What changed in this filing

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Item 1. Financial Statements

2025-08-06 compared with 2025-05-07 · 213 added, 124 removed, 640 unchanged (34% of the section changed)

1 unchanged sentence

THE MOSAIC COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

(In millions, except per share amounts)

Three months ended

March 31, 2025 March 31, 2024

Three months ended Six months ended

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024

Net sales $ 3,005.7 $ 2,816.6 $ 5,626.6 $ 5,496.0

6 unchanged sentences

Foreign currency transaction gain (loss) 169.4 ( 267.9 ) 302.5 ( 368.2 )

Other (expense) income ( 118.1 ) 0.6

Earnings from consolidated companies before income taxes 312.8 25.2

Other income (expense) 203.5 6.6 85.4 7.2

Earnings (loss) from consolidated companies before income taxes 564.3 ( 74.4 ) 877.1 ( 49.2 )

Provision for income taxes 146.0 98.7 209.3 104.9

Earnings from consolidated companies 249.5 19.0

Earnings (loss) from consolidated companies 418.3 ( 173.1 ) 667.8 ( 154.1 )

Equity in net earnings of nonconsolidated companies 1.4 22.2 1.9 59.7

Net earnings including noncontrolling interests 250.0 56.5

Net earnings (loss) including noncontrolling interests 419.7 ( 150.9 ) 669.7 ( 94.4 )

Net earnings attributable to noncontrolling interests 9.0 10.6 20.9 21.9

Net earnings attributable to Mosaic $ 238.1 $ 45.2

Basic net earnings per share attributable to Mosaic $ 0.75 $ 0.14

Net earnings (loss) attributable to Mosaic $ 410.7 $ ( 161.5 ) $ 648.8 $ ( 116.3 )

Basic net earnings (loss) per share attributable to Mosaic $ 1.29 $ ( 0.50 ) $ 2.05 $ ( 0.36 )

Basic weighted average number of shares outstanding 317.3 321.2 317.1 321.7

Diluted net earnings per share attributable to Mosaic $ 0.75 $ 0.14

Diluted net earnings (loss) per share attributable to Mosaic $ 1.29 $ ( 0.50 ) $ 2.04 $ ( 0.36 )

Diluted weighted average number of shares outstanding 319.0 321.2 318.5 321.7

3 unchanged sentences

(In millions)

Three months ended

March 31, 2025 March 31, 2024

Three months ended Six months ended

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024

Net earnings (loss) including noncontrolling interest $ 419.7 $ ( 150.9 ) $ 669.7 $ ( 94.4 )

1 unchanged sentence

Foreign currency translation gain (loss) 239.8 ( 136.5 ) 347.9 ( 266.2 )

Net actuarial gain and prior service cost 0.1 0.8

Net actuarial (loss) gain and prior service cost ( 0.9 ) 0.6 ( 0.8 ) 1.4

Realized gain (loss) on interest rate swap — — — —

8 unchanged sentences

(In millions, except per share amounts)

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Current assets:

24 unchanged sentences

Other noncurrent liabilities 2,981.0 2,862.9

Preferred Stock, $ 0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of March 31, 2025 and December 31, 2024

Common Stock, $ 0.01 par value, 1,000,000,000 shares authorized, 391,174,065 shares issued and 317,229,733 shares outstanding as of March 31, 2025, 394,648,654 shares issued and 316,932,047 shares outstanding as of December 31, 2024

Preferred Stock, $ 0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of June 30, 2025 and December 31, 2024

Common Stock, $ 0.01 par value, 1,000,000,000 shares authorized, 391,232,658 shares issued and 317,288,326 shares outstanding as of June 30, 2025, 394,648,654 shares issued and 316,932,047 shares outstanding as of December 31, 2024

Capital in excess of par value 16.6 2.1

9 unchanged sentences

(In millions)

Three months ended

March 31, 2025 March 31, 2024

Six months ended

June 30, 2025 June 30, 2024

Cash Flows from Operating Activities:

Net earnings including noncontrolling interests $ 250.0 $ 56.5

Net earnings (loss) including noncontrolling interests $ 669.7 $ ( 94.4 )

Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities:

7 unchanged sentences

Foreign currency adjustments ( 351.0 ) 349.5

Amortization of debt financing fees 23.1 21.6

Other 79.7 46.2

5 unchanged sentences

Other noncurrent liabilities 53.0 78.6

Net cash provided by (used in) operating activities 42.9 ( 80.0 )

Net cash provided by operating activities 652.4 767.0

Cash Flows from Investing Activities:

11 unchanged sentences

Proceeds from structured accounts payable arrangements 457.9 275.8

Proceeds from issuance of long-term debt 4.7 —

Collections of transferred receivables 104.0 226.6

5 unchanged sentences

Other ( 17.8 ) ( 20.3 )

Net cash provided by financing activities 272.0 457.9

Net cash used in financing activities ( 13.2 ) ( 30.7 )

Effect of exchange rate changes on cash 17.5 ( 10.0 )

1 unchanged sentence

Cash, cash equivalents and restricted cash - December 31 305.0 360.8

Cash, cash equivalents and restricted cash - March 31 $ 278.7 $ 347.1

Cash, cash equivalents and restricted cash - June 30 $ 302.4 $ 350.3

See Notes to Condensed Consolidated Financial Statements

2 unchanged sentences

(In millions)

Three months ended

March 31, 2025 March 31, 2024

Six months ended

June 30, 2025 June 30, 2024

Reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets to the unaudited condensed consolidated statements of cash flows:

5 unchanged sentences

Cash paid during the period for:

Interest (net of amount capitalized of $ 8.6 and $ 10.6 for the three months ended March 31, 2025 and 2024, respectively)

