Delaware | 36-3972986 | ||||
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification Number) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common stock, $0.01 par value | CMP | The New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to
|
||||||||||||||||||||||||||
file such reports), and (2) has been subject to such filing requirements for the past 90 days.
|
Yes | ☑ | No | ☐ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period | ||||||||||||||||||||||||||
that the registrant was required to submit and post such files) | Yes | ☑ | No | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange | ||||||||||||||||||||||||||
Act. | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Yes | ☐ | No | ☑ |
Page | |||||||||||
PART I. FINANCIAL INFORMATION | |||||||||||
PART II. OTHER INFORMATION | |||||||||||
(Unaudited) | ||||||||||||||||||||
June 30,
2020 |
December 31,
2019 |
|||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 67.2 | $ | 34.7 | ||||||||||||||||
Receivables, less allowance for doubtful accounts of $9.3 in 2020 and $10.7 in 2019 | 168.6 | 342.4 | ||||||||||||||||||
Inventories | 325.1 | 311.5 | ||||||||||||||||||
Other | 59.5 | 96.4 | ||||||||||||||||||
Total current assets | 620.4 | 785.0 | ||||||||||||||||||
Property, plant and equipment, net | 948.0 | 1,030.8 | ||||||||||||||||||
Intangible assets, net | 86.0 | 103.0 | ||||||||||||||||||
Goodwill | 264.9 | 343.0 | ||||||||||||||||||
Investment in equity investee | 23.5 | 24.9 | ||||||||||||||||||
Other | 143.0 | 156.5 | ||||||||||||||||||
Total assets | $ | 2,085.8 | $ | 2,443.2 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of long-term debt | $ | 39.0 | $ | 52.1 | ||||||||||||||||
Accounts payable | 108.1 | 126.2 | ||||||||||||||||||
Accrued salaries and wages | 28.3 | 34.4 | ||||||||||||||||||
Income taxes payable | 12.2 | 10.4 | ||||||||||||||||||
Accrued interest | 11.7 | 11.3 | ||||||||||||||||||
Accrued expenses and other current liabilities | 61.7 | 61.5 | ||||||||||||||||||
Total current liabilities | 261.0 | 295.9 | ||||||||||||||||||
Long-term debt, net of current portion | 1,247.5 | 1,363.9 | ||||||||||||||||||
Deferred income taxes, net | 80.6 | 89.9 | ||||||||||||||||||
Other noncurrent liabilities | 153.1 | 163.9 | ||||||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock: $0.01 par value, 200,000,000 authorized shares; 35,367,264 issued shares
|
0.4 | 0.4 | ||||||||||||||||||
Additional paid-in capital | 122.3 | 117.1 | ||||||||||||||||||
Treasury stock, at cost — 1,446,072 shares at June 30, 2020 and 1,481,611 shares at December 31, 2019
|
(3.8) | (3.2) | ||||||||||||||||||
Retained earnings | 587.0 | 607.4 | ||||||||||||||||||
Accumulated other comprehensive loss | (362.3) | (192.1) | ||||||||||||||||||
Total stockholders’ equity | 343.6 | 529.6 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,085.8 | $ | 2,443.2 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Sales | $ | 256.1 | $ | 245.2 | $ | 670.0 | $ | 648.9 | |||||||||||||||||||||||||||
Shipping and handling cost | 40.5 | 48.0 | 142.3 | 160.9 | |||||||||||||||||||||||||||||||
Product cost | 149.3 | 151.4 | 374.1 | 369.6 | |||||||||||||||||||||||||||||||
Gross profit | 66.3 | 45.8 | 153.6 | 118.4 | |||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 41.8 | 41.7 | 84.9 | 81.1 | |||||||||||||||||||||||||||||||
Operating earnings | 24.5 | 4.1 | 68.7 | 37.3 | |||||||||||||||||||||||||||||||
Other expense (income): | |||||||||||||||||||||||||||||||||||
Interest expense | 17.2 | 16.8 | 36.2 | 33.0 | |||||||||||||||||||||||||||||||
Net earnings in equity investee | (0.2) | (0.1) | (0.1) | — | |||||||||||||||||||||||||||||||
Loss (gain) on foreign exchange | 5.0 | 4.1 | (9.3) | 9.0 | |||||||||||||||||||||||||||||||
Other, net | (0.4) | (0.5) | (0.3) | (1.0) | |||||||||||||||||||||||||||||||
Earnings (loss) before income taxes | 2.9 | (16.2) | 42.2 | (3.7) | |||||||||||||||||||||||||||||||
Income tax expense (benefit) | 1.2 | (4.4) | 12.9 | 0.5 | |||||||||||||||||||||||||||||||
Net earnings (loss) | $ | 1.7 | $ | (11.8) | $ | 29.3 | $ | (4.2) | |||||||||||||||||||||||||||
Basic net earnings (loss) per common share | $ | 0.04 | $ | (0.36) | $ | 0.85 | $ | (0.14) | |||||||||||||||||||||||||||
Diluted net earnings (loss) per common share | $ | 0.04 | $ | (0.36) | $ | 0.84 | $ | (0.14) | |||||||||||||||||||||||||||
Weighted-average common shares outstanding (in thousands): | |||||||||||||||||||||||||||||||||||
Basic | 33,915 | 33,883 | 33,903 | 33,878 | |||||||||||||||||||||||||||||||
Diluted | 33,915 | 33,883 | 33,903 | 33,878 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Net earnings (loss) | $ | 1.7 | $ | (11.8) | $ | 29.3 | $ | (4.2) | |||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||
Unrealized gain from change in pension obligations, net of tax of $(0.0) for the three and six months ending June 30, 2020 and 2019, respectively.
|
0.2 | 0.1 | 0.4 | 0.2 | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges, net of tax of $(0.3) in the both the three and six months ended June 30, 2020 and $0.1 in the three and six months ended June 30, 2019, respectively.
