# Compass Minerals International Inc: Form 10-Q for the period ended Jun 30, 2021

- Company: [Compass Minerals International Inc](/companies/cmp.md) (CIK 1227654)
- Form: 10-Q
- Filed: 2021-08-13
- Accepted by EDGAR: Aug 13, 2021, 21:28 ET
- Period: 2021-06-30
- Accession: 0001227654-21-000208
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1227654/000122765421000208/cmp-20210630.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1227654/000122765421000208/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2021-06-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2021-04-01 to 2021-06-30 | $199.4m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 6 months, 2021-01-01 to 2021-06-30 | $624.9m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Gross profit | 3 months, 2021-04-01 to 2021-06-30 | $30.2m | us-gaap:GrossProfit |
| Gross profit | 6 months, 2021-01-01 to 2021-06-30 | $138.6m | us-gaap:GrossProfit |
| Selling, general and administrative | 3 months, 2021-04-01 to 2021-06-30 | $29.3m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Selling, general and administrative | 6 months, 2021-01-01 to 2021-06-30 | $61.7m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2021-04-01 to 2021-06-30 | $900.0k | us-gaap:OperatingIncomeLoss |
| Operating income | 6 months, 2021-01-01 to 2021-06-30 | $76.9m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2021-04-01 to 2021-06-30 | $15.0m | us-gaap:InterestExpense |
| Interest expense | 6 months, 2021-01-01 to 2021-06-30 | $30.7m | us-gaap:InterestExpense |
| Income tax | 3 months, 2021-04-01 to 2021-06-30 | $1.7m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months, 2021-01-01 to 2021-06-30 | $17.7m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2021-04-01 to 2021-06-30 | $57.1m | us-gaap:NetIncomeLoss |
| Net income | 6 months, 2021-01-01 to 2021-06-30 | −$157.3m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2021-04-01 to 2021-06-30 | $1.63 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 6 months, 2021-01-01 to 2021-06-30 | −$4.65 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2021-04-01 to 2021-06-30 | $1.64 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 6 months, 2021-01-01 to 2021-06-30 | −$4.65 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2021-04-01 to 2021-06-30 | 34,078,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 6 months, 2021-01-01 to 2021-06-30 | 34,045,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 6 months, 2021-01-01 to 2021-06-30 | $210.4m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 6 months, 2021-01-01 to 2021-06-30 | $39.0m | us-gaap:PaymentsToAcquireProductiveAssets |
| Dividends paid | 6 months, 2021-01-01 to 2021-06-30 | $48.7m | us-gaap:PaymentsOfDividendsCommonStock |
| Cash and equivalents | at 2021-06-30 | $26.3m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2021-06-30 | $883.3m | us-gaap:AssetsCurrent |
| Total assets | at 2021-06-30 | $1.97bn | us-gaap:Assets |
| Current liabilities | at 2021-06-30 | $427.7m | us-gaap:LiabilitiesCurrent |
| Long-term debt | at 2021-06-30 | $1.15bn | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | at 2021-06-30 | $0 | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | at 2021-06-30 | $186.6m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 48,380 characters.

All statements, other than statements of historical fact, contained in this Quarterly Report on Form 10-Q constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following: our mining and industrial operations; geological conditions; dependency on a limited number of key production and distribution facilities and critical equipment; weather conditions; strikes, other forms of work stoppage or slowdown or other union activities; the inability to fund necessary capital expenditures or successfully complete capital projects; supply constraints or price increases for energy and raw materials used in our production processes; our indebtedness and inability to pay our indebtedness; restrictions in our debt agreements that may limit our ability to operate our business or require accelerated debt payments; tax liabilities; financial assurance requirements; the inability of our customers to access credit or a default by our customers of trade credit extended by us or financing we have guaranteed; our payment of any dividends; the impact of competition on the sales of our products; risks associated with our international operations and sales, including changes in currency exchange rates and inflation risks; the impact of anticipated changes in plant nutrition product prices and customer application rates; conditions in the sectors where we sell products and supply and demand imbalances for competing products; increasing costs or a lack of availability of transportation services; the seasonal demand for our products; our rights and governmental authorizations to mine and operate our properties; compliance with foreign and United States (“U.S.”) laws and regulations related to import and export requirements and anti-corruption laws; compliance with environmental, health and safety laws and regulations; environmental liabilities; misappropriation or infringement claims relating to intellectual property; product liability claims and product recalls; inability to obtain required product registrations or increased regulatory requirements; changes in industry standards and regulatory requirements; disruptions caused by the COVID-19 pandemic, or other outbreaks of infectious disease or similar public health threats; our ability to successfully implement our strategies; the timing and outcome of the sale processes for our South America business and our ability to complete the sales of our South America businesses; the loss of key personnel; a compromise of our computer systems, information technology or operations technology or the inability to protect confidential or proprietary data; our ability to expand our business through acquisitions, integrate acquired businesses and realize anticipated benefits from acquisitions; climate change and related laws and regulations; domestic and international general business and economic conditions; and other risks referenced from time to time in this report and our other filings with the Securities and Exchange Commission (the “SEC”), including Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020 and “Part II, Item 1A, “Risk Factors” of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.

In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “should,” “could,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” the negative of these terms or other comparable terminology. Forward-looking statements include without limitation statements about the impact of the COVID-19 pandemic on us; our outlook, including expected sales volumes; existing or potential capital expenditures; capital projects and investments; the industry and our competition; projected sources of cash flow; potential legal liability; proposed legislation and regulatory action; the seasonal distribution of working capital requirements; our reinvestment of foreign earnings outside the U.S.; our ability to optimize cash accessibility, minimize tax expense and meet debt service requirements; future tax payments and tax refunds; outcomes of matters with taxing authorities; the effects of currency fluctuations and inflation; and the seasonality of our business. These forward-looking statements are only predictions. Actual events or results may differ materially.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We undertake no duty to update any of the forward-looking statements after the date hereof or to reflect the occurrence of unanticipated events.

