COMPASS MINERALS INTERNATIONAL INC, 10-K filed on 2/27/2018
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2017
Feb. 23, 2018
Jun. 30, 2017
Document and Entity Information [Abstract]
 
 
 
Entity Registrant Name
COMPASS MINERALS INTERNATIONAL INC 
 
 
Entity Central Index Key
0001227654 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Entity Public Float
 
 
$ 2,208,668,644 
Entity Common Stock, Shares Outstanding
 
33,831,815 
 
Document Fiscal Year Focus
2017 
 
 
Document Fiscal Period Focus
FY 
 
 
Document Type
10-K 
 
 
Amendment Flag
false 
 
 
Document Period End Date
Dec. 31, 2017 
 
 
Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Current assets:
 
 
Cash and cash equivalents
$ 36.6 
$ 77.4 
Receivables, less allowance for doubtful accounts of $10.9 in 2017 and $9.0 in 2016
344.5 
320.9 
Inventories
289.9 
280.6 
Other
66.5 
36.1 
Total current assets
737.5 
715.0 
Property, plant and equipment, net
1,138.1 
1,092.3 
Intangible assets, net
143.6 
157.6 
Goodwill
405.0 
412.2 
Investment in equity method investee
24.6 
24.9 
Other
122.2 
64.5 
Total assets
2,571.0 
2,466.5 
Current liabilities:
 
 
Current portion of long-term debt
32.1 
130.2 
Accounts payable
123.5 
100.8 
Accrued expenses
54.4 
105.3 
Accrued salaries and wages
23.9 
22.6 
Income taxes payable
25.9 
4.4 
Accrued interest
8.2 
8.7 
Total current liabilities
268.0 
372.0 
Long-term debt, net of current portion
1,330.4 
1,194.8 
Deferred income taxes, net
127.0 
130.8 
Other noncurrent liabilities
151.0 
51.8 
Commitments and contingencies (Note 11)
   
   
Stockholders' equity:
 
 
Common Stock: $0.01 par value, authorized shares - 200,000,000; issued shares - 35,367,264
0.4 
0.4 
Additional paid-in capital
102.5 
97.1 
Treasury stock, at cost — 1,539,763 shares at December 31, 2017 and 1,577,960 shares at December 31, 2016
(2.9)
(3.0)
Retained earnings
672.5 
727.5 
Accumulated other comprehensive loss
(77.9)
(104.9)
Total stockholders' equity
694.6 
717.1 
Total liabilities and stockholders' equity
$ 2,571.0 
$ 2,466.5 
Consolidated Balance Sheets (Parenthetical) (USD $)
In Millions, except Share data, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Current assets:
 
 
Allowance for doubtful accounts
$ 10.9 
$ 9.0 
Stockholders' equity:
 
 
Common stock, par value (in dollars per share)
$ 0.01 
$ 0.01 
Common stock, shares authorized (in shares)
200,000,000 
200,000,000 
Common stock, shares issued (in shares)
35,367,264 
35,367,264 
Treasury stock, shares (in shares)
1,539,763 
1,577,960 
Consolidated Statements of Operations (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Income Statement [Abstract]
 
 
 
Sales
$ 1,364.4 
$ 1,138.0 
$ 1,098.7 
Shipping and handling cost
267.5 
244.9 
261.5 
Product cost
770.3 
593.6 
507.1 
Gross profit
326.6 
299.5 
330.1 
Selling, general and administrative expenses
167.4 
124.9 
108.7 
Operating earnings
159.2 
174.6 
221.4 
Other expense (income):
 
 
 
Interest expense
52.9 
34.1 
21.5 
Net (earnings) loss in equity investee
(0.8)
1.4 
0 
Gain from remeasurement of equity method investment
0 
(59.3)
0 
Other, net
4.4 
1.1 
(14.6)
Earnings before income taxes
102.7 
197.3 
214.5 
Income tax expense
60.0 
34.6 
55.3 
Net earnings
$ 42.7 
$ 162.7 
$ 159.2 
Basic net earnings per common share (in dollars per share)
$ 1.25 
$ 4.79 
$ 4.70 
Diluted net earnings per common share (in dollars per share)
$ 1.25 
$ 4.79 
$ 4.69 
Weighted-average common shares outstanding (in thousands):
 
 
 
Basic (in shares)
33,819 
33,776 
33,677 
Diluted (in shares)
33,820 
33,780 
33,692 
Cash dividends per share (in dollars per share)
$ 2.88 
$ 2.78 
$ 2.64 
Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
 
 
 
Net earnings
$ 42.7 
$ 162.7 
$ 159.2 
Other comprehensive income (loss):
 
 
 
Unrealized (loss) gain from change in pension costs, net of tax of $0.0, $(0.1) and $(1.2) in 2017, 2016 and 2015
(0.2)
0.1 
5.2 
Unrealized (loss) gain on cash flow hedges, net of tax of $0.8, $(1.3) and $(0.3) in 2017, 2016 and 2015
(1.5)
2.2 
0.4 
Cumulative translation adjustment
28.7 
1.1 
(98.4)
Comprehensive income
$ 69.7 
$ 166.1 
$ 66.4 
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
 
 
 
Unrealized gain (loss) from change in pension costs, tax
$ 0 
$ (0.1)
$ (1.2)
Unrealized gain (loss) on cash flow hedges, tax
$ 0.8 
$ (1.3)
$ (0.3)
Consolidated Statements of Stockholders' Equity (USD $)
In Millions, unless otherwise specified
Total
Common Stock [Member]
Additional Paid-In Capital [Member]
Treasury Stock [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Balance at Dec. 31, 2014
$ 653.6 
$ 0.4 
$ 82.5 
$ (3.3)
$ 589.5 
$ (15.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
Comprehensive income
66.4 
 
 
 
159.2 
(92.8)
Dividends on common stock/equity awards
(89.4)
 
0.2 
 
(89.6)
 
Income tax benefits from equity awards
0.5 
 
0.5 
 
 
 
Stock options exercised
2.5 
 
2.4 
0.1 
 
 
Stock-based compensation
6.1 
 
6.1 
 
 
 
Balance at Dec. 31, 2015
639.7 
0.4 
91.7 
(3.2)
659.1 
(108.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
Comprehensive income
166.1 
 
 
 
162.7 
3.4 
Dividends on common stock/equity awards
(94.1)
 
0.2 
 
(94.3)
 
Shares issued for stock units
0 
 
(0.2)
0.2 
 
 
Income tax deficiencies from equity awards
(0.2)
 
(0.2)
 
 
 
Stock options exercised
0.7 
 
0.7 
 
 
 
Stock-based compensation
4.9 
 
4.9 
 
 
 
Balance at Dec. 31, 2016
717.1 
0.4 
97.1 
(3.0)
727.5 
(104.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
Comprehensive income
69.7 
 
 
 
42.7 
27.0 
Dividends on common stock/equity awards
(97.5)
 
0.2 
 
(97.7)
 
Shares issued for stock units
0 
 
(0.1)
0.1 
 
 
Stock options exercised
0.3 
 
0.3 
 
 
 
Stock-based compensation
5.0 
 
5.0 
 
 
 
Balance at Dec. 31, 2017
$ 694.6 
$ 0.4 
$ 102.5 
$ (2.9)
$ 672.5 
$ (77.9)
Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:
 
 
 
Net earnings
$ 42.7 
$ 162.7 
$ 159.2 
Adjustments to reconcile net earnings to net cash flows provided by operating activities:
 
 
 
Depreciation, depletion and amortization
122.2 
90.3 
78.3 
Finance fee amortization
2.2 
2.0 
1.2 
Early extinguishment and refinancing of long-term debt
0 
0.7 
0 
Impairment of intangible asset
0 
3.1 
0 
Stock-based compensation
5.0 
4.9 
6.1 
Deferred income taxes
(16.5)
(11.3)
(0.1)
Net (earnings) loss in equity investee
(0.8)
1.4 
0 
Gain on settlement of acquisition-related contingent consideration
(1.9)
0 
0 
Gain from remeasurement of equity method investment
0 
(59.3)
0 
Other, net
0.9 
4.5 
4.2 
Changes in operating assets and liabilities, net of acquisition:
 
 
 
Receivables
(22.7)
(76.9)
59.0 
Inventories
(5.9)
65.1 
(90.5)
Other assets
(72.8)
35.4 
(11.3)
Accounts payable, income taxes payable and accrued expenses
(3.6)
(56.0)
(65.7)
Other liabilities
98.1 
0.7 
(2.5)
Net cash provided by operating activities
146.9 
167.3 
137.9 
Cash flows from investing activities:
 
 
 
Capital expenditures
(114.1)
(182.2)
(217.6)
Investment in equity method investee
0 
(4.7)
(116.4)
Acquisition of a business, net of cash and cash equivalents acquired
0 
(277.7)
0 
Other, net
(4.9)
(3.2)
(1.4)
Net cash used in investing activities
(119.0)
(467.8)
(335.4)
Cash flows from financing activities:
 
 
 
Proceeds from revolving credit facility borrowings
295.8 
384.3 
50.0 
Principal payments on revolving credit facility borrowings
(232.0)
(283.4)
(45.5)
Proceeds from the issuance of long-term debt
98.7 
850.9 
100.0 
Principal payments on long-term debt
(123.8)
(535.1)
(3.9)
Dividends paid
(97.5)
(94.1)
(89.4)
Acquisition-related contingent consideration payment
(14.7)
0 
0 
Premium and other payments to refinance debt
(0.2)
(2.8)
0 
Deferred financing costs
(0.7)
(5.7)
0 
Proceeds received from stock option exercises
0.3 
0.7 
2.5 
Excess tax (deficiencies) benefits from equity compensation awards
0 
(0.2)
0.5 
Other
0.7 
0 
0 
Net cash (used in) provided by financing activities
(73.4)
314.6 
14.2 
Effect of exchange rate changes on cash and cash equivalents
4.7 
4.9 
(25.1)
Net change in cash and cash equivalents
(40.8)
19.0 
(208.4)
Cash and cash equivalents, beginning of the year
77.4 
58.4 
266.8 
Cash and cash equivalents, end of year
36.6 
77.4 
58.4 
Supplemental cash flow information:
 
 
 
Interest paid, net of amounts capitalized
42.7 
26.7 
20.5 
Income taxes paid, net of refunds
$ 27.2 
$ 59.4 
$ 89.4 
ORGANIZATION AND FORMATION
ORGANIZATION AND FORMATION
ORGANIZATION AND FORMATION
Compass Minerals International, Inc. (“CMI”), through its subsidiaries (collectively, “CMP,” “Compass Minerals” or the “Company”), is a leading producer of essential minerals that solve nature’s challenges, including salt for winter roadway safety and other consumer, industrial and agricultural uses, and specialty plant nutrition minerals that improve the quality and yield of crops, and specialty chemicals for water treatment and other industrial processes. The Company’s principal products are salt, consisting of sodium chloride and magnesium chloride, sulfate of potash (“SOP”) and various other micronutrient products. The Company’s production sites are located in the United States (“U.S.”), Canada, Brazil and the United Kingdom (the “U.K.”). The Company also provides records management services to businesses located in the U.K.
CMI is a holding company with no operations other than those of its subsidiaries.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. Management Estimates:
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) as included in the Accounting Standards Codification requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

b. Basis of Consolidation:
The Company’s consolidated financial statements include the accounts of CMI and its wholly-owned domestic and foreign subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

c. Foreign Currency:
Assets and liabilities are translated into U.S. dollars at end of period exchange rates. Revenues and expenses are translated using the monthly average rates of exchange during the year. Adjustments resulting from the translation of foreign-currency financial statements into the reporting currency, U.S. dollars, are included in accumulated other comprehensive loss.  The Company recorded foreign exchange gains (losses) of $5.8 million, $15.8 million and $(33.7) million in 2017, 2016 and 2015, respectively, in accumulated other comprehensive loss related to intercompany notes which were deemed to be of long-term investment nature. Aggregate exchange gains (losses) from transactions denominated in a currency other than the functional currency, which are included in other expense (income), for the years ended December 31, 2017, 2016 and 2015, were $7.1 million, $0.1 million and $(13.9) million, respectively.

d. Revenue Recognition:
The Company typically recognizes revenue at the time of shipment to the customer, which coincides with the transfer of title and risk of ownership to the customer. Sales represent billings to customers net of sales taxes charged for the sale of the product. Sales include amounts charged to customers for shipping and handling costs, which are expensed when the related product is sold.

e. Cash and Cash Equivalents:
The Company considers all investments with original maturities of three months or less to be cash equivalents. The Company maintains the majority of its cash in bank deposit accounts with several commercial banks with high credit ratings in the U.S., Canada, Brazil and Europe. Typically, the Company has bank deposits in excess of federally insured limits. Currently, the Company does not believe it is exposed to significant credit risk on its cash and cash equivalents.

f. Accounts Receivable and Allowance for Doubtful Accounts:
Receivables consist almost entirely of trade accounts receivable. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company determines the allowance based on historical write-off experience by business line and a current assessment of its portfolio, including information regarding individual customers. The Company reviews its past due account balances for collectability and adjusts its allowance for doubtful accounts accordingly. Account balances are charged off against the allowance when the Company believes it is probable that the receivable will not be recovered.
 
g. Inventories:
Inventories are stated at the lower of cost or net realizable value. Finished goods and raw material and supply costs are valued using the average cost method. Raw materials and supplies primarily consist of raw materials purchased to aid in the production of mineral and chemical products, maintenance materials and packaging materials. Finished goods are primarily comprised of salt, magnesium chloride, and plant nutrition and chemical products readily available for sale. Substantially all costs associated with the production of finished goods at the Company’s production locations are captured as inventory costs. As required by U.S. GAAP, a portion of the fixed costs at a location are not included in inventory and are expensed as a product cost if production at that location is determined to be abnormally low in any period. Additionally, since the Company’s products are often stored at third-party warehousing locations, the Company includes in the cost of inventory the freight and handling costs necessary to move the product to storage until the product is sold to a customer.

h. Other Current Assets:
In the fourth quarter of 2015, the Company began marketing certain assets used in farming operations. Management remains committed to sell these assets, and the assets continue to be marketed at a reasonable price. The Company has performed an impairment analysis and concluded that the fair market value of these assets exceeds their carrying value. These assets have been recorded in other current assets in the Consolidated Balance Sheets as of December 31, 2017 and 2016. During the fourth quarter of 2016, a $2.2 million loss was recognized to record inventory at the lower of cost or market. The loss is included in product cost in the Consolidated Statement of Operations. The amounts classified as held for sale as of December 31, 2017 include property, plant and equipment of approximately $2.8 million and water rights of approximately $5.2 million. In addition, other current assets as of December 31, 2017 includes $21.8 million of tax refunds from U.S. taxing authorities pursuant to the tax settlement with Canadian and U.S. tax authorities described in Note 7 to the Consolidated Financial Statements. The remaining other amounts included in other current assets as of December 31, 2017 and 2016, respectively, consist principally of prepaid expenses.

i. Property, Plant and Equipment:
Property, plant and equipment is stated at cost and includes capitalized interest. The costs of replacements or renewals, which improve or extend the life of existing property, are capitalized. Maintenance and repairs are expensed as incurred. Upon retirement or disposition of an asset, any resulting gain or loss is included in the Company’s operating results.
Property, plant and equipment also includes mineral interests. The mineral interests for the Company’s Winsford U.K. mine are owned. The Company leases probable mineral reserves at its Cote Blanche and Goderich mines, its Ogden facility and several of its other North American facilities. These leases have varying terms, and many provide for a royalty payment to the lessor based on a specific amount per ton of mineral extracted or as a percentage of revenue. The Company’s rights to extract minerals are contractually limited by time. The Cote Blanche mine is operated under land and mineral leases, and the mineral lease expires in 2060 with two additional 25-year renewal periods. The Goderich mine mineral reserve lease expires in 2022 with the Company’s option to renew until 2043 after demonstrating to the lessor that the mine’s useful life is greater than the lease’s term. The Ogden facility mineral reserve lease renews annually. The Company believes it will be able to continue to extend lease agreements as it has in the past, at commercially reasonable terms, without incurring substantial costs or material modifications to the existing lease terms and conditions, and therefore, management believes that assigned lives are appropriate. The Company’s mineral interests are depleted on a units-of-production basis based upon the latest available mineral study. The weighted average amortization period for the leased probable mineral reserves is 92 years as of December 31, 2017. The Company also owns other mineral properties. The weighted average life for the probable owned mineral reserves is 39 years as of December 31, 2017 based upon management’s current production estimates.
Buildings and structures are depreciated on a straight line basis over lives generally ranging from 10 to 30 years. Portable buildings generally have shorter lives than permanent structures. Leasehold and building improvements typically have shorter estimated lives of 5 to 20 years or lower based on the life of the lease to which the improvement relates.
Property, plant and equipment recognized as a result of the full acquisition of Produquímica Indústria e Comércio S.A. (“Produquímica”) (see Note 3) were recorded at fair value as of the acquisition date and are being depreciated based on estimated weighted-average remaining useful lives. The Company’s other fixed assets are amortized on a straight-line basis over their respective lives. The following table summarizes the estimated useful lives of the Company’s different classes of property, plant and equipment:
 
Years
Land improvements
10 to 25
Buildings and structures
10 to 30
Leasehold and building improvements
5 to 40
Machinery and equipment – vehicles
3 to 10
Machinery and equipment – other mining and production
3 to 50
Office furniture and equipment
3 to 10
Mineral interests
20 to 99


The Company has capital leases which are recorded in property, plant and equipment at the beginning of the lease at the lower of the fair value of the leased property or the present value of the minimum lease payments. Lease payments are recorded as interest expense and a reduction of the lease liability. A capital lease asset is depreciated over the lower of its useful life or the lease term.
The Company has capitalized computer software costs of $29.5 million and $33.9 million as of December 31, 2017 and 2016, respectively, recorded in property, plant and equipment. The capitalized costs are being amortized over five years. The Company recorded $4.7 million, $3.1 million and $2.2 million of amortization expense related to capitalized computer software for 2017, 2016 and 2015, respectively.
The Company recognizes and measures obligations related to the retirement of tangible long-lived assets in accordance with applicable U.S. GAAP.  Asset retirement obligations are not material to the Company’s consolidated financial position, results of operations or cash flows.
The Company reviews its long-lived assets and the related mineral reserves for impairment whenever events or changes in circumstances indicate the carrying amounts of such assets may not be recoverable. If an indication of a potential impairment exists, recoverability of the respective assets is determined by comparing the forecasted undiscounted net cash flows of the operation to which the assets relate, to the carrying amount, including associated intangible assets, of such operation. If the operation is determined to be unable to recover the carrying amount of its assets, then intangible assets are written down first, followed by the other long-lived assets of the operation, to fair value. Fair value is determined based on discounted cash flows or appraised values, depending upon the nature of the assets.

 j. Goodwill and Intangible Assets:
The Company amortizes its intangible assets deemed to have finite lives on a straight-line basis over their estimated useful lives which, for the Company, range from 4 to 50 years. The Company reviews goodwill and other indefinite-lived intangible assets annually for impairment. In addition, goodwill and other intangible assets are reviewed when an event or change in circumstances indicates the carrying amounts of such assets may not be recoverable.

k. Investments:
The Company uses the equity method of accounting for equity securities when it has significant influence or when it has more than a minor ownership interest or more than minor influence over an investee’s operations but does not have a controlling financial interest. Initial investments are recorded at cost (including certain transaction costs) and are adjusted by the Company’s share of the investees’ undistributed earnings and losses. The Company may recognize its share of an investee’s earnings on a lag, if an investee’s financial results are not available in a timely manner.
Prior to the full acquisition of Produquímica, which was completed on October 3, 2016, the Company’s initial 35% equity interest in Produquímica was accounted for under the equity method of accounting (see Note 3 for more information). As a result of the full acquisition of Produquímica, the Company now also holds a 50% interest in Fermavi Eletroquímica Ltda. (“Fermavi”), which was previously held by Produquímica. Fermavi, which was founded in 1987, is a Brazilian corporation with headquarters in Varginha, Minas Gerais, Brazil, and its operations focus on the production and sale of manganese-based products. The Company’s investment in Fermavi was recorded at its estimated fair value in conjunction with the preliminary purchase price allocation as of the date the Company completed the full acquisition of Produquímica, which was in excess of the book value of net assets acquired. This basis difference was approximately $17 million and $18 million as of December 31, 2017 and 2016, respectively. The portion of the basis differences related to tangible and intangible assets will be amortized over their remaining useful lives, as appropriate. The Company accounts for its investment in Fermavi under the equity method of accounting.

l. Other Noncurrent Assets:
Other noncurrent assets include certain inventories of spare parts and related inventory, net of reserve, of $11.8 million and $11.4 million at December 31, 2017 and 2016, respectively, which will be utilized with respect to long-lived assets.
The Company sponsors a non-qualified defined contribution plan for certain of its executive officers and key employees as described in Note 8. As of December 31, 2017 and 2016, investments in marketable securities representing amounts deferred by employees, Company contributions and unrealized gains or losses totaling $2.2 million and $1.8 million, respectively, were included in other noncurrent assets in the Consolidated Balance Sheets. The marketable securities are classified as trading securities and accordingly, gains and losses are recorded as a component of other expense (income), net in the consolidated statements of operations.
As of December 31, 2017, the Company has $49.3 million recorded related to tax positions with Canadian and U.S. tax authorities described in Note 7 to the Consolidated Financial Statements.

m. Income Taxes:
The Company accounts for income taxes using the liability method in accordance with the provisions of U.S. GAAP. Under the liability method, deferred taxes are determined based on the differences between the financial statement and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company’s foreign subsidiaries file separate company returns in their respective jurisdictions.
The Company recognizes potential liabilities in accordance with applicable U.S. GAAP for anticipated tax issues in the U.S. and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are no longer necessary. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. Any penalties and interest that are accrued on the Company’s uncertain tax positions are included as a component of income tax expense.
In evaluating the Company’s ability to realize deferred tax assets, the Company considers the sources and timing of taxable income, including the reversal of existing temporary differences, the ability to carryback tax attributes to prior periods, qualifying tax-planning strategies, and estimates of future taxable income exclusive of reversing temporary differences. In determining future taxable income, the Company’s assumptions include the amount of pre-tax operating income according to different state, federal and international taxing jurisdictions, the origination of future temporary differences, and the implementation of feasible and prudent tax-planning strategies.
If the Company determines that a portion of its deferred tax assets will not be realized, a valuation allowance is recorded in the period that such determination is made. In the future, if the Company determines, based on the existence of sufficient evidence, that more or less of the deferred tax assets are more likely than not to be realized, an adjustment to the valuation allowance will be made in the period such a determination is made.

n. Environmental Costs:
Environmental costs, other than those of a capital nature, are accrued at the time the exposure becomes known and costs can be reasonably estimated. Costs are accrued based upon management’s estimates of all direct costs. Amounts reserved for environmental matters were not material at December 31, 2017 or 2016.

o. Equity Compensation Plans:
The Company has equity compensation plans under the oversight of the Company’s board of directors, whereby stock options, restricted stock units, performance stock units, deferred stock units and shares of common stock are granted to the Company’s employees and directors. See Note 12 for additional discussion.

p. Earnings per Share:
The Company’s participating securities are accounted for in accordance with guidance related to the computation of earnings per share under the two-class method. The two-class method requires allocating the Company’s net earnings to both common shares and participating securities based upon their rights to receive dividends. Basic earnings per share is computed by dividing net earnings available to common shareholders by the weighted-average number of outstanding common shares during the period.  Diluted earnings per share reflects the potential dilution that could occur under the more dilutive of either the treasury stock method or the two-class method for calculating the weighted-average number of outstanding common shares. The treasury stock method is calculated assuming unrecognized compensation expense, income tax benefits and proceeds from the potential exercise of employee stock options are used to repurchase common stock.

q. Derivatives:
The Company is exposed to the impact of fluctuations in foreign exchange and interest rates on its borrowings and fluctuations in the purchase price of natural gas consumed in operations. The Company hedges portions of these risks through the use of derivative agreements.
The Company accounts for derivative financial instruments in accordance with applicable U.S. GAAP, which requires companies to record derivative financial instruments as assets or liabilities measured at fair value. Accounting for the changes in the fair value of a derivative depends on its designation and effectiveness. Derivatives qualify for treatment as hedges when there is a high correlation between the change in fair value of the derivative instrument and the related change in value of the underlying hedged item. For qualifying hedges, the effective portion of the change in fair value is recognized through earnings when the underlying transaction being hedged affects earnings, allowing a derivative’s gains and losses to offset related results from the hedged item in the statements of operations. For derivative instruments that are not accounted for as hedges, or for the ineffective portions of qualifying hedges, the change in fair value is recorded through earnings in the period of change. The Company formally documents, designates and assesses the effectiveness of transactions that receive hedge accounting treatment initially and on an ongoing basis.

r. Concentration of Credit Risk:
The Company sells its salt and magnesium chloride products to various governmental agencies, manufacturers, distributors and retailers primarily in the Midwestern U.S. and throughout Canada and the U.K. The Company’s plant nutrition products are sold across the Western Hemisphere and globally. No single customer or group of affiliated customers accounted for more than 10% of the Company’s sales in any year during the three year period ended December 31, 2017, or more than 10% of accounts receivable at December 31, 2017 or 2016.

s. Recent Accounting Pronouncements:
In February 2018, the Financial Accounting Standards Board (the “FASB”) issued guidance to address the income tax accounting treatment of the tax effects within other comprehensive income due to the enactment of the Tax Cuts and Jobs Act (the “Act”). This guidance allows entities to elect to reclassify the tax effects of the change in the income tax rates from other comprehensive income to retained earnings. The guidance is effective for periods beginning after December 15, 2018 although early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.
In January 2017, the FASB issued guidance to simplify the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The Company is still evaluating the impact of adopting this guidance.
In August 2016, the FASB issued guidance to clarify how certain cash receipts and payments should be presented and classified in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.
In June 2016, the FASB issued guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, requires a modified retrospective transition method and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.
In March 2016, the FASB issued guidance to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The Company adopted this guidance in the first quarter of 2017 on a prospective basis, and prior periods have not been adjusted. The Company elected the option available under the guidance to continue to estimate the effect of forfeitures in the calculation of share-based payment expense. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.
In February 2016, the FASB issued guidance which requires lessees to recognize on their balance sheet a right-of-use asset which represents a lessee’s right to use the underlying asset. Under this guidance, an entity must also recognize a lease liability which represents a lessee’s obligation to make lease payments for the right to use the asset. In addition, the standard requires expanded qualitative and quantitative disclosures. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and requires a modified retrospective transition method. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.
In July 2015, the FASB issued guidance that requires entities to measure inventory within the scope of the standard at the lower of cost or net realizable value. “Net realizable value” is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company adopted this guidance in the first quarter of 2017. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.
In May 2014, the FASB issued guidance to provide a single, comprehensive revenue recognition model for all contracts with customers. The new revenue recognition model supersedes existing revenue recognition guidance and requires revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration an entity expects to receive in exchange for those goods or services. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, and early adoption is permitted. The guidance permits the use of either a full or modified retrospective transition method.
The Company adopted the new revenue recognition guidance effective January 1, 2018 using the modified retrospective transition method, which requires the cumulative effect of adoption, if any, to be recognized as an adjustment to opening retained earnings in the period of adoption. The Company did not identify any material differences in the amount and timing of revenue recognition for its revenue streams. Substantially all of the Company’s revenue will continue to be recognized at a point-in-time when control of the goods transfers to the customer. The adoption of this guidance will result in expanded disclosures regarding revenue in the Company’s financial statement beginning with the first quarter of 2018. These expanded disclosures will include quantitative and qualitative disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers.
ACQUISITION
ACQUISITION
ACQUISITION

Background and Financing
On December 16, 2015, Compass Minerals do Brasil Ltda., a wholly-owned subsidiary of the Company (“Compass Minerals Brazil”), entered into (i) a subscription agreement and other covenants (as amended, the “Subscription Agreement”) with certain Produquímica shareholders and Produquímica and (ii) a share purchase and sale agreement and other covenants (the “Purchase Agreement”) with certain Produquímica shareholders and Produquímica. Pursuant to the Subscription Agreement and the Purchase Agreement, Compass Minerals Brazil acquired 35% of the issued and outstanding capital stock of Produquímica on December 23, 2015, for R$452.4 million Brazilian reais (“R” or “BRL”), or $114.1 million U.S. dollars at closing, and paid additional consideration of $4.7 million in the second quarter of 2016 related to Produquímica’s 2015 financial performance.
The Subscription Agreement also contained a put right (the “Put”), allowing the Produquímica shareholders to sell the remainder of their interests in Produquímica to Compass Minerals Brazil. On August 12, 2016, Produquímica shareholders notified Compass Minerals Brazil of their exercise of the Put. On October 3, 2016, the Company acquired the remaining 65% of the issued and outstanding capital stock of Produquímica.
The Company entered into a new $100.0 million term loan tranche in the fourth quarter of 2015 to fund the acquisition of the 35% of Produquímica’s equity. In September 2016, the Company entered into a new $450.0 million term loan tranche to fund the acquisition of the remaining 65% of Produquímica’s equity. See Note 9 for more information regarding these financings.
Based in São Paulo, Brazil, Produquímica operates two primary businesses – agricultural productivity and chemical solutions. The agricultural productivity division manufactures and distributes a broad offering of specialty plant nutrition solution-based products. These include micronutrients, controlled release fertilizers and other specialty supplements that are used in direct soil and foliar applications, as well as through irrigation systems and for seed treatment. Many of these products are developed through Produquímica’s research and development capabilities. Produquímica also manufactures and markets specialty chemicals used primarily in the industrial chemical and water treatment industries in Brazil. The acquisition broadens the Company’s geographic scope of operations and expands its specialty plant nutrition portfolio while reducing the Company’s dependence on winter weather conditions.

