee populations.

Additional information about our human capital, including our recently announced diversity and inclusion goals for 2030, will be available in the sustainability report posted on our website.

The information contained on our website is not being incorporated in this report.

In 2022, Mosaic retained an independent consultant to assist with our pay equity analysis across our global operations and to help us enhance our internal capabilities to annually assess pay disparities.

The results revealed 19 outliers without adequate business justifications.

Mosaic intends to address each of the instances during our 2023 compensation cycle.

Pay equity will be reviewed internally every year and we expect to conduct external independent reviews every three years.

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INFORMATION ABOUT OUR EXECUTIVE OFFICERS

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Name Age Position

Bauer 50 Senior Vice President, General Counsel and Corporate Secretary

51 Senior Vice President - North America

Freeland 54 Senior Vice President and Chief Financial Officer

Isaacson 59 Senior Vice President, General Counsel and Corporate Secretary

Christopher A.

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Yijun (“Jenny”) Wang 55 Senior Vice President - Global Strategic Marketing, Head of China and India

Bauer was promoted to Senior Vice President, General Counsel and Corporate Secretary in January 2023.

Since joining Mosaic in 2007, Mr.

Bauer has managed legal support for business development activities, potash operations, offshore finance, commercial transactions and corporate governance.

Most recently, he was the Vice President—Growth and Development where he helped drive strategic vision across the organization.

Prior to Mosaic, he was a partner at an international law firm where he focused his practice on mergers and acquisitions, public and private securities offerings and public company compliance matters, as well as general business advising.

Bauer earned his Juris Doctor degree from The George Washington University Law School in Washington D.C., his Bachelor of Science in Foreign Service with honors from Georgetown University’s School of Foreign Service where he majored in international politics, and his Master of Business Administration from the Kellogg School of Management at Northwestern University.

Bodine was named Senior Vice President - North America effective April 1, 2020.

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Bodine served as our Senior Vice President - Phosphates and also provided executive oversight for the corporate procurement organization.

Prior to that, he served as our Senior Vice President - Potash (from June 2016 to December 31, 2018);

as our Vice President - Potash (from April to May 2016);

as our Vice President - Supply Chain (from August 2015 to March 2016);

as our Vice President - Operations Business

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Development (from October 2014 to August 2015);

Prior to that, he served as Senior Vice President - Potash (from June 2016 to December 31, 2018);

as Vice President - Potash (from April to May 2016);

as Vice President - Supply Chain (from August 2015 to March 2016);

as Vice President - Operations Business Development (from October 2014 to August 2015);

as Vice President - Operations for our Esterhazy and Colonsay potash production facilities (from July 2013 to October 2014);

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Prior to joining Dynegy, Mr.

Freeland served as Senior Vice President, Strategy & Financial Structure of NRG Energy, Inc.

Freeland served as Senior Vice President, Strategy & Financial Structure of NRG Energy, Inc (“ NRG ”).

from February 2009 to July 2011.

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Freeland held various key financial roles within the energy sector.

Isaacson was named Senior Vice President, General Counsel and Corporate Secretary in August 2015 and previously served as our Vice President, General Counsel and Corporate Secretary since August 2014.

Isaacson joined Mosaic upon its formation in 2004 as its Chief Phosphates Counsel before being promoted to Vice President, Associate General Counsel and Chief Compliance Officer in 2011 and to Vice President, Acting General Counsel and Corporate Secretary in June 2014.

Prior to joining Mosaic, Mr.

Isaacson worked for 15 years at Cargill, Inc., where he served as Senior Attorney for a number of its business units.

Christopher A.

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Lewis held the role of Vice President, Project Execution for Spectra Energy Corporation’s merger into Calgary, Alberta, Canada-based Enbridge, Inc.

where he led construction of the companies’ energy assets throughout North America, as well as a synergy capture program post acquisition.

Prior to that role, Lewis held roles at DCP Midstream, LLC, a natural gas company based in Denver, where he started as the head of Human Resources while the company was formed as a spin-off from Duke Energy in 2007.

where he led construction of the company’s energy assets throughout North America, as well as a synergy capture program post acquisition.

Prior to that role, Mr.

Lewis held roles at DCP Midstream, LLC

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(“ DCP ”), a natural gas company based in Denver, Colorado where he started as the head of Human Resources while the company was formed as a spin-off from Duke Energy in 2007.

From 2010 to 2016, he was DCP’s Chief Corporate Officer, a multi-functional role that included leadership of the human resources function.

Earlier in his career, Lewis held regional and global senior human resources positions at Thomson Multimedia (formerly RCA, GE consumer electronics) and DHL, Inc.

Earlier in his career, Mr.

Lewis held regional and global senior human resources positions at Thomson Multimedia (formerly RCA, GE consumer electronics) and DHL, Inc.

James “ Joc ” C.

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Before that, Mr.

O’Rourke was Executive General Manager in Australia and Managing Director of Placer Dome Asia Pacific Ltd., the second largest gold producer in Australia, from December 2004, where he was responsible for the Australia Business Unit, consisting of five gold and copper mines;

O’Rourke was Executive General Manager and Managing Director of Placer Dome Asia Pacific Ltd., the second largest gold producer in Australia, from December 2004, where he was responsible for the Australia Business Unit, consisting of five gold and copper mines;

and General Manager of Western Australia Operations for Iluka Resources Ltd., the world’s largest zircon and second largest titanium producer, from September 2003, where he was responsible for six mining and concentrating operations and two mineral separation/synthetic rutile refineries.

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Federal Government relations, as well as Mosaic’s corporate social responsibility activities.

In addition, Mr.

Pratt serves as Owner’s Representative to Streamsong Resort.

Pratt serves on several community and business boards, including the Streamsong Resort ® Advisory Board and the boards of directors of The Florida Aquarium, the Tampa Bay Economic Development Council and the Tampa Bay Partnership.

Prior to joining Mosaic in February 2012, Mr.

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Earlier in his career, he worked in a variety of communications and investor relations capacities at The PNC Financial Services Group in Pittsburgh, and at Lehman Brothers and Bear Stearns, both in New York.

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Precourt III.

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From June 2016 through March 2020 he also provided executive oversight for the EHS organization.

He previously served as Senior Vice President - Phosphates and provided executive oversight for the corporate procurement organization from June 2016 until January 1, 2019, as our Senior Vice President - Potash Operations from May 2012 to June 2016, and before that he led our Environment, Health and Safety organization since joining Mosaic in 2009.

He previously served as Senior Vice President - Phosphates and provided executive oversight for the corporate procurement organization from June 2016 until January 1, 2019, as Senior Vice President - Potash Operations from May 2012 to June 2016, and before that he led the Environment, Health and Safety organization since joining Mosaic in 2009.

Prior to joining Mosaic, Mr.

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Wang was named Senior Vice President - Global Strategic Marketing, Head of China and India effective January 1, 2022.

From October 15, 2020 until her appointment as Senior Vice President - Global Strategic Marketing, Head of China and India, Ms.

From October 15, 2020 until her current appointment, Ms.

Wang served as Vice President - Global Strategic Marketing.

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Wang has served on the Board of Directors at Canpotex.

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Our executive officers are generally elected to serve until their respective successors are elected and qualified or until their earlier death, resignation or removal.

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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 1. Business