Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Intrepid Potash, Inc. | ||
Entity Central Index Key | 1421461 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $928,969,308 | ||
Entity Common Stock, Shares Outstanding | 75,998,708 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $67,589 | $394 |
Short-term investments | 10,434 | 15,214 |
Accounts receivable: | ||
Trade, net | 28,561 | 20,837 |
Other receivables, net | 3,600 | 7,457 |
Refundable income taxes | 114 | 15,722 |
Inventory, net | 84,094 | 105,011 |
Prepaid expenses and other current assets | 4,739 | 5,653 |
Current deferred tax asset, net | 3,356 | 8,341 |
Total current assets | 202,487 | 178,629 |
Property, plant, equipment, and mineral properties, net | 785,250 | 826,569 |
Long-term parts inventory, net | 16,366 | 12,469 |
Long-term investments | 11,856 | 9,505 |
Other assets, net | 4,035 | 4,252 |
Non-current deferred tax asset, net | 146,725 | 143,849 |
Total Assets | 1,166,719 | 1,175,273 |
Accounts payable: | ||
Trade | 19,953 | 27,552 |
Related parties | 55 | 50 |
Accrued liabilities | 12,483 | 29,845 |
Accrued employee compensation and benefits | 12,069 | 9,122 |
Other current liabilities | 2,075 | 2,059 |
Total current liabilities | 46,635 | 68,628 |
Long-term debt | 150,000 | 150,000 |
Asset retirement obligation | 20,389 | 19,959 |
Other non-current liabilities | 2,410 | 2,715 |
Total Liabilities | 219,434 | 241,302 |
Commitments and Contingencies | ||
Common stock, $0.001 par value; 100,000,000 shares authorized; and 75,536,741 and 75,405,410 shares outstanding at December 31, 2014, and 2013, respectively | 76 | 75 |
Additional paid-in capital | 576,186 | 572,616 |
Accumulated other comprehensive loss | -28 | -10 |
Retained earnings | 371,051 | 361,290 |
Total Stockholders' Equity | 947,285 | 933,971 |
Total Liabilities and Stockholders' Equity | $1,166,719 | $1,175,273 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 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 | 75,536,741 | 75,405,410 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Sales | $410,389 | $336,312 | $451,316 |
Less: | |||
Freight costs | 43,223 | 28,856 | 29,164 |
Warehousing and handling costs | 13,062 | 13,027 | 14,966 |
Cost of goods sold | 303,914 | 212,864 | 236,480 |
Lower of cost or market inventory adjustments | 8,186 | 3,650 | 568 |
Gross Margin | 42,004 | 77,915 | 170,138 |
Selling and administrative | 27,223 | 33,768 | 33,750 |
Accretion of asset retirement obligation | 1,623 | 1,499 | 724 |
Restructuring expense | 1,827 | 0 | 0 |
Other operating (income) expense | -4,449 | 1,806 | 263 |
Operating Income | 15,780 | 40,842 | 135,401 |
Other Income (Expense) | |||
Interest expense, net | -6,232 | -1,531 | -905 |
Interest income | 186 | 524 | 1,843 |
Other income (expense) | 1,077 | -1,742 | 588 |
Income Before Income Taxes | 10,811 | 38,093 | 136,927 |
Income Tax Expense | -1,050 | -15,818 | -49,484 |
Net Income | $9,761 | $22,275 | $87,443 |
Weighted Average Shares Outstanding: | |||
Basic (in shares) | 75,504,677 | 75,378,655 | 75,276,609 |
Diluted (in shares) | 75,630,323 | 75,406,727 | 75,336,982 |
Earnings Per Share: | |||
Basic (in dollars per share) | $0.13 | $0.30 | $1.16 |
Diluted (in dollars per share) | $0.13 | $0.30 | $1.16 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $9,761 | $22,275 | $87,443 |
Pension liability adjustment (net of tax effect of $0, ($1,115), and $177, respectively) | 0 | 1,700 | -269 |
Unrealized (loss) gain on investments available for sale, (net of tax effect of $13, ($12), and $18, respectively) | -18 | 19 | -29 |
Other Comprehensive (Loss) Income | -18 | 1,719 | -298 |
Comprehensive Income | $9,743 | $23,994 | $87,145 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized (Gain) Loss Arising During Period, Tax | $0 | ($1,115) | $117 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $13 | ($12) | $18 |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Dec. 31, 2011 | $871,133 | $75 | $564,285 | ($1,431) | $308,204 |
Balance (in shares) at Dec. 31, 2011 | 75,207,533 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Pension liability adjustment | -269 | -269 | |||
Unrealized loss on investments available for sale | -29 | -29 | |||
Net income | 87,443 | 87,443 | |||
Stock-based compensation | 5,116 | 5,116 | |||
Stock-based compensation (in shares) | 0 | ||||
Issuance of common stock upon exercise of stock options | 34 | 34 | |||
Issuance of common stock upon exercise of stock options (in shares) | 1,649 | ||||
Change in excess income tax benefit from stock-based compensation | -182 | -182 | |||
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting | -878 | -878 | |||
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting (in shares) | 103,623 | ||||
Common stock cash dividend ($0.75 per share) | -56,632 | -56,632 | |||