Purchase Price Allocation
The Company accounted for the Produquímica acquisition as a business combination in accordance with U.S. GAAP. The accounting guidance for business combinations requires estimates and judgments regarding expectations for future cash flows of the acquired entity as well as other valuation assumptions and an allocation to the net assets acquired. The fair values assigned to tangible and intangible assets acquired and liabilities assumed, including contingent consideration, are based on management’s best estimates. As of September 30, 2017, the purchase price allocation was finalized.
A summary of the acquisition-date fair value of the consideration transferred is presented in the table below:
Fair Value of Consideration Transferred (in millions)
October 3, 2016
Cash paid at closing
$
317.1

Additional cash due at closing
20.6

Fair value of contingent consideration
31.4

Fair value of 35% equity investment
178.7

Total
$
547.8



The calculation of the purchase price at closing was based in part on an estimate of full-year 2016 operating results of Produquímica. As of the acquisition closing date, some of the periods included in the 2016 operating results of Produquímica had not ended and actual results were not known. The portion of the purchase price which was based on management’s estimate of results relating to periods which occurred after the closing date was classified as contingent consideration. There were no thresholds or tiers in the payment structure, and management used an income approach to estimate the acquisition date fair value of the contingent consideration. As of the closing date, the Company had estimated the fair value of contingent consideration to be $31.4 million.
During the first quarter of 2017, the purchase price was adjusted based on the final full-year 2016 operating results of Produquímica, and a final payment was made to the Produquímica shareholders. The difference between the estimated closing date fair value of the contingent consideration and the final amount paid resulted in the recognition of a gain of $1.9 million in the first quarter of 2017, which was included as a component of operating earnings in the Company’s Plant Nutrition South America segment.
Prior to the acquisition closing date, the Company accounted for its 35% interest in Produquímica as an equity method investment. The acquisition-date fair value of the previously held equity investment was $178.7 million and is included in the consideration transferred. To measure the acquisition closing date fair value of the equity interest the Company utilized a market-based approach which relied on Level 3 inputs (see Note 13 for a discussion of the levels in the fair value hierarchy). The Company recognized a $59.3 million non-cash gain during the fourth quarter of 2016 as a result of remeasuring its prior equity interest in Produquímica held before the business combination.
Under the acquisition method of accounting, the total purchase price is allocated on a preliminary basis to Produquímica’s assets and liabilities based upon their estimated fair values as of the closing date of the acquisition. During the first nine months of 2017, the Company adjusted the preliminary purchase price allocation based on additional information obtained regarding facts and circumstances which existed as of the acquisition date. These adjustments resulted in a decrease of $3.6 million to goodwill, a decrease of $4.4 million to other noncurrent liabilities and an increase of $0.8 million to net deferred income taxes. Additionally, during the third quarter of 2017 in connection with finalizing the accounting for the acquisition, the Company recorded an adjustment increasing depreciation expense by $1.9 million. This adjustment resulted from finalizing the Company’s estimate of the useful lives of acquired tangible assets.
Based upon the final purchase price and the updated valuation, the final purchase price allocation is presented in the table below:
Recognized amounts of identifiable assets acquired and liabilities assumed (in millions):
Purchase Price Allocation
Cash and cash equivalents
$
73.8

Accounts receivable
89.4

Inventories
77.1

Other current assets
13.7

Property, plant and equipment
189.4

Intangible assets
81.2

Investment in equity method investee
24.5

Other noncurrent assets
6.9

Accounts payable
(27.1
)
Accrued expenses
(40.3
)
Current portion of long-term debt
(129.6
)
Other current liabilities
(14.0
)
Long-term debt, net of current portion
(62.0
)
Deferred income taxes, net
(66.0
)
Other noncurrent liabilities
(21.9
)
Total identifiable net assets
195.1

Goodwill
352.7

Total fair value of business combination
$
547.8



The total purchase price in excess of the net identifiable assets has been recognized as goodwill in the amount of $352.7 million and has been assigned to the Company’s Plant Nutrition South America segment. The goodwill recognized is attributable primarily to expected synergies with the Company’s existing plant nutrition business and the assembled workforce of Produquímica. The future deductibility of the goodwill for income tax purposes is uncertain at this time.
The Company determined that the book value of the accounts receivables included in the purchase price allocation approximates their fair value due to their short-term nature. The gross contractual amounts of the receivables exceeded their fair value by the amount of an allowance for doubtful accounts of approximately $8 million.
In connection with the acquisition, the Company acquired identifiable intangible assets which consisted principally of trade names, developed technologies and customer relationships. The fair values were determined using Level 3 inputs (see Note 13 for a discussion of the levels in the fair value hierarchy). The fair values of the identifiable intangible assets were estimated using an income approach method.
The estimated fair values and weighted average amortization period of the identifiable intangible assets are presented in the table below:
 
Estimated Fair Value
(in millions)
Weighted-Average Amortization Period
(in years)
Trade names
$
36.9

11.0
Developed technology
37.5

5.3
Customer relationships
6.8

13.5
Total identifiable intangible assets
$
81.2

8.6


Impact on Operating Results
During the year ended December 31, 2016, Produquímica contributed revenues of $113.5 million and net income of $3.6 million since the acquisition date of October 3, 2016.
The following table presents the combined unaudited pro forma results for the full years ended December 31, 2016 and 2015. The pro forma financial information combines the historical results of operations for Produquímica and Compass Minerals as though the acquisition occurred on January 1, 2015. The pro forma information does not purport to represent the actual results of operations that Produquímica and Compass Minerals would have achieved had the companies been combined during the periods presented nor is the information intended to project the future results of operations. Certain adjustments to Produquímica’s historical results have been made to conform to U.S. GAAP, and amounts have been translated to U.S. dollars.
 
Twelve Months Ended,
Unaudited Combined Pro Forma Results of Operations (in millions)
December 31, 2016
December 31, 2015
Revenues
$
1,381.3

$
1,421.3

Net earnings
$
108.1

$
128.0



Significant adjustments to the pro forma information above include:
•
Adjustments to exclude non-recurring direct incremental costs of the acquisition;
•
Adjustments to expenses relating to the financing transactions described above;
•
Adjustments to reflect incremental amortization and depreciation from the preliminary allocation of the purchase price;
•
Adjustments to reflect certain income tax effects of the acquisition;
•
Adjustments to remove net loss related to the previously held 35% equity interest in Produquímica; and
•
Adjustment to remove the gain from the remeasurement of the previously held 35% equity interest in Produquímica

The Company incurred acquisition costs of $1.8 million that were expensed during the year ended December 31, 2016. These costs are included in the “Selling, general and administrative expenses” line item in the Consolidated Statement of Operations.
INVENTORIES
INVENTORIES
INVENTORIES
Inventories consist of the following at December 31 (in millions):
 
 
2017
 
2016
Finished goods
 
$
208.4

 
$
206.1

Raw materials and supplies
 
81.5

 
74.5

Total inventories
 
$
289.9

 
$
280.6

PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consists of the following at December 31 (in millions):
 
 
2017
 
2016
Land, buildings and structures and leasehold improvements
 
$
552.5

 
$
480.1

Machinery and equipment
 
942.3

 
848.2

Office furniture and equipment
 
53.1

 
28.3

Mineral interests
 
173.1

 
168.5

Construction in progress
 
213.4

 
243.6

 
 
1,934.4

 
1,768.7

Less accumulated depreciation and depletion
 
(796.3
)
 
(676.4
)
Property, plant and equipment, net
 
$
1,138.1

 
$
1,092.3



The cost of leased property, plant and equipment under capital leases included above was $7.2 million and $7.3 million as of December 31, 2017 and 2016, respectively, and accumulated depreciation was $2.6 million and $2.2 million as of December 31, 2017 and 2016, respectively.
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS
The asset value and accumulated amortization as of December 31, 2017 and 2016 for the finite-lived intangibles assets are as follows (in millions):
 
Supply Agreement
SOP Production Rights
Customer/Distributor Relationships
Lease Rights
Trade Names
Developed Technologies
Patents
Other
Total
December 31, 2017
 
 
 
 
 
 
 
 
 
Gross intangible asset
$
28.9

$
24.3

$
14.1

$
1.8

$
43.3

$
39.3

$
16.5

$
1.4

$
169.6

Accumulated amortization
(4.0
)
(13.7
)
(4.3
)
(0.4
)
(4.8
)
(11.0
)
(5.5
)
(0.6
)
(44.3
)
Net intangible assets
$
24.9

$
10.6

$
9.8

$
1.4

$
38.5

$
28.3

$
11.0

$
0.8

$
125.3


 
Supply Agreement
SOP Production Rights
Customer/Distributor Relationships
Lease Rights
Trade Names
Developed Technologies
Patents
Other
Total
December 31, 2016
 
 
 
 
 
 
 
 
 
Gross intangible asset
$
27.0

$
24.3

$
13.8

$
1.7

$
43.6

$
38.9

$
15.4

$
2.2

$
166.9

Accumulated amortization
(3.2
)
(12.7
)
(3.0
)
(0.3
)
(0.8
)
(3.2
)
(3.7
)
(0.7
)
(27.6
)
Net intangible assets
$
23.8

$
11.6

$
10.8

$
1.4

$
42.8

$
35.7

$
11.7

$
1.5

$
139.3

 

The estimated lives of the Company’s finite-lived intangible assets are as follows:
Intangible asset
Estimated Lives
Supply agreement
50 years
SOP production rights
25 years
Patents
10-20 years
Developed technology
4-7 years
Lease rights
25 years
Customer and distributor relationships
10-14 years
Trademarks
10 years
Noncompete agreements
5 years
Trade names
10-11 years


None of the finite-lived intangible assets have a residual value. Aggregate amortization expense was $16.2 million in 2017, $7.0 million in 2016 and $4.4 million in 2015 and is projected to be between $10 million and $16 million per year over the next five years. The weighted average life for the Company’s finite-lived intangibles is 19 years.
In addition, the Company had water rights of $17.7 million as of December 31, 2017 and 2016, respectively, and trade names of $0.6 million as of December 31, 2017 and 2016, respectively, which have indefinite lives. In the fourth quarter of 2016, the Company recorded a $3.1 million impairment of its Wolf Trax trade name acquired in 2014 as part of its annual impairment assessment. The estimated fair value as of October 1, 2016 of the trade name was calculated using Level 3 inputs and an income-based valuation approach. The impairment loss was recorded in its Plant Nutrition North America segment in selling, general and administrative expenses in the Consolidated Statements of Operations.
The Company has goodwill of $405.0 million and $412.2 million as of December 31, 2017 and 2016, respectively, in its Consolidated Balance Sheets. The Company has recorded goodwill of $57.3 million and $53.6 million as of December 31, 2017 and 2016, respectively, in its Plant Nutrition North America segment. Additionally, the Company has recorded goodwill of $341.6 million and $352.8 million as of December 31, 2017 and 2016, respectively, in its Plant Nutrition South America segment. The remaining amounts in both periods were immaterial and recorded in its corporate and other and Salt segment. The increase in the balance of goodwill from December 31, 2016 was due to changes in foreign currency exchange rates.
INCOME TAXES
INCOME TAXES
INCOME TAXES
The Company files tax returns in the U.S., Canada, Brazil and the U.K. at the federal and local taxing jurisdictional levels. The Company’s U.S. federal tax returns for tax years 2012 forward remain open and subject to examination. Generally, the Company’s state, local and foreign tax returns for years as early as 2002 forward remain open and subject to examination, depending on the jurisdiction.

Tax Cuts and Jobs Act
On December 22, 2017, the U.S. enacted the Act (which is commonly referred to as “U.S. tax reform”). The Act significantly changes U.S. corporate income tax laws by reducing the U.S. corporate income tax rate to 21% beginning in 2018 and creating a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings. In connection with the Act, the Company recorded a net charge of $46.8 million during the fourth quarter of 2017. This amount is included in income tax expense in the Company’s consolidated statements of operations and consists of $55.2 million related to the one-time mandatory tax on unremitted foreign earnings, offset by a $8.4 million benefit related to the remeasurement of the Company’s deferred tax liabilities at the new income tax rate.
The Company believes the $46.8 million net charge represents a reasonable estimate of the impact on the income effects of the Act. However, this amount is provisional and additional work is necessary to do a more detailed analysis of historical foreign earnings as well as any potential corresponding adjustments. Any adjustments to these provisional amounts will be reported as a component of income tax expense in the period in which any adjustment is determined, which the Company expects will be no later than the fourth quarter of 2018.
The following table summarizes the Company’s income tax provision related to earnings for the years ended December 31 (in millions):
 
 
2017
 
2016
 
2015
Current:
 
 
 
 
 
 
Federal
 
$
0.5

 
$
27.6

 
$
31.7

State
 
(9.8
)
 
6.7

 
7.3

Foreign
 
85.8

 
11.6

 
16.4

Total current
 
76.5

 
45.9

 
55.4

Deferred:
 
 

 
 

 
 

Federal
 
(4.4
)
 
(2.8
)
 
(0.2
)
State
 
(0.5
)
 
(0.7
)
 
—

Foreign
 
(11.6
)
 
(7.8
)
 
0.1

Total deferred
 
(16.5
)
 
(11.3
)
 
(0.1
)
Total provision for income taxes
 
$
60.0

 
$
34.6

 
$
55.3



The following table summarizes components of earnings before taxes and shows the tax effects of significant adjustments from the expected tax expense computed at the federal statutory rate for the years ended December 31 (in millions):
 
 
2017
 
2016
 
2015
Domestic (loss) income
 
$
(41.2
)
 
$
123.6

 
$
170.6

Foreign income
 
143.9

 
73.7

 
43.9

Earnings before income taxes
 
$
102.7

 
$
197.3

 
$
214.5

Computed tax at the U.S. federal statutory rate of 32.7% in 2017 and 35% in 2016 and 2015
 
33.6

 
69.1

 
75.1

Foreign income rate differential, mining, and withholding taxes, net of U.S. federal deduction
 
1.6

 
(1.7
)
 
(1.2
)
Percentage depletion in excess of basis
 
(6.4
)
 
(8.6
)
 
(11.2
)
Other domestic tax reserves, net of reversals
 
—

 
—

 
(4.5
)
Domestic manufacturers deduction
 
—

 
(1.4
)
 
(2.4
)
State income taxes, net of federal income tax benefit
 
0.8

 
3.9

 
5.1

Change in valuation allowance on deferred tax asset
 
(23.9
)
 
(1.4
)
 
—

Interest expense recognition differences
 
(5.6
)
 
(5.9
)
 
(6.1
)
Nontaxable remeasurement gain
 
—

 
(20.2
)
 
—

Tax Cuts and Jobs Act of 2017
 
46.8

 
—

 
—

Transfer pricing settlement with taxing authorities
 
13.8

 
—

 
—

Other, net
 
(0.7
)
 
0.8

 
0.5

Provision for income taxes
 
$
60.0

 
$
34.6

 
$
55.3

Effective tax rate
 
58
%
 
18
%
 
26
%


Under U.S. GAAP, deferred tax assets and liabilities are recognized for the estimated future tax effects, based on enacted tax law, of temporary differences between the values of assets and liabilities recorded for financial reporting and tax purposes, and of net operating losses and other carryforwards. The significant components of the Company’s deferred tax assets and liabilities were as follows at December 31 (in millions):
 
 
2017
 
2016
Deferred tax assets:
 
 

 
 

Reluz Nordeste Indústria e Comércio Ltda net operating loss carryforwards
 
$
0.8

 
$
1.2

Produquímica Indústria e Comércio S.A. net operating loss carryforwards
 
12.9

 
—

Other, net
 
8.0

 
0.3

Total deferred tax assets before valuation allowance
 
21.7

 
1.5

Valuation allowance
 
(9.0
)
 
—

Total noncurrent deferred tax assets:
 
$
12.7

 
$
1.5

 
 
 
 
 
Deferred tax assets to be netted with deferred tax liabilities:
 
 
 
 
Net operating loss carryforwards
 
$
2.3

 
$
17.8

Stock-based compensation
 
2.7

 
4.0

Derivatives
 
—

 
8.7

Other, net
 
9.3

 
23.9

Total deferred tax assets before valuation allowance
 
14.3

 
54.4

Valuation allowance
 
(1.2
)
 
(33.6
)
Total deferred tax assets to be netted with deferred tax liabilities
 
13.1

 
20.8

Deferred tax liabilities:
 
 

 
 

Property, plant and equipment
 
98.1

 
101.4

Intangible asset
 
42.0

 
49.0

Other, net
 
—

 
1.2

Total deferred tax liabilities
 
140.1

 
151.6

Net deferred tax liabilities
 
$
127.0

 
$
130.8



At December 31, 2017, the Company had $46.1 million of gross foreign federal net operating loss (“NOL”) carryforwards that have no expiration date, $5.7 million of gross foreign federal NOL carryforwards which expire in 2033 and $0.7 million of net operating tax-effected state NOL carryforwards which expire in 2033.
The Company has recorded a valuation allowance for a portion of its deferred tax asset relating to various tax attributes that it does not believe are, more likely than not to be realized. During the third quarter of 2017, the Company determined it is more likely than not that a portion of its Brazilian deferred tax assets acquired in connection with the acquisition of Produquímica will be used to reduce taxable income. As a result, the Company released approximately $25 million of valuation allowances during the year ending December 31, 2017. As of December 31, 2017 and 2016, the Company’s valuation allowance was $10.2 million and $33.6 million, respectively. In the future, if the Company determines, based on existence of sufficient evidence, that it should realize more or less of its deferred tax assets, an adjustment to the valuation allowance will be made in the period such a determination is made.
The calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations in multiple jurisdictions. The Company recognizes potential liabilities for unrecognized tax benefits in the U.S. and other tax jurisdictions in accordance with applicable U.S. GAAP, which requires uncertain tax positions to be recognized only if they are more likely than not to be upheld based on their technical merits. The measurement of the uncertain tax position is based on the largest benefit amount that is more likely than not (determined on a cumulative probability basis) to be realized upon settlement of the matter. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are no longer necessary. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense may result.
The Company’s uncertain tax positions primarily relate to transactions and deductions involving U.S., Canadian and Brazilian operations. If favorably resolved, $17.4 million of unrecognized tax benefits would decrease the Company’s effective tax rate. Management believes that it is reasonably possible that unrecognized tax benefits will decrease by approximately $0.3 million in the next twelve months largely as a result of tax returns being closed to future audits. In the fourth quarter of 2017, the Company’s income tax expense included a benefit of approximately $0.4 million related to the release of uncertain tax positions due to the expiration of statutes of limitations.
The following table shows a reconciliation of the beginning and ending amount of unrecognized tax benefits (in millions):
 
 
2017
 
2016
 
2015
Unrecognized tax benefits:
 
 
 
 
 
 
Balance at January 1
 
$
20.7

 
$
18.3

 
$
21.8

Additions resulting from current year tax positions
 
1.3

 
0.1

 
1.6

Additions relating to tax positions taken in prior years
 
51.7

 
0.5

 
0.8

Additions relating to current year acquisitions
 
—

 
2.4

 
—

Reductions due to cash payments
 
—

 
—

 
(0.8
)
Reductions due to settlements
 
(4.5
)
 
—

 
—

Reductions relating to tax positions taken in prior years
 
(1.4
)
 
—

 
(2.4
)
Reductions due to expiration of tax years
 
(0.4
)
 
(0.6
)
 
(2.7
)
Balance at December 31
 
$
67.4

 
$
20.7

 
$
18.3


 
The Company accrues interest and penalties related to its uncertain tax positions within its tax provision. During the years ended December 31, 2017, 2016 and 2015, the Company accrued interest and penalties, net of reversals, of $11.9 million, $0.9 million and $0.2 million, respectively. As of December 31, 2017 and 2016, accrued interest and penalties included in the Consolidated Balance Sheets totaled $18.0 million and $6.3 million, respectively.
The Company considers all non-U.S. earnings to be indefinitely reinvested outside of the U.S. to the extent these earnings are not subject to U.S. income tax under an anti-deferral tax regime. As of December 31, 2017, all non-U.S. undistributed earnings were subject to a one-time mandatory tax in the U.S. due to the Act with the exception of $59.3 million of outside basis differences related to Brazilian entities. The Company is currently analyzing its global working capital requirements and the potential tax liabilities that would be incurred if its non-U.S. subsidiaries distribute cash to CMI, including local country withholding taxes. The Company expects to complete its analysis of the accounting guidance related to the Act and its evaluation of the impacts of the Act in the fourth quarter of 2018.
Canadian provincial tax authorities have challenged tax positions claimed by one of the Company’s Canadian subsidiaries and have issued tax reassessments for years 2002-2012. The reassessments are a result of ongoing audits and total approximately $106 million, including interest through December 31, 2017. The Company disputes these reassessments and plans to continue to work with the appropriate authorities in Canada to resolve the dispute. There is a reasonable possibility that the ultimate resolution of this dispute, and any related disputes for other open tax years, may be materially higher or lower than the amounts the Company has reserved for such disputes. In connection with this dispute, local regulations require the Company to post security with the tax authority until the dispute is resolved. The Company has posted collateral in the form of a $66.9 million performance bond and has paid $39.1 million (most of which is recorded in other assets in the Consolidated Balance Sheets), which is necessary to proceed with future appeals or litigation.
The Company expects that it will be required by local regulations to provide security for additional interest on the above unresolved disputed amounts and for any future reassessments issued by these Canadian tax authorities in the form of cash, letters of credit, performance bonds, asset liens or other arrangements agreeable with the tax authorities until the disputes are resolved.
The Company expects that the ultimate outcome of these matters will not have a material impact on its results of operations or financial condition. However, the Company can provide no assurance as to the ultimate outcome of these matters and the impact could be material if they are not resolved in the Company’s favor. As of December 31, 2017, the Company believes it has adequately reserved for these reassessments.
Additionally, the Company has other uncertain tax positions as well as assessments and disputed positions with taxing authorities in its various jurisdictions.

Settlements
Canadian federal and provincial taxing authorities had reassessed the Company for years 2004-2006, which had been previously settled by agreement among the Company, the Canada Revenue Agency (“CRA”) and the U.S. Internal Revenue Service (“IRS”). The Company sought to enforce the agreement, which provided the basis upon which the returns were previously filed and settled. In July 2016, a trial commenced in the Tax Court of Canada with respect to the Canadian federal tax issues for these matters, and in March 2017, the Tax Court of Canada ruled in favor of the Company. The decision of the Tax Court of Canada was not appealed by the CRA. As a result, the reassessed Canadian tax, penalties and interest for the Company for years 2004-2006 of approximately $94.7 million are effectively resolved. The Company is in the process of having certain posted collateral returned in connection with the resolution of the dispute.
In the fourth quarter of 2017, the Company, the CRA and the IRS reached a settlement agreement on transfer pricing issues for its 2007-2012 tax years. As a result of this settlement, the Company recognized $13.8 million of tax expense in its 2017 consolidated statements of operations related to the Company’s Canadian tax positions for the years 2007-2016. The agreement will result in intercompany cash payments from the Company’s U.S. subsidiary to its Canadian subsidiary of $85.7 million and tax payments to Canadian taxing authorities of $23.4 million with a corresponding tax refund due from U.S. taxing authorities of $21.8 million. The timing of the refund is expected to lag the payment to the Canadian tax authorities by a year or more. Additionally, the reassessed Canadian tax, penalties and interest for the Company for years 2007 and 2008 of approximately $34.2 million are effectively resolved.
PENSION PLANS AND OTHER BENEFITS
PENSION PLANS AND OTHER BENEFITS
PENSION PLANS AND OTHER BENEFITS
The Company has a defined benefit pension plan for certain of its U.K. employees. Benefits of this pension plan are based on a combination of years of service and compensation levels. This plan was closed to new participants in 1992. Beginning December 1, 2008, future benefits ceased to accrue for the remaining active employee participants in the pension plan concurrent with the establishment of a defined contribution plan for these employees. In addition, the Company has a defined benefit plan with certain Produquímica employees. The pension assets, obligations and net pension expense related to this plan are immaterial.
The Company’s U.K. pension fund investment strategy is to maximize return on investments while minimizing risk. This is accomplished by investing in high-grade equity and debt securities. The Company’s portfolio guidelines recommend that equity securities comprise approximately 75% of the total portfolio and that approximately 25% be invested in debt securities. The Company’s portfolio has shifted to a smaller proportion of equity funds due to the increased volatility of these funds over the last several years, and it is researching strategies that will reduce volatility, while also maximizing returns. Investment strategies and portfolio allocations are based on the plan’s benefit obligations and its funded or underfunded status, expected returns, and the Company’s portfolio guidelines and are monitored on a regular basis. The weighted-average asset allocations by asset category are as follows:
 
 
Plan Assets at December 31,
Asset Category
 
2017
 
2016
Cash and cash equivalents
 
3
%
 
3
%
Blended funds
 
32
%
 
30
%
Bond funds
 
45
%
 
48
%
Insurance policy
 
20
%
 
19
%
Total
 
100
%
 
100
%


The fair value of the Company’s U.K. pension plan assets at December 31, 2017 and 2016 by asset category (see Note 13 for a discussion regarding fair value measurements) are as follows (in millions):
 
 
Market Value at December 31, 2017
 
Level One
 
Level Two
 
Level Three
Asset category:
 
 
 
 
 
 
 
 
Cash and cash equivalents(a)
 
$
2.2

 
$
2.2

 
$
—

 
$
—

Blended funds(b)
 
22.3

 
—

 
22.3

 
—

Bond funds(c):
 
 

 
 

 
 

 
 

Treasuries
 
31.2

 
—

 
31.2

 
—

Insurance policy(d)
 
13.4

 
—

 
—

 
13.4

Total Pension Assets
 
$
69.1

 
$
2.2

 
$
53.5

 
$
13.4


 
 
Market Value at December 31, 2016
 
Level One
 
Level Two
 
Level Three
Asset category:
 
 
 
 
 
 
 
 
Cash and cash equivalents(a)
 
$
2.0

 
$
2.0

 
$
—

 
$
—

Blended funds(b)
 
18.9

 
—

 
18.9

 
—

Bond funds(c):
 
 

 
 

 
 

 
 

Treasuries
 
29.5

 
—

 
29.5

 
—

Insurance policy(d)
 
11.9

 
—

 
—

 
11.9

Total Pension Assets
 
$
62.3

 
$
2.0

 
$
48.4

 
$
11.9


(a)
The fair value of cash and cash equivalents is its carrying value.
(b)
The Company is invested in a diversified growth fund. The diversified growth fund is valued at the last traded or official close for the underlying equities and bid or mid for the underlying fixed income securities depending on the portfolio benchmark. Where representative prices are unavailable, underlying fixed income investments are valued based on other observable market-based inputs.
(c)
This category includes investments in investment-grade fixed-income instruments and funds linked to U.K. treasury notes. The funds are valued using the bid amounts for each fund. All of the Company’s bond fund pension assets are invested in U.K.-linked treasuries as of December 31, 2017 and 2016.
(d)
The insurance policy has been written by an insurance company with an A+ rating from Standard and Poors. The policy derives its value primarily from its underlying investments which consists of separate funds also managed by the underwriter. The policy’s holdings consist primarily of a unit trust fund, which is valued based on its underlying holdings of equities, fixed income securities, cash and derivative instruments. Those underlying investments are valued at bid price on the last business day of the period when available. Other investments use the last available authorized price of the last business day of the period. Unquoted investments are valued based upon the fund manager’s opinion of fair value based primarily on other observable market-based inputs. Open positions in derivative contracts or foreign currency transactions are included at their mark to market value. Money market instruments are valued based upon amortized cost. Term deposits are valued at their nominal value. 

