Compass Minerals Files 10-Q/A Amendment

TL;DR

Compass Minerals filed an amended Q1 2024 10-Q. Check for updates.

AI Summary

Compass Minerals International Inc. filed an amendment (10-Q/A) to its quarterly report for the period ending March 31, 2024. The filing, submitted on October 30, 2024, relates to the company's financial performance and operations. Specific financial figures and operational details are contained within the full document.

Why It Matters

This amended filing provides updated or corrected information regarding Compass Minerals' financial status for the first quarter of 2024, which is crucial for investors assessing the company's performance and future outlook.

Risk Assessment

Risk Level: low — This is a routine amendment to a quarterly filing, typically for corrections or clarifications, and does not inherently signal new risks.

Key Numbers

• 20240331 — Period of Report (The end date of the reporting quarter for the 10-Q/A.)
• 20241030 — Filing Date (The date the amended 10-Q/A was submitted to the SEC.)

Key Players & Entities

• COMPASS MINERALS INTERNATIONAL INC (company) — Filer of the 10-Q/A
• 0001227654-24-000212 (filing_id) — Accession number for the 10-Q/A filing
• 20240331 (date) — Conformed period of report for the 10-Q/A
• 20241030 (date) — Filing date of the 10-Q/A

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value CMP The New York Stock Exchan
• $28 million — ingent consideration liability of up to $28 million to be paid in cash and/or common stock
• $32 — fixed price per share of approximately $32 upon the achievement of certain perform

Filing Documents

• cmp-20240331.htm (10-Q/A) — 1915KB
• cmp-q22024xex311ceocertifi.htm (EX-31.1) — 11KB
• cmp-q22024xex312cfocertifi.htm (EX-31.2) — 11KB
• cmp-q22024xex32ceoandcfoce.htm (EX-32) — 6KB
• cmp-20240331_g1.jpg (GRAPHIC) — 98KB
• cmp-20240331_g2.jpg (GRAPHIC) — 33KB
• cmp-20240331_g3.jpg (GRAPHIC) — 36KB
• cmp-20240331_g4.jpg (GRAPHIC) — 33KB
• cmp-20240331_g5.jpg (GRAPHIC) — 37KB
• cmp-20240331_g6.jpg (GRAPHIC) — 35KB
• cmp-20240331_g7.jpg (GRAPHIC) — 32KB
• 0001227654-24-000212.txt ( ) — 11551KB
• cmp-20240331.xsd (EX-101.SCH) — 53KB
• cmp-20240331_cal.xml (EX-101.CAL) — 65KB
• cmp-20240331_def.xml (EX-101.DEF) — 414KB
• cmp-20240331_lab.xml (EX-101.LAB) — 717KB
• cmp-20240331_pre.xml (EX-101.PRE) — 603KB
• cmp-20240331_htm.xml (XML) — 2057KB

, Item 1, " Financial Information "

Part I, Item 1, " Financial Information "

, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations"

Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations"

, Item 4, "Controls and Procedures"

Part I, Item 4, "Controls and Procedures"

, Item 5, "Exhibits"

Part II, Item 5, "Exhibits" In addition, in accordance with applicable SEC rules, this Form 10-Q/A includes new certifications required by Rule 13a-14 under the Exchange Act from the Company's Chief Executive Officer and Chief Financial Officer dated as of the date of filing of this Form 10-Q/A as Exhibits 31.1, 31.2 and 32. For the convenience of the reader, this Form 10-Q/A sets forth the Original Report, in its entirety, as amended to reflect the corrections described above. Please note that the only changes to the Original Report are those related to the matters described herein and only in the Items listed above. Except as described above and as disclosed in Part I I, Item 1 , Note 16 , no changes have been made to the Original Report, and this Form 10-Q/A does not modify, amend or update any of the other financial information or other information contained in the Original Report. Such information is as of the date of the Original Report and does not reflect any information or events occurring after the date of the Original Report. Such subsequent information or events include, among others, the information and events described in our Current Reports on Form 8-K filed subsequent to the date of the Original Report. For a description of such subsequent information and events, please read our reports filed pursuant to the Exchange Act subsequent to the date of the Original Report, which update and supersede certain information contained in the Original Report and this Form 10-Q/A. Concurrently with the filing of this Form 10-Q/A, the Company is filing Amendment No. 1 on Form 10-K/A ("2023 Form 10-K/A") to restate the Company's Annual Report on Form 10-K for the year ended September 30, 2023 filed with the SEC on November 29, 2023 ("2023 Form 10-K"). This Form 10-Q/A should be read in conjunction with the 2023 Form 10-K/A. COMPASS MINERALS INTERNATIONAL, INC. TABLE OF CONTENTS

