CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2024 |
Sep. 30, 2023 |
|---|---|---|
| ASSETS | ||
| Allowance for doubtful accounts | $ 2.3 | $ 2.3 |
| Stockholders’ equity: | ||
| Common stock, par or stated value per share (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) | 42,197,964 | 42,197,964 |
| Treasury stock, shares (in shares) | 835,419 | 1,038,168 |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Sales | $ 202.9 | $ 207.6 | $ 908.6 | $ 971.1 |
| Gross profit | 32.6 | 34.6 | 175.5 | 189.8 |
| Selling, general and administrative expenses | 27.5 | 33.0 | 106.5 | 109.2 |
| Loss on impairments | 0.0 | 0.0 | 173.4 | 0.0 |
| Other operating (income) expense | (0.8) | 2.2 | (17.4) | 5.4 |
| Operating earnings (loss) | 5.9 | (0.6) | (87.0) | 75.2 |
| Other (income) expense: | ||||
| Interest income | (0.2) | (1.7) | (0.8) | (4.7) |
| Interest expense | 17.2 | 14.3 | 50.4 | 42.4 |
| (Gain) loss on foreign exchange | (0.5) | 2.3 | (1.1) | 4.6 |
| Net loss in equity investee | 0.0 | 0.8 | 0.0 | 3.1 |
| Gain from remeasurement of equity method investment | 0.0 | (12.6) | 0.0 | (12.6) |
| Other expense, net | 0.3 | 2.7 | 1.9 | 3.7 |
| (Loss) earnings before income taxes | (10.9) | (6.4) | (137.4) | 38.7 |
| Income tax expense (benefit) | 32.7 | (42.8) | 20.4 | 24.2 |
| Net (loss) earnings | $ (43.6) | $ 36.4 | $ (157.8) | $ 14.5 |
| Basic net (loss) earnings per common share (in dollars per share) | $ (1.05) | $ 0.88 | $ (3.83) | $ 0.35 |
| Diluted net (loss) earnings per common share (in dollars per share) | $ (1.05) | $ 0.88 | $ (3.83) | $ 0.35 |
| Weighted-average common shares outstanding (in thousands): | ||||
| Basic (in shares) | 41,342 | 41,142 | 41,284 | 40,663 |
| Diluted (in shares) | 41,342 | 41,142 | 41,284 | 40,663 |
| Shipping and handling cost | ||||
| Cost | $ 53.2 | $ 53.8 | $ 255.1 | $ 291.3 |
| Product cost | ||||
| Cost | $ 117.1 | $ 119.2 | $ 478.0 | $ 490.0 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) EARNINGS (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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| Statement of Comprehensive Income [Abstract] | ||||
| Unrealized gain (loss) from change in pension obligations, tax | $ 0.0 | $ 0.0 | $ 0.2 | $ 0.0 |
| Unrealized loss, other postretirement benefits, tax | 0.0 | 0.0 | 0.0 | 0.0 |
| Unrealized income (loss) on cash flow hedges, tax | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.3 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Mar. 20, 2024 |
Dec. 20, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
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| Statement of Stockholders' Equity [Abstract] | |||||||
| Cash dividends per share (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 |
Accounting Policies and Basis of Presentation |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies and Basis of Presentation | 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 also working to develop long-term fire-retardant solutions to help combat wildfires. Additionally, the Company had been pursuing the development of a sustainable lithium salt resource to support the North American battery market. However, as described in Note 5, the Company has terminated its pursuit of the lithium development. The Company’s production sites are located in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”). The Company also provides records management services in the U.K. Except where otherwise noted, references to North America include only the continental U.S. and Canada, and references to the U.K. include only England, Scotland and Wales. References to “Compass Minerals,” “our,” “us” and “we” refer to CMI and its consolidated subsidiaries. CMI is a holding company with no significant operations other than those of its wholly-owned subsidiaries. The consolidated financial statements include the accounts of CMI and its wholly-owned domestic and foreign subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the annual period ended September 30, 2023, as filed with the Securities and Exchange Commission (the “SEC”) in its Amended Annual Report on Form 10-K/A on October 29, 2024 (“2023 Form 10-K/A”). Certain amounts in prior periods have been reclassified to conform to the current period presentation. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation, have been included. The Company experiences a substantial amount of seasonality in its sales, including its salt deicing product sales. Consequently, Salt segment sales and operating income are generally higher in the first and second fiscal quarters (ending December 31 and March 31) and lower during the third and fourth fiscal quarters (ending June 30 and September 30). In particular, sales of highway and consumer deicing salt and magnesium chloride products vary based on the severity of the winter conditions in areas where the products are used. Following industry practice in North America and the U.K., the Company seeks to stockpile sufficient quantities of deicing salt throughout the first, third and fourth fiscal quarters (ending December 31, June 30 and September 30) to meet the estimated requirements for the winter season. Production of deicing salt can also vary based on the severity or mildness of the preceding winter season. Due to the seasonal nature of the deicing product lines, operating results for the interim periods are not necessarily indicative of the results that may be expected for the full fiscal year. The Company’s plant nutrition business is also seasonal. As a result, the Company and its customers generally build inventories during the plant nutrition business’ low demand periods of the year (which are typically winter and summer, but can vary due to weather and other factors) to ensure timely product availability during the peak sales seasons (which are typically spring and autumn, but can also vary due to weather and other factors). Lastly, the results of the Company’s fire retardant business are also seasonal with peak demand for fire retardant products and services occurring from June through September. The Company previously identified various misstatements related to (i) certain contingent consideration associated with the Company’s acquisition of Fortress North America, LLC (“Fortress”), (ii) historical understatement of work-in-process inventory, (iii) immaterial misstatements to reclassify the impacts of non-cash capital expenditures in accounts payable in its operating and investing cash flows, (iv) an error in its interim non-GAAP Adjusted EBITDA calculation, which resulted in an understatement of its consolidated Adjusted EBITDA for the first and second quarters of 2024, and (v) certain other individual immaterial misstatements that were also immaterial in the aggregate. These misstatements were corrected via amendments to the Company’s Annual Report on Form 10-K for the period ended September 30, 2023, 2022 and 2021 and its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024, both filed on October 29, 2024. Impairments As a result of a sustained decrease in the Company’s publicly quoted share price and market capitalization continuing into fiscal 2024 and recent developments related to its magnesium chloride-based fire retardants impacting its Fortress business, the Company determined in the second quarter of fiscal 2024 that there were indicators of impairment and therefore performed long-lived assets and goodwill impairment testing. The analysis for Plant Nutrition resulted in no long-lived asset impairment but did result in a goodwill impairment, as discussed further below. The Fortress analysis resulted in an impairment of the Company’s magnesium chloride-related assets and goodwill; see below for additional details. On March 22, 2024, the Company was notified of the decision by the U.S. Forest Service that the Company would not be awarded a contract to supply its magnesium chloride-based aerial fire retardant for the calendar 2024 fire season. For purposes of the long-lived asset impairment evaluation, management grouped and tested the magnesium chloride-related assets given their unique classification and separately identifiable cash flows. As a result of the evaluation using the income approach, the Company impaired all magnesium chloride-related assets which resulted in a long-lived asset, net, impairment of $15.6 million (finite-lived intangible assets) and an impairment of $2.4 million of inventory for the nine months ended June 30, 2024. The long-lived asset impairment is included in loss on impairments, while the inventory impairment is reflected in product cost, both on the Consolidated Statements of Operations. The undiscounted cash flows for the remaining Fortress assets were greater than their carrying value resulting in no incremental impairment. Management will continue to monitor events and circumstances that would require a future test of recoverability on the remaining Fortress long-lived assets. The Company performed the interim goodwill impairment tests consistent with its approach for annual impairment testing, including using similar models, inputs and assumptions. As a result of the interim goodwill impairment test in the second quarter of fiscal 2024, the Company recognized impairment charges totaling $83.0 million included in loss on impairments, on the Consolidated Statements of Operations for the nine months ended June 30, 2024. Goodwill impairment of $51.0 million was related to the Company’s Plant Nutrition segment, primarily due to decreases in projected future revenues and cash flows and an increase in discount rates due to the uncertain regulatory environment in Utah. The remaining goodwill impairment of $32.0 million was related to the Company’s Fortress reporting unit (included in the Corporate and Other segment), primarily due to changes in assumptions surrounding the magnesium chloride-based fire retardants which impacted projected future revenues and cash flows. Following the impairment charges, there is no remaining goodwill balance for the Plant Nutrition and Fortress reporting units. Refer to Note 6 for a summary of goodwill by segment. A summary of the impairments incurred for the nine months ended June 30, 2024, is detailed below (in millions):