The changes in Level 3 U.K. pension plan assets for the year ended December 31, 2017 and 2016 were as follows (in millions):
 
 
Value of Insurance Policy
Beginning balance as of January 1, 2016
 
$
14.6

Unrealized loss
 
(0.4
)
Currency fluctuation adjustment
 
(2.3
)
Ending balance as of December 31, 2016
 
$
11.9

Unrealized gain
 
0.3

Currency fluctuation adjustment
 
1.2

Ending balance as of December 31, 2017
 
$
13.4



As of December 31, 2017 and 2016, amounts recognized in accumulated other comprehensive income, net of tax, consisted of actuarial net losses of $3.9 million (including $5.4 million of accumulated loss less prior service cost of $1.5 million) and $3.7 million (including $5.1 million of accumulated loss less prior service cost of $1.4 million), respectively. During 2017, the amounts recognized in accumulated other comprehensive income (loss), net of tax, consisted of the amortization of the loss of $0.3 million, amortization of prior service cost of $(0.1) million and foreign exchange of $(0.5) million. During 2016, the amounts recognized in accumulated other comprehensive income (loss), net of tax, consisted of actuarial net losses of $(1.0) million, amortization of loss of $0.3 million, amortization of prior service cost of $(0.1) million and foreign exchange of $0.9 million. During 2015, the amounts recognized in accumulated other comprehensive income (loss), net of tax, consisted of actuarial net losses of $3.7 million, amortization of loss of $1.2 million, amortization of prior service cost of $(0.1) million and foreign exchange of $0.4 million. The Company expects to recognize approximately $0.2 million ($0.3 million of amortization of loss less $0.1 million of prior service cost) of losses from accumulated other comprehensive income as a component of net periodic pension cost in 2018. Total net periodic pension cost (benefit) in 2018 is expected to be $(0.7) million.
The assumptions used in determining pension information for the plans for the years ended December 31 were as follows:
 
 
2017
 
2016
 
2015
Discount rate
 
2.80
%
 
3.80
%
 
3.40
%
Expected return on plan assets
 
3.70
%
 
4.50
%
 
4.30
%

 
The overall expected long-term rate of return on plan assets is a weighted-average expectation based on the fair value of targeted and expected portfolio composition. The Company considers historical performance and current benchmarks to arrive at expected long-term rates of return in each asset category. The Company determines its discount rate based on a forward yield curve for a portfolio of high-credit-quality bonds with expected cash flows and an average duration closely matching the expected benefit payments under the plan.
The Company’s funding policy is to make the minimum annual contributions required by applicable regulations or agreements with the plan administrator. Management expects total contributions during 2018 will be approximately $0.7 million. In addition, the Company may periodically make contributions to the plan based upon the underfunded status of the plan or other transactions, which warrant incremental contributions in the judgment of management.
The U.K. pension plan includes a provision whereby supplemental benefits may be available to participants under certain circumstances after case review and approval by the plan trustees. Because instances of this type of benefit have historically been infrequent, the development of the projected benefit obligation and net periodic pension cost has not provided for any future supplemental benefits. If additional benefits are approved by the trustees, it is likely that an additional contribution would be required and the amount of incremental benefits would be expensed by the Company.
The Company expects to pay the following benefit payments (in millions):
Calendar Year
Future Expected Benefit Payments
2018
$
2.8

2019
2.9

2020
3.0

2021
3.1

2022
3.1

2023 – 2027
17.3



The following table sets forth pension obligations and plan assets for the Company’s defined benefit plan, as of December 31 (in millions):
 
 
2017
 
2016
Change in benefit obligation:
 
 
 
 
Benefit obligation as of January 1
 
$
61.7

 
$
66.9

Interest cost
 
1.8

 
2.3

Actuarial loss
 
0.2

 
7.3

Benefits paid
 
(2.6
)
 
(3.4
)
Currency fluctuation adjustment
 
5.9

 
(11.4
)
Benefit obligation as of December 31
 
67.0

 
61.7

Change in plan assets:
 
 

 
 

Fair value as of January 1
 
62.3

 
66.9

Actual return
 
2.7

 
8.8

Company contributions
 
0.8

 
1.4

Currency fluctuation adjustment
 
5.9

 
(11.4
)
Benefits paid
 
(2.6
)
 
(3.4
)
Fair value of plan assets as of December 31
 
69.1

 
62.3

Overfunded status of the plan
 
$
2.1

 
$
0.6



The Company’s defined benefit plan was overfunded as of December 31, 2017 and 2016 and accordingly, $2.1 million and $0.6 million, respectively, has been recorded as a noncurrent asset in the Consolidated Balance Sheets. The accumulated benefit obligation for the defined benefit pension plan was $67.0 million and $61.7 million as of December 31, 2017 and 2016, respectively. The plan assets were in excess of the accumulated benefit obligation as of December 31, 2017 and 2016. The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of retirement. Since all employees are vested, the accumulated benefit obligation and the vested benefit obligation are the same amount.
The Company uses a straight-line methodology of amortization subject to a corridor based upon the higher of the fair value of assets and the pension benefit obligation over a five-year period. The components of net pension expense were as follows for the years ended December 31 (in millions):
 
 
2017
 
2016
 
2015
Interest cost on projected benefit obligation
 
$
1.8

 
$
2.3

 
$
2.5

Prior service cost
 
(0.1
)
 
(0.1
)
 
(0.1
)
Expected return on plan assets
 
(2.4
)
 
(2.8
)
 
(2.9
)
Net amortization
 
0.4

 
0.4

 
1.5

Net pension (benefit) expense
 
$
(0.3
)
 
$
(0.2
)
 
$
1.0



The Company has defined contribution and pre-tax savings plans (the “Savings Plans”) for certain of its employees. Under each of the Savings Plans, participants are permitted to defer a portion of their compensation. Company matching contributions to the Savings Plans are based on a percentage of employee contributions. Additionally, certain of the Savings Plans have a profit sharing feature for salaried and non-union hourly employees. The Company contribution to the profit-sharing feature is discretionary and based on the Company’s financial performance and other factors. Expense attributable to all Savings Plans was $13.1 million, $10.9 million and $8.9 million for the years ended December 31, 2017, 2016 and 2015, respectively.
The Savings Plans include a non-qualified plan for executive officers and other key employees who are limited in their ability to participate in qualified plans due to existing regulations. These employees are allowed to defer a portion of their compensation, upon which they will be entitled to receive Company contributions despite the limitations imposed by current U.S. regulations for qualified plans were not in place. The Company’s contributions include matching contributions based on a percentage of the employee’s deferred salary, discretionary profit sharing contributions and any investment income (loss) that would have been credited to their account had the contributions been made according to employee-designated investment specifications. Although not required to do so, the Company invests amounts equal to the salary deferrals, the corresponding Company match and discretionary profit sharing amounts according to the employee-designated investment specifications. As of December 31, 2017 and 2016, investments in marketable securities totaling $2.2 million and $1.8 million, respectively, were included in other noncurrent assets with a corresponding deferred compensation liability included in other noncurrent liabilities in the Consolidated Balance Sheets. Compensation expense recorded for this plan was immaterial for each of the years ended December 31, 2017, 2016 and 2015, including amounts attributable to investment income, and was included in other, net in the Consolidated Statements of Operations.
LONG TERM DEBT
LONG TERM DEBT
LONG TERM DEBT
Third-party long-term debt consists of the following at December 31 (in millions):
 
 
2017
 
2016
Term Loans due July 2021
 
$
837.4

 
$
845.9

Revolving Credit Facility due July 2021
 
168.9

 
105.4

4.875% Senior Notes due July 2024
 
250.0

 
250.0

Banco Bradesco Loan due February 2017
 
—

 
13.2

Banco Votorantim Loan due April 2017
 
—

 
12.4

Banco Bradesco Loan due July 2017
 
—

 
4.8

Scotiabank Loan due August 2017
 
—

 
20.2

Banco Itaú Loans due September 2017
 
—

 
15.1

Scotiabank Loan due September 2017
 
—

 
15.1

Banco Votorantim Loan due September 2017
 
—

 
0.8

Banco Bradesco Loan due October 2017
 
—

 
16.8

Rabobank Loan due November 2017
 
—

 
22.6

Rabobank Loan due November 2019
 
21.1

 
—

Banco Itaú Loans due May 2019 to April 2020
 
1.9

 
3.1

Financiadora de Estudos e Projetos Loan due November 2023
 
13.1

 
7.4

Banco do Brasil Loan due February 2018
 
0.2

 
—

Banco Santander Loan due September 2019
 
19.6

 
—

Banco Santander Loan due November 2019
 
24.1

 
—

Banco Itaú Loan due March 2019
 
12.4

 
—

Banco Scotiabank Loan due September 2019
 
20.5

 
—

 
 
1,369.2

 
1,332.8

Less unamortized debt issuance costs
 
(6.7
)
 
(7.8
)
Total debt
 
1,362.5

 
1,325.0

Less current portion
 
(32.1
)
 
(130.2
)
Long-term debt
 
$
1,330.4

 
$
1,194.8



The Company’s credit agreement consists of two senior secured term loans and a senior secured revolving credit facility which mature July 1, 2021. Interest on the Company’s outstanding credit agreement borrowings is variable based on either the LIBOR or a base rate (defined as the greater of a specified U.S. or Canadian prime lending rate or the federal funds effective rate, increased by 0.5%) plus a margin, which is dependent upon the Company’s leverage ratio and the type of term loan borrowing. As of December 31, 2017, the weighted average interest rate was 3.4% on all borrowings outstanding under the credit agreement. The outstanding term loans are payable in quarterly installments of interest and principal and can be prepaid at any time without penalty. The credit agreement requires the Company to maintain certain financial ratios, including a minimum interest coverage ratio and a maximum total leverage ratio. In September 2017, the Company entered into an amendment to its credit agreement, which increased the maximum allowed leverage ratio under the credit agreement through September 2018.
Under the revolving credit facility, $40 million may be drawn in Canadian dollars and $10 million may be drawn in British pounds sterling. Additionally, the revolving credit facility includes a sub-limit for short-term letters of credit in an amount not to exceed $50 million. As of December 31, 2017, there was $168.9 million outstanding under the revolving credit facility, and, after deducting outstanding letters of credit totaling $8.4 million, the Company’s borrowing availability was $122.7 million. The Company incurs participation fees related to its outstanding letters of credit and commitment fees on its available borrowing capacity. The rates vary depending on the Company’s leverage ratio. Bank fees are not material.
The Company’s credit agreement borrowings are secured by substantially all existing and future U.S. assets of the Company, the Goderich mine in Ontario, Canada, and capital stock of certain subsidiaries. As of December 31, 2017, the Company was in compliance with each of its covenants under the credit agreement.
The 4.875% Senior Notes due July 2024 (the "4.875% Notes") are subordinate to the credit agreement borrowings. Interest on the 4.875% Notes is due annually in January and July. The credit agreement and the agreements governing the 4.875% Notes and other indebtedness contain covenants that limit the Company’s ability, among other things, to incur additional indebtedness or contingent obligations or grant liens; pay dividends or make distributions to stockholders; repurchase or redeem the Company’s stock; make investments or dispose of assets; prepay, or amend the terms of certain junior indebtedness; engage in sale and leaseback transactions; make changes to the Company’s organizational documents or fiscal periods; enter into third-party agreements that limit the Company’s ability to grant liens on the Company’s assets or make certain intercompany dividends, investments or asset transfers; enter into new lines of business; enter into transactions with the Company’s stockholders and affiliates; and acquire the assets of or merge or consolidate with other companies.
The loans related to the Company’s Produquímica business in Brazil have maturity dates ranging from February 2018 through November 2023 and bear interest at rates at either a percentage of CDI, an overnight inter-bank lending rate in Brazil, or LIBOR plus a margin. A portion of the loans are denominated in U.S. dollars and a portion of the loans are denominated in Brazilian reais, Produquímica’s functional currency. The Company has entered into foreign currency swap agreements in relation to some of these loans whereby the Company agreed to swap interest and principal payments on loans denominated in U.S. dollars for principal and interest payments denominated in Brazilian reais (see Note 10 for further discussion). In September and November 2017, the Company refinanced $54.3 million of loans it assumed in the Produquímica acquisition using proceeds from approximately $87 million of new loans. The new loans bear interest rates ranging from 108.7% and 118.0% of CDI and mature in November 2019.
Future maturities of long-term debt for the years ending December 31, are as follows (in millions):

Debt Maturity
2018
$
32.1

2019
89.2

2020
10.7

2021
983.0

2022
2.2

Thereafter
252.0

Total
$
1,369.2

DERIVATIVE FINANCIAL INSTRUMENTS
DERIVATIVE FINANCIAL INSTRUMENTS
DERIVATIVE FINANCIAL INSTRUMENTS
The Company is subject to various types of market risks, including interest rate risk, foreign currency exchange rate transaction and translation risk and commodity pricing risk. Management may take actions to mitigate the exposure to these types of risks, including entering into forward purchase contracts and other financial instruments. Currently, the Company manages a portion of its commodity pricing and foreign currency exchange rate risks by using derivative instruments. The Company does not seek to engage in trading activities or take speculative positions with any financial instrument arrangement. The Company has entered into natural gas derivative instruments and foreign currency derivative instruments with counterparties it views as creditworthy. However, the Company does attempt to mitigate its counterparty credit risk exposures by, among other things, entering into master netting agreements with some of these counterparties. The Company records derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets.
Derivatives qualify for treatment as hedges when there is a high correlation between the change in fair value of the derivative instrument and the related change in value of the underlying hedged item. Depending on the exposure being hedged, the Company must designate the hedging instrument as a fair value hedge, a cash flow hedge or a net investment in foreign operations hedge. For the qualifying derivative instruments that have been designated as hedges, the effective portion of the change in fair value is recognized through earnings when the underlying transaction being hedged affects earnings, allowing a derivative’s gains and losses to offset related results from the hedged item in the statements of operations. Any ineffectiveness related to these hedges was not material for any of the periods presented. For derivative instruments that have not been designated as hedges, the entire change in fair value is recorded through earnings in the period of change.

Natural Gas Derivative Instruments
Natural gas is consumed at several of the Company’s production facilities, and a change in natural gas prices impacts the Company’s operating margin. The Company’s objective is to reduce the earnings and cash flow impacts of changes in market prices of natural gas by fixing the purchase price of up to 90% of its forecasted natural gas usage. It is the Company’s policy to consider hedging portions of its natural gas usage up to 36 months in advance of the forecasted purchase. As of December 31, 2017, the Company had entered into natural gas derivative instruments to hedge a portion of its natural gas purchase requirements through December 1, 2019. As of December 31, 2017 and 2016, the Company had agreements in place to hedge forecasted natural gas purchases of 2.6 million and 2.3 million MMBtus, respectively. All natural gas derivative instruments held by the Company as of December 31, 2017 and 2016, qualified and were designated as cash flow hedges. As of December 31, 2017, the Company expects to reclassify from accumulated other comprehensive loss to earnings during the next twelve months $1.0 million of net losses on derivative instruments related to its natural gas hedges.
 Foreign Currency Swaps not Designated as Hedges
In conjunction with the acquisition of Produquímica, the Company assumed U.S. dollar-denominated debt which was previously held by Produquímica. Prior to the acquisition, Produquímica entered into foreign currency swap agreements whereby Produquímica agreed to swap interest and principal payments on the loans denominated in U.S. dollars for principal and interest payments denominated in Brazilian reais, Produquímica’s functional currency. The objective of the swap agreements was to mitigate the foreign currency fluctuation risk related to holding debt denominated in a currency other than Produquímica’s functional currency. None of the swap agreements relating to the debt assumed in conjunction with the acquisition of Produquímica were designated as hedges.
As of December 31, 2016, the Company had swap agreements in place to economically hedge $119.6 million of loans denominated in currencies other than Produquímica’s functional currency. These swap agreements were all settled as of December 31, 2017. During the twelve months ended December 31, 2017 and 2016, the Company recognized losses of $9.7 million and $0.1 million, respectively, in its consolidated statement of operations for the change in fair value of the swap agreements not designated as hedges.

Foreign Currency Swaps Designated as Hedges
In September 2017, the Company entered into new U.S. dollar-denominated debt instruments to provide funds for its operations in Brazil (see Note 9 for more information). Concurrently, the Company entered into new foreign currency swap agreements whereby the Company agreed to swap interest and principal payments on loans denominated in U.S. dollars for principal and interest payments denominated in Brazilian reais, Produquímica’s functional currency. The objective of the swap agreements is to mitigate the foreign currency fluctuation risk related to holding debt denominated in a currency other than Produquímica’s functional currency. As of December 31, 2017, the Company had swap agreements in place to hedge $33.1 million of loans denominated currencies other than Produquímica’s functional currency. Payments on these loans are due on various dates extending through September 2019. As of December 31, 2017, these foreign currency swap derivative instruments qualified and were designated as cash flow hedges. As of December 31, 2017, the Company expects to reclassify from accumulated other comprehensive loss to earnings during the next twelve months $0.9 million of net gains on derivative instruments related to its foreign currency swap agreements.
The following tables present the fair value of the Company’s derivatives as of December 31, 2017, and 2016 (in millions):
 
 
Asset Derivatives
 
Liability Derivatives
Derivatives designated as hedging instruments:
 
Balance Sheet Location
 
December 31, 2017
 
Balance Sheet Location
 
December 31, 2017
Commodity contracts
 
Other current assets
 
$
—

 
Accrued expenses
 
$
1.0

Commodity contracts
 
Other assets
 
—

 
Other noncurrent liabilities
 
0.4

Swap contracts
 
Other current assets
 
0.9

 
Accrued expenses
 
—

Swap contracts
 
Other assets
 
0.4

 
Other noncurrent liabilities
 
—

Total derivatives designated as hedging instruments(a)(b)
 
 
 
$
1.3

 
 
 
$
1.4


(a)
The Company has master netting agreements with its commodity hedge counterparties and accordingly has netted in its Consolidated Balance Sheets less than $0.1 million of its commodity contracts that are in a receivable position against its contracts in payable positions.
(b)
The Company has both commodity hedge and foreign currency swap agreements with two counterparties each. Amounts recorded as liabilities for the Company’s commodity contracts are payable to both counterparties, and amounts recorded as assets for the Company’s swap contracts are receivable from both counterparties. 

 
 
Asset Derivatives
 
Liability Derivatives
Derivatives designated as hedging instruments:
 
Balance Sheet Location
 
December 31, 2016
 
Balance Sheet Location
 
December 31, 2016
Commodity contracts
 
Other current assets
 
$
1.2

 
Accrued expenses
 
$
0.3

Commodity contracts
 
Other assets
 
0.1

 
Other noncurrent liabilities
 
0.1

Total derivatives designated as hedging instruments(a)
 
 
 
1.3

 
 
 
0.4

 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Swap contracts
 
Other current assets
 
$
—

 
Accrued expenses
 
$
25.8

Swap contracts
 
Other assets
 
—

 
Other noncurrent liabilities
 
—

Total derivatives not designated as hedging instruments
 
 
 
—

 
 
 
25.8

Total derivatives(b)
 
 
 
$
1.3

 
 
 
$
26.2


(a)
The Company has master netting agreements with its commodity hedge counterparties and accordingly has netted in its Consolidated Balance Sheets approximately $0.4 million of its commodity contracts that are in a payable position against its contracts in receivable positions.
(b)
The Company has commodity hedge and foreign currency swap agreements with two and five counterparties, respectively. Amounts recorded as assets for the Company’s commodity contracts are receivable from both counterparties, and amounts recorded as liabilities for the Company’s swap contracts are payable to all five counterparties.

The following tables present activity related to the Company’s other comprehensive income before taxes for the twelve months ended December 31, 2017 and 2016 (in millions):
 
 
  
 
Twelve Months Ended December 31, 2017
Derivatives in Cash Flow Hedging Relationships
 
Location of Gain (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion)
 
Amount of (Gain) Loss Recognized in OCI on Derivative (Effective Portion)
 
Amount of Gain (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion)
Commodity contracts
 
Product cost
 
$
3.0

 
$
(0.6
)
Swap contracts
 
Interest expense
 
(1.9
)
 
1.9

Total
 
 
 
$
1.1

 
$
1.3

 
 
  
 
Twelve Months Ended December 31, 2016
Derivatives in Cash Flow Hedging Relationships
 
Location of Gain (Loss) Reclassified from Accumulated OCI Into Income Effective Portion)
 
Amount of (Gain) Loss Recognized in OCI on Derivative (Effective Portion)
 
Amount of Gain (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion)
Commodity contracts
 
Product cost
 
$
(0.8
)
 
$
(2.7
)
Total
 
 
 
$
(0.8
)
 
$
(2.7
)
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
Contingent Obligations:
The Company was involved in proceedings alleging unfair labor practices at its Cote Blanche, Louisiana, mine. This matter arose out of a labor dispute between the Company and the United Steelworkers Union over the terms of a contract for certain employees at the mine. These employees initiated a strike that began on April 7, 2010, and ended on June 15, 2010. In September 2012, the U.S. National Labor Relations Board (the “NLRB”) issued a decision finding that the Company had committed unfair labor practices in connection with the labor dispute. Under the ruling, the Company is responsible for back pay to affected employees as a result of changes made in union work rules and past practices beginning April 1, 2010. In the fourth quarter of 2013, this ruling was upheld by an appeals court. As of December 31, 2016, the Company had recorded a reserve of $7.4 million in its consolidated financial statements related to expected payments, including interest, required to resolve the dispute.
In March 2017, the Company reached a settlement with the United Steelworkers Union and the NLRB with respect to this matter. Under the terms of the agreement, the Company paid $7.7 million to the affected employees in the second quarter of 2017. As a result of the settlement, the Company recognized an immaterial loss in its consolidated financial statements in 2017.
The Wisconsin Department of Agriculture, Trade and Consumer Protection (“DATCP”) has information indicating that agricultural chemicals are present within the subsurface area of the Company’s Kenosha, Wisconsin plant. The agricultural chemicals were used by previous owners and operators of the site. None of the identified chemicals have been used in association with the Company’s operations since it acquired the property in 2002. DATCP directed the Company to conduct further investigations into the possible presence of agricultural chemicals in soil and ground water at the Kenosha plant. The Company has completed initial on-property investigations and has provided the findings to DATCP. All investigations and mitigation activities to date, and any potential future remediation work, are being conducted under the Wisconsin Agricultural Chemical Cleanup Program (the “ACCP”), which provides for reimbursement of some of the costs. The Company may seek participation by, or cost reimbursement from, other parties responsible for the presence of any agricultural chemicals found in soil and ground water at this site if the Company does not receive an acknowledgment of no further action and is required to conduct further investigation or remedial work that may not be eligible for reimbursement under the ACCP.
The Company conducts business operations in several countries and is subject to various federal and local labor, social security, environmental and tax laws. While the Company believes it complies with such laws, they are complex and subject to interpretation. In addition to the tax assessments discussed in Note 7, the Company’s Brazilian subsidiaries are party to administrative tax proceedings and claims which totaled $18.1 million as of December 31, 2017, and relate primarily to value added tax, state tax (ICMS) and social security tax (PIS and COFINS) assessments. The Company has assessed the likelihood of a loss at less than probable and therefore, has not established a reserve for these matters. The Company also has assumed liabilities for labor-related matters in connection with the acquisition of Produquímica, which are primarily related to compensation, labor benefits and consequential tax claims and totaled $10.5 million as of December 31, 2017. The Company believes the maximum exposure for these other labor matters totaled approximately $41 million as of December 31, 2017.
The Company is also involved in legal and administrative proceedings and claims of various types from the ordinary course of the Company’s business.
Management cannot predict the outcome of legal claims and proceedings with certainty. Nevertheless, management believes that the outcome of legal proceeding and claims, which are pending or known to be threatened, even if determined adversely, will not, individually or in the aggregate, have a material adverse effect on the Company’s results of operations, cash flows or financial position.
Approximately 50% of workforce in the U.S., Canada and the U.K. and approximately 30% of the Company’s global workforce is represented by collective bargaining agreements. Of the Company’s 12 collective bargaining agreements, four will expire in 2018 (representing approximately 16% of the Company’s total workforce and including one for the Company’s largest North American site, which expires on March 31, 2018), five will expire in 2019, one will expire in 2020, one will expire in 2021 and one will expire in 2022. In addition, trade union membership is mandatory in Brazil, where approximately 40% of the Company’s global workforce is located.

Commitments:
Leases: The Company leases certain property and equipment under non-cancelable operating leases for varying periods. The aggregate future minimum annual rentals under lease arrangements as of December 31, 2017 are as follows (in millions):
 
Operating Leases
2018
$
13.1

2019
10.4

2020
5.8

2021
2.2

2022
1.5

Thereafter
5.0

Total
$
38.0



The Company also leases certain property and equipment under capital lease for various periods. The aggregate future minimum annual rentals under these lease arrangements as of December 31, 2017 are as follows (in millions):
 
Capital Leases
2018
$
0.9

2019
0.8

2020
0.9

2021
0.9

2022
0.9

Thereafter
5.2

Total
$
9.6



Rental expense, net of sublease income, was $22.0 million, $20.4 million and $20.7 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Royalties: The Company has various private, state and Canadian provincial leases associated with the salt and specialty potash businesses, most of which are renewable by the Company. Many of these leases provide for a royalty payment to the lessor based on a specific amount per ton of mineral extracted or as a percentage of revenue. Royalty expense related to these leases was $14.5 million, $15.2 million and $14.0 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Performance Bonds: The Company has various salt and other deicing product sales contracts that include performance provisions governing delivery and product quality. These sales contracts either require the Company to maintain performance bonds for stipulated amounts or contain contractual penalty provisions in the event of non-performance. For the three years ended December 31, 2017, the Company has had no material penalties related to these sales contracts. At December 31, 2017, the Company had $128.3 million of outstanding performance bonds, which includes the bonds outstanding for the Company’s tax reassessments, and $9.2 million for bank letter guarantees.

Purchase Commitments: In connection with the operations of the Company’s facilities, the Company purchases utilities, other raw materials and services from third parties under contracts extending, in some cases, for multiple years. Purchases under these contracts are generally based on prevailing market prices. The Company has minimum throughput contracts with some of its depots and warehouses. The purchase commitments for these contracts are estimated to be $28.4 million for 2018, $11.4 million in 2019, $10.2 million in 2020 and $9.4 million in 2021.
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS
STOCKHOLDERS’ EQUITY AND EQUITY INSTRUMENTS
The Company paid dividends of $2.88 per share in 2017 and currently intends to continue paying quarterly cash dividends. The declaration and payment of future dividends to holders of the Company’s common stock will be at the discretion of the Company’s board of directors and will depend upon many factors, including the Company’s financial condition, earnings, legal requirements, restrictions in its debt agreements (see Note 9) and other factors the Company’s board of directors deems relevant.
Non-employee directors may defer all or a portion of the fees payable for their service into deferred stock units, equivalent to the value of the Company’s common stock. Additionally, as dividends are declared on the Company’s common stock, these deferred stock units are entitled to accrete dividends in the form of additional units based on the stock price on the dividend payment date. Accumulated deferred stock units are distributed in the form of Company common stock at a future specified date or following resignation from the board of directors, based upon the director’s annual election. During the years ended December 31, 2017, 2016 and 2015, members of the board of directors were credited with 17,207, 10,078 and 12,542 deferred stock units, respectively. During the years ended December 31, 2017, 2016 and 2015, 6,668, 12,153 and 31,954 shares of common stock, respectively, were issued from treasury shares for director compensation.

Preferred stock
The Company is authorized to issue up to 10,000,000 shares of preferred stock, of which no shares are currently issued or outstanding. Of those, 200,000 shares of preferred stock were designated as series A junior participating preferred stock in connection with the Company’s now expired rights agreement.

Equity Compensation Awards
In 2005, the Company adopted the 2005 Incentive Award Plan (as amended, the “2005 Plan”), which authorizes the issuance of 3,240,000 shares of Company common stock. In May 2015, the Company’s shareholders approved the 2015 Incentive Award Plan (the “2015 Plan”), which authorizes the issuance of 3,000,000 shares of Company common stock. Since the date the 2015 Plan was approved, the Company ceased issuing equity awards under the 2005 Plan. The 2005 Plan and 2015 Plan allow for grants of equity awards to executive officers, other employees and directors, including shares of common stock, restricted stock units (“RSUs”), performance stock units (“PSUs”), stock options and deferred stock units. The grants occur following approval by the compensation committee of the Company’s board of directors, with the amount and terms communicated to employees shortly thereafter. 

Options
Substantially all stock options granted under the 2005 Plan and 2015 Plan vest ratably, in tranches, over a four-year service period. Unexercised options expire after 7 years. Options do not have dividend or voting rights. Upon vesting, each option can be exercised to purchase one share of the Company’s common stock. The exercise price of options is equal to the closing stock price on the day of grant.
To estimate the fair value of options on the grant date, the Company uses the Black-Scholes option valuation model. Award recipients are grouped according to expected exercise behavior. Unless better information is available to estimate the expected term of the options, the estimate is based on historical exercise experience. The risk-free rate, using U.S. Treasury yield curves in effect at the time of grant, is selected based on the expected term of each group. The Company’s historical stock price is used to estimate expected volatility. The weighted average assumptions and fair values for options granted for each of the years ended December 31 is included in the following table.
 
 
2017
 
2016
 
2015
Fair value of options granted
 
$
9.54

 
$
10.17

 
$
14.78

Expected term (years)
 
4.5

 
4.5

 
4.8

Expected volatility
 
23.2
%
 
24.4
%
 
24.9
%
Dividend yield
 
3.5
%
 
3.3
%
 
3.1
%
Risk-free interest rates
 
1.8
%
 
1.2
%
 
1.6
%


RSUs
Substantially all of the RSUs granted under both the 2005 Plan and 2015 Plan vest after three years of service entitling the holders to one share of common stock for each vested RSU. The unvested RSUs do not have voting rights but are entitled to receive non-forfeitable dividends (generally after a performance hurdle has been satisfied for the year of the grant) or other distributions that may be declared on the Company’s common stock equal to the per-share dividend declared. The closing stock price on the day of grant is used to determine the fair value of RSUs.

PSUs
Substantially all of the PSUs granted under both the 2005 Plan and 2015 Plan are either total shareholder return PSUs (the “TSR PSUs”) or return on invested capital PSUs (the “ROIC PSUs”). The actual number of shares of common stock that may be earned with respect to TSR PSUs is calculated by comparing the Company’s total shareholder return to the total shareholder return for each company comprising the Russell 3000 Index over the three-year performance period and may range from 0% to 150% of the target number of shares based upon the attainment of these performance conditions. The actual number of shares of common stock that may be earned with respect to ROIC PSUs is calculated based on the average of the Company’s annual return on invested capital for each year in the three-year performance period and may range from 0% to 200% of the target number of shares based upon the attainment of these performance conditions.
ROIC PSUs granted in 2017 have a three-year performance period that begins in 2017 and ends in 2019. TSR PSUs granted in 2017 have a three-year performance period that begins on the grant date and ends on the third anniversary following the grant date. Both types of PSUs granted in 2017 vest three years from the grant date. PSUs represent a target number of shares of Company common stock that may be earned before adjustment based upon the attainment of certain performance conditions. Holders of PSUs are entitled to receive non-forfeitable dividends or other distributions equal to those declared on the Company’s common stock for PSUs that are earned, which are paid when the shares underlying the PSUs are issued.
To estimate the fair value of the TSR PSUs on the grant date, the Company uses a Monte-Carlo simulation model, which simulates future stock prices of the Company as well as the companies comprising the Russell 3000 Index. This model uses historical stock prices to estimate expected volatility and the Company’s correlation to the Russell 3000 Index. The risk-free rate was determined using the same methodology as the option valuations as discussed above. The Company’s closing stock price on the grant date was used to estimate the fair value of the ROIC PSUs. The Company will adjust the expense of the ROIC PSUs based upon its estimate of the number of shares that will ultimately vest at each interim date during the three-year vesting period.
The following is a summary of the Company’s stock option, RSU and PSU activity and related information for the following periods:
 
 
Stock Options
 
RSUs
 
PSUs
 
 
Number
 
Weighted-average exercise price
 
Number
 
Weighted-average fair value
 
Number
 
Weighted-average fair value
Outstanding at
December 31, 2014
 
278,429

 
$
79.23

 
88,532

 
$
76.58

 
59,627

 
$
88.69

Granted
 
120,956

 
91.76

 
21,317

 
90.94

 
35,584

 
100.49

Exercised(a)
 
(33,906
)
 
72.53

 
—

 
—

 
—

 
—

Released from restriction(a)
 
—

 
—

 
(15,952
)
 
71.69

 
(10,454
)
 
74.49

Cancelled/Expired
 
(12,392
)
 
84.71

 
(2,889
)
 
81.43

 
(7,392
)
 
82.46

Outstanding at
December 31, 2015
 
353,087

 
$
83.94

 
91,008

 
$
80.65

 
77,365

 
$
96.63

Granted
 
157,887

 
70.48

 
34,975

 
72.06

 
43,902

 
73.86

Exercised(a)
 
(11,377
)
 
62.50

 
—

 
—

 
—

 
—

Released from restriction(a)
 
—

 
—

 
(53,983
)
 
75.18

 
(10,258
)
 
78.49

Cancelled/Expired(b)
 
(56,842
)
 
80.95

 
(8,220
)
 
83.16

 
(21,998
)
 
88.79

Outstanding at
December 31, 2016
 
442,755

 
$
80.07

 
63,780

 
$
80.25

 
89,011

 
$
89.43

Granted
 
227,351

 
68.00

 
34,635

 
68.00

 
58,878

 
73.08

Exercised(a)
 
(3,366
)
 
76.03

 
—

 
—

 
—

 
—

Released from restriction(a)
 
—

 
—

 
(15,806
)
 
84.77

 
(12,946
)
 
105.77

Cancelled/Expired(b)
 
(103,863
)
 
76.44

 
(11,753
)
 
71.96

 
(22,907
)
 
86.81

Outstanding at
December 31, 2017
 
562,877

 
$
75.89

 
70,856

 
$
74.63

 
112,036

 
$
79.48


(a)
Common stock issued for exercised options, vested RSUs and vested and earned PSUs were issued from treasury shares.
(b)
The performance period for the 2015 PSU grant was completed in 2017. The Company does not expect to issue any shares in March 2018 when the 2015 PSU grant vests.

