What changed in this filing

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Item 1A. Risk Factors

2025-03-03 compared with 2024-02-22 · 82 added, 90 removed, 356 unchanged (33% of the section changed)

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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.

The international market for crop nutrients is influenced by such

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factors as the relative value of the U.S.

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

dollar and its impact upon the cost of importing crop nutrients, foreign agricultural policies, including subsidy policies, the existence of, or changes in, import or foreign currency exchange barriers in certain foreign markets, changes in the hard currency demands of certain countries and other regulatory policies of foreign governments, as well as the laws and policies of the U.S.

affecting foreign trade and investment, including use of tariffs.

In 2021, the DOC issued 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 were unfairly subsidized, and the U.S.

International Trade Commission’s determination that the imports materially injure the U.S.

In 2021, the U.S.

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.

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 actions at the CIT seeking to overturn the orders.

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.

Most recently, in January 2024, DOC and the ITC issued revised determinations on remand from the CIT, upholding their original determinations that Moroccan phosphate fertilizer is unfairly subsidized, and that Moroccan and Russian imports materially injure the U.S.

industry, respectively.

The CIT is now reviewing these remand determinations.

Also in January 2024, the CIT issued a ruling affirming DOC’s original determinations that Russian phosphate fertilizer is unfairly subsidized.

When a CVD order is in place, DOC normally conducts annual administrative reviews, which establish a final CVD assessment rate for past imports during a defined period, and a CVD cash deposit rate for future imports.

In November 2023, DOC announced the final results of the first administrative reviews for the CVD orders on phosphate fertilizers for Russia and Morocco, covering the period November 30, 2020 to December 31, 2021.

DOC calculated new subsidy rates of 2.12% for Moroccan producer OCP and 28.50% for Russian producer PhosAgro.

Mosaic, foreign producers, and a U.S.

importer have appealed these decisions to the CIT.

DOC is also conducting administrative reviews covering the period January 1, 2022 to December 31, 2022.

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

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.

A reversal of, or change in, the ITC’s or DOC’s prior determination in the CVD investigations could have an adverse effect on our business, financial condition or operating results.

tariffs on Canadian potash and retaliatory tariffs could materially adversely affect our business operations and financial condition.

In February 2025, the U.S.

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.

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

farmers and negatively impact demand.

Additionally, retaliatory tariffs imposed by Canada on U.S.

exports, could further exacerbate these challenges.

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.

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These adverse economic events have adversely affected, and may continue to adversely affect our operating results.

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Our crop nutrient business is seasonal and varies based on application rates, which may result in carrying significant amounts of inventory and seasonal variations in working capital, and our inability to predict future seasonal crop nutrient demand accurately may result in excess inventory or product shortages.

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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 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

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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.

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

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

Examples of the types of events that could result, and have resulted, in a disruption at these facilities include:

Examples of the types of events that could result, and have, in the past, resulted, in a disruption at these facilities include:

adverse weather;

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Reduced oil refinery operating rates in the U.S.

and Canada could, and have resulted in, the past, 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, 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.

Key inputs for the production of our finished goods, including fertilizer, sulfur and ammonia, and energy used in our businesses in the past have been and may in the future be the subject of volatile pricing and availability.

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the price or availability of these key inputs for production of finished goods have had, and could again have, a material adverse impact on our businesses.

Changes in the price or availability of these key inputs for production of finished goods have had, and could again have, a material adverse impact on our businesses.

Fertilizer is a key input for production of our blended finished goods products.

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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 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.

In addition, under an ammonia supply agreement with CF, we have agreed to purchase approximately 545,000 to 725,000 tonnes of ammonia per year at a price to be determined by a formula based on the prevailing price of U.S.

If the price of natural gas rises or the market price for ammonia falls outside of the range anticipated at execution of this agreement, we may not realize a cost benefit from the natural gas-based pricing over the term of the agreement, or the cost of our ammonia under the agreement could become a competitive disadvantage.

At times, we have paid considerably more for ammonia under the agreement than what we would have paid had we purchased it in the spot market.

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.

The contract allows for either party to exercise rights on certain dates through 2032 that can result in changes to terms and conditions.

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.

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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• utilize cash generated by our operations in one country to fund our operations or repayments of indebtedness in another country or to support other corporate purposes.

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Our assets outside of North America are located in countries with volatile conditions, which could subject us and our assets to significant risks.

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We have a majority interest in the joint venture entity operating the Miski Mayo Mine that supplies phosphate rock to us.

We also have a minority joint venture investment in MWSPC, which operates a mine and chemical complexes that produce phosphate fertilizers and other downstream products in the Kingdom of Saudi Arabia.

Volatile economic, market and political conditions may have a negative impact on our operations, operating results and financial condition.

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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.