Interest (net of amount capitalized of $ 16.2 and $ 19.4 for the six months ended June 30, 2025 and 2024, respectively)

$ 93.8 $ 93.8

7 unchanged sentences

Common Stock Common Stock Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive (Loss) Noncontrolling Interests Total Equity

Balance as of March 31, 2024 321.4 $ 3.2 $ — $ 14,109.0 $ ( 2,093.3 ) $ 144.9 $ 12,163.8

Total comprehensive (loss) income — — — ( 161.5 ) ( 136.1 ) 8.2 ( 289.4 )

Vesting of restricted stock units — — — ( 0.1 ) — — ( 0.1 )

Stock based compensation — — 11.9 — — — 11.9

Share repurchases, including tax of $ 0.9 million

( 1.8 ) — ( 11.9 ) ( 40.6 ) — — ( 52.5 )

Dividends for noncontrolling interests — — — — — ( 3.6 ) ( 3.6 )

Balance as of June 30, 2024 319.6 $ 3.2 $ — $ 13,906.8 $ ( 2,229.4 ) $ 149.5 $ 11,830.1

Balance as of December 31, 2023 324.1 $ 3.2 $ — $ 14,241.9 $ ( 1,954.9 ) $ 142.6 $ 12,432.8

7 unchanged sentences

Dividends for noncontrolling interests — — — — — ( 11.8 ) ( 11.8 )

Balance as of June 30, 2024 319.6 $ 3.2 $ — $ 13,906.8 $ ( 2,229.4 ) $ 149.5 $ 11,830.1

Balance as of March 31, 2025 317.2 $ 3.2 $ 8.3 $ 14,093.9 $ ( 2,334.5 ) $ 145.8 $ 11,916.7

Total comprehensive income — — — 410.7 245.4 10.2 666.3

Vesting of restricted stock units 0.1 — ( 0.1 ) — — — ( 0.1 )

Stock based compensation — — 8.4 — — — 8.4

Dividends — — — ( 0.3 ) — — ( 0.3 )

Dividends for noncontrolling interests — — — — — ( 6.4 ) ( 6.4 )

Balance as of June 30, 2025 317.3 $ 3.2 $ 16.6 $ 14,504.3 $ ( 2,089.1 ) $ 149.6 $ 12,584.6

Balance as of December 31, 2024 316.9 $ 3.2 $ 2.1 $ 13,926.1 $ ( 2,449.0 ) $ 132.3 $ 11,614.7

4 unchanged sentences

— — — ( 70.6 ) — — ( 70.6 )

Balance as of March 31, 2025 317.2 $ 3.2 $ 8.3 $ 14,093.9 $ ( 2,334.5 ) $ 145.8 $ 11,916.7

Dividends for noncontrolling interests — — — — — ( 6.4 ) ( 6.4 )

Balance as of June 30, 2025 317.3 $ 3.2 $ 16.6 $ 14,504.3 $ ( 2,089.1 ) $ 149.6 $ 12,584.6

See Notes to Condensed Consolidated Financial Statements

9 unchanged sentences

These results are consolidated in the Phosphate segment.

Through December 24, 2024, the Phosphates segment included our prior 25 % interest in the Ma’aden Wa’ad Al Shamal Phosphate Company (“ MWSPC ”), a joint venture to develop, own and operate integrated phosphate production facilities in the Kingdom of Saudi Arabia.

Through December 24, 2024, the Phosphate segment included our prior 25 % interest in the Ma’aden Wa’ad Al Shamal Phosphate Company (“ MWSPC ”), a joint venture to develop, own and operate integrated phosphate production facilities in the Kingdom of Saudi Arabia.

On December 24, 2024, we exchanged our ownership of MWSPC for shares of Ma’aden.

Prior to this, our equity in the net earnings or losses relating to MWSPC were recognized on a one-quarter lag in our Condensed Consolidated Statements of Earnings.

Prior to this, our equity in the net earnings or losses relating to MWSPC were recognized on a one-quarter lag in our Condensed Consolidated Statements of Earnings (Loss).

• Our Potash business segment owns and operates potash mines and production facilities in Canada and the U.S.

25 unchanged sentences

Recently Issued Accounting Guidance

In December 2023, the FASB issued guidance to provide more disaggregation of income tax disclosures mainly related to the reconciliations of the income tax rate and income taxes paid by jurisdiction.

We expect the adoption of the standard to result in additional disaggregation of our income tax footnote disclosure and that it will have no impact on our results of operations, cash flows or financial conditions.

In December 2023, the Financial Accounting Standards Board (“ FASB ”) issued guidance to provide more disaggregation of income tax disclosures mainly related to the reconciliations of the income tax rate and income taxes paid by jurisdiction.

We expect the adoption of the standard to result in additional disaggregation of our income tax footnote disclosure.

We also expect it to have no impact on our results of operations, cash flows or financial conditions.

We will begin providing the enhanced disclosure related to income taxes effective with our annual report on Form 10-K for the fiscal year ending December 31, 2025.

The disclosures may be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements.

We are currently evaluating the impact this new guidance will have on our disclosures.

We continue to evaluate the impact this new guidance will have on our disclosures.

In November 2024, the FASB issued guidance which requires more detailed disclosure about specified categories of expenses (purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion) included in certain expense captions on the face of the income statement.

2 unchanged sentences

The disclosures may be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements.

We are currently evaluating the impact this new guidance will have on our disclosures.

We continue to evaluate the impact this new guidance will have on our disclosures.

