CMP 8-K
Compass Minerals International Inc (CMP)
8-K
2021-09-29
For: 2021-09-29
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Added on
April 10, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 29, 2021
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of principal executive offices)
(913 ) 344-9200
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02 Results of Operations and Financial Condition.
Compass Minerals International, Inc. (the “Company”) is providing supplemental financial information, attached as Exhibit 99.1, which includes certain quarterly segment information for its continuing operations for the quarters ended March 31, 2019 through June 30, 2021.
The information contained in Item 2.02 and Exhibit 99.1 of this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | Exhibit Description | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
COMPASS MINERALS INTERNATIONAL, INC. | ||||||||
Date: | By: | /s/ James D. Standen | ||||||
Name: James D. Standen | ||||||||
Title: Chief Financial Officer | ||||||||
 | Exhibit 99.1 | ||||
The following unaudited supplemental financial information includes certain quarterly segment information for the Company’s continuing operations for the quarters ended March 31, 2019 through June 30, 2021.
Quarterly segment information is as follows (unaudited, in millions):
| Three Months Ended June 30, 2021 | Salt | Plant Nutrition | Corporate & Other(a) | Total | ||||||||||||||||||||||
| Sales to external customers | $ | 142.6 | $ | 53.8 | $ | 3.0 | $ | 199.4 | ||||||||||||||||||
| Intersegment sales | — | 2.5 | (2.5) | — | ||||||||||||||||||||||
| Shipping and handling cost | 44.3 | 7.3 | — | 51.6 | ||||||||||||||||||||||
| Operating earnings (loss) | 19.2 | 0.7 | (19.0) | 0.9 | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 17.6 | 9.1 | 3.3 | 30.0 | ||||||||||||||||||||||
| Three Months Ended March 31, 2021 | Salt | Plant Nutrition | Corporate & Other(a) | Total | ||||||||||||||||||||||
| Sales to external customers | $ | 369.0 | $ | 53.7 | $ | 2.8 | $ | 425.5 | ||||||||||||||||||
| Intersegment sales | — | 0.5 | (0.5) | — | ||||||||||||||||||||||
| Shipping and handling cost | 115.4 | 7.7 | — | 123.1 | ||||||||||||||||||||||
| Operating earnings (loss) | 91.6 | 5.3 | (20.9) | 76.0 | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 18.0 | 8.8 | 3.1 | 29.9 | ||||||||||||||||||||||
| Three Months Ended December 31, 2020 | Salt | Plant Nutrition | Corporate & Other(a) | Total | ||||||||||||||||||||||
| Sales to external customers | $ | 228.5 | $ | 78.2 | $ | 2.5 | $ | 309.2 | ||||||||||||||||||
| Intersegment sales | — | 2.4 | (2.4) | — | ||||||||||||||||||||||
| Shipping and handling cost | 63.9 | 11.8 | — | 75.7 | ||||||||||||||||||||||
| Operating earnings (loss) | 44.5 | 3.3 | (19.7) | 28.1 | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 17.4 | 9.0 | 3.7 | 30.1 | ||||||||||||||||||||||
| Three Months Ended September 30, 2020 | Salt | Plant Nutrition | Corporate & Other(a) | Total | ||||||||||||||||||||||
| Sales to external customers | $ | 141.2 | $ | 30.8 | $ | 2.6 | $ | 174.6 | ||||||||||||||||||
| Intersegment sales | — | 0.3 | (0.3) | — | ||||||||||||||||||||||
| Shipping and handling cost | 34.4 | 4.8 | — | 39.2 | ||||||||||||||||||||||
| Operating earnings (loss) | 26.2 | 1.1 | (16.4) | 10.9 | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 17.4 | 9.3 | 3.8 | 30.5 | ||||||||||||||||||||||
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| Three Months Ended June 30, 2020 | Salt | Plant Nutrition | Corporate & Other(a) | Total | ||||||||||||||||||||||
| Sales to external customers | $ | 121.9 | $ | 51.0 | $ | 2.3 | $ | 175.2 | ||||||||||||||||||
| Intersegment sales | — | 2.4 | (2.4) | — | ||||||||||||||||||||||