In connection with the aforementioned impairments, the Company determined the estimated fair value for each reporting unit based on discounted cash flow projections (income approach), market values for comparable businesses (market approach) or a combination of both. Under the income approach, the Company is required to make judgments about appropriate discount rates, long-term revenue growth rates and the amount and timing of expected future cash flows. The cash flows used in its estimates are based on the reporting unit's forecast, long-term business plan, and recent operating performance. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting unit and market conditions. The Company’s estimates may differ from actual future cash flows. The risk adjusted discount rate used is consistent with the weighted average cost of capital of the Company’s peer companies and is intended to represent a rate of return that would be expected by a market participant. Under the market approach, market multiples are derived from market prices of stocks of companies in the Company’s peer group. The appropriate multiple is applied to the forecasted revenue and earnings before interest, taxes, depreciation and amortization of the reporting unit to obtain an estimated fair value. The most critical assumptions used in the calculation of the fair value of each reporting unit are the projected revenue growth rates, long-term operating margin, terminal growth rates, discount rate, and the selection of market multiples. The projected long term operating margin utilized in the Company’s fair value estimates is consistent with its operating plan and is dependent on the successful execution of its long-term business plan, overall industry growth rates and the competitive environment. The discount rate could be adversely impacted by changes in the macroeconomic environment and volatility in the equity and debt markets. Although management believes its estimate of fair value is reasonable, if the future financial performance falls below expectations or there are unfavorable revisions to significant assumptions, or if the Company’s market capitalization declines, an additional non-cash goodwill or long-lived asset impairment charge may be required in a future period. Significant Accounting Policies The Company’s significant accounting policies are detailed in “Note 2 – Summary of Significant Accounting Policies” within Part II, Item 8 of its 2023 Form 10-K/A. There were no material changes in the Company’s significant accounting policies from those described in its 2023 Form 10-K/A. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which updates reportable segment disclosure requirements primarily to include enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which updates income tax disclosures by requiring consistent categories and additional disaggregation of information in the rate reconciliation and income taxes paid by jurisdiction. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied prospectively; however, retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures.
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Business Acquisition |
9 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
| Business Acquisition | Business Acquisition: Beginning in 2020, the Company began a series of equity investments in Fortress, a next-generation fire retardant business dedicated to developing and producing a portfolio of fire retardant products to help combat wildfires. On May 5, 2023, the Company acquired the remaining 55% interest in Fortress not previously owned in exchange for an initial cash payment of $18.9 million (net of cash held by Fortress of $6.5 million), and additional contingent consideration of up to $28 million to be paid in cash and/or Compass Minerals common stock upon the achievement of certain performance measures over the next five years, and a cash earn-out based on volumes of certain Fortress fire retardant products sold over a 10-year period. Building upon the previous 45% minority ownership stake in Fortress, the transaction provided the Company full ownership of all Fortress assets, contracts, and intellectual property. See Note 1 for impairment information. See Note 13 for fair value information related to the contingent consideration as of June 30, 2024.
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Revenues |
9 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenues | Revenues: Deferred Revenue Deferred revenue represents billings under non-cancellable contracts before the related product or service is transferred to the customer. The portion of deferred revenue that is anticipated to be recognized as revenue during the succeeding twelve-month period is recorded in accrued expenses and other current liabilities on the Consolidated Balance Sheets. Deferred revenue as of June 30, 2024 and September 30, 2023 was approximately $3.6 million and $8.5 million, respectively. |
Inventories |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Inventories: Inventories consist of the following (in millions):
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Property, Plant and Equipment, Net |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment, Net | Property, Plant and Equipment, Net: Property, plant and equipment, net, consists of the following (in millions):
The Company had been pursuing the development of a sustainable lithium salt resource to support the North American battery market. The passage of Utah House Bill 513 in March 2023 and the subsequent rulemaking process altered certain aspects of the regulatory landscape that will govern the development of lithium at the Great Salt Lake, introducing uncertainty into how development would proceed. As previously disclosed in the Company’s 2023 Form 10-K/A, the Company indefinitely paused new investment in its lithium development project pending greater clarity on the evolving regulatory environment in Utah. In December of 2023, a revised draft of the aforementioned rulemaking was published that continued to be, in the Company's assessment, adverse to its lithium development project. In addition, in December of 2023, the Company further refined its engineering estimates that, taken together with the proposed rules and decline in market price for lithium products, would result in inadequate risk-adjusted returns on capital. On January 23, 2024, the Company severed certain members of its lithium development team and terminated its pursuit of the lithium development. Consequently, the Company evaluated the capitalized assets, including site preparation, project engineering, equipment and materials and capitalized labor and interest. As a result, the Company has recorded an impairment charge of $74.8 million for the nine months ended June 30, 2024, including $5.3 million associated with future commitments as of June 30, 2024. The impairments were recorded to reflect the assets at their estimated fair value, considering equipment expected to be used by the on-going business and amounts estimated to be recoverable through returns or salvage value. Prior to recognizing an impairment, the Company had capitalized $72.7 million to its property, plant and equipment on its Consolidated Balance Sheet and has approximately $5.1 million remaining as of June 30, 2024, included in inventory. The Company engaged a valuation specialist to assist in determining the appropriate fair value of the lithium assets and the resulting impairment charge in the first quarter of fiscal 2024. Given the assets are likely to either be used in other operations or liquidated at a later date, the Company utilized a market-based approach that relied on Level 3 inputs (see Note 13 for a discussion of the levels in the fair value hierarchy).
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Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets | Goodwill and Intangible Assets: Changes in the carrying amount of goodwill are summarized as follows (in millions):
In the second quarter of fiscal 2024, there were indicators necessitating an interim impairment test of the Company’s goodwill based on the Company’s review of its operating performance, among other factors, for the relevant reporting units. Refer to Note 1 for additional details. In addition to the Plant Nutrition and Fortress impairments, the remaining change in goodwill between September 30, 2023 and June 30, 2024, was due to the impact from translating foreign-denominated amounts to U.S. dollars. In connection with the Fortress acquisition described in Note 2, the Company acquired identifiable intangible assets which consisted of customer relationships, developed technology, in-process research and development and trade name. The fair values were determined using Level 3 inputs (see Note 13 for a discussion of the levels in the fair value hierarchy). Upon acquisition, the fair value of the customer relationships was estimated using an income approach method while the fair values of developed technology, in-process research and development and trade name were estimated using the relief from royalty method. As a result of the Fortress-related impairments discussed in Note 1, the Company impaired all magnesium chloride-related assets which resulted in an impairment of the Company’s developed technology intangible asset of $15.6 million, net of accumulated amortization of $0.4 million. The Company continues to have Fortress-related net intangible assets consisting of customer relationships and trade name of $54.6 million and $0.2 million, respectively, as of June 30, 2024. The Company also has $2.2 million of indefinite-lived in-process research and development recognized in connection with the Fortress acquisition as of June 30, 2024, which will be reviewed for impairment at least annually, or in the event of indicators of impairment, until product development is completed.