As of December 31, 2016, there were 442,755 options outstanding of which 178,751 were exercisable. The following table summarizes information about options outstanding and exercisable at December 31, 2017.
 
 
Options Outstanding
 
Options Exercisable
Range of exercise prices
 
Options outstanding
 
Weighted-average remaining contractual life (years)
 
Weighted-average exercise price of options outstanding
 
Options exercisable
 
Weighted-average remaining contractual life (years)
 
Weighted-average exercise price of exercisable options
$68.00 - $69.24
 
195,232

 
6.3
 
$
68.00

 
—

 
—

 
$
—

$69.25 - $71.09
 
120,117

 
5.2
 
70.48

 
30,471

 
5.2

 
70.48

$71.10 - $81.73
 
84,605

 
2.0
 
75.63

 
84,605

 
2.0

 
75.63

$81.74 - $89.47
 
79,349

 
2.6
 
87.04

 
62,974

 
2.4

 
87.00

$89.48 - $93.26
 
83,574

 
4.2
 
91.77

 
43,162

 
4.2

 
91.77

Totals
 
562,877

 
4.6
 
$
75.89

 
221,212

 
3.0

 
$
81.31



During the years ended December 31, 2017, 2016 and 2015, the Company recorded compensation expense of $5.0 million, $4.9 million and $6.1 million, respectively, related to its stock-based compensation awards that are expected to vest. No amounts have been capitalized. The fair value of options vested was $1.4 million, $1.3 million and $1.1 million in 2017, 2016 and 2015, respectively.
As of December 31, 2017, unrecorded compensation cost related to non-vested awards of $6.5 million is expected to be recognized from 2018 through 2021, with a weighted average period of 2.1 years.
The intrinsic value of stock options exercised during the twelve months ended December 31, 2017, 2016 and 2015 totaled less than $0.1 million, $0.1 million and $0.6 million, respectively. As of December 31, 2017, the intrinsic value of options outstanding totaled $1.1 million, of which 221,212 options with an intrinsic value of $0.1 million were exercisable. The number of shares held in treasury is sufficient to cover all outstanding equity awards as of December 31, 2017.

Accumulated Other Comprehensive Income (Loss)
The Company’s comprehensive income (loss) is comprised of net earnings, net amortization of the unrealized loss of the pension obligation, the change in the unrealized gain (loss) on natural gas and foreign currency cash flow hedges, and foreign currency translation adjustments. The components of and changes in accumulated other comprehensive income (loss) (“AOCI”) for the twelve months ended December 31, 2017 and 2016 are as follows (in millions):
Twelve Months Ended December 31, 2017(a)
 
Gains and (Losses) on Cash Flow Hedges
 
Defined Benefit Pension
 
Foreign Currency
 
Total
Beginning balance
 
$
0.6

 
$
(3.7
)
 
$
(101.8
)
 
$
(104.9
)
Other comprehensive income (loss) before reclassifications
 
(0.6
)
 
(0.4
)
 
28.7

 
27.7

Amounts reclassified from accumulated other comprehensive loss
 
(0.9
)
 
0.2

 
—

 
(0.7
)
Net current period other comprehensive income (loss)
 
(1.5
)
 
(0.2
)
 
28.7

 
27.0

Ending balance
 
$
(0.9
)
 
$
(3.9
)
 
$
(73.1
)
 
$
(77.9
)

(a)
With the exception of the cumulative foreign currency translation adjustment, for which no tax effect is recorded, the changes in the components of accumulated other comprehensive gain (loss) presented in the table are reflected net of applicable income taxes.

Twelve Months Ended December 31, 2016(a)
 
Gains and (Losses) on Cash Flow Hedges
 
Defined Benefit Pension
 
Foreign Currency
 
Total
Beginning balance
 
$
(1.6
)
 
$
(3.8
)
 
$
(102.9
)
 
$
(108.3
)
Other comprehensive income (loss) before reclassifications
 
0.5

 
(0.1
)
 
1.1

 
1.5

Amounts reclassified from accumulated other comprehensive loss
 
1.7

 
0.2

 
—

 
1.9

Net current period other comprehensive income
 
2.2

 
0.1

 
1.1

 
3.4

Ending balance
 
$
0.6

 
$
(3.7
)
 
$
(101.8
)
 
$
(104.9
)

(a)
With the exception of the cumulative foreign currency translation adjustment, for which no tax effect is recorded, the changes in the components of accumulated other comprehensive gain (loss) presented in the table are reflected net of applicable income taxes.

Twelve Months Ended December 31, 2017
 
Amount Reclassified from AOCI
 
Line Item Impacted in the Consolidated Statement of Operations
Gains and (losses) on cash flow hedges:
 
 
 
   
Natural gas instruments
 
$
0.6

 
Product cost
Foreign currency swaps
 
(1.9
)
 
Interest expense
Income tax expense (benefit)
 
0.4

 
 
 
 
(0.9
)
 
  
Amortization of defined benefit pension:
 
 

 
   
Amortization of loss
 
$
0.3

 
Product cost
Income tax expense (benefit)
 
(0.1
)
 
 
 
 
0.2

 
  
Total reclassifications, net of income taxes
 
$
(0.7
)
 
  
Twelve Months Ended December 31, 2016
 
Amount Reclassified from AOCI
 
Line Item Impacted in the Consolidated Statement of Operations
Gains and (losses) on cash flow hedges:
 
 
 
   
Natural gas instruments
 
$
(2.7
)
 
Product cost
Income tax expense (benefit)
 
1.0

 
 
 
 
(1.7
)
 
  
Amortization of defined benefit pension:
 
 

 
   
Amortization of loss
 
$
0.3

 
Product cost
Income tax expense (benefit)
 
(0.1
)
 
 
 
 
0.2

 
  
Total reclassifications, net of income taxes
 
$
(1.5
)
 
  
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS
As required, the Company’s financial instruments are measured and reported at their estimated fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction. When available, the Company uses quoted prices in active markets to determine the fair values for its financial instruments (Level 1 inputs), or absent quoted market prices, observable market-corroborated inputs over the term of the financial instruments (Level 2 inputs). The Company does not have any unobservable inputs that are not corroborated by market inputs (Level 3 inputs) except as stated in Notes 3 and 8.
The Company holds marketable securities associated with its Savings Plans, which are valued based on readily available quoted market prices. The Company also holds short-term investments which are classified as trading securities with any gains or losses recognized through earnings. The Company utilizes derivative instruments to manage its risk of changes in natural gas prices and its risk of changes in foreign currency exchange rates (see Note 10). The fair value of the natural gas derivative instruments and the foreign currency swaps are determined using market data of forward prices for all of the Company’s contracts. 
The estimated fair values for each type of instrument are presented below (in millions).
 
 
December 31, 2017
 
Level One
 
Level Two
 
Level Three
Asset Class:
 
 
 
 
 
 
 
 
Mutual fund investments in a non-qualified savings plan(a)
 
$
2.2

 
$
2.2

 
$
—

 
$
—

Derivatives - foreign currency swaps, net
 
1.3

 
—

 
1.3

 
—

Total Assets
 
$
3.5

 
$
2.2

 
$
1.3

 
$
—

Liability Class:
 
 

 
 

 
 

 
 

Liabilities related to non-qualified savings plan
 
$
(2.2
)
 
$
(2.2
)
 
$
—

 
$
—

Derivatives - natural gas instruments
 
(1.4
)
 
—

 
(1.4
)
 
—

Total Liabilities
 
$
(3.6
)
 
$
(2.2
)
 
$
(1.4
)
 
$
—


(a)
Includes mutual fund investments of approximately 30% in the common stock of large-cap U.S. companies, 15% in the common stock of small to mid-cap U.S. companies, 5% in the common stock of international companies, 10% in bond funds, 20% in short-term investments and 20% in blended funds.
 
 
December 31, 2016
 
Level One
 
Level Two
 
Level Three
Asset Class:
 
 
 
 
 
 
 
 
Mutual fund investments in a non-qualified savings plan(a)
 
$
1.8

 
$
1.8

 
$
—

 
$
—

Derivatives - natural gas instruments
 
0.9

 
—

 
0.9

 
—

Trading securities
 
1.8

 
—

 
1.8

 
—

Total Assets
 
$
4.5

 
$
1.8

 
$
2.7

 
$
—

Liability Class:
 
 

 
 

 
 

 
 

Liabilities related to non-qualified savings plan
 
$
(1.8
)
 
$
(1.8
)
 
$
—

 
$
—

Derivatives - foreign currency swaps
 
(25.8
)
 
—

 
(25.8
)
 
—

Total Liabilities
 
$
(27.6
)
 
$
(1.8
)
 
$
(25.8
)
 
$
—


(a)
Includes mutual fund investments of approximately 25% in the common stock of large-cap U.S. companies, 10% in the common stock of small to mid-cap U.S. companies, 5% in the common stock of international companies, 5% in bond funds, 40% in short-term investments and 15% in blended funds.

Cash and cash equivalents, accounts receivable (net of reserve for bad debts) and payables are carried at cost, which approximates fair value due to their liquid and short-term nature. The Company’s investments related to its nonqualified retirement plan of $2.2 million and $1.8 million as of December 31, 2017 and 2016, respectively, are stated at fair value based on quoted market prices. As of December 31, 2017 and 2016, the estimated fair value of the fixed-rate 4.875% Notes, based on available trading information (Level 2), totaled $246.9 million and $236.3 million, respectively, compared with the aggregate principal amount at maturity of $250.0 million. The fair value at December 31, 2017 and 2016 of amounts outstanding under the Credit Agreement, based upon available bid information received from the Company’s lender (Level 2), totaled approximately $989.5 million and $940.5 million, respectively, compared with the aggregate principal amount at maturity of $1.01 billion and $951.3 million, respectively.
OPERATING SEGMENTS
OPERATING SEGMENTS
OPERATING SEGMENTS
The Company’s reportable segments are strategic business units that offer different products and services, and each business requires different technology and marketing strategies. The Company has three reportable segments: Salt, Plant Nutrition North America and Plant Nutrition South America. The Salt segment produces and markets salt and magnesium chloride for use in road deicing and dust control, food processing, water softeners and agricultural and industrial applications. SOP crop nutrients, industrial-grade SOP, micronutrients and magnesium chloride for agricultural purposes are produced and marketed through the Plant Nutrition North America segment. In October 2016, the Company acquired Produquímica, which operates two primary businesses in Brazil – agricultural productivity and chemical solutions. See Note 3 for a further discussion of the acquisition. The agricultural productivity division manufactures and distributes a broad offering of specialty plant nutrition solution-based products that are used in direct soil and foliar applications, as well as through irrigation systems and for seed treatment. Produquímica also manufactures and markets specialty chemicals for the industrial chemical industry. The Company’s Plant Nutrition South America segment represents the results of the acquired business.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies.  All intersegment sales prices are market-based. The Company evaluates performance based on the operating earnings of the respective segments.
Segment information as of and for the years ended December 31, is as follows (in millions):
2017
 
Salt
 
Plant Nutrition North America
 
Plant Nutrition South America
 
Corporate& Other(a)
 
Total
Sales to external customers
 
$
769.2

 
$
210.0

 
$
375.0

 
$
10.2

 
$
1,364.4

Intersegment sales
 
—

 
6.5

 
—

 
(6.5
)
 
—

Shipping and handling cost
 
220.6

 
28.1

 
18.8

 
—

 
267.5

Operating earnings (loss)(b)
 
138.0

 
27.7

 
49.1

 
(55.6
)
 
159.2

Depreciation, depletion and amortization
 
55.0

 
36.9

 
22.6

 
7.7

 
122.2

Total assets
 
1,030.6

 
601.1

 
808.0

 
131.3

 
2,571.0

Capital expenditures 
 
65.8

 
31.9

 
11.3

 
5.1

 
114.1


2016
 
Salt
 
Plant Nutrition North America
 
Plant Nutrition South America
 
Corporate& Other(a)
 
Total
Sales to external customers
 
$
811.9

 
$
203.0

 
$
113.5

 
$
9.6

 
$
1,138.0

Intersegment sales
 
—

 
5.2

 
—

 
(5.2
)
 
—

Shipping and handling cost
 
214.5

 
25.0

 
5.4

 
—

 
244.9

Operating earnings (loss)
 
200.6

 
21.1

 
7.4

 
(54.5
)
 
174.6

Depreciation, depletion and amortization
 
46.7

 
33.4

 
5.0

 
5.2

 
90.3

Total assets
 
980.3

 
592.3

 
844.9

 
49.0

 
2,466.5

Capital expenditures 
 
103.4

 
63.6

 
2.1

 
13.1

 
182.2

 

2015
 
Salt
 
Plant Nutrition North America
 
Plant Nutrition South America
 
Corporate& Other(a)
 
Total
Sales to external customers
 
$
849.0

 
$
238.4

 
$
—

 
$
11.3

 
$
1,098.7

Intersegment sales
 
0.1

 
7.7

 
—

 
(7.8
)
 
—

Shipping and handling cost
 
239.1

 
22.4

 
—

 
—

 
261.5

Operating earnings (loss)
 
215.2

 
57.9

 
—

 
(51.7
)
 
221.4

Depreciation, depletion and amortization
 
43.9

 
29.8

 
—

 
4.6

 
78.3

Total assets(c)
 
896.5

 
679.7

 
—

 
48.6

 
1,624.8

Capital expenditures 
 
106.5

 
92.8

 
—

 
18.3

 
217.6


(a)
Corporate and Other includes corporate entities, records management operations and other incidental operations and eliminations. Operating earnings (loss) for corporate and other includes indirect corporate overhead including costs for general corporate governance and oversight, as well as costs for the human resources, information technology and finance functions. 
(b)
In 2017, operating results include $4.3 million of restructuring charges.
(c)
In 2015, the Company’s equity investment in Produquímica is included in total assets for its Plant Nutrition North America segment.

Financial information relating to the Company’s operations by geographic area for the years ended December 31 is as follows (in millions):
Sales
 
2017
 
2016
 
2015
United States(a)
 
$
718.0

 
$
762.6

 
$
834.6

Canada
 
217.7

 
212.5

 
198.4

Brazil
 
362.1

 
111.7

 
—

United Kingdom
 
43.3

 
40.6

 
56.8

Other
 
23.3

 
10.6

 
8.9

Total sales
 
$
1,364.4

 
$
1,138.0

 
$
1,098.7

 
(a)
United States sales exclude product sold to foreign customers at U.S. ports.

Financial information relating to the Company’s long-lived assets, including deferred financing costs and other long-lived assets but excluding the investments related to the nonqualified retirement plan and pension plan assets, by geographic area as of December 31 (in millions):
Long-Lived Assets
 
2017
 
2016
 
2015
United States
 
$
618.5

 
$
568.5

 
$
498.0

Canada
 
515.9

 
461.5

 
394.3

United Kingdom
 
69.9

 
66.8

 
95.7

Brazil
 
618.4

 
645.8

 
116.4

Other
 
6.5

 
6.5

 
6.5

Total long-lived assets
 
$
1,829.2

 
$
1,749.1

 
$
1,110.9

EARNINGS PER SHARE
EARNINGS PER SHARE
EARNINGS PER SHARE
The two-class method requires allocating the Company’s net earnings to both common shares and participating securities. The following table sets forth the computation of basic and diluted earnings per common share (in millions, except for share and per share data):
Year ended December 31,
 
2017
 
2016
 
2015
Numerator:
 
 
 
 
 
 
Net earnings
 
$
42.7

 
$
162.7

 
$
159.2

Less: Net earnings allocated to participating securities(a)
 
(0.5
)
 
(0.8
)
 
(1.0
)
Net earnings available to common shareholders
 
$
42.2

 
$
161.9

 
$
158.2

Denominator (in thousands):
 
 

 
 

 
 

Weighted average common shares outstanding, shares for basic earnings per share(b)
 
33,819

 
33,776

 
33,677

Weighted average equity awards outstanding
 
1

 
4

 
15

Shares for diluted earnings per share
 
33,820

 
33,780

 
33,692

Net earnings per common share, basic
 
$
1.25

 
$
4.79

 
$
4.70

Net earnings per common share, diluted
 
$
1.25

 
$
4.79

 
$
4.69


(a)
Participating securities include PSUs and RSUs that receive non-forfeitable dividends. Net earnings were allocated to participating securities of 166,000, 164,000 and 198,000 for 2017, 2016 and 2015, respectively.
(b)
For the calculation of diluted earnings per share, the Company uses the more dilutive of either the treasury stock method or the two-class method to determine the weighted average number of outstanding common shares. In addition, the Company had 640,000, 509,000 and 432,000 weighted options outstanding for 2017, 2016 and 2015, respectively, which were anti-dilutive and therefore not included in the diluted earnings per share calculation.
QUARTERLY RESULTS (Unaudited)
QUARTERLY RESULTS (Unaudited)
QUARTERLY RESULTS (Unaudited) (in millions, except share and per share data)
Quarter
 
First
 
Second
 
Third
 
Fourth
2017
 
 
 
 
 
 
 
 
Sales
 
$
387.8

 
$
228.0

 
$
290.7

 
$
457.9

Gross profit
 
81.6

 
44.9

 
76.1

 
124.0

Net earnings (loss)(a)
 
21.5

 
(6.4
)
 
32.0

 
(4.4
)
Net earnings (loss) per share, basic(a)
 
0.63

 
(0.19
)
 
0.94

 
(0.13
)
Net earnings (loss) per share, diluted(a)
 
0.63

 
(0.19
)
 
0.94

 
(0.13
)
Basic weighted-average shares outstanding (in thousands)
 
33,802

 
33,823

 
33,825

 
33,828

Diluted weighted-average shares outstanding (in thousands)
 
33,803

 
33,823

 
33,825

 
33,828

2016
 
 
 
 
 
 
 
 
Sales
 
$
345.7

 
$
169.5

 
$
179.6

 
$
443.2

Gross profit
 
102.6

 
41.3

 
45.2

 
110.4

Net earnings(b)
 
49.7

 
6.3

 
9.1

 
97.6

Net earnings per share, basic(b)
 
1.47

 
0.18

 
0.27

 
2.88

Net earnings per share, diluted (b)
 
1.46

 
0.18

 
0.27

 
2.87

Basic weighted-average shares outstanding (in thousands)
 
33,746

 
33,784

 
33,786

 
33,788

Diluted weighted-average shares outstanding (in thousands)
 
33,748

 
33,787

 
33,789

 
33,793


(a)
In connection with U.S. tax reform, the Company recorded a net charge of $46.8 million during the fourth quarter of 2017. The Company released $18 million and $7 million in the third and fourth quarters of 2017, respectively, related to Brazilian valuation allowances that were acquired in the acquisition of Produquímica. See Note 7 for a discussion of tax-related items that impacted 2017 results.
(b)
In the fourth quarter of 2016, the Company recognized a gain of $59.3 million on the remeasurement of its equity investment as part of the acquisition of the remaining 65% of Produquímica’s equity.
SUBSEQUENT EVENT
SUBSEQUENT EVENT
SUBSEQUENT EVENT
Dividend Declared:
On February 13, 2018, the board of directors declared a quarterly cash dividend of $0.72 per share on the Company’s outstanding common stock, unchanged from the quarterly cash dividends paid in 2017. The dividend will be paid on March 15, 2018, to stockholders of record as of the close of business on March 1, 2018.
Schedule II - Valuation Reserves
Schedule II - Valuation Reserves
Schedule II — Valuation Reserves

Compass Minerals International, Inc.
December 31, 2017, 2016 and 2015
Description (in millions)
 
Balance at the Beginning of the Year
 
Additions (Deductions) Charged to Expense
 
Deductions(1)
 
Balance at the End of the Year
Deducted from Receivables — Allowance for Doubtful Accounts
 
 
 
 
 
 
 
 
2017
 
$
9.0

 
$
3.2

 
$
(1.3
)
 
$
10.9

2016(2)
 
1.3

 
8.0

 
(0.3
)
 
9.0

2015
 
1.4

 
0.6

 
(0.7
)
 
1.3

Deducted from Deferred Income Taxes — Valuation Allowance
 
 

 
 

 
 

 
 

2017
 
$
33.6

 
$
1.1

 
$
(24.5
)
 
$
10.2

2016(3)
 
0.9

 
34.3

 
(1.6
)
 
33.6

2015
 
1.0

 
0.1

 
(0.2
)
 
0.9


(1)
Deduction for purposes for which reserve was created.
(2)
The 2016 additions include $7.4 million related to the acquisition of Produquímica. This amount was not charged to expense.
(3)
The 2016 additions relate to the acquisition of Produquímica. This amount was not charged to expense.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
Management Estimates 
Management Estimates:
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) as included in the Accounting Standards Codification requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Basis of Consolidation 
Basis of Consolidation:
The Company’s consolidated financial statements include the accounts of CMI and its wholly-owned domestic and foreign subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Foreign Currency 
Foreign Currency:
Assets and liabilities are translated into U.S. dollars at end of period exchange rates. Revenues and expenses are translated using the monthly average rates of exchange during the year. Adjustments resulting from the translation of foreign-currency financial statements into the reporting currency, U.S. dollars, are included in accumulated other comprehensive loss.
Revenue Recognition 
Revenue Recognition:
The Company typically recognizes revenue at the time of shipment to the customer, which coincides with the transfer of title and risk of ownership to the customer. Sales represent billings to customers net of sales taxes charged for the sale of the product. Sales include amounts charged to customers for shipping and handling costs, which are expensed when the related product is sold.
Cash and Cash Equivalents 
Cash and Cash Equivalents:
The Company considers all investments with original maturities of three months or less to be cash equivalents. The Company maintains the majority of its cash in bank deposit accounts with several commercial banks with high credit ratings in the U.S., Canada, Brazil and Europe. Typically, the Company has bank deposits in excess of federally insured limits. Currently, the Company does not believe it is exposed to significant credit risk on its cash and cash equivalents.
Accounts Receivable and Allowance for Doubtful Accounts 
Accounts Receivable and Allowance for Doubtful Accounts:
Receivables consist almost entirely of trade accounts receivable. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company determines the allowance based on historical write-off experience by business line and a current assessment of its portfolio, including information regarding individual customers. The Company reviews its past due account balances for collectability and adjusts its allowance for doubtful accounts accordingly. Account balances are charged off against the allowance when the Company believes it is probable that the receivable will not be recovered.
Inventories 
Inventories:
Inventories are stated at the lower of cost or net realizable value. Finished goods and raw material and supply costs are valued using the average cost method. Raw materials and supplies primarily consist of raw materials purchased to aid in the production of mineral and chemical products, maintenance materials and packaging materials. Finished goods are primarily comprised of salt, magnesium chloride, and plant nutrition and chemical products readily available for sale. Substantially all costs associated with the production of finished goods at the Company’s production locations are captured as inventory costs. As required by U.S. GAAP, a portion of the fixed costs at a location are not included in inventory and are expensed as a product cost if production at that location is determined to be abnormally low in any period. Additionally, since the Company’s products are often stored at third-party warehousing locations, the Company includes in the cost of inventory the freight and handling costs necessary to move the product to storage until the product is sold to a customer.
Other Current Assets 
Other Current Assets:
In the fourth quarter of 2015, the Company began marketing certain assets used in farming operations. Management remains committed to sell these assets, and the assets continue to be marketed at a reasonable price. The Company has performed an impairment analysis and concluded that the fair market value of these assets exceeds their carrying value. These assets have been recorded in other current assets in the Consolidated Balance Sheets as of December 31, 2017 and 2016.
Property, Plant and Equipment 
Property, Plant and Equipment:
Property, plant and equipment is stated at cost and includes capitalized interest. The costs of replacements or renewals, which improve or extend the life of existing property, are capitalized. Maintenance and repairs are expensed as incurred. Upon retirement or disposition of an asset, any resulting gain or loss is included in the Company’s operating results.
Property, plant and equipment also includes mineral interests. The mineral interests for the Company’s Winsford U.K. mine are owned. The Company leases probable mineral reserves at its Cote Blanche and Goderich mines, its Ogden facility and several of its other North American facilities. These leases have varying terms, and many provide for a royalty payment to the lessor based on a specific amount per ton of mineral extracted or as a percentage of revenue. The Company’s rights to extract minerals are contractually limited by time. The Cote Blanche mine is operated under land and mineral leases, and the mineral lease expires in 2060 with two additional 25-year renewal periods. The Goderich mine mineral reserve lease expires in 2022 with the Company’s option to renew until 2043 after demonstrating to the lessor that the mine’s useful life is greater than the lease’s term. The Ogden facility mineral reserve lease renews annually. The Company believes it will be able to continue to extend lease agreements as it has in the past, at commercially reasonable terms, without incurring substantial costs or material modifications to the existing lease terms and conditions, and therefore, management believes that assigned lives are appropriate. The Company’s mineral interests are depleted on a units-of-production basis based upon the latest available mineral study. The weighted average amortization period for the leased probable mineral reserves is 92 years as of December 31, 2017. The Company also owns other mineral properties. The weighted average life for the probable owned mineral reserves is 39 years as of December 31, 2017 based upon management’s current production estimates.
Buildings and structures are depreciated on a straight line basis over lives generally ranging from 10 to 30 years. Portable buildings generally have shorter lives than permanent structures. Leasehold and building improvements typically have shorter estimated lives of 5 to 20 years or lower based on the life of the lease to which the improvement relates.
Property, plant and equipment recognized as a result of the full acquisition of Produquímica Indústria e Comércio S.A. (“Produquímica”) (see Note 3) were recorded at fair value as of the acquisition date and are being depreciated based on estimated weighted-average remaining useful lives. The Company’s other fixed assets are amortized on a straight-line basis over their respective lives. The following table summarizes the estimated useful lives of the Company’s different classes of property, plant and equipment:
 
Years
Land improvements
10 to 25
Buildings and structures
10 to 30
Leasehold and building improvements
5 to 40
Machinery and equipment – vehicles
3 to 10
Machinery and equipment – other mining and production
3 to 50
Office furniture and equipment
3 to 10
Mineral interests
20 to 99


The Company has capital leases which are recorded in property, plant and equipment at the beginning of the lease at the lower of the fair value of the leased property or the present value of the minimum lease payments. Lease payments are recorded as interest expense and a reduction of the lease liability. A capital lease asset is depreciated over the lower of its useful life or the lease term.
The Company has capitalized computer software costs of $29.5 million and $33.9 million as of December 31, 2017 and 2016, respectively, recorded in property, plant and equipment. The capitalized costs are being amortized over five years. The Company recorded $4.7 million, $3.1 million and $2.2 million of amortization expense related to capitalized computer software for 2017, 2016 and 2015, respectively.
The Company recognizes and measures obligations related to the retirement of tangible long-lived assets in accordance with applicable U.S. GAAP.  Asset retirement obligations are not material to the Company’s consolidated financial position, results of operations or cash flows.
The Company reviews its long-lived assets and the related mineral reserves for impairment whenever events or changes in circumstances indicate the carrying amounts of such assets may not be recoverable. If an indication of a potential impairment exists, recoverability of the respective assets is determined by comparing the forecasted undiscounted net cash flows of the operation to which the assets relate, to the carrying amount, including associated intangible assets, of such operation. If the operation is determined to be unable to recover the carrying amount of its assets, then intangible assets are written down first, followed by the other long-lived assets of the operation, to fair value. Fair value is determined based on discounted cash flows or appraised values, depending upon the nature of the assets.
Goodwill and Intangible Assets 
Goodwill and Intangible Assets:
The Company amortizes its intangible assets deemed to have finite lives on a straight-line basis over their estimated useful lives which, for the Company, range from 4 to 50 years. The Company reviews goodwill and other indefinite-lived intangible assets annually for impairment. In addition, goodwill and other intangible assets are reviewed when an event or change in circumstances indicates the carrying amounts of such assets may not be recoverable.

Investments 
Investments:
The Company uses the equity method of accounting for equity securities when it has significant influence or when it has more than a minor ownership interest or more than minor influence over an investee’s operations but does not have a controlling financial interest. Initial investments are recorded at cost (including certain transaction costs) and are adjusted by the Company’s share of the investees’ undistributed earnings and losses. The Company may recognize its share of an investee’s earnings on a lag, if an investee’s financial results are not available in a timely manner.
Prior to the full acquisition of Produquímica, which was completed on October 3, 2016, the Company’s initial 35% equity interest in Produquímica was accounted for under the equity method of accounting (see Note 3 for more information). As a result of the full acquisition of Produquímica, the Company now also holds a 50% interest in Fermavi Eletroquímica Ltda. (“Fermavi”), which was previously held by Produquímica. Fermavi, which was founded in 1987, is a Brazilian corporation with headquarters in Varginha, Minas Gerais, Brazil, and its operations focus on the production and sale of manganese-based products. The Company’s investment in Fermavi was recorded at its estimated fair value in conjunction with the preliminary purchase price allocation as of the date the Company completed the full acquisition of Produquímica, which was in excess of the book value of net assets acquired. This basis difference was approximately $17 million and $18 million as of December 31, 2017 and 2016, respectively. The portion of the basis differences related to tangible and intangible assets will be amortized over their remaining useful lives, as appropriate. The Company accounts for its investment in Fermavi under the equity method of accounting.

