Company Quick10K Filing
Compass Minerals
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 34 $1,856
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-Q 2019-05-01 Quarter: 2019-03-31
10-K 2019-03-01 Annual: 2018-12-31
10-Q 2018-11-01 Quarter: 2018-09-30
10-Q 2018-08-07 Quarter: 2018-06-30
10-Q 2018-05-02 Quarter: 2018-03-31
10-K 2018-02-27 Annual: 2017-12-31
10-Q 2017-10-31 Quarter: 2017-09-30
10-Q 2017-08-08 Quarter: 2017-06-30
10-Q 2017-05-04 Quarter: 2017-03-31
10-K 2017-03-01 Annual: 2016-12-31
10-Q 2016-10-25 Quarter: 2016-09-30
10-Q 2016-07-26 Quarter: 2016-06-30
10-Q 2016-04-26 Quarter: 2016-03-31
10-K 2016-02-22 Annual: 2015-12-31
10-Q 2015-10-28 Quarter: 2015-09-30
10-Q 2015-07-28 Quarter: 2015-06-30
10-Q 2015-04-28 Quarter: 2015-03-31
10-K 2015-02-23 Annual: 2014-12-31
10-Q 2014-10-28 Quarter: 2014-09-30
10-Q 2014-07-28 Quarter: 2014-06-30
10-Q 2014-04-29 Quarter: 2014-03-31
10-K 2014-02-24 Annual: 2013-12-31
10-Q 2013-10-28 Quarter: 2013-09-30
10-Q 2013-07-30 Quarter: 2013-06-30
10-K 2013-02-21 Annual: 2012-12-31
10-Q 2012-10-29 Quarter: 2012-09-30
10-Q 2012-07-30 Quarter: 2012-06-30
10-Q 2012-04-27 Quarter: 2012-03-31
10-K 2012-02-22 Annual: 2011-12-31
10-Q 2011-10-28 Quarter: 2011-09-30
10-Q 2011-07-29 Quarter: 2011-06-30
10-Q 2011-04-28 Quarter: 2011-03-31
10-K 2011-02-22 Annual: 2010-12-31
10-Q 2010-10-27 Quarter: 2010-09-30
10-Q 2010-07-30 Quarter: 2010-06-30
10-Q 2010-04-28 Quarter: 2010-03-31
10-K 2010-02-22 Annual: 2009-12-31
8-K 2020-02-10 Earnings, Exhibits
8-K 2020-01-06 Regulation FD, Exhibits
8-K 2019-11-26 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-11-22 Regulation FD, Exhibits
8-K 2019-11-20 Regulation FD, Exhibits
8-K 2019-11-05 Earnings, Exhibits
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-07-15 Officers, Exhibits
8-K 2019-05-09 Shareholder Vote
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-04-19 Officers, Exhibits
8-K 2019-04-08 Regulation FD, Exhibits
8-K 2019-04-03 Regulation FD, Exhibits
8-K 2019-03-06 Officers, Exhibits
8-K 2019-02-11 Earnings, Exhibits
8-K 2019-01-08 Regulation FD, Exhibits
8-K 2018-12-18 Officers, Exhibits
8-K 2018-12-05 Enter Agreement, Exhibits
8-K 2018-11-16 Officers, Regulation FD, Exhibits
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-10-23 Earnings, Exhibits
8-K 2018-09-17 Officers, Exhibits
8-K 2018-08-06 Earnings, Exhibits
8-K 2018-07-16 Other Events, Exhibits
8-K 2018-07-14 Other Events, Exhibits
8-K 2018-05-09 Shareholder Vote
8-K 2018-05-01 Earnings, Exhibits
8-K 2018-04-27 Other Events, Exhibits
8-K 2018-04-10 Regulation FD, Exhibits
8-K 2018-02-13 Earnings, Exhibits
8-K 2018-01-10 Regulation FD, Exhibits
CMP 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 cmp-10qx3q19xex311.htm
EX-31.2 cmp-10qx3q19xex312.htm
EX-32 cmp-10qx3q19xex32.htm
EX-95 cmp-10qx3q19xex95.htm