Unless the context requires otherwise, references to the “Company,” “Compass Minerals,” “our,” “us” and “we” refer to Compass Minerals International, Inc. (“CMI,” the parent holding company) and its consolidated subsidiaries. Except where otherwise noted, references to North America include only the continental U.S. and Canada, and references to the United Kingdom (the “U.K.”) include only England, Scotland and Wales. Except where otherwise noted, all references to tons refer to “short tons” and all amounts are in U.S. dollars. One short ton equals 2,000 pounds. Compass Minerals and Protassium+ and combinations thereof, are trademarks of CMI or its subsidiaries in the U.S. and other countries.

### Discontinued Operations

During 2020, we initiated an evaluation of the strategic fit of certain of our businesses. On February 16, 2021, we announced our plan to restructure our former Plant Nutrition South America segment to enable targeted and separate sales processes for each portion of the former segment, including our chemicals and specialty plant nutrition businesses along with our equity method investment in Fermavi Eletroquímica Ltda. (“Fermavi”). Concurrently, to optimize our asset base in North America, we evaluated the strategic fit of our North America micronutrient product business. On March 16, 2021, the Board of the Directors approved a plan to sell our South America chemicals and specialty plant nutrition businesses, our investment in Fermavi and our North America micronutrient product business (collectively, the “Specialty Businesses”) with the goal of reducing our leverage and enabling increased focus on optimizing our core businesses.

As described further in Item 1, Note 2, on March 23, 2021, April 7, 2021 and June 28, 2021, we entered into definitive agreements to sell our South America specialty plant nutrition business, a component of our North America micronutrient business and our Fermavi investment, respectively. The South America specialty plant nutrition business sale closed on July 1, 2021, and the North America micronutrient sale closed on May 4, 2021. We continue to actively pursue the sale of the South America chemicals business, and we believe this sale is probable to occur within the next twelve months.

We believe there is a single disposal plan representing a strategic shift that will have a material effect on our operations and financial results. Consequently, the Specialty Businesses qualify for presentation as assets and liabilities held for sale and discontinued operations in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Accordingly, current and noncurrent assets and liabilities of the Specialty Businesses are presented in the Consolidated Balance Sheets as assets and liabilities held for sale for both periods presented and their results of operations are presented as discontinued operations in the Consolidated Statements of Operations for each period presented.

### COVID-19 Pandemic

The ongoing COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains and created significant volatility and disruption of financial markets. As an essential business, we have continued producing and delivering products that support critical industries such as transportation, agriculture, chemical, food, pharmaceutical and animal nutrition. We have instituted several measures in response to the COVID-19 pandemic and have experienced negative impacts to our business from COVID-19, but our results of operations for the three and six months ended June 30, 2021 and 2020, were not materially affected by COVID-19.

The ultimate impact that COVID-19 will have on our future results is unknown at this time. For more information, see Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020.

### Critical Accounting Estimates

Preparation of our consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Management believes the most complex and sensitive judgments result primarily from the need to make estimates about matters that are inherently uncertain. Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 8, Note 2 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2020, describe the significant accounting estimates and policies used in preparation of our consolidated financial statements. For a further description of our critical accounting policies, see Item 1, Note 1 of our Consolidated Financial Statements included in this Quarterly Report on Form 10-Q. Actual results in these areas could differ from management’s estimates.

### Company Overview

Compass Minerals is a leading producer of essential minerals, including salt, sulfate of potash (“SOP”) specialty fertilizer and magnesium chloride. As of June 30, 2021, we operated 12 production and packaging facilities (excluding 9 production facilities in South America that are part of our discontinued operations), including:

- The largest rock salt mine in the world in Goderich, Ontario, Canada;
- The largest dedicated rock salt mine in the U.K. in Winsford, Cheshire;
- A solar evaporation facility located in Ogden, Utah, which is both the largest SOP production site and the largest solar salt production site in the Western Hemisphere; and
- Several mechanical evaporation facilities producing consumer and industrial salt.

We now have two reportable segments, Salt and Plant Nutrition (which was previously known as the Plant Nutrition North America segment), as discussed in Item 1, Note 11 to the Consolidated Financial Statements. Unless otherwise indicated, the information and amounts provided in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” pertain to continuing operations.

Our Salt segment provides highway deicing salt to customers in North America and the U.K. as well as consumer deicing and water conditioning products, ingredients used in consumer and commercial food preparation, and other salt-based products for consumer, agricultural and industrial applications in North America. In the U.K., we operate a records management business utilizing excavated areas of our Winsford salt mine with one other surface location in London, England.

Our Plant Nutrition segment produces and markets specialty plant nutrition products worldwide to distributors and retailers of crop inputs, as well as growers. Our principal plant nutrition product in our Plant Nutrition segment is SOP, which we market under the trade name Protassium+.

### Consolidated Results of Continuing Operations

The following is a summary of our consolidated results of continuing operations for the three and six months ended June 30, 2020 and 2021, respectively. The following discussion should be read in conjunction with the information contained in our consolidated financial statements and the notes thereto included in this Quarterly Report on Form 10-Q.

### THREE AND SIX MONTHS ENDED JUNE 30

\* Refer to “—Reconciliation of Net Earnings from Continuing Operations to EBITDA and Adjusted EBITDA” for a reconciliation to the most directly comparable U.S. GAAP financial measure and the reasons we use this non-GAAP measure.

