Mosaic Company (The)

Good morning, ladies and gentlemen, and welcome to the Mosaic Company's fourth quarter 2020 earnings conference call. At this time, all participants have been placed in a listen-only mode. After the company completes their prepared remarks, the lines will be open to take your questions. Your host for today's call is Laura Gagnon, Vice President, Investor Relations of the Mosaic Company. Ms. Gagnon, you may begin.

Thank you and welcome to our fourth quarter and full year 2020 earnings call. Opening comments will be provided by Jack O'Rourke, President and Chief Executive Officer, followed by a fireside chat as well as open Q&A. Clint Freeland, Senior Vice President and Chief Financial Officer, and Jenny Wang, Vice President, Global Strategic Marketing, will also be available to answer your questions. We will be making forward-looking statements during this conference call. The statements include but are not limited to statements about future financial and operating results. They are based on management's beliefs and expectations as of today's date and are subject to significant risks and uncertainties. Actual results may differ materially from projected results. Factors that could cause actual results to differ materially from those in the forward-looking statements are included in our press release furnished yesterday and in our reports filed with the Securities and Exchange Commission. We will also be presenting certain non-GAAP financial measures. Our fourth quarter press release performance data, attached as exhibits to yesterday's reform 8K filing, also contain important information on these non-GAAP measures. Now, I'd like to turn the call over to Jack for opening comments. Jack?

Thank you for joining us today for our fourth quarter earnings call. Before we get started, I would like to emphasize the key points from our quarterly earnings report. First, we are realizing the benefits of our extensive cost transformation work, and we are beginning to see the earnings leverage we have created. Second, agriculture and fertilizer markets around the globe are very strong. Phosphate prices are at seven-year highs, and potash prices have risen substantially. We expect the global supply and demand balance to remain tight in 2021. And third, we delivered...