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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☑  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________________ to __________________________
Commission File Number 001-31921
CMPlogo.jpg
Compass Minerals International, Inc.
(Exact name of registrant as specified in its charter)
Delaware36-3972986
(State or other jurisdiction of
 incorporation or organization)
(I.R.S. Employer
Identification Number)
9900 West 109th Street
Suite 100
Overland Park, KS 66210
(913) 344-9200
(Address of principal executive offices, zip code and telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, $0.01 par valueCMPThe 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 such files).
Yes☑No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
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☑
The number of shares outstanding of the registrant’s common stock, $0.01 par value per share, as of May 10, 2024, was 41,333,826 shares.

COMPASS MINERALS INTERNATIONAL, INC.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATIONPage
PART II. OTHER INFORMATION

1
COMPASS MINERALS INTERNATIONAL, INC.
PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
(Unaudited)
 March 31,
2024		September 30,
2023
ASSETS
Current assets:
Cash and cash equivalents$40.0 $38.7 
Receivables, less allowance for doubtful accounts of $2.2 at March 31, 2024 and $2.3 at September 30, 2023
143.0 129.5 
Inventories367.7 392.2 
Other47.4 33.4 
Total current assets598.1 593.8 
Property, plant and equipment, net793.5 852.2 
Intangible assets, net102.0 120.0 
Goodwill5.9 96.8 
Other152.6 155.2 
Total assets$1,652.1 $1,818.0 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt$5.0 $5.0 
Accounts payable88.5 116.8 
Accrued salaries and wages18.7 25.7 
Income taxes payable13.9 16.5 
Accrued interest12.9 12.9 
Accrued expenses and other current liabilities61.9 98.9 
Total current liabilities200.9 275.8 
Long-term debt, net of current portion872.2 800.3 
Deferred income taxes, net59.6 58.5 
Other noncurrent liabilities131.7 166.2 
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock: $0.01 par value, 200,000,000 authorized shares; 42,197,964 issued shares at March 31, 2024 and September 30, 2023
$0.4 $0.4 
Additional paid-in capital419.7 413.1 
Treasury stock, at cost — 865,027 shares at March 31, 2024 and 1,038,168 shares at September 30, 2023
(10.1)(8.7)
Retained earnings81.3 217.1 
Accumulated other comprehensive loss(103.6)(104.7)
Total stockholders’ equity387.7 517.2 
Total liabilities and stockholders’ equity$1,652.1 $1,818.0 
The accompanying notes are an integral part of the consolidated financial statements.
2
COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except share and per share data)
 Three Months Ended
March 31,		Six Months Ended
March 31,
 2024202320242023
Sales$364.0 $411.1 $705.7 $763.5 
Shipping and handling cost110.6 130.1 201.9 237.5 
Product cost 180.5 195.8 360.3 370.8 
Gross profit72.9 85.2 143.5 155.2 
Selling, general and administrative expenses33.3 34.4 79.0 76.2 
Loss on impairments106.6 — 181.4 — 
Other operating (income) expense(21.2)2.9 (15.8)3.2 
Operating (loss) earnings
(45.8)47.9 (101.1)75.8 
Other (income) expense:
Interest income(0.2)(1.9)(0.6)(3.0)
Interest expense17.1 14.2 32.9 28.1 
(Gain) loss on foreign exchange(2.5)(0.2)(0.6)2.3 
Net loss in equity investee— 1.4 — 2.3 
Other expense, net0.9 0.9 1.6 1.0 
(Loss) earnings before income taxes
(61.1)33.5 (134.4)45.1 
Income tax (benefit) expense
(13.1)55.1 (11.3)67.0 
Net loss
$(48.0)$(21.6)$(123.1)$(21.9)
Basic net loss per common share
$(1.16)$(0.53)$(2.99)$(0.55)
Diluted net loss per common share
$(1.16)$(0.53)$(2.99)$(0.55)
Weighted-average common shares outstanding (in thousands):
Basic41,306 41,110 41,255 40,423 
Diluted41,306 41,110 41,255 40,423 
The accompanying notes are an integral part of the consolidated financial statements.

3
COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited, in millions)
 Three Months Ended
March 31,		Six Months Ended
March 31,
 2024202320242023
Net loss$(48.0)$(21.6)$(123.1)$(21.9)
Other comprehensive income (loss):
Unrealized gain from change in pension obligations, net of tax of $(0.1) and $0.0 for the three months ended March 31, 2024 and 2023, respectively, and $(0.2) and $0.0 for the six months ended March 31, 2024 and 2023, respectively
0.2 — 0.4 0.1 
Unrealized income (loss) on cash flow hedges, net of tax of $0.0 for the three months ended March 31, 2024 and 2023, and $0.0 and $0.4 for the six months ended March 31, 2024 and 2023, respectively
0.6 (1.1)(1.2)(3.9)
Cumulative translation adjustment(12.7)2.8 1.9 14.5 
Comprehensive loss$(59.9)$(19.9)$(122.0)$(11.2)
The accompanying notes are an integral part of the consolidated financial statements.

