Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 29, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Intrepid Potash, Inc. | ' |
Entity Central Index Key | '0001421461 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
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 Common Stock, Shares Outstanding | ' | 76,012,465 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $70,833 | $394 |
Short-term investments | 3,019 | 15,214 |
Accounts receivable: | ' | ' |
Trade, net | 32,558 | 20,837 |
Other receivables | 5,662 | 7,457 |
Refundable income taxes | 527 | 15,722 |
Inventory, net | 78,676 | 105,011 |
Prepaid expenses and other current assets | 5,456 | 5,653 |
Current deferred tax asset | 5,228 | 8,341 |
Total current assets | 201,959 | 178,629 |
Property, plant, equipment, and mineral properties, net | 799,095 | 826,569 |
Long-term parts inventory, net | 15,248 | 12,469 |
Long-term investments | 1 | 9,505 |
Other assets, net | 4,134 | 4,252 |
Non-current deferred tax asset | 146,987 | 143,849 |
Total Assets | 1,167,424 | 1,175,273 |
Accounts payable: | ' | ' |
Trade | 17,905 | 27,552 |
Related parties | 233 | 50 |
Accrued liabilities | 20,037 | 29,845 |
Accrued employee compensation and benefits | 13,680 | 9,122 |
Other current liabilities | 1,171 | 2,059 |
Total current liabilities | 53,026 | 68,628 |
Long-term debt | 150,000 | 150,000 |
Asset retirement obligation | 21,051 | 19,959 |
Other non-current liabilities | 2,784 | 2,715 |
Total Liabilities | 226,861 | 241,302 |
Common stock, $0.001 par value; 100,000,000 shares authorized; and 75,528,235 and 75,405,410 shares outstanding at September, 30, 2014, and December 31, 2013, respectively | 76 | 75 |
Additional paid-in capital | 575,225 | 572,616 |
Accumulated other comprehensive income (loss) | 2 | -10 |
Retained earnings | 365,260 | 361,290 |
Total Stockholders' Equity | 940,563 | 933,971 |
Total Liabilities and Stockholders' Equity | $1,167,424 | $1,175,273 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
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 | 75,528,235 | 75,405,410 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Sales | $102,280 | $70,569 | $312,104 | $262,506 |
Less: | ' | ' | ' | ' |
Freight costs | 10,925 | 5,952 | 32,616 | 20,575 |
Warehousing and handling costs | 3,270 | 2,854 | 9,070 | 9,527 |
Cost of goods sold | 77,794 | 46,780 | 235,750 | 155,556 |
Lower-of-cost-or-market inventory adjustments | 3,403 | 2,080 | 8,110 | 2,092 |
Gross Margin | 6,888 | 12,903 | 26,558 | 74,756 |
Selling and administrative | 6,466 | 7,921 | 20,276 | 26,052 |
Accretion of asset retirement obligation | 405 | 375 | 1,217 | 1,124 |
Restructuring expense | 0 | 0 | 1,827 | 0 |
Other operating expense (income) | 2 | 2,921 | -3,249 | 1,752 |
Operating Income | 15 | 1,686 | 6,487 | 45,828 |
Other Income (Expense) | ' | ' | ' | ' |
Interest expense | -1,632 | -248 | -4,569 | -680 |
Interest income | 35 | 165 | 110 | 380 |
Other income (expense) | 343 | 73 | 803 | -1,747 |
(Loss) Income Before Income Taxes | -1,239 | 1,676 | 2,831 | 43,781 |
Income Tax Benefit (Expense) | 3 | 350 | 1,139 | -15,519 |
Net (Loss) Income | ($1,236) | $2,026 | $3,970 | $28,262 |
Weighted Average Shares Outstanding: | ' | ' | ' | ' |
Basic (in shares) | 75,528,235 | 75,394,377 | 75,496,365 | 75,372,879 |
Diluted (in shares) | 75,528,235 | 75,404,138 | 75,611,070 | 75,394,731 |
(Loss) Earnings Per Share: | ' | ' | ' | ' |
Basic (in dollars per share) | ($0.02) | $0.03 | $0.05 | $0.37 |
Diluted (in dollars per share) | ($0.02) | $0.03 | $0.05 | $0.37 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net (Loss) Income | ($1,236) | $2,026 | $3,970 | $28,262 |
Pension liability adjustment, net of tax | 0 | 0 | 0 | 1,700 |
Unrealized gain (loss) on investments available for sale, net of tax | 0 | 200 | 12 | -21 |
Other Comprehensive Income | 0 | 200 | 12 | 1,679 |
Comprehensive (Loss) Income | ($1,236) | $2,226 | $3,982 | $29,941 |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Dec. 31, 2013 | $933,971 | $75 | $572,616 | ($10) | $361,290 |
Balance (in shares) at Dec. 31, 2013 | ' | 75,405,410 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' |
Unrealized gain on investments available for sale, net of tax | 12 | ' | ' | 12 | ' |
Stock-based compensation | 3,220 | ' | 3,220 | ' | ' |
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting (in shares) | ' | 122,825 | ' | ' | ' |
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting | -610 | -1 | -611 | ' | ' |
Balance at Sep. 30, 2014 | 940,563 | 76 | 575,225 | 2 | 365,260 |
Net income at Sep. 30, 2014 | $3,970 | ' | ' | ' | $3,970 |
Balance (in shares) at Sep. 30, 2014 | ' | 75,528,235 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Reconciliation of net income to net cash provided by operating activities: | ' | ' |
Net income | $3,970 | $28,262 |
Deferred income taxes | -31 | 16,299 |
Items not affecting cash: | ' | ' |
Depreciation, depletion, and accretion | 59,630 | 44,040 |
Stock-based compensation | 3,220 | 3,881 |
Lower-of-cost-or-market inventory adjustments | 8,110 | 2,092 |
Other | 172 | 2,112 |
Changes in operating assets and liabilities: | ' | ' |
Trade accounts receivable, net | -11,722 | 6,114 |
Other receivables, net | 1,794 | 757 |
Refundable income taxes | 15,196 | -1,199 |
Inventory, net | 15,446 | -39,373 |
Prepaid expenses and other assets | -3 | -1,273 |
Accounts payable, accrued liabilities, and accrued employee compensation and benefits | 9,995 | 1,253 |
Other liabilities | -942 | -838 |
Net cash provided by operating activities | 104,835 | 62,127 |
Cash Flows from Investing Activities: | ' | ' |
Additions to property, plant, equipment, and mineral properties | -55,325 | -186,227 |
Proceeds from sale of property, plant, equipment, and mineral properties | 0 | 108 |
Purchases of investments | -7 | -80,235 |
Proceeds from sale of investments | 21,547 | 32,663 |
Net cash used in investing activities | -33,785 | -233,691 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from long-term debt | 0 | 150,000 |
Debt issuance costs | 0 | -1,032 |
Employee tax withholding paid for restricted stock upon vesting | -611 | -577 |
Net cash (used in) provided by financing activities | -611 | 148,391 |
Net Change in Cash and Cash Equivalents | 70,439 | -23,173 |
Cash and Cash Equivalents, beginning of period | 394 | 33,619 |
Cash and Cash Equivalents, end of period | 70,833 | 10,446 |
Net cash paid (refunded) during the period for: | ' | ' |
Interest | 2,946 | 398 |
Income taxes | -16,304 | 2,302 |
Accrued purchases for property, plant, equipment, and mineral properties | $4,129 | $27,821 |
COMPANY_BACKGROUND
COMPANY BACKGROUND | 9 Months Ended |
Sep. 30, 2014 | |
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. Production comes from two conventional underground mines, the HB Solar Solution mine and a compaction facility 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. Trio® production comes from mining a 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 per ton to Intrepid. Intrepid calculates average net realized sales price per ton 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 | 9 Months Ended |
Sep. 30, 2014 | |
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. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation of interim financial information, have been included. On the condensed consolidated balance sheet, Intrepid combined property, plant and equipment, net of accumulated depreciation, with mineral properties and development costs, net of depletion, as of December 31, 2013. | |
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, depreciation expense, and estimates associated with recoverability of long-lived assets and asset retirement obligations. 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; concentrate production and 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. | |