Marketable Securities 
The marketable securities are classified as trading securities and accordingly, gains and losses are recorded as a component of other expense (income), net in the consolidated statements of operations.
Income Taxes 
Income Taxes:
The Company accounts for income taxes using the liability method in accordance with the provisions of U.S. GAAP. Under the liability method, deferred taxes are determined based on the differences between the financial statement and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company’s foreign subsidiaries file separate company returns in their respective jurisdictions.
The Company recognizes potential liabilities in accordance with applicable U.S. GAAP for anticipated tax issues in the U.S. and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are no longer necessary. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result. Any penalties and interest that are accrued on the Company’s uncertain tax positions are included as a component of income tax expense.
In evaluating the Company’s ability to realize deferred tax assets, the Company considers the sources and timing of taxable income, including the reversal of existing temporary differences, the ability to carryback tax attributes to prior periods, qualifying tax-planning strategies, and estimates of future taxable income exclusive of reversing temporary differences. In determining future taxable income, the Company’s assumptions include the amount of pre-tax operating income according to different state, federal and international taxing jurisdictions, the origination of future temporary differences, and the implementation of feasible and prudent tax-planning strategies.
If the Company determines that a portion of its deferred tax assets will not be realized, a valuation allowance is recorded in the period that such determination is made. In the future, if the Company determines, based on the existence of sufficient evidence, that more or less of the deferred tax assets are more likely than not to be realized, an adjustment to the valuation allowance will be made in the period such a determination is made.
Environmental Costs 
Environmental Costs:
Environmental costs, other than those of a capital nature, are accrued at the time the exposure becomes known and costs can be reasonably estimated. Costs are accrued based upon management’s estimates of all direct costs.
Equity Compensation Plans 
Equity Compensation Plans:
The Company has equity compensation plans under the oversight of the Company’s board of directors, whereby stock options, restricted stock units, performance stock units, deferred stock units and shares of common stock are granted to the Company’s employees and directors.
Earnings per Share 
Earnings per Share:
The Company’s participating securities are accounted for in accordance with guidance related to the computation of earnings per share under the two-class method. The two-class method requires allocating the Company’s net earnings to both common shares and participating securities based upon their rights to receive dividends. Basic earnings per share is computed by dividing net earnings available to common shareholders by the weighted-average number of outstanding common shares during the period.  Diluted earnings per share reflects the potential dilution that could occur under the more dilutive of either the treasury stock method or the two-class method for calculating the weighted-average number of outstanding common shares. The treasury stock method is calculated assuming unrecognized compensation expense, income tax benefits and proceeds from the potential exercise of employee stock options are used to repurchase common stock.
Derivatives 
Derivatives:
The Company is exposed to the impact of fluctuations in foreign exchange and interest rates on its borrowings and fluctuations in the purchase price of natural gas consumed in operations. The Company hedges portions of these risks through the use of derivative agreements.
The Company accounts for derivative financial instruments in accordance with applicable U.S. GAAP, which requires companies to record derivative financial instruments as assets or liabilities measured at fair value. Accounting for the changes in the fair value of a derivative depends on its designation and effectiveness. Derivatives qualify for treatment as hedges when there is a high correlation between the change in fair value of the derivative instrument and the related change in value of the underlying hedged item. For qualifying hedges, the effective portion of the change in fair value is recognized through earnings when the underlying transaction being hedged affects earnings, allowing a derivative’s gains and losses to offset related results from the hedged item in the statements of operations. For derivative instruments that are not accounted for as hedges, or for the ineffective portions of qualifying hedges, the change in fair value is recorded through earnings in the period of change. The Company formally documents, designates and assesses the effectiveness of transactions that receive hedge accounting treatment initially and on an ongoing basis.
Recent Accounting Pronouncements 
Recent Accounting Pronouncements:
In February 2018, the Financial Accounting Standards Board (the “FASB”) issued guidance to address the income tax accounting treatment of the tax effects within other comprehensive income due to the enactment of the Tax Cuts and Jobs Act (the “Act”). This guidance allows entities to elect to reclassify the tax effects of the change in the income tax rates from other comprehensive income to retained earnings. The guidance is effective for periods beginning after December 15, 2018 although early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.
In January 2017, the FASB issued guidance to simplify the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The Company is still evaluating the impact of adopting this guidance.
In August 2016, the FASB issued guidance to clarify how certain cash receipts and payments should be presented and classified in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.
In June 2016, the FASB issued guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, requires a modified retrospective transition method and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.
In March 2016, the FASB issued guidance to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The Company adopted this guidance in the first quarter of 2017 on a prospective basis, and prior periods have not been adjusted. The Company elected the option available under the guidance to continue to estimate the effect of forfeitures in the calculation of share-based payment expense. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.
In February 2016, the FASB issued guidance which requires lessees to recognize on their balance sheet a right-of-use asset which represents a lessee’s right to use the underlying asset. Under this guidance, an entity must also recognize a lease liability which represents a lessee’s obligation to make lease payments for the right to use the asset. In addition, the standard requires expanded qualitative and quantitative disclosures. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and requires a modified retrospective transition method. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.
In July 2015, the FASB issued guidance that requires entities to measure inventory within the scope of the standard at the lower of cost or net realizable value. “Net realizable value” is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company adopted this guidance in the first quarter of 2017. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.
In May 2014, the FASB issued guidance to provide a single, comprehensive revenue recognition model for all contracts with customers. The new revenue recognition model supersedes existing revenue recognition guidance and requires revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration an entity expects to receive in exchange for those goods or services. The guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, and early adoption is permitted. The guidance permits the use of either a full or modified retrospective transition method.
The Company adopted the new revenue recognition guidance effective January 1, 2018 using the modified retrospective transition method, which requires the cumulative effect of adoption, if any, to be recognized as an adjustment to opening retained earnings in the period of adoption. The Company did not identify any material differences in the amount and timing of revenue recognition for its revenue streams. Substantially all of the Company’s revenue will continue to be recognized at a point-in-time when control of the goods transfers to the customer. The adoption of this guidance will result in expanded disclosures regarding revenue in the Company’s financial statement beginning with the first quarter of 2018. These expanded disclosures will include quantitative and qualitative disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
Estimated useful lives of property, plant and equipment
The following table summarizes the estimated useful lives of the Company’s different classes of property, plant and equipment:
 
Years
Land improvements
10 to 25
Buildings and structures
10 to 30
Leasehold and building improvements
5 to 40
Machinery and equipment – vehicles
3 to 10
Machinery and equipment – other mining and production
3 to 50
Office furniture and equipment
3 to 10
Mineral interests
20 to 99
ACQUISITION (Tables)
Schedule of consideration transferred 
A summary of the acquisition-date fair value of the consideration transferred is presented in the table below:
Fair Value of Consideration Transferred (in millions)
October 3, 2016
Cash paid at closing
$
317.1

Additional cash due at closing
20.6

Fair value of contingent consideration
31.4

Fair value of 35% equity investment
178.7

Total
$
547.8

Schedule of recognized amounts of identifiable assets acquired and liabilities assumed 
Based upon the final purchase price and the updated valuation, the final purchase price allocation is presented in the table below:
Recognized amounts of identifiable assets acquired and liabilities assumed (in millions):
Purchase Price Allocation
Cash and cash equivalents
$
73.8

Accounts receivable
89.4

Inventories
77.1

Other current assets
13.7

Property, plant and equipment
189.4

Intangible assets
81.2

Investment in equity method investee
24.5

Other noncurrent assets
6.9

Accounts payable
(27.1
)
Accrued expenses
(40.3
)
Current portion of long-term debt
(129.6
)
Other current liabilities
(14.0
)
Long-term debt, net of current portion
(62.0
)
Deferred income taxes, net
(66.0
)
Other noncurrent liabilities
(21.9
)
Total identifiable net assets
195.1

Goodwill
352.7

Total fair value of business combination
$
547.8

Schedule of identifiable intangible assets acquired 
The estimated fair values and weighted average amortization period of the identifiable intangible assets are presented in the table below:
 
Estimated Fair Value
(in millions)
Weighted-Average Amortization Period
(in years)
Trade names
$
36.9

11.0
Developed technology
37.5

5.3
Customer relationships
6.8

13.5
Total identifiable intangible assets
$
81.2

8.6
Schedule of unaudited combined pro forma results of operations 
The following table presents the combined unaudited pro forma results for the full years ended December 31, 2016 and 2015. The pro forma financial information combines the historical results of operations for Produquímica and Compass Minerals as though the acquisition occurred on January 1, 2015. The pro forma information does not purport to represent the actual results of operations that Produquímica and Compass Minerals would have achieved had the companies been combined during the periods presented nor is the information intended to project the future results of operations. Certain adjustments to Produquímica’s historical results have been made to conform to U.S. GAAP, and amounts have been translated to U.S. dollars.
 
Twelve Months Ended,
Unaudited Combined Pro Forma Results of Operations (in millions)
December 31, 2016
December 31, 2015
Revenues
$
1,381.3

$
1,421.3

Net earnings
$
108.1

$
128.0

INVENTORIES (Tables)
Inventories
Inventories consist of the following at December 31 (in millions):
 
 
2017
 
2016
Finished goods
 
$
208.4

 
$
206.1

Raw materials and supplies
 
81.5

 
74.5

Total inventories
 
$
289.9

 
$
280.6

PROPERTY, PLANT AND EQUIPMENT (Tables)
Property, plant and equipment
Property, plant and equipment consists of the following at December 31 (in millions):
 
 
2017
 
2016
Land, buildings and structures and leasehold improvements
 
$
552.5

 
$
480.1

Machinery and equipment
 
942.3

 
848.2

Office furniture and equipment
 
53.1

 
28.3

Mineral interests
 
173.1

 
168.5

Construction in progress
 
213.4

 
243.6

 
 
1,934.4

 
1,768.7

Less accumulated depreciation and depletion
 
(796.3
)
 
(676.4
)
Property, plant and equipment, net
 
$
1,138.1

 
$
1,092.3

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
Schedule of finite-lived intangible assets 
The asset value and accumulated amortization as of December 31, 2017 and 2016 for the finite-lived intangibles assets are as follows (in millions):
 
Supply Agreement
SOP Production Rights
Customer/Distributor Relationships
Lease Rights
Trade Names
Developed Technologies
Patents
Other
Total
December 31, 2017
 
 
 
 
 
 
 
 
 
Gross intangible asset
$
28.9

$
24.3

$
14.1

$
1.8

$
43.3

$
39.3

$
16.5

$
1.4

$
169.6

Accumulated amortization
(4.0
)
(13.7
)
(4.3
)
(0.4
)
(4.8
)
(11.0
)
(5.5
)
(0.6
)
(44.3
)
Net intangible assets
$
24.9

$
10.6

$
9.8

$
1.4

$
38.5

$
28.3

$
11.0

$
0.8

$
125.3


 
Supply Agreement
SOP Production Rights
Customer/Distributor Relationships
Lease Rights
Trade Names
Developed Technologies
Patents
Other
Total
December 31, 2016
 
 
 
 
 
 
 
 
 
Gross intangible asset
$
27.0

$
24.3

$
13.8

$
1.7

$
43.6

$
38.9

$
15.4

$
2.2

$
166.9

Accumulated amortization
(3.2
)
(12.7
)
(3.0
)
(0.3
)
(0.8
)
(3.2
)
(3.7
)
(0.7
)
(27.6
)
Net intangible assets
$
23.8

$
11.6

$
10.8

$
1.4

$
42.8

$
35.7

$
11.7

$
1.5

$
139.3

 

Estimated lives of intangible assets 
The estimated lives of the Company’s finite-lived intangible assets are as follows:
Intangible asset
Estimated Lives
Supply agreement
50 years
SOP production rights
25 years
Patents
10-20 years
Developed technology
4-7 years
Lease rights
25 years
Customer and distributor relationships
10-14 years
Trademarks
10 years
Noncompete agreements
5 years
Trade names
10-11 years
INCOME TAXES (Tables)
Income tax provision (benefit) related to earnings 
The following table summarizes the Company’s income tax provision related to earnings for the years ended December 31 (in millions):
 
 
2017
 
2016
 
2015
Current:
 
 
 
 
 
 
Federal
 
$
0.5

 
$
27.6

 
$
31.7

State
 
(9.8
)
 
6.7

 
7.3

Foreign
 
85.8

 
11.6

 
16.4

Total current
 
76.5

 
45.9

 
55.4

Deferred:
 
 

 
 

 
 

Federal
 
(4.4
)
 
(2.8
)
 
(0.2
)
State
 
(0.5
)
 
(0.7
)
 
—

Foreign
 
(11.6
)
 
(7.8
)
 
0.1

Total deferred
 
(16.5
)
 
(11.3
)
 
(0.1
)
Total provision for income taxes
 
$
60.0

 
$
34.6

 
$
55.3

Income tax expense reconciliation 
The following table summarizes components of earnings before taxes and shows the tax effects of significant adjustments from the expected tax expense computed at the federal statutory rate for the years ended December 31 (in millions):
 
 
2017
 
2016
 
2015
Domestic (loss) income
 
$
(41.2
)
 
$
123.6

 
$
170.6

Foreign income
 
143.9

 
73.7

 
43.9

Earnings before income taxes
 
$
102.7

 
$
197.3

 
$
214.5

Computed tax at the U.S. federal statutory rate of 32.7% in 2017 and 35% in 2016 and 2015
 
33.6

 
69.1

 
75.1

Foreign income rate differential, mining, and withholding taxes, net of U.S. federal deduction
 
1.6

 
(1.7
)
 
(1.2
)
Percentage depletion in excess of basis
 
(6.4
)
 
(8.6
)
 
(11.2
)
Other domestic tax reserves, net of reversals
 
—

 
—

 
(4.5
)
Domestic manufacturers deduction
 
—

 
(1.4
)
 
(2.4
)
State income taxes, net of federal income tax benefit
 
0.8

 
3.9

 
5.1

Change in valuation allowance on deferred tax asset
 
(23.9
)
 
(1.4
)
 
—

Interest expense recognition differences
 
(5.6
)
 
(5.9
)
 
(6.1
)
Nontaxable remeasurement gain
 
—

 
(20.2
)
 
—

Tax Cuts and Jobs Act of 2017
 
46.8

 
—

 
—

Transfer pricing settlement with taxing authorities
 
13.8

 
—

 
—

Other, net
 
(0.7
)
 
0.8

 
0.5

Provision for income taxes
 
$
60.0

 
$
34.6

 
$
55.3

Effective tax rate
 
58
%
 
18
%
 
26
%
Significant components of deferred tax assets and liabilities 
The significant components of the Company’s deferred tax assets and liabilities were as follows at December 31 (in millions):
 
 
2017
 
2016
Deferred tax assets:
 
 

 
 

Reluz Nordeste Indústria e Comércio Ltda net operating loss carryforwards
 
$
0.8

 
$
1.2

Produquímica Indústria e Comércio S.A. net operating loss carryforwards
 
12.9

 
—

Other, net
 
8.0

 
0.3

Total deferred tax assets before valuation allowance
 
21.7

 
1.5

Valuation allowance
 
(9.0
)
 
—

Total noncurrent deferred tax assets:
 
$
12.7

 
$
1.5

 
 
 
 
 
Deferred tax assets to be netted with deferred tax liabilities:
 
 
 
 
Net operating loss carryforwards
 
$
2.3

 
$
17.8

Stock-based compensation
 
2.7

 
4.0

Derivatives
 
—

 
8.7

Other, net
 
9.3

 
23.9

Total deferred tax assets before valuation allowance
 
14.3

 
54.4

Valuation allowance
 
(1.2
)
 
(33.6
)
Total deferred tax assets to be netted with deferred tax liabilities
 
13.1

 
20.8

Deferred tax liabilities:
 
 

 
 

Property, plant and equipment
 
98.1

 
101.4

Intangible asset
 
42.0

 
49.0

Other, net
 
—

 
1.2

Total deferred tax liabilities
 
140.1

 
151.6

Net deferred tax liabilities
 
$
127.0

 
$
130.8

Reconciliation of unrecognized tax benefits 
The following table shows a reconciliation of the beginning and ending amount of unrecognized tax benefits (in millions):
 
 
2017
 
2016
 
2015
Unrecognized tax benefits:
 
 
 
 
 
 
Balance at January 1
 
$
20.7

 
$
18.3

 
$
21.8

Additions resulting from current year tax positions
 
1.3

 
0.1

 
1.6

Additions relating to tax positions taken in prior years
 
51.7

 
0.5

 
0.8

Additions relating to current year acquisitions
 
—

 
2.4

 
—

Reductions due to cash payments
 
—

 
—

 
(0.8
)
Reductions due to settlements
 
(4.5
)
 
—

 
—

Reductions relating to tax positions taken in prior years
 
(1.4
)
 
—

 
(2.4
)
Reductions due to expiration of tax years
 
(0.4
)
 
(0.6
)
 
(2.7
)
Balance at December 31
 
$
67.4

 
$
20.7

 
$
18.3

PENSION PLANS AND OTHER BENEFITS (Tables)
Weighted-average asset allocations 
The weighted-average asset allocations by asset category are as follows:
 
 
Plan Assets at December 31,
Asset Category
 
2017
 
2016
Cash and cash equivalents
 
3
%
 
3
%
Blended funds
 
32
%
 
30
%
Bond funds
 
45
%
 
48
%
Insurance policy
 
20
%
 
19
%
Total
 
100
%
 
100
%
Fair value of pension plan assets 
The fair value of the Company’s U.K. pension plan assets at December 31, 2017 and 2016 by asset category (see Note 13 for a discussion regarding fair value measurements) are as follows (in millions):
 
 
Market Value at December 31, 2017
 
Level One
 
Level Two
 
Level Three
Asset category:
 
 
 
 
 
 
 
 
Cash and cash equivalents(a)
 
$
2.2

 
$
2.2

 
$
—

 
$
—

Blended funds(b)
 
22.3

 
—

 
22.3

 
—

Bond funds(c):
 
 

 
 

 
 

 
 

Treasuries
 
31.2

 
—

 
31.2

 
—

Insurance policy(d)
 
13.4

 
—

 
—

 
13.4

Total Pension Assets
 
$
69.1

 
$
2.2

 
$
53.5

 
$
13.4


 
 
Market Value at December 31, 2016
 
Level One
 
Level Two
 
Level Three
Asset category:
 
 
 
 
 
 
 
 
Cash and cash equivalents(a)
 
$
2.0

 
$
2.0

 
$
—

 
$
—

Blended funds(b)
 
18.9

 
—

 
18.9

 
—

Bond funds(c):
 
 

 
 

 
 

 
 

Treasuries
 
29.5

 
—

 
29.5

 
—

Insurance policy(d)
 
11.9

 
—

 
—

 
11.9

Total Pension Assets
 
$
62.3

 
$
2.0

 
$
48.4

 
$
11.9


(a)
The fair value of cash and cash equivalents is its carrying value.
(b)
The Company is invested in a diversified growth fund. The diversified growth fund is valued at the last traded or official close for the underlying equities and bid or mid for the underlying fixed income securities depending on the portfolio benchmark. Where representative prices are unavailable, underlying fixed income investments are valued based on other observable market-based inputs.
(c)
This category includes investments in investment-grade fixed-income instruments and funds linked to U.K. treasury notes. The funds are valued using the bid amounts for each fund. All of the Company’s bond fund pension assets are invested in U.K.-linked treasuries as of December 31, 2017 and 2016.
(d)
The insurance policy has been written by an insurance company with an A+ rating from Standard and Poors. The policy derives its value primarily from its underlying investments which consists of separate funds also managed by the underwriter. The policy’s holdings consist primarily of a unit trust fund, which is valued based on its underlying holdings of equities, fixed income securities, cash and derivative instruments. Those underlying investments are valued at bid price on the last business day of the period when available. Other investments use the last available authorized price of the last business day of the period. Unquoted investments are valued based upon the fund manager’s opinion of fair value based primarily on other observable market-based inputs. Open positions in derivative contracts or foreign currency transactions are included at their mark to market value. Money market instruments are valued based upon amortized cost. Term deposits are valued at their nominal value. 
Changes in level 3 pension plan assets 
The changes in Level 3 U.K. pension plan assets for the year ended December 31, 2017 and 2016 were as follows (in millions):
 
 
Value of Insurance Policy
Beginning balance as of January 1, 2016
 
$
14.6

Unrealized loss
 
(0.4
)
Currency fluctuation adjustment
 
(2.3
)
Ending balance as of December 31, 2016
 
$
11.9

Unrealized gain
 
0.3

Currency fluctuation adjustment
 
1.2

Ending balance as of December 31, 2017
 
$
13.4

Assumptions used in determining pension information 
The assumptions used in determining pension information for the plans for the years ended December 31 were as follows:
 
 
2017
 
2016
 
2015
Discount rate
 
2.80
%
 
3.80
%
 
3.40
%
Expected return on plan assets
 
3.70
%
 
4.50
%
 
4.30
%
Future expected benefit payments 
The Company expects to pay the following benefit payments (in millions):
Calendar Year
Future Expected Benefit Payments
2018
$
2.8

2019
2.9

2020
3.0

2021
3.1

2022
3.1

2023 – 2027
17.3

Pension obligations, plan assets and net funded status 
The following table sets forth pension obligations and plan assets for the Company’s defined benefit plan, as of December 31 (in millions):
 
 
2017
 
2016
Change in benefit obligation:
 
 
 
 
Benefit obligation as of January 1
 
$
61.7

 
$
66.9

Interest cost
 
1.8

 
2.3

Actuarial loss
 
0.2

 
7.3

Benefits paid
 
(2.6
)
 
(3.4
)
Currency fluctuation adjustment
 
5.9

 
(11.4
)
Benefit obligation as of December 31
 
67.0

 
61.7

Change in plan assets:
 
 

 
 

Fair value as of January 1
 
62.3

 
66.9

Actual return
 
2.7

 
8.8

Company contributions
 
0.8

 
1.4

Currency fluctuation adjustment
 
5.9

 
(11.4
)
Benefits paid
 
(2.6
)
 
(3.4
)
Fair value of plan assets as of December 31
 
69.1

 
62.3

Overfunded status of the plan
 
$
2.1

 
$
0.6

Components of net pension expense 
The components of net pension expense were as follows for the years ended December 31 (in millions):
 
 
2017
 
2016
 
2015
Interest cost on projected benefit obligation
 
$
1.8

 
$
2.3

 
$
2.5

Prior service cost
 
(0.1
)
 
(0.1
)
 
(0.1
)
Expected return on plan assets
 
(2.4
)
 
(2.8
)
 
(2.9
)
Net amortization
 
0.4

 
0.4

 
1.5

Net pension (benefit) expense
 
$
(0.3
)
 
$
(0.2
)
 
$
1.0

LONG TERM DEBT (Tables)
Long-term debt 
Third-party long-term debt consists of the following at December 31 (in millions):
 
 
2017
 
2016
Term Loans due July 2021
 
$
837.4

 
$
845.9

Revolving Credit Facility due July 2021
 
168.9

 
105.4

4.875% Senior Notes due July 2024
 
250.0

 
250.0

Banco Bradesco Loan due February 2017
 
—

 
13.2

Banco Votorantim Loan due April 2017
 
—

 
12.4

Banco Bradesco Loan due July 2017
 
—

 
4.8

Scotiabank Loan due August 2017
 
—

 
20.2

Banco Itaú Loans due September 2017
 
—

 
15.1

Scotiabank Loan due September 2017
 
—

 
15.1

Banco Votorantim Loan due September 2017
 
—

 
0.8

Banco Bradesco Loan due October 2017
 
—

 
16.8

Rabobank Loan due November 2017
 
—

 
22.6

Rabobank Loan due November 2019
 
21.1

 
—

Banco Itaú Loans due May 2019 to April 2020
 
1.9

 
3.1

Financiadora de Estudos e Projetos Loan due November 2023
 
13.1

 
7.4

Banco do Brasil Loan due February 2018
 
0.2

 
—

Banco Santander Loan due September 2019
 
19.6

 
—

Banco Santander Loan due November 2019
 
24.1

 
—

Banco Itaú Loan due March 2019
 
12.4

 
—

Banco Scotiabank Loan due September 2019
 
20.5

 
—

 
 
1,369.2

 
1,332.8

Less unamortized debt issuance costs
 
(6.7
)
 
(7.8
)
Total debt
 
1,362.5

 
1,325.0

Less current portion
 
(32.1
)
 
(130.2
)
Long-term debt
 
$
1,330.4

 
$
1,194.8

Future maturities of long-term debt 
Future maturities of long-term debt for the years ending December 31, are as follows (in millions):

Debt Maturity
2018
$
32.1

2019
89.2

2020
10.7

2021
983.0

2022
2.2

Thereafter
252.0

Total
$
1,369.2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
Fair value of hedged items 
The following tables present the fair value of the Company’s derivatives as of December 31, 2017, and 2016 (in millions):
 
 
Asset Derivatives
 
Liability Derivatives
Derivatives designated as hedging instruments:
 
Balance Sheet Location
 
December 31, 2017
 
Balance Sheet Location
 
December 31, 2017
Commodity contracts
 
Other current assets
 
$
—

 
Accrued expenses
 
$
1.0

Commodity contracts
 
Other assets
 
—

 
Other noncurrent liabilities
 
0.4

Swap contracts
 
Other current assets
 
0.9

 
Accrued expenses
 
—

Swap contracts
 
Other assets
 
0.4

 
Other noncurrent liabilities
 
—

Total derivatives designated as hedging instruments(a)(b)
 
 
 
$
1.3

 
 
 
$
1.4


(a)
The Company has master netting agreements with its commodity hedge counterparties and accordingly has netted in its Consolidated Balance Sheets less than $0.1 million of its commodity contracts that are in a receivable position against its contracts in payable positions.
(b)
The Company has both commodity hedge and foreign currency swap agreements with two counterparties each. Amounts recorded as liabilities for the Company’s commodity contracts are payable to both counterparties, and amounts recorded as assets for the Company’s swap contracts are receivable from both counterparties. 

 
 
Asset Derivatives
 
Liability Derivatives
Derivatives designated as hedging instruments:
 
Balance Sheet Location
 
December 31, 2016
 
Balance Sheet Location
 
December 31, 2016
Commodity contracts
 
Other current assets
 
$
1.2

 
Accrued expenses
 
$
0.3

Commodity contracts
 
Other assets
 
0.1

 
Other noncurrent liabilities
 
0.1

Total derivatives designated as hedging instruments(a)
 
 
 
1.3

 
 
 
0.4

 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Swap contracts
 
Other current assets
 
$
—

 
Accrued expenses
 
$
25.8

Swap contracts
 
Other assets
 
—

 
Other noncurrent liabilities
 
—

Total derivatives not designated as hedging instruments
 
 
 
—

 
 
 
25.8

Total derivatives(b)
 
 
 
$
1.3

 
 
 
$
26.2


(a)
The Company has master netting agreements with its commodity hedge counterparties and accordingly has netted in its Consolidated Balance Sheets approximately $0.4 million of its commodity contracts that are in a payable position against its contracts in receivable positions.
(b)
The Company has commodity hedge and foreign currency swap agreements with two and five counterparties, respectively. Amounts recorded as assets for the Company’s commodity contracts are receivable from both counterparties, and amounts recorded as liabilities for the Company’s swap contracts are payable to all five counterparties.

Other comprehensive income attributable to derivatives 
The following tables present activity related to the Company’s other comprehensive income before taxes for the twelve months ended December 31, 2017 and 2016 (in millions):
 
 
  
 
Twelve Months Ended December 31, 2017
Derivatives in Cash Flow Hedging Relationships
 
Location of Gain (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion)
 
Amount of (Gain) Loss Recognized in OCI on Derivative (Effective Portion)
 
Amount of Gain (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion)
Commodity contracts
 
Product cost
 
$
3.0

 
$
(0.6
)
Swap contracts
 
Interest expense
 
(1.9
)
 
1.9

Total
 
 
 
$
1.1

 
$
1.3

 
 
  
 
Twelve Months Ended December 31, 2016
Derivatives in Cash Flow Hedging Relationships
 
Location of Gain (Loss) Reclassified from Accumulated OCI Into Income Effective Portion)
 
Amount of (Gain) Loss Recognized in OCI on Derivative (Effective Portion)
 
Amount of Gain (Loss) Reclassified from Accumulated OCI Into Income (Effective Portion)
Commodity contracts
 
Product cost
 
$
(0.8
)
 
$
(2.7
)
Total
 
 
 
$
(0.8
)
 
$
(2.7
)
COMMITMENTS AND CONTINGENCIES (Tables)
Aggregate future minimum annual rentals under lease arrangements 
The aggregate future minimum annual rentals under lease arrangements as of December 31, 2017 are as follows (in millions):
 
Operating Leases
2018
$
13.1

2019
10.4

2020
5.8

2021
2.2

2022
1.5

Thereafter
5.0

Total
$
38.0

Aggregate future minimum annual rentals under capital lease arrangements 
The aggregate future minimum annual rentals under these lease arrangements as of December 31, 2017 are as follows (in millions):
 
Capital Leases
2018
$
0.9

2019
0.8

2020
0.9

2021
0.9

2022
0.9

Thereafter
5.2

Total
$
9.6

STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Tables)
Weighted average assumptions and fair value for options granted 
The weighted average assumptions and fair values for options granted for each of the years ended December 31 is included in the following table.
 