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COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the three and six months ended March 31, 2024 and 2023
(Unaudited, in millions)
 Common
Stock		Additional
Paid-In
Capital		Treasury
Stock		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Total
Balance, September 30, 2023
$0.4 $413.1 $(8.7)$217.1 $(104.7)$517.2 
Comprehensive (loss) income
— — — (75.1)13.0 (62.1)
Dividends on common stock ($0.15 per share)
— — — (6.4)— (6.4)
Shares issued for stock units, net of shares withheld for taxes— (0.2)(0.6)— — (0.8)
Stock-based compensation— 11.9 — — — 11.9 
Balance, December 31, 2023
$0.4 $424.8 $(9.3)$135.6 $(91.7)$459.8 
Comprehensive loss— — — (48.0)(11.9)(59.9)
Dividends on common stock ($0.15 per share)
— — — (6.3)— (6.3)
Shares issued for stock units, net of shares withheld for taxes— (0.2)(0.8)— — (1.0)
Stock-based compensation— (4.9)— — — (4.9)
Balance, March 31, 2024
$0.4 $419.7 $(10.1)$81.3 $(103.6)$387.7 

 Common
Stock		Additional
Paid-In
Capital		Treasury
Stock		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Total
Balance, September 30, 2022
$0.4 $152.1 $(7.3)$226.5 $(115.3)$256.4 
Comprehensive (loss) income
— — — (0.3)9.0 8.7 
Dividends on common stock ($0.15 per share)
— — — (6.3)— (6.3)
Private placement of common stock— 240.7 — — — 240.7 
Shares issued for stock units, net of shares withheld for taxes— — (0.3)— — (0.3)
Stock-based compensation— 10.6 — — — 10.6 
Balance, December 31, 2022
$0.4 $403.4 $(7.6)$219.9 $(106.3)$509.8 
Comprehensive (loss) income— — — (21.6)1.7 (19.9)
Dividends on common stock ($0.15 per share)
— — — (6.3)— (6.3)
Shares issued for stock units, net of shares withheld for taxes— (0.3)(1.0)— — (1.3)
Stock-based compensation— 3.1 — — — 3.1 
Balance, March 31, 2023
$0.4 $406.2 $(8.6)$192.0 $(104.6)$485.4 
The accompanying notes are an integral part of the consolidated financial statements.

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COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)
 Six Months Ended
March 31,
 20242023
Cash flows from operating activities:
Net loss
$(123.1)$(21.9)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Depreciation, depletion and amortization52.3 48.4 
Amortization of deferred financing costs1.2 1.5 
Stock-based compensation7.0 13.7 
Deferred income taxes0.8 (4.2)
Unrealized foreign exchange (gain) loss
(0.7)2.3 
Loss on impairments181.4 — 
Net loss in equity investees— 2.3 
Net gain from remeasurement of contingent consideration
(21.4)— 
Other, net2.0 2.4 
Changes in operating assets and liabilities:
Receivables(12.7)8.9 
Inventories26.7 44.1 
Other assets(10.3)18.4 
Accounts payable and accrued expenses and other current liabilities(71.2)41.2 
Other liabilities(9.7)(7.6)
Net cash provided by operating activities22.3 149.5 
Cash flows from investing activities:
Capital expenditures(65.3)(49.3)
Other, net(1.1)(0.3)
Net cash used in investing activities(66.4)(49.6)
Cash flows from financing activities:
Proceeds from revolving credit facility borrowings217.2 16.7 
Principal payments on revolving credit facility borrowings(176.5)(168.2)
Proceeds from issuance of long-term debt69.4 37.5 
Principal payments on long-term debt(38.0)(9.1)
Payments for contingent consideration(9.1)— 
Net proceeds from private placement of common stock— 240.7 
Dividends paid(12.7)(12.6)
Deferred financing costs(2.1)— 
Shares withheld to satisfy employee tax obligations(1.8)(1.6)
Other, net(1.1)(0.5)
Net cash provided by financing activities
45.3 102.9 
Effect of exchange rate changes on cash and cash equivalents0.1 0.8 
Net change in cash and cash equivalents1.3 203.6 
Cash and cash equivalents, beginning of the year38.7 46.1 
Cash and cash equivalents, end of period$40.0 $249.7 

Supplemental cash flow information:  
Interest paid, net of amounts capitalized$31.5 $26.5 
Income taxes paid, net of refunds$22.1 $14.0 
The accompanying notes are an integral part of the consolidated financial statements.
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COMPASS MINERALS INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.    Accounting Policies and Basis of Presentation:

Compass Minerals International, Inc. (“CMI”), through its subsidiaries (collectively, the “Company”), is a leading global provider of essential minerals focused on safely delivering where and when it matters to help solve nature’s challenges for customers and communities. The Company’s salt products help keep roadways safe during winter weather and are used in numerous other consumer, industrial, chemical and agricultural applications. Its plant nutrition business is the leading North American producer of sulfate of potash (“SOP”), which is used in the production of specialty fertilizers for high-value crops and turf and helps improve the quality and yield of crops, while supporting sustainable agriculture. The Company’s principal products are salt, consisting of sodium chloride and magnesium chloride, and SOP. The Company is working to develop next-generation, environmentally friendly fire retardants to help to slow, stop and prevent wildfires. Additionally, the Company had been pursuing the development of a sustainable lithium salt resource to support the North American battery market. However, as described in Note 5, the Company has terminated its pursuit of the lithium development. The Company’s production sites are located in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”). The Company also provides records management services in the U.K. Except where otherwise noted, references to North America include only the continental U.S. and Canada, and references to the U.K. include only England, Scotland and Wales. References to “Compass Minerals,” “our,” “us” and “we” refer to CMI and its consolidated subsidiaries.
 
CMI is a holding company with no significant operations other than those of its wholly-owned subsidiaries. The consolidated financial statements include the accounts of CMI and its wholly-owned domestic and foreign subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the annual period ended September 30, 2023, as filed with the Securities and Exchange Commission (the “SEC”) in its Annual Report on Form 10-K on November 29, 2023 (“2023 Form 10-K”). Certain amounts in prior periods have been reclassified to conform to the current period presentation. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation, have been included.
 