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Income Taxes |
9 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes: The Company’s effective income tax rate differs from the U.S. statutory federal income tax rate primarily due to U.S. statutory depletion, state income taxes (net of federal tax benefit), nondeductible executive compensation over $1 million, foreign income, mining and withholding taxes, base erosion and anti-abuse tax, and valuation allowances recorded on deferred tax assets. The effective tax rates applied to the three and nine months ended June 30, 2024 were determined by excluding the U.S. losses from the overall estimated annual effective tax rate computations and a separate estimated annual effective tax rate was computed and applied to the ordinary U.S. losses. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred in the U.S. over the three-year period ended June 30, 2024. Such objective evidence limits the ability to consider other subjective evidence, such as the Company’s projections for future income. On the basis of this evaluation, during the nine months ended June 30, 2024, an additional valuation allowance of $28.0 million has been recorded to recognize only the portion of the U.S. deferred tax assets that is more likely than not to be realized. The additional valuation allowance is primarily the result of impairments recognized during the nine months ended June 30, 2024. The amount of the deferred tax assets considered realizable, however, could be adjusted if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as the Company’s projections for income. As of June 30, 2024 and September 30, 2023, the Company had $65.5 million and $65.4 million, respectively of gross federal NOL carryforwards that have no expiration date and $2.9 million at June 30, 2024 and September 30, 2023 of net operating tax-effected state NOL carryforwards which expire beginning in 2035. Other current assets in the Consolidated Balance Sheet as of June 30, 2024 and September 30, 2023, consist principally of prepaid expenses, including prepaid tax assets of $11.2 million and $11.0 million, respectively. Canadian provincial tax authorities have challenged tax positions claimed by one of the Company’s Canadian subsidiaries and have issued tax reassessments for fiscal years 2002-2018. The reassessments are a result of ongoing audits and total $190.4 million, including interest, through June 30, 2024. The Company disputes these reassessments and will continue to work with the appropriate authorities in Canada to resolve the dispute. There is a reasonable possibility that the ultimate resolution of this 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 $160.1 million performance bond and has paid $36.3 million to the Canadian tax authorities (most of which is recorded in other assets in the Consolidated Balance Sheets at June 30, 2024, and September 30, 2023), which is necessary to proceed with future appeals or litigation. The Company expects that it will be required by local regulations to provide security for additional interest on the above unresolved disputed amounts and for any future reassessments issued by these Canadian tax authorities in the form of cash, letters of credit, performance bonds, asset liens or other arrangements agreeable with the tax authorities until the disputes are resolved. The Company expects that the ultimate outcome of these matters will not have a material impact on its results of operations or financial condition. However, the Company can provide no assurance as to the ultimate outcome of these matters, and the impact could be material if they are not resolved in the Company’s favor. As of June 30, 2024, the Company believes it has adequately reserved for these reassessments. Additionally, the Company has other uncertain tax positions as well as assessments and disputed positions with taxing authorities in its various jurisdictions, which are consistent with those matters disclosed in the Company’s 2023 Form 10-K/A.
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Long-Term Debt |
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| Long-Term Debt | Long-Term Debt: Long-term debt consists of the following (in millions):
On March 27, 2024, the Company entered into an amendment to its 2023 Credit Agreement, which eased the restrictions of certain covenants contained in the agreement. The amendment included increasing the maximum allowed consolidated total net leverage ratio (as defined and calculated under the terms of the amended 2023 Credit Agreement) to 6.5x as of the last day of any quarter through the fiscal quarter ended December 31, 2024, then gradually stepping down to 4.75x by the fiscal quarter ended March 31, 2026 and thereafter. The amendment also removed the flexibility related to the lithium development joint ventures, projects or similar arrangements and any related funding transactions in connection therewith. In connection with this amendment, the Company paid fees totaling $1.7 million which were capitalized as deferred financing costs. Additional arrangement and legal fees of $0.9 million were expensed as of March 31, 2024. On March 27, 2024, certain of the Company’s U.S. subsidiaries entered into an amendment to its revolving accounts receivable financing facility (the “AR Facility”) with PNC Bank, National Association, extending the facility to March 2027. In connection with this amendment, the Company paid fees totaling $0.4 million which were capitalized as deferred financing costs. As of June 30, 2024, the term loan and revolving credit facility under the 2023 Credit Agreement were secured by substantially all existing and future U.S. assets of the Company, the Goderich mine in Ontario, Canada and capital stock of certain subsidiaries. As of June 30, 2024 and September 30, 2023, the weighted average interest rate on all borrowings outstanding under the 2023 Credit Agreement was approximately 8.0% and 7.8%, respectively. Depending on the type, borrowings under the 2023 Credit Agreement accrue interest at a rate per annum equal to the Adjusted Term SOFR Rate, the Adjusted EURIBO Rate, Prime Rate or the CDO Rate (as defined in the credit agreement), as applicable, plus Applicable Margins (as defined in the credit agreement) which resulted in interest rates between 7.9% and 10.0% as of June 30, 2024, and 7.7% and 9.8% as of September 30, 2023. As of June 30, 2024, the Company had $208.0 million of availability under its $375 million revolving credit facility. The 2023 Credit Agreement requires the Company to maintain certain financial ratios, including a minimum interest coverage ratio and a maximum total net leverage ratio. The Company was in compliance as of June 30, 2024 with its debt covenants under the 2023 Credit Agreement and its AR Securitization Facility. The consolidated total net leverage ratio represents the ratio of (a) consolidated total net debt to (b) consolidated adjusted earnings before interest, taxes, depreciation and amortization. Consolidated total net debt includes the aggregate principal amount of total debt, net of unrestricted cash not to exceed $75.0 million. On August 12, 2024, the Company entered into amendments to its 2023 Credit Agreement and its AR Facility, which extended the deadline for delivery of the Company’s June 30, 2024 financial statements for the quarter ended June 30, 2024, together with the respective compliance certificates, from 45 days to 75 days after the last day of the quarter ended June 30, 2024. On September 13, 2024, the Company entered into amendments to its 2023 Credit Agreement and its AR Facility, which extended the deadline for delivery of the Company’s June 30, 2024 financial statements for the quarter ended June 30, 2024, together with the respective compliance certificates, to November 29, 2024, 152 days after the last day of the quarter ended June 30, 2024. On September 18, 2024, the Company received a notice of default relating to its 6.750% Senior Notes due 2027 because the Company failed to timely furnish a Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024. The Company has 90 days from receipt of the notice to remedy prior to it becoming an Event of Default under the terms of the Indenture, dated November 29, 2019.
