Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' | ' |
Entity Registrant Name | 'Intrepid Potash, Inc. | ' | ' | ' |
Entity Central Index Key | '0001421461 | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
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 | ' | ' | ' | $1,045,845,476 |
Entity Common Stock, Shares Outstanding | ' | ' | 75,738,774 | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $394 | $33,619 |
Short-term investments | 15,214 | 24,128 |
Accounts receivable: | ' | ' |
Trade, net | 20,837 | 31,508 |
Other receivables | 7,457 | 9,122 |
Refundable income taxes | 15,722 | 3,306 |
Inventory, net | 105,011 | 53,275 |
Prepaid expenses and other current assets | 5,653 | 5,393 |
Current deferred tax asset | 8,341 | 2,005 |
Total current assets | 178,629 | 162,356 |
Property, plant, and equipment, net of accumulated depreciation of $197,108 and $142,137, respectively | 689,662 | 543,169 |
Mineral properties and development costs, net of accumulated depletion of $13,165 and $11,060, respectively | 136,907 | 94,096 |
Long-term parts inventory, net | 12,469 | 10,208 |
Long-term investments | 9,505 | 0 |
Other assets | 4,252 | 4,246 |
Non-current deferred tax asset | 143,849 | 180,548 |
Total Assets | 1,175,273 | 994,623 |
Accounts payable: | ' | ' |
Trade | 27,552 | 19,431 |
Related parties | 50 | 203 |
Accrued liabilities | 29,845 | 32,496 |
Accrued employee compensation and benefits | 9,122 | 11,680 |
Other current liabilities | 2,059 | 3,578 |
Total current liabilities | 68,628 | 67,388 |
Long-term debt | 150,000 | 0 |
Asset retirement obligation | 19,959 | 19,344 |
Other non-current liabilities | 2,715 | 2,155 |
Total Liabilities | 241,302 | 88,887 |
Commitments and Contingencies | ' | ' |
Common stock, $0.001 par value; 100,000,000 shares authorized; and 75,405,410 and 75,312,805 shares outstanding at December 31, 2013, and 2012, respectively | 75 | 75 |
Additional paid-in capital | 572,616 | 568,375 |
Accumulated other comprehensive loss | -10 | -1,729 |
Retained earnings | 361,290 | 339,015 |
Total Stockholders' Equity | 933,971 | 905,736 |
Total Liabilities and Stockholders' Equity | $1,175,273 | $994,623 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Property, plant, and equipment, accumulated depreciation (in dollars) | $197,108 | $142,137 |
Mineral properties and development costs, accumulated depletion (in dollars) | $13,165 | $11,060 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 75,405,410 | 75,312,805 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Sales | $336,312 | $451,316 | $442,954 |
Less: | ' | ' | ' |
Freight costs | 28,856 | 29,164 | 28,339 |
Warehousing and handling costs | 13,027 | 14,966 | 14,027 |
Cost of goods sold | 212,864 | 236,480 | 213,670 |
Lower of cost or market inventory adjustments | 3,650 | 568 | 698 |
Gross Margin | 77,915 | 170,138 | 186,220 |
Selling and administrative | 33,768 | 33,750 | 31,807 |
Accretion of asset retirement obligation | 1,499 | 724 | 750 |
Insurance settlements income from property and business losses | 0 | 0 | -12,500 |
Other expense (income) | 1,806 | 263 | -7,714 |
Operating Income | 40,842 | 135,401 | 173,877 |
Other Income (Expense) | ' | ' | ' |
Interest expense, including realized and unrealized derivative gains and losses | -1,531 | -905 | -869 |
Interest income | 524 | 1,843 | 1,730 |
Other (expense) income | -1,742 | 588 | 523 |
Income Before Income Taxes | 38,093 | 136,927 | 175,261 |
Income Tax Expense | -15,818 | -49,484 | -65,850 |
Net Income | $22,275 | $87,443 | $109,411 |
Weighted Average Shares Outstanding: | ' | ' | ' |
Basic (in shares) | 75,378,655 | 75,276,609 | 75,180,714 |
Diluted (in shares) | 75,406,727 | 75,336,982 | 75,281,050 |
Earnings Per Share: | ' | ' | ' |
Basic (in dollars per share) | $0.30 | $1.16 | $1.46 |
Diluted (in dollars per share) | $0.30 | $1.16 | $1.45 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net Income | $22,275 | $87,443 | $109,411 |
Pension liability adjustment (net of tax effect of $(1,115), $177, and $451, respectively) | 1,700 | -269 | -698 |
Unrealized gain (loss) on investments available for sale (net of tax effect of $(12), $18, and $19, respectively) | 19 | -29 | -31 |
Other Comprehensive Income (Loss) | 1,719 | -298 | -729 |
Comprehensive Income | $23,994 | $87,145 | $108,682 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized (Gain) Loss Arising During Period, Tax | ($1,115) | $177 | $451 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | ($12) | $18 | $19 |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Dec. 31, 2010 | $757,841 | $75 | $559,675 | ($702) | $198,793 |
Balance (in shares) at Dec. 31, 2010 | ' | 75,110,875 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Pension liability adjustment | -698 | ' | ' | -698 | ' |
Unrealized gain (loss) on investments available for sale | -31 | ' | ' | -31 | ' |
Net income | 109,411 | ' | ' | ' | 109,411 |
Stock-based compensation | 4,984 | ' | 4,984 | ' | ' |
Stock-based compensation (in shares) | ' | 0 | ' | ' | ' |
Issuance of common stock upon exercise of stock options | 330 | ' | 330 | ' | ' |
Issuance of common stock upon exercise of stock options (in shares) | ' | 14,739 | ' | ' | ' |
Change in excess income tax benefit from stock-based compensation | 413 | ' | 413 | ' | ' |
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting | -1,117 | ' | -1,117 | ' | ' |
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting (in shares) | ' | 81,919 | ' | ' | ' |
Balance at Dec. 31, 2011 | 871,133 | 75 | 564,285 | -1,431 | 308,204 |
Balance (in shares) at Dec. 31, 2011 | ' | 75,207,533 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Pension liability adjustment | -269 | ' | ' | -269 | ' |
Unrealized gain (loss) on investments available for sale | -29 | ' | ' | -29 | ' |
Net income | 87,443 | ' | ' | ' | 87,443 |
Stock-based compensation | 5,116 | ' | 5,116 | ' | ' |
Issuance of common stock upon exercise of stock options | 34 | ' | 34 | ' | ' |
Issuance of common stock upon exercise of stock options (in shares) | ' | 1,649 | ' | ' | ' |
Change in excess income tax benefit from stock-based compensation | -182 | ' | -182 | ' | ' |
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting | -878 | ' | -878 | ' | ' |
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting (in shares) | ' | 103,623 | ' | ' | ' |
Common stock cash dividend ($0.75 per share) | -56,632 | ' | ' | ' | -56,632 |
Balance at Dec. 31, 2012 | 905,736 | 75 | 568,375 | -1,729 | 339,015 |
Balance (in shares) at Dec. 31, 2012 | ' | 75,312,805 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Pension liability adjustment | 1,700 | ' | ' | 1,700 | ' |
Unrealized gain (loss) on investments available for sale | 19 | ' | ' | 19 | ' |
Net income | 22,275 | ' | ' | ' | ' |
Stock-based compensation | 5,123 | ' | 5,123 | ' | ' |
Change in excess income tax benefit from stock-based compensation | -230 | ' | -230 | ' | ' |
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting | -652 | ' | -652 | ' | ' |
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting (in shares) | ' | 92,605 | ' | ' | ' |
Balance at Dec. 31, 2013 | $933,971 | $75 | $572,616 | ($10) | $361,290 |
Balance (in shares) at Dec. 31, 2013 | ' | 75,405,410 | ' | ' | ' |
CONSOLIDATED_STATEMENT_OF_STOC1
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parentheticals) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0 | $0.75 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of net income to net cash provided by operating activities: | ' | ' | ' |
Net income | $22,275 | $87,443 | $109,411 |
Deferred income taxes | 30,092 | 38,011 | 49,028 |
Insurance settlements income from property and business losses | 0 | 0 | -12,500 |
Items not affecting cash: | ' | ' | ' |
Depreciation, depletion, and accretion | 61,303 | 47,599 | 35,787 |
Stock-based compensation | 5,123 | 5,116 | 4,984 |
Loss on settlement of pension liabilities | 1,872 | 0 | 0 |
Unrealized derivative gain | 0 | -1,049 | -1,289 |
Lower of cost or market inventory adjustments | 3,650 | 568 | 698 |
Other | 2,522 | 3,259 | 1,822 |
Changes in operating assets and liabilities: | ' | ' | ' |
Trade accounts receivable, net | 10,671 | -2,204 | -5,537 |
Other receivables, net | 1,668 | -2,223 | -5,743 |
Refundable income taxes | -12,417 | 1,187 | 2,051 |
Inventory, net | -57,647 | 1,464 | -9,734 |
Prepaid expenses and other assets | -150 | -378 | 1,383 |
Accounts payable, accrued liabilities and accrued employee compensation and benefits | -2,752 | 7,324 | 5,225 |
Other liabilities | -1,312 | 1,717 | -1,717 |
Net cash provided by operating activities | 64,898 | 187,834 | 173,869 |
Cash Flows from Investing Activities: | ' | ' | ' |
Additions to property, plant, and equipment | -204,749 | -192,949 | -135,700 |
Additions to mineral properties and development costs | -45,736 | -53,457 | -1,414 |
Proceeds from sale of property, plant, and equipment | 6,088 | 2 | 0 |
Proceeds from insurance settlements from property and business losses | 0 | 0 | 806 |
Purchases of investments | -80,235 | -85,359 | -102,031 |
Proceeds from investments | 78,193 | 161,580 | 63,537 |
Net cash used in investing activities | -246,439 | -170,183 | -174,802 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from long-term debt | 150,000 | 0 | 0 |
Cash paid for common stock dividend | 0 | -56,474 | 0 |
Debt issuance costs | -1,032 | -141 | -1,454 |
Employee tax withholding paid for restricted stock upon vesting | -652 | -878 | -1,117 |
Excess income tax benefit from stock-based compensation | 0 | 55 | 413 |
Proceeds from exercise of stock options | 0 | 34 | 330 |
Net cash provided by (used in) financing activities | 148,316 | -57,404 | -1,828 |
Net Change in Cash and Cash Equivalents | -33,225 | -39,753 | -2,761 |
Cash and Cash Equivalents, beginning of period | 33,619 | 73,372 | 76,133 |
Cash and Cash Equivalents, end of period | 394 | 33,619 | 73,372 |
Cash paid (received) during the period for: | ' | ' | ' |
Interest, net of $2.6 million, $0 million, and $0 million of capitalized interest, including settlements on derivatives | 772 | 1,840 | 1,348 |
Income taxes | 25 | 8,379 | 13,878 |
Accrued purchases for property, plant, and equipment, and mineral properties and development costs | $29,692 | $25,204 | $17,350 |
COMPANY_BACKGROUND
COMPANY BACKGROUND | 12 Months Ended |
Dec. 31, 2013 | |
Company Background Disclosure [Abstract] | ' |
COMPANY BACKGROUND | ' |
COMPANY BACKGROUND | |
Intrepid Potash, Inc. (individually or in any combination with its subsidiaries, “Intrepid”) produces muriate of potash (“potassium chloride” or “potash”) and langbeinite. Langbeinite, which is marketed for sale as Trio®, is a low-chloride potassium fertilizer with the additional benefits of sulfate and magnesium. Intrepid sells potash and Trio® primarily into the agricultural market as a fertilizer. Intrepid also sells these products into the animal feed market as a nutritional supplement and sells potash into the industrial market as a component in drilling and fracturing fluids for oil and gas wells and other industrial inputs. In addition, Intrepid sells by-products including salt and magnesium chloride. | |
Intrepid owns six active potash production facilities: four in New Mexico, and two in Utah. In late 2013, Intrepid substantially completed construction of its HB Solar Solution mine, near Carlsbad, New Mexico. Intrepid has placed the majority of newly constructed assets into service from the HB Solar Solution mine project, including assets related to the solar evaporation ponds and major components of the processing plant as of December 31, 2013. Intrepid successfully harvested ore and ran the plant in 2013 and has begun producing potash from the HB Solar Solution mine in early 2014. | |
Production comes from two underground mines and the HB Solar Solution mine in the Carlsbad region of New Mexico; a solar evaporation solution mine near Moab, Utah; and a solar evaporation shallow brine mine in Wendover, Utah. Production will be added from the HB Solar Solution mine in the Carlsbad region of New Mexico. Trio® production comes from mining the mixed ore body that contains both potash and langbeinite, which is mined and processed at the East facility near Carlsbad, New Mexico. Intrepid manages sales and marketing operations centrally. This allows Intrepid to evaluate the product needs of its customers and then centrally determine which of its production facilities to use to fill customers’ orders in a manner designed to realize the highest average net realized sales price to Intrepid. Intrepid calculates average net realized sales price by deducting freight costs from gross revenues and then by dividing this result by tons of product sold during the period. Intrepid also monitors product inventory levels and overall production costs centrally. Intrepid has one reporting segment being the extraction, production, and sale of potassium related products. Intrepid's extraction and production operations are conducted entirely in the continental United States. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Principles of Consolidation—The consolidated financial statements of Intrepid include the accounts of Intrepid and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |
Use of Estimates—The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Intrepid bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. | |
Significant estimates include, but are not limited to, those for proven and probable mineral reserves, the related present value of estimated future net cash flows, useful lives of plant assets, asset retirement obligations, normal inventory production levels, inventory valuations, the valuation of equity awards, the valuation of receivables, valuation of our deferred tax assets, and estimated blended income tax rates utilized in the current and deferred income tax calculations. There are numerous uncertainties inherent in estimating quantities of proven and probable reserves, projecting future rates of production, and the timing of development expenditures. Future mineral prices may vary significantly from the prices in effect at the time the estimates are made, as may estimates of future operating costs. The estimate of proven and probable mineral reserves, the related present value of estimated future cash flows, and useful lives of plant assets can affect various other items including depletion, the net carrying value of Intrepid’s mineral properties, the useful lives of related property, plant, and equipment, estimates associated with asset retirement obligations, and depreciation expenses. Specific to income tax items, we experience fluctuations in the valuation of the deferred tax assets and liabilities due to changing state income tax rates and the blend of state tax rates. | |
Revenue Recognition—Revenue is recognized when evidence of an arrangement exists, risks and rewards of ownership have been transferred to customers, which is generally when title passes, the selling price is fixed and determinable, and collection is reasonably assured. Title passes at the designated shipping point for the majority of sales, but, in a few cases, title passes at the delivery destination. The shipping point may be the plant, a distribution warehouse, a customer warehouse, or a port. Title passes for some international shipments upon payment by the purchaser; however, revenue is not recognized for these transactions until shipment because the risks and rewards of ownership have not transferred pursuant to a contractual arrangement. Prices are generally set at the time of, or prior to, shipment. In cases where the final price is determined upon resale of the product by the customer, revenue is deferred until the final sales price is known. | |
Sales are reported on a gross basis. Intrepid quotes prices to customers both on a delivered basis and on the basis of pick-up at Intrepid’s plants and warehouses. When a sale occurs on a delivered basis, Intrepid incurs and, in turn, bills the customer and records as gross revenue the product sales value, freight, packaging, and certain other distribution costs. Many customers, however, arrange and pay for these costs directly and, in these situations, only the product sales are included in gross revenues. | |
By-product Credits—When by-product inventories are sold, Intrepid records the sale of by-products as a credit to cost of goods sold. | |
Inventory and Long-Term Parts Inventory—Inventory consists of product and by-product stocks that are ready for sale; mined ore; potash in evaporation ponds, which is considered work-in-process; and parts and supplies inventory. Product and by-product inventory cost is determined using the lower of weighted average cost or estimated net realizable value and includes direct costs, maintenance, operational overhead, depreciation, depletion, and equipment lease costs applicable to the production process. Direct costs, maintenance, and operational overhead include labor and associated benefits. | |
Intrepid evaluates its production levels and costs to determine if any should be deemed abnormal and therefore excluded from inventory costs and expensed directly during the applicable period. The assessment of normal production levels is judgmental and is unique to each period. Intrepid models normal production levels and evaluates historical ranges of production by operating plant in assessing what is deemed to be normal. | |
Parts inventory, including critical spares, that is not expected to be utilized within a period of one year is classified as non-current. Parts and supply inventory cost is determined using the lower of average acquisition cost or estimated replacement cost. Detailed reviews are performed related to the net realizable value of parts inventory, giving consideration to quality, slow-moving items, obsolescence, excessive levels, and other factors. Parts inventories that have not turned over in more than a year, excluding parts classified as critical spares, are reviewed for obsolescence and, if deemed appropriate, are included in the determination of an allowance for obsolescence. | |
Property, Plant, and Equipment—Property, plant, and equipment are stated at historical cost. Expenditures for property, plant, and equipment relating to new assets or improvements are capitalized, provided the expenditure extends the useful life of an asset or extends the asset’s functionality. Property, plant, and equipment are depreciated under the straight-line method using estimated useful lives. No depreciation is taken on assets classified as construction in progress until the asset is placed into service. Gains and losses are recorded upon retirement, sale, or disposal of assets. Maintenance and repair costs are recognized as period costs when incurred. Capitalized interest, to the extent of debt outstanding, is calculated and capitalized on assets that are being constructed, drilled, or built or that are otherwise classified as construction in progress. | |