The Company experiences a substantial amount of seasonality in its sales, including its salt deicing product sales. Consequently, Salt segment sales and operating income are generally higher in the first and second fiscal quarters (ending December 31 and March 31) and lower during the third and fourth fiscal quarters (ending June 30 and September 30). In particular, sales of highway and consumer deicing salt and magnesium chloride products vary based on the severity of the winter conditions in areas where the products are used. Following industry practice in North America and the U.K., the Company seeks to stockpile sufficient quantities of deicing salt throughout the first, third and fourth fiscal quarters (ending December 31, June 30 and September 30) to meet the estimated requirements for the winter season. Production of deicing salt can also vary based on the severity or mildness of the preceding winter season. Due to the seasonal nature of the deicing product lines, operating results for the interim periods are not necessarily indicative of the results that may be expected for the full fiscal year. The Company’s plant nutrition business is also seasonal. As a result, the Company and its customers generally build inventories during the plant nutrition business’ low demand periods of the year (which are typically winter and summer, but can vary due to weather and other factors) to ensure timely product availability during the peak sales seasons (which are typically spring and autumn, but can also vary due to weather and other factors). Lastly, the results of the Company’s fire retardant business are also seasonal with peak demand for fire retardant products and services occurring from June through September.

Revision of Previously Issued Financial Statements

The Company identified certain misstatements in the historical presentation of its Consolidated Statements of Cash Flows. The misstatements were the result of the Company not reflecting the appropriate amount of non-cash capital expenditures in accounts payable in its operating and investing cash flows and had no effect on the Company’s Consolidated Balance Sheets or its Consolidated Statements of Operations. Management has considered the misstatements, and after evaluating both their quantitative and qualitative impacts, concluded they are not material to the Company’s previously issued consolidated financial statements. To correct the immaterial misstatements, the Company has revised its Consolidated Statements of Cash Flows for
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COMPASS MINERALS INTERNATIONAL, INC.
the interim period ended March 31, 2023 and the interim period ended December 31, 2023. Certain prior period amounts have been reclassified to conform to the current period presentation. For further detail, refer to Note 16.

Impairments

As a result of a sustained decrease in the Company’s publicly quoted share price and market capitalization continuing into fiscal 2024 and recent developments related to its magnesium chloride-based fire retardants impacting its Fortress business, the Company determined that there were indicators of impairment and therefore performed long-lived assets and goodwill impairment testing. The analysis for Plant Nutrition resulted in no long-lived asset impairment but did result in a goodwill impairment, as discussed further below. The Fortress analysis resulted in an impairment of the Company’s magnesium chloride-related assets and goodwill; see below for additional details.

On March 22, 2024, the Company was notified of the decision by the U.S. Forest Service that the Company would not be awarded a contract to supply its magnesium chloride-based aerial fire retardant for the calendar 2024 fire season. For purposes of the long-lived asset impairment evaluation, management grouped and tested the magnesium chloride-related assets given their unique classification and separately identifiable cash flows. As a result of the evaluation using the income approach, the Company impaired all magnesium chloride-related assets which resulted in a long-lived asset, net, impairment of $15.6 million (finite-lived intangible assets) and an impairment of $1.5 million of finished goods inventory for the three and six months ended March 31, 2024. The long-lived asset impairment is included in loss on impairments, while the inventory impairment is reflected in product cost, both on the Consolidated Statements of Operations. The undiscounted cash flows for the remaining Fortress assets were greater than their carrying value resulting in no incremental impairment. Management will continue to monitor events and circumstances that would require a future test of recoverability on the remaining Fortress long-lived assets.

The Company performed the interim goodwill impairment tests consistent with its approach for annual impairment testing, including using similar models, inputs and assumptions. As a result of the interim goodwill impairment test, the Company recognized impairment charges totaling $91.0 million included in loss on impairments, on the Consolidated Statements of Operations for both the three and six months ended March 31, 2024. Goodwill impairment of $51.0 million was related to the Company’s Plant Nutrition segment, primarily due to decreases in projected future revenues and cash flows and an increase in discount rates due to the uncertain regulatory environment in Utah. The remaining goodwill impairment of $40.0 million was related to the Company’s Fortress reporting unit (included in the Corporate and Other segment), primarily due to changes in assumptions surrounding the magnesium chloride-based fire retardants which impacted projected future revenues and cash flows. Following the impairment charges, there is no remaining goodwill balance for the Plant Nutrition and Fortress reporting units. Refer to Note 6 for a summary of goodwill by segment. A summary of the impairments incurred for the three and six months ended March 31, 2024, is detailed below (in millions):
Impairment
Financial Statement Line Item
Segment
Three Months Ended
March 31, 2024		Six Months Ended
March 31, 2024
Lithium long-lived assets, net
Loss on impairments
Corporate & Other
$— $74.8 
Plant Nutrition goodwill
Loss on impairments
Plant Nutrition
51.0 51.0 
Fortress goodwill
Loss on impairments
Corporate & Other40.0 40.0 
Fortress long-lived assets, net
Loss on impairments
Corporate & Other15.6 15.6 
Fortress inventory
Product cost
Corporate & Other1.5 1.5 
Total
$108.1 $182.9 

In connection with the aforementioned impairments, the Company determined the estimated fair value for each reporting unit based on discounted cash flow projections (income approach), market values for comparable businesses (market approach) or a combination of both. Under the income approach, the Company is required to make judgments about appropriate discount rates, long-term revenue growth rates and the amount and timing of expected future cash flows. The cash flows used in its estimates are based on the reporting unit's forecast, long-term business plan, and recent operating performance. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting unit and market conditions. The Company’s estimates may differ from actual future cash flows. The risk adjusted discount rate used is consistent with the weighted average cost of capital of the Company’s peer companies and is intended to represent a rate of return that would be expected by a market participant. Under the market approach, market multiples are derived from market prices of stocks of companies in the Company’s peer group. The appropriate multiple is applied to the forecasted revenue and earnings before interest, taxes, depreciation and amortization of the reporting unit to obtain an estimated fair value.