Compass Minerals Earnings 2019-09-30

CMP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CMP 1,856 2,321 1,798 1,458 304 60 280 3,190 21% 11.4 3%
SLCA 915 3,066 2,033 1,554 999 -263 5 1,968 64% 411.2 -9%
HL 870 2,671 1,031 576 -11 -119 67 1,467 -2% 22.0 -4%
USLM 462 261 28 147 32 20 41 388 22% 9.5 8%
HCLP 442 1,528 839 714 116 -107 96 832 16% 8.7 -7%
IPI 422 568 137 37 50 15 50 456 137% 9.1 3%
CVIA 272 4,037 2,667 1,838 266 -187 57 1,782 14% 31.1 -5%
EMES 130 329 266 375 0 13 64 323 0% 5.0 4%
SND 97 373 143 235 77 26 38 142 33% 3.7 7%
LEU 31 515 1,286 167 -12 -90 -83 36 -7% -0.4 -17%

Document
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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 September 30, 2019
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
compasslogoa05.jpg
Compass Minerals International, Inc.
(Exact name of registrant as specified in its charter)
Delaware
36-3972986
(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 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
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 November 1, 2019, was 33,884,326 shares.
 


Table of Contents

COMPASS MINERALS INTERNATIONAL, INC.

TABLE OF CONTENTS
 
 
Page
 
 
 
 
PART I. FINANCIAL INFORMATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PART II. OTHER INFORMATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

1

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements
COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
 
(Unaudited)
 
 
 
September 30,
2019
 
December 31,
2018
ASSETS
Current assets:
 
 
 
Cash and cash equivalents
$
23.9

 
$
27.0

Receivables, less allowance for doubtful accounts of $10.3 in 2019 and $9.9 in 2018
216.0

 
311.6

Inventories
337.1

 
266.6

Other
118.4

 
116.0

Total current assets
695.4

 
721.2

Property, plant and equipment, net
1,023.5

 
1,052.0

Intangible assets, net
104.2

 
115.9

Goodwill
332.1

 
350.8

Investment in equity method investee
24.3

 
24.5

Other
150.3

 
103.5

Total assets
$
2,329.8

 
$
2,367.9

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
 
 
 
Current portion of long-term debt
$
50.9

 
$
43.5

Accounts payable
110.3

 
111.3

Accrued salaries and wages
34.1

 
31.8

Income taxes payable
4.0

 
32.1

Accrued interest
7.7

 
9.7

Accrued expenses and other current liabilities
70.9

 
54.9

Total current liabilities
277.9

 
283.3

Long-term debt, net of current portion
1,358.2

 
1,321.2

Deferred income taxes, net
89.1

 
100.8

Other noncurrent liabilities
145.1

 
122.4

Commitments and contingencies (Note 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
114.8

 
110.1

Treasury stock, at cost — 1,482,938 shares at September 30, 2019 and 1,513,808 shares at December 31, 2018
(3.2
)
 
(2.9
)
Retained earnings
576.0

 
643.5

Accumulated other comprehensive loss
(228.5
)
 
(210.9
)
Total stockholders’ equity
459.5

 
540.2

Total liabilities and stockholders’ equity
$
2,329.8

 
$
2,367.9


The accompanying notes are an integral part of the consolidated financial statements.


2

Table of Contents

COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except share and per share data)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Sales
$
341.3

 
$
322.5

 
$
990.2

 
$
1,007.1

Shipping and handling cost
54.4

 
51.9

 
215.3

 
221.8

Product cost
210.5

 
199.2

 
580.1

 
606.0

Gross profit
76.4

 
71.4

 
194.8

 
179.3

Selling, general and administrative expenses
46.3

 
38.8

 
127.4

 
117.3

Operating earnings
30.1

 
32.6

 
67.4

 
62.0

 
 
 
 
 
 
 
 
Other expense (income):
 
 
 
 
 
 
 
Interest expense
17.7

 
15.9

 
50.7

 
44.5

Net earnings in equity investee
(0.4
)
 
(0.6
)
 
(0.4
)
 
(0.9
)
Other, net
(2.6
)
 
2.8

 
5.4

 
(0.4
)
Earnings before income taxes
15.4

 
14.5

 
11.7

 
18.8

Income tax expense
4.8

 
1.7

 
5.3

 
1.0

Net earnings
$
10.6

 
$
12.8

 
$
6.4

 
$
17.8

 
 
 
 
 
 
 
 
Basic net earnings per common share
$
0.31

 
$
0.37

 
$
0.17

 
$
0.52

Diluted net earnings per common share
$
0.31

 
$
0.37

 
$
0.17

 
$
0.51

 
 
 
 
 
 
 
 
Weighted-average common shares outstanding (in thousands):
 
 
 
 
 
 
 
Basic
33,884

 
33,851

 
33,880

 
33,846

Diluted
33,884

 
33,851

 
33,880

 
33,846


The accompanying notes are an integral part of the consolidated financial statements.