### COMMENTARY: THREE MONTHS ENDED JUNE 30, 2020 AND 2021

- Total sales increased 14%, or $24.2 million, due to an increase in both our Salt and Plant Nutrition segments.
- Operating earnings decreased 91%, or $8.8 million, due to a decrease in both our Salt and Plant Nutrition segments.
- Earnings before interest, taxes, depreciation and amortization (“EBITDA”)\* adjusted for items management believes are not indicative of our ongoing operating performance (“Adjusted EBITDA”)\* decreased 21%, or $8.9 million.
- Diluted net loss per share decreased $0.27 to a loss of $0.49.

### COMMENTARY: SIX MONTHS ENDED JUNE 30, 2020 AND 2021

- Total sales increased 20%, or $103.8 million, due to an increase in both our Salt and Plant Nutrition segments.
- Operating earnings increased 20%, or $12.9 million, due to an increase in the Salt segment, which was partially offset by a decrease in our Plant Nutrition segment.
- Adjusted EBITDA increased 13%, or $16.6 million.
- Diluted net earnings per share decreased $0.21 to $0.73.

### THREE AND SIX MONTHS ENDED JUNE 30

### COMMENTARY: THREE MONTHS ENDED JUNE 30, 2020 AND 2021

### Gross Profit: Decreased 24%, or $9.4 million; Gross Margin decreased 8 percentage points to 15%

- Salt segment gross profit decreased $2.8 million primarily due to higher per-unit logistics costs which were partially offset by higher sales volumes and lower per-unit highway deicing product costs.
- The gross profit of the Plant Nutrition segment decreased $7.1 million due to higher per-unit product costs primarily due to the quality of the pond harvest at our Ogden facility, which was partially offset by higher average sales prices.

### COMMENTARY: SIX MONTHS ENDED JUNE 30, 2020 AND 2021

### Gross Profit: Increased 12%, or $14.9 million; Gross Margin decreased by 2 percentage point to 22%

- Salt segment gross profit increased $20.3 million primarily due to higher salt sales volumes and lower per-unit product costs, which were partially offset by lower average highway sales prices.
- The gross profit of the Plant Nutrition segment decreased $5.8 million due to higher per-unit product costs, which was partially offset by lower per-unit shipping and handling costs and higher averages sales prices.

### OTHER EXPENSES AND INCOME

### COMMENTARY: THREE MONTHS ENDED JUNE 30, 2020 AND 2021

### SG&A: Decreased $0.6 million; Decreased 2.4 percentage points as a percentage of sales from 17.1% to 14.7%

- The decrease in SG&A expense was primarily due to lower expenses in our Plant Nutrition segment, as the 2020 period included a write off of an uncollectible account.

### Interest Expense: Decreased $0.4 million to $15.0 million

- The decrease was primarily due to a decrease in our borrowings outstanding under our credit agreement.

### Loss on Foreign Exchange: Decreased $3.3 million from $4.4 million to $1.1 million

- We realized foreign exchange losses of $1.1 million in the second quarter of 2021 compared to losses of $4.4 million in the second quarter of 2020 primarily due to changes in foreign currency exchange rates on our non U.S. dollar denominated intercompany loans between our U.S. and foreign subsidiaries.

### Other Income: Increased $0.3 million from income of $0.2 million to income of $0.5 million

- The increase in other income is primarily due higher interest income in the current period.

### Income Tax Expense (Benefit): Increased $4.4 million from a benefit of $(2.7) million to an expense of $1.7 million

- We had income tax expense in the second quarter of 2021 on pretax book losses primarily due to a refinement made in the second quarter of 2021 related to the expected pretax profit and expected tax rate for the nine month stub period with our new fiscal year ending September 30, 2021.
- Our income tax provision in both periods differs from the U.S. statutory rate primarily due to U.S. statutory depletion, state income taxes, global intangible low-taxed income, foreign income, mining and withholding taxes and interest expense recognition differences for tax and financial reporting purposes.
- Our effective tax rate decreased from 27% in the second quarter of 2020 to (12%) for the second quarter of 2021 primarily due to income tax expense on pretax book losses resulting from a refinement made in the second quarter of 2021 related to the expected pretax profit and expected tax rate for the nine month stub period with our new fiscal year ending September 30, 2021.

### Net Earnings from Discontinued Operations: Increased from income of $3.9 million to income of $73.5 million

- The net earnings from discontinued operations includes the gain recognized for the sale of a component of the North America product micronutrient business in May 2021 of $30.8 million and the adjustment as required by U.S. GAAP of approximately $14.6 million of the change in fair value less estimated costs to sell our South America chemicals and specialty plant nutrition businesses that was recorded in the first quarter of 2021. The first quarter impairment primarily resulted from the accumulated currency translation adjustment due to the significant weakening of the Brazilian real since the acquisition of these businesses. In the second quarter, we updated the expected proceeds and the foreign exchange rates, which resulted in the reduction of the loss in the second quarter of 2021. Additionally, the strengthening of the Brazilian real also resulted in a gain on foreign exchange of $24.3 million for the three months ended June 30, 2021, compared to a loss on foreign exchange of $0.6 million for the three months ended June 30, 2020.
- Our operating earnings for our South America chemicals and specialty nutrition businesses improved by $1.5 million and the North America micronutrient product business declined by $0.4 million. The improvements in our South America businesses were due to higher average sales prices, which were partially offset by lower chemical sales volumes. The North America micronutrient product business declined primarily due to lower average sales prices and the write off of the remaining inventory that was not included in the sale of the business.

### COMMENTARY: SIX MONTHS ENDED JUNE 30, 2020 AND 2021

### SG&A: Increased $2.0 million; Decreased 1.6 percentage points as a percentage of sales from 11.5% to 9.9%

- The increase in SG&A expense was primarily due to higher corporate professional services fees and higher incentive compensation.

