Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-31921 | ||
Entity Registrant Name | Compass Minerals International, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 36-3972986 | ||
Entity Address, Address Line One | 9900 West 109th Street, Suite 100 | ||
Entity Address, Postal Zip Code | 66210 | ||
Entity Address, City or Town | Overland Park, | ||
Entity Address, State or Province | KS | ||
City Area Code | 913 | ||
Local Phone Number | 344-9200 | ||
Title of 12(b) Security | Common stock, $0.01 par value | ||
Trading Symbol | CMP | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,861,868,707 | ||
Entity Common Stock, Shares Outstanding | 33,892,068 | ||
Documents Incorporated by Reference | Document Parts into which Incorporated Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held May 15, 2020 Part III, Items 10, 11, 12, 13 and 14 | ||
Entity Central Index Key | 0001227654 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 34.7 | $ 27 |
Receivables, less allowance for doubtful accounts of $10.7 in 2019 and $9.9 in 2018 | 342.4 | 311.6 |
Inventories | 311.5 | 266.6 |
Other | 96.4 | 116 |
Total current assets | 785 | 721.2 |
Property, plant and equipment, net | 1,030.8 | |
Property, plant and equipment, net | 1,052 | |
Intangible assets, net | 103 | 115.9 |
Goodwill | 343 | 350.8 |
Investment in equity investee | 24.9 | 24.5 |
Other | 156.5 | 103.5 |
Total assets | 2,443.2 | 2,367.9 |
Current liabilities: | ||
Current portion of long-term debt | 52.1 | 43.5 |
Accounts payable | 126.2 | 111.3 |
Accrued salaries and wages | 34.4 | 31.8 |
Income taxes payable | 10.4 | 32.1 |
Accrued interest | 11.3 | 9.7 |
Accrued expenses and other current liabilities | 61.5 | 54.9 |
Total current liabilities | 295.9 | 283.3 |
Long-term debt, net of current portion | 1,363.9 | 1,321.2 |
Deferred income taxes, net | 89.9 | 100.8 |
Other noncurrent liabilities | 163.9 | 122.4 |
Commitments and contingencies (Note 12) | ||
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 | 117.1 | 110.1 |
Treasury stock, at cost — 1,481,611 shares at December 31, 2019 and 1,513,808 shares at December 31, 2018 | (3.2) | (2.9) |
Retained earnings | 607.4 | 643.5 |
Accumulated other comprehensive loss | (192.1) | (210.9) |
Total stockholders' equity | 529.6 | 540.2 |
Total liabilities and stockholders' equity | $ 2,443.2 | $ 2,367.9 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Allowance for doubtful accounts | $ (10.7) | $ (9.9) |
Stockholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 35,367,264 | 35,367,264 |
Treasury stock, shares (in shares) | 1,481,611 | 1,513,808 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sales | $ 1,490.5 | $ 1,493.6 | $ 1,364.4 |
Gross profit | 336.8 | 293.9 | 326.6 |
Selling, general and administrative expenses | 173.2 | 163.6 | 167.4 |
Operating earnings | 163.6 | 130.3 | 159.2 |
Other expense (income): | |||
Interest expense | 68.4 | 62.5 | 52.9 |
Net earnings in equity investee | (0.7) | (1) | (0.8) |
Other, net | 11.3 | (8.8) | 4.4 |
Earnings before income taxes | 84.6 | 77.6 | 102.7 |
Income tax expense | 22.1 | 8.8 | 60 |
Net earnings | $ 62.5 | $ 68.8 | $ 42.7 |
Basic net earnings per common share (in dollars per share) | $ 1.82 | $ 2.02 | $ 1.25 |
Diluted net earnings per common share (in dollars per share) | $ 1.81 | $ 2.02 | $ 1.25 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||
Basic (in shares) | 33,882 | 33,848 | 33,819 |
Diluted (in shares) | 33,882 | 33,848 | 33,820 |
Shipping and handling cost | |||
Cost of goods and services | $ 312.5 | $ 320 | $ 267.5 |
Product cost | |||
Cost of goods and services | $ 841.2 | $ 879.7 | $ 770.3 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 62.5 | $ 68.8 | $ 42.7 |
Other comprehensive income (loss): | |||
Unrealized loss from change in pension costs, net of tax of $0.5, $0.1 and $0.0 in 2019, 2018 and 2017, respectively | (2.4) | (0.6) | (0.2) |
Unrealized gain (loss) on cash flow hedges, net of tax of $(0.1), $(0.2) and $0.8 in 2019, 2018 and 2017, respectively | 0.1 | 0.4 | (1.5) |
Cumulative translation adjustment | 21.1 | (132.6) | 28.7 |
Comprehensive income (loss) | $ 81.3 | $ (64) | $ 69.7 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized loss from change in pension costs, tax | $ 0.5 | $ 0.1 | $ 0 |
Unrealized gain (loss) on cash flow hedges, tax | $ (0.1) | $ (0.2) | $ 0.8 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning balance at Dec. 31, 2016 | $ 717.1 | $ 0.4 | $ 97.1 | $ (3) | $ 727.5 | $ (104.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | 69.7 | 42.7 | 27 | |||
Dividends on common stock/equity awards ($2.88 per share) | (97.5) | 0.2 | (97.7) | |||
Shares issued for stock units, net of shares withheld for taxes | 0 | (0.1) | 0.1 | |||
Stock options exercised | 0.3 | 0.3 | ||||
Stock-based compensation | 5 | 5 | ||||
Ending balance at Dec. 31, 2017 | 694.6 | 0.4 | 102.5 | (2.9) | 672.5 | (77.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | (64) | 68.8 | (132.8) | |||
Stranded tax effect from tax reform | 0 | 0.2 | (0.2) | |||
Dividends on common stock/equity awards ($2.88 per share) | (97.7) | 0.3 | (98) | |||
Stock-based compensation | 7.3 | 7.3 | ||||
Ending balance at Dec. 31, 2018 | 540.2 | 0.4 | 110.1 | (2.9) | 643.5 | (210.9) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | 81.3 | 62.5 | 18.8 | |||
Dividends on common stock/equity awards ($2.88 per share) | (98.1) | 0.4 | (98.5) | |||
Shares issued for stock units, net of shares withheld for taxes | (0.3) | (0.3) | ||||
Stock-based compensation | 6.6 | 6.6 | ||||
Ending balance at Dec. 31, 2019 | $ 529.6 | $ 0.4 | $ 117.1 | $ (3.2) | $ 607.4 | $ (192.1) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends on common stock/equity awards (in dollars per share) | $ 2.88 | $ 2.88 | $ 2.88 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net earnings | $ 62.5 | $ 68.8 | $ 42.7 |
Adjustments to reconcile net earnings to net cash flows provided by operating activities: | |||
Depreciation, depletion and amortization | 137.9 | 136.9 | 122.2 |
Finance fee amortization | 2.8 | 2.2 | 2.2 |
Refinancing of long-term debt | 0.3 | 0 | 0 |
Stock-based compensation | 6.3 | 7.8 | 5 |
Deferred income taxes | (11.8) | (16.7) | (16.5) |
Net earnings in equity investee | (0.7) | (1) | (0.8) |
Gain on settlement of acquisition-related contingent consideration | 0 | 0 | (1.9) |
Unrealized foreign exchange loss | 15 | 0.1 | 4.6 |
Other, net | 7.2 | 4.1 | 0.6 |
Changes in operating assets and liabilities: | |||
Receivables | (31.3) | 16.4 | (22.7) |
Inventories | (45.4) | (16.8) | (5.9) |
Other assets | 23.9 | (18.4) | (72.8) |
Accounts payable and accrued expenses and other current liabilities | (12.1) | 21.1 | (3.6) |
Other liabilities | 5 | (22.2) | 98.1 |
Net cash provided by operating activities | 159.6 | 182.3 | 151.2 |
Cash flows from investing activities: | |||
Capital expenditures | (98.1) | (96.8) | (114.1) |
Other, net | (2.3) | (2.8) | (4.9) |
Net cash used in investing activities | (100.4) | (99.6) | (119) |
Cash flows from financing activities: | |||
Proceeds from revolving credit facility borrowings | 574.1 | 457.4 | 295.8 |
Principal payments on revolving credit facility borrowings | (611.1) | (429.1) | (232) |
Proceeds from issuance of long-term debt | 1,001.8 | 54.3 | 98.7 |
Principal payments on long-term debt | (902.8) | (68.1) | (123.8) |
Dividends paid | (98.1) | (97.7) | (97.5) |
Acquisition-related contingent consideration payment | 0 | 0 | (14.7) |
Premium and other payments to refinance debt | 0 | 0 | (0.2) |
Deferred financing costs | (12.8) | (1.7) | (0.7) |
Shares withheld to satisfy employee tax obligations | (0.3) | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 | 0.3 |
Other, net | (1.3) | (1) | 0.7 |
Net cash used in financing activities | (50.5) | (85.9) | (73.4) |
Effect of exchange rate changes on cash and cash equivalents | (1) | (6.4) | 0.4 |
Net change in cash and cash equivalents | 7.7 | (9.6) | (40.8) |
Cash and cash equivalents, beginning of the year | 27 | 36.6 | 77.4 |
Cash and cash equivalents, end of period | 34.7 | 27 | 36.6 |
Supplemental cash flow information: | |||
Interest paid, net of amounts capitalized | 60.7 | 52.1 | 42.7 |
Income taxes paid, net of refunds | $ 33.9 | $ 38.3 | $ 27.2 |
ORGANIZATION AND FORMATION
ORGANIZATION AND FORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND FORMATION | ORGANIZATION AND FORMATION Compass Minerals International, Inc. (“CMI”), through its subsidiaries (collectively, “CMP,” “Compass Minerals” or the “Company”), is a leading producer of essential minerals focused on safely delivering where and when it matters to help solve nature’s challenges for customers and communities. Its salt products help keep roadways safe during winter weather and are used in numerous other consumer, industrial and agricultural applications. Its plant nutrition business manufactures an innovative and diverse portfolio of products that improve the quality and yield of crops, while supporting sustainable agriculture. Additionally, its specialty chemical business serves the water treatment industry and other industrial processes. The Company’s principal products are salt, consisting of sodium chloride and magnesium chloride, sulfate of potash (“SOP”), secondary nutrients and micronutrients; and specialty chemicals. The Company’s production sites are located in the United States (“U.S.”), Canada, Brazil and the United Kingdom (“U.K.”). The Company also provides records management services in the U.K. CMI is a holding company with no operations other than those of its subsidiaries. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Management Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) as included in the Accounting Standards Codification requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. b. Basis of Consolidation: The Company’s 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. c. Reclassifications: The Company has made reclassifications of prior year amounts in Consolidated Statements of Cash Flows to conform to current year presentation. d. Foreign Currency: Assets and liabilities are translated into U.S. dollars at end of period exchange rates. Revenues and expenses are translated using the monthly average rates of exchange during the year. Adjustments resulting from the translation of foreign-currency financial statements into the reporting currency, U.S. dollars, are included in accumulated other comprehensive loss. The Company recorded foreign exchange (losses) gains of $(1.2) million , $(56.5) million and $5.8 million in 2019 , 2018 and 2017 , respectively, in accumulated other comprehensive loss related to intercompany notes which were deemed to be of long-term investment nature. Aggregate exchange gains (losses) from transactions denominated in a currency other than the functional currency, which are included in other expense (income), for the years ended December 31, 2019 , 2018 and 2017 , were $13.0 million , $(5.8) million and $7.1 million , respectively. e. Revenue Recognition: In May 2014, the Financial Accounting Standards Board (the “FASB”) issued new revenue recognition guidance. The guidance provides a single, comprehensive model for recognizing revenue from contracts with customers. The new revenue recognition model supersedes existing guidance and requires revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration an entity expects to receive in exchange for those goods or services. The Company adopted the guidance effective January 1, 2018 using the modified retrospective transition method, which requires the cumulative effect of adoption, if any, to be recognized as an adjustment to opening retained earnings in the period of adoption. The Company’s revenue arrangements generally consist of a single performance obligation to transfer promised goods or services. As a result, the Company did not identify any material differences in the amount and timing of revenue recognition for its revenue streams. Accordingly, the Company did not record any transition adjustment upon adoption of the new guidance. Under the new standard, substantially all of the Company’s revenue is recognized at a point in time when control of the goods transfers to the customer. During comparative periods, the Company typically recognized revenue at the time of shipment to the customer, which coincides with the transfer of title and risk of ownership to the customer. Sales represent billings to customers net of sales taxes charged for the sale of the product. Sales include amounts charged to customers for shipping and handling costs, which are expensed when the related product is sold. f. Cash and Cash Equivalents: The Company considers all investments with original maturities of three months or less to be cash equivalents. The Company maintains the majority of its cash in bank deposit accounts with several commercial banks with high credit ratings in the U.S., Canada, Brazil and Europe. Typically, the Company has bank deposits in excess of federally insured limits. Currently, the Company does not believe it is exposed to significant credit risk on its cash and cash equivalents. g. Accounts Receivable and Allowance for Doubtful Accounts: Receivables consist almost entirely of trade accounts receivable. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing trade accounts receivable. The Company determines the allowance based on historical write-off experience by business line and a current assessment of its portfolio, including information regarding individual customers. The Company reviews its past due account balances for collectability and adjusts its allowance for doubtful accounts accordingly. Account balances are charged off against the allowance when the Company believes it is probable that the trade accounts receivable will not be recovered. In the latter half of 2019, the Company sold approximately $16.4 million of receivables for $15.6 million . The proceeds of these transactions were used to refinance Brazilian loans (see Note 10 ). The Company is contingently liable for up to 20% of the 2019 receivables balance up to $2.7 million if the banks are unable to collect on these accounts. In the latter half of 2018, the Company sold approximately $32.7 million of receivables for $30.4 million in cash. The Company does not believe the amount which may ultimately be payable for any unpaid receivables to be material to its consolidated financial statements. The Company has no further involvement with these accounts. h. Inventories: Inventories are stated at the lower of cost or net realizable value. Finished goods and raw material and supply costs are valued using the average cost method. Raw materials and supplies primarily consist of raw materials purchased to aid in the production of mineral and chemical products, maintenance materials and packaging materials. Finished goods are primarily comprised of salt, magnesium chloride, and plant nutrition and chemical products readily available for sale. Substantially all costs associated with the production of finished goods at the Company’s production locations are captured as inventory costs. As required by U.S. GAAP, a portion of the fixed costs at a location are not included in inventory and are expensed as a product cost if production at that location is determined to be abnormally low in any period. Additionally, since the Company’s products are often stored at third-party warehousing locations, the Company includes in the cost of inventory the freight and handling costs necessary to move the product to storage until the product is sold to a customer. i. Other Current Assets: In the fourth quarter of 2015, the Company began marketing certain assets used in farming operations. Management remains committed to sell these assets, and the assets continue to be marketed at a reasonable price. The Company has performed an impairment analysis and concluded that the fair market value of these assets exceeds their carrying value. These assets have been recorded in other current assets in the Consolidated Balance Sheets as of December 31, 2019 and 2018 . The amounts classified as held for sale as of December 31, 2019 and 2018 of $7.2 million and $8.0 million , respectively, include water rights of approximately $5.2 million with the remaining balance consisting of property, plant and equipment. In addition, other current assets as of December 31, 2019 and 2018 include $58.3 million and $81.5 million , respectively, of tax refunds from U.S. taxing authorities pursuant to the tax settlement with Canadian and U.S. tax authorities described in Note 8 . The remaining other amounts included in other current assets as of December 31, 2019 and 2018 , respectively, consist principally of prepaid expenses. j. Property, Plant and Equipment: Property, plant and equipment is stated at cost and includes capitalized interest. The costs of replacements or renewals, which improve or extend the life of existing property, are capitalized. Maintenance and repairs are expensed as incurred. Upon retirement or disposition of an asset, any resulting gain or loss is included in the Company’s operating results. Property, plant and equipment also includes mineral interests. The mineral interests for the Company’s Winsford U.K. mine are owned. The Company leases probable mineral reserves at its Cote Blanche and Goderich mines, its Utah facility and several of its other North American facilities. These leases have varying terms, and many provide for a royalty payment to the lessor based on a specific amount per ton of mineral extracted or as a percentage of revenue. The Company’s rights to extract minerals are contractually limited by time. The Cote Blanche mine is operated under land and mineral leases, and the mineral lease expires in 2060 with two additional 25 -year renewal periods. The Goderich mine mineral reserve lease expires in 2022 with the Company’s option to renew until 2043 after demonstrating to the lessor that the mine’s useful life is greater than the lease’s term. The Utah facility mineral reserve lease renews annually. The Company believes it will be able to continue to extend lease agreements as it has in the past, at commercially reasonable terms, without incurring substantial costs or material modifications to the existing lease terms and conditions, and therefore, management believes that assigned lives are appropriate. The Company’s mineral interests are depleted on a units-of-production basis based upon the latest available mineral study. The weighted average amortization period for the leased probable mineral reserves is 91 years as of December 31, 2019 . The Company also owns other mineral properties. The weighted average life for the probable owned mineral reserves is 37 years as of December 31, 2019 based upon management’s current production estimates. Buildings and structures are depreciated on a straight-line basis over lives generally ranging from 10 to 30 years. Portable buildings generally have shorter lives than permanent structures. Leasehold and building improvements typically have shorter estimated lives of 5 to 20 years or lower based on the life of the lease to which the improvement relates. The Company’s fixed assets are amortized on a straight-line basis over their respective lives. The following table summarizes the estimated useful lives of the Company’s different classes of property, plant and equipment: Years Land improvements 10 to 25 Buildings and structures 10 to 30 Leasehold and building improvements 5 to 40 Machinery and equipment – vehicles 3 to 10 Machinery and equipment – other mining and production 3 to 50 Office furniture and equipment 3 to 10 Mineral interests 20 to 99 The Company has finance leases which are recorded in property, plant and equipment at the beginning of the lease at the lower of the fair value of the leased property or the present value of the minimum lease payments. Lease payments are recorded as interest expense and a reduction of the lease liability. A finance lease asset is depreciated over the lower of its useful life or the lease term. The Company has capitalized computer software costs of $16.0 million and $23.6 million as of December 31, 2019 and 2018 , respectively, recorded in property, plant and equipment. The capitalized costs are being amortized over five years . The Company recorded $6.6 million , $7.3 million and $4.7 million of amortization expense related to capitalized computer software for 2019 , 2018 and 2017 , respectively. The Company recognizes and measures obligations related to the retirement of tangible long-lived assets in accordance with applicable U.S. GAAP. Asset retirement obligations are not material to the Company’s consolidated financial position, results of operations or cash flows. The Company reviews its long-lived assets and the related mineral reserves for impairment whenever events or changes in circumstances indicate the carrying amounts of such assets may not be recoverable. If an indication of a potential impairment exists, recoverability of the respective assets is determined by comparing the forecasted undiscounted net cash flows of the operation to which the assets relate, to the carrying amount, including associated intangible assets, of such operation. If the operation is determined to be unable to recover the carrying amount of its assets, then intangible assets are written down first, followed by the other long-lived assets of the operation, to fair value. Fair value is determined based on discounted cash flows or appraised values, depending upon the nature of the assets. k. Goodwill and Intangible Assets: The Company amortizes its intangible assets deemed to have finite lives on a straight-line basis over their estimated useful lives which, for the Company, range from 4 to 50 years. The Company reviews goodwill and other indefinite-lived intangible assets annually for impairment. In addition, goodwill and other intangible assets are reviewed when an event or change in circumstances indicates the carrying amounts of such assets may not be recoverable. l. Investments: 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 Company may recognize its share of an investee’s earnings on a lag, if an investee’s financial results are not available in a timely manner. The Company’s Brazilian subsidiary holds a 50% interest in Fermavi Eletroquímica Ltda. (“Fermavi”). Fermavi, which was founded in 1987, is a Brazilian corporation with headquarters in Varginha, Minas Gerais, Brazil, and its operations focus on the production and sale of manganese-based products. The Company’s investment in Fermavi was recorded at its estimated fair value in conjunction with the preliminary purchase price allocation as of the date the Company completed the full acquisition of Compass Minerals América do Sul Indústria e Comércio S.A. (“Compass Minerals South America”), which was in excess of the book value of net assets acquired. This basis difference was approximately $4 million as of December 31, 2019 and 2018 . The portion of the basis differences related to tangible and intangible assets will be amortized over their remaining useful lives, as appropriate. The Company accounts for its investment in Fermavi under the equity method of accounting. m. Other Noncurrent Assets: Other noncurrent assets include certain inventories of spare parts and related inventory, net of reserve, of $31.0 million and $32.4 million at December 31, 2019 and 2018 , respectively, which will be utilized with respect to long-lived assets. As of December 31, 2019 , other noncurrent assets also include net operating lease assets of $53.7 million related to the implementation of the new leasing standard which became effective on January 1, 2019 . The Company sponsors a non-qualified defined contribution plan for certain of its executive officers and key employees as described in Note 9 . As of December 31, 2019 and 2018 , investments in marketable securities representing amounts deferred by employees, Company contributions and unrealized gains or losses totaling $1.4 million and $1.8 million , respectively, were included in other noncurrent assets in the Consolidated Balance Sheets. The marketable securities are classified as trading securities and accordingly, gains and losses are recorded as a component of other expense (income), net in the Consolidated Statements of Operations. n. Income Taxes: The Company accounts for income taxes using the liability method in accordance with the provisions of U.S. GAAP. Under the liability method, deferred taxes are determined based on the differences between the financial statement and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company’s foreign subsidiaries file separate company returns in their respective jurisdictions. The Company recognizes potential liabilities in accordance with applicable U.S. GAAP for anticipated tax issues in the U.S. and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are no longer necessary. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. Any penalties and interest that are accrued on the Company’s uncertain tax positions are included as a component of income tax expense. In evaluating the Company’s ability to realize deferred tax assets, the Company considers the sources and timing of taxable income, including the reversal of existing temporary differences, the ability to carryback tax attributes to prior periods, qualifying tax-planning strategies, and estimates of future taxable income exclusive of reversing temporary differences. In determining future taxable income, the Company’s assumptions include the amount of pre-tax operating income according to different state, federal and international taxing jurisdictions, the origination of future temporary differences, and the implementation of feasible and prudent tax-planning strategies. If the Company determines that a portion of its deferred tax assets will not be realized, a valuation allowance is recorded in the period that such determination is made. In the future, if the Company determines, based on the existence of sufficient evidence, that more or less of the deferred tax assets are more likely than not to be realized, an adjustment to the valuation allowance will be made in the period such a determination is made. As discussed in Note 8 , on December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act (the “Act”) which subjects U.S. shareholders, including the Company, to tax on Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. The FASB issued guidance stating that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI as a period expense only. o. Environmental Costs: Environmental costs, other than those of a capital nature, are accrued at the time the exposure becomes known and costs can be reasonably estimated. Costs are accrued based upon management’s estimates of all direct costs. Amounts reserved for environmental matters were not material at December 31, 2019 or 2018 . p. Equity Compensation Plans: The Company has equity compensation plans under the oversight of the Company’s Board of Directors, whereby stock options, restricted stock units, performance stock units, deferred stock units and shares of common stock are granted to the Company’s employees and directors. See Note 13 for additional discussion. q. Earnings per Share: The Company’s participating securities are accounted for in accordance with guidance related to the computation of earnings per share under the two-class method. The two-class method requires allocating the Company’s net earnings to both common shares and participating securities based upon their rights to receive dividends. Basic earnings per share is computed by dividing net earnings available to common shareholders by the weighted-average number of outstanding common shares during the period. Diluted earnings per share reflects the potential dilution that could occur under the more dilutive of either the treasury stock method or the two-class method for calculating the weighted-average number of outstanding common shares. The treasury stock method is calculated assuming unrecognized compensation expense, income tax benefits and proceeds from the potential exercise of employee stock options are used to repurchase common stock. r. Derivatives: The Company is exposed to the impact of fluctuations in foreign exchange and interest rates on its borrowings and fluctuations in the purchase price of natural gas consumed in operations. The Company hedges portions of these risks through the use of derivative agreements. The Company accounts for derivative financial instruments in accordance with applicable U.S. GAAP, which requires companies to record derivative financial instruments as assets or liabilities measured at fair value. Accounting for the changes in the fair value of a derivative depends on its designation and effectiveness. Derivatives qualify for treatment as hedges when there is a high correlation between the change in fair value of the derivative instrument and the related change in value of the underlying hedged item. For qualifying hedges, the effective portion of the change in fair value is recognized through earnings when the underlying transaction being hedged affects earnings, allowing a derivative’s gains and losses to offset related results from the hedged item in the statements of operations. Until the effective portion of a derivative’s change in fair value is recognized in the statement of operations, the change in fair value is recognized in comprehensive income. For derivative instruments that are not accounted for as hedges, or for the ineffective portions of qualifying hedges, the change in fair value is recorded through earnings in the period of change. The Company formally documents, designates and assesses the effectiveness of transactions that receive hedge accounting treatment initially and on an ongoing basis. s. Concentration of Credit Risk: The Company sells its salt and magnesium chloride products to various governmental agencies, manufacturers, distributors and retailers primarily in the Midwestern U.S. and throughout Canada and the U.K. The Company’s plant nutrition products are sold across the Western Hemisphere and globally. No single customer or group of affiliated customers accounted for more than 10% of the Company’s sales in any year during the three-year period ended December 31, 2019 , or more than 10% of accounts receivable at December 31, 2019 or 2018 . t. Recent Accounting Pronouncements: In August 2018, 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 August 2017, the FASB issued guidance which amends the current hedge accounting model and requires certain new or modified disclosures to enable entities to better portray the economics of their risk management activities in their financial statements. The modifications include a tabular disclosure related to the effect on the income statement of fair value and cash flow hedges and eliminate the requirement to disclose the ineffective portion of the change in fair value of hedging instruments. The amendments also require new tabular disclosures related to cumulative basis adjustments for fair value hedges. The guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, although early adoption is permitted. The Company adopted this guidance effective January 1, 2019. The adoption did not have a material effect on the Company’s 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 and interim periods within those fiscal years. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In June 2016, the FASB issued guidance for estimating credit losses on certain types of financial instruments, including trade accounts receivable, 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 and interim periods within those fiscal years, requires a modified retrospective transition method and early adoption is permitted. The Company is currently assessing the impact of this guidance, however, it does not expect this guidance to have a material impact on its consolidated financial statements. |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES 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 magnesium chloride for agricultural purposes 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 occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. The Company has made an accounting policy election to recognize any 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. As a practical expedient, 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. Practical Expedients and Accounting Policy Elections Upon adoption of the guidance, the Company elected (i) to exclude disclosures of transaction prices allocated to remaining performance obligations when the Company recognized such revenue for all periods prior to the date of initial application of the new guidance, (ii) not to adjust the amount of consideration for the effects of a significant financing component when the Company expects, at contract inception, that the period between the Company's transfer of a product or service to a customer and when the customer pays for that product or service will be one year or less, (iii) to expense costs to obtain a contract as incurred for costs when the Company expects that the amortization period would have been one year or less, (iv) not to recast revenue for customer contracts that begin and end in the same fiscal period, and (v) not to assess whether promised goods or services are performance obligations if they are immaterial in the context of the customer contract. See Note 15 for disaggregation of revenue by segment, type and geographical region. |