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Commitments and Contingencies |
9 Months Ended |
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Jun. 30, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies: As previously disclosed, the Company was the subject of an investigation by the Division of Enforcement of the SEC regarding the Company’s disclosures primarily concerning the operation of the Goderich mine, the former South American businesses, and related accounting and internal control matters including Salt interim inventory valuation methodology issues that were disclosed in the Company’s Form 10-K/A for the year ended December 31, 2020, and Form 10-Q/A for the quarter ended March 31, 2021, each filed with the SEC on September 3, 2021. On September 23, 2022, the Company reached a settlement with the SEC, concluding and resolving the SEC investigation in its entirety. Under the terms of the settlement, the Company, without admitting or denying the findings in the administrative order issued by the SEC, agreed to pay a civil penalty of $12 million and to cease and desist from violations of specified provisions of the federal securities laws and rules promulgated thereunder, and to retain an independent compliance consultant for a period of approximately one year to review certain accounting practices and procedures. As set forth in the administrative order, the $12 million civil penalty was paid in installments with $10 million reflected in accrued expenses and other current liabilities on the Company’s Consolidated Balance Sheets as of September 30, 2023 and subsequently paid in during the first quarter of fiscal 2024. On April 24, 2024, the Company, two of its former officers and two current officers were named as defendants in a putative securities class action lawsuit filed in the United States District Court for the District of Kansas, alleging that the Company and such officers made misleading statements damaging shareholders relating to the Company’s fire retardant business. The Company intends to vigorously defend these allegations. At this time, the Company is unable to assess with any certainty what, if any, damages could be awarded in this matter. On May 1, 2024, Fortress was named as defendant in a trade secrets lawsuit filed by Perimeter Solutions L.P. in the United States District Court for the Eastern District of California, alleging that certain of Fortress’s non-magnesium chloride fire retardant products were developed using Perimeter’s trade secrets, and seeking unspecified damages (including exemplary damages) and injunctive relief. The Company intends to vigorously defend these allegations. At this time, the Company is unable to assess with any certainty what, if any, damages could be awarded in this matter. On May 1, 2024, Perimeter Solutions L.P. also filed a lawsuit in the United States District Court for the Eastern District of Missouri alleging similar claims against an employee of Fortress for breach of contract and misappropriation of trade secrets. On September 6, 2024, the Eastern District of Missouri dismissed without prejudice the suit filed against the Fortress employee. The Company is also involved in legal and administrative proceedings and claims of various types from the ordinary course of the Company’s business. Management cannot predict the outcome of legal claims and proceedings with certainty. Nevertheless, management believes that the outcome of legal proceedings and claims, which are pending or known to be threatened, even if determined adversely, will not, individually or in the aggregate, have a material adverse effect on the Company’s results of operations, cash flows or financial position, except as otherwise described in Note 7 and this Note 9.
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Operating Segments |
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| 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. For the three and nine months ended June 30, 2024 and 2023, the Company has presented two reportable segments in its Consolidated Financial Statements: Salt and Plant Nutrition. The Salt segment produces and markets salt, consisting of sodium chloride and magnesium chloride, for use in road deicing for winter roadway safety and for dust control, food processing, water softening and other consumer, agricultural and industrial applications. The Plant Nutrition segment produces and markets various grades of SOP. The results of operations for the Company’s fire retardant and records management businesses are included in Corporate and Other in the tables below. Refer to Note 2 for a discussion of the acquisition of the fire retardant business. Segment information is as follows (in millions):
Disaggregated revenue by product type is as follows (in millions):
(a)Corporate and Other includes corporate entities, records management operations, the Fortress fire retardant business, equity method investments, lithium costs and other incidental operations and eliminations. Operating earnings (loss) for corporate and other includes indirect corporate overhead, including costs for general corporate governance and oversight, lithium-related expenses, as well as costs for the human resources, information technology, legal and finance functions. (b)The Company recognized impairments of $175.8 million for the nine months ended June 30, 2024, which impacted operating results. Refer to Note 1 for additional information regarding the Plant Nutrition and Fortress impairments and Note 5 for additional information about the impairment of lithium development assets. (c)Corporate operating results were impacted by net gains of $0.9 million and $23.1 million related to the decline in the valuation of the Fortress contingent consideration for the three and nine months ended June 30, 2024, respectively. Corporate operating results also include net reimbursements related to the settled SEC investigation of $0.1 million for the nine months ended June 30, 2023. Refer to Note 9 for more information regarding the SEC investigation and settlement and Note 13 for information regarding the Fortress contingent consideration. (d)The Company continued to take steps to align its cost structure to its current business needs. These initiatives impacted Corporate operating results and resulted in net severance and related charges for reductions in workforce and changes to executive leadership and additional restructuring costs related to the termination of the Company’s lithium development project of $1.5 million and $17.2 million for the three and nine months ended June 30, 2024, respectively, and $2.2 million and $5.5 million for the three and nine months ended June 30, 2023, respectively. The Company’s revenue by geographic area is as follows (in millions):
(a)United States sales exclude product sold to foreign customers at U.S. ports.
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Stockholders' Equity and Equity Instruments |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity and Equity Instruments | Stockholders’ Equity and Equity Instruments: Equity Compensation Awards In May 2020, the Company’s stockholders approved the 2020 Incentive Award Plan (as amended, the “2020 Plan”), which authorized the issuance of 2,977,933 shares of Company common stock. In February 2022, the Company’s stockholders approved an amendment to the 2020 Plan authorizing an additional 750,000 shares of Company stock. In March 2024, the Company’s stockholders approved an amendment to the 2020 Plan authorizing an additional 3,000,000 shares of Company stock. Since the date the 2020 Plan was approved, the Company ceased issuing equity awards under the 2015 Incentive Award Plan (as amended, the “2015 Plan”). Since the approval of the 2015 Plan in May 2015, the Company ceased issuing equity awards under the 2005 Incentive Award Plan (as amended, the “2005 Plan”). The 2005 Plan, the 2015 Plan and the 2020 Plan allow for grants of equity awards to executive officers, other employees and directors, including restricted stock units (“RSUs”), performance stock units (“PSUs”), stock options and deferred stock units. For additional information regarding equity awards issued under the Company’s incentive plans refer to “Note 16 – Stockholder’s Equity and Equity Instruments” within Part II, Item 8 of its 2023 Form 10-K/A. During the nine months ended June 30, 2024, the Company reissued the following number of shares from treasury stock: 252,798 shares related to the release of RSUs which vested and 46,039 shares issued for Board of Director compensation. In fiscal 2023, the Company issued 158,132 net shares from treasury stock. The Company withheld a total of 96,088 shares with a fair value of $2.1 million related to the vesting of RSUs during the nine months ended June 30, 2024. The fair value of the shares was valued at the closing price at the vesting date and represent the employee tax withholding for the employee’s compensation. The Company recognized tax expense of $1.0 million from its equity compensation awards during the nine months ended June 30, 2024. During the nine months ended June 30, 2024 and 2023, the Company recorded $8.1 million and $17.7 million (includes $1.8 million and $0.5 million paid in cash), respectively, of compensation expense pursuant to its stock-based compensation plans. No amounts have been capitalized. PSUs During the nine months ended June 30, 2024, the Company issued new PSUs based upon several operational performance measures (“Scorecard PSUs”). The actual number of shares of common stock that may be earned with respect to Scorecard PSUs is calculated based upon the attainment of free cash flow, cash unit costs, cash unit cost reduction, capital expenditures and safety measures during the performance period and may range from 0% to 300% for each measure. The following table summarizes stock-based compensation activity during the nine months ended June 30, 2024:
(a)Until the performance period is completed, PSUs are included in the table at the target level at their grant date and at that level represent one share of common stock per PSU. (b)Common stock issued for exercised options and for vested and earned RSUs and PSUs was issued from treasury stock. Accumulated Other Comprehensive Loss (“AOCL”) The Company’s comprehensive income (loss) is comprised of net loss, net amortization of the unrealized loss of the pension obligation, the change in the unrealized gain in other postretirement benefits, the change in the unrealized gain (loss) on natural gas and foreign currency cash flow hedges and currency translation adjustment (“CTA”). The components of and changes in AOCL are as follows (in millions):