Balance at Dec. 31, 2012 | 905,736 | 75 | 568,375 | -1,729 | 339,015 |
Balance (in shares) at Dec. 31, 2012 | 75,312,805 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Pension liability adjustment | 1,700 | 1,700 | |||
Unrealized loss on investments available for sale | 19 | 19 | |||
Net income | 22,275 | 22,275 | |||
Stock-based compensation | 5,123 | 5,123 | |||
Change in excess income tax benefit from stock-based compensation | -230 | -230 | |||
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting | -652 | -652 | |||
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting (in shares) | 92,605 | ||||
Balance at Dec. 31, 2013 | 933,971 | 75 | 572,616 | -10 | 361,290 |
Balance (in shares) at Dec. 31, 2013 | 75,405,410 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Pension liability adjustment | 0 | ||||
Unrealized loss on investments available for sale | -18 | -18 | |||
Net income | 9,761 | 9,761 | |||
Stock-based compensation | 4,237 | 4,237 | |||
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting | -666 | 1 | -667 | ||
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting (in shares) | 131,331 | ||||
Balance at Dec. 31, 2014 | $947,285 | $76 | $576,186 | ($28) | $371,051 |
Balance (in shares) at Dec. 31, 2014 | 75,536,741 |
CONSOLIDATED_STATEMENT_OF_STOC1
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock, Dividends, Per Share, Declared | $0 | $0 | $0.75 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of net income to net cash provided by operating activities: | |||
Net income | $9,761 | $22,275 | $87,443 |
Deferred income taxes | 2,121 | 30,092 | 38,011 |
Items not affecting cash: | |||
Depreciation, depletion, and accretion | 80,560 | 61,303 | 47,599 |
Stock-based compensation | 4,237 | 5,123 | 5,116 |
Loss on settlement of pension liabilities | 0 | 1,872 | 0 |
Unrealized derivative gain | 0 | 0 | -1,049 |
Lower of cost or market inventory adjustments | 8,186 | 3,650 | 568 |
Other | 326 | 2,522 | 3,259 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable, net | -7,724 | 10,671 | -2,204 |
Other receivables, net | 3,857 | 1,668 | -2,223 |
Refundable income taxes | 15,609 | -12,417 | 1,187 |
Inventory, net | 8,834 | -57,647 | 1,464 |
Prepaid expenses and other assets | 714 | -150 | -378 |
Accounts payable, accrued liabilities and accrued employee compensation and benefits | 1,978 | -2,752 | 7,324 |
Other liabilities | -973 | -1,312 | 1,717 |
Net cash provided by operating activities | 127,486 | 64,898 | 187,834 |
Cash Flows from Investing Activities: | |||
Additions to property, plant, equipment, and mineral properties | -61,770 | -250,485 | -246,406 |
Proceeds from sale of property, plant, equipment, and mineral properties | 17 | 6,088 | 2 |
Purchases of investments | -20,197 | -80,235 | -85,359 |
Proceeds from investments | 22,326 | 78,193 | 161,580 |
Net cash used in investing activities | -59,624 | -246,439 | -170,183 |
Cash Flows from Financing Activities: | |||
Proceeds from long-term debt | 0 | 150,000 | 0 |
Cash paid for common stock dividend | 0 | 0 | -56,474 |
Debt issuance costs | 0 | -1,032 | -141 |
Employee tax withholding paid for restricted stock upon vesting | -667 | -652 | -878 |
Excess income tax benefit from stock-based compensation | 0 | 0 | 55 |
Proceeds from exercise of stock options | 0 | 0 | 34 |
Net cash (used in) provided by financing activities | -667 | 148,316 | -57,404 |
Net Change in Cash and Cash Equivalents | 67,195 | -33,225 | -39,753 |
Cash and Cash Equivalents, beginning of period | 394 | 33,619 | 73,372 |
Cash and Cash Equivalents, end of period | 67,589 | 394 | 33,619 |
Cash paid (received) during the period for: | |||
Interest, net of $0.4 million, $2.6 million, and $0 million, of capitalized interest, including settlements on derivatives | 5,809 | 772 | 1,840 |
Income taxes | -16,510 | 25 | 8,379 |
Accrued purchases for property, plant, equipment, mineral properties, and development costs | $4,945 | $29,692 | $25,204 |
COMPANY_BACKGROUND
COMPANY BACKGROUND | 12 Months Ended |
Dec. 31, 2014 | |
Company Background Disclosure [Abstract] | |
COMPANY BACKGROUND | COMPANY BACKGROUND |
We are the only producer of muriate of potash (“potassium chloride” or “potash”) in the United States and are one of two producers of langbeinite (“sulfate of potash magnesia”). Langbeinite, which is marketed for sale as Trio®, is a low-chloride potassium fertilizer with the additional benefits of sulfate and magnesium. We sell potash and Trio® primarily into the agricultural market as a fertilizer. We also sell these products into the animal feed market as a nutritional supplement and sell potash into the industrial market as a component in drilling and fracturing fluids for oil and gas wells and other industrial inputs. In addition, we sell by-products including salt and magnesium chloride. | |
