Modeling with New Disclosures Linking Price & Drivers to Financial Results

Understanding the lag between market pricing and financial results For Finished Products Customer agrees to transaction For Raw Materials Order is planned for production or shipment from inventory Time lines varies with finished goods inventory levels, seasonality and logistics tim ing. Raw material is purchased Raw material delivered into inventory Product delivered to customer and recognized Raw material from inventory used in production Production held in finished goods inventory Product delivered to customer and recognized The company generally holds 20 days of ammonia and 35 days of sulfur inventory. However, Covid-19 impacts on oil refining has resulted in lower sulfur inventory in 2020, -30 days. Mosaic LO 5

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