Recoverability of Long-Lived Assets—Intrepid evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amount may not be recoverable. An impairment is considered to exist if an asset’s total estimated net future cash flows on an undiscounted basis are less than the carrying amount of the related asset. An impairment loss is measured and recorded based on the discounted estimated future cash flows. Changes in significant assumptions underlying future cash flow estimates or fair values of assets may have a material effect on our financial position and results of operations. | |
Mineral Properties and Development Costs—Mineral properties and development costs, which are referred to collectively as mineral properties, include acquisition costs, the cost of drilling wells, and the cost of other development work, all of which are capitalized. Depletion of mineral properties is calculated using the units-of-production method over the estimated life of the relevant ore body. The lives of reserves used for accounting purposes are shorter than current reserve life determinations due to uncertainties inherent in long-term estimates. These reserve life estimates have been prepared by us and reviewed and independently determined by mine consultants. Tons of potash and langbeinite in the proven and probable reserves are expressed in terms of expected finished tons of product to be realized, net of estimated losses. Market price fluctuations of potash or Trio®, as well as increased production costs or reduced recovery rates, could render proven and probable reserves containing relatively lower grades of mineralization uneconomic to exploit and might result in a reduction of reserves. In addition, the provisions of Intrepid’s mineral leases, including royalty provisions, are subject to periodic readjustment by the state and federal government, which could affect the economics of its reserve estimates. Significant changes in the estimated reserves could have a material impact on Intrepid’s results of operations and financial position. | |
Exploration Costs—Exploration costs include geological and geophysical work performed on areas that do not yet have proven and probable reserves declared. These costs are expensed as incurred. | |
Asset Retirement Obligation—Reclamation costs are initially recorded as a liability associated with the asset to be reclaimed or abandoned, based on applicable inflation assumptions and discount rates. The accretion of this discounted liability is recognized as expense over the life of the related assets, and the liability is periodically adjusted to reflect changes in the estimates of either the timing or amount of the reclamation and abandonment costs. | |
Planned Turnaround Maintenance—Each production operation typically shuts down periodically for planned maintenance activities. The costs of maintenance turnarounds at Intrepid's facilities are considered part of production costs and are absorbed into inventory in the period incurred. | |
Leases—Upon entering into leases, Intrepid evaluates whether leases are operating or capital leases. Operating lease expense is recognized as incurred. If lease payments change over the contractual term or involve contingent amounts, the total estimated cost over the term is recognized on a straight-line basis. | |
Income Taxes—Intrepid is a subchapter C corporation and, therefore, is subject to U.S. federal and state income taxes. Intrepid recognizes income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. Intrepid records a valuation allowance if it is deemed more likely than not that its deferred income tax assets will not be realized in full. These determinations are subject to ongoing assessment. | |
Cash and Cash Equivalents—Cash and cash equivalents consist of cash and liquid investments with an original maturity of three months or less. | |
Investments—Intrepid’s short-term and long-term investments consist of certificates of deposit with various banking institutions, municipal tax-exempt and corporate taxable bonds, and corporate convertible debentures, which have been classified as either held-to-maturity or available-for-sale securities. Short-term investments on the consolidated balance sheets have remaining maturities to Intrepid less than or equal to one year and investments classified as long-term on the consolidated balance sheets have remaining maturities to Intrepid greater than one year. With regard to the financial instruments classified as held-to-maturity investments, they are carried on the consolidated balance sheets at cost, net of amortized premiums or discounts paid. The available-for-sale securities are carried at fair value, with changes in fair value recognized through "Accumulated other comprehensive income" on the consolidated balance sheets. Fair value is assessed using a market‑based approach. | |
Fair Value of Financial Instruments—Intrepid's financial instruments include cash and cash equivalents, short-term and long-term investments, restricted cash, accounts receivable, refundable income taxes, and accounts payable. These instruments are carried at cost, which approximates fair value due to the short-term maturities of the instruments. All available-for-sale investments are carried at fair value. Allowances for doubtful accounts are recorded against the accounts receivable balance to estimate net realizable value. The fair value of the long-term fixed-rate debt is estimated using discounted cash flow analysis based on current borrowing rates for debt with similar remaining maturities and ratings. Although there are no amounts currently outstanding under Intrepid’s unsecured credit facility, any borrowings that become outstanding would bear interest at a floating rate and therefore be recorded at their estimated fair value. | |
Earnings per Share—Basic net income per common share of stock is calculated by dividing net income available to common stockholders by the weighted average basic common shares outstanding for the respective period. | |
Diluted net income per common share of stock is calculated by dividing net income by the weighted average diluted common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted earnings per share calculation consist of awards of non-vested restricted shares of common stock, non-vested performance units, and non-qualified stock options. The dilutive effect of stock based compensation arrangements are computed using the treasury stock method. Following the lapse of the vesting period of restricted shares of common stock, the shares are considered issued and therefore are included in the number of issued and outstanding shares for purposes of these calculations. | |
Stock‑Based Compensation—Intrepid accounts for stock-based compensation by recording expense using the fair value of the awards at the time of grant. Intrepid has recorded compensation expense associated with the issuance of non-vested restricted shares of common stock, non-vested performance units, and non-qualified stock options, all of which are subject to service conditions. The expense associated with such awards is recognized over the service period associated with each issuance. Performance units are also subject to operational performance- or market-based conditions. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
EARNINGS PER SHARE | |||||||||||||
Dilutive securities, including stock options, non-vested restricted stock and performance units, are excluded from the diluted weighted average shares outstanding computation in periods in which they have an anti-dilutive effect, such as when there is a net loss. The treasury stock method is used to measure the dilutive impact of non-vested restricted shares of common stock and outstanding stock options. For the years ended December 31, 2013, 2012, and 2011, a weighted average of 142,968, 116,138 and 37,681 non-vested shares of restricted common stock and 317,433, 192,258 and 154,301 stock options, respectively, were anti-dilutive and therefore were not included in the diluted weighted average share calculation. For the years ended December 31, 2013, and 2012, zero and 518 shares of common stock underlying non-vested performance units, respectively, were anti-dilutive and therefore were not included in the diluted weighted average share calculation. The following table sets forth the calculation of basic and diluted earnings per share (in thousands, except per share amounts): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income | $ | 22,275 | $ | 87,443 | $ | 109,411 | |||||||
Basic weighted average common shares outstanding | 75,379 | 75,277 | 75,181 | ||||||||||
Add: Dilutive effect of non-vested restricted common stock | 21 | 46 | 58 | ||||||||||
Add: Dilutive effect of stock options outstanding | 2 | 13 | 42 | ||||||||||
Add: Dilutive effect of performance units | 5 | 1 | — | ||||||||||
Diluted weighted average common shares outstanding | 75,407 | 75,337 | 75,281 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 0.3 | $ | 1.16 | $ | 1.46 | |||||||
Diluted | $ | 0.3 | $ | 1.16 | $ | 1.45 | |||||||
CASH_CASH_EQUIVALENTS_AND_INVE
CASH, CASH EQUIVALENTS, AND INVESTMENTS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Cash, Cash Equivalents, and Investments Disclosure [Abstract] | ' | |||||||||||||||
CASH, CASH EQUIVALENTS, AND INVESTMENTS | ' | |||||||||||||||
CASH, CASH EQUIVALENTS, AND INVESTMENTS | ||||||||||||||||
The following table summarizes the fair value of the Company’s cash and investments held in its portfolio, recorded as cash and cash equivalents or short-term or long-term investments as of December 31, 2013, and 2012 (in thousands): | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Cash | $ | 18 | $ | 6,063 | ||||||||||||
Commercial paper and money market accounts | 376 | 27,556 | ||||||||||||||
Total cash and cash equivalents | $ | 394 | $ | 33,619 | ||||||||||||
Corporate bonds | $ | 12,954 | $ | 17,462 | ||||||||||||
Certificates of deposit and time deposits | 2,260 | 6,666 | ||||||||||||||
Total short-term investments | $ | 15,214 | $ | 24,128 | ||||||||||||
Corporate bonds | $ | 9,505 | $ | — | ||||||||||||
Total long-term investments | $ | 9,505 | $ | — | ||||||||||||
Total cash, cash equivalents, and investments | $ | 25,113 | $ | 57,747 | ||||||||||||
The following table summarizes the cost basis, unrealized gains and losses, and fair value of Intrepid's available-for-sale investments held in its portfolio as of December 31, 2013, and 2012 (in thousands): | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Unrealized | ||||||||||||||||
Cost Basis | Gain | Loss | Fair Value | |||||||||||||
Corporate bonds | $ | 22,475 | $ | 3 | $ | (19 | ) | $ | 22,459 | |||||||
Certificates of deposit and time deposits | 2,260 | — | — | 2,260 | ||||||||||||
Total available-for-sale securities | $ | 24,735 | $ | 3 | $ | (19 | ) | $ | 24,719 | |||||||
December 31, 2012 | ||||||||||||||||
Unrealized | ||||||||||||||||
Cost Basis | Gain | Loss | Fair Value | |||||||||||||
Corporate bonds | $ | 17,510 | $ | 14 | $ | (62 | ) | $ | 17,462 | |||||||
Certificates of deposit and time deposits | 166 | — | — | 166 | ||||||||||||
Total available-for-sale securities | $ | 17,676 | $ | 14 | $ | (62 | ) | $ | 17,628 | |||||||
The fair values of Intrepid's investments in corporate bonds are below their respective costs due to recent increases in short-term interest rates. However, Intrepid considers the unrealized losses on these investments to be temporary given Intrepid's current plans to hold the investments to maturity, which are all within the next two years. For the years ended December 31, 2013, and 2012, Intrepid's available-for-sale investments had gross realized gains of approximately $53,000 and $128,000, respectively. For the years ended December 31, 2013, and 2012, Intrepid recognized gross realized losses of approximately $21,000 and zero, respectively, on investments classified as available-for-sale. |
INVENTORY_AND_LONGTERM_PARTS_I
INVENTORY AND LONG-TERM PARTS INVENTORY | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
INVENTORY AND LONG-TERM PARTS INVENTORY | ' | ||||||||
INVENTORY AND LONG-TERM PARTS INVENTORY | |||||||||
The following summarizes Intrepid’s inventory, recorded at the lower of weighted average cost or estimated net realizable value as of December 31, 2013, and 2012, respectively (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Finished goods product inventory, net | $ | 66,565 | $ | 26,856 | |||||
In-process mineral inventory | 17,841 | 9,110 | |||||||
Total product inventory, net | 84,406 | 35,966 | |||||||
Current parts inventory | 20,605 | 17,309 | |||||||
Total current inventory, net | 105,011 | 53,275 | |||||||
Long-term parts inventory | 12,469 | 10,208 | |||||||
Total inventory, net | $ | 117,480 | $ | 63,483 | |||||
Parts inventories are shown net of any required reserves. During the years ended December 31, 2013, 2012, and 2011, Intrepid recorded charges of approximately $3.7 million, $0.6 million, and $0.7 million, respectively, as a result of routine lower of weighted average cost or estimated net realizable value assessments on its finished goods product inventory. |
PROPERTY_PLANT_AND_EQUIPMENT_A
PROPERTY, PLANT, AND EQUIPMENT AND MINERAL PROPERTIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant and Equipment and Mineral Properties Disclosure [Abstract] | ' | ||||||||||||
PROPERTY, PLANT, AND EQUIPMENT AND MINERAL PROPERTIES | ' | ||||||||||||
PROPERTY, PLANT, EQUIPMENT AND MINERAL PROPERTIES | |||||||||||||
“Property, plant, and equipment” and “Mineral properties and development costs” were comprised of the following (in thousands): | |||||||||||||
December 31, | Range of useful | ||||||||||||
lives (years) | |||||||||||||
2013 | 2012 | Lower Limit | Upper Limit | ||||||||||
Buildings and plant | $ | 248,017 | $ | 148,989 | 4 | 25 | |||||||
Machinery and equipment | 472,250 | 334,128 | 3 | 25 | |||||||||
Vehicles | 13,455 | 11,868 | 3 | 7 | |||||||||
Office equipment and improvements | 18,846 | 15,766 | 2 | 10 | |||||||||
Ponds and land improvements | 74,166 | 15,835 | 5 | 25 | |||||||||
Construction in progress | 59,538 | 158,422 | |||||||||||
Land | 498 | 298 | |||||||||||
Accumulated depreciation | (197,108 | ) | (142,137 | ) | |||||||||
$ | 689,662 | $ | 543,169 | ||||||||||
Mineral properties and development costs | $ | 145,822 | $ | 74,712 | 10 | 25 | |||||||
Construction in progress | 4,250 | 30,444 | |||||||||||
Accumulated depletion | (13,165 | ) | (11,060 | ) | |||||||||
$ | 136,907 | $ | 94,096 | ||||||||||
Intrepid incurred the following costs for depreciation, depletion, amortization, and accretion, including costs capitalized into inventory, for the following periods (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Depreciation | $ | 57,670 | $ | 45,559 | $ | 33,572 | |||||||
Depletion | 2,134 | 1,316 | 1,373 | ||||||||||
Amortization | — | — | 92 | ||||||||||
Accretion | 1,499 | 724 | 750 | ||||||||||
Total incurred | $ | 61,303 | $ | 47,599 | $ | 35,787 | |||||||
ACCRUED_LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Liabilities [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
ACCRUED LIABILITIES | |||||||||
The components of "Accrued Liabilities" as of December 31, 2013, and 2012 were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Accrued construction in progress | $ | 21,152 | $ | 25,204 | |||||
Accrued property taxes | 1,714 | 1,327 | |||||||
Accrued utilities | 1,868 | 1,768 | |||||||
Other accrued liabilities | 5,111 | 4,197 | |||||||
Total Accrued Liabilities | $ | 29,845 | $ | 32,496 | |||||
DEBT
DEBT | 12 Months Ended | |
Dec. 31, 2013 | ||
Debt Disclosure [Abstract] | ' | |
DEBT | ' | |
DEBT | ||
Unsecured Credit Facility—Intrepid has an unsecured credit facility, led by U.S. Bank, as administrative agent, and Wells Fargo Bank, as syndication agent. This unsecured credit facility provides a total revolving credit facility of up to $250 million. The facility was amended in August 2013 to extend the maturity date by two years to August 2018, to decrease the applicable interest rates on any borrowings, to decrease the quarterly commitment fees, and to increase the maximum allowable leverage ratio to 3.5. The minimum allowable fixed charge coverage ratio under the facility remains at 1.3. | ||
Under the facility, the leverage ratio is defined as the ratio of total funded indebtedness to adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, and certain other expenses) for the prior four fiscal quarters. The fixed charge coverage ratio is defined as the ratio of adjusted EBITDA for the prior four fiscal quarters to fixed charges. Both ratios may operate to limit the total amount available to Intrepid under the facility. | ||
The facility is unsecured and is guaranteed by Intrepid's material subsidiaries. As of December 31, 2013, and 2012, there were no amounts outstanding under the facility. The amount available to Intrepid under the facility is calculated based on applying the financial covenants. As of December 31, 2013, $222 million of the facility was available to Intrepid. | ||
Unsecured Senior Notes—In April 2013, Intrepid issued $150 million aggregate principal amount of unsecured senior notes ("the Notes") pursuant to a note purchase agreement entered into in August 2012. Intrepid received proceeds of $149.3 million, net of offering costs. The Notes consist of the following series: | ||
• | $60 million of 3.23% Senior Notes, Series A, due April 16, 2020 | |
• | $45 million of 4.13% Senior Notes, Series B, due April 14, 2023 | |
• | $45 million of 4.28% Senior Notes, Series C, due April 16, 2025 | |
The Notes are senior unsecured obligations of Intrepid and rank equally in right of payment with any other unsubordinated unsecured indebtedness of Intrepid and share the same financial covenants. The obligations under the Notes are unconditionally guaranteed by Intrepid's material subsidiaries. | ||
Intrepid was in compliance with all covenants as of December 31, 2013. | ||
Interest on the Notes began accruing on April 16, 2013, the date the Notes were issued. Interest is paid semiannually on April 16 and October 16 of each year, beginning on October 16, 2013. | ||
Interest expense is recorded net of any capitalized interest associated with investments in capital projects. Intrepid incurred gross interest expense for the years ended December 31, 2013, 2012, and 2011 of $4.9 million, $0.9 million, and $0.9 million, respectively. Intrepid capitalized $3.4 million of interest during the year ended December 31, 2013. Intrepid had no capitalized interest in 2012 or 2011. |
ASSET_RETIREMENT_OBLIGATION
ASSET RETIREMENT OBLIGATION | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||||||
ASSET RETIREMENT OBLIGATION | ' | ||||||||||||
ASSET RETIREMENT OBLIGATION | |||||||||||||
Intrepid recognizes an estimated liability for future costs associated with the abandonment and reclamation of its mining properties. A liability for the fair value of an asset retirement obligation and a corresponding increase to the carrying value of the related long-lived asset are recorded as the mining operations occur or the assets are acquired. | |||||||||||||