We own three solution mining facilities and two conventional underground facilities that we utilize for producing potash. Our solution mining production comes from our HB solar solution mine near Carlsbad, New Mexico, a solar solution mine near Moab, Utah and a solar evaporation shallow brine mine in Wendover, Utah. Our conventional production comes from our underground West and East mines near Carlsbad, New Mexico. We also operate the North compaction facility near Carlsbad, New Mexico, which services the West and HB mines. Trio® production comes from underground conventional mining of a mixed ore body that contains both potash and langbeinite, which is mined and processed at the East facility near Carlsbad, New Mexico. We manage sales and marketing operations centrally. This allows us to evaluate the product needs of our customers and then centrally determine which of our production facilities to use to fill customers’ orders in a manner designed to realize the highest average net realized sales price per ton. We calculate 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. We also monitor product inventory levels and overall production costs centrally. We have one reporting segment being the extraction, production, and sale of potassium-related products. Our extraction and production operations are conducted entirely in the continental United States. |
RESTRUCTURING_CHARGE
RESTRUCTURING CHARGE | 12 Months Ended |
Dec. 31, 2014 | |
Restructuring Charge [Abstract] | |
Restructuring and Related Costs [Table Text Block] | RESTRUCTURING EXPENSE |
In January 2014, in response to declining potash prices and completion of our major capital projects, we 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. For the year ended December 31, 2014, we recognized a restructuring expense of $1.8 million, which is comprised primarily of severance-related payments. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Principles of Consolidation—Our consolidated financial statements include our accounts and those of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. On the consolidated balance sheet, we combined property, plant and equipment, net of accumulated depreciation, with mineral properties and development costs, net of depletion, as of December 31, 2013, to conform to the current year presentation. | |
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. We base our 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 our 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. We quote prices to customers both on a delivered basis and on the basis of pick-up at our plants and warehouses. When a sale occurs on a delivered basis, we incur and, in turn, bill the customer and record 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, we record the sale of by-products as a credit to cost of goods sold. | |
Inventory and Long-Term Parts Inventory—Inventory consists of product and by-product stocks that are ready for sale; mined ore; potash in evaporation ponds, which is considered work-in-process; and parts and supplies inventory. Product and by-product inventory cost is determined using the lower of weighted average cost or estimated net realizable value and includes direct costs, maintenance, operational overhead, depreciation, depletion, and equipment lease costs applicable to the production process. Direct costs, maintenance, and operational overhead include labor and associated benefits. | |
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—We evaluate our 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 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 our mineral leases, including royalty provisions, are subject to periodic readjustment by the state and federal government, which could affect the economics of our reserve estimates. Significant changes in the estimated reserves could have a material impact on our 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 our facilities are considered part of production costs and are absorbed into inventory in the period incurred. | |
Leases—Upon entering into leases, we evaluate 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—We are a subchapter C corporation and, therefore, are subject to U.S. federal and state income taxes. We recognize 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. We record a valuation allowance if it is deemed more likely than not that our 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—Our short-term and long-term investments consist of certificates of deposit with various banking institutions, municipal tax-exempt and corporate taxable bonds, which have been classified as available-for-sale securities. Short-term investments on the consolidated balance sheets have remaining maturities to us of less than or equal to one year and investments classified as long-term on the consolidated balance sheets have remaining maturities to us of 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" on the consolidated balance sheets. Fair value is assessed using a market‑based approach. | |