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Environmental Protection Agency (“ EPA ”) and the Louisiana Department of Environmental Quality also have similar requirements for water management objectives as outlined in our U.S.

Resource Conservation and Recovery Act (“ RCRA ”) Consent Decree ’ s.

If adverse weather occurs 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.

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

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.

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 the second half of 2021, we experienced production impacts related to Hurricane Ida at our Louisiana operations.

We also experienced down time and delayed shipments caused by impacts from Hurricane Ian which occurred at the end of the third quarter in 2022.

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

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

In 2024, we experienced production and distribution impacts related to Hurricanes Francine, Helene and Milton.

Excess rainfall and drought have in the past, and may in the future, adversely affect us.

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Excess rainfall also resulted in higher river levels which adversely affected delivery of our products.

Drought can reduce farmers’ crop yields and the uptake of phosphates and potash, reducing the need for application of additional phosphates and potash for the next planting season.

Drought can reduce farmers’ crop yields and the uptake of phosphate and potash, reducing the need for application of additional phosphate and potash for the next planting season.

Drought can also lower river levels, adversely affecting delivery of our products to our customers.

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Climate change could adversely affect us.

The impact of climate change on our operations and those of our customers remains uncertain.

The impacts of climate change could include changes in rainfall patterns, water shortages, changing sea levels, changing storm patterns and intensities, and changing temperature levels and that these changes could be severe.

The impacts of climate change on our operations and those of our customers remains uncertain.

These impacts could vary by geographic location.

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climate change could impact our costs and operating activities, the location and cost of global grain and oilseed production, and the supply and demand for grains and oilseeds.

At the present time, we cannot predict the prospective impact of climate change on our results of operations, liquidity or capital resources, or whether any such effects could be material to us.

Severe climate change could impact our costs and operating activities, the location and cost of global grain and oilseed production, and the supply and demand for grains and oilseeds.

A number of our sites are located in areas that are exposed to weather events and have been adversely impacted by hurricanes and excessive rainfall as described elsewhere in these risk factors.

To the extent climate change exacerbates these weather events, our operations could experience increased costs and disruptions to our business, which could be material.

At the present time, we cannot predict the prospective impacts of climate change on our results of operations, liquidity or capital resources, or whether any such effects could be material to us.

We do not own a controlling equity interest in our non-consolidated companies, some of which are foreign companies, and therefore our operating results and cash flow may be materially affected by how the governing boards and majority owners operate such businesses.

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Together, these factors may lower our equity earnings or cash flow from such businesses and negatively impact our results of operations.

In 2013, we entered into an agreement to form MWSPC, a joint venture in which we hold a 25% interest, to develop a mine and chemical complexes for an estimated $8.0 billion cost, that produces phosphate fertilizers and other downstream products in the Kingdom of Saudi Arabia.

MWSPC is now operational, but the success of its operations depends on, among other matters, the availability and affordability of necessary resources and materials and access to appropriate infrastructure, availability and affordability of transportation, operational decisions of MWSPC management, ability to operate without material disruption to the facilities, as well as the general economic and political stability of the region.

We also hold minority ownership interests in other companies that are not controlled by us.

The operations and results of MWSPC and some of the other companies are significant to us, and their operations can affect our earnings.

We hold minority ownership interests in other companies that are not controlled by us.

The operations and results of Ma'aden and some other companies are significant to us, and their operations can affect earnings.

Because we do not control these companies either at the board or stockholder levels and because local laws in foreign jurisdictions and contractual obligations may place restrictions on monetary distributions by these companies, we cannot ensure that these companies will operate efficiently, pay dividends or generally follow the desires of our management by virtue of our board or stockholder representation.

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

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.

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

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Accidents could cause us to expend significant amounts to remediate safety issues or to repair damaged facilities and could result in significant liabilities and/or impact on the financial performance of the Company, including material adverse effects on our results of operations, liquidity or financial condition.

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

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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.

If our safety procedures are not effective, an accident involving these other hazardous chemicals could result in serious injuries or death, or result in the shutdown of our facilities.

We use sulfuric acid to produce concentrated phosphates in our Florida and Louisiana operations and our Brazil operations.

We use sulfuric acid to produce concentrated phosphate in our Florida and Louisiana operations and our Brazil operations.

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

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We depend on information systems to, among other things, manage our inventory, process transactions, operate our websites, purchase and ship goods on a timely basis, and maintain cost-effective operations.

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

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.

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They significantly affect our operating activities as well as the level of our operating costs and capital expenditures.

In some jurisdictions, environmental laws change frequently and it may be challenging for us to achieve and maintain compliance

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with all material environmental laws at all times.

In some jurisdictions, environmental laws change frequently and it may be challenging for us to achieve and maintain compliance with all material environmental laws at all times.