### Interest Expense: Decreased $1.3 million to $30.7 million

- The decrease was primarily due to a decrease in outstanding borrowings under our credit agreement and a decrease in our weighted average interest rate during the period.

### Loss (Gain) on Foreign Exchange: Increased $16.8 million from income of $(13.6) million to an expense of $3.2 million

- We realized a foreign exchange loss of $3.2 million in the first six months of 2021 compared to a gain of $(13.6) million in the first six months of 2020 due primarily to changes in translating our intercompany loans from Canadian dollars to U.S. dollars.

### Other (Income) Expense: Increased $0.3 million from a loss of $0.1 million to income of $(0.2) million

- The increase is due to higher interest income and amounts related to our non-qualified deferred compensation plans.

### Income Tax Expense: Increased $5.0 million from $12.7 million to $17.7 million

- The increase in income tax expense was primarily due to a higher effective tax rate for the six months ended June 30, 2021 compared to the six months ended June 30, 2020.
- Our income tax provision in both periods differs from the U.S. statutory rate primarily due to U.S. statutory depletion, state income taxes, global intangible low-taxed income, foreign income, mining and withholding taxes and interest expense recognition differences for tax and financial reporting purposes.
- Our effective tax rate increased from 28% in the first half of 2020 to 41% in the first half of 2021 reflecting the change to the expected tax rate for the nine month stub period due to our new fiscal year ending September 31, 2021.

### Operating Segment Performance

The following financial results represent consolidated financial information with respect to sales from our Salt and Plant Nutrition segments. The results of operations of the consolidated records management business, and other incidental revenues, include sales of $3.0 million and $2.3 million for the second quarter of 2021 and 2020, respectively and $5.8 million and $5.0 million for the first six months of 2021 and 2020. These revenues are not material to our consolidated financial results and are not included in the following operating segment financial data.

### Salt

### THREE AND SIX MONTHS ENDED JUNE 30

|  | 2Q 2021 | 2Q 2020 | YTD 2021 | YTD 2020 |
| --- | ---: | ---: | ---: | ---: |
| **Salt Sales (in millions)** | $142.6 | $121.9 | $511.6 | $409.7 |
| **Salt Operating Earnings (in millions)** | $19.2 | $22.5 | $110.8 | $90.3 |
| **Salt Sales Volumes (thousands of tons)** |  |  |  |  |
| Highway deicing | 1,212 | 1,021 | 5,762 | 4,125 |
| Consumer and industrial | 445 | 400 | 923 | 869 |
| Total tons sold | 1,657 | 1,421 | 6,685 | 4,994 |
| **Average Salt Sales Price (per ton)** |  |  |  |  |
| Highway deicing | $59.42 | $60.32 | $63.04 | $67.08 |
| Consumer and industrial | $158.78 | $150.77 | $160.81 | $152.97 |
| Combined | $86.12 | $85.77 | $76.54 | $82.02 |

### COMMENTARY: THREE MONTHS ENDED JUNE 30, 2020 AND 2021

- Salt sales increased 17%, or $20.7 million, primarily due to higher Salt sales volumes.
- Average sales prices increased slightly and contributed $2.5 million to the increase in Salt sales due to higher consumer and industrial prices, which were mostly offset by lower highway deicing average sales prices.
- Highway deicing average sales prices decreased 1% due to lower North American highway deicing contract prices for the 2020-2021 winter season. Consumer and industrial average sales prices increased 5% due to product sales mix and higher prices in 2021.
- Salt sales volumes increased 17%, or 236,000 tons, and contributed $18.3 million to the sales increase. Highway deicing sales volumes increased 19%, primarily as a result of customers fulfilling minimum commitments, early fills from customers and higher sales volumes to chemical customers. Consumer and industrial sales volumes increased 11%, primarily due to the COVID-19 pandemic lowering sales volumes in the prior period.
- Salt operating earnings decreased 15%, or $3.3 million, due to higher per-unit shipping and handling costs and higher consumer and industrial per-unit product costs, partially offset by higher sales volumes, higher consumer and industrial average sales prices and lower per-unit highway deicing product costs.

### COMMENTARY: SIX MONTHS ENDED JUNE 30, 2020 AND 2021

- Salt sales increased 25%, or $101.9 million, primarily due to higher Salt sales volumes.
- Salt average sales prices decreased 7% and partially offset the increase in Salt sales by $16.1 million due to lower highway deicing sales prices.
- Highway deicing average sales prices decreased 6% due to lower North American highway deicing contract prices for the 2020-2021 winter season. Consumer and industrial average sales prices increased 5% primarily due to product sales mix and higher prices.
- Salt sales volumes increased 34% and contributed $118.1 million to the sales increase. Highway deicing sales volumes increased 40% primarily as a result of an increase in winter weather activity in February 2021 in the U.S. and the first quarter of 2021 in the U.K. and an increase in sales volumes, primarily due to customers fulfilling minimum commitments and early fill sales in the second quarter of 2021. Consumer and industrial sales volumes increased 6% due to an increase in both deicing sales volumes and non-deicing volumes primarily due to an increase in winter weather events and the impact of the COVID-19 pandemic in the prior period.
- Salt operating earnings increased 23%, or $20.5 million, due to higher deicing sales volumes and lower highway deicing per-unit product cost. The improved per unit product cost is primarily due to higher operating rates at our U.K. and Goderich mines as well as higher 2020 costs due to purchased salt and expenses stemming from upgrades to mining equipment at our Goderich mine. The increase in operating earnings was partially offset by higher per-unit product cost at our consumer and industrial facilities primarily due to lower production volumes.