LEASES (Notes)
LEASES (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
LEASES | 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 adopted this guidance on January 1, 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 lives 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. The Company’s Consolidated Balance Sheets includes the following (in millions): Consolidated Balance Sheets Location December 31, Assets Operating lease assets Other assets $ 53.7 Finance lease assets Property, plant and equipment, net 5.8 Total leased assets $ 59.5 Liabilities Current liabilities: Operating Accrued expenses and other current liabilities $ 12.8 Finance Accrued expenses and other current liabilities 1.1 Noncurrent liabilities: Operating Other noncurrent liabilities 41.0 Finance Other noncurrent liabilities 6.2 Total lease liabilities $ 61.1 The Company’s components of lease cost are as follows (in millions): Twelve Months Ended December 31, 2019 Finance lease cost: Amortization of lease assets $ 1.1 Interest on lease liabilities 0.6 Operating lease cost 19.2 Variable lease cost (a) 18.8 Net lease cost $ 39.7 (a) Short-term leases are immaterial and included in variable lease cost. Rental expense, net of sublease income, was $29.9 million , $24.3 million and $22.0 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Maturities of lease liabilities under the new guidance (“Topic 842”) are as follows (in millions): Topic 842 December 31, 2019 Operating Leases Finance Leases Total 2020 $ 13.0 $ 1.6 $ 14.6 2021 10.0 1.3 11.3 2022 7.5 1.1 8.6 2023 6.3 1.1 7.4 2024 5.3 1.1 6.4 After 2024 22.8 3.3 26.1 Total lease payments 64.9 9.5 74.4 Less: Interest (11.1 ) (2.2 ) (13.3 ) Present value of lease liabilities $ 53.8 $ 7.3 $ 61.1 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: December 31, 2019 Weighted-average remaining lease term (years) Operating leases 7.7 Finance leases 7.2 Weighted-average discount rate Operating leases 4.3 % Finance leases 7.6 % Supplemental cash flow information related to leases is as follows (in millions): Twelve Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 18.9 Operating cash flows from finance leases 0.6 Financing cash flows from finance leases 1.3 Leased assets obtained in exchange for new operating lease liabilities 20.3 Leased assets obtained in exchange for new finance lease liabilities 0.2 |
LEASES | 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 adopted this guidance on January 1, 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 lives 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. The Company’s Consolidated Balance Sheets includes the following (in millions): Consolidated Balance Sheets Location December 31, Assets Operating lease assets Other assets $ 53.7 Finance lease assets Property, plant and equipment, net 5.8 Total leased assets $ 59.5 Liabilities Current liabilities: Operating Accrued expenses and other current liabilities $ 12.8 Finance Accrued expenses and other current liabilities 1.1 Noncurrent liabilities: Operating Other noncurrent liabilities 41.0 Finance Other noncurrent liabilities 6.2 Total lease liabilities $ 61.1 The Company’s components of lease cost are as follows (in millions): Twelve Months Ended December 31, 2019 Finance lease cost: Amortization of lease assets $ 1.1 Interest on lease liabilities 0.6 Operating lease cost 19.2 Variable lease cost (a) 18.8 Net lease cost $ 39.7 (a) Short-term leases are immaterial and included in variable lease cost. Rental expense, net of sublease income, was $29.9 million , $24.3 million and $22.0 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Maturities of lease liabilities under the new guidance (“Topic 842”) are as follows (in millions): Topic 842 December 31, 2019 Operating Leases Finance Leases Total 2020 $ 13.0 $ 1.6 $ 14.6 2021 10.0 1.3 11.3 2022 7.5 1.1 8.6 2023 6.3 1.1 7.4 2024 5.3 1.1 6.4 After 2024 22.8 3.3 26.1 Total lease payments 64.9 9.5 74.4 Less: Interest (11.1 ) (2.2 ) (13.3 ) Present value of lease liabilities $ 53.8 $ 7.3 $ 61.1 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: December 31, 2019 Weighted-average remaining lease term (years) Operating leases 7.7 Finance leases 7.2 Weighted-average discount rate Operating leases 4.3 % Finance leases 7.6 % Supplemental cash flow information related to leases is as follows (in millions): Twelve Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 18.9 Operating cash flows from finance leases 0.6 Financing cash flows from finance leases 1.3 Leased assets obtained in exchange for new operating lease liabilities 20.3 Leased assets obtained in exchange for new finance lease liabilities 0.2 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consist of the following at December 31 (in millions): 2019 2018 Finished goods $ 235.3 $ 202.2 Raw materials and supplies 76.2 64.4 Total inventories $ 311.5 $ 266.6 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consists of the following at December 31 (in millions): 2019 2018 Land, buildings and structures and leasehold improvements $ 596.0 $ 580.7 Machinery and equipment 1,001.9 983.2 Office furniture and equipment 60.7 54.4 Mineral interests 171.1 168.1 Construction in progress 141.3 118.3 1,971.0 1,904.7 Less accumulated depreciation and depletion (940.2 ) (852.7 ) Property, plant and equipment, net $ 1,030.8 $ 1,052.0 The cost of leased property, plant and equipment under finance leases included above was $9.2 million and accumulated depreciation was $3.4 million as of December 31, 2019 . The cost of leased property, plant and equipment under capital leases included above was $10.1 million and accumulated depreciation was $2.7 million as of December 31, 2018 . |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The asset value and accumulated amortization as of December 31, 2019 and 2018 for the finite-lived intangibles assets are as follows (in millions): Supply Agreement SOP Production Rights Customer/Distributor Relationships Lease Rights Trade Names Developed Technologies Patents Other Total December 31, 2019 Gross intangible asset $ 27.9 $ 24.3 $ 12.7 $ 1.7 $ 36.8 $ 32.8 $ 16.0 $ 1.3 $ 153.5 Accumulated amortization (5.0 ) (15.6 ) (6.1 ) (0.5 ) (10.9 ) (21.7 ) (8.1 ) (0.9 ) (68.8 ) Net intangible assets $ 22.9 $ 8.7 $ 6.6 $ 1.2 $ 25.9 $ 11.1 $ 7.9 $ 0.4 $ 84.7 Supply Agreement SOP Production Rights Customer/Distributor Relationships Lease Rights Trade Names Developed Technologies Patents Other Total December 31, 2018 Gross intangible asset $ 26.6 $ 24.3 $ 12.5 $ 1.6 $ 37.5 $ 33.8 $ 15.1 $ 1.3 $ 152.7 Accumulated amortization (4.3 ) (14.7 ) (4.9 ) (0.4 ) (7.6 ) (16.1 ) (6.3 ) (0.7 ) (55.0 ) Net intangible assets $ 22.3 $ 9.6 $ 7.6 $ 1.2 $ 29.9 $ 17.7 $ 8.8 $ 0.6 $ 97.7 The estimated lives of the Company’s finite-lived intangible assets are as follows: Intangible asset Estimated Lives Supply agreement 50 years SOP production rights 25 years Patents 10-20 years Developed technology 4-7 years Lease rights 25 years Customer and distributor relationships 10-14 years Trademarks 10 years Noncompete agreements 5 years Trade names 10-11 years None of the finite-lived intangible assets have a residual value. Aggregate amortization expense was $13.6 million in 2019 , $15.0 million in 2018 and $16.2 million in 2017 and is projected to be between $6 million and $13 million per year over the next five years . The weighted average life for the Company’s finite-lived intangibles is 19 years. In addition, the Company had water rights of $17.7 million as of December 31, 2019 and 2018 , and trade names of $0.6 million and $0.5 million as of December 31, 2019 and 2018 , respectively, which have indefinite lives. The Company has goodwill of $343.0 million and $350.8 million as of December 31, 2019 and 2018 , respectively, in its Consolidated Balance Sheets. The Company has recorded goodwill of $55.4 million and $52.6 million as of December 31, 2019 and 2018 , respectively, in its Plant Nutrition North America segment. Additionally, the Company has recorded goodwill of $281.6 million and $292.3 million as of December 31, 2019 and 2018 , respectively, in its Plant Nutrition South America segment. The remaining amounts in both periods were immaterial and recorded in its corporate and other and Salt segment. The decrease in the balance of goodwill from December 31, 2018 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company files tax returns in the U.S., Canada, Brazil and the U.K. at the federal and local taxing jurisdictional levels. The Company’s U.S. federal tax returns for tax years 2012 forward remain open and subject to examination. Generally, the Company’s state, local and foreign tax returns for years as early as 2002 forward remain open and subject to examination, depending on the jurisdiction. Tax Cuts and Jobs Act On December 22, 2017, the U.S. enacted the Act (which is commonly referred to as “U.S. tax reform”). The Act significantly changes U.S. corporate income tax laws by reducing the U.S. corporate income tax rate to 21% beginning in 2018 and creating a quasi-territorial tax system with a one-time mandatory tax on previously deferred foreign earnings. As of December 31, 2018, the Company has completed its accounting for the tax effects of enactment of the Act. In 2017, the Company recorded a reasonable estimated net charge of $46.8 million , consisting of $55.2 million related to the one-time mandatory tax on unremitted foreign earnings, offset by an $8.4 million benefit related to the remeasurement of the Company’s deferred tax liabilities at the new income tax rate. During 2018, the Company finalized the accounting for the enactment of the Act and recorded a tax benefit of $3.0 million , consisting of a $3.1 million tax benefit related to the one-time mandatory tax on unremitted foreign earnings offset by a $0.1 million charge related to the remeasurement of the Company’s deferred tax liabilities. Both the 2017 and 2018 tax effects of the Act are included in income tax expense in the Company’s Consolidated Statements of Operations. Although the unremitted foreign earnings subjected to the one-time mandatory tax on unremitted foreign earnings would not be subject to additional U.S. federal income tax, the Company must still account for the tax consequences of outside basis differences and other tax impacts of our investments in non-U.S. subsidiaries. As the Company was still evaluating how the Act would impact its existing indefinite reinvestment assertion as of December 31, 2017, no deferred tax impacts for this item were recorded in 2017. In 2018, the Company modified its unremitted earnings assertion and expects to repatriate approximately $150 million . Tax expense of $0.9 million and $3.4 million were recorded in 2019 and 2018, respectively, on these amounts. All remaining unremitted earnings of non-U.S. subsidiaries and outside basis differences are considered permanently reinvested. The following table summarizes the Company’s income tax provision related to earnings for the years ended December 31 (in millions): 2019 2018 2017 Current: Federal $ 5.3 $ 8.1 $ 0.5 State 2.0 4.3 (9.8 ) Foreign 26.6 13.1 85.8 Total current 33.9 25.5 76.5 Deferred: Federal (7.2 ) (8.6 ) (4.4 ) State (1.9 ) (0.5 ) (0.5 ) Foreign (2.7 ) (7.6 ) (11.6 ) Total deferred (11.8 ) (16.7 ) (16.5 ) Total provision for income taxes $ 22.1 $ 8.8 $ 60.0 The following table summarizes components of earnings before taxes and shows the tax effects of significant adjustments from the expected tax expense computed at the federal statutory rate for the years ended December 31 (in millions): 2019 2018 2017 U.S. income (loss) $ 31.7 $ (80.6 ) $ (41.2 ) Foreign income 52.9 158.2 143.9 Earnings before income taxes $ 84.6 $ 77.6 $ 102.7 Computed tax at the U.S. federal statutory rate of 21% in 2019 and 2018, 32.7% in 2017 17.8 16.3 33.6 Foreign income rate differential, mining, and withholding taxes, net of U.S. federal deduction 10.2 0.9 1.6 Percentage depletion in excess of basis (5.8 ) (4.7 ) (6.4 ) Other domestic tax reserves, net of reversals 0.2 1.5 — State income taxes, net of federal income tax benefit — 2.1 0.8 Change in valuation allowance on deferred tax asset 0.2 (5.7 ) (23.9 ) Interest expense recognition differences (3.5 ) (3.6 ) (5.6 ) Tax Cuts and Jobs Act of 2017 1.6 (3.0 ) 46.8 Tax on repatriated amounts 0.9 3.4 — Transfer pricing settlement with taxing authorities — 2.2 13.8 Other, net 0.5 (0.6 ) (0.7 ) Provision for income taxes $ 22.1 $ 8.8 $ 60.0 Effective tax rate 26 % 11 % 58 % Under U.S. GAAP, deferred tax assets and liabilities are recognized for the estimated future tax effects, based on enacted tax law, of temporary differences between the values of assets and liabilities recorded for financial reporting and tax purposes, and of net operating losses and other carryforwards. The significant components of the Company’s deferred tax assets and liabilities were as follows at December 31 (in millions): 2019 2018 Deferred tax assets: Reluz Nordeste Indústria e Comércio Ltda net operating loss carryforwards $ 0.6 $ 0.6 Compass Minerals South America net operating loss carryforwards 3.3 7.0 Excess interest expense 14.9 — Foreign tax credit 38.1 — Right of use lease liability 11.1 — Stock-based compensation 2.3 — Other, net 16.5 6.8 Total deferred tax assets before valuation allowance 86.8 14.4 Valuation allowance (39.8 ) (0.6 ) Total deferred tax assets 47.0 13.8 Deferred tax liabilities to be netted with deferred tax assets: Property, plant and equipment 21.2 — Right of use lease asset 11.1 — Other, net 1.0 — Total deferred tax liabilities to be netted with deferred tax assets 33.3 — Net noncurrent deferred tax assets $ 13.7 $ 13.8 Deferred tax assets to be netted with deferred tax liabilities: Foreign tax credit $ — $ 38.2 Net operating loss carryforwards 2.2 2.1 Stock-based compensation — 2.9 Right of use lease liability 0.9 — Other, net 2.1 11.3 Total deferred tax assets before valuation allowance 5.2 54.5 Valuation allowance (1.4 ) (40.3 ) Total deferred tax assets to be netted with deferred tax liabilities 3.8 14.2 Deferred tax liabilities: Property, plant and equipment 63.7 82.3 Intangible asset 29.1 32.7 Right of use lease asset 0.9 — Total deferred tax liabilities 93.7 115.0 Net deferred tax liabilities $ 89.9 $ 100.8 Note - U.S. GAAP requires the netting of assets and liabilities by jurisdiction. In 2019, the U.S. deferred taxes netted to an overall asset, however in 2018, they netted to an overall liability. At December 31, 2019 and 2018, the Company had $18.8 million and $27.2 million , respectively, of gross foreign federal net operating loss (“NOL”) carryforwards that have no expiration date, $1.7 million and $1.2 million , respectively, of gross foreign federal NOL carryforwards which expire in 2033 and $0.3 million and $0.2 million , respectively, of net operating tax-effected state NOL carryforwards which will expire beginning in 2027 . The Company has recorded a valuation allowance for a portion of its deferred tax asset relating to various tax attributes that it does not believe are, more likely than not to be realized. During 2018, the Company determined it is more likely than not that all of its Brazilian deferred tax assets acquired in connection with the acquisition of Compass Minerals South America will be used to reduce taxable income. As a result, the Company released the remaining $7.2 million of valuation allowances during the year ending December 31, 2018. During 2017, the Company released approximately $25 million of valuation allowances related to its acquisition of Compass Minerals South America. As of December 31, 2019 and 2018 , the Company’s valuation allowance was $41.2 million and $40.9 million , respectively. In the future, if the Company determines, based on existence of sufficient evidence, that it should realize more or less of its deferred tax assets, an adjustment to the valuation allowance will be made in the period such a determination is made. The calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations in multiple jurisdictions. The Company recognizes potential liabilities for unrecognized tax benefits in the U.S. and other tax jurisdictions in accordance with applicable U.S. GAAP, which requires uncertain tax positions to be recognized only if they are more likely than not to be upheld based on their technical merits. The measurement of the uncertain tax position is based on the largest benefit amount that is more likely than not (determined on a cumulative probability basis) to be realized upon settlement of the matter. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are no longer necessary. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense may result. The Company’s uncertain tax positions primarily relate to transactions and deductions involving U.S., Canadian and Brazilian operations. If favorably resolved, $37.4 million of unrecognized tax benefits would decrease the Company’s effective tax rate. Management believes that it is reasonably possible that unrecognized tax benefits will decrease by approximately $0.3 million in the next twelve months largely as a result of tax returns being closed to future audits. In the fourth quarter of 2019 , the Company’s income tax expense included a benefit of approximately $0.3 million related to the release of uncertain tax positions due to the expiration of statutes of limitations. The following table shows a reconciliation of the beginning and ending amount of unrecognized tax benefits (in millions): 2019 2018 2017 Unrecognized tax benefits: Balance at January 1 $ 50.9 $ 67.4 $ 20.7 Additions resulting from current year tax positions 0.2 8.0 1.3 Additions relating to tax positions taken in prior years 4.5 2.6 51.7 Reductions due to settlements — (25.0 ) (4.5 ) Reductions due to cash payments (7.5 ) — — Reductions relating to tax positions taken in prior years (0.4 ) (0.3 ) (1.4 ) Reductions due to expiration of tax years (0.3 ) (1.8 ) (0.4 ) Balance at December 31 $ 47.4 $ 50.9 $ 67.4 The Company accrues interest and penalties related to its uncertain tax positions within its tax provision. During the years ended December 31, 2019 , 2018 and 2017 , the Company accrued interest and penalties, net of reversals, of $4.6 million , $(2.1) million and $11.9 million , respectively. As of December 31, 2019 and 2018 , accrued interest and penalties included in the Consolidated Balance Sheets totaled $20.3 million and $15.8 million , respectively. The Company has historically considered the undistributed earnings of its foreign subsidiaries to be permanently reinvested. In December 2017, however, U.S. tax reform legislation was enacted, which included a one-time mandatory tax on previously deferred foreign earnings. As such, in 2018, the Company revised its permanently reinvested assertion and now expects to repatriate approximately $150 million of unremitted foreign earnings on which it recorded $0.9 million and $3.4 million of income tax expense in 2019 and 2018, respectively, for foreign withholding tax and state income taxes. The Company intends to continue its permanently reinvested assertion on the remaining undistributed earnings of its foreign subsidiaries indefinitely. As of December 31, 2019, the Company has approximately $187.3 million of outside basis differences on which no deferred taxes have been recorded as the determination of the unrecognized deferred taxes is not practicable. Canadian provincial tax authorities have challenged tax positions claimed by one of the Company’s Canadian subsidiaries and have issued tax reassessments for years 2002 - 2014 . The reassessments are a result of ongoing audits and total approximately $130.5 million , including interest, through December 31, 2019 . The Company disputes these reassessments and plans to continue to work with the appropriate authorities in Canada to resolve the dispute. There is a reasonable possibility that the ultimate resolution of this 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 $98.4 million performance bond and has paid $38.2 million (most of which is recorded in other assets in the Consolidated Balance Sheets), 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 December 31, 2019 , 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. Settlements Canadian federal and provincial taxing authorities had reassessed the Company for years 2004 - 2006 , which had been previously settled by agreement among the Company, the Canada Revenue Agency (“CRA”) and the U.S. Internal Revenue Service (“IRS”). The Company sought to enforce the agreement, which provided the basis upon which the returns were previously filed and settled. In July 2016, a trial commenced in the Tax Court of Canada with respect to the Canadian federal tax issues for these matters, and in March 2017, the Tax Court of Canada ruled in favor of the Company. The decision of the Tax Court of Canada was not appealed by the CRA. As a result, the reassessed Canadian tax, penalties and interest for the Company for years 2004-2006 of approximately $94.7 million are effectively resolved. In 2017, the Company, the CRA and the IRS reached a settlement agreement on transfer pricing for its 2007-2012 tax years. As a result of this settlement, the Company recognized $13.8 million of tax expense in its 2017 Consolidated Statement of Operations related to the Company’s Canadian tax positions for the years 2007-2016. The recording of this settlement resulted in increased sales for the Company’s Canadian subsidiary of $85.7 million and increased offsetting expenses for its U.S. subsidiary in 2017 causing a domestic loss and significant foreign income. During 2018, in accordance with the agreement, the Company’s U.S. subsidiary made intercompany cash payments of $85.7 million to its Canadian subsidiary and tax payments were made to Canadian taxing authorities of $17.5 million . The remaining liability was satisfied in 2019 with tax payments of $5.3 million . Corresponding tax refunds of $21.4 million have been received as of December 31, 2019 from U.S. taxing authorities with the remaining refund of approximately $1.6 million expected in 2020. Additionally, the reassessed Canadian tax, penalties and interest for the Company for years 2007 and 2008 of approximately $34.2 million are effectively resolved. In 2018, the Company, the CRA and the IRS reached a settlement agreement on transfer pricing and management fees as part of an advanced pricing agreement that covers tax years 2013-2021. The tax expense was previously recognized in 2017, however the recording of this settlement resulted in increased sales for the Company’s Canadian subsidiary of $106.1 million and offsetting expenses for its U.S. subsidiary in 2018 causing a domestic loss and significant foreign income. During 2019, in accordance with the settlement agreement, the Company’s U.S. subsidiary made intercompany cash payments of $106.1 million to its Canadian subsidiary and tax payments were made to Canadian taxing authorities of $29.9 million , with the remaining $1.4 million of tax payments to be paid during 2020. Corresponding tax refunds of $4.7 million were received during 2019 from U.S. taxing authorities, with the remaining $56.7 million expected in early 2020 (recorded in other current assets in its Consolidated Balance Sheets). |
PENSION PLANS AND OTHER BENEFIT
PENSION PLANS AND OTHER BENEFITS | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