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COMPASS MINERALS INTERNATIONAL, INC.
The most critical assumptions used in the calculation of the fair value of each reporting unit are the projected revenue growth rates, long-term operating margin, terminal growth rates, discount rate, and the selection of market multiples. The projected long term operating margin utilized in the Company’s fair value estimates is consistent with the its operating plan and is dependent on the successful execution of its long-term business plan, overall industry growth rates and the competitive environment. The discount rate could be adversely impacted by changes in the macroeconomic environment and volatility in the equity and debt markets. Although management believes its estimate of fair value is reasonable, if the future financial performance falls below expectations or there are unfavorable revisions to significant assumptions, or if the Company’s market capitalization declines, an additional non-cash goodwill impairment charge may be required in a future period. Management does not believe that the remaining goodwill balance in its Corporate and Other reporting unit is currently at risk of impairment as of March 31, 2024.

Significant Accounting Policies

The Company’s significant accounting policies are detailed in “Note 2 – Summary of Significant Accounting Policies” within Part II, Item 8 of its 2023 Form 10-K. There were no material changes in the Company’s significant accounting policies from those described in its 2023 Form 10-K.

Recent Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which updates reportable segment disclosure requirements primarily to include enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which updates income tax disclosures by requiring consistent categories and additional disaggregation of information in the rate reconciliation and income taxes paid by jurisdiction. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied prospectively; however, retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures.

2.    Business Acquisition:

Beginning in 2020, the Company began a series of equity investments in Fortress, a next-generation fire retardant business dedicated to developing and producing a portfolio of fire retardant products to help combat wildfires. On May 5, 2023, the Company acquired the remaining 55% interest in Fortress not previously owned in exchange for an initial cash payment of $18.9 million (net of cash held by Fortress of $6.5 million), and additional contingent consideration of up to $28 million to be paid in cash and/or Compass Minerals common stock upon the achievement of certain performance measures over the next five years, and a cash earn-out based on volumes of certain Fortress fire retardant products sold over a 10-year period. Building upon the previous 45% minority ownership stake in Fortress, the transaction provided the Company full ownership of all Fortress assets, contracts, and intellectual property. See Note 1 for impairment information. See Note 13 for fair value information related to the contingent consideration as of March 31, 2024.

3.    Revenues:

Deferred Revenue

Deferred revenue represents billings under non-cancellable contracts before the related product or service is transferred to the customer. The portion of deferred revenue that is anticipated to be recognized as revenue during the succeeding twelve-month period is recorded in accrued expenses and other current liabilities on the Consolidated Balance Sheets. Deferred revenue as of March 31, 2024 and September 30, 2023 was approximately $4.1 million and $8.5 million, respectively.

See Note 10 for a disaggregation of sales by segment, type and geographical region.

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COMPASS MINERALS INTERNATIONAL, INC.
4.    Inventories:
 
Inventories consist of the following (in millions):
 March 31,
2024		September 30,
2023
Finished goods$278.6 $319.3 
Raw materials and supplies89.1 72.9 
Total inventories$367.7 $392.2 

5.    Property, Plant and Equipment, Net:
 
Property, plant and equipment, net, consists of the following (in millions):
 March 31,
2024		September 30,
2023
Land, buildings and structures, and leasehold improvements$550.4 $547.9 
Machinery and equipment1,131.4 1,102.0 
Office furniture and equipment22.3 21.6 
Mineral interests169.6 169.1 
Construction in progress60.2 113.0 
 1,933.9 1,953.6 
Less: accumulated depreciation and depletion(1,140.4)(1,101.4)
Property, plant and equipment, net$793.5 $852.2 

The Company had been pursuing the development of a sustainable lithium salt resource to support the North American battery market. The passage of Utah House Bill 513 in March 2023 and the subsequent rulemaking process altered certain aspects of the regulatory landscape that will govern the development of lithium at the Great Salt Lake, introducing uncertainty into how development would proceed. As previously disclosed in the Company’s 2023 Form 10-K, the Company indefinitely paused new investment in its lithium development project pending greater clarity on the evolving regulatory environment in Utah. In December of 2023, a revised draft of the aforementioned rulemaking was published that continued to be, in the Company's assessment, adverse to its lithium development project. In addition, in December of 2023, the Company further refined its engineering estimates that, taken together with the proposed rules and decline in market price for lithium products, would result in inadequate risk-adjusted returns on capital.

On January 23, 2024, the Company severed certain members of its lithium development team and terminated its pursuit of the lithium development. Consequently, the Company evaluated the capitalized assets, including site preparation, project engineering, equipment and materials and capitalized labor and interest. As a result, the Company has recorded an impairment charge of $74.8 million for the six months ended March 31, 2024, including $5.9 million associated with future commitments as of March 31, 2024. Additional restructuring charges of $1.7 million were also recorded in other operating (income) expense during the three months ended March 31, 2024. The impairments were recorded to reflect the assets at their estimated fair value, considering equipment expected to be used by the on-going business and amounts estimated to be recoverable through returns or salvage value. Prior to recognizing an impairment, the Company had capitalized $72.7 million to its property, plant and equipment on its Consolidated Balance Sheet and has approximately $5.1 million remaining as of March 31, 2024, included in inventory. The Company engaged a valuation specialist to assist in determining the appropriate fair value of the lithium assets and the resulting impairment charge in the first quarter of fiscal 2024. Given the assets are likely to either be used in other operations or liquidated at a later date, the Company utilized a market-based approach that relied on Level 3 inputs (see Note 13 for a discussion of the levels in the fair value hierarchy).