3

Table of Contents

COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited, in millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net earnings
$
10.6

 
$
12.8

 
$
6.4

 
$
17.8

Other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized gain from change in pension obligations, net of tax of $(0.0) in both the three and nine months ended September 30, 2019 and 2018, respectively
0.1

 

 
0.3

 
0.1

Unrealized gain on cash flow hedges, net of tax of $(0.1) and $(0.0) in the three and nine months ended September 30, 2019, respectively, and $(0.1) in both the three and nine months ended September 30, 2018
0.3

 
0.3

 

 
0.5

Cumulative translation adjustment
(50.7
)
 
(8.9
)
 
(17.9
)
 
(112.0
)
Comprehensive (loss) income
$
(39.7
)
 
$
4.2

 
$
(11.2
)
 
$
(93.6
)

The accompanying notes are an integral part of the consolidated financial statements.


4

Table of Contents

COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the three and nine months ended September 30, 2019
(Unaudited, in millions)
 
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

Comprehensive income (loss)
 
 
 
 
 
 
10.6

 
(50.3
)
 
(39.7
)
Dividends on common stock ($0.72 per share)
 
 
0.1

 
 
 
(24.4
)
 
 
 
(24.3
)
Stock-based compensation
 
 
0.6

 
 
 
 
 
 
 
0.6

Balance, September 30, 2019
$
0.4

 
$
114.8

 
$
(3.2
)
 
$
576.0

 
$
(228.5
)
 
$
459.5












5

Table of Contents


COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the three and nine months ended September 30, 2018
(Unaudited, in millions)
 
Common
Stock
 
Additional
Paid-In
Capital
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Balance, December 31, 2017
$
0.4

 
$
102.5

 
$
(2.9
)
 
$
672.5

 
$
(77.9
)
 
$
694.6

Comprehensive income (loss)
 
 
 
 
 
 
12.6

 
(14.8
)
 
(2.2
)
Stranded tax effect from tax reform
 
 
 
 
 
 
0.2

 
(0.2
)
 

Dividends on common stock ($0.72 per share)
 
 
0.1

 
 
 
(24.5
)
 
 
 
(24.4
)
Stock-based compensation
 
 
1.1

 
 
 
 
 
 
 
1.1

Balance, March 31, 2018
$
0.4

 
$
103.7

 
$
(2.9
)
 
$
660.8

 
$
(92.9
)
 
$
669.1

Comprehensive loss
 
 
 
 
 
 
(7.6
)
 
(88.0
)
 
(95.6
)
Dividends on common stock ($0.72 per share)
 
 
 
 
 
 
(24.6
)
 
 
 
(24.6
)
Stock-based compensation
 
 
1.6

 
 
 
 
 
 
 
1.6

Balance, June 30, 2018
$
0.4

 
$
105.3

 
$
(2.9
)
 
$
628.6

 
$
(180.9
)
 
$
550.5

Comprehensive income (loss)
 
 
 
 
 
 
12.8

 
(8.6
)
 
4.2

Dividends on common stock ($0.72 per share)
 
 
0.1

 
 
 
(24.5
)
 
 
 
(24.4
)
Stock-based compensation
 
 
0.9

 
 
 
 
 
 
 
0.9

Balance, September 30, 2018
$
0.4

 
$
106.3

 
$
(2.9
)
 
$
616.9

 
$
(189.5
)
 
$
531.2


The accompanying notes are an integral part of the consolidated financial statements.


6

Table of Contents

COMPASS MINERALS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)
 
Nine Months Ended
September 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net earnings
$
6.4

 
$
17.8

Adjustments to reconcile net earnings to net cash flows provided by operating activities:
 
 
 
Depreciation, depletion and amortization
102.8

 
103.6

Finance fee amortization
2.1

 
1.6

Stock-based compensation
4.0

 
3.6

Deferred income taxes
(10.2
)
 
(0.3
)
Net earnings in equity method investee
(0.4
)
 
(0.9
)
Unrealized foreign exchange loss
2.0

 
9.5

Other, net
6.2

 
3.2

Changes in operating assets and liabilities:


 


Receivables
90.0

 
116.2

Inventories
(75.2
)
 