|
0.7 | (0.4) | 0.8 | (0.3) | |||||||||||||||||||||||||||||||
Cumulative translation adjustment | 2.1 | 18.3 | (171.4) | 32.8 | |||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 4.7 | $ | 6.2 | $ | (140.9) | $ | 28.5 |
Common
Stock |
Additional
Paid-In Capital |
Treasury
Stock |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Total | ||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 0.4 | $ | 117.1 | $ | (3.2) | $ | 607.4 | $ | (192.1) | $ | 529.6 | |||||||||||||||||||||||
Comprehensive income (loss) | 27.6 | (173.2) | (145.6) | ||||||||||||||||||||||||||||||||
Dividends on common stock ($0.72 per share)
|
0.1 | (24.9) | (24.8) | ||||||||||||||||||||||||||||||||
Shares issued for stock units, net of shares withheld for taxes
|
(0.1) | (0.1) | |||||||||||||||||||||||||||||||||
Stock-based compensation | 2.4 | 2.4 | |||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | 0.4 | $ | 119.6 | $ | (3.3) | $ | 610.1 | $ | (365.3) | $ | 361.5 | |||||||||||||||||||||||
Comprehensive income | 1.7 | 3.0 | 4.7 | ||||||||||||||||||||||||||||||||
Dividends on common stock ($0.72 per share)
|
0.1 | (24.8) | (24.7) | ||||||||||||||||||||||||||||||||
Shares issued for stock units, net of shares withheld for taxes
|
(0.1) | (0.5) | (0.6) | ||||||||||||||||||||||||||||||||
Stock-based compensation | 2.7 | 2.7 | |||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | 0.4 | $ | 122.3 | $ | (3.8) | $ | 587.0 | $ | (362.3) | $ | 343.6 | |||||||||||||||||||||||
Common
Stock |
Additional
Paid-In Capital |
Treasury
Stock |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Total | ||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | 0.4 | $ | 110.1 | $ | (2.9) | $ | 643.5 | $ | (210.9) | $ | 540.2 | |||||||||||||||||||||||
Comprehensive income | 7.6 | 14.7 | 22.3 | ||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle
|
(0.1) | (0.1) | |||||||||||||||||||||||||||||||||
Dividends on common stock ($0.72 per share)
|
0.1 | (24.6) | (24.5) | ||||||||||||||||||||||||||||||||
Shares issued for stock units, net of shares withheld for taxes
|
(0.2) | (0.2) | |||||||||||||||||||||||||||||||||
Stock-based compensation | 1.1 | 1.1 | |||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | $ | 0.4 | $ | 111.3 | $ | (3.1) | $ | 626.4 | $ | (196.2) | $ | 538.8 | |||||||||||||||||||||||
Comprehensive (loss) income | (11.8) | 18.0 | 6.2 | ||||||||||||||||||||||||||||||||
Dividends on common stock ($0.72 per share)
|
0.1 | (24.8) | (24.7) | ||||||||||||||||||||||||||||||||
Shares issued for stock units, net of shares withheld for taxes
|
(0.1) | (0.1) | |||||||||||||||||||||||||||||||||
Stock-based compensation | 2.7 | 2.7 | |||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | 0.4 | $ | 114.1 | $ | (3.2) | $ | 589.8 | $ | (178.2) | $ | 522.9 |
Six Months Ended
June 30, |
|||||||||||||||||
2020 | 2019 | ||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net earnings (loss) | $ | 29.3 | $ | (4.2) | |||||||||||||
Adjustments to reconcile net earnings to net cash flows provided by operating activities: | |||||||||||||||||
Depreciation, depletion and amortization | 68.0 | 68.9 | |||||||||||||||
Finance fee amortization | 1.5 | 1.4 | |||||||||||||||
Stock-based compensation | 5.1 | 3.4 | |||||||||||||||
Deferred income taxes | 6.6 | (9.8) | |||||||||||||||
Net earnings in equity investee | (0.1) | — | |||||||||||||||
Unrealized foreign exchange (gain) loss | (12.6) | 8.4 | |||||||||||||||
Other, net | 4.1 | 1.4 | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Receivables | 139.2 | 136.6 | |||||||||||||||
Inventories | (35.4) | (39.5) | |||||||||||||||
Other assets | 33.7 | 9.2 | |||||||||||||||
Accounts payable and accrued expenses and other current liabilities | (1.5) | (52.1) | |||||||||||||||
Other liabilities | (4.0) | (11.8) | |||||||||||||||
Net cash provided by operating activities | 233.9 | 111.9 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | (42.7) | (49.8) | |||||||||||||||
Other, net | (1.3) | (1.0) | |||||||||||||||
Net cash used in investing activities | (44.0) | (50.8) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from revolving credit facility borrowings | 64.2 | 172.9 | |||||||||||||||
Principal payments on revolving credit facility borrowings | (165.2) | (199.1) | |||||||||||||||
Proceeds from issuance of long-term debt | 22.2 | 20.1 | |||||||||||||||
Principal payments on long-term debt | (21.7) | (11.8) | |||||||||||||||
Dividends paid | (49.5) | (49.2) | |||||||||||||||
Deferred financing costs | (0.1) | — | |||||||||||||||
Shares withheld to satisfy employee tax obligations | (0.7) | (0.3) | |||||||||||||||
Other, net | (0.9) | (0.6) | |||||||||||||||
Net cash used in financing activities | (151.7) | (68.0) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (5.7) | 0.3 | |||||||||||||||
Net change in cash and cash equivalents | 32.5 | (6.6) | |||||||||||||||
Cash and cash equivalents, beginning of the year | 34.7 | 27.0 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 67.2 | $ | 20.4 | |||||||||||||
Supplemental cash flow information: | |||||||||||
Interest paid, net of amounts capitalized | $ | 32.5 | $ | 27.8 | |||||||
Income taxes paid, net of refunds | $ | (37.7) | $ | 44.9 |
Consolidated Balance Sheets Location |
June 30,
2020 |
December 31,
2019 |
||||||||||||
Assets | ||||||||||||||
Operating leases | Other assets | $ | 45.8 | $ | 53.7 | |||||||||
Finance leases | Property, plant and equipment, net | 5.2 | 5.8 | |||||||||||
Total leased assets | $ | 51.0 | $ | 59.5 | ||||||||||