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COMPASS MINERALS INTERNATIONAL, INC.
6.    Goodwill and Intangible Assets:
Changes in the carrying amount of goodwill are summarized as follows (in millions):
Plant Nutrition
Corporate & Other
Consolidated
Balance as of September 30, 2023$51.1 $45.7 $96.8 
Foreign currency translation adjustment0.2 0.2 0.4 
Balance as of December 31, 2023$51.3 $45.9 $97.2 
Foreign currency translation adjustment(0.3)— (0.3)
Impairments(51.0)(40.0)(91.0)
Balance as of March 31, 2024$— $5.9 $5.9 

As of March 31, 2024, there were indicators necessitating an interim impairment test of the Company’s goodwill based on the Company’s review of its operating performance, among other factors, for the relevant reporting units. Refer to Note 1 for additional details. In addition to the Plant Nutrition and Fortress impairments, the remaining change in goodwill between September 30, 2023, and March 31, 2024 was due to the impact from translating foreign-denominated amounts to U.S. dollars.

In connection with the Fortress acquisition described in Note 2, the Company acquired identifiable intangible assets which consisted of customer relationships, developed technology, in-process research and development and trade name. The fair values were determined using Level 3 inputs (see Note 13 for a discussion of the levels in the fair value hierarchy). Upon acquisition, the fair value of the customer relationships was estimated using an income approach method while the fair values of developed technology, in-process research and development and trade name were estimated using the relief from royalty method.

As a result of the Fortress-related impairments discussed in Note 1, the Company impaired all magnesium chloride-related assets which resulted in an impairment of the Company’s developed technology intangible asset of $15.6 million, net of accumulated amortization of $0.4 million. The Company continues to have Fortress-related net intangible assets consisting of customer relationships and trade name of $55.2 million and $0.2 million, respectively, as of March 31, 2024. The Company also has $2.2 million of indefinite-lived in-process research and development recognized in connection with the Fortress acquisition as of March 31, 2024, which will be reviewed for impairment at least annually, or in the event of indicators of impairment, until product development is completed.

7.    Income Taxes:

The Company’s effective income tax rate differs from the U.S. statutory federal income tax rate primarily due to U.S. statutory depletion, state income taxes (net of federal tax benefit), nondeductible executive compensation over $1 million, foreign income, mining and withholding taxes, base erosion and anti-abuse tax, and valuation allowances recorded on deferred tax assets.

Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred in the U.S. over the three-year period ended March 31, 2024. Such objective evidence limits the ability to consider other subjective evidence, such as the Company’s projections for future income. On the basis of this evaluation, during the six months ended March 31, 2024, an additional valuation allowance of $28.3 million has been recorded to recognize only the portion of the U.S. deferred tax assets that is more likely than not to be realized. The amount of the deferred tax assets considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are increased or reduced or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as the Company’s projections for income.

As of March 31, 2024, and September 30, 2023, the Company had $65.5 million and $65.4 million, respectively of gross foreign federal NOL carryforwards that have no expiration date and $2.9 million at March 31, 2024 and September 30, 2023 of net operating tax-effected state NOL carryforwards which expire beginning in 2035.

Canadian provincial tax authorities have challenged tax positions claimed by one of the Company’s Canadian subsidiaries and have issued tax reassessments for fiscal years 2002-2018. The reassessments are a result of ongoing audits and total $188.7 million, including interest, through March 31, 2024. The Company disputes these reassessments and will continue to work with the appropriate authorities in Canada to resolve the dispute. There is a reasonable possibility that the ultimate resolution of this
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COMPASS MINERALS INTERNATIONAL, INC.
dispute, and any related disputes for other open tax years, may be materially higher or lower than the amounts the Company has reserved for such disputes. In connection with this dispute, local regulations require the Company to post security with the tax authority until the dispute is resolved. The Company has posted collateral in the form of a $161.9 million performance bond and has paid $36.7 million to the Canadian tax authorities (most of which is recorded in other assets in the Consolidated Balance Sheets at March 31, 2024, and September 30, 2023), which is necessary to proceed with future appeals or litigation.
 
The Company expects that it will be required by local regulations to provide security for additional interest on the above unresolved disputed amounts and for any future reassessments issued by these Canadian tax authorities in the form of cash, letters of credit, performance bonds, asset liens or other arrangements agreeable with the tax authorities until the disputes are resolved.

The Company expects that the ultimate outcome of these matters will not have a material impact on its results of operations or financial condition. However, the Company can provide no assurance as to the ultimate outcome of these matters, and the impact could be material if they are not resolved in the Company’s favor. As of March 31, 2024, the Company believes it has adequately reserved for these reassessments.
 
Additionally, the Company has other uncertain tax positions as well as assessments and disputed positions with taxing authorities in its various jurisdictions, which are consistent with those matters disclosed in the Company’s 2023 Form10-K.

8.    Long-Term Debt:
 
Long-term debt consists of the following (in millions):
 March 31,
2024		September 30,
2023
6.75% Senior Notes due December 2027
$500.0 $500.0 
Term Loan due May 2028196.3 198.8 
Revolving Credit Facility due May 2028122.2 81.5 
AR Securitization Facility expires March 202764.8 30.9 
883.3 811.2 
Less unamortized debt issuance costs(6.1)(5.9)
Total debt877.2 805.3 
Less current portion(5.0)(5.0)
Long-term debt$872.2 $800.3 

On March 27, 2024, the Company entered into an amendment to its 2023 Credit Agreement, which eased the restrictions of certain covenants contained in the agreement. The amendment included increasing the maximum allowed consolidated total net leverage ratio (as defined and calculated under the terms of the amended 2023 Credit Agreement) to 6.0x as of the fiscal quarter ended March 31, 2024, increasing further to 6.5x as of the last day of any quarter through the fiscal quarter ended December 31, 2024, then gradually stepping down to 4.75x by the fiscal quarter ended March 31, 2026 and thereafter. The amendment also removed the flexibility related to the lithium development joint ventures, projects or similar arrangements and any related funding transactions in connection therewith. In connection with this amendment, the Company paid fees totaling $1.7 million which were capitalized as deferred financing costs. Additional arrangement and legal fees of $0.9 million were expensed as of March 31, 2024.