(61.1
)
Other assets
4.8

 
(36.0
)
Accounts payable and accrued expenses and other current liabilities
(26.3
)
 
8.3

Other liabilities
(14.8
)
 
(0.1
)
Net cash provided by operating activities
91.4

 
165.4

Cash flows from investing activities:


 


Capital expenditures
(71.6
)
 
(72.2
)
Other, net
(1.6
)
 
(2.3
)
Net cash used in investing activities
(73.2
)
 
(74.5
)
Cash flows from financing activities:


 


Proceeds from revolving credit facility borrowings
288.8

 
348.4

Principal payments on revolving credit facility borrowings
(235.4
)
 
(333.3
)
Proceeds from issuance of long-term debt
58.1

 
36.2

Principal payments on long-term debt
(62.2
)
 
(62.6
)
Dividends paid
(73.6
)
 
(73.4
)
Deferred financing costs
(0.3
)
 
(0.3
)
Shares withheld to satisfy employee tax obligations
(0.3
)
 

Other, net
(0.9
)
 
(0.7
)
Net cash used in financing activities
(25.8
)
 
(85.7
)
Effect of exchange rate changes on cash and cash equivalents
4.5

 
(5.7
)
Net change in cash and cash equivalents
(3.1
)
 
(0.5
)
Cash and cash equivalents, beginning of the year
27.0

 
36.6

Cash and cash equivalents, end of period
$
23.9

 
$
36.1


Supplemental cash flow information:
 

 
 

Interest paid, net of amounts capitalized
$
47.6

 
$
41.4

Income taxes paid, net of refunds
$
48.6

 
$
32.3


The accompanying notes are an integral part of the consolidated financial statements.

7

Table of Contents

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 producer of essential minerals that solve nature’s challenges, including salt for winter roadway safety and other consumer, industrial and agricultural uses, specialty plant nutrition minerals that improve the quality and yield of crops, and specialty chemicals for water treatment and other industrial processes. The Company’s principal products are salt, consisting of sodium chloride and magnesium chloride; plant nutrients, consisting of sulfate of potash (“SOP”), secondary nutrients and micronutrients; and specialty chemicals. The Company also provides records management services to businesses located in the United Kingdom (the “U.K.”). The Company’s production sites are located in the United States (“U.S.”), Canada, Brazil and 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 subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company uses the equity method of accounting for equity securities when it has significant influence or when it has more than a minor ownership interest or more than minor influence over an investee’s operations but does not have a controlling financial interest. Initial investments are recorded at cost (including certain transaction costs) and are adjusted by the Company’s share of the investees’ undistributed earnings and losses.

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 financial statements. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the year ended December 31, 2018, as filed with the Securities and Exchange Commission in its Annual Report on Form 10-K. 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 with respect to its deicing salt products. As a result, sales and operating earnings are generally higher in the first and fourth quarters and lower during the second and third quarters of each year. 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 second, third and fourth quarters to meet the estimated requirements for the upcoming 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 year.

The Company’s plant nutrition business is also seasonal. For example, the strongest demand for the Company’s plant nutrition products in Brazil typically occurs during the spring planting season. As a result, the Company and its customers generally build inventories during the low demand periods of the year to ensure timely product availability during the peak sales season. The seasonality of this demand results in the Company’s sales volumes and operating income for the Plant Nutrition South America segment usually being the highest during the third and fourth quarters of each year (as the spring planting season begins in September in Brazil).

Significant Accounting Policies

The Company’s significant accounting policies are detailed in “Note 2 – Summary of Significant Accounting Policies” within Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Significant changes to these accounting policies as a result of adopting Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), can be found in “Note 3 – Leases.”


8

Table of Contents

Recent Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board (the “FASB”) issued guidance to require customers in a cloud computing arrangement that is a service contract to follow the internal use software guidance to determine which implementation costs to capitalize as assets. The capitalized implementation costs related to these arrangements are required to be amortized over the term of the hosting arrangement. The guidance also clarifies the presentation requirements for these costs in an entity’s financial statements. The guidance is effective for periods beginning after December 15, 2019, and interim periods within those fiscal years. The Company does not expect this guidance to have a material impact on its consolidated financial statements.
 
In January 2017, the FASB issued guidance to simplify the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance remains largely unchanged. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The Company is currently assessing the impact this guidance will have on its consolidated financial statements.

In June 2016, the FASB issued guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, requires a modified retrospective transition method and early adoption is permitted. The Company is currently assessing the impact this guidance will have on its consolidated financial statements.