Intrepid’s asset retirement obligation is based on the estimated cost to abandon and reclaim the mining operations, the economic life of the properties, and federal and state regulatory requirements. The liability is discounted using credit adjusted risk-free rate estimates at the time the liability is incurred or when there are upward revisions to estimated costs. The credit adjusted risk-free rates used to discount Intrepid’s abandonment liabilities range from 6.9% to 8.5%. Revisions to the liability occur due to construction of new or expanded facilities, changes in estimated abandonment costs or economic lives, or if federal or state regulators enact new requirements regarding the abandonment or reclamation of mines. | |||||||||||||
Following is a table of the changes to Intrepid’s asset retirement obligations for the following periods (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Asset retirement obligation, at beginning of period | $ | 20,579 | $ | 9,708 | $ | 9,478 | |||||||
Liabilities settled | (571 | ) | (173 | ) | — | ||||||||
Liabilities incurred | 351 | 2,114 | 222 | ||||||||||
Changes in estimated obligations | (811 | ) | 8,206 | (742 | ) | ||||||||
Accretion of discount | 1,499 | 724 | 750 | ||||||||||
Total asset retirement obligation, at end of period | $ | 21,047 | $ | 20,579 | $ | 9,708 | |||||||
The current portion of asset retirement obligations of $1.1 million and $1.2 million was included in "Other" current liabilities on the consolidated balance sheets as of December 31, 2013, and December 31, 2012. The undiscounted amount of asset retirement obligation is $54.9 million as of December 31, 2013, of which Intrepid estimates approximately $8.8 million in payments may occur in the next five years. |
COMPENSATION_PLANS
COMPENSATION PLANS | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
COMPENSATION PLANS | ' | |||||||||||
COMPENSATION PLANS | ||||||||||||
Cash Bonus Plan—Intrepid has cash bonus plans that allow participants to receive varying percentages of their aggregate base salary. Any awards under the cash bonus plans are based on a variety of elements related to Intrepid’s performance in certain production, operational, financial, and other areas, as well as the participants’ individual performance. Intrepid accrues cash bonus expense related to the current year’s performance. | ||||||||||||
Equity Incentive Compensation Plan—Intrepid's Board of Directors and stockholders have adopted a long-term incentive compensation plan called the Intrepid Potash, Inc. Equity Incentive Plan, as Amended and Restated (the "Plan"). Intrepid has issued common stock, restricted shares of common stock, performance units, and non-qualified stock option awards under the Plan. As of December 31, 2013, the following awards were outstanding under the plan: 352,050 shares of non-vested restricted shares of common stock; 32,028 non-vested performance units representing shares of common stock; and options to purchase 337,587 shares of common stock. As of December 31, 2013, approximately 3.7 million shares of common stock remained available for issuance under the Plan. | ||||||||||||
Common Stock—On an annual basis, under the Plan, the Compensation Committee of the Board of Directors (the "Compensation Committee") approves the award of shares of common stock to the non-employee members of the Board of Directors as compensation for service for the period ending on the date of Intrepid’s annual stockholders’ meeting for the following year. During the years ended December 31, 2013, 2012 and 2011, the Compensation Committee approved awards of 17,680, 14,812 and 9,616 shares of common stock, respectively. These shares of common stock were granted without restrictions and vested immediately. | ||||||||||||
Non-vested Restricted Shares of Common Stock—Under the Plan, grants of non-vested restricted shares of common stock have been awarded to executive officers, other key employees, and consultants. The awards contain service conditions associated with continued employment or service. There are no performance or market conditions associated with these awards. The terms of the non-vested restricted shares of common stock provide voting and regular dividend rights to the holders of the awards. Upon vesting, the restrictions on the restricted shares of common stock lapse and the shares are considered issued and outstanding. | ||||||||||||
Since 2009, the Compensation Committee has issued restricted shares of common stock under the Plan in the first quarter of each year to Intrepid's executive management team and other selected employees as part of an annual equity award program. These awards vest ratably over three years. From time to time, the Compensation Committee grants restricted shares of common stock to newly hired or promoted employees or other employees or consultants who have achieved extraordinary personal performance objectives. These restricted shares of common stock generally vest over one- to four-year periods. | ||||||||||||
In measuring compensation expense associated with the grant of non-vested restricted shares of common stock, Intrepid uses the fair value of the award, determined as the closing stock price for Intrepid’s common stock on the grant date. Compensation expense is recorded monthly over the vesting period of the award. Total compensation expense related to the non-vested restricted shares of common stock awards was $3.5 million, $3.2 million and $3.2 million, for the years ended December 31, 2013, 2012, and 2011, respectively. These amounts are net of estimated forfeiture adjustments. As of December 31, 2013, there was $4.9 million of total remaining unrecognized compensation expense related to non-vested restricted common stock awards that will be expensed through 2015. | ||||||||||||
A summary of activity relating to Intrepid’s non-vested restricted common stock activity for the year ended December 31, 2013, is presented below. | ||||||||||||
Weighted Average | ||||||||||||
Grant-Date | ||||||||||||
Shares | Fair Value | |||||||||||
Non-vested restricted common stock, beginning of period | 240,757 | $ | 26.04 | |||||||||
Granted | 235,490 | $ | 19.25 | |||||||||
Vested | (104,033 | ) | $ | 26.27 | ||||||||
Forfeited | (20,164 | ) | $ | 22.13 | ||||||||
Non-vested restricted common stock, end of period | 352,050 | $ | 21.65 | |||||||||
Performance Units—Since 2012, the Compensation Committee has granted performance units under the Plan to certain members of Intrepid's executive management team as part of the annual equity award program. The Compensation Committee issued two types of performance units: an operational performance-based award and a market condition-based award. The awards contain service conditions associated with continued employment, as well as an operational performance or market condition. The operational performance conditions are based on tons of potash and Trio® produced, and the market conditions are based on Intrepid's stock performance relative to a peer group and a broad market index. Based on performance under these metrics for the year ended December 31, 2013, the Compensation Committee certified that a total of 23,139 shares of common stock were earned under these awards, subject to vesting requirements. These performance shares are subject to vesting conditions that provided for issuance over a three-year period assuming continued employment by the individual grantees through the vesting dates. For the years ended December 31, 2013, and 2012, Intrepid recognized stock‑based compensation related to performance units of approximately $0.7 million and $0.4 million. | ||||||||||||
Non-qualified Stock Options—From 2009 to 2011, the Compensation Committee issued non-qualified stock options under the Plan in the first quarter of each year to Intrepid’s executive management and other selected employees as part of its annual award program. These stock options generally vest ratably over 3 years. In measuring compensation expense for this grant of options, Intrepid estimated the fair value of the award on the grant date using the Black‑Scholes option valuation model. Option valuation models require the input of highly subjective assumptions, including the expected volatility of the price of the underlying stock. No stock options were issued in the years ended December 31, 2013, and 2012. | ||||||||||||
The following assumptions were used to compute the weighted average fair market value of options granted during the period presented. | ||||||||||||
Year Ended December 31, 2011 | ||||||||||||
Risk free interest rate | 2.6 | % | ||||||||||
Dividend yield | — | |||||||||||
Estimated volatility | 56 | % | ||||||||||
Expected option life | 6 years | |||||||||||
Intrepid’s computation of the estimated volatility was based on the historic volatility of its and selected peer companies' common stock over the expected option life. The peer companies selected had volatility that was highly correlated to Intrepid’s common stock from the date of the initial public offering to the dates of grant. This peer information was utilized because Intrepid had insufficient trading history to calculate a meaningful long-term volatility factor. The computation of expected option life was determined based on a reasonable expectation of the average life prior to being exercised or forfeited, giving consideration to the overall vesting period and contractual terms of the awards. The risk-free interest rates for periods that matched the option award’s expected life was based on the U.S. Treasury constant maturity yield at the time of grant over the expected option life. | ||||||||||||
For the years ended December 31, 2013, 2012, and 2011, Intrepid recognized stock-based compensation related to previously issued stock options of approximately $0.6 million, $1.2 million and $1.4 million, respectively. As of December 31, 2013, there was $0.1 million of total remaining unrecognized compensation expense related to unvested non-qualified stock options that will be expensed through 2013 and 2014. Realized tax benefits from tax deductions for exercised options in excess of the deferred tax asset attributable to stock compensation for such options are regarded as “excess tax benefits.” | ||||||||||||
A summary of Intrepid’s stock option activity for the year ended December 31, 2013, is as follows: | ||||||||||||
Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value (1) | Weighted Average Remaining Contractual Life | Weighted Average Grant-Date Fair Value | ||||||||
Outstanding non-qualified stock | ||||||||||||
options, beginning of period | 344,691 | $26.26 | $13.13 | |||||||||
Exercised | — | — | ||||||||||
Forfeited | (1,474 | ) | $35.69 | $19.59 | ||||||||
Expired | (5,630 | ) | $25.03 | $12.27 | ||||||||
Outstanding non-qualified stock | ||||||||||||
options, end of period | 337,587 | $26.24 | $— | 5.7 | $13.12 | |||||||
Vested or expected to vest, end | ||||||||||||
of period | 337,186 | $26.23 | $— | 5.7 | $13.11 | |||||||
Exercisable non-qualified | ||||||||||||
stock options, end of period | 307,664 | $25.32 | $— | 5.7 | $12.50 | |||||||
-1 | The intrinsic value of a stock option is the amount by which the market value exceeds the exercise price as of the end of the period presented. | |||||||||||
The weighted average grant-date fair value per share of options granted during the year ended December 31, 2011, was $19.59. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
INCOME TAXES | |||||||||||||
Intrepid’s income tax provision is comprised of the elements below. A summary of the provision for income taxes is as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current portion of income tax expense (benefit): | |||||||||||||
Federal | $ | (14,243 | ) | $ | 10,224 | $ | 12,191 | ||||||
State | (31 | ) | 1,237 | 4,631 | |||||||||
Deferred portion of income tax expense: | |||||||||||||
Federal | 25,050 | 32,451 | 38,133 | ||||||||||
State | 5,042 | 5,572 | 10,895 | ||||||||||
Total income tax expense | $ | 15,818 | $ | 49,484 | $ | 65,850 | |||||||
As of December 31, 2013, and 2012, Intrepid had a net deferred tax asset. Intrepid believes that it is more likely than not that the results of future operations should generate sufficient taxable income to realize the deferred tax assets, except for certain capital loss and state carryforwards for which a $2.2 million valuation allowance has been recorded, of which $1.8 million was incurred and recorded in 2013. As of December 31, 2013, Intrepid had approximately $30 million of federal net operating loss carryforwards which expire in 2033. Intrepid also has approximately $4.4 million in federal alternative minimum tax credits, and $1.9 million of research and development credits which begin to expire in 2031. There are no items that require disclosure in accordance with the Financial Accounting Standards Board’s (“FASB”) guidance on accounting for uncertainty in income taxes. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Current deferred tax assets (liabilities): | |||||||||||||
Prepaid expenses | $ | (2,141 | ) | $ | (1,897 | ) | |||||||
Inventory | 6,864 | 1,649 | |||||||||||
Accrued employee compensation and benefits | 1,764 | 2,044 | |||||||||||
Equity compensation | 1,093 | 758 | |||||||||||
Other | 761 | (549 | ) | ||||||||||
Total current deferred tax assets | 8,341 | 2,005 | |||||||||||
Non-current deferred tax assets: | |||||||||||||
Property, plant, equipment and mineral properties, net | 108,049 | 156,415 | |||||||||||
Asset retirement obligation | 9,073 | 8,304 | |||||||||||
AMT credits | 4,417 | 6,811 | |||||||||||
Net operating loss carryforward | 10,600 | — | |||||||||||
Other | 11,710 | 9,018 | |||||||||||
Total non-current deferred tax assets | 143,849 | 180,548 | |||||||||||
Total deferred tax asset | $ | 152,190 | $ | 182,553 | |||||||||
Intrepid is required to evaluate its deferred tax assets and liabilities each reporting period using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. The estimated statutory income tax rates that are applied to Intrepid’s current and deferred income tax calculations are impacted most significantly by the tax jurisdictions in which Intrepid is doing business. Changing business conditions for normal business transactions and operations, as well as changes to state tax rates and apportionment laws, potentially alter the apportionment of income among the states for income among the states for income tax purposes. These changes to apportionment laws result in changes in the calculation of Intrepid’s current and deferred income taxes, including the valuation of its deferred tax assets and liabilities. The effects of any such changes are recorded in the period of the adjustment. Such adjustments can increase or decrease the net deferred tax asset on the balance sheet and impact the corresponding deferred tax benefit or deferred tax expense on the income statement. As of December 31, 2013, Intrepid's estimate of our blended state tax rate increased, resulting in an increase of the value of the deferred tax asset by net $0.9 million to reflect changes in business conditions in concert with changes in apportionment rules of the states in which it operates, and a decrease in the state tax rate for the state of New Mexico. | |||||||||||||
A decrease of Intrepid’s state tax rate decreases the value of its deferred tax asset, resulting in additional deferred tax expense being recorded in the income statement. Conversely, an increase in Intrepid’s state income tax rate would increase the value of the deferred tax asset, resulting in an increase in Intrepid’s deferred tax benefit. Because of the magnitude of the temporary differences between book and tax basis in the assets of Intrepid, relatively small changes in the state tax rate may have a pronounced impact on the value of the net deferred tax asset. | |||||||||||||
Income tax expense for Intrepid differs from the amount that would be provided by applying the statutory U.S. federal income tax rate to income before income taxes. The difference is due to the impacts of percentage depletion, bonus depreciation, the effect of state income taxes, the estimated effect of the domestic production activities deduction, and other temporary and permanent differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. | |||||||||||||
A reconciliation of the statutory rate to the effective rate is as follows (in thousands, except percentages): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal taxes at statutory rate | $ | 13,333 | $ | 47,924 | $ | 61,341 | |||||||
Add: | |||||||||||||
State taxes, net of federal benefit | 3,322 | 3,443 | 9,072 | ||||||||||
Domestic production activities deduction | 1,265 | (191 | ) | (994 | ) | ||||||||
Change in valuation allowance | 1,841 | — | 437 | ||||||||||
Research and development credits | (1,560 | ) | (326 | ) | — | ||||||||
Change in state tax rate | (948 | ) | 981 | (3,699 | ) | ||||||||
Percentage depletion | (1,841 | ) | (1,623 | ) | — | ||||||||
Other | 406 | (724 | ) | (307 | ) | ||||||||
Net expense as calculated | $ | 15,818 | $ | 49,484 | $ | 65,850 | |||||||
Effective tax rate | 41.5 | % | 36.1 | % | 37.6 | % | |||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
COMMITMENTS AND CONTINGENCIES | |||||
Marketing Agreements—Intrepid has a marketing agreement appointing PCS Sales (USA), Inc. (“PCS Sales”) as its exclusive sales representative for potash export sales, with the exception of sales to Canada and Mexico, and appointing PCS Sales as non-exclusive sales representative for potash sales into Mexico. Trio® is also marketed under this arrangement. This agreement is cancelable with 30 days' written notice. | |||||
Reclamation Deposits and Surety Bonds—As of December 31, 2013, and 2012, Intrepid had $17.3 million and $7.9 million, respectively, of security placed principally with the State of Utah and the BLM for eventual reclamation of its various facilities. Of this total requirement, as of December 31, 2013, and 2012, $0.5 million and $0.5 million consisted of long-term restricted cash deposits reflected in “Other” long-term assets on the balance sheet, and $16.8 million and $7.4 million, respectively, was secured by surety bonds issued by an insurer. The surety bonds are held in place by an annual fee paid to the issuer. | |||||
Intrepid may be required to post additional security to fund future reclamation obligations as reclamation plans are updated or as governmental entities change requirements. | |||||
New Mexico Employment Credits—During 2011, based on an approval and payment of an application with the State of New Mexico, Intrepid recorded $7.9 million of other operating income from the New Mexico High Wage Jobs Credit. Intrepid considered the approval and payment of these credits to be confirmation that the criteria for recognition was deemed probable and reasonably estimable. Since that time, Intrepid has recorded, and continues to record, the value of estimated refundable employment-related credits for qualified wages paid in New Mexico. The estimated recoverable value of these credits has been, and continues to be, reflected as a reduction to production costs and amounts yet to be collected are recorded in “Other receivables, net” in the consolidated balance sheets in the same period in which the credit is earned. | |||||