Fair Value of Financial Instruments—Our financial instruments include cash and cash equivalents, short-term and long-term investments, restricted cash, accounts receivable, refundable income taxes, and accounts payable. The non-investment 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 our unsecured credit facility, any borrowings that become outstanding would bear interest at a floating rate and therefore be recorded at their estimated fair value. | |
Earnings per Share—Basic net income per common share of stock is calculated by dividing net income available to common stockholders by the weighted average basic common shares outstanding for the respective period. | |
Diluted net income per common share of stock is calculated by dividing net income by the weighted average diluted common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted earnings per share calculation consist of awards of non-vested restricted shares of common stock, non-vested performance units, and non-qualified stock options. The dilutive effect of stock based compensation arrangements are computed using the treasury stock method. Following the lapse of the vesting period of restricted shares of common stock, the shares are considered issued and therefore are included in the number of issued and outstanding shares for purposes of these calculations. | |
Stock‑Based Compensation—We account for stock-based compensation by recording expense using the fair value of the awards at the time of grant. We have recorded compensation expense associated with the issuance of non-vested restricted shares of common stock, non-vested performance units, and non-qualified stock options, all of which are subject to service conditions. The expense associated with such awards is recognized over the service period associated with each grant. | |
Pronouncements Issued But Not Yet Adopted | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which requires revenue to be recognized based on the amount an entity is expected to be entitled to for promised goods or services provided to customers. The standard also requires expanded disclosures regarding contracts with customers. The guidance in this standard supersedes the revenue recognition requirements in Topic 605, "Revenue Recognition", and most industry-specific guidance. This guidance is effective for us beginning January 1, 2017, with retrospective application required, subject to certain practical expedients. We are currently evaluating the requirements of this standard, and have not yet determined the impact on our results of operations or financial position. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE | ||||||||||||
Potentially dilutive securities, including stock options, non-vested restricted common stock and performance units, are excluded from the diluted weighted average shares outstanding computation in periods in which they have an anti-dilutive effect, such as when there is a net loss. The treasury stock method is used to measure the dilutive impact of non-vested restricted common stock, stock options outstanding, and non-vested performance units. For the years ended December 31, 2014, 2013, and 2012, zero, 142,968 and 116,138 non-vested weighted average shares of restricted common stock and 331,571, 317,433 and 192,258 weighted average stock options outstanding, respectively, were anti-dilutive and therefore were not included in the diluted weighted average common shares outstanding calculation. For the years ended December 31, 2014, 2013, and 2012, zero, zero, and 518 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 common shares outstanding calculation. The following table sets forth the calculation of basic and diluted earnings per share (in thousands, except per share amounts): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 9,761 | $ | 22,275 | $ | 87,443 | |||||||
Basic weighted average common shares outstanding | 75,505 | 75,379 | 75,277 | ||||||||||
Add: Dilutive effect of non-vested restricted common stock | 115 | 21 | 46 | ||||||||||
Add: Dilutive effect of stock options outstanding | — | 2 | 13 | ||||||||||
Add: Dilutive effect of non-vested performance units | 10 | 5 | 1 | ||||||||||
Diluted weighted average common shares outstanding | 75,630 | 75,407 | 75,337 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 0.13 | $ | 0.3 | $ | 1.16 | |||||||
Diluted | $ | 0.13 | $ | 0.3 | $ | 1.16 | |||||||
CASH_CASH_EQUIVALENTS_AND_INVE
CASH, CASH EQUIVALENTS, AND INVESTMENTS | 12 Months Ended | |||||||||||||||