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 group'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 asset groups may have a material effect on our financial position and results of operations. Sales price is a significant element of any cash flow estimate, particularly for higher cost 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 production 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, which are classified as available-for-sale securities. Short-term investments on the condensed consolidated balance sheets have remaining maturities to Intrepid less than or equal to one year and investments classified as long-term on the condensed consolidated balance sheets have remaining maturities to Intrepid greater than one year. The available-for-sale securities are carried at fair value, with changes in fair value recognized through "Accumulated other comprehensive income (loss)" on the condensed 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 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 or loss per common share of stock is calculated by dividing net income or loss available to common stockholders by the weighted average basic common shares outstanding for the respective period. | |
Diluted net income or loss per common share of stock is calculated by dividing net income or loss by the weighted average diluted common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted earnings or loss 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 these awards is recognized over the service period associated with each issuance. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||
EARNINGS PER SHARE | |||||||||||||||||
Dilutive securities, including non-vested restricted common stock, stock options, 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 common stock, stock options outstanding, and performance units. For the three months ended September 30, 2014, and 2013, 535,668 and 277,284 non-vested weighted average shares of restricted common stock and 329,116 and 342,495 weighted average stock options, respectively, were anti-dilutive and therefore were not included in the diluted weighted average share calculation. For the three months ended September 30, 2014, and 2013, 18,372 and zero weighted average shares of common stock underlying non-vested performance units were anti-dilutive and therefore were not included in the diluted weighted average share calculation. | |||||||||||||||||
For the nine months ended September 30, 2014, and 2013, zero and 171,058 non-vested weighted average shares of restricted common stock and 333,129 and 310,471 weighted average stock options, respectively, were anti-dilutive and therefore were not included in the diluted weighted average share calculation. For the nine months ended September 30, 2014, and 2013, zero and zero weighted average 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): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net (loss) income | $ | (1,236 | ) | $ | 2,026 | $ | 3,970 | $ | 28,262 | ||||||||
Basic weighted average common shares outstanding | 75,528 | 75,394 | 75,496 | 75,373 | |||||||||||||
Add: Dilutive effect of non-vested restricted common stock | — | 10 | 102 | 19 | |||||||||||||
Add: Dilutive effect of stock options outstanding | — | — | — | 3 | |||||||||||||
Add: Dilutive effect of performance units | — | — | 13 | — | |||||||||||||
Diluted weighted average common shares outstanding | 75,528 | 75,404 | 75,611 | 75,395 | |||||||||||||
(Loss) Earnings per share: | |||||||||||||||||
Basic | $ | (0.02 | ) | $ | 0.03 | $ | 0.05 | $ | 0.37 | ||||||||
Diluted | $ | (0.02 | ) | $ | 0.03 | $ | 0.05 | $ | 0.37 | ||||||||
CASH_CASH_EQUIVALENTS_AND_INVE
CASH, CASH EQUIVALENTS, AND INVESTMENTS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 Intrepid's cash and investments held in its portfolio, recorded as cash and cash equivalents or short-term or long-term investments as of September 30, 2014, and December 31, 2013 (in thousands): | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Cash | $ | 35,233 | $ | 18 | |||||||||||||
Commercial paper and money market accounts | 35,600 | 376 | |||||||||||||||
Total cash and cash equivalents | $ | 70,833 | $ | 394 | |||||||||||||
Corporate bonds | $ | 2,019 | $ | 12,954 | |||||||||||||
Certificates of deposit and time deposits | 1,000 | 2,260 | |||||||||||||||
Total short-term investments | $ | 3,019 | $ | 15,214 | |||||||||||||
Corporate bonds | $ | 1 | $ | 9,505 | |||||||||||||
Total long-term investments | $ | 1 | $ | 9,505 | |||||||||||||
Total cash, cash equivalents, and investments | $ | 73,853 | $ | 25,113 | |||||||||||||
The following tables summarize the cost basis, unrealized gains and losses, and fair value of Intrepid's available-for-sale investments held in its portfolio as of September 30, 2014, and December 31, 2013 (in thousands): | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Unrealized | |||||||||||||||||
Cost Basis | Gain | Loss | Fair Value | ||||||||||||||
Corporate bonds | $ | 2,019 | $ | 1 | $ | — | $ | 2,020 | |||||||||
Certificates of deposit and time deposits | 1,000 | — | — | 1,000 | |||||||||||||
Total available-for-sale securities | $ | 3,019 | $ | 1 | $ | — | $ | 3,020 | |||||||||
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 | ||||||||
For the three months ended September 30, 2014, and 2013, Intrepid recognized gross realized gains of approximately zero and $12,000, respectively, on the sale of investments classified as available-for-sale. For the three months ended September 30, 2014, and 2013, Intrepid had no recognized gross realized losses on the sale of investments classified as available-for-sale. For the nine months ended September 30, 2014, and 2013, Intrepid recognized gross realized gains of approximately $13,000 and $48,000, respectively, on the sale of investments classified as available-for-sale. For the nine months ended September 30, 2014, and 2013, Intrepid recognized gross realized losses of approximately zero and $19,000, respectively, on the sale of investments classified as available-for-sale. |
INVENTORY_AND_LONGTERM_PARTS_I
INVENTORY AND LONG-TERM PARTS INVENTORY | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
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 September 30, 2014, and December 31, 2013, respectively (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Finished goods product inventory | $ | 35,327 | $ | 66,565 | |||||
In-process mineral inventory | 21,901 | 17,841 | |||||||
Total product inventory | 57,228 | 84,406 | |||||||
Current parts inventory, net | 21,448 | 20,605 | |||||||
Total current inventory, net | 78,676 | 105,011 | |||||||
Long-term parts inventory, net | 15,248 | 12,469 | |||||||
Total inventory, net | $ | 93,924 | $ | 117,480 | |||||
Parts inventories are shown net of any required reserves. | |||||||||
During the nine months ended September 30, 2014, and 2013, Intrepid recorded charges of approximately $8.1 million and $2.1 million, respectively, as a result of routine assessments of the lower of weighted average cost or estimated net realizable value on its finished goods product inventory. Of the approximately $8.1 million lower-of-cost-or-market adjustment during the nine months ended September 30, 2014, $4.0 million related to the start-up activities of our HB Solar Solution mine, and approximately $3.8 million primarily related to standard-sized inventory at our East facility. |
PROPERTY_PLANT_EQUIPMENT_AND_M
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Property Plant and Equipment and Mineral Properties Disclosure [Abstract] | ' | ||||||||||||||||
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES | ' | ||||||||||||||||
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES | |||||||||||||||||
“Property, plant, equipment, and mineral properties, net" were comprised of the following (in thousands): | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Buildings and plant | $ | 266,900 | $ | 248,017 | |||||||||||||
Machinery and equipment | 525,747 | 472,250 | |||||||||||||||
Vehicles | 13,735 | 13,455 | |||||||||||||||
Office equipment and improvements | 19,057 | 18,846 | |||||||||||||||