Liabilities | ||||||||||||||
Current liabilities: | ||||||||||||||
Operating leases | Accrued expenses and other current liabilities | $ | 8.0 | $ | 12.8 | |||||||||
Finance leases | Accrued expenses and other current liabilities | 1.6 | 1.1 | |||||||||||
Noncurrent liabilities: | ||||||||||||||
Operating leases | Other noncurrent liabilities | 38.1 | 41.0 | |||||||||||
Finance leases | Other noncurrent liabilities | 4.6 | 6.2 | |||||||||||
Total lease liabilities | $ | 52.3 | $ | 61.1 |
Three Months Ended June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||||||||||||||
Amortization of lease assets | $ | 0.4 | $ | 0.3 | $ | 0.9 | $ | 0.6 | |||||||||||||||||||||||||||
Interest on lease liabilities | 0.2 | 0.1 | 0.3 | 0.3 | |||||||||||||||||||||||||||||||
Operating lease cost | 3.5 | 4.9 | 8.1 | 9.7 | |||||||||||||||||||||||||||||||
Variable lease cost(a)
|
1.8 | 3.9 | 6.9 | 10.0 | |||||||||||||||||||||||||||||||
Net lease cost | $ | 5.9 | $ | 9.2 | $ | 16.2 | $ | 20.6 |
June 30, 2020 | Operating Leases | Finance Leases | Total | ||||||||||||||||||||
Remainder of 2020 | $ | 4.5 | $ | 1.0 | $ | 5.5 | |||||||||||||||||
2021 | 10.0 | 1.5 | 11.5 | ||||||||||||||||||||
2022 | 7.4 | 0.9 | 8.3 | ||||||||||||||||||||
2023 | 6.3 | 0.9 | 7.2 | ||||||||||||||||||||
2024 | 5.2 | 0.8 | 6.0 | ||||||||||||||||||||
After 2024 | 22.4 | 2.6 | 25.0 | ||||||||||||||||||||
Total lease payments | 55.8 | 7.7 | 63.5 | ||||||||||||||||||||
Less: Interest | (9.7) | (1.5) | (11.2) | ||||||||||||||||||||
Present value of lease liabilities | $ | 46.1 | $ | 6.2 | $ | 52.3 |
June 30, 2020 | December 31, 2019 | ||||||||||
Weighted-average remaining lease term (years) | |||||||||||
Operating leases | 7.9 | 7.7 | |||||||||
Finance leases | 6.3 | 7.2 | |||||||||
Weighted-average discount rate | |||||||||||
Operating leases | 4.3 | % | 4.3 | % | |||||||
Finance leases | 7.1 | % | 7.6 | % |
Six Months Ended
June 30, |
||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||||||||
Operating cash flows from operating leases | $ | 7.9 | $ | 9.8 | ||||||||||||||||
Operating cash flows from finance leases | 0.3 | 0.3 | ||||||||||||||||||
Financing cash flows from finance leases | 1.0 | 0.6 | ||||||||||||||||||
Leased assets obtained in exchange for new operating lease liabilities | 0.4 | 2.6 | ||||||||||||||||||
Leased assets obtained in exchange for new finance lease liabilities | 1.2 | 0.1 |
June 30,
2020 |
December 31,
2019 |
||||||||||
Finished goods | $ | 250.0 | $ | 235.3 | |||||||
Raw materials and supplies | 75.1 | 76.2 | |||||||||
Total inventories | $ | 325.1 | $ | 311.5 |
June 30,
2020 |
December 31,
2019 |
||||||||||
Land, buildings and structures, and leasehold improvements | $ | 603.9 | $ | 596.0 | |||||||
Machinery and equipment | 1,003.9 | 1,001.9 | |||||||||
Office furniture and equipment | 62.3 | 60.7 | |||||||||
Mineral interests | 167.8 | 171.1 | |||||||||
Construction in progress | 76.4 | 141.3 | |||||||||
1,914.3 | 1,971.0 | ||||||||||
Less accumulated depreciation and depletion | (966.3) | (940.2) | |||||||||
Property, plant and equipment, net | $ | 948.0 | $ | 1,030.8 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
|||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
Aggregate amortization expense | $ | 2.7 | $ | 3.4 | $ | 5.9 | $ | 7.0 |
June 30,
2020 |
December 31,
2019 |
||||||||||
Goodwill - Plant Nutrition North America Segment | $ | 52.8 | $ | 55.4 | |||||||
Goodwill - Plant Nutrition South America Segment | 206.3 | 281.6 | |||||||||
Other | 5.8 | 6.0 | |||||||||
Total | $ | 264.9 | $ | 343.0 |
June 30,
2020 |
December 31,
2019 |
||||||||||
4.875% Senior Notes due July 2024 | $ | 250.0 | $ | 250.0 | |||||||
Term Loan due January 2025 | 395.0 | 400.0 | |||||||||
Revolving Credit Facility due January 2025 | 59.0 | 160.0 | |||||||||
6.75% Senior Notes due December 2027 | 500.0 | 500.0 | |||||||||
3.7% Banco Itaú loan due March 2020 | — | 15.4 | |||||||||
Banco Santander loan due October 2020 | 11.8 | 16.2 | |||||||||
Banco Itaú loan due February 2021 | 9.5 | — | |||||||||
Banco Rabobank loan due July 2021 | 12.7 | 17.4 | |||||||||
Banco Santander loan due September 2021 | 14.6 | 19.9 | |||||||||
Banco do Brasil loan due September 2021 | 9.1 | 12.4 | |||||||||
Banco Rabobank loan due November 2021 | 12.7 | 17.4 | |||||||||
Banco Santander loan due December 2021 | 10.9 | 14.9 | |||||||||
Banco Votorantim loan due February 2022 | 7.3 | — | |||||||||
Banco Santander loan due March 2022 | 2.7 | — | |||||||||
Financiadora de Estudos e Projetos loan due November 2023 | 4.6 | 7.2 | |||||||||
1,299.9 | 1,430.8 | ||||||||||
Less unamortized debt issuance costs | (13.4) | (14.8) | |||||||||
Total debt | 1,286.5 | 1,416.0 | |||||||||
Less current portion | (39.0) | (52.1) | |||||||||
Long-term debt | $ | 1,247.5 | $ | 1,363.9 | |||||||
Three Months Ended June 30, 2020 | Salt |
Plant
Nutrition North America |
Plant
Nutrition South America |
Corporate
& Other(a)
|
Total | |||||||||||||||||||||||||||
Sales to external customers | $ | 121.8 | $ | 55.1 | $ | 76.9 | $ | 2.3 | $ | 256.1 | ||||||||||||||||||||||
Intersegment sales | — | 2.4 | 0.2 | (2.6) | — | |||||||||||||||||||||||||||
Shipping and handling cost | 29.7 | 7.6 | 3.2 | — | 40.5 | |||||||||||||||||||||||||||
Operating earnings (loss) | 29.7 | 5.1 | 8.9 | (19.2) | 24.5 | |||||||||||||||||||||||||||
Depreciation, depletion and amortization | 17.2 | 10.2 | 4.4 | 3.1 | 34.9 | |||||||||||||||||||||||||||
Total assets (as of end of period) | 943.2 | 545.0 | 553.8 | 43.8 | 2,085.8 |