During 2013, the New Mexico Taxation and Revenue Department denied Intrepid's application to receive the New Mexico High Wage Jobs Credit for certain prior years' filings. Intrepid believes the denial is improper and intends to vigorously pursue recovery of these credits. Nonetheless, in 2013, Intrepid recorded a reserve of approximately $2.8 million for credits relating to the denied periods in order to reflect the denial of the claimed credits. As the product inventory associated with the denied credits for periods prior to 2012 has since been sold, Intrepid recorded the expense associated with recording the reserve as an "Other expense" in Operating income in 2013. The value of credits associated with 2013 and 2012 have been established as a net receivable as of December 31, 2013, and is reflected in "Other receivables, net" in the consolidated balance sheets. | |||||
Legal— Intrepid is subject to litigation. Intrepid has determined that there are no material claims outstanding as of December 31, 2013. However, Intrepid has established a legal reserve for loss contingencies that are considered probable and reasonably estimable. | |||||
Future Operating Lease Commitments—Intrepid has certain operating leases for land, mining and other operating equipment, an airplane, offices, and railcars, with original terms ranging up to 20 years. The annual minimum lease payments for the next five years and thereafter are presented below. | |||||
Years Ending December 31, | (In thousands) | ||||
2014 | $ | 4,045 | |||
2015 | 3,906 | ||||
2016 | 3,478 | ||||
2017 | 3,332 | ||||
2018 | 3,256 | ||||
Thereafter | 1,234 | ||||
Total | $ | 19,251 | |||
Rental and lease expenses follow for the indicated periods (in thousands): | |||||
For the year ended December 31, 2013 | $ | 4,428 | |||
For the year ended December 31, 2012 | $ | 4,175 | |||
For the year ended December 31, 2011 | $ | 4,865 | |||
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | ||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||
Intrepid is exposed to global market risks, including the effect of changes in commodity prices and interest rates. From time to time, Intrepid uses derivatives to manage financial exposures that occur in the normal course of business. Intrepid does not enter into or hold derivatives for trading purposes. While all derivatives had been used for risk management purposes, and were originally entered into as economic hedges, they had not been designated as hedging instruments for accounting purposes. | |||||||||||
Interest Rates | |||||||||||
Prior to Intrepid's initial public offering in April 2008, Intrepid's predecessor historically managed a portion of its floating interest rate exposure on outstanding debt through the use of interest rate derivative contracts, as required by its credit agreement. Intrepid repaid its assumed debt obligations immediately subsequent to the closing of its initial public offering and, in the year ended December 31, 2012, closed its positions in the derivative financial instruments also assumed from its predecessor. | |||||||||||
Intrepid did not have any derivative instruments outstanding during the year ended December 31, 2013. The following table presents the amounts of gain or (loss) recognized in income on derivatives affecting the consolidated statement of operations for the periods presented (in thousands): | |||||||||||
Location of gain (loss) recognized in income on derivative | Year Ended December 31, | ||||||||||
Derivatives not designated as hedging instruments | 2012 | 2011 | |||||||||
Interest rate contracts: | |||||||||||
Realized loss | Interest expense | $ | (1,103 | ) | $ | (1,436 | ) | ||||
Unrealized gain | Interest expense | 1,049 | 1,289 | ||||||||
Total loss | Interest expense | $ | (54 | ) | $ | (147 | ) |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
Intrepid applies the provisions of the FASB’s Accounting Standards Codification™ (“ASC”) Topic 820, Fair Value Measurements and Disclosures, for all financial assets and liabilities measured at fair value on a recurring basis. The topic establishes a framework for measuring fair value and requires disclosures about fair value measurements. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The topic establishes market or observable inputs as the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The topic also establishes a hierarchy for grouping these assets and liabilities based on the significance level of the following inputs, as follows: | |||||||||||||||||
• | Level 1—Quoted prices in active markets for identical assets and liabilities. | ||||||||||||||||
• | Level 2—Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active, and model‑derived valuations whose inputs are observable or whose significant value drivers are observable. | ||||||||||||||||
• | Level 3—Significant inputs to the valuation model are unobservable. | ||||||||||||||||
The following is a listing of Intrepid’s assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the hierarchy as of December 31, 2013 (in thousands): | |||||||||||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
December 31, 2013 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Investments | |||||||||||||||||
Corporate bonds | $ | 22,459 | $ | — | $ | 22,459 | $ | — | |||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
December 31, 2012 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Investments | |||||||||||||||||
Corporate bonds | $ | 17,462 | $ | — | $ | 17,462 | $ | — | |||||||||
Certificate of deposits | $ | 166 | $ | — | $ | 166 | $ | — | |||||||||
Financial assets or liabilities are categorized within the hierarchy based upon the lowest level of input that is significant to the fair value measurement. Below is a general description of Intrepid’s valuation methodologies for financial assets and liabilities, which are measured at fair value and are included in the accompanying consolidated balance sheets. Intrepid's available for sale investments consist of corporate bonds and certain certificate of deposits that are valued using Level 2 inputs. Market pricing for these investments is obtained from an established financial markets data provider. | |||||||||||||||||
The methods described above may result in a fair value estimate that may not be indicative of net realizable value or may not be reflective of future fair values and cash flows. While Intrepid believes that the valuation methods utilized are appropriate and consistent with the requirements of ASC Topic 820 and with other marketplace participants, Intrepid recognizes that third parties may use different methodologies or assumptions to determine the fair value of certain financial instruments that could result in a different estimate of fair value at the reporting date. | |||||||||||||||||
Financial Instruments—The carrying values and fair values of our financial instruments as of December 31, 2013, and December 31, 2012, are as follows (in thousands): | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Cash and cash equivalents | $ | 394 | $ | 394 | $ | 33,619 | $ | 33,619 | |||||||||
Certificate of deposits | 2,260 | 2,260 | 6,666 | 6,666 | |||||||||||||
Accounts receivable | 28,294 | 28,294 | 40,630 | 40,630 | |||||||||||||
Refundable income taxes | 15,722 | 15,722 | 3,306 | 3,306 | |||||||||||||
Accounts payable | 27,602 | 27,602 | 19,634 | 19,634 | |||||||||||||
Long-term debt | $ | 150,000 | $ | 129,000 | $ | — | $ | — | |||||||||
For cash and cash equivalents, certificate of deposit investments, accounts receivable, refundable income taxes, and accounts payable, the carrying amount approximates fair value because of the short-term maturity of those instruments. As no established market for the long-term debt exists, the fair value of the long-term debt is estimated using discounted cash flow analysis based on current borrowing rates for debt with similar remaining maturities and ratings (a Level 2 input) and is designed to approximate the amount at which the instruments could be exchanged in an arm's length transaction between knowledgeable willing parties. |
EMPLOYEE_BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
EMPLOYEE BENEFITS | ' | ||||||||||||||||
EMPLOYEE BENEFITS | |||||||||||||||||
401(k) Plan | |||||||||||||||||
Intrepid maintains a savings plan qualified under Internal Revenue Code Sections 401(a) and 401(k). The 401(k) Plan is available to all eligible employees of all of the consolidated entities. Employees may contribute amounts as allowed by the U.S. Internal Revenue Service ("IRS") to the 401(k) Plan (subject to certain restrictions) in before-tax contributions. Intrepid matches employee contributions on a dollar-for-dollar basis up to a maximum of 5% and also based on the employee’s base compensation. Intrepid’s contributions to the 401(k) Plan in the following periods were (in thousands): | |||||||||||||||||
Contributions | |||||||||||||||||
For the year ended December 31, 2013 | $ | 2,323 | |||||||||||||||
For the year ended December 31, 2012 | $ | 2,022 | |||||||||||||||
For the year ended December 31, 2011 | $ | 1,293 | |||||||||||||||
Defined Benefit Pension Plan | |||||||||||||||||
In accordance with the terms of the Moab Purchase Agreement associated with the purchase of the Moab assets in 2000, Intrepid and its predecessor established the Moab Salt, L.L.C. Employees’ Pension Plan (“Pension Plan”), a defined benefit pension plan. Pursuant to the terms of the Moab Purchase Agreement, employees transferring from the acquiree to Intrepid were granted credit under the Pension Plan for their prior service and for the benefits they had accrued under the acquiree’s pension plan, and approximately $1.5 million was transferred from the acquiree’s pension plan to the Pension Plan to accommodate the recognition of such prior service and benefits. In February 2002, Intrepid “froze” the benefits to be paid under the Pension Plan by limiting participation in the Pension Plan solely to employees hired before February 22, 2002, and by including only pay and service through February 22, 2002, in the calculation of benefits. However, Intrepid was required to maintain the Pension Plan for the existing participants and for the benefits they had accrued as of that date. | |||||||||||||||||
In December 2011, Intrepid adopted resolutions to terminate the Pension Plan. After receiving the necessary regulatory approvals, plan amendments, and participant settlement elections, Intrepid funded $2.0 million to settle all pension plan liabilities in April 2013. Upon funding, Intrepid was released from any further obligations under the pension plan. Accordingly, Intrepid recorded additional expense of approximately $1.9 million to reflect the termination of the pension plan in the year ended December 31, 2013. This amount is recorded as "Other income (expense)" in the consolidated statement of operations and represents the difference between the final amount funded and the sum of the recorded pension liability and the unrecognized actuarial loss included in accumulated other comprehensive income. | |||||||||||||||||
The following table (in thousands, except percentages) provides a reconciliation of the changes in the Pension Plan’s benefit obligations and fair value of assets for the years ended December 31, 2013, 2012, and 2011, as measured on those dates, and a statement of the funded status as of December 31, 2013, 2012, and 2011. The impact of the decision to terminate the plan is estimated in the amounts disclosed below. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Obligations and funded status at period end: | |||||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Projected benefit obligation at beginning of period | $ | 5,486 | $ | 4,870 | $ | 3,802 | |||||||||||
Interest cost | 28 | 93 | 195 | ||||||||||||||
Benefit payments | (5,721 | ) | (175 | ) | (143 | ) | |||||||||||
Actuarial losses | 207 | 698 | 1,146 | ||||||||||||||
Plan amendments | — | — | (130 | ) | |||||||||||||
Projected benefit obligation at end of period | — | 5,486 | 4,870 | ||||||||||||||
Accumulated benefit obligation at end of period | — | 5,486 | 4,870 | ||||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of period | $ | 3,702 | $ | 3,758 | $ | 2,789 | |||||||||||
Actual return on assets (net of expenses) | (1 | ) | 26 | (43 | ) | ||||||||||||
Employer contributions | 2,020 | 93 | 1,155 | ||||||||||||||
Benefit payments | (5,721 | ) | (175 | ) | (143 | ) | |||||||||||
Fair value of plan assets at end of period | — | 3,702 | 3,758 | ||||||||||||||
Unfunded status (1) | — | (1,784 | ) | (1,112 | ) | ||||||||||||
Items not yet recognized as a component of net periodic | |||||||||||||||||
pension cost: | |||||||||||||||||
Prior service cost arising during current period | $ | — | $ | (115 | ) | $ | (131 | ) | |||||||||
Unrecognized actuarial loss | $ | — | $ | 2,930 | $ | 2,501 | |||||||||||
Prepaid benefit cost | $ | — | $ | 1,031 | $ | 1,258 | |||||||||||
Accumulated other comprehensive income: | |||||||||||||||||
Prior service credit | $ | — | $ | (115 | ) | $ | (131 | ) | |||||||||
Net loss | $ | — | $ | 2,930 | $ | 2,501 | |||||||||||
Components of net periodic benefit cost: | |||||||||||||||||
Interest cost | $ | 28 | $ | 93 | $ | 195 | |||||||||||
Expected return on assets | — | — | (195 | ) | |||||||||||||
Amortization of prior service cost | (5 | ) | (16 | ) | — | ||||||||||||
Amortization of actuarial loss | 100 | 242 | 101 | ||||||||||||||
Settlement loss | 2,928 | — | — | ||||||||||||||
Net period benefit cost | $ | 3,051 | $ | 319 | $ | 101 | |||||||||||
Other comprehensive income | $ | — | $ | 445 | $ | 1,153 | |||||||||||
Amounts included in AOCI expected to be recognized | |||||||||||||||||
during the next fiscal year: | |||||||||||||||||
Actuarial loss | $ | — | $ | 285 | $ | 227 | |||||||||||
-1 | As of December 31, 2012, and 2011, amount is recognized on Intrepid's consolidated balance sheet in "Accrued employee compensation and benefits." | ||||||||||||||||
For December 31, 2012, projected benefit obligation and the accumulated benefit obligation final distribution of plan benefits in 2012 was assumed. The interest rates used were 2.7% for benefits currently in payment and 3.4% for all other annuity benefits. Lump sum benefits were valued using interest rates of 1.0% for years zero to four, 3.5% for years five to 19 and 4.6% for years 20 and after. | |||||||||||||||||
Prior to 2012, the basis used to determine the overall expected long-term rate of return on assets assumption was an analysis of the historical rate of return for a portfolio with a similar asset allocation. The assumed long-term asset allocation for the plan was 47% equity securities, 43% fixed income, 5% real estate, and 5% cash. In 2013, Intrepid liquidated the investment positions and reinvested the proceeds in U.S. treasury bills or similar investments prior to settling all pension plan liabilities. | |||||||||||||||||
Asset Allocation Strategy: Prior to the determination to liquidate the plan, the plan’s investment policy strategy for pension plan assets is to seek relatively stable growth in the value of investable assets supplemented by a low level of income. The main objective was to provide steady growth while limiting fluctuations to less than those of the overall stock market. As the Pension Plan had a long-term investment horizon, limited liquidity needs, high exposure to purchasing power risk, and little concern for income stability, Intrepid had set the following target asset allocations: 20% to 75% U.S. equity securities, 0% to 20% international equities, 0% to 30% absolute returns, 10% to 40% corporate bonds, 0% to 10% REITs, 0% to 10% commodities, and 5% to 28% short-term Treasury bonds. Under the plan guidelines, there are no prohibited investment types. | |||||||||||||||||
Fair Value Measurement of Plan Assets: The fair value of the major asset classes of the Pension Plan’s assets using the fair value hierarchy as described in the footnote titled Fair Value Measurements and the inputs and valuation techniques used to measure fair value of such assets as of December 31, 2012, is as follows (in thousands): | |||||||||||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
Asset Class | December 31, 2012 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market mutual fund | $ | 3,702 | $ | 3,702 | $ | — | $ | — | |||||||||
Cash Flows | |||||||||||||||||
Contributions: Intrepid contributed approximately $2.0 million to the Pension Plan in 2013. |
RECLASSIFICATIONS_OUT_OF_ACCUM
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income Text Block [Abstract] | ' | |||||||||||
Reclassifications Out Of Accumulated Other Comprehensive Income | ' | |||||||||||
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||
The components of "Accumulated other comprehensive loss," net of tax, as of December 31, 2013, were as follows (in thousands): | ||||||||||||
Unrealized Gains and Losses on Available-for-Sale Securities | Defined Benefit Pension Plan | Total | ||||||||||
Balance as of December 31, 2012 | $ | (29 | ) | $ | (1,700 | ) | $ | (1,729 | ) | |||
Other comprehensive income before reclassifications | (4 | ) | — | (4 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 23 | 1,700 | 1,723 | |||||||||
Net current-period other comprehensive income | $ | 19 | $ | 1,700 | $ | 1,719 | ||||||
Balance as of December 31, 2013 | $ | (10 | ) | $ | — | $ | (10 | ) | ||||
The effects on net income of amounts reclassified from Accumulated other comprehensive loss for year ended December 31, 2013, were as follows (in thousands): | ||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Operations | ||||||||||
Unrealized losses on available-for-sale securities | $ | 38 | Other income (expense) | |||||||||
Total before tax | 38 | |||||||||||
Tax benefit | (15 | ) | ||||||||||
Net of tax | $ | 23 | ||||||||||
Pension liability adjustment | ||||||||||||
Amortization of prior service cost and actuarial loss | $ | 71 | Selling and administrative | |||||||||
Termination of pension plan expense | 2,744 | Other income (expense) | ||||||||||
Total before tax | 2,815 | |||||||||||
Tax benefit | (1,115 | ) | ||||||||||
Net of tax | $ | 1,700 | ||||||||||
Total reclassification for the period, net of tax | $ | 1,723 | ||||||||||
RECOGNITION_OF_COMPENSATING_TA
RECOGNITION OF COMPENSATING TAX REFUND (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | ' |
RECOGNITION OF COMPENSATING TAX REFUND | ' |
RECOGNITION OF COMPENSATING TAX REFUND | |
In the second quarter of 2013, Intrepid received a refund from the State of New Mexico related to a compensating tax refund submitted for the period from December 2008 to October 2011. This refund consists of items for which Intrepid made compensating tax payments on behalf of vendors, as well as compensating tax payments on construction-related and service items during a period when the law was deemed unconstitutional. Upon receipt of the refund, which removed uncertainty about the amount and collection of the refund, Intrepid recorded $1.7 million of income, which is reflected in "Other (expense) income" included in Operating income in the consolidated statements of operations for the year ended December 31, 2013. |