2.    Revenue Recognition:

Nature of Products and Services

The Company’s Salt segment products include salt and magnesium chloride for use in road deicing and dust control, food processing, water softeners, and agricultural and industrial applications. The Company’s plant nutrition products include SOP, secondary nutrients, micronutrients and chemicals for the industrial chemical industry. In the U.K., the Company operates a records management business utilizing excavated areas of the Winsford salt mine with one other location in London, England.

Identifying the Contract

The Company accounts for a customer contract when there is approval and commitment from both parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable.

Identifying the Performance Obligations

At contract inception, the Company assesses the goods and services it has promised to its customers and identifies a performance obligation for each promise to transfer to the customer a distinct good or service (or bundle of goods or services). Determining whether products and services are considered distinct performance obligations that should be accounted for separately or aggregated together may require significant judgment.

Identifying and Allocating the Transaction Price

The Company’s revenues are measured based on consideration specified in the customer contract, net of any sales incentives and amounts collected on behalf of third parties such as sales taxes. In certain cases, the Company’s customer contracts may include promises to transfer multiple products and services to a customer. For multiple-element arrangements, the Company generally allocates the transaction price to each performance obligation in proportion to its stand-alone selling price.

When Performance Obligations Are Satisfied

The vast majority of the Company’s revenues are recognized at a point in time when the performance obligations are satisfied based upon transfer of control of the product or service to a customer. To determine when the control of goods is transferred, the Company typically assesses, among other things, the shipping terms of the contract, as shipping is an indicator of transfer of control. Some of the Company’s products are sold when the control of the goods transfers to the customer at the time of shipment. There are also instances when the Company provides shipping services to deliver its products. Shipping and handling costs that

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occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. The Company recognizes shipping and handling costs that are incurred after the customer obtains control of the goods as fulfillment costs which are accrued at the time of revenue recognition.

Significant Payment Terms

The customer contract states the final terms of the sale, including the description, quantity and price of each product or service purchased. Payment is typically due in full within 30 days of delivery. The Company does not adjust the consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the good or service is transferred to the customer and when the customer pays for that good or service will be one year or less.

Refunds, Returns and Warranties

The Company’s products are generally not sold with a right of return and the Company does not generally provide credits or incentives, which may be required to be accounted for as variable consideration when estimating the amount of revenue to be recognized. The Company uses historical experience to estimate accruals for refunds due to manufacturing or other defects.

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

3.
Leases:

In February 2016, the FASB issued guidance which requires lessees to recognize on their balance sheet a right-of-use asset which represents a lessee’s right to use the underlying asset and a lease liability which represents a lessee’s obligation to make lease payments for the right to use the asset. In addition, the guidance requires expanded qualitative and quantitative disclosures. The Company has adopted this guidance beginning in the first quarter of 2019, using a modified retrospective transition method, which required the cumulative effect of this change in accounting of $0.1 million to be recorded as an adjustment to beginning retained earnings. The Company’s 2018 consolidated financial statements were not recast under the new guidance and therefore, these amounts are not presented. The Company elected the package of transition provisions available for existing contracts, which allowed entities to carryforward the historical assessment of whether the contract contained a lease and the lease classification.

The Company enters into leases for warehouses and depots, rail cars, vehicles, mobile equipment, office space and certain other types of property and equipment. The Company determines whether an arrangement is or contains a lease at the inception of the contract. The right-of-use asset and lease liability are recognized based on the present value of the future minimum lease payments over the estimated lease term. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company estimates its incremental borrowing rate for each lease based upon the estimated lease term, the type of asset and the location of the leased asset. The most significant judgments in the application of the FASB guidance include whether a contract contains a lease and the lease term.

Leases with an initial term of 12 months or less are not recorded on the Company’s Consolidated Balance Sheets. The Company recognizes lease expense for these short-term leases on a straight-line basis over the lease term. Many of the Company’s leases include one or more options to renew and extend the initial lease term. The exercise of lease renewal options is generally at the Company’s discretion. The lease term includes renewal periods in only those instances in which the Company determines it is reasonably assured of renewal.
 
The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. In these instances, the assets are depreciated over the useful life of the asset.

The Company has elected the practical expedient available under the FASB guidance to not separate lease and nonlease components on all of its lease categories. As a result, many of the Company’s leases include variable payments for services (such as handling or storage) or payments based on the usage of the asset. In addition, certain of the Company’s lease agreements include rental payments that are adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or any material restrictive covenants. The Company’s sublease income is immaterial.