PENSION PLANS AND OTHER BENEFITS | PENSION PLANS AND OTHER BENEFITS The Company has a defined benefit pension plan for certain of its U.K. employees. Benefits of this pension plan are based on a combination of years of service and compensation levels. This plan was closed to new participants in 1992 . Beginning December 1, 2008 , future benefits ceased to accrue for the remaining active employee participants in the pension plan concurrent with the establishment of a defined contribution plan for these employees. In addition, the Company has a defined benefit plan with certain Compass Minerals South America employees. The pension assets, obligations and net pension expense related to this plan are immaterial. The Company’s U.K. pension fund investment strategy is to maximize return on investments while minimizing risk. This is accomplished by investing in high-grade equity and debt securities. The Company’s portfolio guidelines recommend that equity securities comprise approximately 75% of the total portfolio and that approximately 25% be invested in debt securities. The Company’s portfolio has shifted to a smaller proportion of equity funds due to the increased volatility of these funds over the last several years, and it is researching strategies that will reduce volatility, while also maximizing returns. Investment strategies and portfolio allocations are based on the plan’s benefit obligations and its funded or underfunded status, expected returns, and the Company’s portfolio guidelines and are monitored on a regular basis. The weighted-average asset allocations by asset category are as follows: Plan Assets at December 31, Asset Category 2019 2018 Cash and cash equivalents 3 % 3 % Blended funds 51 % 32 % Bond funds 46 % 45 % Insurance policy — 20 % Total 100 % 100 % The fair value of the Company’s U.K. pension plan assets at December 31, 2019 and 2018 by asset category (see Note 14 for a discussion regarding fair value measurements) are as follows (in millions): Market Value at December 31, 2019 Level One Level Two Level Three Asset category: Cash and cash equivalents (a) $ 1.9 $ 1.9 $ — $ — Blended funds (b) 33.6 — 33.6 — Bond funds (c) : Treasuries 30.1 — 30.1 — Total Pension Assets $ 65.6 $ 1.9 $ 63.7 $ — Market Value at December 31, 2018 Level One Level Two Level Three Asset category: Cash and cash equivalents (a) $ 1.9 $ 1.9 $ — $ — Blended funds (b) 19.6 — 19.6 — Bond funds (c) : Treasuries 27.3 — 27.3 — Insurance policy (d) 11.9 — — 11.9 Total Pension Assets $ 60.7 $ 1.9 $ 46.9 $ 11.9 (a) The fair value of cash and cash equivalents is its carrying value. (b) The Company is invested in a diversified growth fund. The diversified growth fund is valued at the last traded or official close for the underlying equities and bid or mid for the underlying fixed income securities depending on the portfolio benchmark. Where representative prices are unavailable, underlying fixed income investments are valued based on other observable market-based inputs. (c) This category includes investments in investment-grade fixed-income instruments and funds linked to U.K. treasury notes. The funds are valued using the bid amounts for each fund. All of the Company’s bond fund pension assets are invested in U.K.-linked treasuries as of December 31, 2019 and 2018 . (d) The insurance policy was written by an insurance company with an A+ rating from Standard and Poors. The policy derives its value primarily from its underlying investments which consists of separate funds also managed by the underwriter. The policy’s holdings consist primarily of a unit trust fund, which is valued based on its underlying holdings of equities, fixed income securities, cash and derivative instruments. Those underlying investments are valued at bid price on the last business day of the period when available. Other investments use the last available authorized price of the last business day of the period. Unquoted investments are valued based upon the fund manager’s opinion of fair value based primarily on other observable market-based inputs. Open positions in derivative contracts or foreign currency transactions are included at their mark to market value. Money market instruments are valued based upon amortized cost. Term deposits are valued at their nominal value. The changes in Level 3 U.K. pension plan assets for the year ended December 31, 2019 and 2018 were as follows (in millions): Value of Insurance Policy Beginning balance as of January 1, 2018 $ 13.4 Unrealized gain (0.8 ) Currency fluctuation adjustment (0.7 ) Ending balance as of December 31, 2018 $ 11.9 Unrealized loss 0.7 Transfer to other existing investments (12.1 ) Currency fluctuation adjustment (0.5 ) Ending balance as of December 31, 2019 $ — As of December 31, 2019 and 2018 , amounts recognized in accumulated other comprehensive loss, net of tax, consisted of actuarial net losses of $6.8 million (including $7.9 million of accumulated loss less prior service cost of $1.1 million ) and $4.5 million (including $5.6 million of accumulated loss less prior service cost of $1.1 million ), respectively. During 2019 , the amounts recognized in accumulated other comprehensive loss, net of tax, consisted of actuarial net losses of $(2.4) million , amortization of loss of $0.4 million , amortization of prior service cost of $(0.1) million and foreign exchange of $(0.3) million . During 2018 , the amounts recognized in accumulated other comprehensive loss, net of tax, consisted of actuarial net losses of $(1.2) million , amortization of loss of $0.3 million , amortization of prior service cost of $(0.1) million and foreign exchange of $0.4 million . During 2017 , the amounts recognized in accumulated other comprehensive loss, net of tax, consisted of actuarial net gain of $0.1 million , amortization of loss of $0.3 million , amortization of prior service cost of $(0.1) million and foreign exchange of $(0.5) million . The Company expects to recognize approximately $0.9 million ( $1.0 million of amortization of loss less $0.1 million of prior service cost) of losses from accumulated other comprehensive loss as a component of net periodic pension cost in 2020 . Total net periodic pension cost in 2020 is expected to be $0.2 million . The assumptions used in determining pension information for the plans for the years ended December 31 were as follows: 2019 2018 2017 Discount rate 2.00 % 2.90 % 2.80 % Expected return on plan assets 3.10 % 3.70 % 3.70 % The overall expected long-term rate of return on plan assets is a weighted-average expectation based on the fair value of targeted and expected portfolio composition. The Company considers historical performance and current benchmarks to arrive at expected long-term rates of return in each asset category. The Company determines its discount rate based on a forward yield curve for a portfolio of high-credit-quality bonds with expected cash flows and an average duration closely matching the expected benefit payments under the plan. The Company’s funding policy is to make the minimum annual contributions required by applicable regulations or agreements with the plan administrator. Management expects total contributions during 2020 will be approximately $0.7 million . In addition, the Company may periodically make contributions to the plan based upon the underfunded status of the plan or other transactions, which warrant incremental contributions in the judgment of management. The U.K. pension plan includes a provision whereby supplemental benefits may be available to participants under certain circumstances after case review and approval by the plan trustees. Because instances of this type of benefit have historically been infrequent, the development of the projected benefit obligation and net periodic pension cost has not provided for any future supplemental benefits. If additional benefits are approved by the trustees, it is likely that an additional contribution would be required and the amount of incremental benefits would be expensed by the Company. The Company expects to pay the following benefit payments (in millions): Calendar Year Future Expected Benefit Payments 2020 $ 2.9 2021 3.0 2022 3.0 2023 3.1 2024 3.2 2025 – 2029 17.5 The following table sets forth pension obligations and plan assets for the Company’s defined benefit plan, as of December 31 (in millions): 2019 2018 Change in benefit obligation: Benefit obligation as of January 1 $ 58.6 $ 67.0 Interest cost 1.7 1.6 Actuarial loss (gain) 4.8 (3.7 ) Plan amendment — 0.3 Benefits paid (3.5 ) (2.9 ) Currency fluctuation adjustment 2.5 (3.7 ) Benefit obligation as of December 31 64.1 58.6 Change in plan assets: Fair value as of January 1 60.7 69.1 Actual return (loss) 4.2 (2.3 ) Company contributions 1.7 0.7 Currency fluctuation adjustment 2.5 (3.9 ) Benefits paid (3.5 ) (2.9 ) Fair value of plan assets as of December 31 65.6 60.7 Overfunded status of the plan $ 1.5 $ 2.1 The Company’s defined benefit plan was overfunded as of December 31, 2019 and 2018 and accordingly, $1.5 million and $2.1 million , respectively, has been recorded as a noncurrent asset in the Consolidated Balance Sheets. The accumulated benefit obligation for the defined benefit pension plan was $64.1 million and $58.6 million as of December 31, 2019 and 2018 , respectively. The plan assets were in excess of the accumulated benefit obligation as of December 31, 2019 and 2018 . The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of retirement. Since all employees are vested, the accumulated benefit obligation and the vested benefit obligation are the same amount. The Company uses a straight-line methodology of amortization subject to a corridor based upon the higher of the fair value of assets and the pension benefit obligation over a five -year period. The components of net periodic pension benefit were as follows for the years ended December 31 (in millions): 2019 2018 2017 Interest cost on projected benefit obligation $ 1.7 $ 1.6 $ 1.8 Prior service cost (0.1 ) (0.1 ) (0.1 ) Expected return on plan assets (2.2 ) (2.5 ) (2.4 ) Net amortization 0.5 0.3 0.4 Net periodic pension benefit $ (0.1 ) $ (0.7 ) $ (0.3 ) The Company has defined contribution and pre-tax savings plans (the “Savings Plans”) for certain of its employees. Under each of the Savings Plans, participants are permitted to defer a portion of their compensation. Company matching contributions to the Savings Plans are based on a percentage of employee contributions. Additionally, certain of the Savings Plans have a profit-sharing feature for salaried and non-union hourly employees. The Company contribution to the profit-sharing feature is discretionary and based on the Company’s financial performance and other factors. Expense attributable to all Savings Plans was $11.6 million , $12.6 million and $13.1 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The Savings Plans include a non-qualified plan for certain executive officers and other key employees who are limited in their ability to participate in qualified plans due to existing regulations. These employees are allowed to defer a portion of their compensation, upon which they will be entitled to receive Company contributions despite the limitations imposed by current U.S. regulations for qualified plans. The Company’s contributions to the Savings Plans include Company matching contributions based on a percentage of the employee’s deferred salary, discretionary profit sharing contributions and any investment income (loss) that would have been credited to their account had the contributions been made according to employee-designated investment specifications. Although not required to do so, the Company invests amounts equal to the salary deferrals, the corresponding Company matching contribution and discretionary profit sharing amounts according to the employee-designated investment specifications. As of December 31, 2019 and 2018 , investments in marketable securities totaling $1.4 million and $1.8 million , respectively, were included in other noncurrent assets with a corresponding deferred compensation liability included in other noncurrent liabilities in the Consolidated Balance Sheets. Compensation expense recorded for the non-qualified plan was immaterial for each of the years ended December 31, 2019 , 2018 and 2017 , including amounts attributable to investment income, and was included in other, net in the Consolidated Statements of Operations. |
LONG TERM DEBT
LONG TERM DEBT | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
LONG TERM DEBT | LONG TERM DEBT Third-party long-term debt consists of the following at December 31 (in millions): 2019 2018 Term Loans due July 2021 $ — $ 828.9 Revolving Credit Facility due July 2021 — 197.0 4.875% Senior Notes due July 2024 250.0 250.0 Term Loan due January 2025 400.0 — Revolving Credit Facility due January 2025 160.0 — 6.75% Senior Notes due December 2027 500.0 — Banco Itaú Loan due March 2019 — 2.5 Banco Itaú Loans due May 2019 to April 2020 — 0.8 Banco Scotiabank Loan due September 2019 — 10.3 Banco Rabobank Loan due November 2019 — 18.1 3.7% Banco Itaú loan due March 2020 15.4 15.4 Banco Santander loan due September 2020 — 20.6 Banco Santander loan due October 2020 16.2 16.8 Banco Rabobank loan due July 2021 17.4 — Banco Santander loan due September 2021 19.9 — Banco do Brasil loan due September 2021 12.4 — Banco Rabobank loan due November 2021 17.4 — Banco Santander due December 2021 14.9 — Financiadora de Estudos e Projetos Loan due November 2023 7.2 9.3 Other — 1.7 1,430.8 1,371.4 Less unamortized debt issuance costs (14.8 ) (6.7 ) Total debt 1,416.0 1,364.7 Less current portion (52.1 ) (43.5 ) Long-term debt $ 1,363.9 $ 1,321.2 Credit Agreement In November 2019, the Company entered into an agreement to amend and restate its credit agreement (the “2019 Credit Agreement”), which matures in January 2025. The 2019 Credit Agreement provides for senior secured financing consisting of a $400 million term loan facility and a $300 million revolving credit facility. The term loan is repayable in quarterly installments of interest and principal beginning in March 2020 with principal payments equal to 2.5% per year during the first 2 years and 5% per year during the final 3 years. The Company may elect for the credit facility to bear interest at either an alternate base rate or an adjusted eurocurrency bank deposit rate plus, in each case, an interest rate margin, based upon a defined consolidated leverage ratio. The outstanding term loan can be prepaid at any time without penalty. Prior to the 2019 Credit Agreement, the Company’s credit agreement consisted of two senior secured term loans and a senior secured revolving credit facility which matured in July 2021. Interest on the Company’s borrowings under the previous outstanding credit agreement was variable based on either the LIBOR or a base rate (defined as the greater of a specified U.S. or Canadian prime lending rate or the federal funds effective rate, increased by 0.5% ) plus a margin which was dependent upon the Company’s leverage ratio and the type of term loan borrowing. As of December 31, 2019 , the weighted average interest rate was 3.8% on all borrowings outstanding under the 2019 Credit Agreement. Both credit agreements require the Company to maintain certain financial ratios, including a minimum interest coverage ratio and a maximum total leverage ratio. Under the current revolving credit facility, up to $40 million may be drawn in Canadian dollars and $10 million may be drawn in British pounds sterling. Additionally, the revolving credit facility includes a sub-limit for short-term letters of credit in an amount not to exceed $50 million . As of December 31, 2019 , there was $160.0 million outstanding under the revolving credit facility, and, after deducting outstanding letters of credit totaling $10.5 million , the Company’s borrowing availability was $129.5 million . The Company incurs participation fees related to its outstanding letters of credit and commitment fees on its available borrowing capacity. The rates vary depending on the Company’s leverage ratio. Bank fees are not material. In connection with the 2019 Credit Agreement, the Company paid $4.1 million of fees ( $3.8 million was capitalized as deferred financing costs with $0.3 million recorded as an expense). The Company also wrote-off $0.3 million of previously capitalized deferred financing costs as part of this refinancing. In December 2018, the Company entered into an amendment to its credit agreement, which eased restrictions in certain covenants contained in the agreement. In connection with this amendment, the Company paid fees totaling $1.4 million ( $1.4 million was capitalized as deferred financing costs with less than $0.1 million recorded as an expense). The Company’s 2019 Credit Agreement borrowings are 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 December 31, 2019 , the Company was in compliance with each of its covenants under the 2019 Credit Agreement. Senior Notes In November 2019, the Company also issued $500 million 6.75% Senior Notes due December 2027 (the “ 6.75% Notes”), which are subordinate to the 2019 Credit Agreement borrowings. The 6.75% Notes are unsecured obligations and are guaranteed by certain of the Company’s domestic subsidiaries. Interest on the 6.75% Notes is due semi-annually in June and December beginning in 2020. The 6.75% Notes are subordinated to all existing and future indebtedness. In connection with the 6.75% Notes, the Company paid $8.2 million of fees, all of which were capitalized as deferred financing costs. The 4.875% Senior Notes due July 2024 (the “ 4.875% Notes”) are subordinate to the 2019 Credit Agreement borrowings. Interest on the 4.875% Notes is due annually in January and July. The 2019 Credit Agreement and the agreements governing the 4.875% Notes and the 6.75% Notes and other indebtedness contain covenants that limit the Company’s ability, among other things, to incur additional indebtedness or contingent obligations or grant liens; pay dividends or make distributions to stockholders; repurchase or redeem the Company’s stock; make investments or dispose of assets; prepay, or amend the terms of certain junior indebtedness; engage in sale and leaseback transactions; make changes to the Company’s organizational documents or fiscal periods; grant liens on the Company’s assets or make certain intercompany dividends, investments or asset transfers; enter into new lines of business; enter into transactions with the Company’s stockholders and affiliates; and acquire the assets of or merge or consolidate with other companies. Other Debt As of December 31, 2019 , the Company had $120.8 million of loans related to Compass Minerals South America, which have maturity dates ranging from March 2020 through November 2023 and bear interest at rates of either a percentage of CDI, an overnight inter-bank lending rate in Brazil, or LIBOR plus a margin. A portion of the loans are denominated in U.S. dollars and a portion of the loans are denominated in Brazilian reais, Compass Minerals South America’s functional currency. The Company has entered into foreign currency swap agreements in relation to some of these loans whereby the Company agreed to swap interest and principal payments on loans denominated in U.S. dollars for principal and interest payments denominated in Brazilian reais (see Note 11 for further discussion). In the first quarter of 2019, the Company entered into two Brazilian real-denominated loans totaling $18.0 million which matured in July and September of 2019, respectively. These loans bore interest at 123% and 128% of CDI, respectively. In the third quarter of 2019, the Company entered into Brazilian real-denominated loans totaling $36.0 million which mature in July and September of 2021. These loans bear interest at 120% and 141% of CDI, respectively. During the fourth quarter of 2019, the Company entered into two Brazilian real-denominated loans totaling $27.3 million which mature in September and December 2021. These loans bear interest at 126% and 129% of CDI, respectively. The Company also refinanced a loan with Rabobank that expired during the fourth quarter of 2019 in the amount of $17.4 million with a new loan with the same principal that bears interest at 122% of CDI and matures in November 2021. In the first quarter of 2018, the Company entered into a new U.S. dollar denominated loan which matures in March 2020. No material fees were paid in connection with these transactions. During the third quarter of 2018, the Company paid off approximately $36 million of its Brazilian loans and entered into a new $20.0 million Brazilian loan. The new variable rate loan bears interest of 117.5% of CDI and matures in September 2020. In the fourth quarter of 2018, the Company entered into $18.4 million of loans in Brazil which bore interest at 133.1% of CDI and matured in June and October of 2019. Future maturities of long-term debt for the years ending December 31, are as follows (in millions): Debt Maturity 2020 $ 52.1 2021 85.2 2022 21.8 2023 21.7 2024 270.0 Thereafter 980.0 Total $ 1,430.8 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS The Company is subject to various types of market risks, including interest rate risk, foreign currency exchange rate transaction and translation risk and commodity pricing risk. Management may take actions to mitigate the exposure to these types of risks, including entering into forward purchase contracts and other financial instruments. Currently, the Company manages a portion of its commodity pricing and foreign currency exchange rate risks by using derivative instruments. The Company does not seek to engage in trading activities or take speculative positions with any financial instrument arrangement. The Company has entered into natural gas derivative instruments and foreign currency derivative instruments with counterparties it views as creditworthy. However, the Company does attempt to mitigate its counterparty credit risk exposures by, among other things, entering into master netting agreements with some of these counterparties. The Company records derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets. Derivatives qualify for treatment as hedges when there is a high correlation between the change in fair value of the derivative instrument and the related change in value of the underlying hedged item. Depending on the exposure being hedged, the Company must designate the hedging instrument as a fair value hedge, a cash flow hedge or a net investment in foreign operations hedge. For the qualifying derivative instruments that have been designated as hedges, the effective portion of the change in fair value is recognized through earnings when the underlying transaction being hedged affects earnings, allowing a derivative’s gains and losses to offset related results from the hedged item in the statements of operations. Any ineffectiveness related to these hedges was not material for any of the periods presented. For derivative instruments that have not been designated as hedges, the entire change in fair value is recorded through earnings in the period of change. Natural Gas Derivative Instruments Natural gas is consumed at several of the Company’s production facilities, and a change in natural gas prices impacts the Company’s operating margin. The Company’s objective is to reduce the earnings and cash flow impacts of changes in market prices of natural gas by fixing the purchase price of up to 90% of its forecasted natural gas usage. It is the Company’s policy to consider hedging portions of its natural gas usage up to 36 months in advance of the forecasted purchase. As of December 31, 2019 , the Company had entered into natural gas derivative instruments to hedge a portion of its natural gas purchase requirements through December 2021. As of December 31, 2019 and 2018 , the Company had agreements in place to hedge forecasted natural gas purchases of 2.8 million and 1.0 million MMBtus, respectively. All natural gas derivative instruments held by the Company as of December 31, 2019 and 2018 , qualified and were designated as cash flow hedges. As of December 31, 2019 , the Company expects to reclassify from accumulated other comprehensive income to earnings during the next twelve months $0.5 million of net losses on derivative instruments related to its natural gas hedges. Foreign Currency Swaps not Designated as Hedges In February 2018, the Company entered into a forward instrument to swap currency denominated in Brazilian reais to Canadian dollars for the amounts borrowed under an intercompany note. The instrument matured in November 2018 and was for a notional amount of approximately $19.9 million U.S. dollars. The objective of the instrument was to mitigate the f oreign currency fluctuation risk related to holding debt denominated in a currency other than Compass Minerals South America’s functional currency. The instrument was not designated as a hedge. During 2018, the Company recognized a net gain of $1.5 million in other expense in its Consolidated Statements of Operations for this agreement. In the latter half of 2018, the Company entered into non-deliverable forward contracts to fix $11.9 million of its net position in accounts receivable and accounts payable in Brazil that were U.S. dollar denominated. The objective of these instruments was to mitigate the foreign currency fluctuation risk related to the Company’s accounts receivable and payable denominated in a currency other than Compass Minerals South America’s functional currency. These forward contracts were not designated as hedges and matured in December 2018. During 2018, the Company recognized a net loss of $1.0 million in other expense in its Consolidated Statements of Operations for these forward contracts. Foreign Currency Swaps Designated as Hedges The Company has entered into U.S. dollar-denominated debt instruments to provide funds for its operations in Brazil (see Note 10 for more information). The Company may also concurrently enter into foreign currency agreements whereby the Company agrees to swap interest and principal payments on loans denominated in U.S. dollars for principal and interest payments denominated in Brazilian reais, Compass Minerals South America’s functional currency. The objective of the swap agreements is to mitigate the foreign currency fluctuation risk related to holding debt denominated in a currency other than Compass Minerals South America’s functional currency. As of December 31, 2019, the Company had one swap agreement in place to hedge $15.7 million of a loan denominated in a currency other than Compass Minerals South America’s functional currency. Payments on this loan are due on various dates extending through March 2020. As of December 31, 2019, the foreign currency derivative instrument qualified and was designated as a cash flow hedge. As of December 31, 2019 , the Company expects to reclassify from accumulated other comprehensive income to earnings during the next twelve months $2.8 million of net gains on derivative instruments related to this foreign currency swap agreement. The following tables present the fair value of the Company’s derivatives as of December 31, 2019 , and 2018 (in millions): Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments: Balance Sheet Location December 31, 2019 Balance Sheet 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 (a) The Company has master netting agreements with its commodity hedge counterparties and accordingly has netted in its Consolidated Balance Sheets $0.4 million of its commodity contracts that are in a receivable position against its contracts in payable positions. (b) The Company has both commodity hedge and foreign currency swap agreements with two counterparties each. Amounts recorded as liabilities for the Company’s commodity contracts are payable to both counterparties, and amounts recorded as assets for the Company’s swap contracts are receivable from both counterparties. Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments: Balance Sheet Location December 31, 2018 Balance Sheet Location December 31, 2018 Commodity contracts Other current assets $ — Accrued expenses and other current liabilities $ 0.6 Swap contracts Other current assets 2.2 Accrued expenses and other current liabilities — Swap contracts Other assets 2.3 Other noncurrent liabilities — Total derivatives designated as hedging instruments (a)(b) $ 4.5 $ 0.6 (a) The Company has master netting agreements with its commodity hedge counterparties and accordingly has netted in its Consolidated Balance Sheets less than $0.1 million of its commodity contracts that are in a receivable position against its contracts in payable positions. (b) The Company has both commodity hedge and foreign currency swap agreements with two counterparties each. Amounts recorded as liabilities for the Company’s commodity contracts are payable to both counterparties, and amounts recorded as assets for the Company’s swap contracts are receivable from both counterparties. The following tables present activity related to the Company’s other comprehensive income before taxes for the twelve months ended December 31, 2019 and 2018 (in millions): Twelve Months Ended December 31, 2019 Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) Amount of (Gain) Loss Recognized in OCI on Derivative (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) Commodity contracts Product cost $ (0.8 ) $ 0.9 Swap contracts Interest expense (2.5 ) 2.2 Total $ (3.3 ) $ 3.1 Twelve Months Ended December 31, 2018 Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Reclassified from Accumulated OCI Into Income Effective Portion) Amount of (Gain) Loss Recognized in OCI on Derivative (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) Commodity contracts Product cost $ (0.7 ) $ (0.2 ) Swap contracts Interest expense (2.6 ) 3.0 Total $ (3.3 ) $ 2.8 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Contingent Obligations: The Company was involved in proceedings alleging unfair labor practices at its Cote Blanche, Louisiana, mine. This matter arose out of a labor dispute between the Company and the United Steelworkers Union over the terms of a contract for certain employees at the mine. These employees initiated a strike that began on April 7, 2010, and ended on June 15, 2010. In September 2012, the U.S. National Labor Relations Board (the “NLRB”) issued a decision finding that the Company had committed unfair labor practices in connection with the labor dispute. Under the ruling, the Company is responsible for back pay to affected employees as a result of changes made in union work rules and past practices beginning April 1, 2010. In the fourth quarter of 2013, this ruling was upheld by an appeals court. As of December 31, 2016, the Company had recorded a reserve of $7.4 million in its Consolidated Financial Statements related to expected payments, including interest, required to resolve the dispute. In March 2017, the Company reached a settlement with the United Steelworkers Union and the NLRB with respect to an unfair labor practices matter at this mine. Under the terms of the agreement, the Company paid $7.7 million to the affected employees in the second quarter of 2017. As a result of the settlement, the Company recognized an immaterial loss in its Consolidated Financial Statements in 2017. On July 16, 2018, the Company’s unionized employees at its Goderich mine ratified a three -year collective bargaining agreement, ending a strike that began on April 27, 2018. The Wisconsin Department of Agriculture, Trade and Consumer Protection (“DATCP”) has information indicating that agricultural chemicals are present within the subsurface area of the Company’s Kenosha, Wisconsin property. The agricultural chemicals were used by previous owners and operators of the site. None of the identified chemicals have been used in association with the Company’s operations since it acquired the property in 2002. DATCP directed the Company to conduct further investigations into the possible presence of agricultural chemicals in soil and ground water at the Kenosha property. The Company has completed initial on-property investigations and has provided the findings to DATCP. All investigations and mitigation activities to date, and any potential future remediation work, are being conducted under the Wisconsin Agricultural Chemical Cleanup Program (the “ACCP”), which provides for reimbursement of some of the costs. The Company may seek participation by, or cost reimbursement from, other parties responsible for the presence of any agricultural chemicals found in soil and ground water at this site if the Company does not receive an acknowledgment of no further action and is required to conduct further investigation or remedial work that may not be eligible for reimbursement under the ACCP. The Company conducts business operations in several countries and is subject to various federal and local labor, social security, environmental and tax laws. While the Company believes it complies with such laws, they are complex and subject to interpretation. In addition to the tax assessments discussed in Note 8, the Company’s Brazilian subsidiaries are party to administrative tax proceedings and claims which totaled $15.8 million and $15.9 million as of December 31, 2019 and 2018, respectively, and relate primarily to value added tax, state tax (ICMS) and social security tax (PIS and COFINS) assessments. The Company has assessed the likelihood of a loss at less than probable and therefore, has not established a reserve for these matters. The Company also has assumed liabilities for labor-related matters in connection with the acquisition of Compass Minerals South America, which are primarily related to compensation, labor benefits and consequential tax claims and totaled $5.6 million and $7.8 million as of December 31, 2019 and 2018, respectively. The Company believes the maximum exposure for these other labor matters totaled approximately $25 million and $31 million as of December 31, 2019 and 2018, respectively. The Division of Enforcement of the U.S. Securities and Exchange Commission (“SEC”) is investigating the Company’s disclosures concerning the operation of the Goderich mine. The Company has cooperated with this investigation and will continue to do so. While it is not possible to predict the timing or the outcome of the SEC inquiry, the Company believes that this matter will not have a material impact on its results of operation, cash flows or financial position. 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 proceeding 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. Approximately 50% of workforce in the U.S., Canada and the U.K. and approximately 30% of the Company’s global workforce is represented by collective bargaining agreements. Of the Company’s 12 collective bargaining agreements in effect on January 1, 2020, four will expire in 2020, two will expire in 2021, five will expire in 2022 and one will expire in 2027. In addition, trade union membership is mandatory in Brazil, where approximately 40% of the Company’s global workforce is located. Commitments: Royalties: The Company has various private, state and Canadian provincial leases associated with the salt and specialty potash businesses, most of which are renewable by the Company. Many of these leases provide for a royalty payment to the lessor based on a specific amount per ton of mineral extracted or as a percentage of revenue. Royalty expense related to these leases was $16.3 million $14.8 million and $14.5 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Performance Bonds: The Company has various salt and other deicing product sales contracts that include performance provisions governing delivery and product quality. These sales contracts either require the Company to maintain performance bonds for stipulated amounts or contain contractual penalty provisions in the event of non-performance. For the three years ended December 31, 2019 , the Company has had no material penalties related to these sales contracts. At December 31, 2019 , the Company had $155.8 million of outstanding performance bonds, which includes bonds related to Ontario mining tax reassessments. Purchase Commitments: In connection with the operations of the Company’s facilities, the Company purchases utilities, other raw materials and services from third parties under contracts extending, in some cases, for multiple years. Purchases under these contracts are generally based on prevailing market prices. The Company has minimum throughput contracts with some of its depots and warehouses. The purchase commitments for these contracts are estimated to be $30.3 million for 2020 , $9.0 million in 2021 , $7.6 million in 2022 , $5.0 million in 2023 and $2.9 million in 2024 . |