Ponds and land improvements | 74,023 | 74,166 | |||||||||||||||
Land | 908 | 498 | |||||||||||||||
Total depreciable assets | 900,370 | 827,232 | |||||||||||||||
Accumulated depreciation | (252,778 | ) | (197,108 | ) | |||||||||||||
Total depreciable assets, net | $ | 647,592 | $ | 630,124 | |||||||||||||
Mineral properties and development costs | $ | 163,294 | $ | 145,822 | |||||||||||||
Accumulated depletion | (15,793 | ) | (13,165 | ) | |||||||||||||
Total depletable assets, net | $ | 147,501 | $ | 132,657 | |||||||||||||
Construction in progress | 4,002 | 63,788 | |||||||||||||||
Total property, plant, equipment, and mineral properties, net | $ | 799,095 | $ | 826,569 | |||||||||||||
Intrepid incurred the following expenses for depreciation, depletion, and accretion, including expenses capitalized into inventory, for the following periods (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Depreciation | $ | 18,868 | $ | 14,792 | $ | 55,764 | $ | 41,470 | |||||||||
Depletion | 834 | 394 | 2,649 | 1,446 | |||||||||||||
Accretion | 405 | 375 | 1,217 | 1,124 | |||||||||||||
Total incurred | $ | 20,107 | $ | 15,561 | $ | 59,630 | $ | 44,040 | |||||||||
DEBT
DEBT | 9 Months Ended | |
Sep. 30, 2014 | ||
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 revolving credit facility of up to $250 million. The actual amount available to Intrepid is limited by Intrepid's leverage ratio, which may not exceed 3.5, and its fixed charge coverage ratio, which may not be below 1.3. As of September 30, 2014, $148 million of the facility was available to Intrepid as a result of the operation of these ratios. | ||
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. | ||
The facility is unsecured and is guaranteed by Intrepid's material subsidiaries. The facility has a maturity date of August 2018. As of September 30, 2014, and December 31, 2013, there were no amounts outstanding under the facility. During the nine months ended September 30, 2014, Intrepid borrowed and repaid $12 million under the demand portion of the credit facility for near-term working capital needs. Intrepid was in compliance with the covenants under the credit facility as of September 30, 2014. | ||
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. The Notes are subject to the same leverage ratio and fixed charge coverage ratio as apply under the credit facility. The obligations under the Notes are unconditionally guaranteed by Intrepid's material subsidiaries. | ||
Intrepid was in compliance with the covenants under the Notes as of September 30, 2014. | ||
Interest is paid semiannually on April 16 and October 16 of each year. Interest expense is recorded net of any capitalized interest associated with investments in capital projects. Intrepid incurred gross interest expense for the three months ended September 30, 2014, and 2013, of $1.7 million and $1.7 million, respectively. Intrepid incurred gross interest expense for the nine months ended September 30, 2014, and 2013, of $5.0 million and $3.3 million, respectively. Intrepid capitalized $30,000 and $1.4 million of interest during the three months ended September 30, 2014, and 2013, respectively. Intrepid capitalized $400,000 and $2.6 million of interest during the nine months ended September 30, 2014, and 2013, respectively. |
ASSET_RETIREMENT_OBLIGATION
ASSET RETIREMENT OBLIGATION | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 obligation for the following periods (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Asset retirement obligation, at beginning of period | $ | 21,737 | $ | 21,532 | $ | 21,047 | $ | 20,579 | |||||||||
Liabilities settled | (3 | ) | (174 | ) | (125 | ) | (302 | ) | |||||||||
Liabilities incurred | — | 19 | — | 351 | |||||||||||||
Accretion of discount | 405 | 375 | 1,217 | 1,124 | |||||||||||||
Total asset retirement obligation, at end of period | $ | 22,139 | $ | 21,752 | $ | 22,139 | $ | 21,752 | |||||||||
The current portion of the asset retirement obligation of $1.1 million and $1.1 million, respectively, is included in "Other" current liabilities on the condensed consolidated balance sheets as of September 30, 2014, and December 31, 2013. The undiscounted amount of asset retirement obligation is $54.8 million as of September 30, 2014. |
COMPENSATION_PLANS
COMPENSATION PLANS | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
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 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 September 30, 2014, the following awards were outstanding under the plan: 484,230 shares of non-vested restricted shares of common stock; non-vested performance units representing 15,522 shares of common stock; and options to purchase 328,844 shares of common stock. As of September 30, 2014, approximately 3.5 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") has approved 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. 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. 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 granted 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 $0.7 million and $0.9 million for the three months ended September 30, 2014, and 2013, respectively. Total compensation expense related to the non-vested restricted shares of common stock awards was $2.6 million for both of the nine month periods ended September 30, 2014 and 2013. These amounts are net of estimated forfeiture adjustments. As of September 30, 2014, there was $5.7 million of total remaining unrecognized compensation expense related to non-vested restricted shares of common stock that will be expensed through 2017. | ||||||||||||
A summary of activity relating to Intrepid’s non-vested restricted shares of common stock for the nine months ended September 30, 2014, is presented below. | ||||||||||||
Weighted Average | ||||||||||||
Shares | Grant-Date Fair Value | |||||||||||
Non-vested restricted shares of common stock, beginning of period | 352,050 | $ | 21.65 | |||||||||
Granted | 379,246 | $ | 14.47 | |||||||||
Vested | (131,838 | ) | $ | 23.16 | ||||||||
Forfeited | (115,228 | ) | $ | 17.42 | ||||||||
Non-vested restricted shares of common stock, end of period | 484,230 | $ | 16.62 | |||||||||
Performance Units — In 2012 and 2013, the Compensation Committee granted performance units under the Plan to certain members of Intrepid's executive management team as part of the annual equity award program. The performance units vest ratably over three years and contain operational- and market-based conditions relating to the year of grant. The time frames for meeting both the operational- and market-based conditions have passed, and a total of 15,522 shares of common stock are available for future payout under the performance units, subject to continued employment of the individual grantees through the vesting dates. Intrepid recognized stock-based compensation expense related to these agreements of $20,000 and $0.2 million in the three months ended September 30, 2014, and 2013, respectively. Intrepid recognized stock-based compensation expense related to these agreements of $0.1 million and $0.5 million in the nine months ended September 30, 2014, and 2013, respectively. No performance units have been issued in 2014. | ||||||||||||
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 vested ratably over three years. In measuring compensation expense for options, Intrepid estimated the fair value of the award on the grant dates 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. | ||||||||||||
For the three months ended September 30, 2014, and 2013, Intrepid recognized stock‑based compensation related to previously issued stock options of approximately zero and $0.1 million, respectively. For the nine months ended September 30, 2014, and 2013, Intrepid recognized stock‑based compensation related to previously issued stock options of approximately $0.1 million and $0.5 million, respectively. As of September 30, 2014, all outstanding stock options were fully vested. Realized tax benefits from tax deductions for exercised options in excess of the deferred tax asset attributable to stock compensation for these options are recorded as “excess tax benefits” when the tax deductions occur. | ||||||||||||