Three Months Ended June 30, 2019 | Salt |
Plant
Nutrition North America |
Plant
Nutrition South America |
Corporate
& Other(a)
|
Total | |||||||||||||||||||||||||||
Sales to external customers | $ | 112.6 | $ | 48.1 | $ | 82.1 | $ | 2.4 | $ | 245.2 | ||||||||||||||||||||||
Intersegment sales | — | 2.6 | 1.1 | (3.7) | — | |||||||||||||||||||||||||||
Shipping and handling cost | 37.6 | 6.5 | 3.9 | — | 48.0 | |||||||||||||||||||||||||||
Operating earnings (loss) | 14.6 | 4.6 | 1.7 | (16.8) | 4.1 | |||||||||||||||||||||||||||
Depreciation, depletion and amortization | 14.8 | 10.9 | 5.4 | 2.8 | 33.9 | |||||||||||||||||||||||||||
Total assets (as of end of period) | 905.2 | 565.3 | 731.5 | 118.9 | 2,320.9 |
Six Months Ended June 30, 2020 | Salt |
Plant
Nutrition North America |
Plant
Nutrition South America |
Corporate
& Other(a)
|
Total | |||||||||||||||||||||||||||
Sales to external customers | $ | 409.6 | $ | 115.7 | $ | 139.7 | $ | 5.0 | $ | 670.0 | ||||||||||||||||||||||
Intersegment sales | — | 2.7 | 0.3 | (3.0) | — | |||||||||||||||||||||||||||
Shipping and handling cost | 119.5 | 16.6 | 6.2 | — | 142.3 | |||||||||||||||||||||||||||
Operating earnings (loss) | 86.6 | 10.3 | 9.2 | (37.4) | 68.7 | |||||||||||||||||||||||||||
Depreciation, depletion and amortization | 31.8 | 20.7 | 9.4 | 6.1 | 68.0 |
Six Months Ended June 30, 2019 | Salt |
Plant
Nutrition North America |
Plant
Nutrition South America |
Corporate
& Other(a)
|
Total | |||||||||||||||||||||||||||
Sales to external customers | $ | 419.0 | $ | 85.3 | $ | 139.8 | $ | 4.8 | $ | 648.9 | ||||||||||||||||||||||
Intersegment sales | — | 3.1 | 2.6 | (5.7) | — | |||||||||||||||||||||||||||
Shipping and handling cost | 141.3 | 12.5 | 7.1 | — | 160.9 | |||||||||||||||||||||||||||
Operating earnings (loss) | 66.9 | 3.0 | (0.9) | (31.7) | 37.3 | |||||||||||||||||||||||||||
Depreciation, depletion and amortization | 30.1 | 22.5 | 11.0 | 5.3 | 68.9 |
Three Months Ended June 30, 2020 | Salt |
Plant
Nutrition North America |
Plant
Nutrition South America |
Corporate
& Other(a)
|
Total | |||||||||||||||||||||||||||
Highway Deicing Salt | $ | 61.6 | $ | — | $ | — | $ | — | $ | 61.6 | ||||||||||||||||||||||
Consumer & Industrial Salt | 60.2 | — | — | — | 60.2 | |||||||||||||||||||||||||||
SOP and Specialty Plant Nutrients | — | 57.5 | 61.5 | — | 119.0 | |||||||||||||||||||||||||||
Industrial Chemicals | — | — | 15.6 | — | 15.6 | |||||||||||||||||||||||||||
Eliminations & Other | — | (2.4) | (0.2) | 2.3 | (0.3) | |||||||||||||||||||||||||||
Sales to external customers | $ | 121.8 | $ | 55.1 | $ | 76.9 | $ | 2.3 | $ | 256.1 |
Three Months Ended June 30, 2019 | Salt |
Plant
Nutrition North America |
Plant
Nutrition South America |
Corporate
& Other(a)
|
Total | |||||||||||||||||||||||||||
Highway Deicing Salt | $ | 46.9 | $ | — | $ | — | $ | — | $ | 46.9 | ||||||||||||||||||||||
Consumer & Industrial Salt | 65.7 | — | — | — | 65.7 | |||||||||||||||||||||||||||
SOP and Specialty Plant Nutrients | — | 50.7 | 61.9 | — | 112.6 | |||||||||||||||||||||||||||
Industrial Chemicals | — | — | 21.3 | — | 21.3 | |||||||||||||||||||||||||||
Eliminations & Other | — | (2.6) | (1.1) | 2.4 | (1.3) | |||||||||||||||||||||||||||
Sales to external customers | $ | 112.6 | $ | 48.1 | $ | 82.1 | $ | 2.4 | $ | 245.2 |
Six Months Ended June 30, 2020 | Salt |
Plant
Nutrition North America |
Plant
Nutrition South America |
Corporate
& Other(a)
|
Total | |||||||||||||||||||||||||||
Highway Deicing Salt | $ | 276.7 | $ | — | $ | — | $ | — | $ | 276.7 | ||||||||||||||||||||||
Consumer & Industrial Salt | 132.9 | — | — | — | 132.9 | |||||||||||||||||||||||||||
SOP and Specialty Plant Nutrients | — | 118.4 | 102.6 | — | 221.0 | |||||||||||||||||||||||||||
Industrial Chemicals | — | — | 37.4 | — | 37.4 | |||||||||||||||||||||||||||
Eliminations & Other | — | (2.7) | (0.3) | 5.0 | 2.0 | |||||||||||||||||||||||||||
Sales to external customers | $ | 409.6 | $ | 115.7 | $ | 139.7 | $ | 5.0 | $ | 670.0 |
Six Months Ended June 30, 2019 | Salt |
Plant
Nutrition North America |
Plant
Nutrition South America |
Corporate
& Other(a)
|
Total | |||||||||||||||||||||||||||
Highway Deicing Salt | $ | 265.6 | $ | — | $ | — | $ | — | $ | 265.6 | ||||||||||||||||||||||
Consumer & Industrial Salt | 153.4 | — | — | — | 153.4 | |||||||||||||||||||||||||||
SOP and Specialty Plant Nutrients | — | 88.4 | 98.5 | — | 186.9 | |||||||||||||||||||||||||||
Industrial Chemicals | — | — | 43.9 | — | 43.9 | |||||||||||||||||||||||||||
Eliminations & Other | — | (3.1) | (2.6) | 4.8 | (0.9) | |||||||||||||||||||||||||||
Sales to external customers | $ | 419.0 | $ | 85.3 | $ | 139.8 | $ | 4.8 | $ | 648.9 |
Revenue | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | ||||||||||||
United States(a)
|
$ | 147.7 | $ | 405.6 | ||||||||||
Canada | 24.2 | 101.6 | ||||||||||||
Brazil | 74.6 | 136.8 | ||||||||||||
United Kingdom | 5.3 | 17.0 | ||||||||||||
Other | 4.3 | 9.0 | ||||||||||||
Total revenue | $ | 256.1 | $ | 670.0 |
Revenue | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||||||||
United States(a)
|
$ | 128.3 | $ | 366.6 | ||||||||||
Canada | 27.9 | 115.3 | ||||||||||||
Brazil | 79.0 | 134.7 | ||||||||||||
United Kingdom | 5.7 | 23.0 | ||||||||||||
Other | 4.3 | 9.3 | ||||||||||||
Total revenue | $ | 245.2 | $ | 648.9 |
Fair value of options granted | $10.91 | ||||
Exercise price | $58.91 | ||||
Expected term (years) | 4.75 | ||||
Expected volatility | 29.3% | ||||
Dividend yield | 3.5% | ||||
Risk-free rate of return | 1.6% |
Stock Options | RSUs |