STOCKHOLDERS' EQUITY AND EQUITY
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS | STOCKHOLDERS’ EQUITY AND EQUITY INSTRUMENTS The Company paid dividends of $2.88 per share in 2019 and currently intends to continue paying quarterly cash dividends. The declaration and payment of future dividends to holders of the Company’s common stock will be at the discretion of the Company’s Board of Directors and will depend upon many factors, including the Company’s financial condition, earnings, legal requirements, restrictions in its debt agreements (see Note 10 ) and other factors the Company’s Board of Directors deems relevant. Non-Employee Director Compensation Non-employee directors may defer all or a portion of the fees payable for their service into deferred stock units, equivalent to the value of the Company’s common stock. Additionally, as dividends are declared on the Company’s common stock, these deferred stock units are entitled to accrete dividends in the form of additional units based on the stock price on the dividend payment date. Accumulated deferred stock units are distributed in the form of Company common stock at a future specified date or following resignation from the Board of Directors, based upon the director’s annual election. During the years ended December 31, 2019 , 2018 and 2017 , members of the Board of Directors were credited with 33,883 , 26,291 and 17,207 deferred stock units, respectively. During the years ended December 31, 2019 , 2018 and 2017 , 9,041 , 6,728 and 6,668 shares of common stock, respectively, were issued from treasury shares for director compensation. Preferred stock The Company is authorized to issue up to 10,000,000 shares of preferred stock, of which no shares are currently issued or outstanding. Of those, 200,000 shares of preferred stock were designated as series A junior participating preferred stock in connection with the Company’s now expired rights agreement. Equity Compensation Awards In 2005, the Company adopted the 2005 Incentive Award Plan (as amended, the “2005 Plan”), which authorizes the issuance of 3,240,000 shares of Company common stock. In May 2015, the Company’s shareholders approved the 2015 Incentive Award Plan (as amended, the “2015 Plan”), which authorizes the issuance of 3,000,000 shares of Company common stock. Since the date the 2015 Plan was approved, the Company ceased issuing equity awards under the 2005 Plan. The 2005 Plan and 2015 Plan allow for grants of equity awards to executive officers, other employees and directors, including shares of common stock, restricted stock units (“RSUs”), performance stock units (“PSUs”), stock options and deferred stock units. The grants occur following approval by the compensation committee of the Company’s Board of Directors, with the amount and terms communicated to employees shortly thereafter. Options Substantially all of the stock options granted under both the 2005 Plan and 2015 Plan vest ratably, in tranches, over a four -year service period. Unexercised options expire after 7 years. Options do not have dividend or voting rights. Upon vesting, each option can be exercised to purchase one share of the Company’s common stock. The exercise price of options is equal to the closing stock price on the day of grant. To estimate the fair value of options on the grant date, the Company uses the Black-Scholes option valuation model. Award recipients are grouped according to expected exercise behavior. Unless better information is available to estimate the expected term of the options, the estimate is based on historical exercise experience. The risk-free rate, using U.S. Treasury yield curves in effect at the time of grant, is selected based on the expected term of each group. The Company’s historical stock price is used to estimate expected volatility. The weighted average assumptions and fair values for options granted for each of the years ended December 31 is included in the following table. 2019 2018 2017 Fair value of options granted $ 9.15 $ 8.77 $ 9.54 Expected term (years) 4.5 4.5 4.5 Expected volatility 28.0 % 22.9 % 23.2 % Dividend yield 4.1 % 3.6 % 3.5 % Risk-free interest rates 2.3 % 2.5 % 1.8 % RSUs Most of the RSUs granted under the 2015 Plan vest after three years of service entitling the holders to one share of common stock for each vested RSU. The unvested RSUs do not have voting rights but are entitled to receive non-forfeitable dividends (generally after a performance hurdle has been satisfied for the year of the grant) or other distributions that may be declared on the Company’s common stock equal to the per-share dividend declared. The closing stock price on the day of grant is used to determine the fair value of RSUs. PSUs Substantially all of the PSUs granted under the 2015 Plan are either total shareholder return PSUs (the “TSR PSUs”) or return on invested capital PSUs (the “ROIC PSUs”). The actual number of shares of the Company’s common stock that may be earned with respect to TSR PSUs is calculated by comparing the Company’s total shareholder return to the total shareholder return for each company comprising the Russell 3000 Index (for TSR PSUs granted in 2017 and earlier) or the Company’s peer group (for TSR PSUs granted in 2018 and later) over the three -year performance period and may range from 0% to 150% of the target number of shares based upon the attainment of these performance conditions. The actual number of shares of common stock that may be earned with respect to ROIC PSUs is calculated based on the average of the Company’s annual return on invested capital for each year in the three -year performance period and may range from 0% to 200% of the target number of shares based upon the attainment of these performance conditions. ROIC PSUs granted in 2019 have a three -year performance period that begins in 2019 and ends in 2021 . Generally, TSR PSUs granted in 2019 have a three -year performance period that begins on the grant date and ends on the third anniversary following the grant date. Both types of PSUs granted in 2019 generally vest three years from the grant date. PSUs represent a target number of shares of Company common stock that may be earned before adjustment based upon the attainment of certain performance conditions. Holders of PSUs are entitled to receive non-forfeitable dividends or other distributions equal to those declared on the Company’s common stock for PSUs that are earned, which are paid when the shares underlying the PSUs are issued. To estimate the fair value of the TSR PSUs on the grant date, the Company uses a Monte-Carlo simulation model, which simulates future stock prices of the Company as well as the companies comprising the Russell 3000 Index or peer group. This model uses historical stock prices to estimate expected volatility and the Company’s correlation to the related benchmark. The risk-free rate was determined using the same methodology as the option valuations as discussed above. The Company’s closing stock price on the grant date was used to estimate the fair value of the ROIC PSUs. The Company will adjust the expense of the ROIC PSUs based upon its estimate of the number of shares that will ultimately vest at each interim date during the three -year vesting period. The following is a summary of the Company’s stock option, RSU and PSU activity and related information for the following periods: Stock Options RSUs PSUs Number Weighted-average exercise price Number Weighted-average fair value Number Weighted-average fair value Outstanding at December 31, 2016 442,755 $ 80.07 63,780 $ 80.25 89,011 $ 89.43 Granted 227,351 68.00 34,635 68.00 58,878 73.08 Exercised (a) (3,366 ) 76.03 — — — — Released from restriction (a) — — (15,806 ) 84.77 (12,946 ) 105.77 Cancelled/Expired (103,863 ) 76.44 (11,753 ) 71.96 (22,907 ) 86.81 Outstanding at December 31, 2017 562,877 $ 75.89 70,856 $ 74.63 112,036 $ 79.48 Granted 250,514 59.61 42,013 60.28 67,235 64.30 Exercised (a) — — — — — — Released from restriction (a) — — (16,905 ) 88.78 (2,753 ) 78.92 Cancelled/Expired (104,645 ) 71.65 (12,656 ) 66.53 (49,880 ) 85.51 Outstanding at December 31, 2018 708,746 $ 70.76 83,308 $ 65.75 126,638 $ 69.06 Granted 369,716 54.15 218,071 49.73 123,003 56.88 Exercised (a) — — — — — — Released from restriction (a) — — (32,630 ) 66.95 — — Cancelled/Expired (190,595 ) 69.06 (51,336 ) 54.87 (70,244 ) 67.20 Outstanding at December 31, 2019 887,867 $ 64.21 217,413 $ 52.07 179,397 $ 61.43 (a) Common stock issued for exercised options, vested RSUs and vested and earned PSUs were issued from treasury shares. As of December 31, 2018 , there were 708,746 options outstanding of which 446,794 were exercisable. The following table summarizes information about options outstanding and exercisable at December 31, 2019 . Options Outstanding Options Exercisable Range of exercise prices Options outstanding Weighted-average remaining contractual life (years) Weighted-average exercise price of options outstanding Options exercisable Weighted-average remaining contractual life (years) Weighted-average exercise price of exercisable options $53.75 - $54.38 252,245 6.3 $ 53.75 — — $ — $54.39 - $57.26 99,728 6.3 55.01 — — — $57.27 - $63.75 173,432 5.3 59.50 90,701 5.3 59.50 $63.76 - $72.85 203,854 3.7 69.00 167,551 3.6 69.11 $72.86 - $91.75 158,608 1.2 85.62 158,608 1.2 85.62 Totals 887,867 4.6 $ 64.21 416,860 3.0 $ 73.30 During the years ended December 31, 2019 , 2018 and 2017 , the Company recorded compensation expense of $6.3 million , $7.8 million and $5.0 million , respectively, related to its stock-based compensation awards that are expected to vest. No amounts have been capitalized. The fair value of options vested was $0.8 million , $2.7 million and $1.4 million in 2019 , 2018 and 2017 , respectively. As of December 31, 2019 , unrecorded compensation cost related to non-vested awards of $12.6 million is expected to be recognized from 2020 through 2022, with a weighted average period of 2.2 years. The intrinsic value of stock options exercised during the twelve months ended December 31, 2019 , 2018 and 2017 each totaled less than $0.1 million . As of December 31, 2019 , the intrinsic value of options outstanding totaled $2.7 million , of which 416,860 options with an intrinsic value of $0.1 million were exercisable. The number of shares held in treasury is sufficient to cover all outstanding equity awards as of December 31, 2019 . Accumulated Other Comprehensive Loss The Company’s comprehensive income (loss) is comprised of net earnings, net amortization of the unrealized loss of the pension obligation, the change in the unrealized gain (loss) on natural gas and foreign currency cash flow hedges, and foreign currency translation adjustments. The components of and changes in accumulated other comprehensive loss (“AOCL”) for the twelve months ended December 31, 2019 and 2018 are as follows (in millions): Twelve Months Ended December 31, 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 income (loss) before reclassifications 2.2 (2.7 ) 21.1 20.6 Amounts reclassified from accumulated other comprehensive loss (2.1 ) 0.3 — (1.8 ) Net current period other comprehensive income (loss) 0.1 (2.4 ) 21.1 18.8 Ending balance $ (0.6 ) $ (6.9 ) $ (184.6 ) $ (192.1 ) Twelve Months Ended December 31, 2018 (a) Gains and (Losses) on Cash Flow Hedges Defined Benefit Pension Foreign Currency Total Beginning balance $ (0.9 ) $ (3.9 ) $ (73.1 ) $ (77.9 ) Other comprehensive income (loss) before reclassifications 2.2 (0.8 ) (132.6 ) (131.2 ) Amounts reclassified from accumulated other comprehensive loss (1.8 ) 0.2 — (1.6 ) Net current period other comprehensive income (loss) 0.4 (0.6 ) (132.6 ) (132.8 ) Reclassification of stranded tax out of AOCI to retained earnings (b) (0.2 ) — — (0.2 ) Ending balance $ (0.7 ) $ (4.5 ) $ (205.7 ) $ (210.9 ) (a) With the exception of the cumulative foreign currency translation adjustment, for which no tax effect is recorded, the changes in the components of accumulated other comprehensive gain (loss) presented in the table are reflected net of applicable income taxes. (b) In the first quarter of 2018, the Company adopted guidance which allows entities to reclassify tax effects of the change in U.S. income tax rates from AOCL to retained earnings. Twelve Months Ended December 31, 2019 Amount Reclassified from AOCL Line Item Impacted in the Consolidated Statement of Operations Losses on cash flow hedges: Natural gas instruments $ (0.9 ) Product cost Foreign currency contracts (2.2 ) Interest expense Income tax expense (benefit) 1.0 Reclassifications, net of income taxes (2.1 ) Amortization of defined benefit pension: Amortization of loss $ 0.4 Product cost Income tax expense (benefit) (0.1 ) Reclassifications, net of income taxes 0.3 Total reclassifications, net of income taxes $ (1.8 ) Twelve Months Ended December 31, 2018 Amount Reclassified from AOCL Line Item Impacted in the Consolidated Statement of Operations Gains (losses) on cash flow hedges: Natural gas instruments $ 0.2 Product cost Foreign currency contracts (3.0 ) Interest Expense Income tax expense (benefit) 1.0 Reclassifications, net of income taxes (1.8 ) Amortization of defined benefit pension: Amortization of loss $ 0.2 Product cost Income tax expense (benefit) — Reclassifications, net of income taxes 0.2 Total reclassifications, net of income taxes $ (1.6 ) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company’s financial instruments are measured and reported at their estimated fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction. When available, the Company uses quoted prices in active markets to determine the fair values for its financial instruments (Level 1 inputs), or absent quoted market prices, observable market-corroborated inputs over the term of the financial instruments (Level 2 inputs). The Company does not have any unobservable inputs that are not corroborated by market inputs (Level 3 inputs). The Company holds marketable securities associated with its Savings Plans, which are valued based on readily available quoted market prices. The Company also holds short-term investments which are classified as trading securities with any gains or losses recognized through earnings. The Company utilizes derivative instruments to manage its risk of changes in natural gas prices and its risk of changes in foreign currency exchange rates (see Note 11 ). The fair value of the natural gas derivative instruments and the foreign currency swaps are determined using market data of forward prices for all of the Company’s contracts. The estimated fair values for each type of instrument are presented below (in millions). 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 ) $ — (a) Includes mutual fund investments of approximately 30% in the common stock of large-cap U.S. companies, 15% in the common stock of small to mid-cap U.S. companies, 5% in the common stock of international companies, 10% in bond funds, 20% in short-term investments and 20% in blended funds. December 31, 2018 Level One Level Two Level Three Asset Class: Mutual fund investments in a non-qualified savings plan (a) $ 1.8 $ 1.8 $ — $ — Derivatives - foreign currency contracts, net 4.5 — 4.5 — Total Assets $ 6.3 $ 1.8 $ 4.5 $ — Liability Class: Liabilities related to non-qualified savings plan $ (1.8 ) $ (1.8 ) $ — $ — Derivatives - natural gas instruments, net (0.6 ) — (0.6 ) — Total Liabilities $ (2.4 ) $ (1.8 ) $ (0.6 ) $ — (a) Includes mutual fund investments of approximately 25% in the common stock of large-cap U.S. companies, 15% in the common stock of small to mid-cap U.S. companies, 5% in the common stock of international companies, 20% in bond funds, 15% in short-term investments and 20% in blended funds. Cash and cash equivalents, accounts receivable (net of reserve for bad debts) and payables are carried at cost, which approximates fair value due to their liquid and short-term nature. The Company’s investments related to its nonqualified retirement plan of $1.4 million and $1.8 million as of December 31, 2019 and 2018 , respectively, are stated at fair value based on quoted market prices. As of December 31, 2019 and 2018 , the estimated fair value of the fixed-rate 4.875% Notes, based on available trading information (Level 2), totaled $249.1 million and $226.3 million , respectively, compared with the aggregate principal amount at maturity of $250.0 million . The fair value at December 31, 2019 and 2018 of amounts outstanding under the Credit Agreement, based upon available bid information received from the Company’s lender (Level 2), totaled approximately $552.8 million and $1.02 billion , respectively, compared with the aggregate principal amount at maturity of $560.0 million and $1.03 billion , respectively. During 2019, the Company entered into the fixed rate 6.75% Notes which had an estimated fair value, based on available trading information (Level 2), of $530.6 million as of December 31, 2019 , compared with the aggregate principal amount at maturity of $500.0 million . |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | 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. The Company has three reportable segments: Salt, Plant Nutrition North America and Plant Nutrition South America. The Salt segment produces and markets salt and magnesium chloride for use in road deicing and dust control, food processing, water softeners and agricultural and industrial applications. SOP crop nutrients, industrial-grade SOP and micronutrients are produced and marketed through the Plant Nutrition North America segment. The Company’s Plant Nutrition South America segment operates two primary businesses in Brazil – agricultural productivity and chemical solutions. The agricultural productivity division manufactures and distributes a broad offering of specialty plant nutrition solution-based products that are used in direct soil and foliar applications, as well as through irrigation systems and for seed treatment. It also manufactures and markets specialty chemicals for the industrial chemical industry. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. All intersegment sales prices are market-based. The Company evaluates performance based on the operating earnings of the respective segments. Segment information as of and for the years ended December 31, is as follows (in millions): 2019 Salt Plant Nutrition North America Plant Nutrition South America Corporate& Other (a) Total Sales to external customers $ 889.5 $ 206.2 $ 385.1 $ 9.7 $ 1,490.5 Intersegment sales — 6.4 2.7 (9.1 ) — Shipping and handling cost 267.4 28.5 16.6 — 312.5 Operating earnings (loss) (b) 168.0 22.5 40.0 (66.9 ) 163.6 Depreciation, depletion and amortization 60.4 44.6 22.4 10.5 137.9 Total assets 1,056.3 575.5 715.3 96.1 2,443.2 Capital expenditures 65.9 15.2 10.5 6.5 98.1 2018 Salt Plant Nutrition North America Plant Nutrition South America Corporate& Other (a) Total Sales to external customers $ 858.1 $ 233.2 $ 391.8 $ 10.5 $ 1,493.6 Intersegment sales — 5.6 3.4 (9.0 ) — Shipping and handling cost 272.4 29.0 18.6 — 320.0 Operating earnings (loss) (b) 115.7 25.3 48.7 (59.4 ) 130.3 Depreciation, depletion and amortization 56.2 48.6 22.2 9.9 136.9 Total assets 948.9 589.3 709.9 119.8 2,367.9 Capital expenditures 58.7 20.7 10.1 7.3 96.8 2017 Salt Plant Nutrition North America Plant Nutrition South America Corporate& Other (a) Total Sales to external customers $ 769.2 $ 210.0 $ 375.0 $ 10.2 $ 1,364.4 Intersegment sales — 6.5 — (6.5 ) — Shipping and handling cost 220.6 28.1 18.8 — 267.5 Operating earnings (loss) (b) 138.0 27.7 49.1 (55.6 ) 159.2 Depreciation, depletion and amortization 55.0 36.9 22.6 7.7 122.2 Total assets 1,030.6 601.1 808.0 131.3 2,571.0 Capital expenditures 65.8 31.9 11.3 5.1 114.1 Disaggregated revenue by product type is as follows (in millions): Twelve Months Ended December 31, 2019 Salt Plant Plant Nutrition South America Corporate & Other (a) Total Highway Deicing Salt $ 545.5 $ — $ — $ — $ 545.5 Consumer & Industrial Salt 344.0 — — — 344.0 SOP and Specialty Plant Nutrients — 212.6 298.6 — 511.2 Industrial Chemicals — — 89.2 — 89.2 Eliminations & Other — (6.4 ) (2.7 ) 9.7 0.6 Sales to external customers $ 889.5 $ 206.2 $ 385.1 $ 9.7 $ 1,490.5 Twelve Months Ended December 31, 2018 Salt Plant Plant Corporate (a) Total Highway Deicing Salt $ 532.0 $ — $ — $ — $ 532.0 Consumer & Industrial Salt 326.1 — — — 326.1 SOP and Specialty Plant Nutrients — 238.8 300.2 — 539.0 Industrial Chemicals — — 95.0 — 95.0 Eliminations & Other — (5.6 ) (3.4 ) 10.5 1.5 Sales to external customers $ 858.1 $ 233.2 $ 391.8 $ 10.5 $ 1,493.6 Twelve Months Ended December 31, 2017 Salt Plant Plant Nutrition South America Corporate (a) Total Highway Deicing Salt $ 455.1 $ — $ — $ — $ 455.1 Consumer & Industrial Salt 314.1 — — — 314.1 SOP and Specialty Plant Nutrients — 216.5 273.6 — 490.1 Industrial Chemicals — — 101.4 — 101.4 Eliminations & Other — (6.5 ) — 10.2 3.7 Sales to external customers $ 769.2 $ 210.0 $ 375.0 $ 10.2 $ 1,364.4 (a) Corporate and Other includes corporate entities, records management operations 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, as well as costs for the human resources, information technology and finance functions. (b) In 2019, operating results included $2.8 million of additional logistics costs related to Mississippi River flooding and $2.3 million of severance and other costs related to executive transition. In 2018, corporate and other operating results included $5.1 million for executive transition costs. In 2017, operating results include $4.3 million of restructuring charges. Financial information relating to the Company’s operations by geographic area for the years ended December 31 is as follows (in millions): Sales 2019 2018 2017 United States (a) $ 821.9 $ 769.9 $ 718.0 Canada 228.8 238.6 217.7 Brazil 375.2 381.8 362.1 United Kingdom 45.2 83.1 43.3 Other 19.4 20.2 23.3 Total sales $ 1,490.5 $ 1,493.6 $ 1,364.4 (a) United States sales exclude product sold to foreign customers at U.S. ports. Financial information relating to the Company’s long-lived assets, excluding the investments related to the nonqualified retirement plan and pension plan assets, by geographic area as of December 31 (in millions): Long-Lived Assets 2019 2018 2017 United States $ 561.5 $ 551.6 $ 618.5 Canada 522.8 497.4 515.9 United Kingdom 71.4 62.5 69.9 Brazil 493.1 524.8 618.4 Other 6.5 6.5 6.5 Total long-lived assets $ 1,655.3 $ 1,642.8 $ 1,829.2 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The two-class method requires allocating the Company’s net earnings to both common shares and participating securities. The following table sets forth the computation of basic and diluted earnings per common share (in millions, except for share and per share data): Year ended December 31, 2019 2018 2017 Numerator: Net earnings $ 62.5 $ 68.8 $ 42.7 Less: Net earnings allocated to participating securities (a) (1.1 ) (0.5 ) (0.5 ) Net earnings available to common shareholders $ 61.4 $ 68.3 $ 42.2 Denominator (in thousands): Weighted average common shares outstanding, shares for basic earnings per share (b) 33,882 33,848 33,819 Weighted average equity awards outstanding — — 1 Shares for diluted earnings per share 33,882 33,848 33,820 Net earnings per common share, basic $ 1.82 $ 2.02 $ 1.25 Net earnings per common share, diluted $ 1.81 $ 2.02 $ 1.25 (a) Participating securities include PSUs and RSUs that receive non-forfeitable dividends. Net earnings were allocated to participating securities of 307,000 , 186,000 and 166,000 for 2019 , 2018 and 2017 , respectively. (b) For the calculation of diluted earnings per share, the Company uses the more dilutive of either the treasury stock method or the two-class method to determine the weighted average number of outstanding common shares. In addition, the Company had 1,067,000 , 788,000 and 640,000 weighted options outstanding for 2019 , 2018 and 2017 , respectively, which were anti-dilutive and therefore not included in the diluted earnings per share calculation. |
QUARTERLY RESULTS (Unaudited)
QUARTERLY RESULTS (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS (Unaudited) | QUARTERLY RESULTS (Unaudited) (in millions, except share and per share data) Quarter First Second Third Fourth 2019 Sales $ 403.7 $ 245.2 $ 341.3 $ 500.3 Gross profit 72.6 45.8 76.4 142.0 Net earnings (loss) (a) 7.6 (11.8 ) 10.6 56.1 Net earnings (loss) per share, basic (a) 0.22 (0.36 ) 0.31 1.64 Net earnings (loss) per share, diluted (a) 0.22 (0.36 ) 0.31 1.63 Basic weighted-average shares outstanding (in thousands) 33,874 33,883 33,884 33,886 Diluted weighted-average shares outstanding (in thousands) 33,874 33,883 33,884 33,886 2018 Sales $ 437.9 $ 246.7 $ 322.5 $ 486.5 Gross profit 65.4 42.5 71.4 114.6 Net earnings (loss) (a) 12.6 (7.6 ) 12.8 51.0 Net earnings (loss) per share, basic (a) 0.37 (0.23 ) 0.37 1.50 Net earnings (loss) per share, diluted (a) 0.37 (0.23 ) 0.37 1.50 Basic weighted-average shares outstanding (in thousands) 33,836 33,850 33,851 33,853 Diluted weighted-average shares outstanding (in thousands) 33,836 33,850 33,851 33,853 (a) In the second quarter of 2019, the Company incurred $2.8 million ( $2.1 million , net of tax) of additional logistics costs related to Mississippi River flooding. In the third quarter of 2019, the Company incurred $2.3 million ( $1.7 million , net of tax) of severance and other costs related to executive transition. In the fourth quarter of 2018, the Company recorded $5.1 million ( $3.8 million , net of tax) for executive transition costs. Also, the Company had miscellaneous tax items that reduced income tax expense by $6.8 million |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT Dividend Declared: On February 19, 2020 , the Board of Directors declared a quarterly cash dividend of $0.72 per share on the Company’s outstanding common stock, unchanged from the quarterly cash dividends paid in 2019 . The dividend will be paid on March 16, 2020 , to stockholders of record as of the close of business on March 2, 2020 . |
Schedule II - Valuation Reserve
Schedule II - Valuation Reserves | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation Reserves | Schedule II — Valuation Reserves Compass Minerals International, Inc. December 31, 2019 , 2018 and 2017 Description (in millions) Balance at the Beginning of the Year Additions (Deductions) Charged to Expense Deductions (1) Balance at the End of the Year Deducted from Receivables — Allowance for Doubtful Accounts 2019 $ 9.9 $ 4.7 $ (3.9 ) $ 10.7 2018 10.9 1.0 (2.0 ) 9.9 2017 9.0 3.2 (1.3 ) 10.9 Deducted from Deferred Income Taxes — Valuation Allowance 2019 $ 40.9 $ 0.3 $ — $ 41.2 2018 (2) 10.2 39.2 (8.5 ) 40.9 2017 33.6 1.1 (24.5 ) 10.2 (1) Deduction for purposes for which reserve was created. (2) The 2018 additions primarily relate to foreign tax credits which offset a deferred tax asset. This amount was not charged to expense. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Management Estimates | Management Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) as included in the Accounting Standards Codification requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Basis of Consolidation | Basis of Consolidation: The Company’s 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. |
Reclassifications | Reclassifications: The Company has made reclassifications of prior year amounts in Consolidated Statements of Cash Flows to conform to current year presentation. |
Foreign Currency | Foreign Currency:Assets and liabilities are translated into U.S. dollars at end of period exchange rates. Revenues and expenses are translated using the monthly average rates of exchange during the year. Adjustments resulting from the translation of foreign-currency financial statements into the reporting currency, U.S. dollars, are included in accumulated other comprehensive loss. |
Revenue Recognition | Revenue Recognition: In May 2014, the Financial Accounting Standards Board (the “FASB”) issued new revenue recognition guidance. The guidance provides a single, comprehensive model for recognizing revenue from contracts with customers. The new revenue recognition model supersedes existing guidance and requires revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration an entity expects to receive in exchange for those goods or services. The Company adopted the guidance effective January 1, 2018 using the modified retrospective transition method, which requires the cumulative effect of adoption, if any, to be recognized as an adjustment to opening retained earnings in the period of adoption. The Company’s revenue arrangements generally consist of a single performance obligation to transfer promised goods or services. As a result, the Company did not identify any material differences in the amount and timing of revenue recognition for its revenue streams. Accordingly, the Company did not record any transition adjustment upon adoption of the new guidance. Under the new standard, substantially all of the Company’s revenue is recognized at a point in time when control of the goods transfers to the customer. During comparative periods, the Company typically recognized revenue at the time of shipment to the customer, which coincides with the transfer of title and risk of ownership to the customer. Sales represent billings to customers net of sales taxes charged for the sale of the product. Sales include amounts charged to customers for shipping and handling costs, which are expensed when the related product is sold. |