A summary of Intrepid’s stock option activity for the nine months ended September 30, 2014, 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, end of period | 328,844 | $26.20 | $— | 4.1 | $13.09 | |||||||
Vested or expected to vest, end | ||||||||||||
of period | 328,844 | $26.20 | $— | 4.1 | $13.09 | |||||||
Exercisable non-qualified | ||||||||||||
stock options, end of period | 328,844 | $26.20 | $— | 4.1 | $13.09 | |||||||
-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
INCOME TAXES | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
INCOME TAXES | ' | ||||||||||||||||
INCOME TAXES | |||||||||||||||||
Intrepid's effective tax rate is impacted primarily by the amount of taxable income associated with each jurisdiction in which Intrepid's income is subject to income tax, permanent differences between the financial statement carrying amounts and tax bases of assets, liabilities, and the benefit associated with the estimated effect of the depletion and domestic production activities deduction and research and development credits. | |||||||||||||||||
A summary of the provision for income taxes is as follows (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Current portion of income tax (benefit) expense | $ | — | $ | (1,123 | ) | $ | (1,108 | ) | $ | (780 | ) | ||||||
Deferred portion of income tax (benefit) expense | (3 | ) | 773 | (31 | ) | 16,299 | |||||||||||
Total income tax (benefit) expense | $ | (3 | ) | $ | (350 | ) | $ | (1,139 | ) | $ | 15,519 | ||||||
Effective tax rate | (0.3 | )% | (20.9 | )% | (40.3 | )% | 35.4 | % | |||||||||
During the three months ended September 30, 2014, Intrepid's effective tax rate differed from the statutory rate as a result of the benefit from estimated depletion deductions, as well as from a discrete adjustment to the estimated impact of a graduated decrease in the State of Mexico income tax rate discussed below. During the nine months ended September 30, 2014, in addition to the items noted above, Intrepid also benefited from a discrete adjustment related to the reversal of a $1.7 million valuation allowance related to its New Mexico net operating loss carry forwards, as it now believes those carry forwards are realizable based on legislation passed by the State of New Mexico in the first quarter of 2014. Lastly, Intrepid benefited from a discrete adjustment related to the calculation of the benefit of the net operating loss carry back incurred in 2013. The impact on Intrepid's effective tax rate during 2014 of these discrete adjustments is more pronounced given the current level of income before income taxes. | |||||||||||||||||
The blended state tax rate applied to the deferred tax calculation is subject to change due to changes in state laws and changes in the mix of Intrepid's business and the states in which Intrepid has a taxable relationship. This creates fluctuations in the value of Intrepid's net deferred tax asset. In April 2013, the State of New Mexico lowered its corporate income tax rate pursuant to a schedule that goes into effect over the next five years. Intrepid has estimated that the lower state income tax rates will result in a lower future income tax expense. As a result, Intrepid recorded additional deferred state income tax expense of $1.3 million in the second quarter of 2013, as its deferred tax asset had decreased in value. In the third quarter 2014, Intrepid revised its estimate of the timing for the use of the deferred income tax asset based on estimated taxable income to be earned over future periods, resulting in a decrease in its deferred tax assets and resulting increase in deferred income tax expense of $0.7 million. The actual amount to be incurred from this decrease in state income tax rates in New Mexico will likely be different from the current estimate. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
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 its 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 September 30, 2014, Intrepid had $17.3 million of security placed principally with the State of Utah and the Bureau of Land Management for eventual reclamation of its various facilities. Of this total requirement, as of September 30, 2014, $0.5 million consisted of long-term restricted cash deposits reflected in “Other” long-term assets on the condensed consolidated balance sheets, and $16.8 million 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—Beginning in 2011, based on an approval and payment of an application with the State of New Mexico, Intrepid began recording an estimate of refundable employment-related credits for qualified wages paid in New Mexico, known as the New Mexico High Wage Jobs Credit. 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” in the condensed consolidated balance sheets in the same period in which the credit is earned. | |||||
In the third quarter of 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. Considering the uncertainty associated with collection of these credits, Intrepid recorded an allowance of approximately $2.8 million in the third quarter of 2013, for credits relating to the denied periods in order to reflect the denial of the claimed credits. In March 2014, as a result of its continuing efforts to collect these credits, Intrepid received notification from the New Mexico Taxation and Revenue Department that $5.9 million of credits previously denied were approved. Accordingly, during the first quarter of 2014, Intrepid reversed $2.6 million of the previously established allowance to reflect the collectability of these credits. These credits are typically considered in Intrepid's product inventory calculations as they relate to the labor associated with operations. As the inventory associated with the periods during which the credits were originally earned has since been sold, Intrepid recorded the reversal of the allowance as "Other (income) expense" in the condensed consolidated statement of operations for the nine months ended September 30, 2014. The classification of this item is consistent with the manner in which the initial allowance was recorded in 2013. During the second quarter of 2014, Intrepid received the $5.9 million of credits noted above. As of September 30, 2014, Intrepid has a receivable of $3.3 million, net of an allowance of $2.1 million, associated with the New Mexico High Wage Jobs Credits and intends to continue to vigorously pursue recovery of all unpaid credits. | |||||
Legal—Intrepid is subject to litigation. Intrepid has determined that there are no material claims outstanding as of September 30, 2014. Intrepid has established a legal accrual for loss contingencies that are considered probable and reasonably estimable. | |||||
Future Operating Lease Commitments—Intrepid has operating leases for land, mining and other operating equipment, an airplane, offices, and railcars, with original terms ranging up to 20 years. | |||||
Rental and lease expenses follow for the indicated periods (in thousands): | |||||
2014 | |||||
For the three months ended September 30, 2014 | $ | 1,776 | |||
For the nine months ended September 30, 2014 | $ | 4,986 | |||
2013 | |||||
For the three months ended September 30, 2013 | $ | 1,091 | |||
For the nine months ended September 30, 2013 | $ | 3,115 | |||
FAIR_VALUE
FAIR VALUE | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE | ' | ||||||||||||||||
FAIR VALUE | |||||||||||||||||
Intrepid applies the provisions of the Financial Accounting Standards Board ("FASB") 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 September 30, 2014, and December 31, 2013 (in thousands): | |||||||||||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
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 as of September 30, 2014 | $ | — | $ | 3,020 | $ | — | |||||||||||
Corporate bonds as of December 31, 2013 | $ | — | $ | 22,459 | $ | — | |||||||||||