FINANCIAL INFORMATION Page

PART I. FINANCIAL INFORMATION Page Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets as of March 31, 2024 (unaudited) and September 30, 2023 2 Consolidated Statements of Operations for the three and six months ended March 31, 2024 and 2023 (unaudited) 3 Consolidated Statements of Comprehensive Loss for the three and six months ended March 31, 2024 and 2023 (unaudited) 4 Consolidated Statements of Stockholders' Equity for the three and six months ended March 31, 2024 and 2023 (unaudited) 5 Consolidated Statements of Cash Flows for the six months ended March 31, 2024 and 2023 (unaudited) 6

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 46 Item 4.

Controls and Procedures

Controls and Procedures 46

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 49

SIGNATURES

SIGNATURES 50 1 Table of Contents COMPASS MINERALS INTERNATIONAL, INC.

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CONSOLIDATED BALANCE SHEETS (in millions, except share data) (Unaudited) March 31, 2024 September 30, 2023 (Restated) (Restated) ASSETS Current assets: Cash and cash equivalents $ 38.3 $ 38.7 Receivables, less allowance for doubtful accounts of $ 2.2 at March 31, 2024 and $ 2.3 at September 30, 2023 143.0 129.3 Inventories 374.1 399.5 Other 48.4 33.4 Total current assets 603.8 600.9 Property, plant and equipment, net 793.5 852.5 Intangible assets, net 102.0 120.0 Goodwill 5.9 88.8 Other 152.5 154.7 Total assets $ 1,657.7 $ 1,816.9 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 5.0 $ 5.0 Accounts payable 86.7 116.8 Accrued salaries and wages 18.6 25.9 Income taxes payable 13.8 16.5 Accrued interest 12.9 12.9 Accrued expenses and other current liabilities 62.3 97.5 Total current liabilities 199.3 274.6 Long-term debt, net of current portion 872.2 800.3 Deferred income taxes, net 59.5 58.4 Other noncurrent liabilities 126.3 162.6 Commitments and contingencies ( Note 9 ) Stockholders' equity: Common stock: $ 0.01 par value, 200,000,000 authorized shares; 42,197,964 issued shares at March 31, 2024 and September 30, 2023 0.4 0.4 Additional paid-in capital 419.7 413.1 Treasury stock, at cost — 865,027 shares at March 31, 2024 and 1,038,168 shares at September 30, 2023 ( 10.1 ) ( 8.7 ) Retained earnings 94.0 220.9 Accumulated other comprehensive loss ( 103.6 ) ( 104.7 ) Total stockholders' equity 400.4 521.0 Total liabilities and stockholders' equity $ 1,657.7 $ 1,816.9 The accompanying notes are an integral part of the consolidated financial statements. 2 Table of Contents COMPASS MINERALS INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in millions, except share and per share data) Three Months Ended March 31, Six Months Ended March 31, 2024 2023 2024 2023 (Restated) (Restated) Sales $ 364.0 $ 411.1 $ 705.7 $ 763.5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Accounting Policies and Basis of Presentation: Compass Minerals International, Inc. ("CMI"), through its subsidiaries (collectively, the "Company"), is a leading global provider of essential minerals focused on safely delivering where and when it matters to help solve nature's challenges for customers and communities. The Company's salt products help keep roadways safe during winter weather and are used in numerous other consumer, industrial, chemical and agricultural applications. Its plant nutrition business is the leading North American producer of sulfate of potash ("SOP"), which is used in the production of specialty fertilizers for high-value crops and turf and helps improve the quality and yield of crops, while supporting sustainable agriculture. The Company's principal products are salt, consisting of sodium chloride and magnesium chloride, and SOP. The Company is working to develop next-generation, environmentally friendly fire retardants to help to slow, stop and prevent wildfires. Additionally, the Company had been pursuing the development of a sustainable lithium salt resource to support the North American battery market. However, as described in Note 5 , the Company has terminated its pursuit of the lithium development. The Company's production sites are located in the United States ("U.S."), Canada and the United Kingdom ("U.K."). The Company also provides records management services in the U.K. Except where otherwise noted, references to North America include only the continental U.S. and Canada, and references to the U.K. include only England, Scotland and Wales. References to "Compass Minerals," "our," "us" and "we" refer to CMI and its consolidated subsidiaries. CMI is a holding company with no significant operations other than those of its wholly-owned subsidiaries. The consolidated financial statements include the accounts of CMI and its wholly-owned domestic and foreign subsidiarie

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