Cash and Cash Equivalents | Cash and Cash Equivalents: The Company considers all investments with original maturities of three months or less to be cash equivalents. The Company maintains the majority of its cash in bank deposit accounts with several commercial banks with high credit ratings in the U.S., Canada, Brazil and Europe. Typically, the Company has bank deposits in excess of federally insured limits. Currently, the Company does not believe it is exposed to significant credit risk on its cash and cash equivalents. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts: Receivables consist almost entirely of trade accounts receivable. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing trade accounts receivable. The Company determines the allowance based on historical write-off experience by business line and a current assessment of its portfolio, including information regarding individual customers. The Company reviews its past due account balances for collectability and adjusts its allowance for doubtful accounts accordingly. Account balances are charged off against the allowance when the Company believes it is probable that the trade accounts receivable will not be recovered. |
Inventories | Inventories: Inventories are stated at the lower of cost or net realizable value. Finished goods and raw material and supply costs are valued using the average cost method. Raw materials and supplies primarily consist of raw materials purchased to aid in the production of mineral and chemical products, maintenance materials and packaging materials. Finished goods are primarily comprised of salt, magnesium chloride, and plant nutrition and chemical products readily available for sale. Substantially all costs associated with the production of finished goods at the Company’s production locations are captured as inventory costs. As required by U.S. GAAP, a portion of the fixed costs at a location are not included in inventory and are expensed as a product cost if production at that location is determined to be abnormally low in any period. Additionally, since the Company’s products are often stored at third-party warehousing locations, the Company includes in the cost of inventory the freight and handling costs necessary to move the product to storage until the product is sold to a customer. |
Other Current Assets | Other Current Assets: In the fourth quarter of 2015, the Company began marketing certain assets used in farming operations. Management remains committed to sell these assets, and the assets continue to be marketed at a reasonable price. The Company has performed an impairment analysis and concluded that the fair market value of these assets exceeds their carrying value. These assets have been recorded in other current assets in the Consolidated Balance Sheets as of December 31, 2019 and 2018 |
Property, Plant and Equipment | Property, Plant and Equipment: Property, plant and equipment is stated at cost and includes capitalized interest. The costs of replacements or renewals, which improve or extend the life of existing property, are capitalized. Maintenance and repairs are expensed as incurred. Upon retirement or disposition of an asset, any resulting gain or loss is included in the Company’s operating results. Property, plant and equipment also includes mineral interests. The mineral interests for the Company’s Winsford U.K. mine are owned. The Company leases probable mineral reserves at its Cote Blanche and Goderich mines, its Utah facility and several of its other North American facilities. These leases have varying terms, and many provide for a royalty payment to the lessor based on a specific amount per ton of mineral extracted or as a percentage of revenue. The Company’s rights to extract minerals are contractually limited by time. The Cote Blanche mine is operated under land and mineral leases, and the mineral lease expires in 2060 with two additional 25 -year renewal periods. The Goderich mine mineral reserve lease expires in 2022 with the Company’s option to renew until 2043 after demonstrating to the lessor that the mine’s useful life is greater than the lease’s term. The Utah facility mineral reserve lease renews annually. The Company believes it will be able to continue to extend lease agreements as it has in the past, at commercially reasonable terms, without incurring substantial costs or material modifications to the existing lease terms and conditions, and therefore, management believes that assigned lives are appropriate. The Company’s mineral interests are depleted on a units-of-production basis based upon the latest available mineral study. The weighted average amortization period for the leased probable mineral reserves is 91 years as of December 31, 2019 . The Company also owns other mineral properties. The weighted average life for the probable owned mineral reserves is 37 years as of December 31, 2019 based upon management’s current production estimates. Buildings and structures are depreciated on a straight-line basis over lives generally ranging from 10 to 30 years. Portable buildings generally have shorter lives than permanent structures. Leasehold and building improvements typically have shorter estimated lives of 5 to 20 years or lower based on the life of the lease to which the improvement relates. The Company’s fixed assets are amortized on a straight-line basis over their respective lives. The following table summarizes the estimated useful lives of the Company’s different classes of property, plant and equipment: Years Land improvements 10 to 25 Buildings and structures 10 to 30 Leasehold and building improvements 5 to 40 Machinery and equipment – vehicles 3 to 10 Machinery and equipment – other mining and production 3 to 50 Office furniture and equipment 3 to 10 Mineral interests 20 to 99 The Company has finance leases which are recorded in property, plant and equipment at the beginning of the lease at the lower of the fair value of the leased property or the present value of the minimum lease payments. Lease payments are recorded as interest expense and a reduction of the lease liability. A finance lease asset is depreciated over the lower of its useful life or the lease term. The Company has capitalized computer software costs of $16.0 million and $23.6 million as of December 31, 2019 and 2018 , respectively, recorded in property, plant and equipment. The capitalized costs are being amortized over five years . The Company recorded $6.6 million , $7.3 million and $4.7 million of amortization expense related to capitalized computer software for 2019 , 2018 and 2017 , respectively. The Company recognizes and measures obligations related to the retirement of tangible long-lived assets in accordance with applicable U.S. GAAP. Asset retirement obligations are not material to the Company’s consolidated financial position, results of operations or cash flows. The Company reviews its long-lived assets and the related mineral reserves for impairment whenever events or changes in circumstances indicate the carrying amounts of such assets may not be recoverable. If an indication of a potential impairment exists, recoverability of the respective assets is determined by comparing the forecasted undiscounted net cash flows of the operation to which the assets relate, to the carrying amount, including associated intangible assets, of such operation. If the operation is determined to be unable to recover the carrying amount of its assets, then intangible assets are written down first, followed by the other long-lived assets of the operation, to fair value. Fair value is determined based on discounted cash flows or appraised values, depending upon the nature of the assets. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets: The Company amortizes its intangible assets deemed to have finite lives on a straight-line basis over their estimated useful lives which, for the Company, range from 4 to 50 years. The Company reviews goodwill and other indefinite-lived intangible assets annually for impairment. In addition, goodwill and other intangible assets are reviewed when an event or change in circumstances indicates the carrying amounts of such assets may not be recoverable. |
Investments | Investments: 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 Company may recognize its share of an investee’s earnings on a lag, if an investee’s financial results are not available in a timely manner. The Company’s Brazilian subsidiary holds a 50% interest in Fermavi Eletroquímica Ltda. (“Fermavi”). Fermavi, which was founded in 1987, is a Brazilian corporation with headquarters in Varginha, Minas Gerais, Brazil, and its operations focus on the production and sale of manganese-based products. The Company’s investment in Fermavi was recorded at its estimated fair value in conjunction with the preliminary purchase price allocation as of the date the Company completed the full acquisition of Compass Minerals América do Sul Indústria e Comércio S.A. (“Compass Minerals South America”), which was in excess of the book value of net assets acquired. This basis difference was approximately $4 million as of December 31, 2019 and 2018 . The portion of the basis differences related to tangible and intangible assets will be amortized over their remaining useful lives, as appropriate. The Company accounts for its investment in Fermavi under the equity method of accounting. |
Marketable Securities | The marketable securities are classified as trading securities and accordingly, gains and losses are recorded as a component of other expense (income), net in the Consolidated Statements of Operations. |
Income Taxes | Income Taxes: The Company accounts for income taxes using the liability method in accordance with the provisions of U.S. GAAP. Under the liability method, deferred taxes are determined based on the differences between the financial statement and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company’s foreign subsidiaries file separate company returns in their respective jurisdictions. The Company recognizes potential liabilities in accordance with applicable U.S. GAAP for anticipated tax issues in the U.S. and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are no longer necessary. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. Any penalties and interest that are accrued on the Company’s uncertain tax positions are included as a component of income tax expense. In evaluating the Company’s ability to realize deferred tax assets, the Company considers the sources and timing of taxable income, including the reversal of existing temporary differences, the ability to carryback tax attributes to prior periods, qualifying tax-planning strategies, and estimates of future taxable income exclusive of reversing temporary differences. In determining future taxable income, the Company’s assumptions include the amount of pre-tax operating income according to different state, federal and international taxing jurisdictions, the origination of future temporary differences, and the implementation of feasible and prudent tax-planning strategies. If the Company determines that a portion of its deferred tax assets will not be realized, a valuation allowance is recorded in the period that such determination is made. In the future, if the Company determines, based on the existence of sufficient evidence, that more or less of the deferred tax assets are more likely than not to be realized, an adjustment to the valuation allowance will be made in the period such a determination is made. As discussed in Note 8 , on December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act (the “Act”) which subjects U.S. shareholders, including the Company, to tax on Global Intangible Low-Taxed Income (“GILTI”) earned by certain foreign subsidiaries. The FASB issued guidance stating that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI as a period expense only. |
Environmental Costs | Environmental Costs:Environmental costs, other than those of a capital nature, are accrued at the time the exposure becomes known and costs can be reasonably estimated. Costs are accrued based upon management’s estimates of all direct costs. |
Equity Compensation Plans | Equity Compensation Plans:The Company has equity compensation plans under the oversight of the Company’s Board of Directors, whereby stock options, restricted stock units, performance stock units, deferred stock units and shares of common stock are granted to the Company’s employees and directors. |
Earnings per Share | Earnings per Share: The Company’s participating securities are accounted for in accordance with guidance related to the computation of earnings per share under the two-class method. The two-class method requires allocating the Company’s net earnings to both common shares and participating securities based upon their rights to receive dividends. Basic earnings per share is computed by dividing net earnings available to common shareholders by the weighted-average number of outstanding common shares during the period. Diluted earnings per share reflects the potential dilution that could occur under the more dilutive of either the treasury stock method or the two-class method for calculating the weighted-average number of outstanding common shares. The treasury stock method is calculated assuming unrecognized compensation expense, income tax benefits and proceeds from the potential exercise of employee stock options are used to repurchase common stock. |
Derivatives | Derivatives: The Company is exposed to the impact of fluctuations in foreign exchange and interest rates on its borrowings and fluctuations in the purchase price of natural gas consumed in operations. The Company hedges portions of these risks through the use of derivative agreements. The Company accounts for derivative financial instruments in accordance with applicable U.S. GAAP, which requires companies to record derivative financial instruments as assets or liabilities measured at fair value. Accounting for the changes in the fair value of a derivative depends on its designation and effectiveness. Derivatives qualify for treatment as hedges when there is a high correlation between the change in fair value of the derivative instrument and the related change in value of the underlying hedged item. For qualifying hedges, the effective portion of the change in fair value is recognized through earnings when the underlying transaction being hedged affects earnings, allowing a derivative’s gains and losses to offset related results from the hedged item in the statements of operations. Until the effective portion of a derivative’s change in fair value is recognized in the statement of operations, the change in fair value is recognized in comprehensive income. For derivative instruments that are not accounted for as hedges, or for the ineffective portions of qualifying hedges, the change in fair value is recorded through earnings in the period of change. The Company formally documents, designates and assesses the effectiveness of transactions that receive hedge accounting treatment initially and on an ongoing basis. |
Concentration of Credit Risk | Concentration of Credit Risk: The Company sells its salt and magnesium chloride products to various governmental agencies, manufacturers, distributors and retailers primarily in the Midwestern U.S. and throughout Canada and the U.K. The Company’s plant nutrition products are sold across the Western Hemisphere and globally. No single customer or group of affiliated customers accounted for more than 10% of the Company’s sales in any year during the three-year period ended December 31, 2019 , or more than 10% of accounts receivable at December 31, 2019 or 2018 . |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: In August 2018, 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 August 2017, the FASB issued guidance which amends the current hedge accounting model and requires certain new or modified disclosures to enable entities to better portray the economics of their risk management activities in their financial statements. The modifications include a tabular disclosure related to the effect on the income statement of fair value and cash flow hedges and eliminate the requirement to disclose the ineffective portion of the change in fair value of hedging instruments. The amendments also require new tabular disclosures related to cumulative basis adjustments for fair value hedges. The guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, although early adoption is permitted. The Company adopted this guidance effective January 1, 2019. The adoption did not have a material effect on the Company’s 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 and interim periods within those fiscal years. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The Company does not expect this guidance to have a material impact on its consolidated financial statements. In June 2016, the FASB issued guidance for estimating credit losses on certain types of financial instruments, including trade accounts receivable, 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 and interim periods within those fiscal years, requires a modified retrospective transition method and early adoption is permitted. The Company is currently assessing the impact of this guidance, however, it does not expect this guidance to have a material impact on its consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives of property, plant and equipment | The following table summarizes the estimated useful lives of the Company’s different classes of property, plant and equipment: Years Land improvements 10 to 25 Buildings and structures 10 to 30 Leasehold and building improvements 5 to 40 Machinery and equipment – vehicles 3 to 10 Machinery and equipment – other mining and production 3 to 50 Office furniture and equipment 3 to 10 Mineral interests 20 to 99 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Operating and Finance Leases by Balance Sheets Location | The Company’s Consolidated Balance Sheets includes the following (in millions): Consolidated Balance Sheets Location December 31, Assets Operating lease assets Other assets $ 53.7 Finance lease assets Property, plant and equipment, net 5.8 Total leased assets $ 59.5 Liabilities Current liabilities: Operating Accrued expenses and other current liabilities $ 12.8 Finance Accrued expenses and other current liabilities 1.1 Noncurrent liabilities: Operating Other noncurrent liabilities 41.0 Finance Other noncurrent liabilities 6.2 Total lease liabilities $ 61.1 |
Schedule of Lease Cost, Lease Terms and Supplemental Cash Flow Information | Supplemental lease term and discount rate information related to leases is as follows: December 31, 2019 Weighted-average remaining lease term (years) Operating leases 7.7 Finance leases 7.2 Weighted-average discount rate Operating leases 4.3 % Finance leases 7.6 % Supplemental cash flow information related to leases is as follows (in millions): Twelve Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 18.9 Operating cash flows from finance leases 0.6 Financing cash flows from finance leases 1.3 Leased assets obtained in exchange for new operating lease liabilities 20.3 Leased assets obtained in exchange for new finance lease liabilities 0.2 The Company’s components of lease cost are as follows (in millions): Twelve Months Ended December 31, 2019 Finance lease cost: Amortization of lease assets $ 1.1 Interest on lease liabilities 0.6 Operating lease cost 19.2 Variable lease cost (a) 18.8 Net lease cost $ 39.7 (a) Short-term leases are immaterial and included in variable lease cost. |
Schedule of Operating Lease Maturities | Maturities of lease liabilities under the new guidance (“Topic 842”) are as follows (in millions): Topic 842 December 31, 2019 Operating Leases Finance Leases Total 2020 $ 13.0 $ 1.6 $ 14.6 2021 10.0 1.3 11.3 2022 7.5 1.1 8.6 2023 6.3 1.1 7.4 2024 5.3 1.1 6.4 After 2024 22.8 3.3 26.1 Total lease payments 64.9 9.5 74.4 Less: Interest (11.1 ) (2.2 ) (13.3 ) Present value of lease liabilities $ 53.8 $ 7.3 $ 61.1 |
Schedule of Financing Lease Maturities | Maturities of lease liabilities under the new guidance (“Topic 842”) are as follows (in millions): Topic 842 December 31, 2019 Operating Leases Finance Leases Total 2020 $ 13.0 $ 1.6 $ 14.6 2021 10.0 1.3 11.3 2022 7.5 1.1 8.6 2023 6.3 1.1 7.4 2024 5.3 1.1 6.4 After 2024 22.8 3.3 26.1 Total lease payments 64.9 9.5 74.4 Less: Interest (11.1 ) (2.2 ) (13.3 ) Present value of lease liabilities $ 53.8 $ 7.3 $ 61.1 |
Schedule of Future Minimum Operating Lease Annual Rental Payments | 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 |
Schedule of Future Minimum Annual Financing Lease Rental Payments | 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 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consist of the following at December 31 (in millions): 2019 2018 Finished goods $ 235.3 $ 202.2 Raw materials and supplies 76.2 64.4 Total inventories $ 311.5 $ 266.6 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Property, plant and equipment consists of the following at December 31 (in millions): 2019 2018 Land, buildings and structures and leasehold improvements $ 596.0 $ 580.7 Machinery and equipment 1,001.9 983.2 Office furniture and equipment 60.7 54.4 Mineral interests 171.1 168.1 Construction in progress 141.3 118.3 1,971.0 1,904.7 Less accumulated depreciation and depletion (940.2 ) (852.7 ) Property, plant and equipment, net $ 1,030.8 $ 1,052.0 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of finite-lived intangible assets | The asset value and accumulated amortization as of December 31, 2019 and 2018 for the finite-lived intangibles assets are as follows (in millions): Supply Agreement SOP Production Rights Customer/Distributor Relationships Lease Rights Trade Names Developed Technologies Patents Other Total December 31, 2019 Gross intangible asset $ 27.9 $ 24.3 $ 12.7 $ 1.7 $ 36.8 $ 32.8 $ 16.0 $ 1.3 $ 153.5 Accumulated amortization (5.0 ) (15.6 ) (6.1 ) (0.5 ) (10.9 ) (21.7 ) (8.1 ) (0.9 ) (68.8 ) Net intangible assets $ 22.9 $ 8.7 $ 6.6 $ 1.2 $ 25.9 $ 11.1 $ 7.9 $ 0.4 $ 84.7 Supply Agreement SOP Production Rights Customer/Distributor Relationships Lease Rights Trade Names Developed Technologies Patents Other Total December 31, 2018 Gross intangible asset $ 26.6 $ 24.3 $ 12.5 $ 1.6 $ 37.5 $ 33.8 $ 15.1 $ 1.3 $ 152.7 Accumulated amortization (4.3 ) (14.7 ) (4.9 ) (0.4 ) (7.6 ) (16.1 ) (6.3 ) (0.7 ) (55.0 ) Net intangible assets $ 22.3 $ 9.6 $ 7.6 $ 1.2 $ 29.9 $ 17.7 $ 8.8 $ 0.6 $ 97.7 |
Schedule of estimated lives of intangible assets | The estimated lives of the Company’s finite-lived intangible assets are as follows: Intangible asset Estimated Lives Supply agreement 50 years SOP production rights 25 years Patents 10-20 years Developed technology 4-7 years Lease rights 25 years Customer and distributor relationships 10-14 years Trademarks 10 years Noncompete agreements 5 years Trade names 10-11 years |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax provision (benefit) related to earnings | The following table summarizes the Company’s income tax provision related to earnings for the years ended December 31 (in millions): 2019 2018 2017 Current: Federal $ 5.3 $ 8.1 $ 0.5 State 2.0 4.3 (9.8 ) Foreign 26.6 13.1 85.8 Total current 33.9 25.5 76.5 Deferred: Federal (7.2 ) (8.6 ) (4.4 ) State (1.9 ) (0.5 ) (0.5 ) Foreign (2.7 ) (7.6 ) (11.6 ) Total deferred (11.8 ) (16.7 ) (16.5 ) Total provision for income taxes $ 22.1 $ 8.8 $ 60.0 |
Schedule of income tax expense reconciliation | The following table summarizes components of earnings before taxes and shows the tax effects of significant adjustments from the expected tax expense computed at the federal statutory rate for the years ended December 31 (in millions): 2019 2018 2017 U.S. income (loss) $ 31.7 $ (80.6 ) $ (41.2 ) Foreign income 52.9 158.2 143.9 Earnings before income taxes $ 84.6 $ 77.6 $ 102.7 Computed tax at the U.S. federal statutory rate of 21% in 2019 and 2018, 32.7% in 2017 17.8 16.3 33.6 Foreign income rate differential, mining, and withholding taxes, net of U.S. federal deduction 10.2 0.9 1.6 Percentage depletion in excess of basis (5.8 ) (4.7 ) (6.4 ) Other domestic tax reserves, net of reversals 0.2 1.5 — State income taxes, net of federal income tax benefit — 2.1 0.8 Change in valuation allowance on deferred tax asset 0.2 (5.7 ) (23.9 ) Interest expense recognition differences (3.5 ) (3.6 ) (5.6 ) Tax Cuts and Jobs Act of 2017 1.6 (3.0 ) 46.8 Tax on repatriated amounts 0.9 3.4 — Transfer pricing settlement with taxing authorities — 2.2 13.8 Other, net 0.5 (0.6 ) (0.7 ) Provision for income taxes $ 22.1 $ 8.8 $ 60.0 Effective tax rate 26 % 11 % 58 % |
Schedule of significant components of deferred tax assets and liabilities | The significant components of the Company’s deferred tax assets and liabilities were as follows at December 31 (in millions): 2019 2018 Deferred tax assets: Reluz Nordeste Indústria e Comércio Ltda net operating loss carryforwards $ 0.6 $ 0.6 Compass Minerals South America net operating loss carryforwards 3.3 7.0 Excess interest expense 14.9 — Foreign tax credit 38.1 — Right of use lease liability 11.1 — Stock-based compensation 2.3 — Other, net 16.5 6.8 Total deferred tax assets before valuation allowance 86.8 14.4 Valuation allowance (39.8 ) (0.6 ) Total deferred tax assets 47.0 13.8 Deferred tax liabilities to be netted with deferred tax assets: Property, plant and equipment 21.2 — Right of use lease asset 11.1 — Other, net 1.0 — Total deferred tax liabilities to be netted with deferred tax assets 33.3 — Net noncurrent deferred tax assets $ 13.7 $ 13.8 Deferred tax assets to be netted with deferred tax liabilities: Foreign tax credit $ — $ 38.2 Net operating loss carryforwards 2.2 2.1 Stock-based compensation — 2.9 Right of use lease liability 0.9 — Other, net 2.1 11.3 Total deferred tax assets before valuation allowance 5.2 54.5 Valuation allowance (1.4 ) (40.3 ) Total deferred tax assets to be netted with deferred tax liabilities 3.8 14.2 Deferred tax liabilities: Property, plant and equipment 63.7 82.3 Intangible asset 29.1 32.7 Right of use lease asset 0.9 — Total deferred tax liabilities 93.7 115.0 Net deferred tax liabilities $ 89.9 $ 100.8 Note - U.S. GAAP requires the netting of assets and liabilities by jurisdiction. In 2019, the U.S. deferred taxes netted to an overall asset, however in 2018, they netted to an overall liability. |
Schedule of reconciliation of unrecognized tax benefits | The following table shows a reconciliation of the beginning and ending amount of unrecognized tax benefits (in millions): 2019 2018 2017 Unrecognized tax benefits: Balance at January 1 $ 50.9 $ 67.4 $ 20.7 Additions resulting from current year tax positions 0.2 8.0 1.3 Additions relating to tax positions taken in prior years 4.5 2.6 51.7 Reductions due to settlements — (25.0 ) (4.5 ) Reductions due to cash payments (7.5 ) — — Reductions relating to tax positions taken in prior years (0.4 ) (0.3 ) (1.4 ) Reductions due to expiration of tax years (0.3 ) (1.8 ) (0.4 ) Balance at December 31 $ 47.4 $ 50.9 $ 67.4 |
PENSION PLANS AND OTHER BENEF_2
PENSION PLANS AND OTHER BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of weighted-average asset allocations | The weighted-average asset allocations by asset category are as follows: Plan Assets at December 31, Asset Category 2019 2018 Cash and cash equivalents 3 % 3 % Blended funds 51 % 32 % Bond funds 46 % 45 % Insurance policy — 20 % Total 100 % 100 % |
Schedule of fair value of pension plan assets | The fair value of the Company’s U.K. pension plan assets at December 31, 2019 and 2018 by asset category (see Note 14 for a discussion regarding fair value measurements) are as follows (in millions): Market Value at December 31, 2019 Level One Level Two Level Three Asset category: Cash and cash equivalents (a) $ 1.9 $ 1.9 $ — $ — Blended funds (b) 33.6 — 33.6 — Bond funds (c) : Treasuries 30.1 — 30.1 — Total Pension Assets $ 65.6 $ 1.9 $ 63.7 $ — Market Value at December 31, 2018 Level One Level Two Level Three Asset category: Cash and cash equivalents (a) $ 1.9 $ 1.9 $ — $ — Blended funds (b) 19.6 — 19.6 — Bond funds (c) : Treasuries 27.3 — 27.3 — Insurance policy (d) 11.9 — — 11.9 Total Pension Assets $ 60.7 $ 1.9 $ 46.9 $ 11.9 (a) The fair value of cash and cash equivalents is its carrying value. (b) The Company is invested in a diversified growth fund. The diversified growth fund is valued at the last traded or official close for the underlying equities and bid or mid for the underlying fixed income securities depending on the portfolio benchmark. Where representative prices are unavailable, underlying fixed income investments are valued based on other observable market-based inputs. (c) This category includes investments in investment-grade fixed-income instruments and funds linked to U.K. treasury notes. The funds are valued using the bid amounts for each fund. All of the Company’s bond fund pension assets are invested in U.K.-linked treasuries as of December 31, 2019 and 2018 . (d) The insurance policy was written by an insurance company with an A+ rating from Standard and Poors. The policy derives its value primarily from its underlying investments which consists of separate funds also managed by the underwriter. The policy’s holdings consist primarily of a unit trust fund, which is valued based on its underlying holdings of equities, fixed income securities, cash and derivative instruments. Those underlying investments are valued at bid price on the last business day of the period when available. Other investments use the last available authorized price of the last business day of the period. Unquoted investments are valued based upon the fund manager’s opinion of fair value based primarily on other observable market-based inputs. Open positions in derivative contracts or foreign currency transactions are included at their mark to market value. Money market instruments are valued based upon amortized cost. Term deposits are valued at their nominal value. |
Schedule of changes in level 3 pension plan assets | The changes in Level 3 U.K. pension plan assets for the year ended December 31, 2019 and 2018 were as follows (in millions): Value of Insurance Policy Beginning balance as of January 1, 2018 $ 13.4 Unrealized gain (0.8 ) Currency fluctuation adjustment (0.7 ) Ending balance as of December 31, 2018 $ 11.9 Unrealized loss 0.7 Transfer to other existing investments (12.1 ) Currency fluctuation adjustment (0.5 ) Ending balance as of December 31, 2019 $ — |