If we are not in compliance, we may be subject to enforcement or third-party claims, and may require new investment in our business.

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Denial or delay by a government agency in issuing, modifying or renewing any of our permits and approvals or imposition of restrictive or cost prohibitive conditions on us with respect to these permits and approvals may impair our business and operations and could have a material adverse effect on our business, financial condition or results of operations.

For example, i n 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.

These actions can significantly delay issuance of the permits we need to operate or expand operations.

We have included additional discussion about permitting for our phosphate mines in Florida under “Environmental, Health, Safety and Security Matters – Operating Requirements and Impacts – Permitting” in our Management’s Analysis.

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.

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

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These requirements may include:

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• Increased levels of future investments and expenditures for environmental controls at ongoing operations, which will be charged against income from future operations;

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

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

Some state governments increasingly 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.

Previously , the U.S.

had submitted an NDC aiming to achieve, by 2025, an economy-wide target of reducing greenhouse gas emissions by 26-28% below its 2005 level.

The NDC also aims to use best efforts to reduce emissions by 28%.

target covers all greenhouse gases that were a part of the 2014 Inventory of Greenhouse Gas Emissions and Sinks.

While the status of this NDC is unclear, various legislative or regulatory initiatives relating to greenhouse gases have been adopted or

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considered by the U.S.

formally 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.

Congress, the EPA or various states and those initiatives already adopted may be used to implement a U.S.

Additionally, more stringent laws and regulations may be enacted to accomplish the goals set out in the NDC.

Brazil ratified the Paris Agreement in September 2016, committing to an NDC that includes an economy-wide target of 1.3 GtCO2e by 2025 and 1.2 GtCO2e by 2030.

In 2020, Brazil submitted a new NDC, which reaffirms the country’s commitment to reducing total net greenhouse gas emissions by 37% in 2025 and by 43% in 2030.

Additionally, in the future, more stringent laws and regulations may be enacted to accomplish the goals set out in the NDC.

Brazil ratified the Paris Agreement in September 2016, committing to an NDC that includes economy-wide greenhouse gas reduction targets by 2030.

The NDC further commits to achieving climate neutrality in 2060.

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The government of Brazil may intervene with new or different policy instruments to meet the goals set out in the 2020 NDC.

Canada’s intended NDC aims to achieve, by 2030, an economy-wide target of reducing greenhouse gas emissions by 40-45% below 2005 levels.

Canada’s intended NDC aims to achieve significant greenhouse gas emissions reductions.

The Canadian federal government has also introduced legislation establishing a long-term target of “net-zero” greenhouse gas emissions by 2050.

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 2022, the SEC issued proposed rules on climate change disclosure requirements that, if adopted as proposed, will require disclosure of extensive detailed climate-related information.

The Company is monitoring the SEC’s proposed 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.

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.

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 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

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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.

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.

Potash tailings, consisting primarily of salt and clay, are stored in surface disposal sites.

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

They are regularly monitored to evaluate structural stability and for leaks.

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).

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.

Brazilian federal and state governments have new rules regarding tailings dam safety, construction, licensing and 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.

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Even if we are able to locate desirable opportunities, we may not be able to enter into transactions on economically acceptable terms.

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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.

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.

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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 transportation costs.

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.

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

A significant number of our employees, including some of our most highly skilled employees with specialized expertise in general corporate matters, potash and phosphates operations, will approach retirement age throughout the next decade.

In addition, 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.

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.

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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.

The extent to which current

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global or local economic and financial conditions, changes in global or local economic and financial conditions, or other factors may cause delays or cancellation of some of these ongoing or planned projects, or result in the acceleration of existing or new projects, is unclear.

The extent to which current global or local economic and financial conditions, changes in global or local economic and financial conditions, or other factors may cause delays or cancellation of some of these ongoing or planned projects, or result in the acceleration of existing or new projects, is unclear.

In addition, certain of our products sold to China may be subject to additional tariffs due to ongoing trade tensions between China and the U.S.

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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 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

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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.

Industry Risks

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

To our knowledge, we have not experienced any material cybersecurity

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incidents of our technology systems.

To our knowledge, we have not experienced any material cybersecurity incidents of our technology systems.

Failure to effectively anticipate, prevent, detect and recover from the increasing number and sophistication of cyberattacks could result in theft, loss or misuse of, or damage or modification of our information, and cause disruptions or delays in our business, reputational damage and third-party claims, which could have a material adverse effect on our results of operations or financial condition.

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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.

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We have, in the past, and may in the future, be required to write down the value of our goodwill or other long-lived assets, and such future write downs could be material.

See Note 10, Goodwill and Note 26, Mine Closure Costs, in the accompanying consolidated financial statements for further information related to charges incurred in 2019.

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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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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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