(a)With the exception of the CTA, for which no tax effect is recorded, the changes in the components of AOCL presented in the tables above are reflected net of applicable income taxes. (b)The Company recorded foreign exchange gain (loss) of $1.0 million and $1.0 million in the three and nine months ended June 30, 2024, respectively, and $(2.0) million and $(3.4) million in the three and nine months ended June 30, 2023, respectively, in AOCL related to intercompany notes which were deemed to be of a long-term investment nature. The amounts reclassified from AOCL to expense (income) for the three and nine months ended June 30, 2024 and 2023, are shown below (in millions):
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Derivative Financial Instruments |
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| 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. The Company manages a portion of its commodity pricing risks and foreign currency exchange rate risks by using derivative instruments. From time to time, the Company may enter into foreign exchange contracts to mitigate foreign exchange risk. The Company does not seek to engage in trading activities or take speculative positions with any financial instrument arrangement. The Company enters 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 its Consolidated Balance Sheets. The assets and liabilities recorded as of June 30, 2024 and September 30, 2023 were not material. 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 cash flow 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 Consolidated Statements of Operations. Any ineffectiveness related to these instruments accounted for as 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 changes in natural gas prices impact the Company’s operating margin. The Company seeks 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 June 30, 2024, the Company had entered into natural gas derivative instruments to hedge a portion of its natural gas purchase requirements through December 2025. As of June 30, 2024 and September 30, 2023, the Company had agreements in place to hedge forecasted natural gas purchases of 2.9 million and 2.3 million MMBtus, respectively. On March 1, 2023, the Company de-designated its natural gas cash flow hedges related to its Ogden, Utah production facility as the Company did not believe these hedges were probable of being highly effective in the second fiscal quarter of 2023. Beginning March 1, 2023, the change in the derivative was and will be recorded in other expense, net in the Consolidated Statements of Operations. Since the transactions are still probable of occurring, previously recognized amounts in AOCL of $0.1 million remain in AOCL until the underlying forecasted transaction occurs. The Company recognized $0.1 million and $0.8 million of expense in other expense, net on the Consolidated Statements of Operations during the three and nine months ended June 30, 2024, respectively. Following the de-designation, these natural gas economic hedging instruments will be recorded at fair value through earnings unless re-designated or until settlement. Substantially all other natural gas derivative instruments held by the Company as of June 30, 2024 and September 30, 2023 qualified and were designated as cash flow hedges. As of June 30, 2024, the Company expects to reclassify from AOCL to earnings during the next twelve months $1.5 million of net losses on derivative instruments related to its natural gas hedges. Refer to Note 13 for the estimated fair value of the Company’s natural gas derivative instruments as of June 30, 2024 and September 30, 2023. The following tables present the fair value of the Company’s derivatives (in millions):
(a)The Company has master netting agreements with its commodity hedge counterparties and accordingly has netted in its Consolidated Balance Sheets $1.1 million of its commodity contracts that are in receivable positions against its contracts in payable positions.
(a)The Company has master netting agreements with its commodity hedge counterparties and accordingly has netted in its Consolidated Balance Sheets $1.0 million of its commodity contracts that are in receivable positions against its contracts in payable positions.
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Fair Value Measurements |
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| Fair Value Measurements | Fair Value Measurements: The Company’s financial instruments are measured and reported at their estimated fair values. 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), except as stated below and in Note 2. The Company holds marketable securities associated with its defined contribution and pre-tax savings plans, which are valued based on readily available quoted market prices. The Company utilizes derivative instruments to manage its risk of changes in natural gas prices and foreign exchange rates (see Note 12). The fair values of the natural gas and foreign currency derivative instruments 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):
(a)Includes mutual fund investments of approximately 30% in common stock of large-cap U.S. companies, 5% in common stock of small to mid-cap U.S. companies, 5% in international companies, 15% in bond funds, 5% in short-term investments and 40% in blended funds.
(a)Includes mutual fund investments of approximately 25% in the common stock of large-cap U.S. companies, 5% in the common stock of small to mid-cap U.S. companies, 10% in the common stock of international companies, 10% in bond funds, 5% in short-term investments and 45% in blended funds. Cash and cash equivalents, receivables (net of allowance for doubtful accounts) and accounts payable are carried at cost, which approximates fair value due to their liquid and short-term nature. The Company’s investments related to its non-qualified retirement plan of $3.1 million at June 30, 2024 and $2.6 million at September 30, 2023, are stated at fair value based on quoted market prices. As of June 30, 2024 and September 30, 2023, the estimated fair value of the Company’s fixed-rate 6.75% Senior Notes due December 2027, based on available trading information (Level 2), totaled $477.5 million and $472.5 million, respectively, compared with the aggregate principal amount at maturity of $500.0 million. The fair value at June 30, 2024 and September 30, 2023 of amounts outstanding under the Company’s term loans and revolving credit facility, based upon available bid information received from the Company’s lender (Level 2), totaled approximately $342.7 million and $277.1 million, respectively, compared with the aggregate principal amount at maturity of $346.9 million and $280.3 million, respectively. In connection with the acquisition of Fortress, the Company entered into a contingent consideration arrangement (milestone and earnout payments). The fair value of the milestone contingent consideration is estimated using a probability-weighted discounted cash flow model with significant inputs not observable in the market and is therefore considered a Level 3 measurement while the earn-out is valued using a Monte Carlo simulation, also a Level 3 measurement. For the three and nine months ended June 30, 2024, the Company recorded income of $0.9 million and $23.1 million, respectively. The change in the three months ended June 30, 2024 is reflective of updated financial performance, changes in discount rates and the passage of time. The change in the nine months ended June 30, 2024 is also reflective of milestone and earn-out payments made related to calendar year 2023 activity and recent developments related to the Company’s magnesium chloride-based fire retardants, as discussed further in Note 1. The change is recorded in other operating (income) expense in the Consolidated Statements of Operations to reflect the contingent consideration liability at its fair value as of June 30, 2024. The Company will continue to recognize remeasurement changes in the estimated fair value of contingent consideration in earnings at each reporting date until all contingencies are resolved. Refer to Note 2 for a discussion of the milestone and earnout payments. The following table presents the fair value of the Company’s total contingent consideration arrangement (in millions):
(a)The decrease in total contingent consideration was related to a net $23.1 million decrease in the fair value of the remaining contingent consideration, discussed further above, and $9.1 million of payments made during the nine months ended June 30, 2024. The Company has certain assets, including goodwill and other intangible assets, which are measured at fair value on a non-recurring basis and are adjusted to fair value only if an impairment charge is recognized. The categorization of the framework used to measure fair value of the assets is considered to be within the Level 3 valuation hierarchy due to the subjective nature of the unobservable inputs used. Refer to Note 1 for details of the Company’s impairment of goodwill related to Plant Nutrition and Fortress, Note 5 for details of the Company’s impairment of long-lived assets related the termination of its lithium development and Note 6 for details of the Company’s intangible asset impairment related to Fortress.
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Earnings per Share |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per Share | Earnings per Share: On April 22, 2024, the Board of Directors determined not to declare dividends for the foreseeable future in order to align the Company’s capital allocation priorities with its corporate focus on accelerating cash flow generation and debt reduction. The Company calculated earnings per share using the treasury stock method during the three months ended June 30, 2024. The following table sets forth the computation of basic and diluted earnings per common share (in millions, except for share and per-share data):
(a)Weighted participating securities include RSUs and PSUs that receive non-forfeitable dividends and consist of 632,000 and 698,000 weighted participating securities for the three and nine months ended June 30, 2024, respectively, and 453,000 and 469,000 weighted participating securities for the three and nine months ended June 30, 2023, respectively. (b)For the calculation of diluted net earnings (loss) 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 874,000 and 1,427,000 weighted-average equity awards outstanding for the three and nine months ended June 30, 2024, respectively, and 1,151,000 and 1,267,000 weighted-average equity awards outstanding for the three and nine months ended June 30, 2023, respectively, that were anti-dilutive.