RECOGNITION_OF_INCOME_ASSOCIAT
RECOGNITION OF INCOME ASSOCIATED WITH DEFERRED INSURANCE PROCEEDS | 12 Months Ended |
Dec. 31, 2012 | |
Recognition of Income Associated with Deferred Insurance Proceeds Disclosure [Abstract] | ' |
RECOGNITION OF INCOME ASSOCIATED WITH DEFERRED INSURANCE PROCEEDS | ' |
RECOGNITION OF INCOME ASSOCIATED WITH DEFERRED INSURANCE PROCEEDS | |
In the first quarter of 2011, Intrepid completed the reconstruction and commissioning for its product warehouses at its East facility and finalized insurance settlement amounts related to the associated product inventory warehouse insurance claim that resulted from a wind event that occurred in 2006. As a result, the $11.7 million of deferred insurance proceeds that were recorded as of December 31, 2010, plus approximately $0.8 million of additional insurance proceeds, were recognized as income in the year ended December 31, 2011. The total of approximately $12.5 million has been recorded as “Insurance settlements income from property and business losses” on the consolidated statement of operations in the year ended December 31, 2011. There was no cash impact associated with this event in the year ended December 31, 2011, as the previously deferred insurance proceeds were paid to Intrepid prior to December 31, 2010, with the exception of the final insurance payment of approximately $0.8 million, which was paid to Intrepid in April 2011. |
CONCENTRATION_OF_CREDIT_RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
CONCENTRATION OF CREDIT RISK | ' |
CONCENTRATION OF CREDIT RISK | |
Credit risk represents the loss that would be recognized at the reporting date if counterparties failed completely to perform as contracted. Concentrations of credit risk, whether on or off balance sheet, that arise from financial instruments exist for counterparties when they have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions. | |
Intrepid’s products are marketed for sale into three primary markets. These markets are the agricultural market as a fertilizer, the industrial market as a component in drilling fluids for oil and gas exploration, and the animal feed market as a nutrient. Credit risks associated with the collection of accounts receivable are primarily related to the impact of external factors on our customers. Our customers are distributors and end-users whose credit worthiness and ability to meet their payment obligations will be affected by factors in their industries and markets. Those factors include soil nutrient levels, crop prices, weather, the type of crops planted, changes in diets, growth in population, the amount of land under cultivation, fuel prices and consumption, oil and gas drilling and completion activity, the demand for biofuels, government policy, and the relative value of currencies. | |
In 2013, 2012, and 2011, one of our distributor customers accounted for approximately 11%, 22%, and 17%, respectively, of our sales, and another distributor customer who accounted for 7%, 9%, and 12% of sales, respectively. Intrepid operates in a competitive industry, and although Intrepid considers its relationship with these customers to be very important, Intrepid does not believe that the loss of these customers or a significant decline in their purchases would have a material adverse long-term effect on its financial results due to the regional demands for Intrepid's product. | |
In each of the last three years ended December 31, 2013, 2012, and 2011, approximately 96% of our sales were sold to customers located in the United States. | |
Intrepid maintains cash accounts with several financial institutions. At times, the balances in the accounts may exceed the $250,000 balance insured by the Federal Deposit Insurance Corporation. |
QUARTERLY_FINANCIAL_DATA
QUARTERLY FINANCIAL DATA | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Data [Abstract] | ' | ||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | ||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) (in thousands, except per share amounts) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||||||
Sales | $ | 73,806 | $ | 70,569 | $ | 92,680 | $ | 99,257 | |||||||||
Cost of Goods Sold | $ | 57,308 | $ | 46,780 | $ | 55,003 | $ | 53,773 | |||||||||
Gross Margin | $ | 3,159 | $ | 12,903 | $ | 28,053 | $ | 33,800 | |||||||||
Net (Loss) Income | $ | (5,987 | ) | $ | 2,026 | $ | 11,317 | $ | 14,919 | ||||||||
(Loss) Earnings Per Share, Basic | $ | (0.08 | ) | $ | 0.03 | $ | 0.15 | $ | 0.2 | ||||||||
(Loss) Earnings Per Share, Diluted | $ | (0.08 | ) | $ | 0.03 | $ | 0.15 | $ | 0.2 | ||||||||
Three Months Ended | |||||||||||||||||
December 31, 2012 | September 30, 2012 | June 30, 2012 | March 31, 2012 | ||||||||||||||
Sales | $ | 110,939 | $ | 129,350 | $ | 98,784 | $ | 112,243 | |||||||||
Cost of Goods Sold | $ | 61,453 | $ | 63,382 | $ | 51,064 | $ | 60,581 | |||||||||
Gross Margin | $ | 37,183 | $ | 51,854 | $ | 39,895 | $ | 41,206 | |||||||||
Net Income | $ | 14,537 | $ | 33,267 | $ | 19,013 | $ | 20,626 | |||||||||
Earnings Per Share, Basic | $ | 0.19 | $ | 0.44 | $ | 0.25 | $ | 0.27 | |||||||||
Earnings Per Share, Diluted | $ | 0.19 | $ | 0.44 | $ | 0.25 | $ | 0.27 | |||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
The consolidated financial statements of Intrepid include the accounts of Intrepid and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |
Use of Estimates | ' |
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Intrepid bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. | |
Significant estimates include, but are not limited to, those for proven and probable mineral reserves, the related present value of estimated future net cash flows, useful lives of plant assets, asset retirement obligations, normal inventory production levels, inventory valuations, the valuation of equity awards, the valuation of receivables, valuation of our deferred tax assets, and estimated blended income tax rates utilized in the current and deferred income tax calculations. There are numerous uncertainties inherent in estimating quantities of proven and probable reserves, projecting future rates of production, and the timing of development expenditures. Future mineral prices may vary significantly from the prices in effect at the time the estimates are made, as may estimates of future operating costs. The estimate of proven and probable mineral reserves, the related present value of estimated future cash flows, and useful lives of plant assets can affect various other items including depletion, the net carrying value of Intrepid’s mineral properties, the useful lives of related property, plant, and equipment, estimates associated with asset retirement obligations, and depreciation expenses. Specific to income tax items, we experience fluctuations in the valuation of the deferred tax assets and liabilities due to changing state income tax rates and the blend of state tax rates. | |
Revenue Recognition | ' |
Revenue is recognized when evidence of an arrangement exists, risks and rewards of ownership have been transferred to customers, which is generally when title passes, the selling price is fixed and determinable, and collection is reasonably assured. Title passes at the designated shipping point for the majority of sales, but, in a few cases, title passes at the delivery destination. The shipping point may be the plant, a distribution warehouse, a customer warehouse, or a port. Title passes for some international shipments upon payment by the purchaser; however, revenue is not recognized for these transactions until shipment because the risks and rewards of ownership have not transferred pursuant to a contractual arrangement. Prices are generally set at the time of, or prior to, shipment. In cases where the final price is determined upon resale of the product by the customer, revenue is deferred until the final sales price is known. | |
Sales are reported on a gross basis. Intrepid quotes prices to customers both on a delivered basis and on the basis of pick-up at Intrepid’s plants and warehouses. When a sale occurs on a delivered basis, Intrepid incurs and, in turn, bills the customer and records as gross revenue the product sales value, freight, packaging, and certain other distribution costs. Many customers, however, arrange and pay for these costs directly and, in these situations, only the product sales are included in gross revenues. | |
By-product Credits | ' |
When by-product inventories are sold, Intrepid records the sale of by-products as a credit to cost of goods sold. | |
Inventory and Long-Term Parts Inventory | ' |
Inventory consists of product and by-product stocks that are ready for sale; mined ore; potash in evaporation ponds, which is considered work-in-process; and parts and supplies inventory. Product and by-product inventory cost is determined using the lower of weighted average cost or estimated net realizable value and includes direct costs, maintenance, operational overhead, depreciation, depletion, and equipment lease costs applicable to the production process. Direct costs, maintenance, and operational overhead include labor and associated benefits. | |
Intrepid evaluates its production levels and costs to determine if any should be deemed abnormal and therefore excluded from inventory costs and expensed directly during the applicable period. The assessment of normal production levels is judgmental and is unique to each period. Intrepid models normal production levels and evaluates historical ranges of production by operating plant in assessing what is deemed to be normal. | |
Parts inventory, including critical spares, that is not expected to be utilized within a period of one year is classified as non-current. Parts and supply inventory cost is determined using the lower of average acquisition cost or estimated replacement cost. Detailed reviews are performed related to the net realizable value of parts inventory, giving consideration to quality, slow-moving items, obsolescence, excessive levels, and other factors. Parts inventories that have not turned over in more than a year, excluding parts classified as critical spares, are reviewed for obsolescence and, if deemed appropriate, are included in the determination of an allowance for obsolescence. | |
Property, Plant, and Equipment | ' |
Property, plant, and equipment are stated at historical cost. Expenditures for property, plant, and equipment relating to new assets or improvements are capitalized, provided the expenditure extends the useful life of an asset or extends the asset’s functionality. Property, plant, and equipment are depreciated under the straight-line method using estimated useful lives. No depreciation is taken on assets classified as construction in progress until the asset is placed into service. Gains and losses are recorded upon retirement, sale, or disposal of assets. Maintenance and repair costs are recognized as period costs when incurred. Capitalized interest, to the extent of debt outstanding, is calculated and capitalized on assets that are being constructed, drilled, or built or that are otherwise classified as construction in progress. | |
Recoverability of Long-Lived Assets | ' |
Intrepid evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amount may not be recoverable. An impairment is considered to exist if an asset’s total estimated net future cash flows on an undiscounted basis are less than the carrying amount of the related asset. An impairment loss is measured and recorded based on the discounted estimated future cash flows. Changes in significant assumptions underlying future cash flow estimates or fair values of assets may have a material effect on our financial position and results of operations. | |
Mineral Properties and Development Costs | ' |
Mineral properties and development costs, which are referred to collectively as mineral properties, include acquisition costs, the cost of drilling wells, and the cost of other development work, all of which are capitalized. Depletion of mineral properties is calculated using the units-of-production method over the estimated life of the relevant ore body. The lives of reserves used for accounting purposes are shorter than current reserve life determinations due to uncertainties inherent in long-term estimates. These reserve life estimates have been prepared by us and reviewed and independently determined by mine consultants. Tons of potash and langbeinite in the proven and probable reserves are expressed in terms of expected finished tons of product to be realized, net of estimated losses. Market price fluctuations of potash or Trio®, as well as increased production costs or reduced recovery rates, could render proven and probable reserves containing relatively lower grades of mineralization uneconomic to exploit and might result in a reduction of reserves. In addition, the provisions of Intrepid’s mineral leases, including royalty provisions, are subject to periodic readjustment by the state and federal government, which could affect the economics of its reserve estimates. Significant changes in the estimated reserves could have a material impact on Intrepid’s results of operations and financial position. | |
Exploration Costs | ' |
Exploration costs include geological and geophysical work performed on areas that do not yet have proven and probable reserves declared. These costs are expensed as incurred. | |
Asset Retirement Obligation | ' |
Reclamation costs are initially recorded as a liability associated with the asset to be reclaimed or abandoned, based on applicable inflation assumptions and discount rates. The accretion of this discounted liability is recognized as expense over the life of the related assets, and the liability is periodically adjusted to reflect changes in the estimates of either the timing or amount of the reclamation and abandonment costs. | |
Planned Turnaround Maintenance | ' |
Each production operation typically shuts down periodically for planned maintenance activities. The costs of maintenance turnarounds at Intrepid's facilities are considered part of production costs and are absorbed into inventory in the period incurred. | |
Leases | ' |
Upon entering into leases, Intrepid evaluates whether leases are operating or capital leases. Operating lease expense is recognized as incurred. If lease payments change over the contractual term or involve contingent amounts, the total estimated cost over the term is recognized on a straight-line basis. | |
Income Taxes | ' |
Intrepid is a subchapter C corporation and, therefore, is subject to U.S. federal and state income taxes. Intrepid recognizes income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. Intrepid records a valuation allowance if it is deemed more likely than not that its deferred income tax assets will not be realized in full. These determinations are subject to ongoing assessment. | |
Cash and Cash Equivalents | ' |
Cash and cash equivalents consist of cash and liquid investments with an original maturity of three months or less. | |
Investments | ' |
Intrepid’s short-term and long-term investments consist of certificates of deposit with various banking institutions, municipal tax-exempt and corporate taxable bonds, and corporate convertible debentures, which have been classified as either held-to-maturity or available-for-sale securities. Short-term investments on the consolidated balance sheets have remaining maturities to Intrepid less than or equal to one year and investments classified as long-term on the consolidated balance sheets have remaining maturities to Intrepid greater than one year. With regard to the financial instruments classified as held-to-maturity investments, they are carried on the consolidated balance sheets at cost, net of amortized premiums or discounts paid. The available-for-sale securities are carried at fair value, with changes in fair value recognized through "Accumulated other comprehensive income" on the consolidated balance sheets. Fair value is assessed using a market‑based approach. | |
Fair Value of Financial Instruments | ' |
Intrepid's financial instruments include cash and cash equivalents, short-term and long-term investments, restricted cash, accounts receivable, refundable income taxes, and accounts payable. These instruments are carried at cost, which approximates fair value due to the short-term maturities of the instruments. All available-for-sale investments are carried at fair value. Allowances for doubtful accounts are recorded against the accounts receivable balance to estimate net realizable value. The fair value of the long-term fixed-rate debt is estimated using discounted cash flow analysis based on current borrowing rates for debt with similar remaining maturities and ratings. Although there are no amounts currently outstanding under Intrepid’s unsecured credit facility, any borrowings that become outstanding would bear interest at a floating rate and therefore be recorded at their estimated fair value. | |
Earnings per Share | ' |
Basic net income per common share of stock is calculated by dividing net income available to common stockholders by the weighted average basic common shares outstanding for the respective period. | |
Diluted net income per common share of stock is calculated by dividing net income by the weighted average diluted common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted earnings per share calculation consist of awards of non-vested restricted shares of common stock, non-vested performance units, and non-qualified stock options. The dilutive effect of stock based compensation arrangements are computed using the treasury stock method. Following the lapse of the vesting period of restricted shares of common stock, the shares are considered issued and therefore are included in the number of issued and outstanding shares for purposes of these calculations. | |
Stock-Based Compensation | ' |
Intrepid accounts for stock-based compensation by recording expense using the fair value of the awards at the time of grant. Intrepid has recorded compensation expense associated with the issuance of non-vested restricted shares of common stock, non-vested performance units, and non-qualified stock options, all of which are subject to service conditions. The expense associated with such awards is recognized over the service period associated with each issuance. Performance units are also subject to operational performance- or market-based conditions. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of calculation of basic and diluted earnings per share | ' | ||||||||||||
The following table sets forth the calculation of basic and diluted earnings per share (in thousands, except per share amounts): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income | $ | 22,275 | $ | 87,443 | $ | 109,411 | |||||||
Basic weighted average common shares outstanding | 75,379 | 75,277 | 75,181 | ||||||||||
Add: Dilutive effect of non-vested restricted common stock | 21 | 46 | 58 | ||||||||||
Add: Dilutive effect of stock options outstanding | 2 | 13 | 42 | ||||||||||