THE MOSAIC COMPANY

2 unchanged sentences

The following provides add i tional information concerning selected balance sheet accounts:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Other current assets

40 unchanged sentences

The following is a reconciliation of the numerator and denominator for the basic and diluted EPS computations:

Three Months Ended March 31,

Net income attributable to Mosaic $ 238.1 $ 45.2

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Net income (loss) attributable to Mosaic $ 410.7 $ ( 161.5 ) $ 648.8 $ ( 116.3 )

Basic weighted average number of shares outstanding 317.3 321.2 317.1 321.7

1 unchanged sentence

Diluted weighted average number of shares outstanding 319.0 321.2 318.5 321.7

Basic net income per share attributable to Mosaic $ 0.75 $ 0.14

Diluted net income per share attributable to Mosaic $ 0.75 $ 0.14

A total of 0.4 million shares of common stock subject to issuance related to share-based awards for the three months ended March 31, 2025, and 0.6 million for the three months ended March 31, 2024 have been excluded from the calculation of diluted EPS because the effect would have been anti-dilutive.

Basic net income (loss) per share attributable to Mosaic $ 1.29 $ ( 0.50 ) $ 2.05 $ ( 0.36 )

Diluted net income (loss) per share attributable to Mosaic $ 1.29 $ ( 0.50 ) $ 2.04 $ ( 0.36 )

A total of zero and 0.2 million shares of common stock subject to issuance related to share-based awards for the three and six months ended June 30, 2025, and 0.8 million and 0.6 million and for the three and six months ended June 30, 2024 have been excluded from the calculation of diluted EPS because the effect would have been anti-dilutive.

Inventories consist of the following:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Raw materials $ 233.9 $ 148.6

6 unchanged sentences

(a) Final price deferred is product that has shipped to customers, but the price has not yet been agreed upon .

Mosaic had goodwill of $ 1.1 billion as of March 31, 2025 and December 31, 2024, respectively.

Mosaic had goodwill of $ 1.1 billion as of June 30, 2025 and December 31, 2024, respectively.

We review goodwill for impairment annually in October and at any time events or circumstances indicate that the carrying value may not be fully recoverable, which is based on our accounting policy and GAAP.

5 unchanged sentences

Foreign currency translation 42.2 2.9 — 45.1

Balance as of March 31, 2025 $ 957.7 $ 95.3 $ 12.1 $ 1,065.1

Balance as of June 30, 2025 $ 997.6 $ 96.5 $ 12.1 $ 1,106.2

We will perform our next annual goodwill impairment analysis for each of our reporting units as of October 31, 2025.

10 unchanged sentences

A credit loss would then be recognized in operations for the amount of the expected credit loss.

As of March 31, 2025, we expect to recover our amortized cost on all available-for-sale securities and have not established an allowance for credit loss.

As of June 30, 2025 we expect to recover our amortized cost on all available-for-sale securities and have not established an allowance for credit loss.

We review the fair value hierarchy classification on a quarterly basis.

6 unchanged sentences

Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.

The estimated fair value of the investments in the RCRA Trusts as of March 31, 2025 and December 31, 2024 are as follows:

The estimated fair value of the investments in the RCRA Trusts as of June 30, 2025 and December 31, 2024 are as follows:

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

March 31, 2025

June 30, 2025

Cash and cash equivalents $ ( 2.1 ) $ — $ — $ ( 2.1 )

11 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The following tables show gross unrealized losses and fair values of the RCRA Trusts ’ available-for-sale securities that have been in a continuous unrealized loss position for which an allowance for credit losses has not been recorded as of March 31, 2025 and December 31, 2024 :

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(in millions) Fair

8 unchanged sentences

$ 114.8 $ ( 5.7 ) $ 136.9 $ ( 8.4 )

The following table summarizes the balance by contractual maturity of the available-for-sale debt securities invested by the RCRA Trusts as of March 31, 2025.

The following table summarizes the balance by contractual maturity of the available-for-sale debt securities invested by the RCRA Trusts as of June 30, 2025.

Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations before the underlying contracts mature.

March 31, 2025

June 30, 2025

Due in one year or less $ 19.9

3 unchanged sentences

Total debt securities $ 724.7

For the three months ended March 31, 2025, realized gains were $ 0.4 million and realized losses were $ 0.5 million.

For the three months ended March 31, 2024, realized gains were $ 10.6 million and realized losses were $ 6.8 million.

For the three and six months ended June 30, 2025, realized gains were $ 0.3 million and $ 0.7 million, respectively, and realized losses were $ 7.2 million and $ 7.8 million, respectively.

For the three and six months ended June 30, 2024, realized gains were $ 0.3 million and $ 10.9 million, respectively, and realized losses were $ 7.9 million and $ 14.7 million, respectively.

Financing Arrangements

Mosaic Credit Facility

On May 16, 2025, we amended our committed, unsecured five-year credit facility of up to $ 2.5 billion (the “ Amended and Restated Mosaic Credit Facility ”), comprised of a $ 2.5 billion revolving facility, extending the maturity date to May 16, 2030, from August 19, 2026.

This facility is intended to serve as our primary unsecured bank credit facility.

The Amended and Restated Mosaic Credit Facility also reduces the rates applicable to the unused commitment fees and provides us with additional flexibility under other restrictive covenants, compared to the facility prior to this amendment.

The Amended and Restated Mosaic Credit Facility has cross-default provisions that, in general, provide that a failure to pay principal or interest under, or any other amount payable under, any indebtedness with outstanding principal amount of $ 100 million or more, or breach or default under such indebtedness that permits the holders thereof to accelerate the maturity thereof, will result in a cross-default.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The Amended and Restated Mosaic Credit Facility requires Mosaic to maintain certain financial ratios, including a ratio of Consolidated Indebtedness (as defined), which has been redefined to exclude unrestricted cash and cash equivalents, to Consolidated Capitalization Ratio (as defined) of no greater than 0.65 to 1.0 .

This facility also includes a minimum Interest Coverage Ratio (as defined) of not less than 3.0 to 1.0 .