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Related Party Transactions |
9 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions: During both the three and nine months ended June 30, 2024 and 2023, the Company recorded SOP sales of approximately $0.9 million and $2.7 million, respectively, to certain subsidiaries of Koch Industries, Inc. As of June 30, 2024 and September 30, 2023, the Company had approximately $0.5 million and $0.4 million, respectively, of receivables from related parties on its Consolidated Balance Sheets. There were no amounts payable outstanding as of June 30, 2024. On December 20, 2023 and March 20, 2024, the Company paid a cash dividend to its stockholders of record at the close of business on December 11, 2023 and March 11, 2024, respectively, in the amount of $0.15 per share. Koch Minerals & Trading, LLC received approximately $2.1 million in respect to its common shares for the nine months ended June 30, 2024.
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Subsequent Events |
9 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events: On September 3, 2024, the Company announced a binding Voluntary Agreement (“Agreement”) with the Utah Division of Forestry, Fire and State Lands (“FFSL”) outlining water and land conservation commitments the company is making toward the long-term health of the Great Salt Lake. Per the terms of the Agreement, the Company will donate non-production-related water rights totaling approximately 201,000 acre feet annually to be used by the State of Utah for lake conservation and preservation. In connection with the donation of water rights, the Company performed a fair value analysis of the indefinite-lived intangible asset that resulted in an impairment of approximately $17.6 million. Additionally, the Company will remit back to the State of Utah nearly 65,000 acres of leasehold, also currently not utilized for production, which will subsequently be set aside from future mineral leasing to be preserved in perpetuity for conservation and other beneficial uses according to FFSL’s existing management authority. Finally, the Agreement outlines a progressive set of brine withdrawal caps for certain of the Company’s consumptive water rights, based on annual lake elevation and informed by the Great Salt Lake Strategic Plan. The Company does not expect these consumption caps to materially impact its essential mineral production on the Great Salt Lake unless lake elevations were to fall to historic lows.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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| Pay vs Performance Disclosure | ||||
| Net Income (Loss) | $ (43.6) | $ 36.4 | $ (157.8) | $ 14.5 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies and Basis of Presentation (Policies) |
9 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Accounting Policies [Abstract] | |
| Basis of Consolidation | CMI is a holding company with no significant operations other than those of its wholly-owned subsidiaries. The consolidated financial statements include the accounts of CMI and its wholly-owned domestic and foreign subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
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| Basis of Presentation | The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the annual period ended September 30, 2023, as filed with the Securities and Exchange Commission (the “SEC”) in its Amended Annual Report on Form 10-K/A on October 29, 2024 (“2023 Form 10-K/A”). Certain amounts in prior periods have been reclassified to conform to the current period presentation. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation, have been included.
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which updates reportable segment disclosure requirements primarily to include enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's disclosures. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which updates income tax disclosures by requiring consistent categories and additional disaggregation of information in the rate reconciliation and income taxes paid by jurisdiction. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied prospectively; however, retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures.
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| Revenues | Deferred Revenue Deferred revenue represents billings under non-cancellable contracts before the related product or service is transferred to the customer. The portion of deferred revenue that is anticipated to be recognized as revenue during the succeeding twelve-month period is recorded in accrued expenses and other current liabilities on the Consolidated Balance Sheets.
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| 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. The Company manages a portion of its commodity pricing risks and foreign currency exchange rate risks by using derivative instruments. From time to time, the Company may enter into foreign exchange contracts to mitigate foreign exchange risk. The Company does not seek to engage in trading activities or take speculative positions with any financial instrument arrangement. The Company enters 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 its Consolidated Balance Sheets. The assets and liabilities recorded as of June 30, 2024 and September 30, 2023 were not material. 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 cash flow 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 Consolidated Statements of Operations. Any ineffectiveness related to these instruments accounted for as 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.
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Accounting Policies and Basis of Presentation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Impairments Incurred | A summary of the impairments incurred for the nine months ended June 30, 2024, is detailed below (in millions):
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Inventories | Inventories consist of the following (in millions):
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Property, Plant and Equipment, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net, consists of the following (in millions):
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Goodwill and Intangible Assets (Tables) |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in the Carrying Amount of Goodwill | Changes in the carrying amount of goodwill are summarized as follows (in millions):
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Long-Term Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt | Long-term debt consists of the following (in millions):
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Operating Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Information | Segment information is as follows (in millions):
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| Schedule of Disaggregated Revenue by Product Type | Disaggregated revenue by product type is as follows (in millions):
(a)Corporate and Other includes corporate entities, records management operations, the Fortress fire retardant business, equity method investments, lithium costs and other incidental operations and eliminations. Operating earnings (loss) for corporate and other includes indirect corporate overhead, including costs for general corporate governance and oversight, lithium-related expenses, as well as costs for the human resources, information technology, legal and finance functions. (b)The Company recognized impairments of $175.8 million for the nine months ended June 30, 2024, which impacted operating results. Refer to Note 1 for additional information regarding the Plant Nutrition and Fortress impairments and Note 5 for additional information about the impairment of lithium development assets. (c)Corporate operating results were impacted by net gains of $0.9 million and $23.1 million related to the decline in the valuation of the Fortress contingent consideration for the three and nine months ended June 30, 2024, respectively. Corporate operating results also include net reimbursements related to the settled SEC investigation of $0.1 million for the nine months ended June 30, 2023. Refer to Note 9 for more information regarding the SEC investigation and settlement and Note 13 for information regarding the Fortress contingent consideration. (d)The Company continued to take steps to align its cost structure to its current business needs. These initiatives impacted Corporate operating results and resulted in net severance and related charges for reductions in workforce and changes to executive leadership and additional restructuring costs related to the termination of the Company’s lithium development project of $1.5 million and $17.2 million for the three and nine months ended June 30, 2024, respectively, and $2.2 million and $5.5 million for the three and nine months ended June 30, 2023, respectively.
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| Schedule of Revenue by Geographic Area | The Company’s revenue by geographic area is as follows (in millions):
(a)United States sales exclude product sold to foreign customers at U.S. ports.
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Stockholders' Equity and Equity Instruments (Tables) |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Stock-Based Compensation Activity | The following table summarizes stock-based compensation activity during the nine months ended June 30, 2024:
(a)Until the performance period is completed, PSUs are included in the table at the target level at their grant date and at that level represent one share of common stock per PSU. (b)Common stock issued for exercised options and for vested and earned RSUs and PSUs was issued from treasury stock.
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| Schedule of Components and Changes in Accumulated Other Comprehensive Income (Loss) | The components of and changes in AOCL are as follows (in millions):
(a)With the exception of the CTA, for which no tax effect is recorded, the changes in the components of AOCL presented in the tables above are reflected net of applicable income taxes. (b)The Company recorded foreign exchange gain (loss) of $1.0 million and $1.0 million in the three and nine months ended June 30, 2024, respectively, and $(2.0) million and $(3.4) million in the three and nine months ended June 30, 2023, respectively, in AOCL related to intercompany notes which were deemed to be of a long-term investment nature.
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| Schedule of Amounts Reclassified from AOCL to Expense (Income) | The amounts reclassified from AOCL to expense (income) for the three and nine months ended June 30, 2024 and 2023, are shown below (in millions):
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Derivative Financial Instruments (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value of Derivatives | The following tables present the fair value of the Company’s derivatives (in millions):
(a)The Company has master netting agreements with its commodity hedge counterparties and accordingly has netted in its Consolidated Balance Sheets $1.1 million of its commodity contracts that are in receivable positions against its contracts in payable positions.