### Plant Nutrition (Formerly Plant Nutrition North America)

### THREE AND SIX MONTHS ENDED JUNE 30

|  | 2Q 2021 | 2Q 2020 | YTD 2021 | YTD 2020 |
| --- | ---: | ---: | ---: | ---: |
| **Plant Nutrition Sales (in millions)** | $53.8 | $51.0 | $107.5 | $106.4 |
| **Plant Nutrition Operating Earnings (in millions)** | $0.7 | $6.3 | $6.0 | $10.9 |
| **Plant Nutrition Sales Volumes (thousands of tons)** | 88 | 89 | 182 | 184 |
| **Plant Nutrition Average Sales Price (per ton)** | $610 | $575 | $591 | $578 |

### COMMENTARY: THREE MONTHS ENDED JUNE 30, 2020 AND 2021

- Plant Nutrition sales increased 5%, or $2.8 million due to higher average sales prices, which was partially offset by slightly lower sales volumes.
- Plant Nutrition sales volumes were slightly lower than the prior year.
- Plant Nutrition average sales prices increased 6%, resulting in a $3.1 million increase in sales.
- Plant Nutrition operating earnings decreased $5.6 million to $0.7 million primarily due to higher per-unit product costs resulting from lower production yields and volumes, which primarily resulted from a lower quality pond harvest at our Ogden facility coupled with a shortened production year. The higher per-unit product costs were partially offset by higher average sales prices and lower SG&A expenses.

### COMMENTARY: SIX MONTHS ENDED JUNE 30, 2020 AND 2021

- Plant Nutrition sales were $1.1 million higher than prior year as higher average sales prices were partially offset by slightly lower sales volumes.
- Plant Nutrition sales volumes decreased 1%, or 2,000 tons, which resulted in a $1.2 million decrease in sales.
- Plant Nutrition average sales prices increased 2%, contributing $2.3 million to the increase in sales.
- Plant Nutrition operating earnings decreased $4.9 million to $6.0 million primarily due to higher per-unit product costs due to lower production yields and volumes, which primarily resulted from a lower quality pond harvest at our Ogden facility coupled with a shortened production year. The higher per-unit product costs were partially offset by higher average sales prices, lower per-unit shipping and handling costs due to a higher mix of direct shipments to customers compared to the prior year and lower SG&A expenses.

### Outlook for Continuing Operations for the January 1 to September 30, 2021 fiscal year (“Fiscal Year 2021”)

- Given higher Salt sales volumes in the first six months of 2021, we expect Salt sales volumes for Fiscal Year 2021 to range from 8.6 million tons to 9.0 million tons.
- Plant Nutrition sales volumes for Fiscal Year 2021 are expected to range from 230,000 tons to 240,000 tons.
- Fiscal Year 2021 capital expenditures are expected to be approximately $70 million.
- For information about the impact of the COVID-19 pandemic on the Company, see “COVID-19 Pandemic" and Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020.

### Liquidity and Capital Resources

Historically, our cash flows from operating activities have generally been adequate to fund our basic operating requirements and ongoing debt service. We have also used cash generated from operations to fund capital expenditures, which strengthen our operational position, pay dividends, fund smaller acquisitions and repay our debt. To a certain extent, our ability to meet our short- and long-term liquidity and capital needs is subject to general economic, financial, competitive, legislative, regulatory and weather conditions, effects of climate change, geological variations in our mine deposits and other factors that are beyond our control. Historically, our working capital requirements have been the highest in the fourth quarter and lowest in the second quarter. When needed, we may fund short-term working capital requirements by accessing our $300 million revolving credit facility.

We have been able to manage our cash flows generated and used across Compass Minerals to permanently reinvest earnings in our foreign jurisdictions or efficiently repatriate those funds to the U.S. As of June 30, 2021, we had $11.6 million of cash and cash equivalents (in our Consolidated Balance Sheets) that were either held directly or indirectly by foreign subsidiaries. As a result of U.S. tax reform, we revised our permanently reinvested assertion and we now expect to repatriate approximately $150 million of unremitted foreign earnings on which we have recorded $4.9 million of income tax expense as of June 30, 2021 for foreign withholding tax and state income taxes. Additionally, with the sale of the South America specialty plant nutrition business, we are changing our permanently reinvested assertion and we now expect to repatriate an additional $139 million of unremitted foreign earnings on which we recorded $0.5 million of income tax benefit in the second quarter of 2021. Due to our ability to generate adequate levels of domestic cash flow on an annual basis, it is our current intention to continue to reinvest all remaining undistributed earnings of our foreign subsidiaries indefinitely. We review our tax circumstances on a regular basis with the intent of optimizing cash accessibility and minimizing tax expense.