Schedule of assumptions used in determining pension information | The assumptions used in determining pension information for the plans for the years ended December 31 were as follows: 2019 2018 2017 Discount rate 2.00 % 2.90 % 2.80 % Expected return on plan assets 3.10 % 3.70 % 3.70 % |
Schedule of future expected benefit payments | The Company expects to pay the following benefit payments (in millions): Calendar Year Future Expected Benefit Payments 2020 $ 2.9 2021 3.0 2022 3.0 2023 3.1 2024 3.2 2025 – 2029 17.5 |
Schedule of pension obligations, plan assets and net funded status | The following table sets forth pension obligations and plan assets for the Company’s defined benefit plan, as of December 31 (in millions): 2019 2018 Change in benefit obligation: Benefit obligation as of January 1 $ 58.6 $ 67.0 Interest cost 1.7 1.6 Actuarial loss (gain) 4.8 (3.7 ) Plan amendment — 0.3 Benefits paid (3.5 ) (2.9 ) Currency fluctuation adjustment 2.5 (3.7 ) Benefit obligation as of December 31 64.1 58.6 Change in plan assets: Fair value as of January 1 60.7 69.1 Actual return (loss) 4.2 (2.3 ) Company contributions 1.7 0.7 Currency fluctuation adjustment 2.5 (3.9 ) Benefits paid (3.5 ) (2.9 ) Fair value of plan assets as of December 31 65.6 60.7 Overfunded status of the plan $ 1.5 $ 2.1 |
Schedule of components of net pension expense | The components of net periodic pension benefit were as follows for the years ended December 31 (in millions): 2019 2018 2017 Interest cost on projected benefit obligation $ 1.7 $ 1.6 $ 1.8 Prior service cost (0.1 ) (0.1 ) (0.1 ) Expected return on plan assets (2.2 ) (2.5 ) (2.4 ) Net amortization 0.5 0.3 0.4 Net periodic pension benefit $ (0.1 ) $ (0.7 ) $ (0.3 ) |
LONG TERM DEBT (Tables)
LONG TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Third-party long-term debt consists of the following at December 31 (in millions): 2019 2018 Term Loans due July 2021 $ — $ 828.9 Revolving Credit Facility due July 2021 — 197.0 4.875% Senior Notes due July 2024 250.0 250.0 Term Loan due January 2025 400.0 — Revolving Credit Facility due January 2025 160.0 — 6.75% Senior Notes due December 2027 500.0 — Banco Itaú Loan due March 2019 — 2.5 Banco Itaú Loans due May 2019 to April 2020 — 0.8 Banco Scotiabank Loan due September 2019 — 10.3 Banco Rabobank Loan due November 2019 — 18.1 3.7% Banco Itaú loan due March 2020 15.4 15.4 Banco Santander loan due September 2020 — 20.6 Banco Santander loan due October 2020 16.2 16.8 Banco Rabobank loan due July 2021 17.4 — Banco Santander loan due September 2021 19.9 — Banco do Brasil loan due September 2021 12.4 — Banco Rabobank loan due November 2021 17.4 — Banco Santander due December 2021 14.9 — Financiadora de Estudos e Projetos Loan due November 2023 7.2 9.3 Other — 1.7 1,430.8 1,371.4 Less unamortized debt issuance costs (14.8 ) (6.7 ) Total debt 1,416.0 1,364.7 Less current portion (52.1 ) (43.5 ) Long-term debt $ 1,363.9 $ 1,321.2 |
Schedule of future maturities of long-term debt | Future maturities of long-term debt for the years ending December 31, are as follows (in millions): Debt Maturity 2020 $ 52.1 2021 85.2 2022 21.8 2023 21.7 2024 270.0 Thereafter 980.0 Total $ 1,430.8 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value of hedged items | The following tables present the fair value of the Company’s derivatives as of December 31, 2019 , and 2018 (in millions): Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments: Balance Sheet Location December 31, 2019 Balance Sheet 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 (a) The Company has master netting agreements with its commodity hedge counterparties and accordingly has netted in its Consolidated Balance Sheets $0.4 million of its commodity contracts that are in a receivable position against its contracts in payable positions. (b) The Company has both commodity hedge and foreign currency swap agreements with two counterparties each. Amounts recorded as liabilities for the Company’s commodity contracts are payable to both counterparties, and amounts recorded as assets for the Company’s swap contracts are receivable from both counterparties. Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments: Balance Sheet Location December 31, 2018 Balance Sheet Location December 31, 2018 Commodity contracts Other current assets $ — Accrued expenses and other current liabilities $ 0.6 Swap contracts Other current assets 2.2 Accrued expenses and other current liabilities — Swap contracts Other assets 2.3 Other noncurrent liabilities — Total derivatives designated as hedging instruments (a)(b) $ 4.5 $ 0.6 (a) The Company has master netting agreements with its commodity hedge counterparties and accordingly has netted in its Consolidated Balance Sheets less than $0.1 million of its commodity contracts that are in a receivable position against its contracts in payable positions. (b) The Company has both commodity hedge and foreign currency swap agreements with two counterparties each. Amounts recorded as liabilities for the Company’s commodity contracts are payable to both counterparties, and amounts recorded as assets for the Company’s swap contracts are receivable from both counterparties. |
Schedule of other comprehensive income attributable to derivatives | The following tables present activity related to the Company’s other comprehensive income before taxes for the twelve months ended December 31, 2019 and 2018 (in millions): Twelve Months Ended December 31, 2019 Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) Amount of (Gain) Loss Recognized in OCI on Derivative (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) Commodity contracts Product cost $ (0.8 ) $ 0.9 Swap contracts Interest expense (2.5 ) 2.2 Total $ (3.3 ) $ 3.1 Twelve Months Ended December 31, 2018 Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Reclassified from Accumulated OCI Into Income Effective Portion) Amount of (Gain) Loss Recognized in OCI on Derivative (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) Commodity contracts Product cost $ (0.7 ) $ (0.2 ) Swap contracts Interest expense (2.6 ) 3.0 Total $ (3.3 ) $ 2.8 |
STOCKHOLDERS' EQUITY AND EQUI_2
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of weighted average assumptions and fair value for options granted | The weighted average assumptions and fair values for options granted for each of the years ended December 31 is included in the following table. 2019 2018 2017 Fair value of options granted $ 9.15 $ 8.77 $ 9.54 Expected term (years) 4.5 4.5 4.5 Expected volatility 28.0 % 22.9 % 23.2 % Dividend yield 4.1 % 3.6 % 3.5 % Risk-free interest rates 2.3 % 2.5 % 1.8 % |
Schedule of stock-based compensation activity | The following is a summary of the Company’s stock option, RSU and PSU activity and related information for the following periods: Stock Options RSUs PSUs Number Weighted-average exercise price Number Weighted-average fair value Number Weighted-average fair value Outstanding at December 31, 2016 442,755 $ 80.07 63,780 $ 80.25 89,011 $ 89.43 Granted 227,351 68.00 34,635 68.00 58,878 73.08 Exercised (a) (3,366 ) 76.03 — — — — Released from restriction (a) — — (15,806 ) 84.77 (12,946 ) 105.77 Cancelled/Expired (103,863 ) 76.44 (11,753 ) 71.96 (22,907 ) 86.81 Outstanding at December 31, 2017 562,877 $ 75.89 70,856 $ 74.63 112,036 $ 79.48 Granted 250,514 59.61 42,013 60.28 67,235 64.30 Exercised (a) — — — — — — Released from restriction (a) — — (16,905 ) 88.78 (2,753 ) 78.92 Cancelled/Expired (104,645 ) 71.65 (12,656 ) 66.53 (49,880 ) 85.51 Outstanding at December 31, 2018 708,746 $ 70.76 83,308 $ 65.75 126,638 $ 69.06 Granted 369,716 54.15 218,071 49.73 123,003 56.88 Exercised (a) — — — — — — Released from restriction (a) — — (32,630 ) 66.95 — — Cancelled/Expired (190,595 ) 69.06 (51,336 ) 54.87 (70,244 ) 67.20 Outstanding at December 31, 2019 887,867 $ 64.21 217,413 $ 52.07 179,397 $ 61.43 (a) Common stock issued for exercised options, vested RSUs and vested and earned PSUs were issued from treasury shares. |
Schedule of information about options outstanding and exercisable | The following table summarizes information about options outstanding and exercisable at December 31, 2019 . Options Outstanding Options Exercisable Range of exercise prices Options outstanding Weighted-average remaining contractual life (years) Weighted-average exercise price of options outstanding Options exercisable Weighted-average remaining contractual life (years) Weighted-average exercise price of exercisable options $53.75 - $54.38 252,245 6.3 $ 53.75 — — $ — $54.39 - $57.26 99,728 6.3 55.01 — — — $57.27 - $63.75 173,432 5.3 59.50 90,701 5.3 59.50 $63.76 - $72.85 203,854 3.7 69.00 167,551 3.6 69.11 $72.86 - $91.75 158,608 1.2 85.62 158,608 1.2 85.62 Totals 887,867 4.6 $ 64.21 416,860 3.0 $ 73.30 |
Schedule of components of and changes in accumulated other comprehensive income (loss) | The components of and changes in accumulated other comprehensive loss (“AOCL”) for the twelve months ended December 31, 2019 and 2018 are as follows (in millions): Twelve Months Ended December 31, 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 income (loss) before reclassifications 2.2 (2.7 ) 21.1 20.6 Amounts reclassified from accumulated other comprehensive loss (2.1 ) 0.3 — (1.8 ) Net current period other comprehensive income (loss) 0.1 (2.4 ) 21.1 18.8 Ending balance $ (0.6 ) $ (6.9 ) $ (184.6 ) $ (192.1 ) Twelve Months Ended December 31, 2018 (a) Gains and (Losses) on Cash Flow Hedges Defined Benefit Pension Foreign Currency Total Beginning balance $ (0.9 ) $ (3.9 ) $ (73.1 ) $ (77.9 ) Other comprehensive income (loss) before reclassifications 2.2 (0.8 ) (132.6 ) (131.2 ) Amounts reclassified from accumulated other comprehensive loss (1.8 ) 0.2 — (1.6 ) Net current period other comprehensive income (loss) 0.4 (0.6 ) (132.6 ) (132.8 ) Reclassification of stranded tax out of AOCI to retained earnings (b) (0.2 ) — — (0.2 ) Ending balance $ (0.7 ) $ (4.5 ) $ (205.7 ) $ (210.9 ) (a) With the exception of the cumulative foreign currency translation adjustment, for which no tax effect is recorded, the changes in the components of accumulated other comprehensive gain (loss) presented in the table are reflected net of applicable income taxes. (b) In the first quarter of 2018, the Company adopted guidance which allows entities to reclassify tax effects of the change in U.S. income tax rates from AOCL to retained earnings. |
Schedule of changes in the components of accumulated other comprehensive gain (loss) | Twelve Months Ended December 31, 2019 Amount Reclassified from AOCL Line Item Impacted in the Consolidated Statement of Operations Losses on cash flow hedges: Natural gas instruments $ (0.9 ) Product cost Foreign currency contracts (2.2 ) Interest expense Income tax expense (benefit) 1.0 Reclassifications, net of income taxes (2.1 ) Amortization of defined benefit pension: Amortization of loss $ 0.4 Product cost Income tax expense (benefit) (0.1 ) Reclassifications, net of income taxes 0.3 Total reclassifications, net of income taxes $ (1.8 ) Twelve Months Ended December 31, 2018 Amount Reclassified from AOCL Line Item Impacted in the Consolidated Statement of Operations Gains (losses) on cash flow hedges: Natural gas instruments $ 0.2 Product cost Foreign currency contracts (3.0 ) Interest Expense Income tax expense (benefit) 1.0 Reclassifications, net of income taxes (1.8 ) Amortization of defined benefit pension: Amortization of loss $ 0.2 Product cost Income tax expense (benefit) — Reclassifications, net of income taxes 0.2 Total reclassifications, net of income taxes $ (1.6 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of estimated fair values for each type of instrument | The estimated fair values for each type of instrument are presented below (in millions). 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 ) $ — (a) Includes mutual fund investments of approximately 30% in the common stock of large-cap U.S. companies, 15% in the common stock of small to mid-cap U.S. companies, 5% in the common stock of international companies, 10% in bond funds, 20% in short-term investments and 20% in blended funds. December 31, 2018 Level One Level Two Level Three Asset Class: Mutual fund investments in a non-qualified savings plan (a) $ 1.8 $ 1.8 $ — $ — Derivatives - foreign currency contracts, net 4.5 — 4.5 — Total Assets $ 6.3 $ 1.8 $ 4.5 $ — Liability Class: Liabilities related to non-qualified savings plan $ (1.8 ) $ (1.8 ) $ — $ — Derivatives - natural gas instruments, net (0.6 ) — (0.6 ) — Total Liabilities $ (2.4 ) $ (1.8 ) $ (0.6 ) $ — (a) Includes mutual fund investments of approximately 25% in the common stock of large-cap U.S. companies, 15% in the common stock of small to mid-cap U.S. companies, 5% in the common stock of international companies, 20% in bond funds, 15% in short-term investments and 20% in blended funds. |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of segment information | Segment information as of and for the years ended December 31, is as follows (in millions): 2019 Salt Plant Nutrition North America Plant Nutrition South America Corporate& Other (a) Total Sales to external customers $ 889.5 $ 206.2 $ 385.1 $ 9.7 $ 1,490.5 Intersegment sales — 6.4 2.7 (9.1 ) — Shipping and handling cost 267.4 28.5 16.6 — 312.5 Operating earnings (loss) (b) 168.0 22.5 40.0 (66.9 ) 163.6 Depreciation, depletion and amortization 60.4 44.6 22.4 10.5 137.9 Total assets 1,056.3 575.5 715.3 96.1 2,443.2 Capital expenditures 65.9 15.2 10.5 6.5 98.1 2018 Salt Plant Nutrition North America Plant Nutrition South America Corporate& Other (a) Total Sales to external customers $ 858.1 $ 233.2 $ 391.8 $ 10.5 $ 1,493.6 Intersegment sales — 5.6 3.4 (9.0 ) — Shipping and handling cost 272.4 29.0 18.6 — 320.0 Operating earnings (loss) (b) 115.7 25.3 48.7 (59.4 ) 130.3 Depreciation, depletion and amortization 56.2 48.6 22.2 9.9 136.9 Total assets 948.9 589.3 709.9 119.8 2,367.9 Capital expenditures 58.7 20.7 10.1 7.3 96.8 2017 Salt Plant Nutrition North America Plant Nutrition South America Corporate& Other (a) Total Sales to external customers $ 769.2 $ 210.0 $ 375.0 $ 10.2 $ 1,364.4 Intersegment sales — 6.5 — (6.5 ) — Shipping and handling cost 220.6 28.1 18.8 — 267.5 Operating earnings (loss) (b) 138.0 27.7 49.1 (55.6 ) 159.2 Depreciation, depletion and amortization 55.0 36.9 22.6 7.7 122.2 Total assets 1,030.6 601.1 808.0 131.3 2,571.0 Capital expenditures 65.8 31.9 11.3 5.1 114.1 Disaggregated revenue by product type is as follows (in millions): Twelve Months Ended December 31, 2019 Salt Plant Plant Nutrition South America Corporate & Other (a) Total Highway Deicing Salt $ 545.5 $ — $ — $ — $ 545.5 Consumer & Industrial Salt 344.0 — — — 344.0 SOP and Specialty Plant Nutrients — 212.6 298.6 — 511.2 Industrial Chemicals — — 89.2 — 89.2 Eliminations & Other — (6.4 ) (2.7 ) 9.7 0.6 Sales to external customers $ 889.5 $ 206.2 $ 385.1 $ 9.7 $ 1,490.5 Twelve Months Ended December 31, 2018 Salt Plant Plant Corporate (a) Total Highway Deicing Salt $ 532.0 $ — $ — $ — $ 532.0 Consumer & Industrial Salt 326.1 — — — 326.1 SOP and Specialty Plant Nutrients — 238.8 300.2 — 539.0 Industrial Chemicals — — 95.0 — 95.0 Eliminations & Other — (5.6 ) (3.4 ) 10.5 1.5 Sales to external customers $ 858.1 $ 233.2 $ 391.8 $ 10.5 $ 1,493.6 Twelve Months Ended December 31, 2017 Salt Plant Plant Nutrition South America Corporate (a) Total Highway Deicing Salt $ 455.1 $ — $ — $ — $ 455.1 Consumer & Industrial Salt 314.1 — — — 314.1 SOP and Specialty Plant Nutrients — 216.5 273.6 — 490.1 Industrial Chemicals — — 101.4 — 101.4 Eliminations & Other — (6.5 ) — 10.2 3.7 Sales to external customers $ 769.2 $ 210.0 $ 375.0 $ 10.2 $ 1,364.4 (a) Corporate and Other includes corporate entities, records management operations 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, as well as costs for the human resources, information technology and finance functions. (b) In 2019, operating results included $2.8 million of additional logistics costs related to Mississippi River flooding and $2.3 million of severance and other costs related to executive transition. In 2018, corporate and other operating results included $5.1 million for executive transition costs. In 2017, operating results include $4.3 million of restructuring charges. |
Schedule of revenue from external customers and long-lived assets | Financial information relating to the Company’s operations by geographic area for the years ended December 31 is as follows (in millions): Sales 2019 2018 2017 United States (a) $ 821.9 $ 769.9 $ 718.0 Canada 228.8 238.6 217.7 Brazil 375.2 381.8 362.1 United Kingdom 45.2 83.1 43.3 Other 19.4 20.2 23.3 Total sales $ 1,490.5 $ 1,493.6 $ 1,364.4 (a) United States sales exclude product sold to foreign customers at U.S. ports. Financial information relating to the Company’s long-lived assets, excluding the investments related to the nonqualified retirement plan and pension plan assets, by geographic area as of December 31 (in millions): Long-Lived Assets 2019 2018 2017 United States $ 561.5 $ 551.6 $ 618.5 Canada 522.8 497.4 515.9 United Kingdom 71.4 62.5 69.9 Brazil 493.1 524.8 618.4 Other 6.5 6.5 6.5 Total long-lived assets $ 1,655.3 $ 1,642.8 $ 1,829.2 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | The following table sets forth the computation of basic and diluted earnings per common share (in millions, except for share and per share data): Year ended December 31, 2019 2018 2017 Numerator: Net earnings $ 62.5 $ 68.8 $ 42.7 Less: Net earnings allocated to participating securities (a) (1.1 ) (0.5 ) (0.5 ) Net earnings available to common shareholders $ 61.4 $ 68.3 $ 42.2 Denominator (in thousands): Weighted average common shares outstanding, shares for basic earnings per share (b) 33,882 33,848 33,819 Weighted average equity awards outstanding — — 1 Shares for diluted earnings per share 33,882 33,848 33,820 Net earnings per common share, basic $ 1.82 $ 2.02 $ 1.25 Net earnings per common share, diluted $ 1.81 $ 2.02 $ 1.25 (a) Participating securities include PSUs and RSUs that receive non-forfeitable dividends. Net earnings were allocated to participating securities of 307,000 , 186,000 and 166,000 for 2019 , 2018 and 2017 , respectively. (b) For the calculation of diluted earnings per share, the Company uses the more dilutive of either the treasury stock method or the two-class method to determine the weighted average number of outstanding common shares. In addition, the Company had 1,067,000 , 788,000 and 640,000 weighted options outstanding for 2019 , 2018 and 2017 , respectively, which were anti-dilutive and therefore not included in the diluted earnings per share calculation. |
QUARTERLY RESULTS (Unaudited) (
QUARTERLY RESULTS (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly information | Quarter First Second Third Fourth 2019 Sales $ 403.7 $ 245.2 $ 341.3 $ 500.3 Gross profit 72.6 45.8 76.4 142.0 Net earnings (loss) (a) 7.6 (11.8 ) 10.6 56.1 Net earnings (loss) per share, basic (a) 0.22 (0.36 ) 0.31 1.64 Net earnings (loss) per share, diluted (a) 0.22 (0.36 ) 0.31 1.63 Basic weighted-average shares outstanding (in thousands) 33,874 33,883 33,884 33,886 Diluted weighted-average shares outstanding (in thousands) 33,874 33,883 33,884 33,886 2018 Sales $ 437.9 $ 246.7 $ 322.5 $ 486.5 Gross profit 65.4 42.5 71.4 114.6 Net earnings (loss) (a) 12.6 (7.6 ) 12.8 51.0 Net earnings (loss) per share, basic (a) 0.37 (0.23 ) 0.37 1.50 Net earnings (loss) per share, diluted (a) 0.37 (0.23 ) 0.37 1.50 Basic weighted-average shares outstanding (in thousands) 33,836 33,850 33,851 33,853 Diluted weighted-average shares outstanding (in thousands) 33,836 33,850 33,851 33,853 (a) In the second quarter of 2019, the Company incurred $2.8 million ( $2.1 million , net of tax) of additional logistics costs related to Mississippi River flooding. In the third quarter of 2019, the Company incurred $2.3 million ( $1.7 million , net of tax) of severance and other costs related to executive transition. In the fourth quarter of 2018, the Company recorded $5.1 million ( $3.8 million , net of tax) for executive transition costs. Also, the Company had miscellaneous tax items that reduced income tax expense by $6.8 million in the fourth quarter of 2018. |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Details) $ in Millions | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Accounting Policies [Abstract] | |||||
Gain (loss) on foreign exchange of intercompany notes of long-term nature | $ (1.2) | $ (56.5) | $ 5.8 | ||
Foreign currency exchange expense (income) | 13 | (5.8) | $ 7.1 | ||
Value of receivables sold | $ 16.4 | $ 32.7 | |||
Cash proceeds from sale of receivables | $ 15.6 | 30.4 | |||
Contingent consideration, percent of receivables due | 0.20 | ||||
Receivables due of contingent consideration | $ 2.7 | 2.7 | |||
Finite-Lived Intangible Assets [Line Items] | |||||
Inventories of spare parts related to long term assets | 31 | 32.4 | 31 | 32.4 | |
Operating lease assets | 53.7 | 53.7 | |||
Investments in marketable securities relating to deferred compensation arrangement | $ 1.4 | 1.8 | $ 1.4 | 1.8 | |
Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives of intangible assets | 4 years | ||||
Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful lives of intangible assets | 50 years | ||||
Fermavi | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest in investment | 50.00% | 50.00% | |||
Basis difference | $ 4 | $ 4 | $ 4 | $ 4 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Current Assets & Property, Plant, & Equipment) (Details) $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)extension_period | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Other Current Assets | ||||
Assets held-for-sale | $ 7.2 | $ 7.2 | $ 8 | |
Tax refund from settlement | (17.5) | |||
Capitalized computer software costs | $ 16 | $ 16 | 23.6 | |
Period of amortization of capitalized computer software costs | 5 years | |||
Amortization of capitalized computer software costs | $ 6.6 | 7.3 | $ 4.7 | |
Land improvements | Minimum | ||||
Other Current Assets | ||||
Estimated useful life | 10 years | |||
Land improvements | Maximum | ||||
Other Current Assets | ||||
Estimated useful life | 25 years | |||
Buildings and structures | Minimum | ||||
Other Current Assets | ||||
Estimated useful life | 10 years | 10 years | ||
Buildings and structures | Maximum | ||||
Other Current Assets | ||||
Estimated useful life | 30 years | 30 years | ||
Leasehold and building improvements | Minimum | ||||
Other Current Assets | ||||
Estimated useful life | 5 years | |||
Leasehold and building improvements | Maximum | ||||
Other Current Assets | ||||
Estimated useful life | 40 years | |||
Vehicles | Minimum | ||||
Other Current Assets | ||||
Estimated useful life | 3 years | |||
Vehicles | Maximum | ||||
Other Current Assets | ||||
Estimated useful life | 10 years | |||
Other mining and production machinery and equipment | Minimum | ||||
Other Current Assets | ||||
Estimated useful life | 3 years | |||
Other mining and production machinery and equipment | Maximum | ||||
Other Current Assets | ||||
Estimated useful life | 50 years | |||
Office furniture and equipment | Minimum | ||||
Other Current Assets | ||||
Estimated useful life | 3 years | |||
Office furniture and equipment | Maximum | ||||
Other Current Assets | ||||
Estimated useful life | 10 years | |||
Mineral interests | Minimum | ||||
Other Current Assets | ||||
Estimated useful life | 20 years | |||
Mineral interests | Maximum | ||||
Other Current Assets | ||||
Estimated useful life | 99 years | |||
Cote Blanche Mine | ||||
Other Current Assets | ||||
Number of renewal periods (in extension periods) | extension_period | 2 | |||
Lease renewal period | 25 years | |||
Leased Mineral Interests | ||||
Other Current Assets | ||||
Estimated useful life | 91 years | |||
Owned Mineral Properties | ||||
Other Current Assets | ||||
Estimated useful life | 37 years | |||
Typical maximum life leasehold and building improvements | Minimum | ||||
Other Current Assets | ||||
Estimated useful life | 5 years | |||
Typical maximum life leasehold and building improvements | Maximum | ||||
Other Current Assets | ||||
Estimated useful life | 20 years | |||
Other current assets | U.S. taxing authorities | ||||
Other Current Assets | ||||
Tax refund from settlement | $ 58.3 | $ 58.3 | 81.5 | |
Water rights | Other current assets | ||||
Other Current Assets | ||||
Assets held-for-sale | $ 5.2 | $ 5.2 | $ 5.2 |
REVENUES (Details)
REVENUES (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Payment terms | 30 days |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect to retained earnings from change in accounting principle | $ (607.4) | $ (643.5) | ||
Rental expense, net of sublease income | $ 29.9 | $ 24.3 | $ 22 | |
ASU 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect to retained earnings from change in accounting principle | $ 0.1 |
LEASES - Operating and Finance
LEASES - Operating and Finance Leases by Balance Sheets Location (Details) $ in Millions | Dec. 31, 2019USD ($) |
ASSETS | |
Operating lease assets | $ 53.7 |
Finance lease assets | 5.8 |
Total leased assets | 59.5 |
Current liabilities: | |
Operating | 12.8 |
Finance | 1.1 |
Noncurrent liabilities: | |
Operating | 41 |
Finance | 6.2 |
Total lease liabilities | $ 61.1 |
LEASES - Operating and Financ_2
LEASES - Operating and Finance Leases by Income Statement Location (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Amortization of lease assets | $ 1.1 |
Interest on lease liabilities | 0.6 |
Operating lease cost | 19.2 |
Variable lease cost | 18.8 |
Net lease cost | $ 39.7 |
LEASES - Schedule of Operating
LEASES - Schedule of Operating and Finance Lease Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Leases, After Adoption of 842 | ||
2020 | $ 13 | |
2021 | 10 | |
2022 | 7.5 | |
2023 | 6.3 | |
2024 | 5.3 | |
After 2024 | 22.8 | |
Total lease payments | 64.9 | |
Less: Interest | (11.1) | |
Present value of lease liabilities | 53.8 | |
Finance Leases, After Adoption of 842 | ||
2020 | 1.6 | |
2021 | 1.3 | |
2022 | 1.1 | |
2023 | 1.1 | |
2024 | 1.1 | |
After 2024 | 3.3 | |
Total lease payments | 9.5 | |
Less: Interest | (2.2) | |
Present value of lease liabilities | 7.3 | |
Total, After Adoption of 842 | ||
2020 | 14.6 | |
2021 | 11.3 | |
2022 | 8.6 | |
2023 | 7.4 | |
2024 | 6.4 | |
After 2024 | 26.1 | |
Total lease payments | 74.4 | |
Less: Interest | (13.3) | |
Present value of lease liabilities | $ 61.1 | |
Operating Leases, Before Adoption of 842 | ||
2019 | $ 16.4 | |
2020 | 10.6 | |
2021 | 5.7 | |
2022 | 4.4 | |
2023 | 3.6 | |
After 2023 | 14.3 | |
Total lease payments | 55 | |
Capital Leases, Before Adoption of 842 | ||
2019 | 2.3 | |
2020 | 1.8 | |
2021 | 1.3 | |
2022 | 1.1 | |
2023 | 1.1 | |
After 2023 | 4.6 | |
Total lease payments | 12.2 | |
Total, Before Adoption of 842 | ||
2019 | 18.7 | |
2020 | 12.4 | |
2021 | 7 | |
2022 | 5.5 | |
2023 | 4.7 | |
After 2023 | 18.9 | |
Total lease payments | $ 67.2 |
LEASES - Schedule of Lease Term
LEASES - Schedule of Lease Terms and Discount Rates (Details) | Dec. 31, 2019 |
Weighted-average remaining lease term (years) | |
Operating leases | 7 years 8 months 12 days |
Finance leases | 7 years 2 months 12 days |
Weighted-average discount rate | |
Operating leases | 4.30% |
Finance leases | 7.60% |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities | |
Operating cash flows from operating leases | $ 18.9 |
Operating cash flows from finance leases | 0.6 |
Financing cash flows from finance leases | 1.3 |
Leased assets obtained in exchange for new operating lease liabilities | 20.3 |
Leased assets obtained in exchange for new finance lease liabilities | $ 0.2 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 235.3 | $ 202.2 |
Raw materials and supplies | 76.2 | 64.4 |
Total inventories | $ 311.5 | $ 266.6 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,971 | |
Property, plant and equipment, gross | $ 1,904.7 | |
Less accumulated depreciation and depletion | 940.2 | |
Less accumulated depreciation and depletion | 852.7 | |
Property, plant and equipment, net | 1,030.8 | |
Property, plant and equipment, net | 1,052 | |
Property, plant and equipment under finance leases | 9.2 | |
Property, plant and equipment under finance leases, accumulated depreciation | 3.4 | |
Property, plant and equipment under capital leases | 10.1 | |
Property, plant and equipment under capital leases, accumulated depreciation | 2.7 | |
Land, buildings and structures and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 596 | |
Property, plant and equipment, gross | 580.7 | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,001.9 | |
Property, plant and equipment, gross | 983.2 | |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 60.7 | |
Property, plant and equipment, gross | 54.4 | |
Mineral interests | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 171.1 | |
Property, plant and equipment, gross | 168.1 | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 141.3 | |
Property, plant and equipment, gross | $ 118.3 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible asset | $ 153.5 | $ 152.7 |
Accumulated amortization | (68.8) | (55) |
Net intangible assets | 84.7 | 97.7 |
Supply Agreement | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible asset | 27.9 | 26.6 |
Accumulated amortization | (5) | (4.3) |
Net intangible assets | 22.9 | 22.3 |
SOP Production Rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible asset | 24.3 | 24.3 |
Accumulated amortization | (15.6) | (14.7) |
Net intangible assets | 8.7 | 9.6 |
Customer/Distributor Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible asset | 12.7 | 12.5 |
Accumulated amortization | (6.1) | (4.9) |
Net intangible assets | 6.6 | 7.6 |
Lease Rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible asset | 1.7 | 1.6 |
Accumulated amortization | (0.5) | (0.4) |
Net intangible assets | 1.2 | 1.2 |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible asset | 36.8 | 37.5 |
Accumulated amortization | (10.9) | (7.6) |
Net intangible assets | 25.9 | 29.9 |
Developed Technologies | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible asset | 32.8 | 33.8 |
Accumulated amortization | (21.7) | (16.1) |
Net intangible assets | 11.1 | 17.7 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible asset | 16 | 15.1 |
Accumulated amortization | (8.1) | (6.3) |
Net intangible assets | 7.9 | 8.8 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross intangible asset | 1.3 | 1.3 |
Accumulated amortization | (0.9) | (0.7) |