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 on the condensed consolidated balance sheets. | |||||||||||||||||
Intrepid's available-for-sale investments consist of corporate bonds 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 used are appropriate and consistent with the requirements of ASC Topic 820 and the methods used by 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 estimated fair values of our financial instruments as of September 30, 2014, and December 31, 2013, are as follows (in thousands): | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Long-term debt | $ | 150,000 | $ | 137,000 | $ | 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 these instruments. The estimated fair value of the long-term debt is estimated using a 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 | 9 Months Ended |
Sep. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
EMPLOYEE BENEFITS | ' |
EMPLOYEE BENEFITS | |
In accordance with the terms of the Moab Purchase Agreement associated with the purchase of the assets relating to its Moab facility in 2000, Intrepid and its predecessor established the Moab Salt, L.L.C. Employees' Pension Plan ("Pension Plan"). In February 2002, Intrepid froze the benefits to be paid under the Pension Plan. 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 the additional expense of approximately $1.9 million to reflect the termination of the Pension Plan in the nine months ended September 30, 2013. This amount is recorded as "Other income (expense)" in the condensed consolidated statement of operations. |
RESTRUCTURING_CHARGE
RESTRUCTURING CHARGE | 9 Months Ended |
Sep. 30, 2014 | |
Restructuring Charge [Abstract] | ' |
RESTRUCTURING CHARGE | ' |
RESTRUCTURING CHARGE | |
In January 2014, in response to declining potash prices and completion of our major capital projects, Intrepid undertook a number of cost saving actions that were intended to better align our cost structure with the business environment. These initiatives included the elimination of approximately 7% of the workforce, reduction in the use of outside professionals, and cutbacks in other general and administrative areas. In early 2014, we also temporarily decreased executive and senior management compensation; we reinstated most executive and senior management salaries in mid-2014 and expect to reinstate other compensation elements in 2015. For the nine months ended September 30, 2014, Intrepid recognized a restructuring expense of $1.8 million, which is comprised primarily of severance-related payments. |
RECOGNITION_OF_COMPENSATING_TA
RECOGNITION OF COMPENSATING TAX REFUND | 9 Months Ended |
Sep. 30, 2014 | |
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 consisted of items for which Intrepid made certain tax payments on behalf of vendors, as well as compensating tax payments subsequently deemed not required as a result of a New Mexico court decision. 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 operating (income)" in the condensed consolidated statement of operations for the nine months ended September 30, 2013. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | |
In May 2014, FASB issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers. The new standard provides new principles for the timing and amounts of revenue to be recognized. ASU 2014-09 is effective for fiscal years beginning after December 15, 2016. Intrepid continues to study the new standard to determine whether it will have a material impact on its consolidated financial statements upon adoption. | |
In June 2014, FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force). This standard requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for fiscal years beginning after December 15, 2015. Intrepid does not anticipate this standard will have a material impact on its consolidated financial statements upon adoption. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
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. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation of interim financial information, have been included. On the condensed consolidated balance sheet, Intrepid combined property, plant and equipment, net of accumulated depreciation, with mineral properties and development costs, net of depletion, as of December 31, 2013. | |
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, depreciation expense, and estimates associated with recoverability of long-lived assets and asset retirement obligations. 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; concentrate production and 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. | |
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 group'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 asset groups may have a material effect on our financial position and results of operations. Sales price is a significant element of any cash flow estimate, particularly for higher cost 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 production 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, which are classified as available-for-sale securities. Short-term investments on the condensed consolidated balance sheets have remaining maturities to Intrepid less than or equal to one year and investments classified as long-term on the condensed consolidated balance sheets have remaining maturities to Intrepid greater than one year. The available-for-sale securities are carried at fair value, with changes in fair value recognized through "Accumulated other comprehensive income (loss)" on the condensed 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 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. | |
(Loss) Earnings per Share | ' |
Basic net income or loss per common share of stock is calculated by dividing net income or loss available to common stockholders by the weighted average basic common shares outstanding for the respective period. | |
Diluted net income or loss per common share of stock is calculated by dividing net income or loss by the weighted average diluted common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted earnings or loss 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 these awards is recognized over the service period associated with each issuance. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Calculation of Basic and Diluted Loss or Earnings Per Share | ' | ||||||||||||||||
The following table sets forth the calculation of basic and diluted earnings per share (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net (loss) income | $ | (1,236 | ) | $ | 2,026 | $ | 3,970 | $ | 28,262 | ||||||||
Basic weighted average common shares outstanding | 75,528 | 75,394 | 75,496 | 75,373 | |||||||||||||
Add: Dilutive effect of non-vested restricted common stock | — | 10 | 102 | 19 | |||||||||||||
Add: Dilutive effect of stock options outstanding | — | — | — | 3 | |||||||||||||
Add: Dilutive effect of performance units | — | — | 13 | — | |||||||||||||
Diluted weighted average common shares outstanding | 75,528 | 75,404 | 75,611 | 75,395 | |||||||||||||
(Loss) Earnings per share: | |||||||||||||||||
Basic | $ | (0.02 | ) | $ | 0.03 | $ | 0.05 | $ | 0.37 | ||||||||
Diluted | $ | (0.02 | ) | $ | 0.03 | $ | 0.05 | $ | 0.37 | ||||||||
CASH_CASH_EQUIVALENTS_AND_INVE1
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Cash, Cash Equivalents, and Investments Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Cash, Cash Equivalents, and Investments | ' | ||||||||||||||||
The following table summarizes the fair value of Intrepid's cash and investments held in its portfolio, recorded as cash and cash equivalents or short-term or long-term investments as of September 30, 2014, and December 31, 2013 (in thousands): | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Cash | $ | 35,233 | $ | 18 | |||||||||||||
Commercial paper and money market accounts | 35,600 | 376 | |||||||||||||||
Total cash and cash equivalents | $ | 70,833 | $ | 394 | |||||||||||||
Corporate bonds | $ | 2,019 | $ | 12,954 | |||||||||||||