On March 27, 2024, certain of the Company’s U.S. subsidiaries entered into an amendment to its revolving accounts receivable financing facility with PNC Bank, National Association, extending the facility to March 2027. In connection with this amendment, the Company paid fees totaling $0.4 million which were capitalized as deferred financing costs.

As of March 31, 2024, the term loan and revolving credit facility under the 2023 Credit Agreement were secured by substantially all existing and future U.S. assets of the Company, the Goderich mine in Ontario, Canada and capital stock of certain subsidiaries. As of March 31, 2024 and September 30, 2023, the weighted average interest rate on all borrowings outstanding under the 2023 Credit Agreement was approximately 8.4% and 7.8%, respectively. Depending on the type, borrowings under the 2023 Credit Agreement accrue interest at a rate per annum equal to the Adjusted Term SOFR Rate, the Adjusted EURIBO Rate, Prime Rate or the CDO Rate (as defined in the credit agreement), as applicable, plus Applicable
12
COMPASS MINERALS INTERNATIONAL, INC.
Margins (as defined in the credit agreement) which resulted in interest rates between 8.2% and 10.3% as of March 31, 2024, and 7.7% and 9.8% as of September 30, 2023.

As of March 31, 2024, the Company had $237.7 million of availability under its $375 million revolving credit facility. The 2023 Credit Agreement requires the Company to maintain certain financial ratios, including a minimum interest coverage ratio and a maximum total net leverage ratio. The Company was in compliance as of March 31, 2024 with its debt covenants under the 2023 Credit Agreement and its AR Securitization Facility. The consolidated total net leverage ratio represents the ratio of (a) consolidated total net debt to (b) consolidated adjusted earnings before interest, taxes, depreciation and amortization. Consolidated total net debt includes the aggregate principal amount of total debt, net of unrestricted cash not to exceed $75.0 million.

9.    Commitments and Contingencies:

As previously disclosed, the Company was the subject of an investigation by the Division of Enforcement of the SEC regarding the Company’s disclosures primarily concerning the operation of the Goderich mine, the former South American businesses, and related accounting and internal control matters including Salt interim inventory valuation methodology issues that were disclosed in the Company’s Form 10-K/A for the year ended December 31, 2020, and Form 10-Q/A for the quarter ended March 31, 2021, each filed with the SEC on September 3, 2021.

On September 23, 2022, the Company reached a settlement with the SEC, concluding and resolving the SEC investigation in its entirety. Under the terms of the settlement, the Company, without admitting or denying the findings in the administrative order issued by the SEC, agreed to pay a civil penalty of $12 million and to cease and desist from violations of specified provisions of the federal securities laws and rules promulgated thereunder, and to retain an independent compliance consultant for a period of approximately one year to review certain accounting practices and procedures. As set forth in the administrative order, the $12 million civil penalty was paid in installments with $10 million reflected in accrued expenses and other current liabilities on the Company’s Consolidated Balance Sheets as of September 30, 2023 and subsequently paid in during the first quarter of fiscal 2024.

On April 24, 2024, the Company, one of its former officers and three current officers were named as defendants in a punitive securities class action lawsuit filed in the United States District Court for the District of Kansas, alleging that the Company and such officers made misleading statements damaging shareholders relating to the Company’s fire retardant business. The Company intends to vigorously defend these allegations. At this time, the Company is unable to assess with any certainty what, if any, damages could be awarded in this matter.

On May 1, 2024, Fortress was named as defendant in a trade secrets lawsuit filed by Perimeter Solutions L.P. in the United States District Court for the Eastern District of California, alleging that certain of Fortress’s non-magnesium chloride fire retardant products were developed using Perimeter’s trade secrets, and seeking unspecified damages (including exemplary damages) and injunctive relief. The Company intends to vigorously defend these allegations. At this time, the Company is unable to assess with any certainty what, if any, damages could be awarded in this matter. On May 1, 2024, Perimeter Solutions L.P. also filed a lawsuit in the United States District Court for the Eastern District of Missouri alleging similar claims against an employee of Fortress for breach of contract and misappropriation of trade secrets.

The Company is also involved in legal and administrative proceedings and claims of various types from the ordinary course of the Company’s business.

Management cannot predict the outcome of legal claims and proceedings with certainty. Nevertheless, management believes that the outcome of legal proceedings and claims, which are pending or known to be threatened, even if determined adversely, will not, individually or in the aggregate, have a material adverse effect on the Company’s results of operations, cash flows or financial position, except as otherwise described in Note 7 and this Note 9.

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COMPASS MINERALS INTERNATIONAL, INC.
10.    Operating Segments:
 
The Company’s reportable segments are strategic business units that offer different products and services, and each business requires different technology and marketing strategies. For the three and six months ended March 31, 2024 and 2023, the Company has presented two reportable segments in its Consolidated Financial Statements: Salt and Plant Nutrition. The Salt segment produces and markets salt, consisting of sodium chloride and magnesium chloride, for use in road deicing for winter roadway safety and for dust control, food processing, water softening and other consumer, agricultural and industrial applications. The Plant Nutrition segment produces and markets various grades of SOP. The results of operations for the Company’s fire retardant and records management businesses are included in Corporate and Other in the tables below. Refer to Note 2 for a discussion of the acquisition of the fire retardant business.