We were in compliance with these ratios as of June 30, 2025.

The Amended and Restated Mosaic Credit Facility also contains other events of default and covenants that limit various matters.

These provisions include limitations on indebtedness, liens, investments and acquisitions (other than capital expenditures), certain mergers, certain sales of assets and other matters customary for credit facilities of this nature.

Inventory Financing Arrangement

2 unchanged sentences

It is later repurchased by Mosaic at the original sale price plus interest and any transaction costs.

As of March 31, 2025 and December 31, 2024, we had financed inventory of $ 401.6 million and $ 199.5 million, respectively, under this arrangement, which is included in short-term debt on the Condensed Consolidated Balance Sheet.

As of June 30, 2025 and December 31, 2024, we had financed inventory of $ 402.4 million and $ 199.5 million, respectively, under this arrangement, which is included in short-term debt on the Condensed Consolidated Balance Sheet.

Receivable Purchasing Arrangement

1 unchanged sentence

The net face value of the purchased receivables may not exceed $ 600 million at any point in time.

The purchase price of the receivable sold under the RPA is the face value of the receivable less an

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

agreed upon discount.

The purchase price of the receivable sold under the RPA is the face value of the receivable less an agreed upon discount.

The receivables sold under the RPA are accounted for as a true sale.

1 unchanged sentence

Cash received is presented as cash provided by operating activities in the Condensed Consolidated Statements of Cash Flows.

During the three months ended March 31, 2025, the Company sold approximately $ 102.1 million of accounts receivable under this arrangement.

During the three months ended March 31, 2024, the Company sold approximately $ 125.9 million.

During the three and six months ended June 30, 2025, the Company sold approximately $ 149.1 million and $ 251.2 million, respectively, of accounts receivable under this arrangement.

During the three and six months ended June 30, 2024, the Company sold approximately $ 102.0 million and $ 227.9 million, respectively.

Discounts on sold receivables were not material for any period presented.

Following such sales, we continue to service the collection of the receivables on behalf of the banks without further consideration.

As of March 31, 2025 and December 31, 2024 , there was no amount outstanding to be remitted to the banks.

As of June 30, 2025, $ 3.2 million had been collected but not yet remitted to the bank.

As of December 31, 2024 , there was no amount outstanding to be remitted to the banks.

Any outstanding amount is classified in accrued liabilities on the Condensed Consolidated Balance Sheets.

4 unchanged sentences

Mosaic then makes payment to the third-party intermediary at dates ranging from 119 to 180 days from date of shipment.

As of March 31, 2025 and December 31, 2024, the total structured accounts payable arrangements were $ 383.8 million and $ 402.3 million, respectively.

As of June 30, 2025 and December 31, 2024, the total structured accounts payable arrangements were $ 402.1 million and $ 402.3 million, respectively.

Commercial Paper Note Program

1 unchanged sentence

We plan to use the revolving credit facility as a liquidity backstop for borrowings under the commercial paper program.

As of March 31, 2025, we had $ 828.3 million outstanding under this program, with a weighted average interest rate of 4.68 % and remaining average term of 16 days.

As of June 30, 2025, we had $ 638.9 million outstanding under this program, with a weighted average interest rate of 4.71 % and remaining average term of 13 days.

As of December 31, 2024, we had $ 609.2 million outstanding under this program, with a weighted average interest rate of 4.74 % and a remaining average term of 10 days.

3 unchanged sentences

We may voluntarily prepay the outstanding principal without premium or penalty.

As of March 31, 2025 and December 31, 2024, $ 570.0 million, has been drawn under this facility with no further draws available.

As of June 30, 2025 and December 31,

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

2024, $ 570.0 million, has been drawn under this facility with no further draws available.

Interest rates for the term loan are variable and are based on the Secured Overnight Financing Rate (“ SOFR ”), plus credit spread adjustments.

15 unchanged sentences

The estimated liability for these legal obligations is based on the estimated cost to satisfy the above obligations, which is discounted using a credit-adjusted risk-free rate.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

A reconciliation of our AROs is as follows:

(in millions) March 31, 2025 December 31, 2024

(in millions) June 30, 2025 December 31, 2024

AROs, beginning of period $ 2,572.2 $ 2,213.4

17 unchanged sentences

This followed a 2003 announcement by the EPA Office of Enforcement and Compliance Assurance that it would be targeting facilities in mineral processing industries, including phosphoric acid producers, for a thorough review under the U.S.

Resource Conservation and Recovery Act (“ RCRA ”) and related state laws.

Resource Conservation and Recovery Act (“ RCRA ”) and

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

related state laws.

As discussed below, a separate consent decree was previously entered into with the EPA and the FDEP with respect to RCRA compliance at the Plant City, Florida phosphate concentrates facility (the “ Plant City Facility ”) that we acquired as part of our acquisition of the Florida phosphate assets and assumption of certain related liabilities of CF Industries, Inc.

7 unchanged sentences

Pursuant to federal or state laws, the applicable government entities are permitted to draw against such amounts in the event we cannot perform such closure activities.

One of the financial assurance arrangements was initially a trust (the “ Plant City Trust ”) established to meet the requirements under a consent decree with the EPA and the FDEP with respect to RCRA compliance at

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The Plant City Trust also satisfied Florida financial assurance requirements at that site.

5 unchanged sentences

Under our current approach to satisfying applicable requirements, additional financial assurance would be required in the future if increases in cost estimates exceed the face amount of the Plant City Bond or the amount supported by the Bonnie Financial Test.

As of March 31, 2025 and December 31, 2024, the aggregate amounts of AROs associated with the combined Plant City Facility and Bonnie Facility Gypstack closure costs included in our Condensed Consolidated Balance Sheets were $ 349.6 million and $ 368.7 million, respectively.