In addition, the amount of permanently reinvested earnings is influenced by, among other things, the profits generated by our foreign subsidiaries and the amount of investment in those same subsidiaries. The profits generated by our domestic and foreign subsidiaries are impacted by the transfer price charged on the transfer of our products between them. As discussed in Item 1, Note 7 of our Consolidated Financial Statements, our calculated transfer price on certain products between one of our foreign subsidiaries and a domestic subsidiary has been challenged by Canadian federal and provincial governments. In 2017, we reached a settlement agreement with the Canadian Revenue Authority and the U.S. Internal Revenue Service on transfer pricing issues for our 2007-2012 tax years. During 2018, in accordance with the settlement agreement, our U.S. subsidiary made intercompany cash payments of $85.7 million to our Canadian subsidiary and tax payments to Canadian taxing authorities of $17.5 million. Additional tax payments of $5.3 million were made during 2019 with the remaining liability of $1.5 million expected to be paid in 2021. Corresponding tax refunds of $22.3 million have been received through June 30, 2021 from U.S. taxing authorities, with the remaining refund of approximately $0.7 million expected in 2021. Additionally during 2018, we reached a settlement agreement with federal Canadian and U.S. tax authorities on transfer pricing and management fees as part of an advanced pricing agreement covering tax years 2013-2021. During 2019, in accordance with the settlement agreement, our U.S. subsidiary made intercompany cash payments of $106.1 million to our Canadian subsidiary and tax payments were made to Canadian taxing authorities of $29.9 million with the remaining $1.4 million balance paid during 2020. Corresponding tax refunds of $60.0 million have been received through June 30, 2021, from U.S. taxing authorities, of which $55 million was received during the first quarter of 2020, with the remaining refund of $1.7 million expected in 2021. Canadian provincial taxing authorities continue to challenge our transfer prices of certain items. The final resolution of these challenges may not occur for several years. We currently expect the outcome of these matters will not have a material impact on our results of operations. However, it is possible the resolution could materially impact the amount of earnings attributable to our domestic and foreign subsidiaries, which could impact the amount of permanently reinvested foreign earnings. See Item 1, Note 7 of our Consolidated Financial Statements for a discussion regarding our Canadian tax reassessments and settlement.

Cash and cash equivalents as of June 30, 2021, of $53.6 million included cash held for sale of $27.3 million. We generated $210.4 million of operating cash flows and collected $56.7 million from the sale of a component of our North America micronutrient business in the first six months of 2021. In the first six months of 2021, we used cash on hand and cash flows from operations and investing activities to pay $147.8 million of net long-term debt, to fund capital expenditures of $39.0 million and pay dividends on our common stock of $48.7 million. Cash and cash equivalents from continuing operations of $26.3 million increased $15.7 million from December 31, 2020. Cash flows from continuing operations totaled $255.4 million during the six months ended June 30, 2021, including income from continuing operations of $25.5 million, a net working capital increase of $188.8 million driven by the seasonality of our Salt business and depreciation, depletion and amortization of $59.9 million. Our working capital included lower receivables as of June 30, 2021 compared to December 31, 2020 primarily due to the seasonality of our Salt business as the winter weather in the fourth quarter each year typically increases our December 31 receivables balance. In addition, our current assets increased as of as of June 30, 2021, compared to December 31, 2020, due to long-term assets being classified as held for sale as of March 31, 2021. In addition, current liabilities increased as of as of June 30, 2021, compared to December 31, 2020, due to long-term liabilities being classified as held for sale as of March 31, 2021.

As of June 30, 2021, we had $1.16 billion of indebtedness, consisting of $250.0 million outstanding under our 4.875% Senior Notes due 2024, $500.0 million outstanding under our 6.75% Senior Notes due 2027, $380.8 million of borrowings outstanding under our senior secured credit facilities (consisting of term loans and a revolving credit facility), including $35.0 million borrowed against our revolving credit facility (see Item 1, Note 9 of our Consolidated Financial Statements for more detail regarding our debt). We had $13.6 million of outstanding letters of credit as of June 30, 2021, which reduced our revolving credit facility borrowing availability to $251.4 million.

On March 23, 2021, we entered into a definitive agreement to sell our South America specialty plant nutrition business to ICL Brasil Ltda., a subsidiary of ICL Group Ltd. The transaction closed on July 1, 2021. Upon closing we received gross proceeds of approximately $432.3 million, including $12.7 million in working capital adjustments (in each case, based on exchange rates at the time of closing), comprised of a cash payment of approximately $325.5 million and an additional $106.8 million in net debt assumed by ICL Brasil Ltd. The terms of the definitive agreement provide for an additional earn-out payment of up to R$88 million Brazilian reais, payable in 2022 and calculated on a sliding scale, if the South America specialty plant nutrition business achieves certain full-year 2021 EBITDA performance targets. The Brazilian debt, presented in liabilities held for sale (see Item 1, Note 2), was deducted from gross proceeds from the transaction. We recorded a non-cash impairment (recovery) loss of $(15.5) million and $237.6 million on our South America businesses during the three and six months ended June 30, 2021, respectively. The impairment loss for the six months ended June 30, 2021 is due primarily to the significant weakening of the Brazilian real since the date of acquisition of these businesses. This was partially offset by updated estimated proceeds and the impact of the subsequent strengthening of Brazilian real during the three months ended June 30, 2021.

On April 7, 2021, we entered into a definitive agreement to sell a component of our North America micronutrient business to Koch Agronomic Services, LLC, a subsidiary of Koch Industries. On May 4, 2021, we completed the sale for approximately $56.7 million.

In July 2021, we utilized cash proceeds from the sales noted above to repay amounts borrowed against our revolving credit facility of $35.0 million. An additional $265.0 million was utilized to pay down our term loan balance leaving $80.8 million outstanding. As a result, we have approximately $864.0 million of indebtedness following the sales of a component of our North America micronutrient business and our South America specialty plant nutrition business.

In the first quarter of 2021, we made a $41.7 million required prepayment of our term loan for 2020 Excess Cash Flow (as such term is defined in the credit agreement). This prepayment, along with the prepayment made in the third quarter of 2021 described above, will reduce the future required term loan payments. As such, we will not have a scheduled term loan payment until January 2025.

On June 30, 2020, certain of our U.S. subsidiaries entered into a three-year committed revolving accounts receivable financing facility of up to $100 million of borrowings with PNC Bank, National Association, as administrative agent and lender, and PNC

Capital Markets, LLC, as structuring agent. As of June 30, 2021 we had $33.2 million of outstanding loans under this accounts receivable financing facility. See Item 1, Note 9 of our Consolidated Financial Statements for more information.