Add: Dilutive effect of performance units | 5 | 1 | — | ||||||||||
Diluted weighted average common shares outstanding | 75,407 | 75,337 | 75,281 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 0.3 | $ | 1.16 | $ | 1.46 | |||||||
Diluted | $ | 0.3 | $ | 1.16 | $ | 1.45 | |||||||
CASH_CASH_EQUIVALENTS_AND_INVE1
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Cash, Cash Equivalents, and Investments Disclosure [Abstract] | ' | |||||||||||||||
Summary of Cash, Cash Equivalents, and Investments | ' | |||||||||||||||
The following table summarizes the fair value of the Company’s cash and investments held in its portfolio, recorded as cash and cash equivalents or short-term or long-term investments as of December 31, 2013, and 2012 (in thousands): | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Cash | $ | 18 | $ | 6,063 | ||||||||||||
Commercial paper and money market accounts | 376 | 27,556 | ||||||||||||||
Total cash and cash equivalents | $ | 394 | $ | 33,619 | ||||||||||||
Corporate bonds | $ | 12,954 | $ | 17,462 | ||||||||||||
Certificates of deposit and time deposits | 2,260 | 6,666 | ||||||||||||||
Total short-term investments | $ | 15,214 | $ | 24,128 | ||||||||||||
Corporate bonds | $ | 9,505 | $ | — | ||||||||||||
Total long-term investments | $ | 9,505 | $ | — | ||||||||||||
Total cash, cash equivalents, and investments | $ | 25,113 | $ | 57,747 | ||||||||||||
Schedule of Available-for-sale Securities Reconciliation | ' | |||||||||||||||
The following table summarizes the cost basis, unrealized gains and losses, and fair value of Intrepid's available-for-sale investments held in its portfolio as of December 31, 2013, and 2012 (in thousands): | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Unrealized | ||||||||||||||||
Cost Basis | Gain | Loss | Fair Value | |||||||||||||
Corporate bonds | $ | 22,475 | $ | 3 | $ | (19 | ) | $ | 22,459 | |||||||
Certificates of deposit and time deposits | 2,260 | — | — | 2,260 | ||||||||||||
Total available-for-sale securities | $ | 24,735 | $ | 3 | $ | (19 | ) | $ | 24,719 | |||||||
December 31, 2012 | ||||||||||||||||
Unrealized | ||||||||||||||||
Cost Basis | Gain | Loss | Fair Value | |||||||||||||
Corporate bonds | $ | 17,510 | $ | 14 | $ | (62 | ) | $ | 17,462 | |||||||
Certificates of deposit and time deposits | 166 | — | — | 166 | ||||||||||||
Total available-for-sale securities | $ | 17,676 | $ | 14 | $ | (62 | ) | $ | 17,628 | |||||||
INVENTORY_AND_LONGTERM_PARTS_I1
INVENTORY AND LONG-TERM PARTS INVENTORY (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of inventory | ' | ||||||||
The following summarizes Intrepid’s inventory, recorded at the lower of weighted average cost or estimated net realizable value as of December 31, 2013, and 2012, respectively (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Finished goods product inventory, net | $ | 66,565 | $ | 26,856 | |||||
In-process mineral inventory | 17,841 | 9,110 | |||||||
Total product inventory, net | 84,406 | 35,966 | |||||||
Current parts inventory | 20,605 | 17,309 | |||||||
Total current inventory, net | 105,011 | 53,275 | |||||||
Long-term parts inventory | 12,469 | 10,208 | |||||||
Total inventory, net | $ | 117,480 | $ | 63,483 | |||||
PROPERTY_PLANT_AND_EQUIPMENT_A1
PROPERTY, PLANT, AND EQUIPMENT AND MINERAL PROPERTIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant and Equipment and Mineral Properties Disclosure [Abstract] | ' | ||||||||||||
Components of property, plant, and equipment and mineral properties and development costs | ' | ||||||||||||
“Property, plant, and equipment” and “Mineral properties and development costs” were comprised of the following (in thousands): | |||||||||||||
December 31, | Range of useful | ||||||||||||
lives (years) | |||||||||||||
2013 | 2012 | Lower Limit | Upper Limit | ||||||||||
Buildings and plant | $ | 248,017 | $ | 148,989 | 4 | 25 | |||||||
Machinery and equipment | 472,250 | 334,128 | 3 | 25 | |||||||||
Vehicles | 13,455 | 11,868 | 3 | 7 | |||||||||
Office equipment and improvements | 18,846 | 15,766 | 2 | 10 | |||||||||
Ponds and land improvements | 74,166 | 15,835 | 5 | 25 | |||||||||
Construction in progress | 59,538 | 158,422 | |||||||||||
Land | 498 | 298 | |||||||||||
Accumulated depreciation | (197,108 | ) | (142,137 | ) | |||||||||
$ | 689,662 | $ | 543,169 | ||||||||||
Mineral properties and development costs | $ | 145,822 | $ | 74,712 | 10 | 25 | |||||||
Construction in progress | 4,250 | 30,444 | |||||||||||
Accumulated depletion | (13,165 | ) | (11,060 | ) | |||||||||
$ | 136,907 | $ | 94,096 | ||||||||||
Schedule of costs for depreciation, depletion, amortization, and accretion, including amounts capitalized into inventory | ' | ||||||||||||
Intrepid incurred the following costs for depreciation, depletion, amortization, and accretion, including costs capitalized into inventory, for the following periods (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Depreciation | $ | 57,670 | $ | 45,559 | $ | 33,572 | |||||||
Depletion | 2,134 | 1,316 | 1,373 | ||||||||||
Amortization | — | — | 92 | ||||||||||
Accretion | 1,499 | 724 | 750 | ||||||||||
Total incurred | $ | 61,303 | $ | 47,599 | $ | 35,787 | |||||||
ACCRUED_LIABILITIES_Tables
ACCRUED LIABILITIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Liabilities [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities | ' | ||||||||
The components of "Accrued Liabilities" as of December 31, 2013, and 2012 were as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Accrued construction in progress | $ | 21,152 | $ | 25,204 | |||||
Accrued property taxes | 1,714 | 1,327 | |||||||
Accrued utilities | 1,868 | 1,768 | |||||||
Other accrued liabilities | 5,111 | 4,197 | |||||||
Total Accrued Liabilities | $ | 29,845 | $ | 32,496 | |||||
ASSET_RETIREMENT_OBLIGATION_Ta
ASSET RETIREMENT OBLIGATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||||||
Schedule of changes to asset retirement obligations | ' | ||||||||||||
Following is a table of the changes to Intrepid’s asset retirement obligations for the following periods (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Asset retirement obligation, at beginning of period | $ | 20,579 | $ | 9,708 | $ | 9,478 | |||||||
Liabilities settled | (571 | ) | (173 | ) | — | ||||||||
Liabilities incurred | 351 | 2,114 | 222 | ||||||||||
Changes in estimated obligations | (811 | ) | 8,206 | (742 | ) | ||||||||
Accretion of discount | 1,499 | 724 | 750 | ||||||||||
Total asset retirement obligation, at end of period | $ | 21,047 | $ | 20,579 | $ | 9,708 | |||||||
COMPENSATION_PLANS_Tables
COMPENSATION PLANS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Schedule of non-vested restricted shares of common stock | ' | |||||||||||
A summary of activity relating to Intrepid’s non-vested restricted common stock activity for the year ended December 31, 2013, is presented below. | ||||||||||||
Weighted Average | ||||||||||||
Grant-Date | ||||||||||||
Shares | Fair Value | |||||||||||
Non-vested restricted common stock, beginning of period | 240,757 | $ | 26.04 | |||||||||
Granted | 235,490 | $ | 19.25 | |||||||||
Vested | (104,033 | ) | $ | 26.27 | ||||||||
Forfeited | (20,164 | ) | $ | 22.13 | ||||||||
Non-vested restricted common stock, end of period | 352,050 | $ | 21.65 | |||||||||
Schedule of assumptions used to compute the weighted average fair market value of options granted | ' | |||||||||||
The following assumptions were used to compute the weighted average fair market value of options granted during the period presented. | ||||||||||||
Year Ended December 31, 2011 | ||||||||||||
Risk free interest rate | 2.6 | % | ||||||||||
Dividend yield | — | |||||||||||
Estimated volatility | 56 | % | ||||||||||
Expected option life | 6 years | |||||||||||
Summary of stock option activity | ' | |||||||||||
A summary of Intrepid’s stock option activity for the year ended December 31, 2013, is as follows: | ||||||||||||
Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value (1) | Weighted Average Remaining Contractual Life | Weighted Average Grant-Date Fair Value | ||||||||
Outstanding non-qualified stock | ||||||||||||
options, beginning of period | 344,691 | $26.26 | $13.13 | |||||||||
Exercised | — | — | ||||||||||
Forfeited | (1,474 | ) | $35.69 | $19.59 | ||||||||
Expired | (5,630 | ) | $25.03 | $12.27 | ||||||||
Outstanding non-qualified stock | ||||||||||||
options, end of period | 337,587 | $26.24 | $— | 5.7 | $13.12 | |||||||
Vested or expected to vest, end | ||||||||||||
of period | 337,186 | $26.23 | $— | 5.7 | $13.11 | |||||||
Exercisable non-qualified | ||||||||||||
stock options, end of period | 307,664 | $25.32 | $— | 5.7 | $12.50 | |||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of income tax provision | ' | ||||||||||||
Intrepid’s income tax provision is comprised of the elements below. A summary of the provision for income taxes is as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current portion of income tax expense (benefit): | |||||||||||||
Federal | $ | (14,243 | ) | $ | 10,224 | $ | 12,191 | ||||||
State | (31 | ) | 1,237 | 4,631 | |||||||||
Deferred portion of income tax expense: | |||||||||||||
Federal | 25,050 | 32,451 | 38,133 | ||||||||||
State | 5,042 | 5,572 | 10,895 | ||||||||||
Total income tax expense | $ | 15,818 | $ | 49,484 | $ | 65,850 | |||||||
Schedule of net deferred tax assets | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Current deferred tax assets (liabilities): | |||||||||||||
Prepaid expenses | $ | (2,141 | ) | $ | (1,897 | ) | |||||||
Inventory | 6,864 | 1,649 | |||||||||||
Accrued employee compensation and benefits | 1,764 | 2,044 | |||||||||||
Equity compensation | 1,093 | 758 | |||||||||||
Other | 761 | (549 | ) | ||||||||||
Total current deferred tax assets | 8,341 | 2,005 | |||||||||||
Non-current deferred tax assets: | |||||||||||||
Property, plant, equipment and mineral properties, net | 108,049 | 156,415 | |||||||||||
Asset retirement obligation | 9,073 | 8,304 | |||||||||||
AMT credits | 4,417 | 6,811 | |||||||||||
Net operating loss carryforward | 10,600 | — | |||||||||||
Other | 11,710 | 9,018 | |||||||||||
Total non-current deferred tax assets | 143,849 | 180,548 | |||||||||||
Total deferred tax asset | $ | 152,190 | $ | 182,553 | |||||||||
Reconciliation of the statutory rate to the effective rate | ' | ||||||||||||
A reconciliation of the statutory rate to the effective rate is as follows (in thousands, except percentages): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal taxes at statutory rate | $ | 13,333 | $ | 47,924 | $ | 61,341 | |||||||
Add: | |||||||||||||
State taxes, net of federal benefit | 3,322 | 3,443 | 9,072 | ||||||||||
Domestic production activities deduction | 1,265 | (191 | ) | (994 | ) | ||||||||
Change in valuation allowance | 1,841 | — | 437 | ||||||||||
Research and development credits | (1,560 | ) | (326 | ) | — | ||||||||
Change in state tax rate | (948 | ) | 981 | (3,699 | ) | ||||||||
Percentage depletion | (1,841 | ) | (1,623 | ) | — | ||||||||
Other | 406 | (724 | ) | (307 | ) | ||||||||
Net expense as calculated | $ | 15,818 | $ | 49,484 | $ | 65,850 | |||||||
Effective tax rate | 41.5 | % | 36.1 | % | 37.6 | % | |||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of future minimum lease payments | ' | ||||
The annual minimum lease payments for the next five years and thereafter are presented below. | |||||
Years Ending December 31, | (In thousands) | ||||
2014 | $ | 4,045 | |||
2015 | 3,906 | ||||
2016 | 3,478 | ||||
2017 | 3,332 | ||||
2018 | 3,256 | ||||
Thereafter | 1,234 | ||||
Total | $ | 19,251 | |||
Schedule of rental and lease expense | ' | ||||
Rental and lease expenses follow for the indicated periods (in thousands): | |||||
For the year ended December 31, 2013 | $ | 4,428 | |||
For the year ended December 31, 2012 | $ | 4,175 | |||
For the year ended December 31, 2011 | $ | 4,865 | |||
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Schedule of amounts of gain or (loss) recognized in income on derivatives | ' | ||||||||||
The following table presents the amounts of gain or (loss) recognized in income on derivatives affecting the consolidated statement of operations for the periods presented (in thousands): | |||||||||||
Location of gain (loss) recognized in income on derivative | Year Ended December 31, | ||||||||||
Derivatives not designated as hedging instruments | 2012 | 2011 | |||||||||
Interest rate contracts: | |||||||||||
Realized loss | Interest expense | $ | (1,103 | ) | $ | (1,436 | ) | ||||
Unrealized gain | Interest expense | 1,049 | 1,289 | ||||||||
Total loss | Interest expense | $ | (54 | ) | $ | (147 | ) |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||
The following is a listing of Intrepid’s assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the hierarchy as of December 31, 2013 (in thousands): | |||||||||||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
December 31, 2013 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Investments | |||||||||||||||||
Corporate bonds | $ | 22,459 | $ | — | $ | 22,459 | $ | — | |||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
December 31, 2012 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Investments | |||||||||||||||||
Corporate bonds | $ | 17,462 | $ | — | $ | 17,462 | $ | — | |||||||||
Certificate of deposits | $ | 166 | $ | — | $ | 166 | $ | — | |||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||
The carrying values and fair values of our financial instruments as of December 31, 2013, and December 31, 2012, are as follows (in thousands): | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Cash and cash equivalents | $ | 394 | $ | 394 | $ | 33,619 | $ | 33,619 | |||||||||
Certificate of deposits | 2,260 | 2,260 | 6,666 | 6,666 | |||||||||||||
Accounts receivable | 28,294 | 28,294 | 40,630 | 40,630 | |||||||||||||
Refundable income taxes | 15,722 | 15,722 | 3,306 | 3,306 | |||||||||||||
Accounts payable | 27,602 | 27,602 | 19,634 | 19,634 | |||||||||||||
Long-term debt | $ | 150,000 | $ | 129,000 | $ | — | $ | — | |||||||||
EMPLOYEE_BENEFITS_Tables
EMPLOYEE BENEFITS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Intrepidbs contributions to the 401K Plan | ' | ||||||||||||||||
Intrepid’s contributions to the 401(k) Plan in the following periods were (in thousands): | |||||||||||||||||
Contributions | |||||||||||||||||
For the year ended December 31, 2013 | $ | 2,323 | |||||||||||||||
For the year ended December 31, 2012 | $ | 2,022 | |||||||||||||||
For the year ended December 31, 2011 | $ | 1,293 | |||||||||||||||
Reconciliation of Changes in Plan Benefit Obligations and Fair Value of Assets [Table Text Block] | ' | ||||||||||||||||
The following table (in thousands, except percentages) provides a reconciliation of the changes in the Pension Plan’s benefit obligations and fair value of assets for the years ended December 31, 2013, 2012, and 2011, as measured on those dates, and a statement of the funded status as of December 31, 2013, 2012, and 2011. The impact of the decision to terminate the plan is estimated in the amounts disclosed below. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Obligations and funded status at period end: | |||||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Projected benefit obligation at beginning of period | $ | 5,486 | $ | 4,870 | $ | 3,802 | |||||||||||
Interest cost | 28 | 93 | 195 | ||||||||||||||
Benefit payments | (5,721 | ) | (175 | ) | (143 | ) | |||||||||||
Actuarial losses | 207 | 698 | 1,146 | ||||||||||||||
Plan amendments | — | — | (130 | ) | |||||||||||||
Projected benefit obligation at end of period | — | 5,486 | 4,870 | ||||||||||||||
Accumulated benefit obligation at end of period | — | 5,486 | 4,870 | ||||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of period | $ | 3,702 | $ | 3,758 | $ | 2,789 | |||||||||||
Actual return on assets (net of expenses) | (1 | ) | 26 | (43 | ) | ||||||||||||
Employer contributions | 2,020 | 93 | 1,155 | ||||||||||||||
Benefit payments | (5,721 | ) | (175 | ) | (143 | ) | |||||||||||
Fair value of plan assets at end of period | — | 3,702 | 3,758 | ||||||||||||||
Unfunded status (1) | — | (1,784 | ) | (1,112 | ) | ||||||||||||
Items not yet recognized as a component of net periodic | |||||||||||||||||
pension cost: | |||||||||||||||||
Prior service cost arising during current period | $ | — | $ | (115 | ) | $ | (131 | ) | |||||||||
Unrecognized actuarial loss | $ | — | $ | 2,930 | $ | 2,501 | |||||||||||
Prepaid benefit cost | $ | — | $ | 1,031 | $ | 1,258 | |||||||||||
Accumulated other comprehensive income: | |||||||||||||||||
Prior service credit | $ | — | $ | (115 | ) | $ | (131 | ) | |||||||||
Net loss | $ | — | $ | 2,930 | $ | 2,501 | |||||||||||
Components of net periodic benefit cost: | |||||||||||||||||
Interest cost | $ | 28 | $ | 93 | $ | 195 | |||||||||||
Expected return on assets | — | — | (195 | ) | |||||||||||||
Amortization of prior service cost | (5 | ) | (16 | ) | — | ||||||||||||
Amortization of actuarial loss | 100 | 242 | 101 | ||||||||||||||
Settlement loss | 2,928 | — | — | ||||||||||||||
Net period benefit cost | $ | 3,051 | $ | 319 | $ | 101 | |||||||||||
Other comprehensive income | $ | — | $ | 445 | $ | 1,153 | |||||||||||
Amounts included in AOCI expected to be recognized | |||||||||||||||||
during the next fiscal year: | |||||||||||||||||
Actuarial loss | $ | — | $ | 285 | $ | 227 | |||||||||||
-1 | As of December 31, 2012, and 2011, amount is recognized on Intrepid's consolidated balance sheet in "Accrued employee compensation and benefits." | ||||||||||||||||
Fair value measurement of plan assets | ' | ||||||||||||||||
The fair value of the major asset classes of the Pension Plan’s assets using the fair value hierarchy as described in the footnote titled Fair Value Measurements and the inputs and valuation techniques used to measure fair value of such assets as of December 31, 2012, is as follows (in thousands): | |||||||||||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
Asset Class | December 31, 2012 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market mutual fund | $ | 3,702 | $ | 3,702 | $ | — | $ | — | |||||||||
RECLASSIFICATIONS_OUT_OF_ACCUM1
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||
The components of "Accumulated other comprehensive loss," net of tax, as of December 31, 2013, were as follows (in thousands): | ||||||||||||
Unrealized Gains and Losses on Available-for-Sale Securities | Defined Benefit Pension Plan | Total | ||||||||||
Balance as of December 31, 2012 | $ | (29 | ) | $ | (1,700 | ) | $ | (1,729 | ) | |||
Other comprehensive income before reclassifications | (4 | ) | — | (4 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 23 | 1,700 | 1,723 | |||||||||
Net current-period other comprehensive income | $ | 19 | $ | 1,700 | $ | 1,719 | ||||||
Balance as of December 31, 2013 | $ | (10 | ) | $ | — | $ | (10 | ) | ||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||
The effects on net income of amounts reclassified from Accumulated other comprehensive loss for year ended December 31, 2013, were as follows (in thousands): | ||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Operations | ||||||||||