As of June 30, 2025 and December 31, 2024, the aggregate amounts of AROs associated with the combined Plant City Facility and Bonnie Facility Gypstack closure costs included in our Condensed Consolidated Balance Sheets were $ 365.6 million and $ 368.7 million, respectively.

The aggregate amount represented by the Plant City Bond exceeds the present value of the aggregate amount of ARO associated with that facility.

This is because the amount of financial assurance we are required to provide represents the aggregate undiscounted estimated amount to be paid by us in the normal course of our Phosphate business over a period that may not end until three decades or more after the Gypstack has been closed, whereas the ARO included in our Condensed Consolidated Balance Sheet reflects the discounted present value of those estimated amounts.

During the three months ended March 31, 2025, gross unrecognized tax benefits decreased by $ 1.6 million to $ 12.6 million.

The decrease is primarily related to statute expirations and settlements, partially offset by recording U.S.

During the six months ended June 30, 2025, gross unrecognized tax benefits decreased by $ 1.3 million to $ 12.9 million.

The decrease is primarily related to statute expirations and true-up estimates, partially offset by recording U.S.

reserves and foreign exchange.

1 unchanged sentence

We recognize interest and penalties related to unrecognized tax benefits as a component of our income tax provision.

We had accrued interest and penalties totaling $ 4.8 million and $ 5.4 million as of March 31, 2025 and December 31, 2024, respectively, that were included in other noncurrent liabilities in the Condensed Consolidated Balance Sheets.

We had accrued interest and penalties totaling $ 5.4 million as of June 30, 2025 and December 31, 2024, respectively, that were included in other noncurrent liabilities in the Condensed Consolidated Balance Sheets.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Accounting for uncertain tax positions is determined by prescribing the minimum probability threshold that a tax position is more likely than not to be sustained based on the technical merits of the position.

4 unchanged sentences

The Company believes that any issues raised have been properly accounted for in its current financial statements.

For the three months ended March 31, 2025, discrete tax items recorded in tax expense was a benefit of approximately $ 26.3 million.

The net tax benefit consisted primarily of changes in valuation allowance and share-based excess costs.

For the three months ended June 30, 2025, discrete tax items recorded in tax expense was a expense of approximately $ 1.0 million.

The net tax expense consisted primarily of changes in valuation allowance and share-based excess costs.

In addition to items specific to the period, our income tax rate is impacted by the mix of earnings across the jurisdictions in which we operate, by a benefit associated with depletion, and by the impact of certain entities being taxed in both their foreign jurisdiction and the U.S., including foreign tax credits for various taxes incurred.

1 unchanged sentence

In situations where we expect to report losses for which we do not expect to receive tax benefits, we are required to apply separate forecasted effective tax rates to those jurisdictions rather than including them in the consolidated effective tax rate.

For the three months ended March 31, 2025, income tax expense was impacted by this set of rules, resulting in reduced expense of $ 1.2 million compared to what would have been recorded under the general rule on a consolidated basis.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

For the three months ended June 30, 2025, income tax expense was impacted by this set of rules, resulting in increased expense of $ 0.4 million compared to what would have been recorded under the general rule on a consolidated basis.

For the six months ended June 30, 2025, discrete tax items recorded in tax expense was a benefit of approximately $ 25.2 million.

The net tax benefit consisted primarily of changes in valuation allowance, share-based costs, true-up of estimates, and other miscellaneous costs.

Derivative Instruments and Hedging Activities

12 unchanged sentences

The mark-to-market of these fair value hedges is recorded as gains or losses in interest expense.

We had no fixed-to-floating interest rate swap agreements in effect as of March 31, 2025 and December 31, 2024.

As of March 31, 2025 and December 31, 2024, the gross asset position of our derivative instruments was $ 5.3 million and $ 3.1 million, respectively, and the gross liability position of our liability instruments was $ 32.0 million and $ 87.8 million, respectively.

We had no fixed-to-floating interest rate swap agreements in effect as of June 30, 2025 and December 31, 2024.

As of June 30, 2025 and December 31, 2024, the gross asset position of our derivative instruments was $ 32.8 million and $ 3.1 million, respectively, and the gross liability position of our liability instruments was $ 5.2 million and $ 87.8 million, respectively.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

The following is the total absolute notional volume associated with our outstanding derivative instruments:

(in millions of Units) March 31, 2025 December 31, 2024

(in millions of Units) June 30, 2025 December 31, 2024

Derivative Instrument Derivative Category Unit of Measure

4 unchanged sentences

These agreements contain provisions that allow us to settle for the net amount between payments and receipts, and also state that if our debt were to be rated below investment grade, certain counterparties could request full collateralization on derivative instruments in net liability positions.

The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position as of March 31, 2025 and December 31, 2024 was $ 25.4 million and $ 58.1 million, respectively.

The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position as of June 30, 2025 and December 31, 2024 was $ 5.3 million and $ 58.1 million, respectively.

We have no cash collateral posted in association with these contracts.

If the credit-risk-related contingent features underlying these agreements were triggered on March 31, 2025, we would have been required to post an additional $ 21.7 million of collateral assets, which are either cash or U.S.

If the credit-risk-related contingent features underlying these agreements were triggered on June 30, 2025, we would have been required to post an additional $ 1.2 million of collateral assets, which are either cash or U.S.

Treasury instruments, to the counterparties.

4 unchanged sentences

We closely monitor the credit risk associated with our counterparties and customers and to date have not experienced material losses.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Fair Value Measurements

5 unchanged sentences

Changes in the fair market values of these contracts are recognized in the Condensed Consolidated Financial Statements as a component of cost of goods sold in our Corporate, Eliminations and Other segment, or foreign currency transaction (gain) loss.