PSUs(a)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number |
Weighted-average
exercise price |
Number |
Weighted-average
fair value |
Number |
Weighted-average
fair value |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding at December 31, 2019 | 887,867 | $ | 64.21 | 217,413 | $ | 52.07 | 179,397 | $ | 61.43 | |||||||||||||||||||||||||||||||||||||||||||||||
Granted | 94,945 | 58.91 | 87,087 | 58.19 | 69,635 | 82.38 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exercised(b)
|
— | — | — | — | (11,575) | 78.87 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Released from restriction(b)
|
— | — | (38,835) | 55.23 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cancelled/expired | (70,181) | 71.56 | (23,494) | 50.74 | (31,869) | 68.34 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2020 | 912,631 | $ | 63.09 | 242,171 | $ | 53.90 | 205,588 | $ | 66.48 |
Three Months Ended June 30, 2020(a)
|
Gains and
(Losses) on Cash Flow Hedges |
Defined
Benefit Pension |
Foreign
Currency |
Total | |||||||||||||||||||
Beginning balance | $ | (0.5) | $ | (6.7) | $ | (358.1) | $ | (365.3) | |||||||||||||||
Other comprehensive income before reclassifications(b)
|
0.9 | — | 2.1 | 3.0 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
(0.2) | 0.2 | — | — | |||||||||||||||||||
Net current period other comprehensive income | 0.7 | 0.2 | 2.1 | 3.0 | |||||||||||||||||||
Ending balance | $ | 0.2 | $ | (6.5) | $ | (356.0) | $ | (362.3) |
Three Months Ended June 30, 2019(a)
|
Gains and
(Losses) on Cash Flow Hedges |
Defined
Benefit Pension |
Foreign
Currency |
Total | |||||||||||||||||||
Beginning balance | $ | (0.6) | $ | (4.4) | $ | (191.2) | $ | (196.2) | |||||||||||||||
Other comprehensive (loss) income before reclassifications(b)
|
(0.3) | — | 18.3 | 18.0 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
(0.1) | 0.1 | — | — | |||||||||||||||||||
Net current period other comprehensive (loss) income | (0.4) | 0.1 | 18.3 | 18.0 | |||||||||||||||||||
Ending balance | $ | (1.0) | $ | (4.3) | $ | (172.9) | $ | (178.2) |
Six Months Ended June 30, 2020(a)
|
Gains and
(Losses) on Cash Flow Hedges |
Defined
Benefit Pension |
Foreign
Currency |
Total | |||||||||||||||||||
Beginning balance | $ | (0.6) | $ | (6.9) | $ | (184.6) | $ | (192.1) | |||||||||||||||
Other comprehensive income (loss) before reclassifications(b)
|
3.6 | — | (171.4) | (167.8) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
(2.8) | 0.4 | — | (2.4) | |||||||||||||||||||
Net current period other comprehensive (loss) | 0.8 | 0.4 | (171.4) | (170.2) | |||||||||||||||||||
Ending balance | $ | 0.2 | $ | (6.5) | $ | (356.0) | $ | (362.3) |
Six Months Ended June 30, 2019(a)
|
Gains and (Losses) on Cash Flow Hedges | Defined Benefit Pension | Foreign Currency | Total | |||||||||||||||||||
Beginning balance | $ | (0.7) | $ | (4.5) | $ | (205.7) | $ | (210.9) | |||||||||||||||
Other comprehensive (loss) income before reclassifications(b)
|
(0.1) | — | 32.8 | 32.7 | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
(0.2) | 0.2 | — | — | |||||||||||||||||||
Net current period other comprehensive (loss) income | (0.3) | 0.2 | 32.8 | 32.7 | |||||||||||||||||||
Ending balance | $ | (1.0) | $ | (4.3) | $ | (172.9) | $ | (178.2) | |||||||||||||||
Amount Reclassified from AOCL | |||||||||||||||||||||||
Three Months Ended
June 30, 2020 |
Six Months Ended
June 30, 2020 |
Line Item Impacted in the
Consolidated Statements of Operations |
|||||||||||||||||||||
Gains (losses) on cash flow hedges: | |||||||||||||||||||||||
Natural gas instruments | $ | (0.3) | $ | (0.6) | Product cost | ||||||||||||||||||
Foreign currency contracts | — | (3.6) | Interest expense | ||||||||||||||||||||
Income tax expense | 0.1 | 1.4 | |||||||||||||||||||||
Reclassifications, net of income taxes | (0.2) | (2.8) | |||||||||||||||||||||
Amortization of defined benefit pension: | |||||||||||||||||||||||
Amortization of loss | $ | 0.2 | $ | 0.4 | Product cost | ||||||||||||||||||
Reclassifications, net of income taxes | 0.2 | 0.4 | |||||||||||||||||||||
Total reclassifications, net of income taxes | $ | — | $ | (2.4) |
Amount Reclassified from AOCL | |||||||||||||||||||||||
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | Line Item Impacted in the Consolidated Statements of Operations | |||||||||||||||||||||
Gains (losses) on cash flow hedges: | |||||||||||||||||||||||
Natural gas instruments | $ | (0.1) | $ | (0.2) | Product cost | ||||||||||||||||||
Foreign currency contracts | — | (0.1) | Interest expense | ||||||||||||||||||||
Income tax expense | — | 0.1 | |||||||||||||||||||||
Reclassifications, net of income taxes | (0.1) | (0.2) | |||||||||||||||||||||
Amortization of defined benefit pension: | |||||||||||||||||||||||
Amortization of loss | $ | 0.1 | $ | 0.2 | Product cost | ||||||||||||||||||
Reclassifications, net of income taxes | 0.1 | 0.2 | |||||||||||||||||||||
Total reclassifications, net of income taxes | $ | — | $ | — | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | Consolidated Balance Sheets Location | June 30, 2020 | Consolidated Balance Sheets Location | June 30, 2020 | ||||||||||||||||||||||||||||||||||
Commodity contracts
|
Other current assets | $ | 0.5 | Accrued expenses and other current liabilities | $ | 0.7 | ||||||||||||||||||||||||||||||||
Commodity contracts
|
Other assets | 0.1 | Other noncurrent liabilities | 0.1 | ||||||||||||||||||||||||||||||||||
Swap contracts
|
Other current assets | 2.2 | Accrued expenses and other current liabilities | — | ||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments(a)(b)