 
2017
 
2016
 
2015
Fair value of options granted
 
$
9.54

 
$
10.17

 
$
14.78

Expected term (years)
 
4.5

 
4.5

 
4.8

Expected volatility
 
23.2
%
 
24.4
%
 
24.9
%
Dividend yield
 
3.5
%
 
3.3
%
 
3.1
%
Risk-free interest rates
 
1.8
%
 
1.2
%
 
1.6
%
Stock-based compensation activity 
The following is a summary of the Company’s stock option, RSU and PSU activity and related information for the following periods:
 
 
Stock Options
 
RSUs
 
PSUs
 
 
Number
 
Weighted-average exercise price
 
Number
 
Weighted-average fair value
 
Number
 
Weighted-average fair value
Outstanding at
December 31, 2014
 
278,429

 
$
79.23

 
88,532

 
$
76.58

 
59,627

 
$
88.69

Granted
 
120,956

 
91.76

 
21,317

 
90.94

 
35,584

 
100.49

Exercised(a)
 
(33,906
)
 
72.53

 
—

 
—

 
—

 
—

Released from restriction(a)
 
—

 
—

 
(15,952
)
 
71.69

 
(10,454
)
 
74.49

Cancelled/Expired
 
(12,392
)
 
84.71

 
(2,889
)
 
81.43

 
(7,392
)
 
82.46

Outstanding at
December 31, 2015
 
353,087

 
$
83.94

 
91,008

 
$
80.65

 
77,365

 
$
96.63

Granted
 
157,887

 
70.48

 
34,975

 
72.06

 
43,902

 
73.86

Exercised(a)
 
(11,377
)
 
62.50

 
—

 
—

 
—

 
—

Released from restriction(a)
 
—

 
—

 
(53,983
)
 
75.18

 
(10,258
)
 
78.49

Cancelled/Expired(b)
 
(56,842
)
 
80.95

 
(8,220
)
 
83.16

 
(21,998
)
 
88.79

Outstanding at
December 31, 2016
 
442,755

 
$
80.07

 
63,780

 
$
80.25

 
89,011

 
$
89.43

Granted
 
227,351

 
68.00

 
34,635

 
68.00

 
58,878

 
73.08

Exercised(a)
 
(3,366
)
 
76.03

 
—

 
—

 
—

 
—

Released from restriction(a)
 
—

 
—

 
(15,806
)
 
84.77

 
(12,946
)
 
105.77

Cancelled/Expired(b)
 
(103,863
)
 
76.44

 
(11,753
)
 
71.96

 
(22,907
)
 
86.81

Outstanding at
December 31, 2017
 
562,877

 
$
75.89

 
70,856

 
$
74.63

 
112,036

 
$
79.48


(a)
Common stock issued for exercised options, vested RSUs and vested and earned PSUs were issued from treasury shares.
(b)
The performance period for the 2015 PSU grant was completed in 2017. The Company does not expect to issue any shares in March 2018 when the 2015 PSU grant vests.
Summary of information about options outstanding and exercisable 
The following table summarizes information about options outstanding and exercisable at December 31, 2017.
 
 
Options Outstanding
 
Options Exercisable
Range of exercise prices
 
Options outstanding
 
Weighted-average remaining contractual life (years)
 
Weighted-average exercise price of options outstanding
 
Options exercisable
 
Weighted-average remaining contractual life (years)
 
Weighted-average exercise price of exercisable options
$68.00 - $69.24
 
195,232

 
6.3
 
$
68.00

 
—

 
—

 
$
—

$69.25 - $71.09
 
120,117

 
5.2
 
70.48

 
30,471

 
5.2

 
70.48

$71.10 - $81.73
 
84,605

 
2.0
 
75.63

 
84,605

 
2.0

 
75.63

$81.74 - $89.47
 
79,349

 
2.6
 
87.04

 
62,974

 
2.4

 
87.00

$89.48 - $93.26
 
83,574

 
4.2
 
91.77

 
43,162

 
4.2

 
91.77

Totals
 
562,877

 
4.6
 
$
75.89

 
221,212

 
3.0

 
$
81.31

Components of and changes in accumulated other comprehensive income (loss) 
The components of and changes in accumulated other comprehensive income (loss) (“AOCI”) for the twelve months ended December 31, 2017 and 2016 are as follows (in millions):
Twelve Months Ended December 31, 2017(a)
 
Gains and (Losses) on Cash Flow Hedges
 
Defined Benefit Pension
 
Foreign Currency
 
Total
Beginning balance
 
$
0.6

 
$
(3.7
)
 
$
(101.8
)
 
$
(104.9
)
Other comprehensive income (loss) before reclassifications
 
(0.6
)
 
(0.4
)
 
28.7

 
27.7

Amounts reclassified from accumulated other comprehensive loss
 
(0.9
)
 
0.2

 
—

 
(0.7
)
Net current period other comprehensive income (loss)
 
(1.5
)
 
(0.2
)
 
28.7

 
27.0

Ending balance
 
$
(0.9
)
 
$
(3.9
)
 
$
(73.1
)
 
$
(77.9
)

(a)
With the exception of the cumulative foreign currency translation adjustment, for which no tax effect is recorded, the changes in the components of accumulated other comprehensive gain (loss) presented in the table are reflected net of applicable income taxes.

Twelve Months Ended December 31, 2016(a)
 
Gains and (Losses) on Cash Flow Hedges
 
Defined Benefit Pension
 
Foreign Currency
 
Total
Beginning balance
 
$
(1.6
)
 
$
(3.8
)
 
$
(102.9
)
 
$
(108.3
)
Other comprehensive income (loss) before reclassifications
 
0.5

 
(0.1
)
 
1.1

 
1.5

Amounts reclassified from accumulated other comprehensive loss
 
1.7

 
0.2

 
—

 
1.9

Net current period other comprehensive income
 
2.2

 
0.1

 
1.1

 
3.4

Ending balance
 
$
0.6

 
$
(3.7
)
 
$
(101.8
)
 
$
(104.9
)

(a)
With the exception of the cumulative foreign currency translation adjustment, for which no tax effect is recorded, the changes in the components of accumulated other comprehensive gain (loss) presented in the table are reflected net of applicable income taxes.
Changes in the components of accumulated other comprehensive gain (loss) 
Twelve Months Ended December 31, 2017
 
Amount Reclassified from AOCI
 
Line Item Impacted in the Consolidated Statement of Operations
Gains and (losses) on cash flow hedges:
 
 
 
   
Natural gas instruments
 
$
0.6

 
Product cost
Foreign currency swaps
 
(1.9
)
 
Interest expense
Income tax expense (benefit)
 
0.4

 
 
 
 
(0.9
)
 
  
Amortization of defined benefit pension:
 
 

 
   
Amortization of loss
 
$
0.3

 
Product cost
Income tax expense (benefit)
 
(0.1
)
 
 
 
 
0.2

 
  
Total reclassifications, net of income taxes
 
$
(0.7
)
 
  
Twelve Months Ended December 31, 2016
 
Amount Reclassified from AOCI
 
Line Item Impacted in the Consolidated Statement of Operations
Gains and (losses) on cash flow hedges:
 
 
 
   
Natural gas instruments
 
$
(2.7
)
 
Product cost
Income tax expense (benefit)
 
1.0

 
 
 
 
(1.7
)
 
  
Amortization of defined benefit pension:
 
 

 
   
Amortization of loss
 
$
0.3

 
Product cost
Income tax expense (benefit)
 
(0.1
)
 
 
 
 
0.2

 
  
Total reclassifications, net of income taxes
 
$
(1.5
)
 
  
FAIR VALUE MEASUREMENTS (Tables)
Estimated fair values for each type of instrument
The estimated fair values for each type of instrument are presented below (in millions).
 
 
December 31, 2017
 
Level One
 
Level Two
 
Level Three
Asset Class:
 
 
 
 
 
 
 
 
Mutual fund investments in a non-qualified savings plan(a)
 
$
2.2

 
$
2.2

 
$
—

 
$
—

Derivatives - foreign currency swaps, net
 
1.3

 
—

 
1.3

 
—

Total Assets
 
$
3.5

 
$
2.2

 
$
1.3

 
$
—

Liability Class:
 
 

 
 

 
 

 
 

Liabilities related to non-qualified savings plan
 
$
(2.2
)
 
$
(2.2
)
 
$
—

 
$
—

Derivatives - natural gas instruments
 
(1.4
)
 
—

 
(1.4
)
 
—

Total Liabilities
 
$
(3.6
)
 
$
(2.2
)
 
$
(1.4
)
 
$
—


(a)
Includes mutual fund investments of approximately 30% in the common stock of large-cap U.S. companies, 15% in the common stock of small to mid-cap U.S. companies, 5% in the common stock of international companies, 10% in bond funds, 20% in short-term investments and 20% in blended funds.
 
 
December 31, 2016
 
Level One
 
Level Two
 
Level Three
Asset Class:
 
 
 
 
 
 
 
 
Mutual fund investments in a non-qualified savings plan(a)
 
$
1.8

 
$
1.8

 
$
—

 
$
—

Derivatives - natural gas instruments
 
0.9

 
—

 
0.9

 
—

Trading securities
 
1.8

 
—

 
1.8

 
—

Total Assets
 
$
4.5

 
$
1.8

 
$
2.7

 
$
—

Liability Class:
 
 

 
 

 
 

 
 

Liabilities related to non-qualified savings plan
 
$
(1.8
)
 
$
(1.8
)
 
$
—

 
$
—

Derivatives - foreign currency swaps
 
(25.8
)
 
—

 
(25.8
)
 
—

Total Liabilities
 
$
(27.6
)
 
$
(1.8
)
 
$
(25.8
)
 
$
—


(a)
Includes mutual fund investments of approximately 25% in the common stock of large-cap U.S. companies, 10% in the common stock of small to mid-cap U.S. companies, 5% in the common stock of international companies, 5% in bond funds, 40% in short-term investments and 15% in blended funds.
OPERATING SEGMENTS (Tables)
Segment information 
Segment information as of and for the years ended December 31, is as follows (in millions):
2017
 
Salt
 
Plant Nutrition North America
 
Plant Nutrition South America
 
Corporate& Other(a)
 
Total
Sales to external customers
 
$
769.2

 
$
210.0

 
$
375.0

 
$
10.2

 
$
1,364.4

Intersegment sales
 
—

 
6.5

 
—

 
(6.5
)
 
—

Shipping and handling cost
 
220.6

 
28.1

 
18.8

 
—

 
267.5

Operating earnings (loss)(b)
 
138.0

 
27.7

 
49.1

 
(55.6
)
 
159.2

Depreciation, depletion and amortization
 
55.0

 
36.9

 
22.6

 
7.7

 
122.2

Total assets
 
1,030.6

 
601.1

 
808.0

 
131.3

 
2,571.0

Capital expenditures 
 
65.8

 
31.9

 
11.3

 
5.1

 
114.1


2016
 
Salt
 
Plant Nutrition North America
 
Plant Nutrition South America
 
Corporate& Other(a)
 
Total
Sales to external customers
 
$
811.9

 
$
203.0

 
$
113.5

 
$
9.6

 
$
1,138.0

Intersegment sales
 
—

 
5.2

 
—

 
(5.2
)
 
—

Shipping and handling cost
 
214.5

 
25.0

 
5.4

 
—

 
244.9

Operating earnings (loss)
 
200.6

 
21.1

 
7.4

 
(54.5
)
 
174.6

Depreciation, depletion and amortization
 
46.7

 
33.4

 
5.0

 
5.2

 
90.3

Total assets
 
980.3

 
592.3

 
844.9

 
49.0

 
2,466.5

Capital expenditures 
 
103.4

 
63.6

 
2.1

 
13.1

 
182.2

 

2015
 
Salt
 
Plant Nutrition North America
 
Plant Nutrition South America
 
Corporate& Other(a)
 
Total
Sales to external customers
 
$
849.0

 
$
238.4

 
$
—

 
$
11.3

 
$
1,098.7

Intersegment sales
 
0.1

 
7.7

 
—

 
(7.8
)
 
—

Shipping and handling cost
 
239.1

 
22.4

 
—

 
—

 
261.5

Operating earnings (loss)
 
215.2

 
57.9

 
—

 
(51.7
)
 
221.4

Depreciation, depletion and amortization
 
43.9

 
29.8

 
—

 
4.6

 
78.3

Total assets(c)
 
896.5

 
679.7

 
—

 
48.6

 
1,624.8

Capital expenditures 
 
106.5

 
92.8

 
—

 
18.3

 
217.6


(a)
Corporate and Other includes corporate entities, records management operations and other incidental operations and eliminations. Operating earnings (loss) for corporate and other includes indirect corporate overhead including costs for general corporate governance and oversight, as well as costs for the human resources, information technology and finance functions. 
(b)
In 2017, operating results include $4.3 million of restructuring charges.
(c)
In 2015, the Company’s equity investment in Produquímica is included in total assets for its Plant Nutrition North America segment.
Schedule of revenue from external customers and long-lived assets 
Financial information relating to the Company’s operations by geographic area for the years ended December 31 is as follows (in millions):
Sales
 
2017
 
2016
 
2015
United States(a)
 
$
718.0

 
$
762.6

 
$
834.6

Canada
 
217.7

 
212.5

 
198.4

Brazil
 
362.1

 
111.7

 
—

United Kingdom
 
43.3

 
40.6

 
56.8

Other
 
23.3

 
10.6

 
8.9

Total sales
 
$
1,364.4

 
$
1,138.0

 
$
1,098.7

 
(a)
United States sales exclude product sold to foreign customers at U.S. ports.

Financial information relating to the Company’s long-lived assets, including deferred financing costs and other long-lived assets but excluding the investments related to the nonqualified retirement plan and pension plan assets, by geographic area as of December 31 (in millions):
Long-Lived Assets
 
2017
 
2016
 
2015
United States
 
$
618.5

 
$
568.5

 
$
498.0

Canada
 
515.9

 
461.5

 
394.3

United Kingdom
 
69.9

 
66.8

 
95.7

Brazil
 
618.4

 
645.8

 
116.4

Other
 
6.5

 
6.5

 
6.5

Total long-lived assets
 
$
1,829.2

 
$
1,749.1

 
$
1,110.9

EARNINGS PER SHARE (Tables)
Earnings per share
The following table sets forth the computation of basic and diluted earnings per common share (in millions, except for share and per share data):
Year ended December 31,
 
2017
 
2016
 
2015
Numerator:
 
 
 
 
 
 
Net earnings
 
$
42.7

 
$
162.7

 
$
159.2

Less: Net earnings allocated to participating securities(a)
 
(0.5
)
 
(0.8
)
 
(1.0
)
Net earnings available to common shareholders
 
$
42.2

 
$
161.9

 
$
158.2

Denominator (in thousands):
 
 

 
 

 
 

Weighted average common shares outstanding, shares for basic earnings per share(b)
 
33,819

 
33,776

 
33,677

Weighted average equity awards outstanding
 
1

 
4

 
15

Shares for diluted earnings per share
 
33,820

 
33,780

 
33,692

Net earnings per common share, basic
 
$
1.25

 
$
4.79

 
$
4.70

Net earnings per common share, diluted
 
$
1.25

 
$
4.79

 
$
4.69


(a)
Participating securities include PSUs and RSUs that receive non-forfeitable dividends. Net earnings were allocated to participating securities of 166,000, 164,000 and 198,000 for 2017, 2016 and 2015, respectively.
(b)
For the calculation of diluted earnings per share, the Company uses the more dilutive of either the treasury stock method or the two-class method to determine the weighted average number of outstanding common shares. In addition, the Company had 640,000, 509,000 and 432,000 weighted options outstanding for 2017, 2016 and 2015, respectively, which were anti-dilutive and therefore not included in the diluted earnings per share calculation.
QUARTERLY RESULTS (Unaudited) (Tables)
Quarterly information
Quarter
 
First
 
Second
 
Third
 
Fourth
2017
 
 
 
 
 
 
 
 
Sales
 
$
387.8

 
$
228.0

 
$
290.7

 
$
457.9

Gross profit
 
81.6

 
44.9

 
76.1

 
124.0

Net earnings (loss)(a)
 
21.5

 
(6.4
)
 
32.0

 
(4.4
)
Net earnings (loss) per share, basic(a)
 
0.63

 
(0.19
)
 
0.94

 
(0.13
)
Net earnings (loss) per share, diluted(a)
 
0.63

 
(0.19
)
 
0.94

 
(0.13
)
Basic weighted-average shares outstanding (in thousands)
 
33,802

 
33,823

 
33,825

 
33,828

Diluted weighted-average shares outstanding (in thousands)
 
33,803

 
33,823

 
33,825

 
33,828

2016
 
 
 
 
 
 
 
 
Sales
 
$
345.7

 
$
169.5

 
$
179.6

 
$
443.2

Gross profit
 
102.6

 
41.3

 
45.2

 
110.4

Net earnings(b)
 
49.7

 
6.3

 
9.1

 
97.6

Net earnings per share, basic(b)
 
1.47

 
0.18

 
0.27

 
2.88

Net earnings per share, diluted (b)
 
1.46

 
0.18

 
0.27

 
2.87

Basic weighted-average shares outstanding (in thousands)
 
33,746

 
33,784

 
33,786

 
33,788

Diluted weighted-average shares outstanding (in thousands)
 
33,748

 
33,787

 
33,789

 
33,793


(a)
In connection with U.S. tax reform, the Company recorded a net charge of $46.8 million during the fourth quarter of 2017. The Company released $18 million and $7 million in the third and fourth quarters of 2017, respectively, related to Brazilian valuation allowances that were acquired in the acquisition of Produquímica. See Note 7 for a discussion of tax-related items that impacted 2017 results.
(b)
In the fourth quarter of 2016, the Company recognized a gain of $59.3 million on the remeasurement of its equity investment as part of the acquisition of the remaining 65% of Produquímica’s equity.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2017
Fermavi [Member]
Dec. 31, 2016
Fermavi [Member]
Oct. 3, 2016
Fermavi [Member]
Oct. 3, 2016
Produquímica [Member]
Dec. 31, 2017
Minimum [Member]
Dec. 31, 2017
Maximum [Member]
Foreign Currency [Abstract]
 
 
 
 
 
 
 
 
 
Gain (loss) on foreign exchange of intercompany notes of long-term nature
$ 5.8 
$ 15.8 
$ (33.7)
 
 
 
 
 
 
Foreign currency exchange expense (income)
7.1 
0.1 
(13.9)
 
 
 
 
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
 
 
 
 
 
 
 
Estimated useful lives of intangible assets
 
 
 
 
 
 
 
4 years 
50 years 
Percentage of equity interest prior to acquisition
 
 
 
 
 
 
35.00% 
 
 
Ownership interest in investment
 
 
 
 
 
50.00% 
 
 
 
Basis difference
 
 
 
17 
18 
 
 
 
 
Other Noncurrent Assets
 
 
 
 
 
 
 
 
 
Inventories of spare parts related to long term assets
11.8 
11.4 
 
 
 
 
 
 
 
Investments in marketable securities relating to deferred compensation arrangement
2.2 
1.8 
 
 
 
 
 
 
 
Income tax receivable
49.3 
 
 
 
 
 
 
 
 
Environmental Costs [Abstract]
 
 
 
 
 
 
 
 
 
Environmental accrual
$ 0 
$ 0 
 
 
 
 
 
 
 
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Current Assets & Property, Plant, & Equipment) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Other Current Assets
 
 
 
 
Loss on inventory write-down
$ 2.2 
 
 
 
Capitalized computer software costs
33.9 
29.5 
33.9 
 
Period of amortization of capitalized computer software costs
 
5 years 
 
 
Amortization of capitalized computer software costs
 
4.7 
3.1 
2.2 
Land Improvements [Member] |
Minimum [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
10 years 
 
 
Land Improvements [Member] |
Maximum [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
25 years 
 
 
Buildings and Structures [Member] |
Minimum [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
10 years 
 
 
Buildings and Structures [Member] |
Maximum [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
30 years 
 
 
Leasehold and Building Improvements [Member] |
Minimum [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
5 years 
 
 
Leasehold and Building Improvements [Member] |
Maximum [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
40 years 
 
 
Machinery and Equipment - Vehicles [Member] |
Minimum [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
3 years 
 
 
Machinery and Equipment - Vehicles [Member] |
Maximum [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
10 years 
 
 
Machinery and Equipment - Other Mining and Production [Member] |
Minimum [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
3 years 
 
 
Machinery and Equipment - Other Mining and Production [Member] |
Maximum [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
50 years 
 
 
Office Furniture and Equipment [Member] |
Minimum [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
3 years 
 
 
Office Furniture and Equipment [Member] |
Maximum [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
10 years 
 
 
Mineral Interests [Member] |
Minimum [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
20 years 
 
 
Mineral Interests [Member] |
Maximum [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
99 years 
 
 
Cote Blanche Mine [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Lease expiration date
 
Dec. 31, 2060 
 
 
Number of renewal periods
 
2 
 
 
Lease renewal period
 
25 years 
 
 
Goderich Mine [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Lease expiration date
 
Dec. 31, 2022 
 
 
Lease renew date
 
Dec. 31, 2043 
 
 
Leased Mineral Interests [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
92 years 
 
 
Owned Mineral Properties [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
39 years 
 
 
Typical Maximum Life Leasehold and Building Improvements [Member] |
Minimum [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
5 years 
 
 
Typical Maximum Life Leasehold and Building Improvements [Member] |
Maximum [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Estimated useful life
 
20 years 
 
 
U.S Taxing Authorities [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Tax refund from settlement
 
21.8 
 
 
Property, Plant and Equipment [Member] |
Other Current Assets [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Assets held-for-sale
 
2.8 
 
 
Water Rights [Member] |
Other Current Assets [Member]
 
 
 
 
Other Current Assets
 
 
 
 
Assets held-for-sale
 
$ 5.2 
 
 
ACQUISITION (Additional Information) (Details)
3 Months Ended 12 Months Ended 0 Months Ended 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended 3 Months Ended 0 Months Ended 3 Months Ended
Dec. 31, 2017
USD ($)
Sep. 30, 2017
USD ($)
Jun. 30, 2017
USD ($)
Mar. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Sep. 30, 2016
USD ($)
Jun. 30, 2016
USD ($)
Mar. 31, 2016
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2017
Plant Nutrition South America [Member]
USD ($)
Dec. 31, 2016
Plant Nutrition South America [Member]
USD ($)
Sep. 30, 2016
New Tranche Term Loans Due July 2021 [Member]
Secured Debt [Member]
USD ($)
Oct. 3, 2016
Produquímica [Member]
USD ($)
Oct. 31, 2016
Produquímica [Member]
Business
Dec. 31, 2016
Produquímica [Member]
USD ($)
Sep. 30, 2017
Produquímica [Member]
USD ($)
Dec. 31, 2016
Produquímica [Member]
USD ($)
Oct. 3, 2016
Produquímica [Member]
USD ($)
Sep. 30, 2017
Produquímica [Member]
Increase in Depreciation Expense [Member]
USD ($)
Mar. 31, 2017
Produquímica [Member]
Plant Nutrition South America [Member]
USD ($)
Oct. 3, 2016
Produquímica [Member]
Plant Nutrition South America [Member]
USD ($)
Oct. 3, 2016
Produquímica [Member]
Business
Dec. 23, 2015
Produquímica [Member]
USD ($)
Dec. 23, 2015
Produquímica [Member]
BRL
Jun. 30, 2016
Produquímica [Member]
USD ($)
Dec. 23, 2015
Produquímica [Member]
Dec. 31, 2015
Produquímica [Member]
Term Loan E Due May 2017 [Member]
Term Loan [Member]
USD ($)
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ownership interest in investment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
35.00% 
 
Aggregate purchase price
 
 
 
 
 
 
 
 
$ 0 
$ 4,700,000 
$ 116,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 114,100,000 
 452,400,000 
$ 4,700,000 
 
 
Interest acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
65.00% 
 
65.00% 
65.00% 
 
 
 
 
 
 
 
 
 
Face amount
 
 
 
 
 
 
 
 
 
 
 
 
 
450,000,000.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100,000,000.0 
Number of primary businesses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 
 
 
 
 
 
 
 
2 
 
 
 
 
 
Fair value of contingent consideration
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31,400,000 
 
 
 
 
 
 
 
 
 
Gain on settlement of acquisition-related contingent consideration
 
 
 
 
 
 
 
 
(1,900,000)
0 
0 
 
 
 
 
 
 
 
 
 
 
(1,900,000)
 
 
 
 
 
 
 
Percentage of equity interest prior to acquisition
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
35.00% 
 
 
 
 
 
 
 
 
 
Fair value of equity interest prior to acquisition
 
 
 
 
 
 
 
 
 
 
 
 
 
 
178,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain from remeasurement of equity method investment
 
 
 
 
 
 
 
 
0 
59,300,000 
0 
 
 
 
 
 
59,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
Decrease in goodwill
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,600,000 
 
 
 
 
 
 
 
 
 
 
 
Decrease in other noncurrent liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4,400,000 
 
 
 
 
 
 
 
 
 
 
 
Increase in net deferred income taxes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
800,000 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
(4,400,000)
32,000,000 
(6,400,000)
21,500,000 
97,600,000 
9,100,000 
6,300,000 
49,700,000 
42,700,000 
162,700,000 
159,200,000 
 
 
 
 
 
 
 
 
 
(1,900,000)
 
 
 
 
 
 
 
 
Goodwill
405,000,000 
 
 
 
412,200,000 
 
 
 
405,000,000 
412,200,000 
 
341,600,000 
352,800,000 
 
 
 
 
 
 
352,700,000 
 
 
352,700,000 
 
 
 
 
 
 
Accounts receivable contractual amount in excess of fair value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
113,500,000 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,600,000 
 
 
 
 
 
 
 
 
 
 
Acquisition costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 1,800,000 
 
 
 
 
 
 
 
 
 
 
ACQUISITION (Fair Value of Consideration Transferred) (Details) (Produquímica [Member], USD $)
In Millions, unless otherwise specified
0 Months Ended
Oct. 3, 2016
Oct. 3, 2016
Produquímica [Member]
 
 
Business Acquisition [Line Items]
 
 
Cash paid at closing
$ 317.1 
 
Additional cash due at closing
20.6 
 
Fair value of contingent consideration
 
31.4 
Fair value of 35% equity investment
178.7 
 
Total
$ 547.8 
 
ACQUISITION (Assets Acquired and Liabilities Assumed) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Oct. 3, 2016
Produquímica [Member]
Business Acquisition [Line Items]
 
 
 
Cash and cash equivalents
 
 
$ 73.8 
Accounts receivable
 
 
89.4 
Inventories
 
 
77.1 
Other current assets
 
 
13.7 
Property, plant and equipment
 
 
189.4 
Intangible assets
 
 
81.2 
Investment in equity method investee
 
 
24.5 
Other noncurrent assets
 
 
6.9 
Accounts payable
 
 
(27.1)
Accrued expenses
 
 
(40.3)
Current portion of long-term debt
 
 
(129.6)
Other current liabilities
 
 
(14.0)
Long-term debt, net of current portion
 
 
(62.0)
Deferred income taxes, net
 
 
(66.0)
Other noncurrent liabilities
 
 
(21.9)
Total identifiable net assets
 
 
195.1 
Goodwill
405.0 
412.2 
352.7 
Total fair value of business combination
 
 
$ 547.8 
ACQUISITION (Identifiable Intangible Assets Acquired) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 0 Months Ended
Dec. 31, 2017
Oct. 3, 2016
Produquímica [Member]
Oct. 3, 2016
Produquímica [Member]
Trade Names [Member]
Oct. 3, 2016
Produquímica [Member]
Developed Technology [Member]
Oct. 3, 2016
Produquímica [Member]
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
 
 
 
 
 
Estimated fair value
 
$ 81.2 
$ 36.9 
$ 37.5 
$ 6.8 
Weighted-Average Amortization Period (in years)
19 years 
8 years 7 months 6 days 
11 years 
5 years 3 months 18 days 
13 years 6 months 
ACQUISITION (Unaudited Combined Pro Forma Results of Operations) (Details) (Produquímica [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Produquímica [Member]
 
 
Business Acquisition [Line Items]
 
 
Revenues
$ 1,381.3 
$ 1,421.3 
Net earnings
$ 108.1 
$ 128.0 
INVENTORIES (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Inventory Disclosure [Abstract]
 
 
Finished goods
$ 208.4 
$ 206.1 
Raw materials and supplies
81.5 
74.5 
Total inventories
$ 289.9 
$ 280.6 
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
$ 1,934.4 
$ 1,768.7 
Less accumulated depreciation and depletion
(796.3)
(676.4)
Property, plant and equipment, net
1,138.1 
1,092.3 
Property, plant and equipment under capital leases
7.2 
7.3 
Property, plant and equipment under capital leases, accumulated depreciation
2.6 
2.2 
Land, Buildings and Structures and Leasehold Improvements [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
552.5 
480.1 
Machinery and Equipment [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
942.3 
848.2 
Office Furniture and Equipment [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
53.1 
28.3 
Mineral Interests [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
173.1 
168.5 
Construction in Progress [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
$ 213.4 
$ 243.6 
GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule of Finite-Lived Intangible Assets) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
 