As of March 31, 2025 and December 31, 2024, the gross asset position of our foreign currency derivative instruments was $ 5.3 million and $ 3.1 million, respectively, and the gross liability position of our foreign currency derivative instruments was $ 32.0 million and $ 86.1 million, respectively.

As of June 30, 2025 and December 31, 2024, the gross asset position of our foreign currency derivative instruments was $ 32.8 million and $ 3.1 million, respectively, and the gross liability position of our foreign currency derivative instruments was $ 5.1 million and $ 86.1 million, respectively.

Commodity Derivatives - The commodity contracts primarily relate to natural gas.

5 unchanged sentences

The gross asset position of our commodity derivative instruments was zero as of March 31, 2025 and December 31, 2024, and the gross liability position of our commodity instruments was zero and $ 1.7 million as of March 31, 2025 and December 31, 2024, respectively.

The gross asset position of our commodity derivative instruments was zero as of June 30, 2025 and December 31, 2024, and the gross liability position of our commodity instruments was $ 0.1 million and $ 1.7 million as of June 30, 2025 and December 31, 2024, respectively.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Interest Rate Derivatives - We manage interest expense through interest rate contracts to convert a portion of our fixed-rate debt into floating-rate debt.

2 unchanged sentences

Changes in the fair market values of these contracts are recognized in the Condensed Consolidated Financial Statements as a component of interest expense.

We did not hold any interest rate derivative positions as of March 31, 2025.

We did not hold any interest rate derivative positions as of June 30, 2025.

Financial Instruments

The carrying amounts and estimated fair values of our financial instruments are as follows:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Carrying Amount Fair Value Carrying Amount Fair Value

9 unchanged sentences

Our floating rate long-term debt is non-public, bears a variable SOFR-based rate and consists of our borrowings under our term loan facility.

The fair value of our floating rate debt approximates the carrying value and is estimated based on market-based inputs, including interest rates and credit spreads,

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

which results in a Level 2 classification.

The fair value of our floating rate debt approximates the carrying value and is estimated based on market-based inputs, including interest rates and credit spreads, which results in a Level 2 classification.

The fair value of fixed rate long-term debt, including the current portion, is estimated using quoted market prices for the publicly registered notes and debentures, classified as Level 1 and Level 2, respectively, within the fair value hierarchy, depending on the market liquidity of the debt.

3 unchanged sentences

Our repurchase programs allow the Company to repurchase shares of our Common Stock through open market purchases, accelerated share repurchase arrangements, privately negotiated transactions or otherwise, and have no set expiration date.

During the three months ended March 31, 2025, we made no share repurchases.

During the three months ended March 31, 2024, we repurchased 3,398,700 shares of Common Stock in the open market for approximately $ 108.4 million, at an average purchase price of $ 31.89 per share.

During the three and six months ended June 30, 2025, we made no share repurchases.

During the three and six months ended June 30, 2024, we repurchased 1,835,788 and 5,234,488 shares of Common Stock in the open market for approximately $ 52.0 million and $ 160.4 million, respectively, at an average purchase price per share of $ 28.33 and $ 30.64 , respectively.

The extent to which we repurchase our shares and the timing of any such repurchases depend on a number of factors, including market and business conditions, the price of our shares, our ability to access capital resources, our liquidity and corporate, regulatory and other considerations.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Accumulated Other Comprehensive Income (Loss) ( “ AOCI ” )

The following table sets forth the changes in AOCI, net of tax, by component during the three months ended March 31, 2025 and March 31, 2024:

The following table sets forth the changes in AOCI, net of tax, by component during the three and six months ended June 30, 2025 and June 30, 2024:

Foreign Currency Translation Gain (Loss) Net Actuarial Gain and Prior Service Cost Amortization of Gain on Interest Rate Swap Net Gain (Loss) on Marketable Securities Held in Trust Total

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Balance at March 31, 2025 $ ( 2,313.8 ) $ ( 22.0 ) $ 8.0 $ ( 6.7 ) $ ( 2,334.5 )

Other comprehensive income (loss) 231.0 0.3 — 10.0 241.3

Tax (expense) benefit 8.8 ( 1.2 ) — ( 2.3 ) 5.3

Other comprehensive income (loss), net of tax 239.8 ( 0.9 ) — 7.7 246.6

Other comprehensive income (loss) attributable to noncontrolling interest ( 1.2 ) — — — ( 1.2 )

Balance as of June 30, 2025 $ ( 2,075.2 ) $ ( 22.9 ) $ 8.0 $ 1.0 $ ( 2,089.1 )

Three Months Ended June 30, 2024

Balance at March 31, 2024 $ ( 2,059.1 ) $ ( 32.2 ) $ 8.1 $ ( 10.1 ) $ ( 2,093.3 )

Other comprehensive income (loss) ( 135.2 ) 0.8 — ( 3.4 ) ( 137.8 )

Tax (expense) benefit ( 1.3 ) ( 0.2 ) — 0.8 ( 0.7 )

Other comprehensive income (loss), net of tax ( 136.5 ) 0.6 — ( 2.6 ) ( 138.5 )

Other comprehensive income (loss) attributable to noncontrolling interest 2.4 — — — 2.4

Balance as of June 30, 2024 $ ( 2,193.2 ) $ ( 31.6 ) $ 8.1 $ ( 12.7 ) $ ( 2,229.4 )

Six Months Ended June 30, 2025

Balance at December 31, 2024 $ ( 2,420.3 ) $ ( 22.1 ) $ 8 $ ( 14.6 ) $ ( 2,449 )

3 unchanged sentences

Other comprehensive income (loss) attributable to noncontrolling interest ( 2.8 ) — — — ( 2.8 )

Balance as of March 31, 2025 $ ( 2,313.8 ) $ ( 22.0 ) $ 8.0 $ ( 6.7 ) $ ( 2,334.5 )

Three Months Ended March 31, 2024

Balance as of June 30, 2025 $ ( 2,075.2 ) $ ( 22.9 ) $ 8.0 $ 1.0 $ ( 2,089.1 )

Six Months Ended June 30, 2024

Balance at December 31, 2023 $ ( 1,930.2 ) $ ( 33.0 ) $ 8.1 $ 0.2 $ ( 1,954.9 )

3 unchanged sentences

Other comprehensive income (loss) attributable to noncontrolling interest 3.2 — — — 3.2

Balance as of March 31, 2024 $ ( 2,059.1 ) $ ( 32.2 ) $ 8.1 $ ( 10.1 ) $ ( 2,093.3 )

Related Party Transactions

We enter into transactions and agreements with certain of our non-consolidated companies and other related parties from time to time.