(a)The Company has master netting agreements with its commodity hedge counterparties and accordingly has netted in its Consolidated Balance Sheets $1.0 million of its commodity contracts that are in receivable positions against its contracts in payable positions.
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Fair Value Measurements (Tables) |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Estimated Fair Values for Type of Instrument | The estimated fair values for each type of instrument are presented below (in millions):
(a)Includes mutual fund investments of approximately 30% in common stock of large-cap U.S. companies, 5% in common stock of small to mid-cap U.S. companies, 5% in international companies, 15% in bond funds, 5% in short-term investments and 40% in blended funds.
(a)Includes mutual fund investments of approximately 25% in the common stock of large-cap U.S. companies, 5% in the common stock of small to mid-cap U.S. companies, 10% in the common stock of international companies, 10% in bond funds, 5% in short-term investments and 45% in blended funds.
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| Schedule of Total Contingent Consideration | The following table presents the fair value of the Company’s total contingent consideration arrangement (in millions):
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Earnings per Share (Tables) |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Computation of Basic and Diluted Earnings Per Common 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):
(a)Weighted participating securities include RSUs and PSUs that receive non-forfeitable dividends and consist of 632,000 and 698,000 weighted participating securities for the three and nine months ended June 30, 2024, respectively, and 453,000 and 469,000 weighted participating securities for the three and nine months ended June 30, 2023, respectively. (b)For the calculation of diluted net earnings (loss) 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 874,000 and 1,427,000 weighted-average equity awards outstanding for the three and nine months ended June 30, 2024, respectively, and 1,151,000 and 1,267,000 weighted-average equity awards outstanding for the three and nine months ended June 30, 2023, respectively, that were anti-dilutive.
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Accounting Policies and Basis of Presentation - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
|---|---|---|
Mar. 31, 2024 |
Jun. 30, 2024 |
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| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Goodwill, loss on impairment | $ 83.0 | $ 83.0 |
| Corporate & Other | ||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Goodwill, loss on impairment | 32.0 | 32.0 |
| Developed Technology | ||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Impairment of intangible asset | 15.6 | |
| Plant Nutrition | ||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Goodwill, loss on impairment | $ 51.0 | 51.0 |
| Inventories | ||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Impairment of finished goods | $ 2.4 |
Accounting Policies and Basis of Presentation - Schedule of Impairments Incurred (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Jun. 30, 2024
USD ($)
| |
| Impaired Long-Lived Assets Held and Used [Line Items] | |
| Impairment | $ 175.8 |
| Corporate & Other | Lithium long-lived assets, net | |
| Impaired Long-Lived Assets Held and Used [Line Items] | |
| Impairment | 74.8 |
| Corporate & Other | Fortress goodwill | |
| Impaired Long-Lived Assets Held and Used [Line Items] | |
| Impairment | 32.0 |
| Corporate & Other | Fortress long-lived assets, net | |
| Impaired Long-Lived Assets Held and Used [Line Items] | |
| Impairment | 15.6 |
| Corporate & Other | Fortress inventory | |
| Impaired Long-Lived Assets Held and Used [Line Items] | |
| Impairment | 2.4 |
| Plant Nutrition | Plant Nutrition goodwill | |
| Impaired Long-Lived Assets Held and Used [Line Items] | |
| Impairment | $ 51.0 |
Business Acquisition (Details) - USD ($) $ in Millions |
9 Months Ended | |||
|---|---|---|---|---|
May 05, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Sep. 30, 2023 |
|
| Business Acquisition [Line Items] | ||||
| Acquisition of business, net of cash acquired | $ 0.0 | $ 18.9 | ||
| Contingent consideration, liability | $ 6.9 | $ 39.1 | ||
| Fortress | ||||
| Business Acquisition [Line Items] | ||||
| Ownership interest in investment | 45.00% | |||
| Fortress | ||||
| Business Acquisition [Line Items] | ||||
| Remaining interest acquired (as a percent) | 55.00% | |||
| Acquisition of business, net of cash acquired | $ 18.9 | |||
| Cash held by acquiree | 6.5 | |||
| Contingent consideration, liability | $ 28.0 | |||
| Performance period | 5 years | |||
| Contingent consideration period | 10 years | |||
Revenues (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Sep. 30, 2023 |
|---|---|---|
| Revenue from Contract with Customer [Abstract] | ||
| Deferred revenue | $ 3.6 | $ 8.5 |
Inventories (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Sep. 30, 2023 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Finished goods | $ 315.3 | $ 319.3 |
| Work in process | 7.3 | 7.3 |
| Raw materials and supplies | 84.9 | 72.9 |
| Total inventories | 407.5 | 399.5 |
| Raw materials and supplies, noncurrent | $ 35.6 | $ 35.8 |
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Sep. 30, 2023 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, gross | $ 1,940.1 | $ 1,953.9 |
| Less: accumulated depreciation and depletion | (1,152.2) | (1,101.4) |
| Property, plant and equipment, net | 787.9 | 852.5 |
| Land, buildings and structures, and leasehold improvements | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, gross | 552.6 | 547.9 |
| Machinery and equipment | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, gross | 1,127.9 | 1,102.0 |
| Office furniture and equipment | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, gross | 22.4 | 21.6 |
| Mineral interests | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, gross | 169.2 | 169.1 |
| Construction in progress | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, gross | $ 68.0 | $ 113.3 |
Property, Plant and Equipment, Net - Narrative (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Jun. 30, 2024
USD ($)
| |
| Property, Plant and Equipment [Line Items] | |
| Impairment | $ 175.8 |
| Loss on impairment of long-lived assets, future commitments | 5.3 |
| Lithium Salt Resource | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment | 72.7 |
| Property, plant and equipment remaining | 5.1 |
| Corporate & Other | Lithium long-lived assets, net | |
| Property, Plant and Equipment [Line Items] | |
| Impairment | $ 74.8 |
Goodwill and Intangible Assets - Schedule of Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2024 |
|
| Goodwill [Roll Forward] | ||||
| Goodwill, beginning balance | $ 5.9 | $ 89.2 | $ 88.8 | $ 88.8 |
| Foreign currency translation adjustment | 0.0 | (0.3) | 0.4 | |
| Impairments | (83.0) | (83.0) | ||
| Goodwill, ending balance | 5.9 | 5.9 | 89.2 | 5.9 |
| Corporate & Other | ||||
| Goodwill [Roll Forward] | ||||
| Goodwill, beginning balance | 5.9 | 37.9 | 37.7 | 37.7 |
| Foreign currency translation adjustment | 0.0 | 0.0 | 0.2 | |
| Impairments | (32.0) | (32.0) | ||
| Goodwill, ending balance | 5.9 | 5.9 | 37.9 | 5.9 |
| Plant Nutrition | ||||
| Goodwill [Roll Forward] | ||||