 
Gross intangible asset
$ 169.6 
$ 166.9 
Accumulated amortization
(44.3)
(27.6)
Net intangible assets
125.3 
139.3 
Supply Agreement [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Gross intangible asset
28.9 
27.0 
Accumulated amortization
(4.0)
(3.2)
Net intangible assets
24.9 
23.8 
SOP Production Rights [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Gross intangible asset
24.3 
24.3 
Accumulated amortization
(13.7)
(12.7)
Net intangible assets
10.6 
11.6 
Customer and Distributor Relationships [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Gross intangible asset
14.1 
13.8 
Accumulated amortization
(4.3)
(3.0)
Net intangible assets
9.8 
10.8 
Lease Rights [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Gross intangible asset
1.8 
1.7 
Accumulated amortization
(0.4)
(0.3)
Net intangible assets
1.4 
1.4 
Trade Names [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Gross intangible asset
43.3 
43.6 
Accumulated amortization
(4.8)
(0.8)
Net intangible assets
38.5 
42.8 
Developed Technology [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Gross intangible asset
39.3 
38.9 
Accumulated amortization
(11.0)
(3.2)
Net intangible assets
28.3 
35.7 
Patents [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Gross intangible asset
16.5 
15.4 
Accumulated amortization
(5.5)
(3.7)
Net intangible assets
11.0 
11.7 
Other [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Gross intangible asset
1.4 
2.2 
Accumulated amortization
(0.6)
(0.7)
Net intangible assets
$ 0.8 
$ 1.5 
GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule of Estimated Useful Life) (Details)
12 Months Ended
Dec. 31, 2017
Minimum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Estimated useful lives of intangible assets
4 years 
Maximum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Estimated useful lives of intangible assets
50 years 
Supply Agreement [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Estimated useful lives of intangible assets
50 years 
SOP Production Rights [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Estimated useful lives of intangible assets
25 years 
Patents [Member] |
Minimum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Estimated useful lives of intangible assets
10 years 
Patents [Member] |
Maximum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Estimated useful lives of intangible assets
20 years 
Developed Technology [Member] |
Minimum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Estimated useful lives of intangible assets
4 years 
Developed Technology [Member] |
Maximum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Estimated useful lives of intangible assets
7 years 
Lease Rights [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Estimated useful lives of intangible assets
25 years 
Customer and Distributor Relationships [Member] |
Minimum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Estimated useful lives of intangible assets
10 years 
Customer and Distributor Relationships [Member] |
Maximum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Estimated useful lives of intangible assets
14 years 
Trademarks [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Estimated useful lives of intangible assets
10 years 
Noncompete Agreements [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Estimated useful lives of intangible assets
5 years 
Trade Names [Member] |
Minimum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Estimated useful lives of intangible assets
10 years 
Trade Names [Member] |
Maximum [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
Estimated useful lives of intangible assets
11 years 
GOODWILL AND OTHER INTANGIBLE ASSETS (Additional Information) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 3 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2017
Plant Nutrition North America [Member]
Dec. 31, 2016
Plant Nutrition North America [Member]
Dec. 31, 2017
Plant Nutrition South America [Member]
Dec. 31, 2016
Plant Nutrition South America [Member]
Dec. 31, 2017
Water Rights [Member]
Dec. 31, 2016
Water Rights [Member]
Dec. 31, 2017
Trade Name [Member]
Dec. 31, 2016
Trade Name [Member]
Dec. 31, 2016
Wolf Trax Trade Name [Member]
Goodwill and Intangible Assets Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
Amortization expense
$ 16.2 
$ 7.0 
$ 4.4 
 
 
 
 
 
 
 
 
 
Projected amortization expense over the next 5 years [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
Projected amortization expense, minimum
10 
 
 
 
 
 
 
 
 
 
 
 
Projected amortization expense, maximum
16 
 
 
 
 
 
 
 
 
 
 
 
Remaining amortization period
5 years 
 
 
 
 
 
 
 
 
 
 
 
Weighted-Average Amortization Period (in years)
19 years 
 
 
 
 
 
 
 
 
 
 
 
Acquired Indefinite-lived Intangible Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Indefinite-lived intangible assets
 
 
 
 
 
 
 
17.7 
17.7 
0.6 
0.6 
 
Impairment loss
0 
3.1 
0 
 
 
 
 
 
 
 
 
3.1 
Goodwill
$ 405.0 
$ 412.2 
 
$ 57.3 
$ 53.6 
$ 341.6 
$ 352.8 
 
 
 
 
 
INCOME TAXES (Additional Information) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Income Tax Contingency [Line Items]
 
 
 
 
Tax cuts and jobs act of 2017, provisional income tax expense (benefit)
$ 46.8 
 
 
 
Tax cuts and jobs act of 2017, transition tax for accumulated foreign earnings, provisional income tax expense
55.2 
 
 
 
Tax cuts and jobs act of 2017, change in tax rate, deferred tax liability, provisional income tax expense
8.4 
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
 
Decrease in valuation allowance
 
25 
 
 
Valuation allowance
10.2 
10.2 
33.6 
 
Unrecognized tax benefits that would impact the effective tax rate
17.4 
17.4 
 
 
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
 
 
 
 
Reductions due to expiration of tax years
0.4 
0.4 
0.6 
2.7 
Resolution with Various Taxing Authorities [Member]
 
 
 
 
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
 
 
 
 
Significant decrease in unrecognized Tax Benefits
0.3 
0.3 
 
 
U.S. Federal [Member]
 
 
 
 
Income Tax Contingency [Line Items]
 
 
 
 
Years open and subject to examination
 
2012 
 
 
State [Member]
 
 
 
 
Income Tax Contingency [Line Items]
 
 
 
 
Years open and subject to examination
 
2002 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
 
Net operating loss carryforwards
0.7 
0.7 
 
 
Expiration dates
 
Dec. 31, 2033 
 
 
Foreign Federal [Member]
 
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
 
Net operating loss carryforwards
46.1 
46.1 
 
 
Foreign Federal 2033 [Member]
 
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
 
Net operating loss carryforwards
$ 5.7 
$ 5.7 
 
 
Expiration dates
 
Dec. 31, 2033 
 
 
INCOME TAXES (Income Tax Provision (Benefit)) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Current:
 
 
 
Federal
$ 0.5 
$ 27.6 
$ 31.7 
State
(9.8)
6.7 
7.3 
Foreign
85.8 
11.6 
16.4 
Total current
76.5 
45.9 
55.4 
Deferred:
 
 
 
Federal
(4.4)
(2.8)
(0.2)
State
(0.5)
(0.7)
0 
Foreign
(11.6)
(7.8)
0.1 
Total deferred
(16.5)
(11.3)
(0.1)
Total provision for income taxes
$ 60.0 
$ 34.6 
$ 55.3 
INCOME TAXES (Components of Earnings Before Taxes and Tax Effect) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Income Tax Disclosure [Abstract]
 
 
 
Domestic (loss) income
$ (41.2)
$ 123.6 
$ 170.6 
Foreign income
143.9 
73.7 
43.9 
Earnings before income taxes
102.7 
197.3 
214.5 
Computed tax at the U.S. federal statutory rate of 32.7% in 2017 and 35% in 2016 and 2015
33.6 
69.1 
75.1 
Foreign income rate differential, mining, and withholding taxes, net of U.S. federal deduction
1.6 
(1.7)
(1.2)
Percentage depletion in excess of basis
(6.4)
(8.6)
(11.2)
Other domestic tax reserves, net of reversals
0 
0 
(4.5)
Domestic manufacturers deduction
0 
(1.4)
(2.4)
State income taxes, net of federal income tax benefit
0.8 
3.9 
5.1 
Change in valuation allowance on deferred tax asset
(23.9)
(1.4)
0 
Interest expense recognition differences
(5.6)
(5.9)
(6.1)
Nontaxable remeasurement gain
0 
(20.2)
0 
Tax Cuts and Jobs Act of 2017
46.8 
0 
0 
Transfer pricing settlement with taxing authorities
13.8 
0 
0 
Other, net
(0.7)
0.8 
0.5 
Total provision for income taxes
$ 60.0 
$ 34.6 
$ 55.3 
Effective tax rate
58.00% 
18.00% 
26.00% 
Federal statutory tax rate
32.70% 
35.00% 
35.00% 
INCOME TAXES (Components of Deferred Tax Assets and Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Deferred tax assets:
 
 
Valuation allowance
$ (10.2)
$ (33.6)
Deferred tax liabilities:
 
 
Property, plant and equipment
98.1 
101.4 
Intangible asset
42.0 
49.0 
Other, net
0 
1.2 
Total deferred tax liabilities
140.1 
151.6 
Net deferred tax liabilities
127.0 
130.8 
Deferred Tax Asset Netting Status, Not To Be Netted [Member]
 
 
Deferred tax assets:
 
 
Other, net
8.0 
0.3 
Total deferred tax assets
21.7 
1.5 
Valuation allowance
(9.0)
0 
Total deferred tax assets to be netted with deferred tax liabilities
12.7 
1.5 
Deferred Tax Asset Netting Status, Not To Be Netted [Member] |
Subsidiaries [Member] |
Reluz Nordeste Industria E Comercio Ltda [Member]
 
 
Deferred tax assets:
 
 
Net operating loss carryforwards
0.8 
1.2 
Deferred Tax Asset Netting Status, Not To Be Netted [Member] |
Subsidiaries [Member] |
Produquimica Industria E Comercio S.A. [Member]
 
 
Deferred tax assets:
 
 
Net operating loss carryforwards
12.9 
0 
Deferred Tax Asset Netting Status, To Be Netted [Member]
 
 
Deferred tax assets:
 
 
Net operating loss carryforwards
2.3 
17.8 
Stock-based compensation
2.7 
4.0 
Derivatives
0 
8.7 
Other, net
9.3 
23.9 
Total deferred tax assets
14.3 
54.4 
Valuation allowance
(1.2)
(33.6)
Total deferred tax assets to be netted with deferred tax liabilities
$ 13.1 
$ 20.8 
INCOME TAXES (Unrecognized Tax Benefits) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Unrecognized tax benefits [Roll forward]
 
 
 
 
Balance at January 1
 
$ 20.7 
$ 18.3 
$ 21.8 
Additions resulting from current year tax positions
 
1.3 
0.1 
1.6 
Additions relating to tax positions taken in prior years
 
51.7 
0.5 
0.8 
Additions relating to current year acquisitions
 
0 
2.4 
0 
Reductions due to cash payments
 
0 
0 
(0.8)
Reductions due to settlements
 
(4.5)
0 
0 
Reductions relating to tax positions taken in prior years
 
(1.4)
0 
(2.4)
Reductions due to expiration of tax years
(0.4)
(0.4)
(0.6)
(2.7)
Balance at December 31
$ 67.4 
$ 67.4 
$ 20.7 
$ 18.3 
INCOME TAXES (Income Tax Examination Additional Information) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Income Tax Examination [Line Items]
 
 
 
 
Accruals of interest and penalties, net of reversals
 
$ 11.9 
$ 0.9 
$ 0.2 
Accrued interest and penalties
18.0 
18.0 
6.3 
 
Tax cuts and jobs act of 2017, outside basis differences excluded form undistributed earnings
59.3 
59.3 
 
 
Intercompany cash payments for tax settlements
85.7 
 
 
 
Tax Year 2007 Through 2008 [Member]
 
 
 
 
Income Tax Examination [Line Items]
 
 
 
 
Total amount of reassessment including penalties and interest that are effectively resolved
34.2 
34.2 
 
 
Canadian Provincial [Member]
 
 
 
 
Income Tax Examination [Line Items]
 
 
 
 
Total reassessments including interest
106 
106 
 
 
Amount of security posted in the form of a performance bond
66.9 
66.9 
 
 
Amount of security posted in the form of cash
39.1 
39.1 
 
 
Canadian Provincial [Member] |
Minimum [Member]
 
 
 
 
Income Tax Examination [Line Items]
 
 
 
 
Year under examination
 
2002 
 
 
Canadian Provincial [Member] |
Maximum [Member]
 
 
 
 
Income Tax Examination [Line Items]
 
 
 
 
Year under examination
 
2012 
 
 
Canadian and Provincial [Member] |
Tax Year 2004 Through 2006 [Member]
 
 
 
 
Income Tax Examination [Line Items]
 
 
 
 
Total amount of reassessment including penalties and interest that are effectively resolved
94.7 
94.7 
 
 
Canadian and Provincial [Member] |
Tax Year 2007 Through 2012 [Member]
 
 
 
 
Income Tax Examination [Line Items]
 
 
 
 
Increase to tax expense from settlement
 
13.8 
 
 
Canadian and Provincial [Member] |
Minimum [Member] |
Tax Year 2004 Through 2006 [Member]
 
 
 
 
Income Tax Examination [Line Items]
 
 
 
 
Year under examination
 
2004 
 
 
Canadian and Provincial [Member] |
Maximum [Member] |
Tax Year 2004 Through 2006 [Member]
 
 
 
 
Income Tax Examination [Line Items]
 
 
 
 
Year under examination
 
2006 
 
 
Foreign Federal [Member]
 
 
 
 
Income Tax Examination [Line Items]
 
 
 
 
Tax liability (refund) from settlement
23.4 
23.4 
 
 
U.S Taxing Authorities [Member]
 
 
 
 
Income Tax Examination [Line Items]
 
 
 
 
Tax liability (refund) from settlement
$ (21.8)
$ (21.8)
 
 
PENSION PLANS AND OTHER BENEFITS (Additional Information) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Amounts recognized in accumulated other comprehensive income, net of tax [Abstract]
 
 
 
Other comprehensive income (loss) related to foreign exchange
$ 28.7 
$ 1.1 
$ (98.4)
Other comprehensive income (loss) related to actuarial gains (losses), net of tax
(0.2)
0.1 
5.2 
Defined contribution and pre-tax savings plans [Abstract]
 
 
 
Expense attributable to all Savings Plans
13.1 
10.9 
8.9 
Pension Plan [Member] |
Foreign Plan [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Defined benefit plan, year the plan closed to new participants
1992 
 
 
Defined Benefit Plan, date future benefits cease to accrue for remaining active employee participants
Dec. 01, 2008 
 
 
Amounts recognized in accumulated other comprehensive income, net of tax [Abstract]
 
 
 
Actuarial net losses recognized in accumulated other comprehensive income, net of tax
3.9 
3.7 
 
Accumulated other comprehensive income (loss) before adjustment of prior service costs
(5.4)
(5.1)
 
Accumulated other comprehensive (income) loss related to prior service cost net of tax
1.5 
1.4 
 
Other comprehensive income (loss) related to amortization of loss, net of tax
(0.3)
(0.3)
(1.2)
Other comprehensive (income) loss related to prior service cost, net of tax
0.1 
0.1 
0.1 
Other comprehensive income (loss) related to foreign exchange
0.5 
(0.9)
(0.4)
Other comprehensive income (loss) related to actuarial gains (losses), net of tax
 
1.0 
(3.7)
Expected losses to be recognized in net periodic benefit costs in next fiscal year
0.2 
 
 
Expected amortization of losses in next fiscal year
0.3 
 
 
Expected amortization of prior service cost in next fiscal year
0.1 
 
 
Net periodic (benefit) cost expected in next fiscal year
(0.7)
 
 
Estimated employer contributions, next fiscal year [Abstract]
 
 
 
Estimated employer contributions, next fiscal year
0.7 
 
 
Amounts recognized in balance sheet [Abstract]
 
 
 
Underfunded plan status recorded in accrued expenses
2.1 
0.6 
 
Accumulated benefit obligation
67.0 
61.7 
 
Period of amortization of pension benefit obligations
5 years 
 
 
Defined contribution and pre-tax savings plans [Abstract]
 
 
 
Investments in marketable securities relating to deferred compensation arrangement
2.2 
1.8 
 
Compensation expense (reduction) recorded for deferred compensation arrangement
0 
0 
0 
Investment income on deferred compensation arrangement
$ 0 
$ 0 
$ 0 
Pension Plan [Member] |
Foreign Plan [Member] |
Equity Funds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Target allocation (in hundredths)
75.00% 
 
 
Pension Plan [Member] |
Foreign Plan [Member] |
Bond Funds [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Target allocation (in hundredths)
25.00% 
 
 
PENSION PLANS AND OTHER BENEFITS (Weighted-Average Asset Allocations and Fair Value of Plan Assets) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
 
 
Weighted-average asset allocation
100.00% 
100.00% 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
$ 69.1 
$ 62.3 
Level One [Member]
 
 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
2.2 
2.0 
Level Two [Member]
 
 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
53.5 
48.4 
Level Three [Member]
 
 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
13.4 
11.9 
Cash and Cash Equivalents [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Weighted-average asset allocation
3.00% 
3.00% 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
2.2 
2.0 
Cash and Cash Equivalents [Member] |
Level One [Member]
 
 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
2.2 
2.0 
Cash and Cash Equivalents [Member] |
Level Two [Member]
 
 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
0 
0 
Cash and Cash Equivalents [Member] |
Level Three [Member]
 
 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
0 
0 
Blended Funds [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Weighted-average asset allocation
32.00% 
30.00% 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
22.3 
18.9 
Blended Funds [Member] |
Level One [Member]
 
 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
0 
0 
Blended Funds [Member] |
Level Two [Member]
 
 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
22.3 
18.9 
Blended Funds [Member] |
Level Three [Member]
 
 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
0 
0 
Bond Funds [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Weighted-average asset allocation
45.00% 
48.00% 
Bond Funds: Treasuries [Member]
 
 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
31.2 
29.5 
Bond Funds: Treasuries [Member] |
Level One [Member]
 
 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
0 
0 
Bond Funds: Treasuries [Member] |
Level Two [Member]
 
 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
31.2 
29.5 
Bond Funds: Treasuries [Member] |
Level Three [Member]
 
 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
0 
0 
Insurance Policy [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Weighted-average asset allocation
20.00% 
19.00% 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
13.4 
11.9 
Insurance Policy [Member] |
Level One [Member]
 
 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
0 
0 
Insurance Policy [Member] |
Level Two [Member]
 
 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
0 
0 
Insurance Policy [Member] |
Level Three [Member]
 
 
Fair value of pension plan assets [Abstract]
 
 
Total Pension Assets
$ 13.4 
$ 11.9 
PENSION PLANS AND OTHER BENEFITS (Summary of Changes in Level 3 Pension Plan Assets) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Defined Benefit Plan, Change In Fair Value Of Plan Assets, Level 3 Reconciliation [Roll Forward]
 
 
Beginning balance
$ 62.3 
$ 66.9 
Currency fluctuation adjustment
5.9 
(11.4)
Ending balance
69.1 
62.3 
Foreign Plan [Member] |
Pension Plan [Member] |
Level Three [Member]
 
 
Defined Benefit Plan, Change In Fair Value Of Plan Assets, Level 3 Reconciliation [Roll Forward]
 
 
Beginning balance
11.9 
14.6 
Unrealized gain (loss)
0.3 
(0.4)
Currency fluctuation adjustment
1.2 
(2.3)
Ending balance
$ 13.4 
$ 11.9 
PENSION PLANS AND OTHER BENEFITS (Summary of Assumptions Used in Calculating Net Periodic Benefit Costs) (Details)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Assumptions used in calculating net periodic benefit cost [Abstract]
 
 
 
Discount rate
2.80% 
3.80% 
3.40% 
Expected return on plan assets
3.70% 
4.50% 
4.30% 
PENSION PLANS AND OTHER BENEFITS (Summary of Future Expected Benefit Payments) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Future expected benefit payments [Abstract]
 
2018
$ 2.8 
2019
2.9 
2020
3.0 
2021
3.1 
2022
3.1 
2023 – 2027
$ 17.3 
PENSION PLANS AND OTHER BENEFITS (Summary of Changes in Benefit Obligation and Plan Assets) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Change in benefit obligation:
 
 
 
Benefit obligation as of January 1
$ 61.7 
$ 66.9 
 
Interest cost
1.8 
2.3 
2.5 
Actuarial loss
0.2 
7.3 
 
Benefits paid
(2.6)
(3.4)
 
Currency fluctuation adjustment
5.9 
(11.4)
 
Benefit obligation as of December 31
67.0 
61.7 
66.9 
Change in plan assets:
 
 
 
Beginning balance
62.3 
66.9 
 
Actual return
2.7 
8.8 
 
Company contributions
0.8 
1.4 
 
Currency fluctuation adjustment
5.9 
(11.4)
 
Benefits paid
(2.6)
(3.4)
 
Ending balance
69.1 
62.3 
66.9 
Overfunded status of the plan
$ 2.1 
$ 0.6 
 
PENSION PLANS AND OTHER BENEFITS (Summary of Components of Net Pension Expense) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Components of net pension expense [Abstract]
 
 
 
Interest cost on projected benefit obligation
$ 1.8 
$ 2.3 
$ 2.5 
Prior service cost
(0.1)
(0.1)
(0.1)
Expected return on plan assets
(2.4)
(2.8)
(2.9)
Net amortization
0.4 
0.4 
1.5 
Net pension (benefit) expense
$ (0.3)
$ (0.2)
$ 1.0 
LONG TERM DEBT (Additional Information) (Details) (USD $)
12 Months Ended 12 Months Ended 3 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2017
Revolving Credit Facility [Member]
Revolving Credit Facility Due July 2021 [Member]
Dec. 31, 2016
Revolving Credit Facility [Member]
Revolving Credit Facility Due July 2021 [Member]
Dec. 31, 2017
Credit Agreement [Member]
Dec. 31, 2017
Senior Notes [Member]
4.875% Senior Notes [Member]
Dec. 31, 2016
Senior Notes [Member]
4.875% Senior Notes [Member]
Nov. 30, 2017
Secured Debt [Member]
Brazilian Loans [Member]
Nov. 30, 2017
Secured Debt [Member]
Brazilian Loans Due November 2019 [Member]
Nov. 30, 2017
Secured Debt [Member]
Brazilian Loans Due November 2019 [Member]
Certificado De Deposito Interbancario (CDI) [Member]
Minimum [Member]
Nov. 30, 2017
Secured Debt [Member]
Brazilian Loans Due November 2019 [Member]
Certificado De Deposito Interbancario (CDI) [Member]
Maximum [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Interest spread over base rate (in hundredths)
 
 
 
 
 
0.50% 
 
 
 
 
 
 
Weighted average interest rate on all borrowings outstanding (in hundredths)
 
 
 
 
 
3.40% 
 
 
 
 
 
 
Amount of facility that may be drawn in Canadian dollars
 
 
 
$ 40,000,000 
 
 
 
 
 
 
 
 
Amount of facility that may be drawn in British pounds sterling
 
 
 
10,000,000 
 
 
 
 
 
 
 
 
Sub-limit for short-term letters of credit
 
 
 
50,000,000 
 
 
 
 
 
 
 
 
Long-term debt, gross
1,369,200,000 
1,332,800,000 
 
168,900,000 
105,400,000 
 
250,000,000 
250,000,000 
 
 
 
 
Outstanding letters of credit
 
 
 
8,400,000 
 
 
 
 
 
 
 
 
Available borrowing capacity
 
 
 
122,700,000 
 
 
 
 
 
 
 
 
Stated interest rate
 
 
 
 
 
 
4.875% 
 
 
 
 
 
Debt extinguishment amount
 
 
 
 
 
 
 
 
54,300,000 
 
 
 
Proceeds from issuance of long-term debt
$ 98,700,000 
$ 850,900,000 
$ 100,000,000 
 
 
 
 
 
 
$ 87,000,000 
 
 
Variable rate, percentage of reference rate
 
 
 
 
 
 
 
 
 
 
108.70% 
118.00% 
LONG TERM DEBT (Summary of Long-Term Debt) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Debt Instrument [Line Items]
 
 
Long-term debt, gross
$ 1,369.2 
$ 1,332.8 
Less unamortized debt issuance costs
(6.7)
(7.8)
Total debt
1,362.5 
1,325.0 
Less current portion
(32.1)
(130.2)
Long-term debt
1,330.4 
1,194.8 
Banco Bradesco Due February 2017 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
0 
13.2 
Banco Votorantim Due April 2017 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
0 
12.4 
Banco Bradesco Due July 2017 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
0 
4.8 
Scotiabank Due August 2017 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
0 
20.2 
Banco Itau Due September 2017 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
0 
15.1 
Scotiabank Due September 2017 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
0 
15.1 
Banco Votorantim Due September 2017 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
0 
0.8 
Banco Bradesco Due October 2017 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
0 
16.8 
Rabobank Due November 2017 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
0 
22.6 
Rabobank Loan Due November 2019 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
21.1 
0 
Banco Itau Due May 2019 To April 2020 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
1.9 
3.1 
Financiadora de Estudos e Projetos Due November 2023 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
13.1 
7.4 
Banco Do Brasil due February 2018 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
0.2 
0 
Banco Santander Due September 2019 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
19.6 
0 
Banco Santander Due November 2019 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
24.1 
0 
Banco Itau Due March 2019 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
12.4 
0 
Banco Scoitabank Due September 2019 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
20.5 
0 
Revolving Credit Facility [Member] |
Revolving Credit Facility Due July 2021 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
168.9 
105.4 
Term Loan [Member] |
Term Loan Due July 2021 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
837.4 
845.9 
Senior Notes [Member] |
4.875% Senior Notes due July 2024 [Member]
 
 
Debt Instrument [Line Items]
 
 
Long-term debt, gross
$ 250.0 
$ 250.0 
Stated interest rate
4.875% 
 
LONG TERM DEBT (Future Maturities of Long-Term Debt) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Future maturities of long-term debt [Abstract]
 
 
2018
$ 32.1 
 
2019
89.2 
 
2020
10.7 
 
2021
983.0 
 
2022
2.2 
 
Thereafter
252.0 
 
Total debt
$ 1,369.2 
$ 1,332.8 
DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Swap Contract [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Loss on changes in fair value of derivative instruments
$ 9.7 
$ 0.1 
Derivatives Not Designated as Hedging Instrument [Member] |
Swap Contract [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Notional amount
 
119.6 
Derivatives Designated as Hedging Instruments [Member] |
Swap Contract [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Notional amount
33.1 
 
Gain (loss) expected to be reclassified during the next twelve months
0.9 
 
Derivatives Designated as Hedging Instruments [Member] |
Commodity Contract [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Underlying risk
change in natural gas prices 
 
Percent of forecasted usage to be hedged (in hundredths)
90.00% 
 
Maximum period which the Company hedges in advance of forecasted purchase (in months)
36 months 
 
Period through which natural gas is hedged
Dec. 01, 2019 
 
Notional amount (in MMBtus)
2,600,000 
2,300,000 
Net gain (loss) to be reclassified from accumulated other comprehensive income to earnings during the next 12 months
$ (1.0)
 
DERIVATIVE FINANCIAL INSTRUMENTS (Fair Value of Hedged Items) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
counterparty
Dec. 31, 2016
counterparty
Derivatives, Fair Value [Line Items]
 
 
Asset Derivatives
 
$ 1.3 
Liability Derivatives
 
26.2 
Number of counterparties
2 
2 
Number of counterparties for amounts recorded as liabilities
 
5 
Commodity Contract [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Netting of contracts in a receivable position against contracts in payable position (less than $0.1 million in 2017)
0.1 
0.4 
Derivatives Designated as Hedging Instruments [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Asset Derivatives
1.3 
1.3 
Liability Derivatives
1.4 
0.4 
Derivatives Designated as Hedging Instruments [Member] |
Commodity Contract [Member] |
Other Current Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Asset Derivatives
0 
1.2 
Derivatives Designated as Hedging Instruments [Member] |
Commodity Contract [Member] |
Accrued Expenses [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Liability Derivatives
1.0 
0.3 
Derivatives Designated as Hedging Instruments [Member] |
Commodity Contract [Member] |
Other Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Asset Derivatives
0 
0.1 
Derivatives Designated as Hedging Instruments [Member] |
Commodity Contract [Member] |
Other Noncurrent Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Liability Derivatives
0.4 
0.1 
Derivatives Designated as Hedging Instruments [Member] |
Swap Contract [Member] |
Other Current Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Asset Derivatives
0.9 
 
Derivatives Designated as Hedging Instruments [Member] |
Swap Contract [Member] |
Accrued Expenses [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Liability Derivatives
0 
 
Derivatives Designated as Hedging Instruments [Member] |
Swap Contract [Member] |
Other Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Asset Derivatives
0.4 
 
Derivatives Designated as Hedging Instruments [Member] |
Swap Contract [Member] |
Other Noncurrent Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Liability Derivatives
0 
 
Derivatives Not Designated as Hedging Instrument [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Asset Derivatives
 
0 
Liability Derivatives
 
25.8 
Derivatives Not Designated as Hedging Instrument [Member] |
Swap Contract [Member] |
Other Current Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Asset Derivatives
 
0 
Derivatives Not Designated as Hedging Instrument [Member] |
Swap Contract [Member] |
Accrued Expenses [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Liability Derivatives
 
25.8 
Derivatives Not Designated as Hedging Instrument [Member] |
Swap Contract [Member] |
Other Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Asset Derivatives
 
0 
Derivatives Not Designated as Hedging Instrument [Member] |
Swap Contract [Member] |
Other Noncurrent Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Liability Derivatives
 
$ 0 
COMMITMENTS AND CONTINGENCIES (Additional Information) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended 3 Months Ended
Dec. 31, 2017
agreement
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2017
U.S., Canada, and U.K. [Member]
Dec. 31, 2017
Workforce Subject to Collective Bargaining Arrangements [Member]
Labor Force Concentration Risk [Member]
Brazil [Member]
Dec. 31, 2017
Produquímica [Member]
Jun. 30, 2017
Cote Blanche [Member]
Dec. 31, 2016
Cote Blanche [Member]
Dec. 31, 2017
Brazilian Tax Litigation And Assessments [Member]
Loss Contingencies [Line Items]
 
 
 
 
 
 
 
 
 
Reserve for expected payments required to resolve the dispute
 
 
 
 
 
 
 
$ 7.4 
$ 18.1 
Settlement amount
 
 
 
 
 
 
7.7 
 
 
Contingent liabilities assumed
 
 
 
 
 
10.5 
 
 
 
Maximum exposure for other labor matters
41 
 
 
 
 
 
 
 
 
Unions [Abstract]
 
 
 
 
 
 
 
 
 
Percentage of company's global workforce represented by labor unions (in hundredths)
30.00% 
 
 
50.00% 
 
 
 
 
 
Number of collective bargaining agreements
12 
 
 
 
 
 
 
 
 
Number of collective bargaining agreements expiring in 2018
4 
 
 
 
 
 
 
 
 
Percentage of company's global workforce with collective bargaining agreements expiring in 2018 (in hundredths)
16.00% 
 
 
 
 
 
 
 
 
Number of collective bargaining agreements expiring in 2019
5 
 
 
 
 
 
 
 
 
Number of collective bargaining agreements expiring in year 2020
1 
 
 
 
 
 
 
 
 
Number of collective bargaining agreements expiring in year 2021
1 
 
 
 
 
 
 
 
 
Number of collective bargaining agreements expiring in year 2022
1 
 
 
 
 
 
 
 
 
Percentage of concentration risk
 
 
 
 
40.00% 
 
 
 
 
Commitments [Abstract]
 
 
 
 
 
 
 
 
 
Rental expense, net of sublease income
22.0 
20.4 
20.7 
 
 
 
 
 
 
Royalties [Abstract]
 
 
 
 
 
 
 
 
 