As of March 31, 2025, the net amount due from our non-consolidated companies totaled $ 6.2 million.

As of December 31, 2024, the net amount due to our non-consolidated companies totaled $ 46.5 million.

Balance as of June 30, 2024 $ ( 2,193.2 ) $ ( 31.6 ) $ 8.1 $ ( 12.7 ) $ ( 2,229.4 )

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Related Party Transactions

We enter into transactions and agreements with certain of our non-consolidated companies and other related parties from time to time.

As of June 30, 2025 and December 31, 2024, the net amount due to our non-consolidated companies totaled $ 56.6 million and $ 46.5 million, respectively.

The Condensed Consolidated Statements of Earnings included the following transactions with our non-consolidated companies:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Transactions with related parties included in net sales (a)

2 unchanged sentences

229.2 301.8 402.0 562.6

______________________________

(a) Amounts included in net sales primarily relate to sales from our Potash segment to Canpotex.

12 unchanged sentences

At other locations, we have entered into consent orders or agreements with appropriate governmental agencies to perform required remedial activities that will address identified site conditions.

Taking into consideration established accruals of approximately $ 172.1 million and $ 197.5 million as of March 31, 2025 and December 31, 2024, respectively, of which $ 70.0 million and $ 90.8 million are included in Accrued Liabilities and $ 102.1 million and $ 106.7 million in Other Non Current Liabilities in the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, respectively, expenditures for these known conditions currently are not expected, individually or in the aggregate, to have a material effect on our business or financial condition.

Taking into consideration established accruals of approximately $ 189.6 million and $ 197.5 million as of June 30, 2025 and December 31, 2024, respectively, of which $ 57.1 million and $ 90.8 million are included in Accrued Liabilities and $ 132.5 million and $ 106.7 million in Other Non Current Liabilities in the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, respectively, expenditures for these known conditions currently are not expected, individually or in the aggregate, to have a material effect on our business or financial condition.

However, material expenditures could be required in the future to remediate the contamination at known sites or at other current or former sites or as a result of other environmental, health and safety matters.

6 unchanged sentences

Phase II work, which consists of injecting high pressure grout beneath the stack to restore the geological confining layer beneath it, began in early in 2023 and the work is now complete.

As of March 31, 2025, we have a reserve of $ 8.6 million for estimated water management and other costs associated with this event.

As of June 30, 2025, we have a reserve of $ 9.0 million for estimated water management and other costs associated with this event.

We are unable to estimate at this time potential future additional financial impacts or a range of loss, if any.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

New Wales Phase II West Stack.

6 unchanged sentences

No offsite impacts are known or expected.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

As of March 31, 2025, we have a reserve of $ 67.6 million for estimated repairs.

As of June 30, 2025, we have a reserve of $ 77.0 million for estimated repairs.

We are unable to estimate at this time potential future additional financial impacts or a range of loss, if any, due to the ongoing evaluation.

22 unchanged sentences

Our Brazilian subsidiaries are engaged in a number of judicial and administrative proceedings regarding labor, environmental, mining and civil claims that allege aggregate damages and/or fines of approximately $ 610.1 million.

We estimate that our probable aggregate loss with respect to these claims is approximately $ 83.0 million, which is included in our accrued liabilities in our Condensed Consolidated Balance Sheets at March 31, 2025.

Approximately $ 410.4 million of the foregoing maximum potential loss relates to labor claims, of which approximately $ 63.1 million is included in accrued liabilities in our Condensed Consolidated Balance Sheets at March 31, 2025.

We estimate that our probable aggregate loss with respect to these claims is approximately $ 86.4 million, which is included in our accrued liabilities in our Condensed Consolidated Balance Sheets at June 30, 2025.

Approximately $ 401.3 million of the foregoing maximum potential loss relates to labor claims, of which approximately $ 64.5 million is included in accrued liabilities in our Condensed Consolidated Balance Sheets at June 30, 2025.

Based on Brazil legislation and the current status of similar labor cases involving unrelated companies, we believe we have recorded adequate loss contingency reserves sufficient to cover our estimate of probable losses.

5 unchanged sentences

The maximum potential liability can increase with new audits from Brazilian tax authorities.

Based on Brazil tax legislation and the current status of similar tax cases involving unrelated taxpayers, we believe we have recorded adequate loss contingency reserves sufficient to cover our estimate of probable losses, which are immaterial.

If the status of similar tax cases involving unrelated taxpayer changes in the future, additional accruals could be required.

Based on Brazil tax legislation and the

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

current status of similar tax cases involving unrelated taxpayers, we believe we have recorded adequate loss contingency reserves sufficient to cover our estimate of probable losses, which are immaterial.

If the status of similar tax cases involving unrelated taxpayer changes in the future, additional accruals could be required.

We also have certain other contingent liabilities with respect to judicial, administrative and arbitration proceedings and claims of third parties, including tax matters, arising in the ordinary course of business.