| Shipping and handling cost | 29.7 | 7.3 | — | 37.0 | ||||||||||||||||||||||
| Operating earnings (loss) | 22.5 | 6.3 | (19.1) | 9.7 | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 17.2 | 9.6 | 3.0 | 29.8 | ||||||||||||||||||||||
| Three Months Ended March 31, 2020 | Salt | Plant Nutrition | Corporate & Other(a) | Total | ||||||||||||||||||||||
| Sales to external customers | $ | 287.8 | $ | 55.4 | $ | 2.7 | $ | 345.9 | ||||||||||||||||||
| Intersegment sales | — | 0.3 | (0.3) | — | ||||||||||||||||||||||
| Shipping and handling cost | 89.8 | 8.6 | — | 98.4 | ||||||||||||||||||||||
| Operating earnings (loss) | 67.8 | 4.6 | (18.1) | 54.3 | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 14.6 | 9.8 | 3.0 | 27.4 | ||||||||||||||||||||||
| Three Months Ended December 31, 2019 | Salt | Plant Nutrition | Corporate & Other(a) | Total | ||||||||||||||||||||||
| Sales to external customers | $ | 310.9 | $ | 67.2 | $ | 2.6 | $ | 380.7 | ||||||||||||||||||
| Intersegment sales | — | 2.0 | (2.0) | — | ||||||||||||||||||||||
| Shipping and handling cost | 82.7 | 9.7 | — | 92.4 | ||||||||||||||||||||||
| Operating earnings (loss) | 75.9 | 8.7 | (17.3) | 67.3 | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 16.0 | 10.4 | 2.6 | 29.0 | ||||||||||||||||||||||
| Three Months Ended September 30, 2019 | Salt | Plant Nutrition | Corporate & Other(a) | Total | ||||||||||||||||||||||
| Sales to external customers | $ | 159.6 | $ | 40.9 | $ | 2.3 | $ | 202.8 | ||||||||||||||||||
| Intersegment sales | — | 1.3 | (1.3) | — | ||||||||||||||||||||||
| Shipping and handling cost | 43.4 | 5.7 | — | 49.1 | ||||||||||||||||||||||
Operating earnings (loss)(b) | 24.0 | 4.0 | (17.6) | 10.4 | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 14.3 | 10.3 | 2.6 | 27.2 | ||||||||||||||||||||||
| Three Months Ended June 30, 2019 | Salt | Plant Nutrition | Corporate & Other(a) | Total | ||||||||||||||||||||||
| Sales to external customers | $ | 112.6 | $ | 44.1 | $ | 2.4 | $ | 159.1 | ||||||||||||||||||
| Intersegment sales | — | 2.6 | (2.6) | — | ||||||||||||||||||||||
| Shipping and handling cost | 37.6 | 6.1 | — | 43.7 | ||||||||||||||||||||||
Operating earnings (loss)(c) | 10.0 | 6.0 | (16.5) | (0.5) | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 14.8 | 10.3 | 2.8 | 27.9 | ||||||||||||||||||||||
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| Three Months Ended March 31, 2019 | Salt | Plant Nutrition | Corporate & Other(a) | Total | ||||||||||||||||||||||
| Sales to external customers | $ | 306.4 | $ | 33.7 | $ | 2.4 | $ | 342.5 | ||||||||||||||||||
| Intersegment sales | — | 0.5 | (0.5) | — | ||||||||||||||||||||||
| Shipping and handling cost | 103.7 | 5.7 | — | 109.4 | ||||||||||||||||||||||
| Operating earnings (loss) | 57.3 | — | (14.9) | 42.4 | ||||||||||||||||||||||
| Depreciation, depletion and amortization | 15.3 | 10.7 | 2.5 | 28.5 | ||||||||||||||||||||||
(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, legal and finance functions. Corporate assets in 2021 include assets under the Company’s AR Facility.
(b)Operating results included $2.3 million of severance and other costs related to executive transition.
(c)Operating results included $2.8 million of additional logistics costs related to Mississippi River flooding.
Quarterly plant nutrition sales volume information is as follows (unaudited, thousands of tons):
| For the Three Months Ended | |||||||||||||||||
| March 31, | June 30, | September 30, | December 31, | Total | |||||||||||||
| 2021 | 94 | 88 | 182 | ||||||||||||||
| 2020 | 95 | 89 | 53 | 143 | 380 | ||||||||||||
| 2019 | 56 | 74 | 69 | 116 | 315 | ||||||||||||
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