| Goodwill, beginning balance | 0.0 | 51.3 | 51.1 | 51.1 |
| Foreign currency translation adjustment | 0.0 | (0.3) | 0.2 | |
| Impairments | (51.0) | (51.0) | ||
| Goodwill, ending balance | $ 0.0 | $ 0.0 | $ 51.3 | $ 0.0 |
Goodwill and Intangible Assets - Narrative (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Jun. 30, 2024
USD ($)
| |
| Indefinite-Lived, In-Process Research and Development | |
| Indefinite-Lived Intangible Assets [Line Items] | |
| Indefinite-lived intangible assets | $ 2.2 |
| Developed Technology | |
| Indefinite-Lived Intangible Assets [Line Items] | |
| Impairment of intangible asset | 15.6 |
| Accumulated amortization | 0.4 |
| Customer Relationships | |
| Indefinite-Lived Intangible Assets [Line Items] | |
| Net intangible assets | 54.6 |
| Trade Names | |
| Indefinite-Lived Intangible Assets [Line Items] | |
| Net intangible assets | $ 0.2 |
Income Taxes (Details) - USD ($) $ in Millions |
9 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Sep. 30, 2023 |
|
| Income Tax Disclosure [Line Items] | ||
| Nondeductible executive compensation | $ 1.0 | |
| Prepaid taxes | 11.2 | $ 11.0 |
| U.S. Federal | ||
| Income Tax Disclosure [Line Items] | ||
| Deferred tax asset valuation allowance recorded | 28.0 | |
| Foreign Tax Authority | ||
| Income Tax Disclosure [Line Items] | ||
| Net operating loss carryforwards | 65.5 | 65.4 |
| Foreign Tax Authority | Canadian Tax Authority | ||
| Income Tax Disclosure [Line Items] | ||
| Total reassessments including interest | 190.4 | |
| Amount of security posted in the form of a performance bond | 160.1 | |
| Amount of security posted in the form of cash | 36.3 | 36.3 |
| State and Local | NOL Carryforwards Expire Beginning in 2035 | ||
| Income Tax Disclosure [Line Items] | ||
| Net operating loss carryforwards | $ 2.9 | $ 2.9 |
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Sep. 30, 2023 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Long-term debt, gross | $ 880.7 | $ 811.2 |
| Less unamortized debt issuance costs | (5.6) | (5.9) |
| Total debt | 875.1 | 805.3 |
| Less current portion | (6.3) | (5.0) |
| Long-term debt | $ 868.8 | $ 800.3 |
| Senior Notes | 6.75% Senior Notes due December 2027 | ||
| Debt Instrument [Line Items] | ||
| Stated interest rate (as a percent) | 6.75% | 6.75% |
| Long-term debt, gross | $ 500.0 | $ 500.0 |
| Line of Credit | Term Loan due May 2028 | ||
| Debt Instrument [Line Items] | ||
| Long-term debt, gross | 195.0 | 198.8 |
| Line of Credit | Revolving Credit Facility due May 2028 | ||
| Debt Instrument [Line Items] | ||
| Long-term debt, gross | 151.9 | 81.5 |
| Line of Credit | AR Securitization Facility expires March 2027 | ||
| Debt Instrument [Line Items] | ||
| Long-term debt, gross | $ 33.8 | $ 30.9 |
Commitments and Contingencies (Details) $ in Millions |
Apr. 24, 2024
officer
|
Sep. 23, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
|---|---|---|---|
| SEC Investigation | |||
| Loss Contingencies [Line Items] | |||
| Loss contingency, damages sought, value | $ | $ 12 | ||
| Contingent loss accrual | $ | $ 10 | ||
| Class Action Lawsuit Filed in District of Kansas | Former Officer | Pending Litigation | |||
| Loss Contingencies [Line Items] | |||
| Number of defendants | officer | 2 | ||
| Class Action Lawsuit Filed in District of Kansas | Current Officer | Pending Litigation | |||
| Loss Contingencies [Line Items] | |||
| Number of defendants | officer | 2 |
Operating Segments - Narrative (Details) - segment |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Segment Reporting [Abstract] | ||||
| Number of reportable segments | 2 | 2 | 2 | 2 |
Operating Segments - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Segment Reporting Information [Line Items] | ||||
| Total revenue | $ 202.9 | $ 207.6 | $ 908.6 | $ 971.1 |
| United States | ||||
| Segment Reporting Information [Line Items] | ||||
| Total revenue | 158.4 | 164.4 | 679.4 | 695.7 |
| Canada | ||||
| Segment Reporting Information [Line Items] | ||||
| Total revenue | 35.7 | 35.9 | 191.4 | 224.5 |
| United Kingdom | ||||
| Segment Reporting Information [Line Items] | ||||
| Total revenue | 7.9 | 6.6 | 35.0 | 43.9 |
| Other | ||||
| Segment Reporting Information [Line Items] | ||||
| Total revenue | $ 0.9 | $ 0.7 | $ 2.8 | $ 7.0 |
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Sep. 30, 2023 |
|
| Debt Instrument [Line Items] | ||||
| Increase to contingent consideration liability | $ (23.1) | $ 0.0 | ||
| Fortress | ||||
| Debt Instrument [Line Items] | ||||
| Increase to contingent consideration liability | $ 0.9 | $ 23.1 | ||
| Senior Notes | 6.75% Senior Notes due December 2027 | ||||
| Debt Instrument [Line Items] | ||||
| Stated interest rate (as a percent) | 6.75% | 6.75% | 6.75% | |
| Fair value of senior notes | $ 477.5 | $ 477.5 | $ 472.5 | |
| Senior Notes Due 2027 | ||||
| Debt Instrument [Line Items] | ||||
| Debt fair value amount | 500.0 | 500.0 | 500.0 | |
| Term Loan | ||||
| Debt Instrument [Line Items] | ||||
| Fair value of credit agreement debt | 342.7 | 342.7 | 277.1 | |
| Aggregate principal amount due at maturity | 346.9 | 346.9 | 280.3 | |
| Fair Value, Measurements, Recurring | ||||
| Debt Instrument [Line Items] | ||||
| Mutual fund investments in a non-qualified savings plan | $ 3.1 | $ 3.1 | $ 2.6 | |
Fair Value Measurements - Schedule of Total Contingent Consideration (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Sep. 30, 2023 |
May 05, 2023 |
|
| Fair Value Disclosures [Abstract] | |||||
| Accrued expenses and other current liabilities | $ 0.0 | $ 0.0 | $ 7.3 | ||
| Other noncurrent liabilities | 6.9 | 6.9 | 31.8 | ||
| Total contingent consideration | 6.9 | 6.9 | $ 39.1 | ||
| Business Acquisition [Line Items] | |||||
| Increase to contingent consideration liability | (23.1) | $ 0.0 | |||
| Payments for contingent consideration | 9.1 | $ 0.0 | |||
| Fortress | |||||
| Fair Value Disclosures [Abstract] | |||||
| Total contingent consideration | $ 28.0 | ||||
| Business Acquisition [Line Items] | |||||
| Increase to contingent consideration liability | $ 0.9 | 23.1 | |||
| Payments for contingent consideration | $ 9.1 | ||||
Related Party Transactions (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 20, 2024 |
Dec. 20, 2023 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Sep. 30, 2023 |
|
| Related Party Transaction [Line Items] | |||||||||||
| Total revenue | $ 202,900,000 | $ 207,600,000 | $ 908,600,000 | $ 971,100,000 | |||||||
| Receivables | 92,300,000 | 92,300,000 | $ 129,300,000 | ||||||||
| Accounts payable | 69,400,000 | 69,400,000 | 116,800,000 | ||||||||
| Cash dividends per share (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | ||||
| Payments of dividends | 12,700,000 | $ 18,700,000 | |||||||||
| Koch Minerals & Trading, LLC | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Total revenue | 900,000 | 2,700,000 | |||||||||
| Receivables | 500,000 | 500,000 | $ 400,000 | ||||||||
| Accounts payable | $ 0 | 0 | |||||||||
| Payments of dividends | $ 2,100,000 | ||||||||||
Subsequent Events (Details) - Subsequent Event $ in Millions |
Sep. 03, 2024
USD ($)
acre
|
|---|---|
| Subsequent Event [Line Items] | |
| Number of acres utilized for production, conservation and preservation | 201,000 |
| Number of acres not utilized for production, conservation and preservation | 65,000 |
| Water Rights | |
| Subsequent Event [Line Items] | |
| Impairment of indefinite lived intangible assets | $ | $ 17.6 |