Segment information is as follows (in millions):
Three Months Ended March 31, 2024SaltPlant
Nutrition
Corporate
& Other(a)
Total
Sales to external customers$310.4 $50.1 $3.5 $364.0 
Intersegment sales— 0.7 (0.7)— 
Shipping and handling cost104.0 6.6 — 110.6 
Operating earnings (loss)(b)(c)(d)
66.4 (53.4)(58.8)(45.8)
Depreciation, depletion and amortization16.2 8.7 1.9 26.8 
Total assets (as of end of period)998.4 416.0 237.7 1,652.1 

Three Months Ended March 31, 2023SaltPlant
Nutrition
Corporate
& Other(a)
Total
Sales to external customers$360.5 $47.7 $2.9 $411.1 
Intersegment sales— 1.4 (1.4)— 
Shipping and handling cost124.0 6.1 — 130.1 
Operating earnings (loss)(c)(d)
73.1 (0.7)(24.5)47.9 
Depreciation, depletion and amortization14.8 8.1 1.6 24.5 
Total assets (as of end of period)924.1 472.7 387.9 1,784.7 

Six Months Ended March 31, 2024SaltPlant
Nutrition
Corporate
& Other(a)
Total
Sales to external customers$584.7 $99.8 $21.2 $705.7 
Intersegment sales— 3.8 (3.8)— 
Shipping and handling cost187.7 13.6 0.6 201.9 
Operating earnings (loss)(b)(c)(d)
116.9 (55.7)(162.3)(101.1)
Depreciation, depletion and amortization31.4 17.1 3.8 52.3 

Six Months Ended March 31, 2023SaltPlant
Nutrition
Corporate
& Other(a)
Total
Sales to external customers$668.6 $89.3 $5.6 $763.5 
Intersegment sales— 4.3 (4.3)— 
Shipping and handling cost226.7 10.8 — 237.5 
Operating earnings (loss)(c)(d)
120.2 10.3 (54.7)75.8 
Depreciation, depletion and amortization28.7 16.4 3.3 48.4 

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COMPASS MINERALS INTERNATIONAL, INC.
Disaggregated revenue by product type is as follows (in millions):
Three Months Ended March 31, 2024SaltPlant
Nutrition
Corporate
& Other(a)
Total
Highway Deicing Salt$227.6 $— $— $227.6 
Consumer & Industrial Salt82.8 — — 82.8 
SOP— 50.8 — 50.8 
Fire Retardant— — 0.1 0.1 
Eliminations & Other— (0.7)3.4 2.7 
Sales to external customers$310.4 $50.1 $3.5 $364.0 

Three Months Ended March 31, 2023SaltPlant
Nutrition
Corporate
& Other(a)
Total
Highway Deicing Salt$273.7 $— $— $273.7 
Consumer & Industrial Salt86.8 — — 86.8 
SOP— 49.1 — 49.1 
Eliminations & Other— (1.4)2.9 1.5 
Sales to external customers$360.5 $47.7 $2.9 $411.1 

Six Months Ended March 31, 2024SaltPlant
Nutrition
Corporate
& Other(a)
Total
Highway Deicing Salt$387.0 $— $— $387.0 
Consumer & Industrial Salt197.7 — — 197.7 
SOP— 103.6 — 103.6 
Fire Retardant— — 14.1 14.1 
Revenue from Services— — 0.5 0.5 
Eliminations & Other— (3.8)6.6 2.8 
Sales to external customers$584.7 $99.8 $21.2 $705.7 

Six Months Ended March 31, 2023SaltPlant
Nutrition
Corporate
& Other(a)
Total
Highway Deicing Salt$464.0 $— $— $464.0 
Consumer & Industrial Salt204.6 — — 204.6 
SOP— 93.6 — 93.6 
Eliminations & Other— (4.3)5.6 1.3 
Sales to external customers$668.6 $89.3 $5.6 $763.5 
(a)Corporate and Other includes corporate entities, records management operations, the Fortress fire retardant business, equity method investments, lithium costs and other incidental operations and eliminations. Operating earnings (loss) for corporate and other includes indirect corporate overhead, including costs for general corporate governance and oversight, lithium-related expenses, as well as costs for the human resources, information technology, legal and finance functions.
(b)The Company recognized impairments of $108.1 million and $182.9 million for the three and six months ended March 31, 2024, respectively, which impacted operating results. Refer to Note 1 for additional information regarding the Plant Nutrition and Fortress impairments and Note 5 for additional information about the impairment of lithium development assets.
(c)Corporate operating results were impacted by net gains of $24.3 million and $21.4 million related to the decline in the valuation of the Fortress contingent consideration for the three and six months ended March 31, 2024, respectively. Corporate operating results also include net reimbursements related to the settled SEC investigation of $0.4 million and $0.1 million for the three and six months ended March 31, 2023, respectively. Refer to Note 9 for more information regarding the SEC investigation and settlement and Note 13 for information regarding the Fortress contingent consideration.
(d)The Company continued to take steps to align its cost structure to its current business needs. These initiatives impacted Corporate operating results and resulted in net severance and related charges for reductions in workforce and changes to executive leadership and additional restructuring costs related to the termination of the Company’s lithium development project of $3.1 million and $5.6 million for the three and six months ended March 31, 2024, respectively, and $3.3 million for the three and six months ended March 31, 2023.