Certificates of deposit and time deposits | 1,000 | 2,260 | |||||||||||||||
Total short-term investments | $ | 3,019 | $ | 15,214 | |||||||||||||
Corporate bonds | $ | 1 | $ | 9,505 | |||||||||||||
Total long-term investments | $ | 1 | $ | 9,505 | |||||||||||||
Total cash, cash equivalents, and investments | $ | 73,853 | $ | 25,113 | |||||||||||||
Schedule of Available-for-Sale Investments | ' | ||||||||||||||||
The following tables summarize the cost basis, unrealized gains and losses, and fair value of Intrepid's available-for-sale investments held in its portfolio as of September 30, 2014, and December 31, 2013 (in thousands): | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Unrealized | |||||||||||||||||
Cost Basis | Gain | Loss | Fair Value | ||||||||||||||
Corporate bonds | $ | 2,019 | $ | 1 | $ | — | $ | 2,020 | |||||||||
Certificates of deposit and time deposits | 1,000 | — | — | 1,000 | |||||||||||||
Total available-for-sale securities | $ | 3,019 | $ | 1 | $ | — | $ | 3,020 | |||||||||
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 | ||||||||
INVENTORY_AND_LONGTERM_PARTS_I1
INVENTORY AND LONG-TERM PARTS INVENTORY (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
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 September 30, 2014, and December 31, 2013, respectively (in thousands): | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Finished goods product inventory | $ | 35,327 | $ | 66,565 | |||||
In-process mineral inventory | 21,901 | 17,841 | |||||||
Total product inventory | 57,228 | 84,406 | |||||||
Current parts inventory, net | 21,448 | 20,605 | |||||||
Total current inventory, net | 78,676 | 105,011 | |||||||
Long-term parts inventory, net | 15,248 | 12,469 | |||||||
Total inventory, net | $ | 93,924 | $ | 117,480 | |||||
PROPERTY_PLANT_EQUIPMENT_AND_M1
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Property Plant and Equipment and Mineral Properties Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Property, Plant, Equipment, and Mineral Properties | ' | ||||||||||||||||
“Property, plant, equipment, and mineral properties, net" were comprised of the following (in thousands): | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Buildings and plant | $ | 266,900 | $ | 248,017 | |||||||||||||
Machinery and equipment | 525,747 | 472,250 | |||||||||||||||
Vehicles | 13,735 | 13,455 | |||||||||||||||
Office equipment and improvements | 19,057 | 18,846 | |||||||||||||||
Ponds and land improvements | 74,023 | 74,166 | |||||||||||||||
Land | 908 | 498 | |||||||||||||||
Total depreciable assets | 900,370 | 827,232 | |||||||||||||||
Accumulated depreciation | (252,778 | ) | (197,108 | ) | |||||||||||||
Total depreciable assets, net | $ | 647,592 | $ | 630,124 | |||||||||||||
Mineral properties and development costs | $ | 163,294 | $ | 145,822 | |||||||||||||
Accumulated depletion | (15,793 | ) | (13,165 | ) | |||||||||||||
Total depletable assets, net | $ | 147,501 | $ | 132,657 | |||||||||||||
Construction in progress | 4,002 | 63,788 | |||||||||||||||
Total property, plant, equipment, and mineral properties, net | $ | 799,095 | $ | 826,569 | |||||||||||||
Schedule of Depreciation, Depletion, and Accretion | ' | ||||||||||||||||
Intrepid incurred the following expenses for depreciation, depletion, and accretion, including expenses capitalized into inventory, for the following periods (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Depreciation | $ | 18,868 | $ | 14,792 | $ | 55,764 | $ | 41,470 | |||||||||
Depletion | 834 | 394 | 2,649 | 1,446 | |||||||||||||
Accretion | 405 | 375 | 1,217 | 1,124 | |||||||||||||
Total incurred | $ | 20,107 | $ | 15,561 | $ | 59,630 | $ | 44,040 | |||||||||
ASSET_RETIREMENT_OBLIGATION_Ta
ASSET RETIREMENT OBLIGATION (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Changes to Asset Retirement Obligation | ' | ||||||||||||||||
Following is a table of the changes to Intrepid’s asset retirement obligation for the following periods (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Asset retirement obligation, at beginning of period | $ | 21,737 | $ | 21,532 | $ | 21,047 | $ | 20,579 | |||||||||
Liabilities settled | (3 | ) | (174 | ) | (125 | ) | (302 | ) | |||||||||
Liabilities incurred | — | 19 | — | 351 | |||||||||||||
Accretion of discount | 405 | 375 | 1,217 | 1,124 | |||||||||||||
Total asset retirement obligation, at end of period | $ | 22,139 | $ | 21,752 | $ | 22,139 | $ | 21,752 | |||||||||
COMPENSATION_PLANS_Tables
COMPENSATION PLANS (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Summary of Non-Vested Restricted Common Stock Activity | ' | |||||||||||
A summary of activity relating to Intrepid’s non-vested restricted shares of common stock for the nine months ended September 30, 2014, is presented below. | ||||||||||||
Weighted Average | ||||||||||||
Shares | Grant-Date Fair Value | |||||||||||
Non-vested restricted shares of common stock, beginning of period | 352,050 | $ | 21.65 | |||||||||
Granted | 379,246 | $ | 14.47 | |||||||||
Vested | (131,838 | ) | $ | 23.16 | ||||||||
Forfeited | (115,228 | ) | $ | 17.42 | ||||||||
Non-vested restricted shares of common stock, end of period | 484,230 | $ | 16.62 | |||||||||
Summary of Stock Option Activity | ' | |||||||||||
A summary of Intrepid’s stock option activity for the nine months ended September 30, 2014, 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, end of period | 328,844 | $26.20 | $— | 4.1 | $13.09 | |||||||
Vested or expected to vest, end | ||||||||||||
of period | 328,844 | $26.20 | $— | 4.1 | $13.09 | |||||||
Exercisable non-qualified | ||||||||||||
stock options, end of period | 328,844 | $26.20 | $— | 4.1 | $13.09 | |||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Components of Income Tax (Benefit) Expense | ' | ||||||||||||||||
A summary of the provision for income taxes is as follows (in thousands): | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Current portion of income tax (benefit) expense | $ | — | $ | (1,123 | ) | $ | (1,108 | ) | $ | (780 | ) | ||||||
Deferred portion of income tax (benefit) expense | (3 | ) | 773 | (31 | ) | 16,299 | |||||||||||
Total income tax (benefit) expense | $ | (3 | ) | $ | (350 | ) | $ | (1,139 | ) | $ | 15,519 | ||||||
Effective tax rate | (0.3 | )% | (20.9 | )% | (40.3 | )% | 35.4 | % | |||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Rental and Lease Expense | ' | ||||
Rental and lease expenses follow for the indicated periods (in thousands): | |||||
2014 | |||||
For the three months ended September 30, 2014 | $ | 1,776 | |||
For the nine months ended September 30, 2014 | $ | 4,986 | |||
2013 | |||||
For the three months ended September 30, 2013 | $ | 1,091 | |||
For the nine months ended September 30, 2013 | $ | 3,115 | |||
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 September 30, 2014, and December 31, 2013 (in thousands): | |||||||||||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
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 as of September 30, 2014 | $ | — | $ | 3,020 | $ | — | |||||||||||
Corporate bonds as of December 31, 2013 | $ | — | $ | 22,459 | $ | — | |||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||
The carrying values and estimated fair values of our financial instruments as of September 30, 2014, and December 31, 2013, are as follows (in thousands): | |||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Long-term debt | $ | 150,000 | $ | 137,000 | $ | 150,000 | $ | 129,000 | |||||||||
COMPANY_BACKGROUND_Narrative_D
COMPANY BACKGROUND (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2014 | |
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 |
EARNINGS_PER_SHARE_Narrative_D
EARNINGS PER SHARE (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Restricted Stock | ' | ' | ' | ' |
Anti-dilutive weighted average non-vested shares | ' | ' | ' | ' |
Anti-dilutive weighted average non-vested shares (in shares) | 535,668 | 277,284 | 0 | 171,058 |
Stock Options | ' | ' | ' | ' |
Anti-dilutive weighted average non-vested shares | ' | ' | ' | ' |