Unrealized losses on available-for-sale securities | $ | 38 | Other income (expense) | |||||||||
Total before tax | 38 | |||||||||||
Tax benefit | (15 | ) | ||||||||||
Net of tax | $ | 23 | ||||||||||
Pension liability adjustment | ||||||||||||
Amortization of prior service cost and actuarial loss | $ | 71 | Selling and administrative | |||||||||
Termination of pension plan expense | 2,744 | Other income (expense) | ||||||||||
Total before tax | 2,815 | |||||||||||
Tax benefit | (1,115 | ) | ||||||||||
Net of tax | $ | 1,700 | ||||||||||
Total reclassification for the period, net of tax | $ | 1,723 | ||||||||||
QUARTERLY_FINANCIAL_DATA_Table
QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Data [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) (in thousands, except per share amounts) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||||||
Sales | $ | 73,806 | $ | 70,569 | $ | 92,680 | $ | 99,257 | |||||||||
Cost of Goods Sold | $ | 57,308 | $ | 46,780 | $ | 55,003 | $ | 53,773 | |||||||||
Gross Margin | $ | 3,159 | $ | 12,903 | $ | 28,053 | $ | 33,800 | |||||||||
Net (Loss) Income | $ | (5,987 | ) | $ | 2,026 | $ | 11,317 | $ | 14,919 | ||||||||
(Loss) Earnings Per Share, Basic | $ | (0.08 | ) | $ | 0.03 | $ | 0.15 | $ | 0.2 | ||||||||
(Loss) Earnings Per Share, Diluted | $ | (0.08 | ) | $ | 0.03 | $ | 0.15 | $ | 0.2 | ||||||||
Three Months Ended | |||||||||||||||||
December 31, 2012 | September 30, 2012 | June 30, 2012 | March 31, 2012 | ||||||||||||||
Sales | $ | 110,939 | $ | 129,350 | $ | 98,784 | $ | 112,243 | |||||||||
Cost of Goods Sold | $ | 61,453 | $ | 63,382 | $ | 51,064 | $ | 60,581 | |||||||||
Gross Margin | $ | 37,183 | $ | 51,854 | $ | 39,895 | $ | 41,206 | |||||||||
Net Income | $ | 14,537 | $ | 33,267 | $ | 19,013 | $ | 20,626 | |||||||||
Earnings Per Share, Basic | $ | 0.19 | $ | 0.44 | $ | 0.25 | $ | 0.27 | |||||||||
Earnings Per Share, Diluted | $ | 0.19 | $ | 0.44 | $ | 0.25 | $ | 0.27 | |||||||||
COMPANY_BACKGROUND_Narrative_D
COMPANY BACKGROUND (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Reporting_Segments | |
Facilities | |
Company Background | ' |
Number of potash production facilities owned | 6 |
Number of reporting segments | 1 |
New Mexico | ' |
Company Background | ' |
Number of potash production facilities owned | 4 |
Number of productive underground mines | 2 |
Utah | ' |
Company Background | ' |
Number of potash production facilities owned | 2 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Cash and Cash Equivalents | ' |
Maximum original maturity period of cash and liquid investments (in months) | 'three months or less |
Investments | ' |
Maximum maturity period of short-term investments (in years) | 'less than or equal to one year |
Minimum maturity period of long-term investments (in years) | 'greater than one year |
EARNINGS_PER_SHARE_Schedule_of
EARNINGS PER SHARE (Schedule of Calculation of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Calculation of basic and diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ($5,987) | $2,026 | $11,317 | $14,919 | $14,537 | $33,267 | $19,013 | $20,626 | $22,275 | $87,443 | $109,411 |
Basic weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 75,378,655 | 75,276,609 | 75,180,714 |
Add: Dilutive effect of non-vested restricted common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 21,007 | 46,249 | 58,396 |
Add: Dilutive effect of stock options outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 2,246 | 13,027 | 41,940 |
Add: Dilutive effect of performance units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 4,819 | 1,097 | 0 |
Diluted weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 75,406,727 | 75,336,982 | 75,281,050 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | ($0.08) | $0.03 | $0.15 | $0.20 | $0.19 | $0.44 | $0.25 | $0.27 | $0.30 | $1.16 | $1.46 |
Diluted (in dollars per share) | ($0.08) | $0.03 | $0.15 | $0.20 | $0.19 | $0.44 | $0.25 | $0.27 | $0.30 | $1.16 | $1.45 |
EARNINGS_PER_SHARE_Narrative_D
EARNINGS PER SHARE (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive weighted average non-vested shares (in shares) | 142,968 | 116,138 | 37,681 |
Stock Options | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive weighted average non-vested shares (in shares) | 317,433 | 192,258 | 154,301 |
Performance Units | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive weighted average non-vested shares (in shares) | 0 | 518 | ' |
CASH_CASH_EQUIVALENTS_AND_INVE2
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Summary of Cash, Cash Equivalents, and Investments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Investment [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $394 | $33,619 | $73,372 | $76,133 |
Short-term Investments | 15,214 | 24,128 | ' | ' |
Long-term Investments | 9,505 | 0 | ' | ' |
Total cash, cash equivalents, and investments | 25,113 | 57,747 | ' | ' |
Cash | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 18 | 6,063 | ' | ' |
Money market funds | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 376 | 27,556 | ' | ' |
Corporate debt securities | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Short-term Investments | 12,954 | 17,462 | ' | ' |
Long-term Investments | 9,505 | 0 | ' | ' |
Certificates of deposit and time deposits | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Short-term Investments | $2,260 | $6,666 | ' | ' |
CASH_CASH_EQUIVALENTS_AND_INVE3
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Schedule of Available-for-sale Investments) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair value of cash, cash equivalents, and investments | ' | ' |
Available-for-sale Securities, Cost Basis | $24,735 | $17,676 |
Available-for-sale Securities, Gross Unrealized Gain | 3 | 14 |
Available-for-sale Securities, Gross Unrealized Loss | -19 | -62 |
Available-for-sale Securities, Fair Value | 24,719 | 17,628 |
Corporate debt securities | ' | ' |
Fair value of cash, cash equivalents, and investments | ' | ' |
Available-for-sale Securities, Cost Basis | 22,475 | 17,510 |
Available-for-sale Securities, Gross Unrealized Gain | 3 | 14 |
Available-for-sale Securities, Gross Unrealized Loss | -19 | -62 |
Available-for-sale Securities, Fair Value | 22,459 | 17,462 |
Certificates of deposit and time deposits | ' | ' |
Fair value of cash, cash equivalents, and investments | ' | ' |
Available-for-sale Securities, Cost Basis | 2,260 | 166 |
Available-for-sale Securities, Gross Unrealized Gain | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 |
Available-for-sale Securities, Fair Value | $2,260 | $166 |
CASH_CASH_EQUIVALENTS_AND_INVE4
CASH, CASH EQUIVALENTS, AND INVESTMENTS CASH, CASH EQUIVALENTS, AND INVESTMENTS (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash and Cash Equivalents [Abstract] | ' | ' |
Available-for-sale Securities, Gross Realized Gains | $53,000 | $128,000 |
Available-for-sale Securities, Gross Realized Losses | $21,000 | $0 |
INVENTORY_AND_LONGTERM_PARTS_I2
INVENTORY AND LONG-TERM PARTS INVENTORY (Summary of Inventory) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods product inventory, net | $66,565 | $26,856 |
In-process mineral inventory | 17,841 | 9,110 |
Total product inventory, net | 84,406 | 35,966 |
Current parts inventory | 20,605 | 17,309 |
Total current inventory, net | 105,011 | 53,275 |
Long-term parts inventory | 12,469 | 10,208 |
Total inventory, net | $117,480 | $63,483 |
INVENTORY_AND_LONGTERM_PARTS_I3
INVENTORY AND LONG-TERM PARTS INVENTORY (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventory Disclosure [Abstract] | ' | ' | ' |
Lower of cost or market inventory adjustments | $3,650 | $568 | $698 |
PROPERTY_PLANT_AND_EQUIPMENT_A2
PROPERTY, PLANT, AND EQUIPMENT AND MINERAL PROPERTIES (Schedule of Property, Plant, and Equipment and Mineral Properties and Development Costs) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Buildings and plant | Buildings and plant | Machinery and equipment | Machinery and equipment | Vehicles | Vehicles | Office equipment and improvements | Office equipment and improvements | Ponds and land improvements | Ponds and land improvements | Construction in progress | Construction in progress | Land | Land | Mineral properties and development costs | Mineral properties and development costs | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | ||
Buildings and plant | Machinery and equipment | Vehicles | Office equipment and improvements | Ponds and land improvements | Mineral properties and development costs | Buildings and plant | Machinery and equipment | Vehicles | Office equipment and improvements | Ponds and land improvements | Mineral properties and development costs | |||||||||||||||||||
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | ' | ' | $248,017 | $148,989 | $472,250 | $334,128 | $13,455 | $11,868 | $18,846 | $15,766 | $74,166 | $15,835 | $59,538 | $158,422 | $498 | $298 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated depreciation | -197,108 | -142,137 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | 689,662 | 543,169 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | '3 years | '3 years | '2 years | '5 years | '10 years | '25 years | '25 years | '7 years | '10 years | '25 years | '25 years |
Mineral properties and development costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mineral properties and development costs, gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,822 | 74,712 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Construction in progress | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,250 | 30,444 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated depletion | -13,165 | -11,060 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,165 | -11,060 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mineral properties and development costs, net | $136,907 | $94,096 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $136,907 | $94,096 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PROPERTY_PLANT_AND_EQUIPMENT_A3
PROPERTY, PLANT AND EQUIPMENT AND MINERAL PROPERTIES (Schedule of Depreciation, Depletion, and Accretion) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation | $57,670 | $45,559 | $33,572 |
Depletion | 2,134 | 1,316 | 1,373 |
Amortization | 0 | 0 | 92 |
Accretion | 1,499 | 724 | 750 |
Total | $61,303 | $47,599 | $35,787 |
ACCRUED_LIABILITIES_Components
ACCRUED LIABILITIES (Components of Accrued Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ' | ' |
Accrued construction in progress | $21,152 | $25,204 |
Accrued property taxes | 1,714 | 1,327 |
Accrued utilities | 1,868 | 1,768 |
Other accrued liabilities | 5,111 | 4,197 |
Total Accrued Liabilities | $29,845 | $32,496 |
DEBT_Narrative_Details
DEBT (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Unsecured credit facility | Unsecured credit facility | Unsecured credit facility | Series A Senior Notes | Series B Senior Notes | Series C Senior Notes | ||||
Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | $250 | ' | ' | ' |
Line of credit facility covenant maximum ratio of outstanding principal balance of debt to adjusted earnings before income taxes, depreciation, and amortization | ' | ' | ' | '3.5 | ' | ' | ' | ' | ' |
Line of credit facility covenant maximum ratio of adjusted earnings before income taxes, depreciation, and amortization to fixed charges | ' | ' | ' | '1.3 | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | 222 | ' | ' | ' | ' |
Debt Instrument, Face Amount | 150 | ' | ' | ' | ' | ' | 60 | 45 | 45 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 3.23% | 4.13% | 4.28% |
Proceeds from Debt, Net of Issuance Costs | 149.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Costs Incurred | 4.9 | 0.9 | 0.9 | ' | ' | ' | ' | ' | ' |
Interest Costs Capitalized | $3.40 | ' | ' | ' | ' | ' | ' | ' | ' |
ASSET_RETIREMENT_OBLIGATION_Sc
ASSET RETIREMENT OBLIGATION (Schedule of Changes to Asset Retirement Obligations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes to asset retirement obligations | ' | ' | ' |
Asset retirement obligation-beginning of period | $20,579 | $9,708 | $9,478 |
Asset Retirement Obligation, Liabilities Settled | -571 | -173 | 0 |
Asset Retirement Obligation, Liabilities Incurred | 351 | 2,114 | 222 |
Changes in estimated obligations | -811 | 8,206 | -742 |
Accretion | 1,499 | 724 | 750 |
Total asset retirement obligation-end of period | $21,047 | $20,579 | $9,708 |
ASSET_RETIREMENT_OBLIGATION_Na
ASSET RETIREMENT OBLIGATION (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' |
Asset Retirement Obligation, Current | $1.10 | $1.20 |
Credit adjusted risk-free rates to discount abandonment liabilities, low end of range (as a percent) | 6.90% | ' |
Credit adjusted risk-free rates to discount abandonment liabilities, high end of range (as a percent) | 8.50% | ' |
Undiscounted amount of asset retirement obligation | 54.9 | ' |
Asset retirement obligation payments expected to be made | $8.80 | ' |
Period in which no significant payments related to asset retirement obligation are expected (in years) | '5 years | ' |
COMPENSATION_PLANS_Narrative_D
COMPENSATION PLANS (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Compensation plans | ' | ' | ' | |
Portion of shares vesting on each anniversary date of the grant | 'P3Y | ' | ' | |
Common Stock Awards | ' | ' | ' | |
Compensation plans | ' | ' | ' | |
Common stock available for issuance under the 2008 Plan (in shares) | 3,700,000 | ' | ' | |
Common stock shares approved by Board of Directors (in shares) | 17,680 | 14,812 | 9,616 | |
Performance Units | ' | ' | ' | |
Compensation plans | ' | ' | ' | |
Allocated Share-based Compensation Expense | $700,000 | $400,000 | ' | |
Non-vested restricted common stock, number of shares | ' | ' | ' | |
Granted (in shares) | 23,139 | ' | ' | |
Non-vested restricted common stock, at end of period (in shares) | 32,028 | ' | ' | |
Stock Options | ' | ' | ' | |
Compensation plans | ' | ' | ' | |
Portion of shares vesting on each anniversary date of the grant | 'P3Y | ' | ' | |
Allocated Share-based Compensation Expense | 600,000 | 1,200,000 | 1,400,000 | |
Total unrecognized compensation expense | 100,000 | ' | ' | |
Assumptions used to compute weighted average fair market value of options granted | ' | ' | ' | |
Risk free interest rate (as a percent) | ' | ' | 2.60% | |
Dividend yield (as a percent) | ' | ' | 0.00% | |
Estimated volatility (as a percent) | ' | ' | 56.00% | |
Expected option life (in years) | ' | ' | '6 years | |
Stock option activity, number of shares | ' | ' | ' | |
Outstanding non-qualified stock options, at beginning of period (in shares) | 344,691 | ' | ' | |
Exercised (in shares) | 0 | ' | ' | |
Forfeited (in shares) | -1,474 | ' | ' | |
Expired (in Shares) | -5,630 | ' | ' | |
Outstanding non-qualified stock options, at end of period (in shares) | 337,587 | 344,691 | ' | |
Vested or expected to vest, end of period (in shares) | 337,186 | ' | ' | |
Exercisable non-qualified stock options, at end of period (in shares) | 307,664 | ' | ' | |
Stock Options, Weighted Average Exercise Price | ' | ' | ' | |
Outstanding non-qualified stock options, at beginning of period (in dollars per share) | $26.26 | ' | ' | |
Exercised (in dollars per share) | ' | ' | ' | |
Forfeited (in dollars per share) | $35.69 | ' | ' | |
Expired (in dollars per share) | $25.03 | ' | ' | |
Outstanding non-qualified stock options, at end of period (in dollars per share) | $26.24 | $26.26 | ' | |
Vested or expected to vest, end of period (in shares) | $26.23 | ' | ' | |
Exercisable non-qualified stock options, at end of period (in dollars per share) | $25.32 | ' | ' | |
Stock Options, Aggregate Intrinsic Value | ' | ' | ' | |
Outstanding non-qualified stock options, at end of period | 0 | [1] | ' | ' |
Vested or expected to vest, at end of period | 0 | [1] | ' | ' |
Exercisable non-qualified stock options, at end of period | 0 | [1] | ' | ' |
Stock Options, Weighted Average Remaining Contractual Life | ' | ' | ' | |
Outstanding non-qualified stock options, at end of period (in years) | '5 years 8 months 12 days | ' | ' | |
Vested or expected to vest, end of period (in years) | '5 years 8 months 12 days | ' | ' | |
Exercisable non-qualified stock options, at end of period (in years) | '5 years 8 months 12 days | ' | ' | |
Stock Options, Weighted Average Grant-Date Fair Value | ' | ' | ' | |
Outstanding non-qualified stock options, at beginning of period (in dollars per share) | $13.13 | ' | ' | |
Granted (in dollars per share) | ' | ' | $19.59 | |
Exercised (in dollars per share) | $0 | ' | ' | |
Forfeited (in dollars per share) | $19.59 | ' | ' | |
Expired (in dollars per share) | $12.27 | ' | ' | |
Outstanding non-qualified stock options, at end of period (in dollars per share) | $13.12 | $13.13 | ' | |
Vested or expected to vest, end of period (in dollars per share) | $13.11 | ' | ' | |
Exercisable non-qualified stock options, at end of period (in dollars per share) | $12.50 | ' | ' | |
Restricted Stock | ' | ' | ' | |
Compensation plans | ' | ' | ' | |
Allocated Share-based Compensation Expense | 3,500,000 | 3,200,000 | 3,200,000 | |
Total unrecognized compensation expense | $4,900,000 | ' | ' | |
Non-vested restricted common stock, number of shares | ' | ' | ' | |
Non-vested restricted common stock, at beginning of period (in shares) | 240,757 | ' | ' | |
Granted (in shares) | 235,490 | ' | ' | |
Vested (in shares) | -104,033 | ' | ' | |
Forfeited (in shares) | -20,164 | ' | ' | |
Non-vested restricted common stock, at end of period (in shares) | 352,050 | 240,757 | ' | |
Non-vested restricted common stock, additional disclosures | ' | ' | ' | |
Non-vested restricted common stock, at beginning of period (in dollars per share) | $26.04 | ' | ' | |
Granted (in dollars per share) | $19.25 | ' | ' | |
Vested (in dollars per share) | $26.27 | ' | ' | |
Forfeited (in dollars per share) | $22.13 | ' | ' | |
Non-vested restricted common stock, at end of period (in dollars per share) | $21.65 | $26.04 | ' | |
Minimum | Restricted Stock Awards, Granted To Newly Hired Employees | ' | ' | ' | |
Compensation plans | ' | ' | ' | |
The period over which grants vest (in years) | '1 year | ' | ' | |
Maximum | Restricted Stock Awards, Granted To Newly Hired Employees | ' | ' | ' | |
Compensation plans | ' | ' | ' | |
The period over which grants vest (in years) | '4 years | ' | ' | |
[1] | The intrinsic value of a stock option is the amount by which the market value exceeds the exercise price as of the end of the period presented. |
COMPENSATION_PLANS_Schedule_of
COMPENSATION PLANS (Schedule of Non-vested Restricted Shares of Common Stock) (Details) (Restricted Stock, USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock | ' | ' |
Compensation plans | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 352,050 | 240,757 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $21.65 | $26.04 |
Granted (in shares) | 235,490 | ' |
Granted (in dollars per share) | $19.25 | ' |
Vested (in shares) | -104,033 | ' |
Vested (in dollars per share) | $26.27 | ' |
Forfeited (in shares) | -20,164 | ' |
Forfeited (in dollars per share) | $22.13 | ' |
COMPENSATION_PLANS_Schedule_of1