Net intangible assets | $ 0.4 | $ 0.6 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule of Estimated Useful Life) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 4 years |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 50 years |
Supply Agreement | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 50 years |
SOP Production Rights | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 25 years |
Patents | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 10 years |
Patents | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 20 years |
Developed Technologies | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 4 years |
Developed Technologies | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 7 years |
Lease Rights | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 25 years |
Customer/Distributor Relationships | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 10 years |
Customer/Distributor Relationships | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 14 years |
Trademarks | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 10 years |
Noncompete agreements | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 5 years |
Trade Names | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 10 years |
Trade Names | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 11 years |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 13.6 | $ 15 | $ 16.2 |
Projected amortization expense over the next 5 years [Abstract] | |||
Projected amortization expense, minimum | 6 | ||
Projected amortization expense, maximum | $ 13 | ||
Remaining amortization period | 5 years | ||
Weighted-Average Amortization Period (in years) | 19 years | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | $ 343 | 350.8 | |
Plant Nutrition North America | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | 55.4 | 52.6 | |
Plant Nutrition South America | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | 281.6 | 292.3 | |
Water rights | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 17.7 | 17.7 | |
Trade Names | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | $ 0.6 | $ 0.5 |
INCOME TAXES (Tax Cuts and Jobs
INCOME TAXES (Tax Cuts and Jobs Act) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Tax cuts and jobs act of 2017, provisional income tax expense (benefit) | $ 46.8 | |||
Tax cuts and jobs act of 2017, one-time tax on unremitted foreign earnings | 55.2 | |||
Tax cuts and jobs act of 2017, deferred tax liabilities | $ 0.1 | 8.4 | ||
Tax cuts and jobs acts of 2017, tax benefit | 3 | |||
Tax cuts and jobs act of 2017, tax benefit related to unremitted foreign earnings | $ (3.1) | |||
Repatriation of foreign earnings | $ 150 | |||
Tax on repatriated amounts | $ 0.9 | $ 3.4 | $ 0 |
INCOME TAXES (Income Tax Provis
INCOME TAXES (Income Tax Provision (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ 5.3 | $ 8.1 | $ 0.5 |
State | 2 | 4.3 | (9.8) |
Foreign | 26.6 | 13.1 | 85.8 |
Total current | 33.9 | 25.5 | 76.5 |
Deferred: | |||
Federal | (7.2) | (8.6) | (4.4) |
State | (1.9) | (0.5) | (0.5) |
Foreign | (2.7) | (7.6) | (11.6) |
Total deferred | (11.8) | (16.7) | (16.5) |
Total provision for income taxes | $ 22.1 | $ 8.8 | $ 60 |
INCOME TAXES (Components of Ear
INCOME TAXES (Components of Earnings Before Taxes and Tax Effect) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory rate | 21.00% | 21.00% | 32.70% |
U.S. income (loss) | $ 31.7 | $ (80.6) | $ (41.2) |
Foreign income | 52.9 | 158.2 | 143.9 |
Earnings before income taxes | 84.6 | 77.6 | 102.7 |
Computed tax at the U.S. federal statutory rate of 21% in 2019 and 2018, 32.7% in 2017 | 17.8 | 16.3 | 33.6 |
Foreign income rate differential, mining, and withholding taxes, net of U.S. federal deduction | 10.2 | 0.9 | 1.6 |
Percentage depletion in excess of basis | (5.8) | (4.7) | (6.4) |
Other domestic tax reserves, net of reversals | 0.2 | 1.5 | 0 |
State income taxes, net of federal income tax benefit | 0 | 2.1 | 0.8 |
Change in valuation allowance on deferred tax asset | 0.2 | (5.7) | (23.9) |
Interest expense recognition differences | (3.5) | (3.6) | (5.6) |
Tax Cuts and Jobs Act of 2017 | 1.6 | (3) | 46.8 |
Tax on repatriated amounts | 0.9 | 3.4 | 0 |
Transfer pricing settlement with taxing authorities | 0 | 2.2 | 13.8 |
Other, net | 0.5 | (0.6) | (0.7) |
Total provision for income taxes | $ 22.1 | $ 8.8 | $ 60 |
Effective tax rate | 26.00% | 11.00% | 58.00% |
INCOME TAXES (Components of Def
INCOME TAXES (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Valuation allowance | $ (41.2) | $ (40.9) |
Deferred Income Tax Assets, Net | 13.7 | 13.8 |
Deferred tax liabilities: | ||
Property, plant and equipment | 63.7 | 82.3 |
Intangible asset | 29.1 | 32.7 |
Right of use lease asset | 0.9 | |
Total deferred tax liabilities | 93.7 | 115 |
Net deferred tax liabilities | 89.9 | 100.8 |
Deferred tax asset, not to be netted | ||
Deferred tax assets: | ||
Excess interest expense | 14.9 | 0 |
Foreign tax credit | 38.1 | 0 |
Right of use lease liability | 11.1 | |
Stock-based compensation | 2.3 | 0 |
Other, net | 16.5 | 6.8 |
Total deferred tax assets before valuation allowance | 86.8 | 14.4 |
Valuation allowance | (39.8) | (0.6) |
Total deferred tax assets: | 47 | 13.8 |
Deferred tax asset, not to be netted | Subsidiaries | Reluz Nordeste Industria E Comercio Ltda | ||
Deferred tax assets: | ||
Net operating loss carryforwards, foreign | 0.6 | 0.6 |
Deferred tax asset, not to be netted | Subsidiaries | Compass Minerals South America | ||
Deferred tax assets: | ||
Net operating loss carryforwards, foreign | 3.3 | 7 |
Deferred tax assets, to be netted | ||
Deferred tax assets: | ||
Net operating loss carryforwards, foreign | 0 | 38.2 |
Right of use lease liability | 0.9 | |
Stock-based compensation | 0 | 2.9 |
Other, net | 2.1 | 11.3 |
Net operating loss carryforwards | 2.2 | 2.1 |
Total deferred tax assets before valuation allowance | 5.2 | 54.5 |
Valuation allowance | (1.4) | (40.3) |
Total deferred tax assets: | 3.8 | 14.2 |
Deferred tax liabilities, to be netted | ||
Deferred tax assets: | ||
Total deferred tax liabilities to be netted with deferred tax assets | 33.3 | 0 |
Deferred tax liabilities: | ||
Property, plant and equipment | 21.2 | 0 |
Right of use lease asset | 11.1 | |
Other, net | $ 1 | $ 0 |
INCOME TAXES (Additional Inform
INCOME TAXES (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | ||||
Decrease in valuation allowance | $ 7.2 | |||
Valuation allowance | $ 41.2 | $ 41.2 | 40.9 | |
Unrecognized tax benefits that would impact effective tax rate | 37.4 | 37.4 | ||
Reductions related to release of uncertain tax positions due to expiration of statues of limitations | 0.3 | 0.3 | 1.8 | $ 0.4 |
Foreign tax authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 18.8 | 18.8 | 27.2 | |
Foreign country with expiration of 2033 | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 1.7 | 1.7 | 1.2 | |
State and local jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 0.3 | 0.3 | $ 0.2 | |
Resolution with various taxing authorities | ||||
Operating Loss Carryforwards [Line Items] | ||||
Amount of tax benefit decrease management believes is reasonably possible | $ 0.3 | $ 0.3 | ||
Compass Minerals South America | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $ 25 |
INCOME TAXES (Unrecognized Tax
INCOME TAXES (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized tax benefits [Roll forward] | ||||
Balance at January 1 | $ 50.9 | $ 67.4 | $ 20.7 | |
Additions resulting from current year tax positions | 0.2 | 8 | 1.3 | |
Additions relating to tax positions taken in prior years | 4.5 | 2.6 | 51.7 | |
Reductions due to settlements | 0 | (25) | (4.5) | |
Reductions due to cash payments | (7.5) | 0 | 0 | |
Reductions relating to tax positions taken in prior years | (0.4) | (0.3) | (1.4) | |
Reductions due to expiration of tax years | $ (0.3) | (0.3) | (1.8) | (0.4) |
Balance at December 31 | $ 47.4 | $ 47.4 | $ 50.9 | $ 67.4 |
INCOME TAXES (Foreign Subsidiar
INCOME TAXES (Foreign Subsidiaries) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||
Accrued interest and penalties, net of reversals | $ 4.6 | $ (2.1) | $ 11.9 |
Interest and penalties | 20.3 | 15.8 | |
Repatriation of foreign earnings | 150 | ||
Tax on repatriated amounts | 0.9 | $ 3.4 | $ 0 |
Tax cuts and jobs act of 2017, non-U.S. undistributed earnings | 187.3 | ||
Canadian Provincial | |||
Income Tax Contingency [Line Items] | |||
Total reassessment amount including interest | 130.5 | ||
Amount of security posted in the form of a performance bond | 98.4 | ||
Amount of security posted in the form of cash | $ 38.2 |
INCOME TAXES (Settlements) (Det
INCOME TAXES (Settlements) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | ||||
Tax settlement | $ 5.3 | |||
Increase In sales | $ 106.1 | $ 85.7 | ||
Intercompany payments related to income tax settlement | 106.1 | 85.7 | ||
Liability (refund) adjustment for settlement | $ 17.5 | |||
Tax Year 2007 Through 2008 | ||||
Income Tax Contingency [Line Items] | ||||
Tax, penalties, and interest | 34.2 | |||
Canadian and Provincial | Tax Year 2004 Through 2006 | ||||
Income Tax Contingency [Line Items] | ||||
Tax, penalties, and interest | 94.7 | |||
Canadian and Provincial | Tax Year 2007 Through 2016 | ||||
Income Tax Contingency [Line Items] | ||||
Tax settlement | $ 13.8 | |||
U.S. taxing authorities | ||||
Income Tax Contingency [Line Items] | ||||
Tax refund received | 21.4 | |||
U.S. taxing authorities | Tax Year 2013 Through 2021 | ||||
Income Tax Contingency [Line Items] | ||||
Tax refund received | 4.7 | |||
Foreign tax authority | ||||
Income Tax Contingency [Line Items] | ||||
Liability (refund) adjustment for settlement | $ 29.9 | |||
Forecast | ||||
Income Tax Contingency [Line Items] | ||||
Liability (refund) adjustment for settlement | $ 1.4 | |||
Forecast | U.S. taxing authorities | ||||
Income Tax Contingency [Line Items] | ||||
Liability (refund) adjustment for settlement | (1.6) | |||
Forecast | U.S. taxing authorities | Tax Year 2013 Through 2021 | ||||
Income Tax Contingency [Line Items] | ||||
Liability (refund) adjustment for settlement | $ 56.7 |
PENSION PLANS AND OTHER BENEF_3
PENSION PLANS AND OTHER BENEFITS (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amounts recognized in accumulated other comprehensive income, net of tax [Abstract] | |||
Actuarial net losses recognized in accumulated other comprehensive income, net of tax | $ 6.8 | $ 4.5 | |
Accumulated other comprehensive income (loss) before adjustment of prior service costs | 7.9 | 5.6 | |
Accumulated other comprehensive (income) loss related to prior service cost net of tax | 1.1 | 1.1 | |
Other comprehensive income (loss) related to actuarial gains (losses), net of tax | (2.4) | (1.2) | $ 0.1 |
Other comprehensive income (loss) related to amortization of loss, net of tax | 0.4 | 0.3 | 0.3 |
Other comprehensive (income) loss related to prior service cost, net of tax | (0.1) | (0.1) | (0.1) |
Other comprehensive income (loss) related to foreign exchange | (0.3) | 0.4 | (0.5) |
Expected losses to be recognized in net periodic benefit costs in next fiscal year | 0.9 | ||
Expected amortization of losses in next fiscal year | 1 | ||
Expected amortization of prior service cost in next fiscal year | 0.1 | ||
Net periodic (benefit) cost expected in next fiscal year | 0.2 | ||
Estimated employer contributions, next fiscal year [Abstract] | |||
Estimated employer contributions, next fiscal year | 0.7 | ||
Amounts recognized in balance sheet [Abstract] | |||
Underfunded plan status recorded in accrued expenses | 1.5 | 2.1 | |
Defined benefit pension plan | $ 64.1 | 58.6 | 67 |
Period of amortization of pension benefit obligations | 5 years | ||
Defined contribution and pre-tax savings plans [Abstract] | |||
Expense attributable to all Savings Plans | $ 11.6 | 12.6 | $ 13.1 |
Investments in marketable securities relating to deferred compensation arrangement | $ 1.4 | $ 1.8 | |
Equity funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation | 75.00% | ||
Bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation | 25.00% |
PENSION PLANS AND OTHER BENEF_4
PENSION PLANS AND OTHER BENEFITS (Weighted-Average Asset Allocations and Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocation | 100.00% | 100.00% | |
Fair value of pension plan assets [Abstract] | |||
Total pension assets | $ 65.6 | $ 60.7 | $ 69.1 |
Level One | |||
Fair value of pension plan assets [Abstract] | |||
Total pension assets | 1.9 | 1.9 | |
Level Two | |||
Fair value of pension plan assets [Abstract] | |||
Total pension assets | 63.7 | 46.9 | |
Level Three | |||
Fair value of pension plan assets [Abstract] | |||
Total pension assets | $ 0 | $ 11.9 | |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocation | 3.00% | 3.00% | |
Fair value of pension plan assets [Abstract] | |||
Total pension assets | $ 1.9 | $ 1.9 | |
Cash and cash equivalents | Level One | |||
Fair value of pension plan assets [Abstract] | |||
Total pension assets | 1.9 | 1.9 | |
Cash and cash equivalents | Level Two | |||
Fair value of pension plan assets [Abstract] | |||
Total pension assets | 0 | 0 | |
Cash and cash equivalents | Level Three | |||
Fair value of pension plan assets [Abstract] | |||
Total pension assets | $ 0 | $ 0 | |
Blended funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocation | 51.00% | 32.00% | |
Fair value of pension plan assets [Abstract] | |||
Total pension assets | $ 33.6 | $ 19.6 | |
Blended funds | Level One | |||
Fair value of pension plan assets [Abstract] | |||
Total pension assets | 0 | 0 | |
Blended funds | Level Two | |||
Fair value of pension plan assets [Abstract] | |||
Total pension assets | 33.6 | 19.6 | |
Blended funds | Level Three | |||
Fair value of pension plan assets [Abstract] | |||
Total pension assets | $ 0 | $ 0 | |
Bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocation | 46.00% | 45.00% | |
Insurance policy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted-average asset allocation | 0.00% | 20.00% | |
Fair value of pension plan assets [Abstract] | |||
Total pension assets | $ 11.9 | ||
Insurance policy | Level One | |||
Fair value of pension plan assets [Abstract] | |||
Total pension assets | 0 | ||
Insurance policy | Level Two | |||
Fair value of pension plan assets [Abstract] | |||
Total pension assets | 0 | ||
Insurance policy | Level Three | |||
Fair value of pension plan assets [Abstract] | |||
Total pension assets | 11.9 | ||
Treasuries | |||
Fair value of pension plan assets [Abstract] | |||
Total pension assets | $ 30.1 | 27.3 | |
Treasuries | Level One | |||
Fair value of pension plan assets [Abstract] | |||
Total pension assets | 0 | 0 | |
Treasuries | Level Two | |||
Fair value of pension plan assets [Abstract] | |||
Total pension assets | 30.1 | 27.3 | |
Treasuries | Level Three | |||
Fair value of pension plan assets [Abstract] | |||
Total pension assets | $ 0 | $ 0 |
PENSION PLANS AND OTHER BENEF_5
PENSION PLANS AND OTHER BENEFITS (Summary of Changes in Level 3 Pension Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Change in plan assets: | ||
Asset balance | $ 11.9 | $ 13.4 |
Unrealized gain (loss) | 0.7 | (0.8) |
Transfer to other existing investments | (12.1) | |
Currency fluctuation adjustment | (0.5) | (0.7) |
Asset balance | $ 0 | $ 11.9 |
PENSION PLANS AND OTHER BENEF_6
PENSION PLANS AND OTHER BENEFITS (Summary of Assumptions Used in Calculating Net Periodic Benefit Costs) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assumptions used in calculating net periodic benefit cost [Abstract] | |||
Discount rate | 2.00% | 2.90% | 2.80% |
Expected return on plan assets | 3.10% | 3.70% | 3.70% |
PENSION PLANS AND OTHER BENEF_7
PENSION PLANS AND OTHER BENEFITS (Summary of Future Expected Benefit Payments) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Future expected benefit payments [Abstract] | |
2020 | $ 2.9 |
2021 | 3 |
2022 | 3 |
2023 | 3.1 |
2024 | 3.2 |
2025 – 2029 | $ 17.5 |
PENSION PLANS AND OTHER BENEF_8
PENSION PLANS AND OTHER BENEFITS (Summary of Changes in Benefit Obligation and Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in benefit obligation: | |||
Benefit obligation as of January 1 | $ 58.6 | $ 67 | |
Interest cost | 1.7 | 1.6 | $ 1.8 |
Actuarial loss (gain) | 4.8 | (3.7) | |
Plan amendment | 0 | 0.3 | |
Benefits paid | (3.5) | (2.9) | |
Currency fluctuation adjustment | 2.5 | (3.7) | |
Benefit obligation as of December 31 | 64.1 | 58.6 | 67 |
Change in plan assets: | |||
Beginning balance | 60.7 | 69.1 | |
Actual return (loss) | 4.2 | (2.3) | |
Company contributions | 1.7 | 0.7 | |
Currency fluctuation adjustment | 2.5 | (3.9) | |
Benefits paid | (3.5) | (2.9) | |
Ending balance | 65.6 | 60.7 | $ 69.1 |
Overfunded status of the plan | $ 1.5 | $ 2.1 |
PENSION PLANS AND OTHER BENEF_9
PENSION PLANS AND OTHER BENEFITS (Summary of Components of Net Pension Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components of net pension expense [Abstract] | |||
Interest cost on projected benefit obligation | $ 1.7 | $ 1.6 | $ 1.8 |
Prior service cost | (0.1) | (0.1) | (0.1) |
Expected return on plan assets | (2.2) | (2.5) | (2.4) |
Net amortization | 0.5 | 0.3 | 0.4 |
Net periodic pension benefit | $ (0.1) | $ (0.7) | $ (0.3) |
LONG TERM DEBT (Summary of Long
LONG TERM DEBT (Summary of Long-Term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,430.8 | $ 1,371.4 |
Less unamortized debt issuance costs | (14.8) | (6.7) |
Total debt | 1,416 | 1,364.7 |
Less current portion | (52.1) | (43.5) |
Long-term debt | 1,363.9 | 1,321.2 |
Term Loans due July 2021 | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 828.9 |
Revolving Credit Facility due July 2021 | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 197 |
4.875% Senior Notes due July 2024 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 250 | 250 |
Stated interest rate | 4.875% | |
Term Loan due January 2025 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 400 | 0 |
Revolving Credit Facility due January 2025 | ||
Debt Instrument [Line Items] | ||
Total debt | 160 | 0 |
6.75% Senior Notes due December 2027 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 500 | 0 |
Stated interest rate | 6.75% | |
Banco Itaú Loan due March 2019 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | 2.5 |
Banco Itaú Loans due May 2019 to April 2020 | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 0.8 |
Banco Scotiabank Loan due September 2019 | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 10.3 |
Banco Rabobank Loan due November 2019 | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 18.1 |
3.7% Banco Itaú loan due March 2020 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 15.4 | 15.4 |
Stated interest rate | 3.70% | |
Banco Santander loan due September 2020 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | 20.6 |
Banco Santander loan due October 2020 | ||
Debt Instrument [Line Items] | ||
Total debt | 16.2 | 16.8 |
Banco Rabobank loan due July 2021 | ||
Debt Instrument [Line Items] | ||
Total debt | 17.4 | 0 |
Banco Santander loan due September 2021 | ||
Debt Instrument [Line Items] | ||
Total debt | 19.9 | 0 |
Banco do Brasil loan due September 2021 | ||
Debt Instrument [Line Items] | ||
Total debt | 12.4 | 0 |
Banco Rabobank loan due November 2021 | ||
Debt Instrument [Line Items] | ||
Total debt | 17.4 | 0 |
Banco Santander due December 2021 | ||
Debt Instrument [Line Items] | ||
Total debt | 14.9 | 0 |
Financiadora de Estudos e Projetos Loan due November 2023 | ||
Debt Instrument [Line Items] | ||
Total debt | 7.2 | 9.3 |
Other | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | $ 1.7 |
LONG TERM DEBT (Additional Info
LONG TERM DEBT (Additional Information) (Details) | Oct. 31, 2019 | Nov. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)loan | Mar. 31, 2019USD ($)loan | Sep. 30, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019USD ($) |
Debt Instrument [Line Items] | ||||||||||
Debt outstanding | $ 1,371,400,000 | $ 1,430,800,000 | $ 1,430,800,000 | $ 1,371,400,000 | ||||||
Expense as result of amendment | 2,800,000 | 2,200,000 | $ 2,200,000 | |||||||
Short-term debt refinanced | 17,400,000 | |||||||||
2019 Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Weighted average interest rate on all borrowings outstanding | 3.80% | |||||||||
Fees paid as a result of amendment | $ 4,100,000 | |||||||||
Capitalized deferred financing costs as result of amendment | 3,800,000 | |||||||||
Expense as result of amendment | 300,000 | |||||||||
Write off of previously capitalized deferred financing costs | 300,000 | |||||||||
Term Loan due January 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt outstanding | 0 | 400,000,000 | 400,000,000 | 0 | ||||||
Revolving Credit Facility due January 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt outstanding | 0 | 160,000,000 | 160,000,000 | 0 | ||||||
Revolving Credit Facility due July 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt outstanding | 197,000,000 | 0 | 0 | 197,000,000 | ||||||
4.875% Senior Notes due July 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt outstanding | 250,000,000 | $ 250,000,000 | $ 250,000,000 | 250,000,000 | ||||||
Stated interest rate | 4.875% | 4.875% | ||||||||
6.75% Senior Notes due December 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt outstanding | 0 | $ 500,000,000 | $ 500,000,000 | 0 | ||||||
Stated interest rate | 6.75% | 6.75% | ||||||||
Compass Minerals South America Loan Mature from March 2020 through November 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 120,800,000 | $ 120,800,000 | ||||||||
Brazilian loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 18,400,000 | $ 20,000,000 | $ 18,400,000 | |||||||
Debt extinguishment amount | $ 36,000,000 | |||||||||
Brazilian loans | Certificado De Deposito Interbancario (CDI) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate, percentage of reference rate | 133.10% | 117.50% | 133.10% | |||||||
Brazilian Reais-denominated Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 27,300,000 | $ 18,000,000 | $ 27,300,000 | $ 36,000,000 | ||||||
Number of loans | loan | 2 | 2 | ||||||||
Brazilian Reais-denominated Loan Matured In July 2019 | Certificado De Deposito Interbancario (CDI) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate, percentage of reference rate | 123.00% | |||||||||
Brazilian Reais-denominated Loan Matured In September 2019 | Certificado De Deposito Interbancario (CDI) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate, percentage of reference rate | 128.00% | |||||||||
Brazilian Reais-denominated Loans Mature In July 2021 | Certificado De Deposito Interbancario (CDI) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate, percentage of reference rate | 120.00% | |||||||||
Brazilian Reais-denominated Loans Mature September 2021, one | Certificado De Deposito Interbancario (CDI) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate, percentage of reference rate | 141.00% | |||||||||
Brazilian Reais-denominated Loans Mature September 2021, two | Certificado De Deposito Interbancario (CDI) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate, percentage of reference rate | 126.00% | 126.00% | ||||||||
Brazilian Reais-denominated Loans Mature December 2021 | Certificado De Deposito Interbancario (CDI) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate, percentage of reference rate | 129.00% | 129.00% | ||||||||
Brazilian Reais-Denominated Loans Mature November 2021 | Certificado De Deposito Interbancario (CDI) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate, percentage of reference rate | 122.00% | 122.00% | ||||||||
Banco Rabobank loan due November 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt outstanding | $ 0 | $ 17,400,000 | $ 17,400,000 | $ 0 | ||||||
Revolving credit facility | Revolving Credit Facility due July 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fees paid as a result of amendment | 1,400,000 | |||||||||
Capitalized deferred financing costs as result of amendment | 1,400,000 | $ 1,400,000 | ||||||||
Expense as result of amendment | $ 100,000 | |||||||||
Secured debt | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest spread over base rate | 0.50% | |||||||||
Secured debt | Term Loan due January 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 400,000,000 | |||||||||
Principal payments as a percentage, years one and two | 2.50% | |||||||||
Principal payments as a percentage, years three through five | 5.00% | |||||||||
Line of credit | Revolving credit facility | Revolving Credit Facility due January 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, revolving credit facility | $ 300,000,000 | |||||||||
Amount of facility that may be drawn in Canadian dollars | 40,000,000 | 40,000,000 | ||||||||
Amount of facility that may be drawn in British pounds sterling | 10,000,000 | 10,000,000 | ||||||||
Remaining borrowing capacity | 129,500,000 | 129,500,000 | ||||||||
Line of credit | Letter of credit | Revolving Credit Facility due January 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt, revolving credit facility | 50,000,000 | 50,000,000 | ||||||||
Outstanding letters of credit | $ 10,500,000 | $ 10,500,000 | ||||||||
Senior notes | 4.875% Senior Notes due July 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 4.875% | 4.875% | ||||||||
Senior notes | 6.75% Senior Notes due December 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | 500,000,000 | |||||||||
Capitalized deferred financing costs as result of amendment | $ 8,200,000 | |||||||||
Stated interest rate | 6.75% | 6.75% | 6.75% |
LONG TERM DEBT (Future Maturiti
LONG TERM DEBT (Future Maturities of Long-Term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Future maturities of long-term debt [Abstract] | ||
2020 | $ 52.1 | |
2021 | 85.2 | |
2022 | 21.8 | |
2023 | 21.7 | |
2024 | 270 | |
Thereafter | 980 | |
Total debt | $ 1,430.8 | $ 1,371.4 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS (Additional Information) (Details) MMBTU in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)MMBTU | Dec. 31, 2018USD ($)MMBTU | Feb. 28, 2018USD ($) | |
Derivatives, Fair Value [Line Items] | |||
Period hedging portion of natural gas usage considered in advance of purchase | 36 months | ||
Forward Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount | $ 11.9 | ||
Derivatives designated as hedging instruments | Commodity contracts | |||
Derivatives, Fair Value [Line Items] | |||
Percent of forecasted usage to be hedged | 90.00% | ||
Notional amount (in MMBtus) | MMBTU | 2.8 | 1 | |
Net gain (loss) to be reclassified from accumulated other comprehensive income to earnings during the next 12 months | $ (0.5) | ||
Derivatives designated as hedging instruments | Swap contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount | 15.7 | ||
Gain (loss) expected to be reclassified during the next twelve months | $ 2.8 | ||
Derivatives not designated as hedging instruments | Foreign Exchange Contract | |||
Derivatives, Fair Value [Line Items] | |||
Net gain (loss) to be reclassified from accumulated other comprehensive income to earnings during the next 12 months | $ 1.5 | ||
Notional amount | $ 19.9 | ||
Derivatives not designated as hedging instruments | Forward Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Net gain (loss) to be reclassified from accumulated other comprehensive income to earnings during the next 12 months | $ (1) |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS (Fair Value of Hedged Items) (Details) $ in Millions | Dec. 31, 2019USD ($)counterparty | Dec. 31, 2018USD ($)counterparty |
Derivatives, Fair Value [Line Items] | ||
Number of counterparties (in counterparties) | counterparty | 2 | 2 |
Commodity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Netting of contracts in a receivable position against contracts in payable position | $ 0.4 | $ 0.1 |
Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 3.2 | 4.5 |
Liability Derivatives | 1 | 0.6 |
Derivatives designated as hedging instruments | Commodity contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.3 | 0 |
Derivatives designated as hedging instruments | Commodity contracts | Accrued expenses and other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0.8 | 0.6 |
Derivatives designated as hedging instruments | Commodity contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0.1 | |
Derivatives designated as hedging instruments | Commodity contracts | Other noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 0.2 | |
Derivatives designated as hedging instruments | Swap contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 2.8 | 2.2 |
Derivatives designated as hedging instruments | Swap contracts | Accrued expenses and other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 0 | 0 |
Derivatives designated as hedging instruments | Swap contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 2.3 | |
Derivatives designated as hedging instruments | Swap contracts | Other noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS (Activity Related to Other Comprehensive Income) (Details) - Derivatives in Cash Flow Hedging Relationships - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Gain) Loss Recognized in OCI on Derivative (Effective Portion) | $ (3.3) | $ (3.3) |
Amount of Gain (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) | 3.1 | 2.8 |
Commodity contracts | Product cost | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Gain) Loss Recognized in OCI on Derivative (Effective Portion) | (0.8) | (0.7) |
Amount of Gain (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) | 0.9 | (0.2) |
Swap contracts | Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (Gain) Loss Recognized in OCI on Derivative (Effective Portion) | (2.5) | (2.6) |
Amount of Gain (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion) | $ 2.2 | $ 3 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | Jul. 16, 2018 | Jun. 30, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2020agreement | Dec. 31, 2016USD ($) |
Loss Contingencies [Line Items] | |||||||
Collective-bargaining arrangement, contract term | 3 years | ||||||
Maximum exposure for other labor matters | $ 25 | $ 31 | |||||
Unions [Abstract] | |||||||
Percentage of company's global workforce represented by labor unions | 30.00% | ||||||
Royalties [Abstract] | |||||||
Royalty expense | $ 16.3 | 14.8 | $ 14.5 | ||||
Sales contracts [Abstract] | |||||||
Guarantor obligations, performance bonds outstanding | 155.8 | ||||||
Purchase commitments [Abstract] | |||||||
Purchase commitments for 2020 | 30.3 | ||||||
Purchase commitments for 2021 | 9 | ||||||
Purchase commitments for 2022 | 7.6 | ||||||
Purchase commitments for 2023 | 5 | ||||||
Purchase commitments for 2024 | $ 2.9 | ||||||
U.S., Canada, and U.K. | |||||||