Royalty expense
14.5 
15.2 
14.0 
 
 
 
 
 
 
Sales contracts [Abstract]
 
 
 
 
 
 
 
 
 
Guarantor obligations, performance bonds outstanding
128.3 
 
 
 
 
 
 
 
 
Amount of security in the form of bank letter guarantees
9.2 
 
 
 
 
 
 
 
 
Purchase commitments [Abstract]
 
 
 
 
 
 
 
 
 
Purchase commitments for 2018
28.4 
 
 
 
 
 
 
 
 
Purchase commitments for 2019
11.4 
 
 
 
 
 
 
 
 
Purchase commitments for 2020
10.2 
 
 
 
 
 
 
 
 
Purchase commitments for 2021
$ 9.4 
 
 
 
 
 
 
 
 
COMMITMENTS AND CONTINGENCIES (Schedule of Operating Leases) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
 
2018
$ 13.1 
2019
10.4 
2020
5.8 
2021
2.2 
2022
1.5 
Thereafter
5.0 
Total
$ 38.0 
COMMITMENTS AND CONTINGENCIES (Schedule of Capital Leases) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
 
2018
$ 0.9 
2019
0.8 
2020
0.9 
2021
0.9 
2022
0.9 
Thereafter
5.2 
Total
$ 9.6 
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Summary of Plan Information) (Details) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2017
Series A Preferred Stock [Member]
Dec. 31, 2017
Stock Options [Member]
Dec. 31, 2017
RSUs [Member]
Dec. 31, 2017
TSR PSUs [Member]
Dec. 31, 2017
ROIC PSUs [Member]
Dec. 31, 2005
2005 Plan [Member]
May 31, 2015
2015 Plan [Member]
Dec. 31, 2017
Deferred Compensation Arrangement [Member]
Dec. 31, 2016
Deferred Compensation Arrangement [Member]
Dec. 31, 2015
Deferred Compensation Arrangement [Member]
Dec. 31, 2017
Deferred Compensation Arrangement [Member]
Director [Member]
Dec. 31, 2016
Deferred Compensation Arrangement [Member]
Director [Member]
Dec. 31, 2015
Deferred Compensation Arrangement [Member]
Director [Member]
Dec. 31, 2017
Minimum [Member]
TSR PSUs [Member]
Dec. 31, 2017
Minimum [Member]
ROIC PSUs [Member]
Dec. 31, 2017
Maximum [Member]
TSR PSUs [Member]
Dec. 31, 2017
Maximum [Member]
ROIC PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends paid (in dollars per share)
$ 2.88 
$ 2.78 
$ 2.64 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred stock units credited in period (in shares)
 
 
 
 
 
 
 
 
 
 
17,207 
10,078 
12,542 
 
 
 
 
 
 
 
Shares reissued from treasury stock (in shares)
 
 
 
 
 
 
 
 
 
 
 
 
 
6,668 
12,153 
31,954 
 
 
 
 
Preferred stock, shares authorized (in shares)
10,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock, shares issued (in shares)
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock, shares outstanding (in shares)
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares designated as series A junior participating preferred stock (in shares)
 
 
 
200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Authorized shares (in shares)
 
 
 
 
 
 
 
 
3,240,000 
3,000,000 
 
 
 
 
 
 
 
 
 
 
Service period
 
 
 
 
4 years 
3 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Award expiration period
 
 
 
 
7 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Terms of award
 
 
 
 
Upon vesting, each option can be exercised to purchase one share of the Company’s common stock. 
One share of common stock for each vested RSU. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of shares available from conversion (in shares)
 
 
 
 
1 
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performance period of PSUs
 
 
 
 
 
 
3 years 
3 years 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of shares earned
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.00% 
0.00% 
150.00% 
200.00% 
Vesting period
 
 
 
 
 
 
3 years 
3 years 
 
 
 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Summary of Fair Value Assumptions and Methodology) (Details) (Stock Options [Member], USD $)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Stock Options [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Fair value of options granted (in dollars per share)
$ 9.54 
$ 10.17 
$ 14.78 
Expected term (years)
4 years 6 months 
4 years 6 months 
4 years 9 months 18 days 
Expected volatility
23.20% 
24.40% 
24.90% 
Dividend yield
3.50% 
3.30% 
3.10% 
Risk-free interest rates
1.80% 
1.20% 
1.60% 
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Summary of Activity) (Details) (USD $)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Stock Options [Member]
 
 
 
Stock option activity
 
 
 
Outstanding at beginning of period (in shares)
442,755 
353,087 
278,429 
Granted (in shares)
227,351 
157,887 
120,956 
Exercised (in shares)
(3,366)
(11,377)
(33,906)
Cancelled/Expired (in shares)
(103,863)
(56,842)
(12,392)
Outstanding at end of period (in shares)
562,877 
442,755 
353,087 
Stock option weighted-average exercise price
 
 
 
Outstanding at beginning of period (in dollars per share)
$ 80.07 
$ 83.94 
$ 79.23 
Granted (in dollars per share)
$ 68.00 
$ 70.48 
$ 91.76 
Exercised (in dollars per share)
$ 76.03 
$ 62.50 
$ 72.53 
Cancelled/Expired (in dollars per share)
$ 76.44 
$ 80.95 
$ 84.71 
Outstanding at end of period (in dollars per share)
$ 75.89 
$ 80.07 
$ 83.94 
RSUs [Member]
 
 
 
RSU and PSU activity
 
 
 
Outstanding at beginning of period (in shares)
63,780 
91,008 
88,532 
Granted (in shares)
34,635 
34,975 
21,317 
Released from restriction (in shares)
(15,806)
(53,983)
(15,952)
Cancelled/Expired (in shares)
(11,753)
(8,220)
(2,889)
Outstanding at end of period (in shares)
70,856 
63,780 
91,008 
RSU and PSU weighted-average fair value
 
 
 
Outstanding at beginning of period (in dollars per share)
$ 80.25 
$ 80.65 
$ 76.58 
Granted (in dollars per share)
$ 68.00 
$ 72.06 
$ 90.94 
Released from restriction (in dollars per share)
$ 84.77 
$ 75.18 
$ 71.69 
Cancelled/Expired (in dollars per share)
$ 71.96 
$ 83.16 
$ 81.43 
Outstanding at end of period (in dollars per share)
$ 74.63 
$ 80.25 
$ 80.65 
PSUs [Member]
 
 
 
RSU and PSU activity
 
 
 
Outstanding at beginning of period (in shares)
89,011 
77,365 
59,627 
Granted (in shares)
58,878 
43,902 
35,584 
Released from restriction (in shares)
(12,946)
(10,258)
(10,454)
Cancelled/Expired (in shares)
(22,907)
(21,998)
(7,392)
Outstanding at end of period (in shares)
112,036 
89,011 
77,365 
RSU and PSU weighted-average fair value
 
 
 
Outstanding at beginning of period (in dollars per share)
$ 89.43 
$ 96.63 
$ 88.69 
Granted (in dollars per share)
$ 73.08 
$ 73.86 
$ 100.49 
Released from restriction (in dollars per share)
$ 105.77 
$ 78.49 
$ 74.49 
Cancelled/Expired (in dollars per share)
$ 86.81 
$ 88.79 
$ 82.46 
Outstanding at end of period (in dollars per share)
$ 79.48 
$ 89.43 
$ 96.63 
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Additional Information) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Equity compensation, additional general disclosures [Abstract]
 
 
 
Options outstanding (in shares)
562,877 
442,755 
 
Number of options outstanding that are exercisable (in shares)
221,212 
178,751 
 
Compensation expense related to stock-based compensation awards
$ 5.0 
$ 4.9 
$ 6.1 
Unrecorded compensation cost related to non-vested awards
6.5 
 
 
Unrecorded compensation cost, weighted average period of recognition
2 years 1 month 6 days 
 
 
Stock Options [Member]
 
 
 
Equity compensation, additional general disclosures [Abstract]
 
 
 
Fair value of options vested
1.4 
1.3 
1.1 
Intrinsic value of stock options exercised during the period
0.1 
0.1 
0.6 
Intrinsic value of options outstanding
1.1 
 
 
Intrinsic value of options exercisable
$ 0.1 
 
 
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Summary of Exercise Price Range) (Details) (USD $)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
 
Options outstanding (in shares)
562,877 
442,755 
Weighted-average remaining contractual life of options outstanding
4 years 7 months 6 days 
 
Weighted-average exercise price of options outstanding (in dollars per share)
$ 75.89 
 
Options exercisable (in shares)
221,212 
 
Weighted-average remaining contractual life of exercisable options
3 years 
 
Weighted-average exercise price of exercisable options (in dollars per share)
$ 81.31 
 
$68.00 - $69.24 [Member]
 
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
 
Exercise price range, lower range limit (in dollars per share)
$ 68.00 
 
Exercise price range, upper range limit (in dollars per share)
$ 69.24 
 
Options outstanding (in shares)
195,232 
 
Weighted-average remaining contractual life of options outstanding
6 years 3 months 18 days 
 
Weighted-average exercise price of options outstanding (in dollars per share)
$ 68.00 
 
Options exercisable (in shares)
0 
 
Weighted-average remaining contractual life of exercisable options
0 years 
 
Weighted-average exercise price of exercisable options (in dollars per share)
$ 0.00 
 
$69.25 - $71.09 [Member]
 
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
 
Exercise price range, lower range limit (in dollars per share)
$ 69.25 
 
Exercise price range, upper range limit (in dollars per share)
$ 71.09 
 
Options outstanding (in shares)
120,117 
 
Weighted-average remaining contractual life of options outstanding
5 years 2 months 12 days 
 
Weighted-average exercise price of options outstanding (in dollars per share)
$ 70.48 
 
Options exercisable (in shares)
30,471 
 
Weighted-average remaining contractual life of exercisable options
5 years 2 months 12 days 
 
Weighted-average exercise price of exercisable options (in dollars per share)
$ 70.48 
 
$71.10 - $81.73 [Member]
 
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
 
Exercise price range, lower range limit (in dollars per share)
$ 71.10 
 
Exercise price range, upper range limit (in dollars per share)
$ 81.73 
 
Options outstanding (in shares)
84,605 
 
Weighted-average remaining contractual life of options outstanding
2 years 
 
Weighted-average exercise price of options outstanding (in dollars per share)
$ 75.63 
 
Options exercisable (in shares)
84,605 
 
Weighted-average remaining contractual life of exercisable options
2 years 
 
Weighted-average exercise price of exercisable options (in dollars per share)
$ 75.63 
 
$81.74 - $89.47 [Member]
 
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
 
Exercise price range, lower range limit (in dollars per share)
$ 81.74 
 
Exercise price range, upper range limit (in dollars per share)
$ 89.47 
 
Options outstanding (in shares)
79,349 
 
Weighted-average remaining contractual life of options outstanding
2 years 7 months 6 days 
 
Weighted-average exercise price of options outstanding (in dollars per share)
$ 87.04 
 
Options exercisable (in shares)
62,974 
 
Weighted-average remaining contractual life of exercisable options
2 years 4 months 24 days 
 
Weighted-average exercise price of exercisable options (in dollars per share)
$ 87.00 
 
$89.48 - $93.26 [Member]
 
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
 
Exercise price range, lower range limit (in dollars per share)
$ 89.48 
 
Exercise price range, upper range limit (in dollars per share)
$ 93.26 
 
Options outstanding (in shares)
83,574 
 
Weighted-average remaining contractual life of options outstanding
4 years 2 months 12 days 
 
Weighted-average exercise price of options outstanding (in dollars per share)
$ 91.77 
 
Options exercisable (in shares)
43,162 
 
Weighted-average remaining contractual life of exercisable options
4 years 2 months 12 days 
 
Weighted-average exercise price of exercisable options (in dollars per share)
$ 91.77 
 
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Accumulated Other Comprehensive Income) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2014
Dec. 31, 2017
Gains and (Losses) on Cash Flow Hedges [Member]
Dec. 31, 2016
Gains and (Losses) on Cash Flow Hedges [Member]
Dec. 31, 2017
Defined Benefit Pension [Member]
Dec. 31, 2016
Defined Benefit Pension [Member]
Dec. 31, 2017
Foreign Currency [Member]
Dec. 31, 2016
Foreign Currency [Member]
Dec. 31, 2017
Total [Member]
Dec. 31, 2016
Total [Member]
Dec. 31, 2015
Total [Member]
Dec. 31, 2014
Total [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance
$ 717.1 
$ 639.7 
$ 653.6 
$ 0.6 
$ (1.6)
$ (3.7)
$ (3.8)
$ (101.8)
$ (102.9)
$ (77.9)
$ (104.9)
$ (108.3)
$ (15.5)
Other comprehensive income (loss) before reclassifications
27.7 
1.5 
 
(0.6)
0.5 
(0.4)
(0.1)
28.7 
1.1 
 
 
 
 
Amounts reclassified from accumulated other comprehensive loss
(0.7)
1.9 
 
(0.9)
1.7 
0.2 
0.2 
0 
0 
 
 
 
 
Net current period other comprehensive income (loss)
27.0 
3.4 
 
(1.5)
2.2 
(0.2)
0.1 
28.7 
1.1 
 
 
 
 
Balance
$ 694.6 
$ 717.1 
$ 653.6 
$ (0.9)
$ 0.6 
$ (3.9)
$ (3.7)
$ (73.1)
$ (101.8)
$ (77.9)
$ (104.9)
$ (108.3)
$ (15.5)
STOCKHOLDERS' EQUITY AND EQUITY INSTRUMENTS (Amount Reclassified from AOCI) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Product cost
 
 
 
 
 
 
 
 
$ (770.3)
$ (593.6)
$ (507.1)
Interest expense
 
 
 
 
 
 
 
 
(52.9)
(34.1)
(21.5)
Income tax expense (benefit)
 
 
 
 
 
 
 
 
60.0 
34.6 
55.3 
Total reclassifications, net of income taxes
(4.4)
32.0 
(6.4)
21.5 
97.6 
9.1 
6.3 
49.7 
42.7 
162.7 
159.2 
Reclassifications, net of income taxes [Member]
 
 
 
 
 
 
 
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total reclassifications, net of income taxes
 
 
 
 
 
 
 
 
(0.7)
(1.5)
 
Reclassifications, net of income taxes [Member] |
Gain and (losses) on cash flow hedges [Member]
 
 
 
 
 
 
 
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
0.4 
1.0 
 
Total reclassifications, net of income taxes
 
 
 
 
 
 
 
 
(0.9)
(1.7)
 
Reclassifications, net of income taxes [Member] |
Gain and (losses) on cash flow hedges [Member] |
Natural gas instruments [Member]
 
 
 
 
 
 
 
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Product cost
 
 
 
 
 
 
 
 
0.6 
(2.7)
 
Reclassifications, net of income taxes [Member] |
Gain and (losses) on cash flow hedges [Member] |
Foreign currency swaps [Member]
 
 
 
 
 
 
 
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
(1.9)
 
 
Reclassifications, net of income taxes [Member] |
Amortization of defined benefit pension [Member]
 
 
 
 
 
 
 
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Product cost
 
 
 
 
 
 
 
 
0.3 
0.3 
 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
(0.1)
(0.1)
 
Total reclassifications, net of income taxes
 
 
 
 
 
 
 
 
$ 0.2 
$ 0.2 
 
FAIR VALUE MEASUREMENTS (Summary of Estimated Fair Values) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Liability Class:
 
 
Mutual fund investments percentage of fund invested in common stock of large-cap U.S. (in hundredths)
30.00% 
25.00% 
Mutual fund investments percentage of fund invested in common stock of small cap To mid-cap U.S. (in hundredths)
15.00% 
10.00% 
Mutual fund investments percentage of fund invested in common stock of international companies (in hundredths)
5.00% 
5.00% 
Mutual fund investments percentage of fund invested in bond funds (in hundredths)
10.00% 
5.00% 
Mutual fund investments percentage of fund invested in short-term investments (in hundredths)
20.00% 
40.00% 
Mutual fund investments percentage of fund invested in blended funds (in hundredths)
20.00% 
15.00% 
Fair Value, Measurements, Recurring [Member]
 
 
Asset Class:
 
 
Mutual fund investments in a non-qualified savings plan
$ 2.2 
$ 1.8 
Derivatives - foreign currency swaps, net
1.3 
 
Derivatives - natural gas instruments
 
0.9 
Trading securities
 
1.8 
Total Assets
3.5 
4.5 
Liability Class:
 
 
Liabilities related to non-qualified savings plan
(2.2)
(1.8)
Derivatives - natural gas instruments
(1.4)
(25.8)
Total Liabilities
(3.6)
(27.6)
Fair Value, Measurements, Recurring [Member] |
Level One [Member]
 
 
Asset Class:
 
 
Mutual fund investments in a non-qualified savings plan
2.2 
1.8 
Derivatives - foreign currency swaps, net
0 
 
Derivatives - natural gas instruments
 
0 
Trading securities
 
0 
Total Assets
2.2 
1.8 
Liability Class:
 
 
Liabilities related to non-qualified savings plan
(2.2)
(1.8)
Derivatives - natural gas instruments
0 
0 
Total Liabilities
(2.2)
(1.8)
Fair Value, Measurements, Recurring [Member] |
Level Two [Member]
 
 
Asset Class:
 
 
Mutual fund investments in a non-qualified savings plan
0 
0 
Derivatives - foreign currency swaps, net
1.3 
 
Derivatives - natural gas instruments
 
0.9 
Trading securities
 
1.8 
Total Assets
1.3 
2.7 
Liability Class:
 
 
Liabilities related to non-qualified savings plan
0 
0 
Derivatives - natural gas instruments
(1.4)
(25.8)
Total Liabilities
(1.4)
(25.8)
Fair Value, Measurements, Recurring [Member] |
Level Three [Member]
 
 
Asset Class:
 
 
Mutual fund investments in a non-qualified savings plan
0 
0 
Derivatives - foreign currency swaps, net
0 
 
Derivatives - natural gas instruments
 
0 
Trading securities
 
0 
Total Assets
0 
0 
Liability Class:
 
 
Liabilities related to non-qualified savings plan
0 
0 
Derivatives - natural gas instruments
0 
0 
Total Liabilities
$ 0 
$ 0 
FAIR VALUE MEASUREMENTS (Additional Information) (Details) (USD $)
Dec. 31, 2017
Dec. 31, 2016
4.875% Senior Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Stated interest rate
4.875% 
4.875% 
Fair value of senior notes
$ 246,900,000 
$ 236,300,000 
Aggregate principal amount due at maturity
250,000,000.0 
250,000,000.0 
Credit Agreement [Member]
 
 
Debt Instrument [Line Items]
 
 
Aggregate principal amount due at maturity
1,010,000,000 
951,300,000 
Fair value of credit agreement debt
989,500,000 
940,500,000 
Fair Value, Measurements, Recurring [Member]
 
 
Debt Instrument [Line Items]
 
 
Mutual fund investments in a non-qualified savings plan
$ 2,200,000 
$ 1,800,000 
OPERATING SEGMENTS (Segment Information) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended 1 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
segment
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2017
Reportable Segments [Member]
Salt [Member]
Dec. 31, 2016
Reportable Segments [Member]
Salt [Member]
Dec. 31, 2015
Reportable Segments [Member]
Salt [Member]
Dec. 31, 2017
Reportable Segments [Member]
Plant Nutrition North America [Member]
Dec. 31, 2016
Reportable Segments [Member]
Plant Nutrition North America [Member]
Dec. 31, 2015
Reportable Segments [Member]
Plant Nutrition North America [Member]
Dec. 31, 2017
Reportable Segments [Member]
Plant Nutrition South America [Member]
Dec. 31, 2016
Reportable Segments [Member]
Plant Nutrition South America [Member]
Dec. 31, 2015
Reportable Segments [Member]
Plant Nutrition South America [Member]
Dec. 31, 2017
Corporate & Other [Member]
Dec. 31, 2016
Corporate & Other [Member]
Dec. 31, 2015
Corporate & Other [Member]
Dec. 31, 2017
Intersegment Sales [Member]
Dec. 31, 2016
Intersegment Sales [Member]
Dec. 31, 2015
Intersegment Sales [Member]
Dec. 31, 2017
Intersegment Sales [Member]
Salt [Member]
Dec. 31, 2016
Intersegment Sales [Member]
Salt [Member]
Dec. 31, 2015
Intersegment Sales [Member]
Salt [Member]
Dec. 31, 2017
Intersegment Sales [Member]
Plant Nutrition North America [Member]
Dec. 31, 2016
Intersegment Sales [Member]
Plant Nutrition North America [Member]
Dec. 31, 2015
Intersegment Sales [Member]
Plant Nutrition North America [Member]
Dec. 31, 2017
Intersegment Sales [Member]
Plant Nutrition South America [Member]
Dec. 31, 2016
Intersegment Sales [Member]
Plant Nutrition South America [Member]
Dec. 31, 2015
Intersegment Sales [Member]
Plant Nutrition South America [Member]
Oct. 31, 2016
Produquímica [Member]
Business
Segment Reporting [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of reportable segments
 
 
 
 
 
 
 
 
3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of primary businesses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 
Sales
$ 457.9 
$ 290.7 
$ 228.0 
$ 387.8 
$ 443.2 
$ 179.6 
$ 169.5 
$ 345.7 
$ 1,364.4 
$ 1,138.0 
$ 1,098.7 
$ 769.2 
$ 811.9 
$ 849.0 
$ 210.0 
$ 203.0 
$ 238.4 
$ 375.0 
$ 113.5 
$ 0 
$ 10.2 
$ 9.6 
$ 11.3 
$ (6.5)
$ (5.2)
$ (7.8)
$ 0 
$ 0 
$ 0.1 
$ 6.5 
$ 5.2 
$ 7.7 
$ 0 
$ 0 
$ 0 
 
Shipping and handling cost
 
 
 
 
 
 
 
 
267.5 
244.9 
261.5 
220.6 
214.5 
239.1 
28.1 
25.0 
22.4 
18.8 
5.4 
0 
0 
0 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating earnings (loss)
 
 
 
 
 
 
 
 
159.2 
174.6 
221.4 
138.0 
200.6 
215.2 
27.7 
21.1 
57.9 
49.1 
7.4 
0 
(55.6)
(54.5)
(51.7)
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation, depletion and amortization
 
 
 
 
 
 
 
 
122.2 
90.3 
78.3 
55.0 
46.7 
43.9 
36.9 
33.4 
29.8 
22.6 
5.0 
0 
7.7 
5.2 
4.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
2,571.0 
 
 
 
2,466.5 
 
 
 
2,571.0 
2,466.5 
1,624.8 
1,030.6 
980.3 
896.5 
601.1 
592.3 
679.7 
808.0 
844.9 
0 
131.3 
49.0 
48.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
 
 
 
 
 
 
 
114.1 
182.2 
217.6 
65.8 
103.4 
106.5 
31.9 
63.6 
92.8 
11.3 
2.1 
0 
5.1 
13.1 
18.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restructuring charges
 
 
 
 
 
 
 
 
$ 4.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OPERATING SEGMENTS (Information by Geographic Area) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Sales
$ 457.9 
$ 290.7 
$ 228.0 
$ 387.8 
$ 443.2 
$ 179.6 
$ 169.5 
$ 345.7 
$ 1,364.4 
$ 1,138.0 
$ 1,098.7 
Long-lived assets
1,829.2 
 
 
 
1,749.1 
 
 
 
1,829.2 
1,749.1 
1,110.9 
United States [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Sales
 
 
 
 
 
 
 
 
718.0 
762.6 
834.6 
Long-lived assets
618.5 
 
 
 
568.5 
 
 
 
618.5 
568.5 
498.0 
Canada [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Sales
 
 
 
 
 
 
 
 
217.7 
212.5 
198.4 
Long-lived assets
515.9 
 
 
 
461.5 
 
 
 
515.9 
461.5 
394.3 
Brazil [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Sales
 
 
 
 
 
 
 
 
362.1 
111.7 
0 
Long-lived assets
618.4 
 
 
 
645.8 
 
 
 
618.4 
645.8 
116.4 
United Kingdom [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Sales
 
 
 
 
 
 
 
 
43.3 
40.6 
56.8 
Long-lived assets
69.9 
 
 
 
66.8 
 
 
 
69.9 
66.8 
95.7 
Other Geographic Areas [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Sales
 
 
 
 
 
 
 
 
23.3 
10.6 
8.9 
Long-lived assets
$ 6.5 
 
 
 
$ 6.5 
 
 
 
$ 6.5 
$ 6.5 
$ 6.5 
EARNINGS PER SHARE (Details) (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net earnings
$ (4.4)
$ 32.0 
$ (6.4)
$ 21.5 
$ 97.6 
$ 9.1 
$ 6.3 
$ 49.7 
$ 42.7 
$ 162.7 
$ 159.2 
Less: net earnings allocated to participating securities
 
 
 
 
 
 
 
 
(0.5)
(0.8)
(1.0)
Net earnings available to common shareholders
 
 
 
 
 
 
 
 
$ 42.2 
$ 161.9 
$ 158.2 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding, shares for basic earnings per share (in shares)
33,828 
33,825 
33,823 
33,802 
33,788 
33,786 
33,784 
33,746 
33,819 
33,776 
33,677 
Weighted average equity awards outstanding (in shares)
 
 
 
 
 
 
 
 
1 
4 
15 
Shares for diluted earnings per share
33,828 
33,825 
33,823 
33,803 
33,793 
33,789 
33,787 
33,748 
33,820 
33,780 
33,692 
Net earnings per common share, basic (in dollars per share)
$ (0.13)
$ 0.94 
$ (0.19)
$ 0.63 
$ 2.88 
$ 0.27 
$ 0.18 
$ 1.47 
$ 1.25 
$ 4.79 
$ 4.70 
Net earnings per common share, diluted (in dollars per share)
$ (0.13)
$ 0.94 
$ (0.19)
$ 0.63 
$ 2.87 
$ 0.27 
$ 0.18 
$ 1.46 
$ 1.25 
$ 4.79 
$ 4.69 
Net earnings allocated to participating securities (in shares)
 
 
 
 
 
 
 
 
166 
164 
198 
Stock Options [Member]
 
 
 
 
 
 
 
 
 
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Anti-dilutive weighted options outstanding (in shares)
 
 
 
 
 
 
 
 
640 
509 
432 
QUARTERLY RESULTS (Unaudited) (Schedule of Quarterly Results) (Details) (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Sales
$ 457.9 
$ 290.7 
$ 228.0 
$ 387.8 
$ 443.2 
$ 179.6 
$ 169.5 
$ 345.7 
$ 1,364.4 
$ 1,138.0 
$ 1,098.7 
Gross profit
124.0 
76.1 
44.9 
81.6 
110.4 
45.2 
41.3 
102.6 
326.6 
299.5 
330.1 
Net earnings (loss)
$ (4.4)
$ 32.0 
$ (6.4)
$ 21.5 
$ 97.6 
$ 9.1 
$ 6.3 
$ 49.7 
$ 42.7 
$ 162.7 
$ 159.2 
Net earnings (loss) per share, basic (in dollars per share)
$ (0.13)
$ 0.94 
$ (0.19)
$ 0.63 
$ 2.88 
$ 0.27 
$ 0.18 
$ 1.47 
$ 1.25 
$ 4.79 
$ 4.70 
Net earnings (loss) per share, diluted (in dollars per share)
$ (0.13)
$ 0.94 
$ (0.19)
$ 0.63 
$ 2.87 
$ 0.27 
$ 0.18 
$ 1.46 
$ 1.25 
$ 4.79 
$ 4.69 
Basic weighted-average shares outstanding (in shares)
33,828 
33,825 
33,823 
33,802 
33,788 
33,786 
33,784 
33,746 
33,819 
33,776 
33,677 
Diluted weighted-average shares outstanding (in shares)
33,828 
33,825 
33,823 
33,803 
33,793 
33,789 
33,787 
33,748 
33,820 
33,780 
33,692 
QUARTERLY RESULTS (Unaudited) (Schedule of Quarterly Results Additional Information) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended 3 Months Ended
Dec. 31, 2017
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2017
Produquímica [Member]
Sep. 30, 2017
Produquímica [Member]
Dec. 31, 2016
Produquímica [Member]
Oct. 3, 2016
Produquímica [Member]
Quarterly Financial Information Disclosure [Abstract]
 
 
 
 
 
 
 
 
Tax cuts and jobs act of 2017, provisional income tax expense (benefit)
$ 46.8 
 
 
 
 
 
 
 
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
Decrease in valuation allowance
 
25 
 
 
7 
18 
 
 
Gain from remeasurement of equity method investment
 
$ 0 
$ 59.3 
$ 0 
 
 
$ 59.3 
 
Interest acquired
 
 
 
 
 
 
65.00% 
65.00% 
SUBSEQUENT EVENT (Additional Information) (Details) (Subsequent Event [Member], USD $)
0 Months Ended
Feb. 13, 2018
Subsequent Event [Member]
 
Subsequent Event [Line Items]
 
Dividend declaration date
Feb. 13, 2018 
Cash dividend declared (in dollars per share)
$ 0.72 
Dividend payable date
Mar. 15, 2018 
Stockholders of record date
Mar. 01, 2018 
Schedule II Valuation Reserves (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Produquímica [Member]
 
 
 
Valuation Reserves [Roll Forward]
 
 
 
Additions (Deductions) Charged to Expense
 
$ 7.4 
 
Allowance for Doubtful Accounts [Member]
 
 
 
Valuation Reserves [Roll Forward]
 
 
 
Balance at the Beginning of the Year
9.0 
1.3 
1.4 
Additions (Deductions) Charged to Expense
3.2 
8.0 
0.6 
Deductions
(1.3)
(0.3)
(0.7)
Balance at the End of the Year
10.9 
9.0 
1.3 
Valuation Allowance of Deferred Tax Assets [Member]
 
 
 
Valuation Reserves [Roll Forward]
 
 
 
Balance at the Beginning of the Year
33.6 
0.9 
1.0 
Additions (Deductions) Charged to Expense
1.1 
34.3 
0.1 
Deductions
(24.5)
(1.6)
(0.2)
Balance at the End of the Year
$ 10.2 
$ 33.6 
$ 0.9