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COMPASS MINERALS INTERNATIONAL, INC.
The Company’s revenue by geographic area is as follows (in millions):
Three Months Ended
March 31,		Six Months Ended
March 31,
Revenue2024202320242023
United States(a)
$270.1 $283.1 $521.0 $531.3 
Canada78.1 101.0 155.7 188.6 
United Kingdom14.1 23.2 27.1 37.3 
Other1.7 3.8 1.9 6.3 
Total revenue$364.0 $411.1 $705.7 $763.5 
(a)United States sales exclude product sold to foreign customers at U.S. ports.
11.    Stockholders’ Equity and Equity Instruments:

Equity Compensation Awards

In May 2020, the Company’s stockholders approved the 2020 Incentive Award Plan (as amended, the “2020 Plan”), which authorized the issuance of 2,977,933 shares of Company common stock. In February 2022, the Company’s stockholders approved an amendment to the 2020 Plan authorizing an additional 750,000 shares of Company stock. Since the date the 2020 Plan was approved, the Company ceased issuing equity awards under the 2015 Incentive Award Plan (as amended, the “2015 Plan”). Since the approval of the 2015 Plan in May 2015, the Company ceased issuing equity awards under the 2005 Incentive Award Plan (as amended, the “2005 Plan”). The 2005 Plan, the 2015 Plan and the 2020 Plan allow for grants of equity awards to executive officers, other employees and directors, including restricted stock units (“RSUs”), performance stock units (“PSUs”), stock options and deferred stock units. For additional information regarding equity awards issued under the Company’s incentive plans refer to “Note 16 – Stockholder’s Equity and Equity Instruments” within Part II, Item 8 of its 2023 Form 10-K.

During the six months ended March 31, 2024, the Company reissued the following number of shares from treasury stock: 224,986 shares related to the release of RSUs which vested and 34,904 shares issued for Board of Director compensation. In fiscal 2023, the Company issued 158,132 net shares from treasury stock. The Company withheld a total of 86,749 shares with a fair value of $1.9 million related to the vesting of RSUs during the six months ended March 31, 2024. The fair value of the shares was valued at the closing price at the vesting date and represent the employee tax withholding for the employee’s compensation. The Company recognized tax expense of $0.6 million from its equity compensation awards during the six months ended March 31, 2024. During the six months ended March 31, 2024 and 2023, the Company recorded $8.3 million and $14.1 million (includes $1.3 million and $0.4 million paid in cash), respectively, of compensation expense pursuant to its stock-based compensation plans. No amounts have been capitalized.

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COMPASS MINERALS INTERNATIONAL, INC.
PSUs

During the six months ended March 31, 2024, the Company issued new PSUs based upon several operational performance measures (“Scorecard PSUs”). The actual number of shares of common stock that may be earned with respect to Scorecard PSUs is calculated based upon the attainment of free cash flow, cash unit costs, cash unit cost reduction, capital expenditures and safety measures during the performance period and may range from 0% to 300% for each measure.

The following table summarizes stock-based compensation activity during the six months ended March 31, 2024:
 Stock OptionsRSUs
PSUs(a)
 NumberWeighted-average
exercise price		NumberWeighted-average
fair value		NumberWeighted-average
fair value
Outstanding at September 30, 2023
642,995 $59.46 393,240 $42.50 393,579 $71.37 
Granted— — 513,828 26.01 272,244 24.89 
Exercised(b)
— — — — — — 
Released from restriction(b)
— — (224,986)41.05 — — 
Cancelled/expired(10,036)61.43 (136,999)33.01 (360,496)57.54 
Outstanding at March 31, 2024
632,959 $59.43 545,083 $29.94 305,327 $46.28 
(a)Until the performance period is completed, PSUs are included in the table at the target level at their grant date and at that level represent one share of common stock per PSU.
(b)Common stock issued for exercised options and for vested and earned RSUs and PSUs was issued from treasury stock.

Accumulated Other Comprehensive Loss (“AOCL”)

The Company’s comprehensive income (loss) is comprised of net loss, net amortization of the unrealized loss of the pension obligation, the change in the unrealized gain in other postretirement benefits, the change in the unrealized gain (loss) on natural gas and foreign currency cash flow hedges and currency translation adjustment (“CTA”). The components of and changes in AOCL are as follows (in millions):
Three Months Ended March 31, 2024(a)
Gains and (Losses) on Cash Flow HedgesDefined Benefit PensionOther Post-Employment BenefitsForeign CurrencyTotal
Beginning balance$(3.2)$(6.4)$1.7 $(83.8)$(91.7)
Other comprehensive loss before reclassifications(b)
(0.2)— — (12.7)(12.9)
Amounts reclassified from AOCL0.8 0.2 — — 1.0 
Net current period other comprehensive income (loss)
0.6 0.2 — (12.7)(11.9)
Ending balance$(2.6)$(6.2)$1.7 $(96.5)$(103.6)

Three Months Ended March 31, 2023(a)
Gains and (Losses) on Cash Flow Hedges
Defined Benefit PensionOther Post-Employment BenefitsForeign CurrencyTotal
Beginning balance$(4.4)$(2.6)$1.3 $(100.6)$(106.3)
Other comprehensive (loss) income before reclassifications(b)
(1.8)— — 2.8 1.0 
Amounts reclassified from AOCL0.7 — — — 0.7 
Net current period other comprehensive (loss) income(1.1)— — 2.8 1.7 
Ending balance$(5.5)$(2.6)$1.3 $(97.8)$(104.6)

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COMPASS MINERALS INTERNATIONAL, INC.
Six Months Ended March 31, 2024(a)
Gains and (Losses) on Cash Flow HedgesDefined Benefit PensionOther Post-Employment BenefitsForeign CurrencyTotal
Beginning balance$(1.4)$(6.6)$1.7 $(98.4)$(104.7)
Other comprehensive (loss) income before reclassifications(b)
(2.8)— — 1.9 (0.9)
Amounts reclassified from AOCL1.6 0.4 — — 2.0 
Net current period other comprehensive (loss) income(1.2)0.4 — 1.9 1.1 
Ending balance$(2.6)$(6.2)$1.7 $(96.5)$(103.6)