Anti-dilutive weighted average non-vested shares (in shares) | 329,116 | 342,495 | 333,129 | 310,471 |
Performance Units | ' | ' | ' | ' |
Anti-dilutive weighted average non-vested shares | ' | ' | ' | ' |
Anti-dilutive weighted average non-vested shares (in shares) | 18,372 | 0 | 0 | 0 |
EARNINGS_PER_SHARE_Schedule_of
EARNINGS PER SHARE (Schedule of Calculation of Basic and Diluted Loss or Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net (loss) income | ($1,236) | $2,026 | $3,970 | $28,262 |
Basic weighted average common shares outstanding (in shares) | 75,528,235 | 75,394,377 | 75,496,365 | 75,372,879 |
Add: Dilutive effect of non-vested restricted common stock (in shares) | 0 | 10,000 | 102,000 | 19,000 |
Add: Dilutive effect of stock options outstanding (in shares) | 0 | 0 | 0 | 3,000 |
Add: Dilutive effect of performance units (in shares) | 0 | 0 | 13,000 | 0 |
Diluted weighted average common shares outstanding (in shares) | 75,528,235 | 75,404,138 | 75,611,070 | 75,394,731 |
(Loss) Earnings per share: | ' | ' | ' | ' |
Basic (in dollars per share) | ($0.02) | $0.03 | $0.05 | $0.37 |
Diluted (in dollars per share) | ($0.02) | $0.03 | $0.05 | $0.37 |
CASH_CASH_EQUIVALENTS_AND_INVE2
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Summary of Cash, Cash Equivalents, and Investments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Investment [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $70,833 | $394 | $10,446 | $33,619 |
Short-term investments | 3,019 | 15,214 | ' | ' |
Long-term investments | 1 | 9,505 | ' | ' |
Cash, cash equivalents, and investments | 73,853 | 25,113 | ' | ' |
Cash | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 35,233 | 18 | ' | ' |
Commercial paper and money market accounts | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 35,600 | 376 | ' | ' |
Corporate bonds | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Short-term investments | 2,019 | 12,954 | ' | ' |
Long-term investments | 1 | 9,505 | ' | ' |
Certificates of deposit and time deposits | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Short-term investments | $1,000 | $2,260 | ' | ' |
CASH_CASH_EQUIVALENTS_AND_INVE3
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Schedule of Available-for-Sale Investments) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Fair value of cash, cash equivalents, and investments | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $3,019 | $24,735 |
Available-for-sale Securities, Gross Unrealized Gains | 1 | 3 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | -19 |
Available-for-sale Securities, Fair Value Disclosure | 3,020 | 24,719 |
Corporate bonds | ' | ' |
Fair value of cash, cash equivalents, and investments | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 2,019 | 22,475 |
Available-for-sale Securities, Gross Unrealized Gains | 1 | 3 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | -19 |
Available-for-sale Securities, Fair Value Disclosure | 2,020 | 22,459 |
Certificates of deposit and time deposits | ' | ' |
Fair value of cash, cash equivalents, and investments | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 1,000 | 2,260 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | $1,000 | $2,260 |
CASH_CASH_EQUIVALENTS_AND_INVE4
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Cash and Cash Equivalents [Abstract] | ' | ' | ' | ' |
Available-for-sale Securities, Gross Realized Gains | $0 | $12,000 | $13,000 | $48,000 |
Available-for-sale Securities, Gross Realized Losses | $0 | $0 | $0 | $19,000 |
INVENTORY_AND_LONGTERM_PARTS_I2
INVENTORY AND LONG-TERM PARTS INVENTORY (Summary of Inventory) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods product inventory, net | $35,327 | $66,565 |
In-process mineral inventory | 21,901 | 17,841 |
Total product inventory, net | 57,228 | 84,406 |
Current parts inventory | 21,448 | 20,605 |
Total current inventory, net | 78,676 | 105,011 |
Long-term parts inventory | 15,248 | 12,469 |
Total inventory, net | $93,924 | $117,480 |
INVENTORY_AND_LONGTERM_PARTS_I3
INVENTORY AND LONG-TERM PARTS INVENTORY (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Inventory [Line Items] | ' | ' | ' | ' |
Lower-of-cost-or-market inventory adjustments | $3,403 | $2,080 | $8,110 | $2,092 |
HB Solar Solution Mine | ' | ' | ' | ' |
Inventory [Line Items] | ' | ' | ' | ' |
Lower-of-cost-or-market inventory adjustments | ' | ' | 4,005 | ' |
East Facility | ' | ' | ' | ' |
Inventory [Line Items] | ' | ' | ' | ' |
Lower-of-cost-or-market inventory adjustments | ' | ' | $3,822 | ' |
PROPERTY_PLANT_EQUIPMENT_AND_M2
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Schedule of Property, Plant, Equipment, and Mineral Properties) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, plant, equipment, and mineral properties | ' | ' |
Buildings and plant | $266,900 | $248,017 |
Machinery and equipment | 525,747 | 472,250 |
Vehicles | 13,735 | 13,455 |
Office equipment and improvements | 19,057 | 18,846 |
Ponds and land improvements | 74,023 | 74,166 |
Land | 908 | 498 |
Total depreciable assets | 900,370 | 827,232 |
Accumulated depreciation | -252,778 | -197,108 |
Total depreciable assets, net | 647,592 | 630,124 |
Mineral properties and development costs | 163,294 | 145,822 |
Accumulated depletion | -15,793 | -13,165 |
Total depletable assets, net | 147,501 | 132,657 |
Construction in progress | 4,002 | 63,788 |
Property, plant, equipment, and mineral properties, net | $799,095 | $826,569 |
PROPERTY_PLANT_EQUIPMENT_AND_M3
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Schedule of Depreciation, Depletion, and Accretion) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' |
Depreciation | $18,868 | $14,792 | $55,764 | $41,470 |
Depletion | 834 | 394 | 2,649 | 1,446 |
Accretion | 405 | 375 | 1,217 | 1,124 |
Total incurred | $20,107 | $15,561 | $59,630 | $44,040 |
DEBT_Narrative_Details
DEBT (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Debt | ' | ' | ' | ' |
Debt Instrument, Face Amount | $150,000,000 | $150,000,000 | $150,000,000 | $150,000,000 |
Proceeds from Notes Payable | ' | ' | ' | 149,300,000 |
Interest Costs Incurred | 1,700,000 | 1,700,000 | 5,000,000 | 3,300,000 |
Capitalized Interest | 0 | 1,400,000 | 400,000 | 2,600,000 |
Series A Senior Notes | ' | ' | ' | ' |
Debt | ' | ' | ' | ' |
Debt Instrument, Face Amount | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.23% | 3.23% | 3.23% | 3.23% |
Series B Senior Notes | ' | ' | ' | ' |
Debt | ' | ' | ' | ' |
Debt Instrument, Face Amount | 45,000,000 | 45,000,000 | 45,000,000 | 45,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.13% | 4.13% | 4.13% | 4.13% |
Series C Senior Notes | ' | ' | ' | ' |
Debt | ' | ' | ' | ' |
Debt Instrument, Face Amount | 45,000,000 | 45,000,000 | 45,000,000 | 45,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.28% | 4.28% | 4.28% | 4.28% |
Unsecured credit facility | ' | ' | ' | ' |
Debt | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 |
Maximum allowable leverage ratio | ' | ' | '3.5 | ' |
Minimum allowable fixed charge coverage ratio | ' | ' | '1.3 | ' |
Line of Credit Facility, Current Borrowing Capacity | 148,000,000 | ' | 148,000,000 | ' |
Line of Credit Facility, Borrowings | 0 | 0 | 12,000,000 | 0 |
Line of Credit Facility, Repayments | $0 | $0 | $12,000,000 | $0 |
ASSET_RETIREMENT_OBLIGATION_Na
ASSET RETIREMENT OBLIGATION (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Asset Retirement Obligation Disclosure [Abstract] | ' | ' |
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% | ' |
Asset retirement obligation, current | $1.10 | $1.10 |
Undiscounted amount of asset retirement obligation | $54.80 | ' |
ASSET_RETIREMENT_OBLIGATION_Sc
ASSET RETIREMENT OBLIGATION (Schedule of Changes to Asset Retirement Obligation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' | ' |
Asset retirement obligation, at beginning of period | $21,737 | $21,532 | $21,047 | $20,579 |
Liabilities settled | -3 | -174 | -125 | -302 |
Liabilities incurred | 0 | 19 | 0 | 351 |