COMPENSATION PLANS (Schedule of Assumptions Used to Compute the Weighted Average Fair Value of Options Granted) (Details) (Stock Options) | 12 Months Ended |
Dec. 31, 2011 | |
Stock Options | ' |
Compensation plans | ' |
Risk free interest rate (as a percent) | 2.60% |
Dividend yield (as a percent) | 0.00% |
Estimated volatility (as a percent) | 56.00% |
Expected option life (in years) | '6 years |
COMPENSATION_PLANS_Summary_of_
COMPENSATION PLANS (Summary of Stock Option Activity) (Details) (Stock Options, USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | ||
Stock Options | ' | ' | ' | |
Compensation plans | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 337,587 | ' | 344,691 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $26.24 | ' | $26.26 | |
Share-based Compensation Arrangement by Share-based Payment Award Options Outstanding Weighted Average Grant Date Fair Value | $13.12 | ' | $13.13 | |
Granted (in dollars per share) | ' | $19.59 | ' | |
Exercised (in shares) | 0 | ' | ' | |
Exercised (in dollars per share) | ' | ' | ' | |
Exercised (in dollars per share) | $0 | ' | ' | |
Forfeited (in shares) | -1,474 | ' | ' | |
Forfeited (in dollars per share) | $35.69 | ' | ' | |
Forfeited (in dollars per share) | $19.59 | ' | ' | |
Expired (in Shares) | -5,630 | ' | ' | |
Expired (in dollars per share) | $25.03 | ' | ' | |
Expired (in dollars per share) | $12.27 | ' | ' | |
Outstanding non-qualified stock options, at end of period | $0 | [1] | ' | ' |
Outstanding non-qualified stock options, at end of period (in years) | '5 years 8 months 12 days | ' | ' | |
Vested or expected to vest, end of period (in shares) | 337,186 | ' | ' | |
Vested or expected to vest, end of period (in shares) | $26.23 | ' | ' | |
Vested or expected to vest, at end of period | 0 | [1] | ' | ' |
Vested or expected to vest, end of period (in years) | '5 years 8 months 12 days | ' | ' | |
Vested or expected to vest, end of period (in dollars per share) | $13.11 | ' | ' | |
Exercisable non-qualified stock options, at end of period (in shares) | 307,664 | ' | ' | |
Exercisable non-qualified stock options, at end of period (in dollars per share) | $25.32 | ' | ' | |
Exercisable non-qualified stock options, at end of period | $0 | [1] | ' | ' |
Exercisable non-qualified stock options, at end of period (in years) | '5 years 8 months 12 days | ' | ' | |
Exercisable non-qualified stock options, at end of period (in dollars per share) | $12.50 | ' | ' | |
[1] | The intrinsic value of a stock option is the amount by which the market value exceeds the exercise price as of the end of the period presented. |
INCOME_TAXES_Components_of_Inc
INCOME TAXES (Components of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current portion of income tax expense (benefit): | ' | ' | ' |
Federal | ($14,243) | $10,224 | $12,191 |
State | -31 | 1,237 | 4,631 |
Deferred portion of income tax expense: | ' | ' | ' |
Federal | 25,050 | 32,451 | 38,133 |
State | 5,042 | 5,572 | 10,895 |
Total income tax expense | $15,818 | $49,484 | $65,850 |
INCOME_TAXES_Deferred_Tax_Asse
INCOME TAXES (Deferred Tax Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current deferred tax assets (liabilities): | ' | ' |
Prepaid expenses | ($2,141) | ($1,897) |
Inventory | 6,864 | 1,649 |
Accrued employee compensation and benefits | 1,764 | 2,044 |
Equity compensation | 1,093 | 758 |
Other | 761 | -549 |
Total current deferred tax assets | 8,341 | 2,005 |
Non-current deferred tax assets: | ' | ' |
Property, plant, equipment and mineral properties, net | 108,049 | 156,415 |
Asset retirement obligation | 9,073 | 8,304 |
AMT credits | 4,417 | 6,811 |
Net operating loss carryforward | 10,600 | 0 |
Other | 11,710 | 9,018 |
Total non-current deferred tax assets | 143,849 | 180,548 |
Total deferred tax asset | $152,190 | $182,553 |
INCOME_TAXES_Reconciliation_of
INCOME TAXES (Reconciliation of Statutory Rate) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal taxes at statutory rate | $13,333 | $47,924 | $61,341 |
State taxes, net of federal benefit | 3,322 | 3,443 | 9,072 |
Domestic production activities deduction | 1,265 | -191 | -994 |
Change in valuation allowance | 1,841 | 0 | 437 |
Research and development credits | -1,560 | -326 | 0 |
Change in state tax rate | -948 | 981 | -3,699 |
Percentage depletion | -1,841 | -1,623 | 0 |
Other | 406 | -724 | -307 |
Total income tax expense | $15,818 | $49,484 | $65,850 |
Effective tax rate | 41.50% | 36.10% | 37.60% |
INCOME_TAXES_Narrative_Details
INCOME TAXES (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | $2,200,000 | ' | ' |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 1,841,000 | 0 | 437,000 |
Operating Loss Carryforwards | 30,000,000 | ' | ' |
AMT credits | 4,417,000 | 6,811,000 | ' |
Research and development credits | 1,900,000 | ' | ' |
Change in state tax rate | ($948,000) | $981,000 | ($3,699,000) |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Annual Minimum Lease Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Operating Lease Commitments | ' |
2014 | $4,045 |
2015 | 3,906 |
2016 | 3,478 |
2017 | 3,332 |
2018 | 3,256 |
Thereafter | 1,234 |
Total | $19,251 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Schedule of Rental and Lease Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Rental and lease expenses | $4,428 | $4,175 | $4,865 |
COMMITMENTS_AND_CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 |
Reclamation Deposits and Surety Bonds | ' | ' | ' |
Security placed with the State of Utah and the BLM | $17.30 | ' | $7.90 |
Long-term restricted cash deposits | 0.5 | ' | 0.5 |
Surety bonds issued by an insurer | 16.8 | ' | 7.4 |
New Mexico Employment Credits | ' | ' | ' |
Other operating income | ' | 7.9 | ' |
Allowance for doubtful other receivables, current | $2.80 | ' | ' |
Future Operating Lease Commitments | ' | ' | ' |
Operating Lease, Contract Term, Maximum (in years) | '20 | ' | ' |
Marketing Agreement Between Intrepid and PCS Sales USA Inc | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Period of cancellation of marketing agreement by way of written notice | '30 days | ' | ' |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS (Schedule of Amounts of Gain or (Loss) Recognized in Income on Derivatives) (Details) (Interest rate contracts:, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Interest rate contracts: | ' | ' |
Derivative contracts not designated as hedging instruments and the location of gain or (loss) recognized in income | ' | ' |
Realized loss | ($1,103) | ($1,436) |
Unrealized gain | 1,049 | 1,289 |
Total loss | ($54) | ($147) |
FAIR_VALUE_MEASUREMENTS_Schedu
FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives | ' | ' |
Corporate bonds | $22,459 | $17,462 |
Certificate of deposits | ' | 166 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ' | ' |
Derivatives | ' | ' |
Corporate bonds | 0 | 0 |
Certificate of deposits | ' | 0 |
Significant Observable Inputs (Level 2) | ' | ' |
Derivatives | ' | ' |
Corporate bonds | 22,459 | 17,462 |
Certificate of deposits | ' | 166 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Derivatives | ' | ' |
Corporate bonds | 0 | 0 |
Certificate of deposits | ' | $0 |
FAIR_VALUE_MEASUREMENTS_Fair_V
FAIR VALUE MEASUREMENTS (Fair Value, by Balance Sheet Groupings) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $394 | $33,619 | $73,372 | $76,133 |
Cash and Cash Equivalents, Fair Value Disclosure | 394 | 33,619 | ' | ' |
Short-term Investments | 15,214 | 24,128 | ' | ' |
Accounts Receivable, Net | 28,294 | 40,630 | ' | ' |
Accounts Receivable, Fair Value Disclosure | 28,294 | 40,630 | ' | ' |
Income Taxes Receivable, Current | 15,722 | 3,306 | ' | ' |
Income Taxes Receivable Fair Value Disclosure | 15,722 | 3,306 | ' | ' |
Accounts Payable, Current | 27,602 | 19,634 | ' | ' |
Accounts Payable, Fair Value Disclosure | 27,602 | 19,634 | ' | ' |
Long-term debt | 150,000 | 0 | ' | ' |
Long-term debt, fair value | 129,000 | 0 | ' | ' |
Certificates of deposit and time deposits | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Short-term Investments | 2,260 | 6,666 | ' | ' |
Investments, Fair Value Disclosure | $2,260 | $6,666 | ' | ' |
EMPLOYEE_BENEFITS_Contribution
EMPLOYEE BENEFITS (Contributions to 401(k) Plan) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Contributions to 401K Plan | $2,323 | $2,022 | $1,293 |
EMPLOYEE_BENEFITS_Reconciliati
EMPLOYEE BENEFITS (Reconciliation of Changes to Benefit Obligations and Fair Value of Assets) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Change in benefit obligation: | ' | ' | ' | |||
Projected benefit obligation at beginning of period | $5,486 | $4,870 | $3,802 | |||
Interest cost | 28 | 93 | 195 | |||
Benefit payments | -5,721 | -175 | -143 | |||
Actuarial losses | 207 | 698 | 1,146 | |||
Plan amendments | 0 | 0 | -130 | |||
Projected benefit obligation at end of period | 0 | 5,486 | 4,870 | |||
Accumulated benefit obligation at end of period | 0 | 5,486 | 4,870 | |||
Change in plan assets: | ' | ' | ' | |||
Fair value of plan assets at beginning of period | 3,702 | 3,758 | 2,789 | |||
Actual return on assets (net of expenses) | -1 | 26 | -43 | |||
Employer contributions | 2,020 | 93 | 1,155 | |||
Benefit payments | -5,721 | -175 | -143 | |||
Fair value of plan assets at end of period | 0 | 3,702 | 3,758 | |||
Unfunded status (1) | 0 | [1] | -1,784 | [1] | -1,112 | [1] |
Items not yet recognized as a component of net periodic pension cost | ' | ' | ' | |||
Prior service cost arising during current period | 0 | -115 | -131 | |||
Unrecognized actuarial loss | 0 | 2,930 | 2,501 | |||
Prepaid benefit cost | 0 | 1,031 | 1,258 | |||
Accumulated other comprehensive income: | ' | ' | ' | |||
Prior service cost | 0 | -115 | -131 | |||
Net loss | 0 | 2,930 | 2,501 | |||
Components of net periodic benefit cost: | ' | ' | ' | |||
Interest cost | 28 | 93 | 195 | |||
Expected return on assets | 0 | 0 | -195 | |||
Amortization of prior service cost | -5 | -16 | 0 | |||
Amortization of actuarial loss | 100 | 242 | 101 | |||
Settlement loss | 2,928 | 0 | 0 | |||
Net periodic benefit cost | 3,051 | 319 | 101 | |||
Other comprehensive loss | 0 | 445 | 1,153 | |||
Amounts included in AOCI expected to be recognized during the next fiscal year | ' | ' | ' | |||
Actuarial loss | $0 | $285 | $227 | |||
[1] | As of December 31, 2012, and 2011, amount is recognized on Intrepid's consolidated balance sheet in "Accrued employee compensation and benefits." |
EMPLOYEE_BENEFITS_Fair_Value_M
EMPLOYEE BENEFITS (Fair Value Measurement of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Fair value of plan assets | $0 | $3,702 | $3,758 | $2,789 |
Money market mutual fund | ' | ' | ' | ' |
Fair value of plan assets | ' | 3,702 | ' | ' |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Money market mutual fund | ' | ' | ' | ' |
Fair value of plan assets | ' | 3,702 | ' | ' |
Significant Observable Inputs (Level 2) | Money market mutual fund | ' | ' | ' | ' |
Fair value of plan assets | ' | 0 | ' | ' |
Significant Unobservable Inputs (Level 3) | Money market mutual fund | ' | ' | ' | ' |
Fair value of plan assets | ' | $0 | ' | ' |
EMPLOYEE_BENEFITS_Narrative_De
EMPLOYEE BENEFITS (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2000 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Maximum Employer Contributions Match Percent, Condition Two | 5.00% | ' | ' | ' |
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | ' | ' | ' | $1,500,000 |
Defined Benefit Plan, Contributions by Employer | 2,020,000 | 93,000 | 1,155,000 | ' |
Defined Benefit Plan, Settlements, Benefit Obligation | $1,872,000 | $0 | $0 | ' |
Interest rate used for benefits currently in payment | 2.70% | ' | ' | ' |
Interest rate used for for all other annuity benefits | 3.40% | ' | ' | ' |
Interest rate used for lump sum benefits for years zero to four | 1.00% | ' | ' | ' |
Interest rate used for lump sum benefits for years five to 19 | 3.50% | ' | ' | ' |
Interest rate used for lump sum benefits for years 20 and after | 4.60% | ' | ' | ' |
Defined Benefit Plan, Target Allocation Percentage Of Assets, Cash | 5.00% | ' | ' | ' |
Defined Benefit Plan, Target Allocation Percentage of Assets, Absolute Returns, Range Minimum | 0.00% | ' | ' | ' |
Defined Benefit Plan, Target Allocation Percentage of Assets, Absolute Returns, Range Maximum | 30.00% | ' | ' | ' |
United States Equity Securities | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Long-term allocation for plan equity securities | 47.00% | ' | ' | ' |
Target asset allocation of domestic equity securities, range minimum | 20.00% | ' | ' | ' |
Target asset allocation of domestic equity securities, range maximum | 75.00% | ' | ' | ' |
Fixed Income Funds | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Long-term allocation for plan equity securities | 43.00% | ' | ' | ' |
International Equity Securities | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Target asset allocation of domestic equity securities, range minimum | 0.00% | ' | ' | ' |
Target asset allocation of domestic equity securities, range maximum | 20.00% | ' | ' | ' |
Corporate debt securities | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Target asset allocation of domestic equity securities, range minimum | 10.00% | ' | ' | ' |
Target asset allocation of domestic equity securities, range maximum | 40.00% | ' | ' | ' |
REIT Mutual Funds | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Target asset allocation of domestic equity securities, range minimum | 0.00% | ' | ' | ' |
Target asset allocation of domestic equity securities, range maximum | 10.00% | ' | ' | ' |
Commodities Investment | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Target asset allocation of domestic equity securities, range minimum | 0.00% | ' | ' | ' |
Target asset allocation of domestic equity securities, range maximum | 10.00% | ' | ' | ' |
Short Term Treasury Bonds | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Target asset allocation of domestic equity securities, range minimum | 5.00% | ' | ' | ' |
Target asset allocation of domestic equity securities, range maximum | 28.00% | ' | ' | ' |
Real Estate | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Long-term allocation for plan equity securities | 5.00% | ' | ' | ' |
RECLASSIFICATIONS_OUT_OF_ACCUM2
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Schedule of Accumulated Other Comprehensive Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive loss | ($1,729) | ' | ' |
Other comprehensive income before reclassifications | -4 | ' | ' |
Amount reclassified from accumulated other comprehensive income | 1,723 | ' | ' |
Net current-period other comprehensive income | 1,719 | -298 | -729 |
Accumulated other comprehensive loss | -10 | -1,729 | ' |
Unrealized Gains and Losses on Available-forSale | ' | ' | ' |
Schedule of Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive loss | -29 | ' | ' |
Other comprehensive income before reclassifications | -4 | ' | ' |
Amount reclassified from accumulated other comprehensive income | 23 | ' | ' |
Net current-period other comprehensive income | 19 | ' | ' |
Accumulated other comprehensive loss | -10 | ' | ' |
Defined Benefit Pension Plan | ' | ' | ' |
Schedule of Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' |
Accumulated other comprehensive loss | -1,700 | ' | ' |
Other comprehensive income before reclassifications | 0 | ' | ' |
Amount reclassified from accumulated other comprehensive income | 1,700 | ' | ' |
Net current-period other comprehensive income | 1,700 | ' | ' |
Accumulated other comprehensive loss | $0 | ' | ' |
RECLASSIFICATIONS_OUT_OF_ACCUM3
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling and administrative | ' | ' | ' | ' | ' | ' | ' | ' | $33,768 | $33,750 | $31,807 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -1,742 | 588 | 523 |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | 38,093 | 136,927 | 175,261 |
Tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | -15,818 | -49,484 | -65,850 |
Net Income | -5,987 | 2,026 | 11,317 | 14,919 | 14,537 | 33,267 | 19,013 | 20,626 | 22,275 | 87,443 | 109,411 |
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,723 | ' | ' |
Unrealized losses on available-for-sale securities | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 38 | ' | ' |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | 38 | ' | ' |
Tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | -15 | ' | ' |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 23 | ' | ' |
Pension liability adjustment | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 71 | ' | ' |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 2,744 | ' | ' |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | 2,815 | ' | ' |
Tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,115 | ' | ' |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | $1,700 | ' | ' |
RECOGNITION_OF_COMPENSATING_TA1
RECOGNITION OF COMPENSATING TAX REFUND (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Other Income and Expenses [Abstract] | ' |
Compensating tax refund | $1.70 |
RECOGNITION_OF_INCOME_ASSOCIAT1
RECOGNITION OF INCOME ASSOCIATED WITH DEFERRED INSURANCE PROCEEDS (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Recognition of Income Associated with Deferred Insurance Proceeds Disclosure [Abstract] | ' | ' | ' |
Deferred insurance proceeds | ' | ' | $11,700,000 |
Additional insurance proceeds, recognized as income | 0 | 0 | 806,000 |
Insurance settlements income from property and business losses | 0 | 0 | 12,500,000 |
Proceeds from insurance settlements from property and business losses | $0 | $0 | $806,000 |
CONCENTRATION_OF_CREDIT_RISK_N
CONCENTRATION OF CREDIT RISK (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Concentration Risk [Line Items] | ' | ' | ' |
Number of primary markets (in markets) | 3 | ' | ' |
Federal Deposit Insurance Corporation insurance limit | 250,000 | ' | ' |
Distributor customer one | Sales | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percent concentration | 11.00% | 22.00% | 17.00% |
Distributor customer two | Sales | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percent concentration | 7.00% | 9.00% | 12.00% |
United States | Sales | Customers located in the United States | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Percent concentration | 96.00% | 96.00% | 96.00% |
QUARTERLY_FINANCIAL_DATA_Detai
QUARTERLY FINANCIAL DATA (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $73,806 | $70,569 | $92,680 | $99,257 | $110,939 | $129,350 | $98,784 | $112,243 | $336,312 | $451,316 | $442,954 |
Cost of Goods Sold | 57,308 | 46,780 | 55,003 | 53,773 | 61,453 | 63,382 | 51,064 | 60,581 | ' | ' | ' |
Gross Margin | 3,159 | 12,903 | 28,053 | 33,800 | 37,183 | 51,854 | 39,895 | 41,206 | 77,915 | 170,138 | 186,220 |
Net Income | ($5,987) | $2,026 | $11,317 | $14,919 | $14,537 | $33,267 | $19,013 | $20,626 | $22,275 | $87,443 | $109,411 |
Basic (in dollars per share) | ($0.08) | $0.03 | $0.15 | $0.20 | $0.19 | $0.44 | $0.25 | $0.27 | $0.30 | $1.16 | $1.46 |
Diluted (in dollars per share) | ($0.08) | $0.03 | $0.15 | $0.20 | $0.19 | $0.44 | $0.25 | $0.27 | $0.30 | $1.16 | $1.45 |