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The Company’s Consolidated Balance Sheets includes the following (in millions):
 
Consolidated Balance Sheets Location
September 30,
2019
Assets
 
 
Operating lease assets
Other assets
$
39.9

Finance lease assets
Property, plant and equipment, net
5.8

Total leased assets
 
$
45.7

Liabilities
 
 
Current liabilities:
 
 
Operating
Accrued expenses and other current liabilities
$
13.4

Finance
Accrued expenses and other current liabilities
1.2

Noncurrent liabilities:
 
 
Operating
Other noncurrent liabilities
26.7

Finance
Other noncurrent liabilities
6.2

Total lease liabilities
 
$
47.5


The Company’s components of lease cost are as follows (in millions):
 
Three Months Ended
September 30, 2019
Nine Months Ended
September 30, 2019
Finance lease cost:
 
 
Amortization of lease assets
$
0.3

$
0.9

Interest on lease liabilities
0.1

0.4

Operating lease cost
4.5

14.2

Variable lease cost(a)
3.6

13.6

Net lease cost
$
8.5

$
29.1

(a)
Short-term leases are immaterial and included in variable lease cost.

Maturities of lease liabilities under the new guidance (“Topic 842”) are as follows (in millions):
Topic 842
September 30, 2019
Operating Leases
Finance Leases
Total
Remainder of 2019
$
4.6

$
0.5

$
5.1

2020
12.7

1.6

14.3

2021
7.4

1.2

8.6

2022
4.9

1.0

5.9

2023
3.9

1.0

4.9

After 2023
14.0

4.3

18.3

Total lease payments
47.5

9.6

57.1

Less: Interest
(7.4
)
(2.2
)
(9.6
)
Present value of lease liabilities
$
40.1

$
7.4

$
47.5


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The Company’s annual aggregate future minimum annual rental payments under the previous guidance (“Topic 840”) as of December 31, 2018 were as follows (in millions):
Topic 840
December 31, 2018
Operating Leases
Finance Leases
Total
2019
$
16.4

$
2.3

$
18.7

2020
10.6

1.8

12.4

2021
5.7

1.3

7.0

2022
4.4

1.1

5.5

2023
3.6

1.1

4.7

After 2023
14.3

4.6

18.9

Total lease payments
$
55.0

$
12.2

$
67.2



Supplemental lease term and discount rate information related to leases is as follows:

September 30, 2019
Weighted-average remaining lease term (years)
 
Operating leases
6.3

Finance leases
7.3

Weighted-average discount rate
 
Operating leases
4.7
%
Finance leases
7.5
%

Supplemental cash flow information related to leases is as follows (in millions):
 
Nine Months Ended
September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
 
Operating cash flows from operating leases
$
14.2

Operating cash flows from finance leases
0.4

Financing cash flows from finance leases
0.9

Leased assets obtained in exchange for new operating lease liabilities
2.8

Leased assets obtained in exchange for new finance lease liabilities
0.1



4.
Inventories:
 
Inventories consist of the following (in millions):
 
September 30,
2019
 
December 31,
2018
Finished goods
$
271.0

 
$
202.2

Raw materials and supplies
66.1

 
64.4

Total inventories
$
337.1

 
$
266.6




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5.
Property, Plant and Equipment, Net:
 
Property, plant and equipment, net, consists of the following (in millions):
 
September 30,
2019
 
December 31,
2018
Land, buildings and structures, and leasehold improvements
$
585.2

 
$
580.7

Machinery and equipment
972.2

 
983.2

Office furniture and equipment
57.7

 
54.4

Mineral interests
169.1

 
168.1

Construction in progress
143.7

 
118.3

 
1,927.9

 
1,904.7

Less accumulated depreciation and depletion
(904.4
)
 
(852.7
)
Property, plant and equipment, net
$
1,023.5

 
$
1,052.0



6.
Goodwill and Intangible Assets, Net:

Amounts related to the Company’s amortization of intangible assets are as follows (in millions):
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Aggregate amortization expense
 
$
3.3

 
$
3.5

 
$
10.3

 
$
11.4



Amounts related to the Company’s goodwill are as follows (in millions):
 
September 30,
2019
 
December 31,
2018
Goodwill - Plant Nutrition North America Segment
$
54.3

 
$
52.6

Goodwill - Plant Nutrition South America Segment
272.0

 
292.3

Other
5.8

 
5.9