|
$ | 2.8 | $ | 0.8 |
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | Consolidated Balance Sheets Location | December 31, 2019 | Consolidated Balance Sheets Location | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Commodity contracts
|
Other current assets | $ | 0.3 | Accrued expenses and other current liabilities | $ | 0.8 | ||||||||||||||||||||||||||||||||
Commodity contracts
|
Other assets | 0.1 | Other noncurrent liabilities | 0.2 | ||||||||||||||||||||||||||||||||||
Swap contracts
|
Other current assets | 2.8 | Accrued expenses and other current liabilities | — | ||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments(a)(b)
|
$ | 3.2 | $ | 1.0 | ||||||||||||||||||||||||||||||||||
June 30,
2020 |
Level One | Level Two | Level Three | ||||||||||||||||||||
Asset Class: | |||||||||||||||||||||||
Mutual fund investments in a non-qualified savings plan(a)
|
$ | 1.6 | $ | 1.6 | $ | — | $ | — | |||||||||||||||
Derivatives – foreign currency contracts, net | 2.2 | — | 2.2 | — | |||||||||||||||||||
Total Assets | $ | 3.8 | $ | 1.6 | $ | 2.2 | $ | — | |||||||||||||||
Liability Class: | |||||||||||||||||||||||
Liabilities related to non-qualified savings plan | $ | (1.6) | $ | (1.6) | $ | — | $ | — | |||||||||||||||
Derivatives – natural gas instruments, net | (0.2) | — | (0.2) | — | |||||||||||||||||||
Total Liabilities | $ | (1.8) | $ | (1.6) | $ | (0.2) | $ | — |
December 31,
2019 |
Level One |
Level Two |
Level Three |
||||||||||||||||||||
Asset Class: | |||||||||||||||||||||||
Mutual fund investments in a non-qualified savings plan(a)
|
$ | 1.4 | $ | 1.4 | $ | — | $ | — | |||||||||||||||
Derivatives – foreign currency contracts, net | 2.8 | — | 2.8 | — | |||||||||||||||||||
Total Assets | $ | 4.2 | $ | 1.4 | $ | 2.8 | $ | — | |||||||||||||||
Liability Class: | |||||||||||||||||||||||
Liabilities related to non-qualified savings plan | $ | (1.4) | $ | (1.4) | $ | — | $ | — | |||||||||||||||
Derivatives – natural gas instruments, net | (0.6) | — | (0.6) | — | |||||||||||||||||||
Total Liabilities | $ | (2.0) | $ | (1.4) | $ | (0.6) | $ | — |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||||||||
Net earnings (loss) | $ | 1.7 | $ | (11.8) | $ | 29.3 | $ | (4.2) | |||||||||||||||||||||||||||
Less: net earnings allocated to participating securities(a)
|
(0.4) | (0.3) | (0.8) | (0.5) | |||||||||||||||||||||||||||||||
Net earnings (loss) available to common shareholders | $ | 1.3 | $ | (12.1) | $ | 28.5 | $ | (4.7) | |||||||||||||||||||||||||||
Denominator (in thousands): | |||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding, shares for basic earnings per share
|
33,915 | 33,883 | 33,903 | 33,878 | |||||||||||||||||||||||||||||||
Weighted-average awards outstanding(b)
|
— | — | — | — | |||||||||||||||||||||||||||||||
Shares for diluted earnings per share | 33,915 | 33,883 | 33,903 | 33,878 | |||||||||||||||||||||||||||||||
Net earnings (loss) per common share, basic | $ | 0.04 | $ | (0.36) | $ | 0.85 | $ | (0.14) | |||||||||||||||||||||||||||
Net earnings (loss) per common share, diluted | $ | 0.04 | $ | (0.36) | $ | 0.84 | $ | (0.14) |
2Q 2020 | 2Q 2019 | 2020 YTD | 2019 YTD | ||||||||||||||||||||
Salt Sales (in millions) | $ | 121.8 | $ | 112.6 | $ | 409.6 | $ | 419.0 | |||||||||||||||
Salt Operating Earnings (in millions) | $ | 29.7 | $ | 14.6 | $ | 86.6 | $ | 66.9 | |||||||||||||||
Salt Sales Volumes (thousands of tons) | |||||||||||||||||||||||
Highway deicing | 1,021 | 865 | 4,125 | 4,408 | |||||||||||||||||||
Consumer and industrial | 400 | 438 | 869 | 989 | |||||||||||||||||||
Total tons sold | 1,421 | 1,303 | 4,994 | 5,397 | |||||||||||||||||||
Average Salt Sales Price (per ton) | |||||||||||||||||||||||
Highway deicing | $ | 60.32 | $ | 54.17 | $ | 67.08 | $ | 60.25 | |||||||||||||||
Consumer and industrial | $ | 150.77 | $ | 150.02 | $ | 152.97 | $ | 155.15 | |||||||||||||||
Combined | $ | 85.77 | $ | 86.41 | $ | 82.02 | $ | 77.63 |
2Q 2020 | 2Q 2019 | 2020 YTD | 2019 YTD | ||||||||||||||||||||
Plant Nutrition North America Sales (in millions) | $ | 55.1 | $ | 48.1 | $ | 115.7 | $ | 85.3 | |||||||||||||||
Plant Nutrition North America Operating Earnings (in millions) | $ | 5.1 | $ | 4.6 | $ | 10.3 | $ | 3.0 | |||||||||||||||
Plant Nutrition North America Sales Volumes (thousands of tons) | 89 | 74 | 185 | 131 | |||||||||||||||||||
Plant Nutrition North America Average Sales Price (per ton) | $ | 618 | $ | 649 | $ | 625 | $ | 652 |
2Q 2020 | 2Q 2019 | 2020 YTD | 2019 YTD | ||||||||||||||||||||
Plant Nutrition South America Sales (in millions) | $ | 76.9 | $ | 82.1 | $ | 139.7 | $ | 139.8 | |||||||||||||||
Plant Nutrition South America Operating Earnings (Loss) (in millions) | $ | 8.9 | $ | 1.7 | $ | 9.2 | $ | (0.9) | |||||||||||||||
Plant Nutrition South America Sales Volumes (thousands of tons) | |||||||||||||||||||||||
Agricultural productivity | 127 | 109 | 195 | 161 | |||||||||||||||||||
Chemical solutions | 85 | 80 | 175 | 162 | |||||||||||||||||||
Total tons sold | 212 | 189 | 370 | 323 | |||||||||||||||||||
Average Plant Nutrition South America Sales Price (per ton) | |||||||||||||||||||||||
Agricultural productivity | $ | 483 | $ | 556 | $ | 524 | $ | 596 | |||||||||||||||
Chemical solutions | $ | 184 | $ | 266 | $ | 214 | $ | 270 | |||||||||||||||
Combined | $ | 363 | $ | 433 | $ | 377 | $ | 432 |
SIX MONTHS ENDED JUNE 30, 2020 | SIX MONTHS ENDED JUNE 30, 2019 | |||||||
Operating Activities:
|
||||||||
» Net earnings were $29.3 million.