8 unchanged sentences

For a description of our business segments, see Note 1 to the Condensed Consolidated Financial Statements.

Segment information for the three and six months ended June 30, 2025 and 2024 was as follows:

Phosphate Potash Mosaic Fertilizantes Corporate, Eliminations and Other (a)

Three months ended June 30, 2025

Net sales to external customers $ 984.6 $ 711.7 $ 1,174.9 $ 134.5 $ 3,005.7

Intersegment net sales 188.4 ( 1.2 ) — ( 187.2 ) —

Net sales 1,173.0 710.5 1,174.9 ( 52.7 ) 3,005.7

Cost of goods sold (b)

1,070.0 501.1 1,013.2 ( 97.2 ) 2,487.1

Gross margin 103.0 209.4 161.7 44.5 518.6

Canadian resource taxes — 61.7 — — 61.7

Gross margin (excluding Canadian resource taxes) 103.0 271.1 161.7 44.5 580.3

Selling, general and administrative (c)

12.4 8.3 61.2 85.3 167.2

Other operating expenses (d)

98.5 6.9 ( 8.5 ) 10.1 107.0

Operating earnings (loss) ( 7.9 ) 194.1 109.0 ( 50.8 ) 244.4

Capital expenditures 184.7 73.2 45.6 1.1 304.6

Depreciation, depletion and amortization expense 129.2 79.4 43.9 9.2 261.7

Three months ended June 30, 2024

Net sales to external customers $ 989.2 $ 655.1 $ 1,048.9 $ 123.4 $ 2,816.6

Intersegment net sales 190.3 8.0 — ( 198.3 ) —

Net sales 1,179.5 663.1 1,048.9 ( 74.9 ) 2,816.6

Cost of goods sold (b)

1,025.8 476.7 947.1 ( 27.0 ) 2,422.6

Gross margin 153.7 186.4 101.8 ( 47.9 ) 394.0

Canadian resource taxes — 66.8 — — 66.8

Gross margin (excluding Canadian resource taxes) 153.7 253.2 101.8 ( 47.9 ) 460.8

Selling, general and administrative (c)

10.4 7.1 27.1 83.8 128.4

Other operating expenses (d)

10.5 4.9 13.4 3.5 32.3

Operating earnings (loss) 132.9 174.4 61.2 ( 135.2 ) 233.3

Capital expenditures 176.9 75.0 46.4 35.6 333.9

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Segment information for the three months ended March 31, 2025 and 2024 was as follows:

Phosphate Potash Mosaic Fertilizantes Corporate, Eliminations and Other (a)

Three months ended March 31, 2025

Depreciation, depletion and amortization expense 127.9 93.9 40.1 2.5 264.4

Six months ended June 30, 2025

Net sales to external customers $ 1,949.4 $ 1,281.9 $ 2,108.7 $ 286.6 $ 5,626.6

13 unchanged sentences

Depreciation, depletion and amortization expense 242.4 160.4 82.0 19.9 504.7

Three months ended March 31, 2024

Six months ended June 30, 2024

Net sales to external customers $ 2,012.2 $ 1,289.8 $ 1,935.3 $ 258.7 $ 5,496.0

14 unchanged sentences

Total Assets (e)

As of March 31, 2025 $ 9,497.3 $ 6,517.3 $ 4,697.8 $ 2,453.3 $ 23,165.7

As of June 30, 2025 $ 9,674.8 $ 6,903.9 $ 5,039.2 $ 2,686.9 $ 24,304.8

As of December 31, 2024 9,419.5 6,480.6 4,372.0 2,651.9 22,924.0

1 unchanged sentence

(a) The “Corporate, Eliminations and Other” category includes the results of our ancillary distribution operations in India and China.

For the three months ended March 31, 2025, distribution operations in India and China collectively had revenue of $ 147.4 million and gross margin of $ 20.3 million.

For the three months ended March 31, 2024, distribution operations in India and China collectively had revenue of $ 129.3 million and gross margin of $ 7.6 million.

For the three and six months ended June 30, 2025, distribution operations in India and China collectively had revenue of $ 132.4 million and $ 279.9 million, respectively, and gross margin of $ 19.7 million and $ 40.0 million, respectively.

For the three and six months ended June 30, 2024, distribution operations in India and China collectively had revenue of $ 120.9 million and $ 250.1 million, respectively, and gross margin of $ 2.4 million and $ 9.9 million, respectively.

These operations do not meet the quantitative thresholds for determining reportable segments.

(b) The primary components of cost of goods sold are raw material purchases, including sulfur and ammonia, conversion costs and transportation costs.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(c) Selling, general and administrative expenses include nonmanufacturing payroll expense and professional services expense.

3 unchanged sentences

As a result, the December 31, 2024 balances have been recast to reflect these changes .

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Financial information relating to our operations by geographic area is as follows:

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 2025 2024

1 unchanged sentence

Brazil $ 1,151.6 $ 1,037.9 $ 2,058.6 $ 1,890.7

318.3 222.0 533.8 442.8

China 121.2 112.8 257.6 236.8

18 unchanged sentences

The countries with the largest portion of third-party customer sales are Brazil, China, India and Indonesia.

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Net sales by product type are as follows:

Three Months Ended

June 30, Six Months Ended

(in millions) 2025 2024 2025 2024

4 unchanged sentences

Performance Products (a)

695.2 514.7 1,193.0 981.5

Phosphate Rock 105.7 37.7 225.6 78.5

1 unchanged sentence

$ 3,005.7 $ 2,816.6 $ 5,626.6 $ 5,496.0

____________________________________________

(a) Includes sales of MicroEssentials ® , K-Mag ® and Aspire ® .

(b) Includes sales of industrial potash, feed products, nitrogen and other products .

THE MOSAIC COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

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-Q

Item 1. Financial Statements