Our debt service obligations could, under certain circumstances, materially affect our financial condition and impair our ability to operate our business or pursue our business strategies. As a holding company, CMI’s investments in its operating subsidiaries constitute substantially all of its assets. Consequently, our subsidiaries conduct substantially all of our consolidated operating activities and own substantially all of our operating assets. The principal source of the cash needed to pay our obligations is the cash generated from our subsidiaries’ operations and their borrowings. Our subsidiaries are not obligated to make funds available to CMI. Furthermore, we must remain in compliance with the terms of our credit agreement governing our term loans and revolving credit facility, including the total leverage ratio and interest coverage ratio, in order to make payments on our debt or pay dividends to our stockholders. We must also comply with the terms of our indenture governing our senior notes. Although we are in compliance with our debt covenants as of June 30, 2021, we can make no assurance that we will remain in compliance with these ratios nor can we make any assurance that the agreements governing the current and future indebtedness of our subsidiaries will permit our subsidiaries to provide us with sufficient dividends, distributions or loans to fund scheduled interest payments on our debt when due. If we consummate an additional acquisition, our debt service requirements could increase. Furthermore, we may need to refinance all or a portion of our indebtedness on or before maturity; however, we cannot provide assurance that we will be able to refinance any of our indebtedness on commercially reasonable terms or at all.

The table below provides a summary of our cash flows by category:

| SIX MONTHS ENDED JUNE 30, 2021 | SIX MONTHS ENDED JUNE 30, 2020 |
| --- | --- |
| **Operating Activities:** |  |
| » Net loss was $157.3 million. | » Net earnings were $30.7 million. |
| » Non-cash depreciation and amortization expense was $64.7 million. | » Non-cash depreciation and amortization expense was $68.0 million. |
| » Working capital items were a source of operating cash flows of $126.4 million. | » Working capital items were a source of operating cash flows of $130.7 million. |
| » Non-cash impairment loss of $237.6 million. |  |
| **Investing Activities:** |  |
| » Net cash flows provided by investing activities included proceeds of $56.7 million from the sale of a component of our North America micronutrient business. | » Net cash flows used by investing activities included $42.7 million of capital expenditures. |
| » Investing activity proceeds were offset by $39.0 million of capital expenditures. |  |
| **Financing Activities:** |  |
| » Net cash flows used by financing activities included the payment of dividends of $48.7 million. | » Net cash flows used by financing activities included the payment of dividends of $49.5 million. |
| » In addition, we had net payments on our debt of $147.8 million. | » In addition, we had net payments on our debt of $100.5 million. |

### Other Matters

See Item 1, Notes 7 and 10 of our Consolidated Financial Statements for a discussion regarding labor, environmental and litigation matters.

### Reconciliation of Net Earnings from Continuing Operations to EBITDA and Adjusted EBITDA

Management uses a variety of measures to evaluate our performance. While our consolidated financial statements, taken as a whole, provide an understanding of our overall results of operations, financial condition and cash flows, we analyze components of the consolidated financial statements to identify certain trends and evaluate specific performance areas. In addition to using U.S. GAAP financial measures, such as gross profit, net earnings and cash flows generated by operating activities, management uses EBITDA and Adjusted EBITDA. We have presented Adjusted EBITDA for both continuing operations and consolidated including discontinued operations for comparability purposes (see Item 1, Note 2 for a discussion of discontinued operations). Both EBITDA and Adjusted EBITDA are non-GAAP financial measures used to evaluate the operating performance of our core business operations because our resource allocation, financing methods, cost of capital and income tax positions are managed at a corporate level, apart from the activities of the operating segments, and our operating facilities are located in different taxing jurisdictions, which can cause considerable variation in net earnings. We also use

EBITDA and Adjusted EBITDA to assess our operating performance and return on capital against other companies, and to evaluate potential acquisitions or other capital projects. EBITDA and Adjusted EBITDA are not calculated under U.S. GAAP and should not be considered in isolation or as a substitute for net earnings, operating earnings, cash flows or other financial data prepared in accordance with U.S. GAAP or as a measure of our overall profitability or liquidity. EBITDA and Adjusted EBITDA exclude interest expense, income taxes and depreciation and amortization, each of which are an essential element of our cost structure and cannot be eliminated. Furthermore, Adjusted EBITDA excludes other cash and non-cash items, including stock-based compensation, loss (gain) on foreign exchange and other expense (income). Our borrowings are a significant component of our capital structure and interest expense is a continuing cost of debt. We are also required to pay income taxes, a required and ongoing consequence of our operations. We have a significant investment in capital assets and depreciation and amortization reflect the utilization of those assets in order to generate revenues. Our employees are vital to our operations and we utilize various stock-based awards to compensate and incentivize our employees. Consequently, any measure that excludes these elements has material limitations. While EBITDA and Adjusted EBITDA are frequently used as measures of operating performance, these terms are not necessarily comparable to similarly titled measures of other companies due to the potential inconsistencies in the method of calculation.

The calculation of EBITDA and Adjusted EBITDA as used by management is set forth in the table below (in millions):

|  | Three Months Ended June 30, 2021 | 2020 | Six Months Ended June 30, 2021 | 2020 |
| --- | ---: | ---: | ---: | ---: |
| Net (loss) earnings from continuing operations | $(16.4) | $(7.2) | $25.5 | $32.8 |
| Interest expense | 15.0 | 15.4 | 30.7 | 32.0 |
| Income tax expense (benefit) | 1.7 | (2.7) | 17.7 | 12.7 |
| Depreciation, depletion and amortization | 30.0 | 29.8 | 59.9 | 57.2 |
| EBITDA from continuing operations | 30.3 | 35.3 | 133.8 | 134.7 |
| Adjustments to EBITDA from continuing operations: |  |  |  |  |
| Stock-based compensation - non cash | 2.2 | 2.5 | 6.1 | 4.9 |
| Loss (gain) on foreign exchange | 1.1 | 4.4 | 3.2 | (13.6) |
| Other (income) expense, net | (0.5) | (0.2) | (0.4) | 0.1 |
| Adjusted EBITDA from continuing operations | 33.1 | 42.0 | 142.7 | 126.1 |
| Adjusted EBITDA from discontinued operations | 8.4 | 13.0 | 19.2 | 18.0 |
| Adjusted EBITDA | $41.5 | $55.0 | $161.9 | $144.1 |

### Recent Accounting Pronouncements

See Part 1, Note 1 of our Consolidated Financial Statements for a discussion of recent accounting pronouncements.