|
» Net loss was $4.2 million.
|
|||||||
» Non-cash depreciation and amortization expense was $68.0 million.
|
» Non-cash depreciation and amortization expense was $68.9 million.
|
|||||||
» Working capital items were a source of operating cash flows of $132.0 million.
|
» Working capital items were a source of operating cash flows of $42.4 million.
|
|||||||
Investing Activities:
|
||||||||
» Net cash flows used by investing activities included $42.7 million of capital expenditures.
|
» Net cash flows used by investing activities included $49.8 million of capital expenditures.
|
|||||||
Financing Activities:
|
||||||||
» Net cash flows used by financing activities included the payment of dividends of $49.5 million.
|
» Net cash flows used by financing activities included the payment of dividends of $49.2 million.
|
|||||||
» In addition, we had net payments on our debt $100.5 million.
|
» In addition, we had net payments on our debt of $17.9 million
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Net earnings (loss) | $ | 1.7 | $ | (11.8) | $ | 29.3 | $ | (4.2) | |||||||||||||||||||||||||||
Interest expense | 17.2 | 16.8 | 36.2 | 33.0 | |||||||||||||||||||||||||||||||
Income tax expense (benefit) | 1.2 | (4.4) | 12.9 | 0.5 | |||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 34.9 | 33.9 | 68.0 | 68.9 | |||||||||||||||||||||||||||||||
EBITDA | 55.0 | 34.5 | 146.4 | 98.2 | |||||||||||||||||||||||||||||||
Adjustments to EBITDA: | |||||||||||||||||||||||||||||||||||
Stock-based compensation - non cash | 2.7 | 2.3 | 5.1 | 3.4 | |||||||||||||||||||||||||||||||
Loss (gain) on foreign exchange | 5.0 | 4.1 | (9.3) | 9.0 | |||||||||||||||||||||||||||||||
Logistics impact from flooding | — | 2.8 | — | 2.8 | |||||||||||||||||||||||||||||||
Other income, net | (0.4) | (0.5) | (0.3) | (1.0) | |||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 62.3 | $ | 43.2 | $ | 141.9 | $ | 112.4 |
Exhibit
No. |
Exhibit Description | |||||||||||||
3.1 | Amended and Restated Certificate of Incorporation of Compass Minerals International, Inc., as amended by the Certificate of Amendment, dated May 15, 2020 (incorporated herein by reference to Exhibit 3.1 to Compass Minerals International, Inc.’s Current Report on Form 8-K filed on May 19, 2020). | |||||||||||||
3.2 | Amended and Restated By-Laws of Compass Minerals International, Inc., effective as of May 15, 2020 (incorporated herein by reference to Exhibit 3.2 to Compass Minerals International, Inc.’s Current Report on Form 8-K filed on May 19, 2020). | |||||||||||||
10.4 | Compass Minerals International, Inc. 2020 Incentive Award Plan (incorporated herein by reference to Exhibit 99.1 to Compass Minerals International Inc.’s Registration Statement on File S-8, File No. 333-238252). | |||||||||||||
10.8 | 2020 Rules, Policies and Procedures for Equity Awards Granted to Employees (incorporated herein by reference to Exhibit 10.2 to Compass Minerals International, Inc.’s Current Report on Form 8-K filed on May 19, 2020). | |||||||||||||
10.9 | Amended and Restated Compass Minerals International, Inc. Executive Severance Plan, effective May 15, 2020 (incorporated herein by reference to Exhibit 10.3 to Compass Minerals International, Inc.’s Current Report on Form 8-K filed on May 19, 2020). | |||||||||||||
10.10 | 2020 Form of Change in Control Severance Agreement (incorporated herein by reference to Exhibit 10.4 to Compass Minerals International, Inc.’s Current Report on Form 8-K filed on May 19, 2020). | |||||||||||||
10.11 | 2020 Form of Restrictive Covenant Agreement (incorporated herein by reference to Exhibit 10.5 to Compass Minerals International, Inc.’s Current Report on Form 8-K filed on May 19, 2020). | |||||||||||||
10.12 | Receivables Financing Agreement, dated June 30, 2020, among Compass Minerals Receivables LLC, Compass Minerals America Inc., PNC Bank, National Association, the lenders party thereto and PNC Capital Markets, LLC (incorporated herein by reference to Exhibit 10.1 to Compass Minerals International, Inc.’s Current Report on Form 8-K filed on July 1, 2020). | |||||||||||||
10.13 | Purchase and Sale Agreement, dated June 30, 2020, among Compass Minerals Receivables LLC, Compass Minerals America Inc. and Compass Minerals USA Inc.(incorporated herein by reference to Exhibit 10.2 to Compass Minerals International, Inc.’s Current Report on Form 8-K filed on July 1, 2020). | |||||||||||||
10.14 | Performance Guaranty, dated June 30, 2020, made by Compass Minerals International, Inc. in favor of PNC Bank, National Association.(incorporated herein by reference to Exhibit 10.3 to Compass Minerals International, Inc.’s Current Report on Form 8-K filed on July 1, 2020). | |||||||||||||
101** | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Stockholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) the Notes to the Consolidated Financial Statements. | |||||||||||||
104 | Cover Page Interactive Data File (contained in Exhibit 101). | |||||||||||||
* Filed herewith
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** Furnished herewith
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COMPASS MINERALS INTERNATIONAL, INC. | ||||||||||||||
Date: August 5, 2020 | By: | /s/ James D. Standen | ||||||||||||
James D. Standen | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial and Accounting Officer) |
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Exhibit 10.1
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Exhibit 10.2 |
COMPASS MINERALS INTERNATIONAL, INC.