Accretion of discount | 405 | 375 | 1,217 | 1,124 |
Total asset retirement obligation, at end of period | $22,139 | $21,752 | $22,139 | $21,752 |
COMPENSATION_PLANS_Narrative_D
COMPENSATION PLANS (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Restricted Stock | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Outstanding non-vested equity-based awards, end of period (in shares) | 484,230 | ' | 484,230 | ' | 352,050 |
Period over which grants vest (in years) | ' | ' | '3 years | ' | ' |
Allocated Share-based Compensation Expense | $700,000 | $900,000 | $2,600,000 | $2,600,000 | ' |
Total unrecognized compensation expense | 5,700,000 | ' | 5,700,000 | ' | ' |
Performance Units | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Outstanding non-vested equity-based awards, end of period (in shares) | 15,522 | ' | 15,522 | ' | ' |
Period over which grants vest (in years) | ' | ' | '3 years | ' | ' |
Allocated Share-based Compensation Expense | 0 | 200,000 | 100,000 | 500,000 | ' |
Stock Options | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Outstanding non-qualified stock options, end of period (in shares) | 328,844 | ' | 328,844 | ' | ' |
Period over which grants vest (in years) | ' | ' | '3 years | ' | ' |
Allocated Share-based Compensation Expense | $0 | $100,000 | $100,000 | $500,000 | ' |
Common Stock Awards | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Common stock available for issuance under the Plan (in shares) | 3,500,000 | ' | 3,500,000 | ' | ' |
Restricted Stock Awards, Granted To Newly Hired Employees | Minimum | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Period over which grants vest (in years) | ' | ' | '1 year | ' | ' |
Restricted Stock Awards, Granted To Newly Hired Employees | Maximum | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Period over which grants vest (in years) | ' | ' | '4 years | ' | ' |
COMPENSATION_PLANS_Summary_of_
COMPENSATION PLANS (Summary of Non-Vested Restricted Common Stock Activity) (Details) (Restricted Stock, USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $700,000 | $900,000 | $2,600,000 | $2,600,000 |
Shares | ' | ' | ' | ' |
Non-vested restricted shares of common stock, beginning of period (in shares) | ' | ' | 352,050 | ' |
Granted (in shares) | ' | ' | 379,246 | ' |
Vested (in shares) | ' | ' | -131,838 | ' |
Forfeited (in shares) | ' | ' | -115,228 | ' |
Non-vested restricted shares of common stock, end of period (in shares) | 484,230 | ' | 484,230 | ' |
Weighted Average Grant-Date Fair Value | ' | ' | ' | ' |
Non-vested restricted shares of common stock, beginning of period (in dollars per share) | ' | ' | $21.65 | ' |
Granted (in dollars per share) | ' | ' | $14.47 | ' |
Vested (in dollars per share) | ' | ' | $23.16 | ' |
Forfeited (in dollars per share) | ' | ' | $17.42 | ' |
Non-vested restricted shares of common stock, end of period (in dollars per share) | $16.62 | ' | $16.62 | ' |
COMPENSATION_PLANS_Summary_of_1
COMPENSATION PLANS (Summary of Stock Option Activity) (Details) (Stock Options, USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Stock Options | ' | ' | ' | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $0 | $100,000 | $100,000 | $500,000 |
Stock Option Activity, Number of Shares | ' | ' | ' | ' |
Outstanding non-qualified stock options, end of period (in shares) | 328,844 | ' | 328,844 | ' |
Vested or expected to vest, end of period (in shares) | 328,844 | ' | 328,844 | ' |
Exercisable non-qualified stock options, end of period (in shares) | 328,844 | ' | 328,844 | ' |
Stock Options, Weighted Average Exercise Price | ' | ' | ' | ' |
Outstanding non-qualified stock options, end of period (in dollars per share) | $26.20 | ' | $26.20 | ' |
Vested or expected to vest, end of period (in dollars per share) | $26.20 | ' | $26.20 | ' |
Exercisable non-qualified stock options, end of period (in dollars per share) | $26.20 | ' | $26.20 | ' |
Stock Options, Aggregate Intrinsic Value | ' | ' | ' | ' |
Outstanding non-qualified stock options, end of period (in shares) | 0 | ' | 0 | ' |
Vested or expected to vest, end of period (in shares) | 0 | ' | 0 | ' |
Exercisable non-qualified stock options, end of period (in shares) | $0 | ' | $0 | ' |
Stock Options, Weighted Average Remaining Contractual Life | ' | ' | ' | ' |
Outstanding non-qualified stock options, end of period (in years) | ' | ' | '4 years 1 month 13 days | ' |
Vested or expected to vest, end of period (in years) | ' | ' | '4 years 1 month 13 days | ' |
Exercisable non-qualified stock options, end of period (in years) | ' | ' | '4 years 1 month 13 days | ' |
Stock Options, Weighted Average Grant Date Fair Value | ' | ' | ' | ' |
Outstanding non-qualified stock options, end of period (in dollars per share) | $13.09 | ' | $13.09 | ' |
Vested or expected to vest, end of period (in dollars per share) | ' | ' | $13.09 | ' |
Exercisable non-qualified stock options, end of period (in dollars per share) | ' | ' | $13.09 | ' |
INCOME_TAXES_Narrative_Details
INCOME TAXES (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Deferred Tax Asset, Decrease Resulting From Change In Enacted Tax Rate | $0.70 | ' | ' | $1.30 |
Effective tax rate | -0.30% | -20.90% | -40.30% | 35.40% |
Deferred Tax Assets, Valuation Allowance | ' | ' | $1.70 | ' |
INCOME_TAXES_Schedule_of_Compo
INCOME TAXES (Schedule of Components of Income Tax (Benefit) Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Current portion of income tax (benefit) expense | $0 | ($1,123) | ($1,108) | ($780) |
Deferred portion of income tax (benefit) expense | -3 | 773 | -31 | 16,299 |
Total income tax (benefit) expense | ($3) | ($350) | ($1,139) | $15,519 |
Effective tax rate | -0.30% | -20.90% | -40.30% | 35.40% |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Marketing Agreements | ' | ' | ' | ' |
Period of cancellation of marketing agreement by way of written notice | ' | ' | '30 days | ' |
Reclamation Deposits and Surety Bonds | ' | ' | ' | ' |
Security placed with the State of Utah and BLM | ' | ' | $17.30 | ' |
Long-term restricted cash deposits | ' | ' | 0.5 | ' |
Surety bonds issued by an insurer | ' | ' | 16.8 | ' |
New Mexico Employment Credits | ' | ' | ' | ' |
Tax Credit Receivable | ' | 5.9 | ' | ' |
Tax Credits Received | 5.9 | ' | ' | ' |
Other Cost and Expense, Operating | ' | 2.6 | ' | ' |
Other Receivables | ' | ' | 3.3 | ' |
Allowance for doubtful other receivables, current | ' | ' | $2.10 | $2.80 |
Future Operating Lease Commitments | ' | ' | ' | ' |
Operating Lease, Contract Term, Maximum (in years) | ' | ' | '20 years | ' |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Schedule of Rental and Lease Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Rental and lease expenses | $1,776 | $1,091 | $4,986 | $3,115 |
FAIR_VALUE_Schedule_of_Assets_
FAIR VALUE (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ' | ' |
Investments | ' | ' |
Corporate bonds | $0 | $0 |
Significant Observable Inputs (Level 2) | ' | ' |
Investments | ' | ' |
Corporate bonds | 3,020 | 22,459 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Investments | ' | ' |
Corporate bonds | $0 | $0 |
FAIR_VALUE_Fair_Value_by_Balan
FAIR VALUE (Fair Value, by Balance Sheet Groupings) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | $150,000 | $150,000 |
Long-term debt, fair value | $137,000 | $129,000 |
EMPLOYEE_BENEFITS_Narrative_De
EMPLOYEE BENEFITS (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Defined Benefit Plan, Contributions by Employer | $2 | ' |
Defined Benefit Plan, Settlements, Benefit Obligation | ' | $1.90 |
RESTRUCTURING_CHARGE_Narrative
RESTRUCTURING CHARGE (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring Charge [Abstract] | ' | ' | ' | ' |
Restructuring charge, percentage of eliminated positions | ' | ' | 7.00% | ' |
Restructuring charge | $0 | $0 | $1,827 | $0 |
RECOGNITION_OF_COMPENSATING_TA1
RECOGNITION OF COMPENSATING TAX REFUND (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Other Income and Expenses [Abstract] | ' |
COMPENSATING TAX REFUND | $1.70 |