Unions [Abstract] | |||||||
Percentage of company's global workforce represented by labor unions | 50.00% | ||||||
Subsequent Event | |||||||
Unions [Abstract] | |||||||
Number of collective bargaining agreements (in agreements) | agreement | 12 | ||||||
Number of collective bargaining agreements expiring in 2020 (in agreements) | 4 | ||||||
Number of collective bargaining agreements expiring in 2021 (in agreements) | 2 | ||||||
Number of collective bargaining agreements expiring in 2022 (in agreements) | 5 | ||||||
Number of collective bargaining agreements expiring in 2027 (in agreements) | 1 | ||||||
Workforce subject to collective bargaining arrangements | Labor force concentration risk | Brazil | |||||||
Unions [Abstract] | |||||||
Percentage of concentration risk | 40.00% | ||||||
Compass Minerals South America | |||||||
Loss Contingencies [Line Items] | |||||||
Contingent liabilities assumed | $ 5.6 | 7.8 | |||||
Cote Blanche | |||||||
Loss Contingencies [Line Items] | |||||||
Reserve for expected payments required to resolve the dispute | $ 7.4 | ||||||
Settlement amount | $ 7.7 | ||||||
Brazilian Tax Litigation And Assessments | |||||||
Loss Contingencies [Line Items] | |||||||
Possible tax proceedings and claims | $ 15.8 | $ 15.9 |
STOCKHOLDERS' EQUITY AND EQUI_3
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Summary of Plan Information) (Details) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2015 | Dec. 31, 2005 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Dividends paid (in dollars per share) | $ 2.88 | $ 2.88 | $ 2.88 | ||
Preferred stock, shares authorized (in shares) | 10,000,000 | ||||
Preferred stock, shares issued (in shares) | 0 | ||||
Preferred stock, shares Outstanding (in shares) | 0 | ||||
Series A preferred stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares designated as series A junior participating preferred stock (in shares) | 200,000 | ||||
Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Service period | 4 years | ||||
Award expiration period | 7 years | ||||
Number of shares available from conversion (in shares) | 1 | ||||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Service period | 3 years | ||||
Number of shares available from conversion (in shares) | 1 | ||||
TSR PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance period of PSUs | 3 years | ||||
Vesting period | 3 years | ||||
ROIC PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance period of PSUs | 3 years | ||||
Vesting period | 3 years | ||||
2005 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Authorized shares (in shares) | 3,240,000 | ||||
2015 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Authorized shares (in shares) | 3,000,000 | ||||
Deferred compensation agreement | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred stock units credited in period (in shares) | 33,883 | 26,291 | 17,207 | ||
Deferred compensation agreement | Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares reissued from treasury stock (in shares) | 9,041 | 6,728 | 6,668 | ||
Minimum | TSR PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of shares earned | 0.00% | ||||
Minimum | ROIC PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of shares earned | 0.00% | ||||
Maximum | TSR PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of shares earned | 150.00% | ||||
Maximum | ROIC PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of shares earned | 200.00% |
STOCKHOLDERS' EQUITY AND EQUI_4
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Summary of Fair Value Assumptions and Methodology) (Details) - Stock options - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of options granted (in dollars per share) | $ 9.15 | $ 8.77 | $ 9.54 |
Expected term (years) | 4 years 6 months | 4 years 6 months | 4 years 6 months |
Expected volatility | 28.00% | 22.90% | 23.20% |
Dividend yield | 4.10% | 3.60% | 3.50% |
Risk-free interest rates | 2.30% | 2.50% | 1.80% |
STOCKHOLDERS' EQUITY AND EQUI_5
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Summary of Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options | |||
Stock option activity | |||
Outstanding at beginning of period (in shares) | 708,746 | 562,877 | 442,755 |
Granted (in shares) | 369,716 | 250,514 | 227,351 |
Exercised (in shares) | 0 | 0 | (3,366) |
Cancelled/Expired (in shares) | (190,595) | (104,645) | (103,863) |
Outstanding at end of period (in shares) | 887,867 | 708,746 | 562,877 |
Stock option weighted-average exercise price | |||
Outstanding at beginning of period (in dollars per share) | $ 70.76 | $ 75.89 | $ 80.07 |
Granted (in dollars per share) | 54.15 | 59.61 | 68 |
Exercised (in dollars per share) | 0 | 0 | 76.03 |
Cancelled/Expired (in dollars per share) | 69.06 | 71.65 | 76.44 |
Outstanding at end of period (in dollars per share) | $ 64.21 | $ 70.76 | $ 75.89 |
RSUs | |||
RSU and PSU activity | |||
Outstanding at beginning of period (in shares) | 83,308 | 70,856 | 63,780 |
Granted (in shares) | 218,071 | 42,013 | 34,635 |
Released from restriction (in shares) | (32,630) | (16,905) | (15,806) |
Cancelled/Expired (in shares) | (51,336) | (12,656) | (11,753) |
Outstanding at end of period (in shares) | 217,413 | 83,308 | 70,856 |
RSU and PSU weighted-average fair value | |||
Outstanding at beginning of period (in dollars per share) | $ 65.75 | $ 74.63 | $ 80.25 |
Granted (in dollars per share) | 49.73 | 60.28 | 68 |
Released from restriction (in dollars per share) | 66.95 | 88.78 | 84.77 |
Cancelled/Expired (in dollars per share) | 54.87 | 66.53 | 71.96 |
Outstanding at end of period (in dollars per share) | $ 52.07 | $ 65.75 | $ 74.63 |
PSUs | |||
RSU and PSU activity | |||
Outstanding at beginning of period (in shares) | 126,638 | 112,036 | 89,011 |
Granted (in shares) | 123,003 | 67,235 | 58,878 |
Released from restriction (in shares) | (2,753) | (12,946) | |
Cancelled/Expired (in shares) | (70,244) | (49,880) | (22,907) |
Outstanding at end of period (in shares) | 179,397 | 126,638 | 112,036 |
RSU and PSU weighted-average fair value | |||
Outstanding at beginning of period (in dollars per share) | $ 69.06 | $ 79.48 | $ 89.43 |
Granted (in dollars per share) | 56.88 | 64.30 | 73.08 |
Released from restriction (in dollars per share) | 78.92 | 105.77 | |
Cancelled/Expired (in dollars per share) | 67.20 | 85.51 | 86.81 |
Outstanding at end of period (in dollars per share) | $ 61.43 | $ 69.06 | $ 79.48 |
STOCKHOLDERS' EQUITY AND EQUI_6
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity compensation, additional general disclosures [Abstract] | |||
Options outstanding (in shares) | 887,867 | 708,746 | |
Number of options outstanding that are exercisable (in shares) | 416,860 | 446,794 | |
Compensation expense related to stock-based compensation awards | $ 6.3 | $ 7.8 | $ 5 |
Unrecorded compensation cost related to non-vested awards | $ 12.6 | ||
Unrecorded compensation cost, weighted average period of recognition | 2 years 2 months 12 days | ||
Stock options | |||
Equity compensation, additional general disclosures [Abstract] | |||
Fair value of options vested | $ 0.8 | 2.7 | 1.4 |
Intrinsic value of stock options exercised during the period | 0.1 | $ 0.1 | $ 0.1 |
Intrinsic value of options outstanding | 2.7 | ||
Intrinsic value of options exercisable | $ 0.1 |
STOCKHOLDERS' EQUITY AND EQUI_7
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Summary of Exercise Price Range) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options outstanding (in shares) | 887,867 | 708,746 |
Weighted-average remaining contractual life (years) | 4 years 7 months 6 days | |
Weighted-average exercise price of options outstanding (in dollars per share) | $ 64.21 | |
Options exercisable (in shares) | 416,860 | |
Weighted-average remaining contractual life options exercisable | 3 years | |
Weighted-average exercise price of exercisable options (in dollars per share) | $ 73.30 | |
$53.75 - $54.38 | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit (in dollars per share) | 53.75 | |
Exercise price range, upper range limit (in dollars per share) | $ 54.38 | |
Options outstanding (in shares) | 252,245 | |
Weighted-average remaining contractual life (years) | 6 years 3 months 18 days | |
Weighted-average exercise price of options outstanding (in dollars per share) | $ 53.75 | |
Options exercisable (in shares) | 0 | |
Weighted-average exercise price of exercisable options (in dollars per share) | $ 0 | |
$54.39 - $57.26 | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit (in dollars per share) | 54.39 | |
Exercise price range, upper range limit (in dollars per share) | $ 57.26 | |
Options outstanding (in shares) | 99,728 | |
Weighted-average remaining contractual life (years) | 6 years 3 months 18 days | |
Weighted-average exercise price of options outstanding (in dollars per share) | $ 55.01 | |
Options exercisable (in shares) | 0 | |
Weighted-average exercise price of exercisable options (in dollars per share) | $ 0 | |
$57.27 - $63.75 | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit (in dollars per share) | 57.27 | |
Exercise price range, upper range limit (in dollars per share) | $ 63.75 | |
Options outstanding (in shares) | 173,432 | |
Weighted-average remaining contractual life (years) | 5 years 3 months 18 days | |
Weighted-average exercise price of options outstanding (in dollars per share) | $ 59.50 | |
Options exercisable (in shares) | 90,701 | |
Weighted-average remaining contractual life options exercisable | 5 years 3 months 18 days | |
Weighted-average exercise price of exercisable options (in dollars per share) | $ 59.50 | |
$63.76 - $72.85 | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit (in dollars per share) | 63.76 | |
Exercise price range, upper range limit (in dollars per share) | $ 72.85 | |
Options outstanding (in shares) | 203,854 | |
Weighted-average remaining contractual life (years) | 3 years 8 months 12 days | |
Weighted-average exercise price of options outstanding (in dollars per share) | $ 69 | |
Options exercisable (in shares) | 167,551 | |
Weighted-average remaining contractual life options exercisable | 3 years 7 months 6 days | |
Weighted-average exercise price of exercisable options (in dollars per share) | $ 69.11 | |
$72.86 - $91.75 | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise price range, lower range limit (in dollars per share) | 72.86 | |
Exercise price range, upper range limit (in dollars per share) | $ 91.75 | |
Options outstanding (in shares) | 158,608 | |
Weighted-average remaining contractual life (years) | 1 year 2 months 12 days | |
Weighted-average exercise price of options outstanding (in dollars per share) | $ 85.62 | |
Options exercisable (in shares) | 158,608 | |
Weighted-average remaining contractual life options exercisable | 1 year 2 months 12 days | |
Weighted-average exercise price of exercisable options (in dollars per share) | $ 85.62 |
STOCKHOLDERS' EQUITY AND EQUI_8
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ 540.2 | $ 694.6 |
Other comprehensive income (loss) before reclassifications | 20.6 | (131.2) |
Amounts reclassified from accumulated other comprehensive loss | (1.8) | (1.6) |
Net current period other comprehensive income (loss) | 18.8 | (132.8) |
Reclassification of stranded tax out of AOCI to retained earnings | 0 | |
Ending balance | 529.6 | 540.2 |
Gains and (Losses) on Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (0.7) | |
Other comprehensive income (loss) before reclassifications | 2.2 | |
Amounts reclassified from accumulated other comprehensive loss | (2.1) | |
Net current period other comprehensive income (loss) | 0.1 | |
Ending balance | (0.6) | (0.7) |
Gains and (Losses) on Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (0.7) | (0.9) |
Other comprehensive income (loss) before reclassifications | 2.2 | |
Amounts reclassified from accumulated other comprehensive loss | (1.8) | |
Net current period other comprehensive income (loss) | 0.4 | |
Reclassification of stranded tax out of AOCI to retained earnings | (0.2) | |
Ending balance | (0.7) | |
Defined Benefit Pension | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (4.5) | (3.9) |
Other comprehensive income (loss) before reclassifications | (2.7) | (0.8) |
Amounts reclassified from accumulated other comprehensive loss | 0.3 | 0.2 |
Net current period other comprehensive income (loss) | (2.4) | (0.6) |
Reclassification of stranded tax out of AOCI to retained earnings | 0 | |
Ending balance | (6.9) | (4.5) |
Foreign Currency | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (205.7) | (73.1) |
Other comprehensive income (loss) before reclassifications | 21.1 | (132.6) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net current period other comprehensive income (loss) | 21.1 | (132.6) |
Reclassification of stranded tax out of AOCI to retained earnings | 0 | |
Ending balance | (184.6) | (205.7) |
Total | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (210.9) | (77.9) |
Reclassification of stranded tax out of AOCI to retained earnings | (0.2) | |
Ending balance | $ (192.1) | $ (210.9) |
STOCKHOLDERS' EQUITY AND EQUI_9
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Amount Reclassified from AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest expense | $ (68.4) | $ (62.5) | $ (52.9) | ||||||||
Income tax expense | 22.1 | 8.8 | 60 | ||||||||
Net earnings | $ 56.1 | $ 10.6 | $ (11.8) | $ 7.6 | $ 51 | $ 12.8 | $ (7.6) | $ 12.6 | 62.5 | 68.8 | $ 42.7 |
Amount Reclassified from AOCL | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net earnings | (1.8) | (1.6) | |||||||||
Amount Reclassified from AOCL | Gains and (Losses) on Cash Flow Hedges | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income tax expense | 1 | ||||||||||
Net earnings | (2.1) | ||||||||||
Amount Reclassified from AOCL | Gains and (Losses) on Cash Flow Hedges | Natural gas instruments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product cost | (0.9) | ||||||||||
Amount Reclassified from AOCL | Gains and (Losses) on Cash Flow Hedges | Foreign currency contracts | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest expense | (2.2) | ||||||||||
Amount Reclassified from AOCL | Gains and (Losses) on Cash Flow Hedges | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income tax expense | 1 | ||||||||||
Net earnings | (1.8) | ||||||||||
Amount Reclassified from AOCL | Gains and (Losses) on Cash Flow Hedges | Natural gas instruments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product cost | 0.2 | ||||||||||
Amount Reclassified from AOCL | Gains and (Losses) on Cash Flow Hedges | Foreign currency contracts | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest expense | (3) | ||||||||||
Amount Reclassified from AOCL | Defined Benefit Pension | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product cost | 0.4 | 0.2 | |||||||||
Income tax expense | (0.1) | 0 | |||||||||
Net earnings | $ 0.3 | $ 0.2 |
FAIR VALUE MEASUREMENTS (Summar
FAIR VALUE MEASUREMENTS (Summary of Estimated Fair Values) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Class: | ||
Mutual fund investments in a non-qualified savings plan | $ 1.4 | $ 1.8 |
Derivatives - foreign currency contracts, net | 2.8 | 4.5 |
Total Assets | 4.2 | 6.3 |
Liability Class: | ||
Liabilities related to non-qualified savings plan | (1.4) | (1.8) |
Derivatives – natural gas instruments, net | (0.6) | (0.6) |
Total Liabilities | $ (2) | $ (2.4) |
Mutual Fund Investments | Common Stock of Large-cap U.S. Companies | ||
Liability Class: | ||
Percentage of concentration risk | 30.00% | 25.00% |
Mutual Fund Investments | Common Stock of Small To Mid-cap U.S. Companies | ||
Liability Class: | ||
Percentage of concentration risk | 15.00% | 15.00% |
Mutual Fund Investments | Common Stock of International Companies | ||
Liability Class: | ||
Percentage of concentration risk | 5.00% | 5.00% |
Mutual Fund Investments | Bond Funds | ||
Liability Class: | ||
Percentage of concentration risk | 10.00% | 20.00% |
Mutual Fund Investments | Short-term Investments | ||
Liability Class: | ||
Percentage of concentration risk | 20.00% | 15.00% |
Mutual Fund Investments | Blended funds | ||
Liability Class: | ||
Percentage of concentration risk | 20.00% | 20.00% |
Level One | ||
Asset Class: | ||
Mutual fund investments in a non-qualified savings plan | $ 1.4 | $ 1.8 |
Derivatives - foreign currency contracts, net | 0 | 0 |
Total Assets | 1.4 | 1.8 |
Liability Class: | ||
Liabilities related to non-qualified savings plan | (1.4) | (1.8) |
Derivatives – natural gas instruments, net | 0 | 0 |
Total Liabilities | (1.4) | (1.8) |
Level Two | ||
Asset Class: | ||
Mutual fund investments in a non-qualified savings plan | 0 | 0 |
Derivatives - foreign currency contracts, net | 2.8 | 4.5 |
Total Assets | 2.8 | 4.5 |
Liability Class: | ||
Liabilities related to non-qualified savings plan | 0 | 0 |
Derivatives – natural gas instruments, net | (0.6) | (0.6) |
Total Liabilities | (0.6) | (0.6) |
Level Three | ||
Asset Class: | ||
Mutual fund investments in a non-qualified savings plan | 0 | 0 |
Derivatives - foreign currency contracts, net | 0 | 0 |
Total Assets | 0 | 0 |
Liability Class: | ||
Liabilities related to non-qualified savings plan | 0 | 0 |
Derivatives – natural gas instruments, net | 0 | 0 |
Total Liabilities | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Additi
FAIR VALUE MEASUREMENTS (Additional Information) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Mutual fund investments in a non-qualified savings plan | $ 1.4 | $ 1.8 |
4.875% Senior Notes due July 2024 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.875% | 4.875% |
6.75% Senior Notes due December 2027 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.75% | |
Debt instrument | $ 500 | |
Fair Value | 4.875% Senior Notes due July 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument | 249.1 | $ 226.3 |
Fair Value | Credit agreement | ||
Debt Instrument [Line Items] | ||
Debt instrument | 552.8 | 1,020 |
Fair Value | 6.75% Senior Notes due December 2027 | ||
Debt Instrument [Line Items] | ||
Debt instrument | 530.6 | |
Carrying Value | 4.875% Senior Notes due July 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument | 250 | 250 |
Carrying Value | Credit agreement | ||
Debt Instrument [Line Items] | ||
Debt instrument | $ 560 | $ 1,030 |
OPERATING SEGMENTS (Segment Inf
OPERATING SEGMENTS (Segment Information) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)Businesssegment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments (in segments) | segment | 3 | ||||||||||
Sales | $ 500.3 | $ 341.3 | $ 245.2 | $ 403.7 | $ 486.5 | $ 322.5 | $ 246.7 | $ 437.9 | $ 1,490.5 | $ 1,493.6 | $ 1,364.4 |
Operating earnings (loss) | 163.6 | 130.3 | 159.2 | ||||||||
Depreciation, depletion and amortization | 137.9 | 136.9 | 122.2 | ||||||||
Total assets | 2,443.2 | 2,367.9 | 2,443.2 | 2,367.9 | 2,571 | ||||||
Capital expenditures | $ 98.1 | 96.8 | 114.1 | ||||||||
Plant Nutrition South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of primary businesses (in businesses) | Business | 2 | ||||||||||
Reportable segments | Salt | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ 889.5 | 858.1 | 769.2 | ||||||||
Operating earnings (loss) | 168 | 115.7 | 138 | ||||||||
Depreciation, depletion and amortization | 60.4 | 56.2 | 55 | ||||||||
Total assets | 1,056.3 | 948.9 | 1,056.3 | 948.9 | 1,030.6 | ||||||
Capital expenditures | 65.9 | 58.7 | 65.8 | ||||||||
Reportable segments | Plant Nutrition North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 206.2 | 233.2 | 210 | ||||||||
Operating earnings (loss) | 22.5 | 25.3 | 27.7 | ||||||||
Depreciation, depletion and amortization | 44.6 | 48.6 | 36.9 | ||||||||
Total assets | 575.5 | 589.3 | 575.5 | 589.3 | 601.1 | ||||||
Capital expenditures | 15.2 | 20.7 | 31.9 | ||||||||
Reportable segments | Plant Nutrition South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 385.1 | 391.8 | 375 | ||||||||
Operating earnings (loss) | 40 | 48.7 | 49.1 | ||||||||
Depreciation, depletion and amortization | 22.4 | 22.2 | 22.6 | ||||||||
Total assets | 715.3 | 709.9 | 715.3 | 709.9 | 808 | ||||||
Capital expenditures | 10.5 | 10.1 | 11.3 | ||||||||
Corporate & other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 9.7 | 10.5 | 10.2 | ||||||||
Operating earnings (loss) | (66.9) | (59.4) | (55.6) | ||||||||
Depreciation, depletion and amortization | 10.5 | 9.9 | 7.7 | ||||||||
Total assets | $ 96.1 | $ 119.8 | 96.1 | 119.8 | 131.3 | ||||||
Capital expenditures | 6.5 | 7.3 | 5.1 | ||||||||
Intersegment sales | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | (9.1) | (9) | (6.5) | ||||||||
Intersegment sales | Salt | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Intersegment sales | Plant Nutrition North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 6.4 | 5.6 | 6.5 | ||||||||
Intersegment sales | Plant Nutrition South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 2.7 | 3.4 | 0 | ||||||||
Shipping and handling cost | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Shipping and handling cost | 312.5 | 320 | 267.5 | ||||||||
Shipping and handling cost | Reportable segments | Salt | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Shipping and handling cost | 267.4 | 272.4 | 220.6 | ||||||||
Shipping and handling cost | Reportable segments | Plant Nutrition North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Shipping and handling cost | 28.5 | 29 | 28.1 | ||||||||
Shipping and handling cost | Reportable segments | Plant Nutrition South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Shipping and handling cost | 16.6 | 18.6 | 18.8 | ||||||||
Shipping and handling cost | Corporate & other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Shipping and handling cost | $ 0 | $ 0 | $ 0 |
OPERATING SEGMENTS (Information
OPERATING SEGMENTS (Information by Product) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ 500.3 | $ 341.3 | $ 245.2 | $ 403.7 | $ 486.5 | $ 322.5 | $ 246.7 | $ 437.9 | $ 1,490.5 | $ 1,493.6 | $ 1,364.4 |
Logistics costs | $ 2.8 | 2.8 | |||||||||
Severance and other costs, gross | 2.3 | 5.1 | |||||||||
Restructuring charges | 4.3 | ||||||||||
Reportable segments | Salt | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 889.5 | 858.1 | 769.2 | ||||||||
Reportable segments | Plant Nutrition North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 206.2 | 233.2 | 210 | ||||||||
Reportable segments | Plant Nutrition South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 385.1 | 391.8 | 375 | ||||||||
Corporate & other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 9.7 | 10.5 | 10.2 | ||||||||
Highway Deicing Salt | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 545.5 | 532 | 455.1 | ||||||||
Highway Deicing Salt | Reportable segments | Salt | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 545.5 | 532 | 455.1 | ||||||||
Highway Deicing Salt | Reportable segments | Plant Nutrition North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Highway Deicing Salt | Reportable segments | Plant Nutrition South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Highway Deicing Salt | Corporate & other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Consumer & Industrial Salt | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 344 | 326.1 | 314.1 | ||||||||
Consumer & Industrial Salt | Reportable segments | Salt | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 344 | 326.1 | 314.1 | ||||||||
Consumer & Industrial Salt | Reportable segments | Plant Nutrition North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Consumer & Industrial Salt | Reportable segments | Plant Nutrition South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Consumer & Industrial Salt | Corporate & other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
SOP and Specialty Plant Nutrients | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 511.2 | 539 | 490.1 | ||||||||
SOP and Specialty Plant Nutrients | Reportable segments | Salt | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
SOP and Specialty Plant Nutrients | Reportable segments | Plant Nutrition North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 212.6 | 238.8 | 216.5 | ||||||||
SOP and Specialty Plant Nutrients | Reportable segments | Plant Nutrition South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 298.6 | 300.2 | 273.6 | ||||||||
SOP and Specialty Plant Nutrients | Corporate & other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Industrial Chemicals | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 89.2 | 95 | 101.4 | ||||||||
Industrial Chemicals | Reportable segments | Salt | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Industrial Chemicals | Reportable segments | Plant Nutrition North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Industrial Chemicals | Reportable segments | Plant Nutrition South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 89.2 | 95 | 101.4 | ||||||||
Industrial Chemicals | Corporate & other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Eliminations & Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 0.6 | 1.5 | 3.7 | ||||||||
Eliminations & Other | Reportable segments | Salt | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Eliminations & Other | Reportable segments | Plant Nutrition North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | (6.4) | (5.6) | (6.5) | ||||||||
Eliminations & Other | Reportable segments | Plant Nutrition South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | (2.7) | (3.4) | 0 | ||||||||
Eliminations & Other | Corporate & other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ 9.7 | $ 10.5 | $ 10.2 |
OPERATING SEGMENTS (Informati_2
OPERATING SEGMENTS (Information by Geographic Area) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total sales | $ 500.3 | $ 341.3 | $ 245.2 | $ 403.7 | $ 486.5 | $ 322.5 | $ 246.7 | $ 437.9 | $ 1,490.5 | $ 1,493.6 | $ 1,364.4 |
Total long-lived assets | 1,655.3 | 1,642.8 | 1,655.3 | 1,642.8 | 1,829.2 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total sales | 821.9 | 769.9 | 718 | ||||||||
Total long-lived assets | 561.5 | 551.6 | 561.5 | 551.6 | 618.5 | ||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total sales | 228.8 | 238.6 | 217.7 | ||||||||
Total long-lived assets | 522.8 | 497.4 | 522.8 | 497.4 | 515.9 | ||||||
Brazil | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total sales | 375.2 | 381.8 | 362.1 | ||||||||
Total long-lived assets | 493.1 | 524.8 | 493.1 | 524.8 | 618.4 | ||||||
United Kingdom | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total sales | 45.2 | 83.1 | 43.3 | ||||||||
Total long-lived assets | 71.4 | 62.5 | 71.4 | 62.5 | 69.9 | ||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total sales | 19.4 | 20.2 | 23.3 | ||||||||
Total long-lived assets | $ 6.5 | $ 6.5 | $ 6.5 | $ 6.5 | $ 6.5 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||||||||||
Net earnings | $ 56.1 | $ 10.6 | $ (11.8) | $ 7.6 | $ 51 | $ 12.8 | $ (7.6) | $ 12.6 | $ 62.5 | $ 68.8 | $ 42.7 |
Less: net earnings allocated to participating securities | (1.1) | (0.5) | (0.5) | ||||||||
Net earnings available to common shareholders | $ 61.4 | $ 68.3 | $ 42.2 | ||||||||
Denominator: | |||||||||||
Weighted average common shares outstanding, shares for basic earnings per share (in shares) | 33,886 | 33,884 | 33,883 | 33,874 | 33,853 | 33,851 | 33,850 | 33,836 | 33,882 | 33,848 | 33,819 |
Weighted average equity awards outstanding (in shares) | 0 | 0 | 1 | ||||||||
Shares for diluted earnings per share (in shares) | 33,886 | 33,884 | 33,883 | 33,874 | 33,853 | 33,851 | 33,850 | 33,836 | 33,882 | 33,848 | 33,820 |
Net earnings per common share, basic (in dollars per share) | $ 1.64 | $ 0.31 | $ (0.36) | $ 0.22 | $ 1.50 | $ 0.37 | $ (0.23) | $ 0.37 | $ 1.82 | $ 2.02 | $ 1.25 |
Net earnings per common share, diluted (in dollars per share) | $ 1.63 | $ 0.31 | $ (0.36) | $ 0.22 | $ 1.50 | $ 0.37 | $ (0.23) | $ 0.37 | $ 1.81 | $ 2.02 | $ 1.25 |
Net earnings allocated to participating securities (in shares) | 307 | 186 | 166 | ||||||||
Stock options | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive weighted options outstanding (in shares) | 1,067 | 788 | 640 |
QUARTERLY RESULTS (Unaudited)_2
QUARTERLY RESULTS (Unaudited) (Schedule of Quarterly Results) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Sales | $ 500.3 | $ 341.3 | $ 245.2 | $ 403.7 | $ 486.5 | $ 322.5 | $ 246.7 | $ 437.9 | $ 1,490.5 | $ 1,493.6 | $ 1,364.4 |
Gross profit | 142 | 76.4 | 45.8 | 72.6 | 114.6 | 71.4 | 42.5 | 65.4 | 336.8 | 293.9 | 326.6 |
Net earnings (loss) | $ 56.1 | $ 10.6 | $ (11.8) | $ 7.6 | $ 51 | $ 12.8 | $ (7.6) | $ 12.6 | $ 62.5 | $ 68.8 | $ 42.7 |
Net earnings (loss) per share, basic (in dollars per share) | $ 1.64 | $ 0.31 | $ (0.36) | $ 0.22 | $ 1.50 | $ 0.37 | $ (0.23) | $ 0.37 | $ 1.82 | $ 2.02 | $ 1.25 |
Net earnings (loss) per share, diluted (in dollars per share) | $ 1.63 | $ 0.31 | $ (0.36) | $ 0.22 | $ 1.50 | $ 0.37 | $ (0.23) | $ 0.37 | $ 1.81 | $ 2.02 | $ 1.25 |
Basic weighted-average shares outstanding (in shares) | 33,886 | 33,884 | 33,883 | 33,874 | 33,853 | 33,851 | 33,850 | 33,836 | 33,882 | 33,848 | 33,819 |
Diluted weighted-average shares outstanding (in shares) | 33,886 | 33,884 | 33,883 | 33,874 | 33,853 | 33,851 | 33,850 | 33,836 | 33,882 | 33,848 | 33,820 |
QUARTERLY RESULTS (Unaudited)_3
QUARTERLY RESULTS (Unaudited) (Schedule of Quarterly Results Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | ||||
Logistics costs | $ 2.8 | $ 2.8 | ||
Logistics costs, net | $ 2.1 | |||
Executive transition costs | $ 2.3 | $ 5.1 | ||
Executive transition costs, net of tax | $ 1.7 | 3.8 | ||
Taxes miscellaneous items | $ 6.8 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) | Feb. 19, 2020$ / shares |
Subsequent Event | |
Subsequent Event [Line Items] | |
Cash dividend declared (in dollars per share) | $ 0.72 |
Schedule II - Valuation Reser_2
Schedule II - Valuation Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deducted from Receivables — Allowance for Doubtful Accounts | |||
Valuation Reserves [Roll Forward] | |||
Balance at the Beginning of the Year | $ 9.9 | $ 10.9 | $ 9 |
Additions (Deductions) Charged to Expense | 4.7 | 1 | 3.2 |
Deductions | (3.9) | (2) | (1.3) |
Balance at the End of the Year | 10.7 | 9.9 | 10.9 |
Deducted from Deferred Income Taxes — Valuation Allowance | |||
Valuation Reserves [Roll Forward] | |||
Balance at the Beginning of the Year | 40.9 | 10.2 | 33.6 |
Additions (Deductions) Charged to Expense | 0.3 | 39.2 | 1.1 |
Deductions | 0 | (8.5) | (24.5) |
Balance at the End of the Year | $ 41.2 | $ 40.9 | $ 10.2 |
Uncategorized Items - cmp-20191
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (100,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (100,000) |