### Effects of Currency Fluctuations and Inflation

Our operations outside of the U.S. are conducted primarily in Canada and the U.K. Therefore, our results of operations are subject to both currency transaction risk and currency translation risk. We incur currency transaction risk whenever we or one of our subsidiaries enters into either a purchase or sales transaction using a currency other than the local currency of the transacting entity. With respect to currency translation risk, our financial condition and results of operations are measured and recorded in the relevant local currency and then translated into U.S. dollars for inclusion in our consolidated financial statements. Exchange rates between these currencies and the U.S. dollar have fluctuated significantly from time to time and may do so in the future. The majority of revenues and costs are denominated in U.S. dollars, with Canadian dollars and British pounds sterling also being significant. Significant changes in the value of the Canadian dollar or British pound sterling relative to the U.S. dollar could have a material effect on our financial condition and our ability to meet interest and principal payments on U.S. dollar-denominated debt, including borrowings under our senior secured credit facilities.

Although inflation has not had a significant impact on our operations, our efforts to recover cost increases due to inflation may be hampered as a result of the competitive industries and countries in which we operate.

### Seasonality

We experience a substantial amount of seasonality in our sales. Our sales of our salt deicing products are seasonal. Consequently, our Salt segment sales and operating income are generally higher in the first and fourth quarters and lower during the second and third quarters of each calendar year. In particular, sales of highway and consumer deicing salt and magnesium chloride products vary based on the severity of the winter conditions in areas where the product is used. Following industry practice in North America, we seek to stockpile sufficient quantities of deicing salt in the second, third and fourth quarters of the calendar year to meet the estimated requirements for the winter season.

## Market risk

As filed, 884 characters.

Our business is subject to various types of market risks that include interest rate risk, foreign currency exchange rate risk and commodity pricing risk. Management has taken actions to mitigate our exposure to commodity pricing and foreign currency exchange rate risk by entering into natural gas derivative instruments and foreign currency contracts. We may take further actions to mitigate our exposure to interest rates, exchange rates and changes in the cost of transporting our products due to variations in our contracted carriers’ cost of fuel, which is typically diesel fuel. However, there can be no assurance that our hedging activities will eliminate or substantially reduce these risks. We do not enter into any financial instrument arrangements for speculative purposes. Our market risk exposure related to these items has not changed materially since December 31, 2020.

## Controls and procedures

As filed, 5,514 characters.

#### Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our President and Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are ineffective as of June 30, 2021, due to the material weakness described below.

The Company identified a material weakness in internal control over financial reporting during the preparation of this Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. The Company did not have properly designed controls and policies to analyze inventory variances that required capitalization for their salt inventory at interim reporting dates. Refer to Item 1, Note 16 to the unaudited Consolidated Financial Statements for further information. The Company determined that the material weakness existed at December 31, 2020 and has reassessed its conclusion on management’s report on internal controls over financial reporting included in the Company’s 2020 Form 10-K. Management will re-issue its report by amending the Company’s previously filed 2020 Form 10-K and will conclude that the Company did not maintain effective controls over financial reporting at December 31, 2020. The Company’s independent registered public accounting firm will also be re-issuing their report in amended 2020 Form 10-K and will express an adverse opinion on internal controls over financial reporting as of December 31, 2020.

A material weakness, as defined in Rule 12b-2 under the Exchange Act, is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim consolidated financial statements will not be prevented or detected on a timely basis. This material weakness resulted in material misstatements in the unaudited quarterly information presented in Note 17 of our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”) and the unaudited consolidated financial statements included in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (the “1Q 2021 Form 10-Q”).

Notwithstanding such material weaknesses in internal control over financial reporting, our Chief Executive Officer and Chief Financial Officer have concluded that our unaudited Consolidated Financial Statements included in this Quarterly Report on

Form 10-Q present fairly, in all material respects, our financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP.

In designing and evaluating our disclosure controls and procedures, management recognizes that any control, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected.

#### Remediation Efforts and Status of Material Weakness

The Company is in the process of enhancing the design of certain internal controls over financial reporting related to accounting for inventory in interim periods under ASC Topic 330 – Inventory and ASC Topic 270 - Interim Reporting in accordance with a remediation plan for the material weakness, which includes updating the Company’s inventory valuation policy and subsequent application of the policy. These enhanced controls will be tested for effectiveness in future periods. In addition, the Company is working to promptly amend its previously-filed 2020 Form 10-K and 1Q 2021 Form 10-Q, as described in Note 1 to the Company’s Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

#### Changes in Internal Control Over Financial Reporting

Other than as discussed above, there were no changes in the Company’s internal control over financial reporting during the most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

## Risk factors

As filed, 300 characters.

For a discussion of the risk factors applicable to Compass Minerals, please refer to Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, and Part II, Item 1A, “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.

Filed Aug 13, 2021.
Source: SEC EDGAR, the filing index for accession 0001227654-21-000208. Last ingested by Listed: Oct 24, 2026, 15:10 ET. No prices; not investment advice.