2020 INCENTIVE AWARD PLAN
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Exhibit 10.3 |
COMPASS MINERALS INTERNATIONAL, INC.
2020 INCENTIVE AWARD PLAN |
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COMPASS MINERALS INTERNATIONAL, INC.
2020 INCENTIVE AWARD PLAN |
Participant: | _______________________ | ||||
Grant Date: | _______________________ | ||||
Exercise Price per Share: | _______________________ | ||||
Shares Subject to the Options: | _______________________ | ||||
Final Expiration Date: | _______________________ | ||||
Vesting Commencement Date: | Same date as Grant Date | ||||
Vesting Schedule: | Subject to the Rules, the Options will vest and become exercisable [to be specified in individual grant notices] | ||||
Type of Option: | Non-Qualified Stock Option |
COMPASS MINERALS INTERNATIONAL, INC.
2020 INCENTIVE AWARD PLAN |
Participant:
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_______________________ | ||||
Grant Date: | _______________________ | ||||
Number of RSUs: | _______________________ | ||||
Vesting Schedule: |
Subject to the Rules and to the achievement of the Performance Hurdle / Performance Goal set forth below, the RSUs will vest on [to be specified in individual grant notices] ([the] [each, a] “Vesting Date”).
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Dividend Equivalents: | Participant will be entitled to receive Dividend Equivalents in accordance with terms set forth in the Rules. | ||||
Payment: | Subject to the Rules, the Participant will receive a number of shares of Common Stock (in either certificate or book entry form) equal to the number of RSUs subject to this Grant Notice within 45 days following [the Vesting Date] [any vesting on such Vesting Date]; provided, however, that if the Participant’s service with the Company and its Subsidiaries ends prior to [the] [any] Vesting Date under circumstances that entitle the Participant to payment under the Rules, then the time of payment and the number of shares that the Participant will receive will be determined in accordance with the Rules. | ||||
[Performance Hurdle / Performance Goal:] |
[The Company must achieve $_________ or more of EBITDA, as determined by the Compensation Committee of the Company’s Board of Directors, for 20__.]
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COMPASS MINERALS INTERNATIONAL, INC.
2020 INCENTIVE AWARD PLAN |
Participant:
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_______________________ | ||||
Grant Date: | _______________________ | ||||
Number of PSUs: | _______________________ | ||||
Vesting Schedule: |
Subject to achievement of the Performance Criteria set forth below, and subject to the Rules, the PSUs will vest on [to be specified in individual grant notices] ([the] [each, a] “Vesting Date”).
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Dividend Equivalents: |
Participant will be entitled to receive Dividend Equivalents (as such term is defined in the Plan) in accordance with the terms set forth in the Rules.
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Payment: |
Subject to the Rules, the Participant will receive a number of shares of Common Stock (in either certificate or book entry form) equal to the number of PSUs with respect to which the Performance Criteria have been satisfied within 45 days following [the Vesting Date] [[and vesting on such Vesting Date] (but in no event prior to the date the Compensation Committee of the Company’s Board of Directors determines the extent to which the Performance Criteria has been satisfied); provided, however, that if the Participant’s incurs a Termination of Service prior to [the] [any] Vesting Date under circumstances that entitle the Participant to payment under the Rules, then the time of payment and the number of shares that the Participant will receive will be determined in accordance with the Rules. For the avoidance of doubt, if the Participant incurs a Termination of Service on or following any Vesting Date but prior to the date the Compensation Committee of the Company’s Board of Directors determines the extent to which the Performance Criteria have been satisfied, the Participant will be eligible to receive a payment of shares of Common Stock hereunder with respect to the PSUs that became vested on such Vesting Date, to the extent earned hereunder.
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Performance Period and
Performance Criteria: |
The Company must achieve the following:
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Performance Period | rTSR Performance Criteria | ||||||||||||||||
[_____] |
The PSUs earned for the Performance Period will be
based on the Company’s total shareholder return (“TSR”) compared to the TSR of the companies comprising the Company’s peer group (as approved by the Compensation Committee of the Company’s Board of Directors) over such Performance Period. |
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Benchmarking
Ranking |
Percentage of PSUs
Earned |
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[_____] | [_____] | ||||||||||||||||
Benchmark and earned percentages will be interpolated on a straight line basis |
Date: August 5, 2020 | By: | /s/ Kevin S. Crutchfield | |||||||||
Kevin S. Crutchfield | |||||||||||
President and Chief Executive Officer |
Date: August 5, 2020 | By: | /s/ James D. Standen | |||||||||
James D. Standen | |||||||||||
Chief Financial Officer |
Date: August 5, 2020 | By: | /s/ Kevin S. Crutchfield | ||||||
Kevin S. Crutchfield | ||||||||
President and Chief Executive Officer | ||||||||
By: | /s/ James D. Standen | |||||||
James D. Standen | ||||||||
Chief Financial Officer |
Mine Name/
Mine I.D. Number |
Section 104 S&S Citations & Orders1
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Section 104(b) Orders2
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Section 104(d)
Citations & Orders3
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Section 110(b)(2) Violations4
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Section 107(a) Orders5
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Total Dollar Value of MSHA Proposed Assessments
(Actual Amount) |
Total Number of Mining Related Fatalities |
Received Notice of Pattern of Violations under Section 104(e)
(Yes/No)6
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Legal Actions Pending as of Last Day of Period7
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Legal Actions Initiated During Period7
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Legal Actions Resolved During Period | ||||||||||||||||||||||||
Cote Blanche Mine/16-00358 | 1 | 0 | 0 | 0 | 0 | $26,216 | 0 | No | 2 | 2 | 0 |