Dec. 31, 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 our cash and investments held in our portfolio, recorded as cash and cash equivalents or short-term or long-term investments as of December 31, 2014, and 2013 (in thousands): | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Cash | $ | 16,506 | $ | 18 | ||||||||||||
Commercial paper and money market accounts | 51,083 | 376 | ||||||||||||||
Total cash and cash equivalents | $ | 67,589 | $ | 394 | ||||||||||||
Corporate bonds | $ | 9,432 | $ | 12,954 | ||||||||||||
Certificates of deposit and time deposits | 1,002 | 2,260 | ||||||||||||||
Total short-term investments | $ | 10,434 | $ | 15,214 | ||||||||||||
Corporate bonds | $ | 11,856 | $ | 9,505 | ||||||||||||
Total long-term investments | $ | 11,856 | $ | 9,505 | ||||||||||||
Total cash, cash equivalents, and investments | $ | 89,879 | $ | 25,113 | ||||||||||||
The following table summarizes the cost basis, unrealized gains and losses, and fair value of our available-for-sale investments held in our portfolio as of December 31, 2014, and 2013 (in thousands): | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
Unrealized | ||||||||||||||||
Cost Basis | Gain | Loss | Fair Value | |||||||||||||
Corporate bonds | $ | 21,335 | $ | 1 | $ | (48 | ) | $ | 21,288 | |||||||
Certificates of deposit and time deposits | 1,002 | — | — | 1,002 | ||||||||||||
Total available-for-sale securities | $ | 22,337 | $ | 1 | $ | (48 | ) | $ | 22,290 | |||||||
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 years ended December 31, 2014, 2013, and 2012, we recognized gross realized gains of approximately $13,000, $53,000, and $128,000, respectively on the sale of investments classified as available-for-sale. For the years ended December 31, 2014, 2013 and 2012, we recognized gross realized losses of approximately, $1,000, $21,000 and zero, respectively, on investments classified as available-for-sale. |
INVENTORY_AND_LONGTERM_PARTS_I
INVENTORY AND LONG-TERM PARTS INVENTORY | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
INVENTORY AND LONG-TERM PARTS INVENTORY | INVENTORY AND LONG-TERM PARTS INVENTORY | ||||||||
The following summarizes our inventory, recorded at the lower of weighted average cost or estimated net realizable value as of December 31, 2014, and 2013, respectively (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Finished goods product inventory | $ | 44,137 | $ | 66,565 | |||||
In-process mineral inventory | 19,584 | 17,841 | |||||||
Total product inventory | 63,721 | 84,406 | |||||||
Current parts inventory | 20,373 | 20,605 | |||||||
Total current inventory | 84,094 | 105,011 | |||||||
Long-term parts inventory | 16,366 | 12,469 | |||||||
Total inventory, net | $ | 100,460 | $ | 117,480 | |||||
Parts inventories are shown net of any required allowances. During the years ended December 31, 2014, 2013, and 2012, we recorded charges of approximately $8.2 million, $3.7 million, and $0.6 million, respectively, as a result of routine assessments of the lower of weighted average cost or estimated net realizable value on our finished goods product inventory. |
PROPERTY_PLANT_EQUIPMENT_AND_M
PROPERTY, PLANT, EQUIPMENT AND MINERAL PROPERTIES | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
PROPERTY, PLANT, EQUIPMENT AND MINERAL PROPERTIES | PROPERTY, PLANT, EQUIPMENT AND MINERAL PROPERTIES | ||||||||||||
“Property, plant, and equipment and mineral properties, net" were comprised of the following (in thousands): | |||||||||||||
December 31, | Range of useful | ||||||||||||
lives (years) | |||||||||||||
2014 | 2013 | Lower Limit | Upper Limit | ||||||||||
Buildings and plant | $ | 268,032 | $ | 248,017 | 2 | 25 | |||||||
Machinery and equipment | 529,358 | 472,250 | 2 | 25 | |||||||||
Vehicles | 13,799 | 13,455 | 3 | 7 | |||||||||
Office equipment and improvements | 19,260 | 18,846 | 2 | 20 | |||||||||
Ponds and land improvements | 73,933 | 74,166 | 5 | 25 | |||||||||
Total depreciable assets | 904,382 | 826,734 | |||||||||||
Accumulated depreciation | $ | (271,294 | ) | $ | (197,108 | ) | |||||||
Total depreciable assets, net | $ | 633,088 | $ | 629,626 | |||||||||
Mineral properties and development costs | 163,197 | 145,822 | 10 | 25 | |||||||||
Accumulated depletion | (17,544 | ) | (13,165 | ) | |||||||||
Total depletable assets, net | 145,653 | 132,657 | |||||||||||
Land | $ | 909 | $ | 498 | |||||||||
Construction in progress | 5,600 | 63,788 | |||||||||||
Total property, plant, equipment, and mineral properties, net | $ | 785,250 | $ | 826,569 | |||||||||
We incurred the following expenses for depreciation, depletion, and accretion, including expenses capitalized into inventory, for the following periods (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Depreciation | $ | 74,534 | $ | 57,670 | $ | 45,559 | |||||||
Depletion | 4,403 | 2,134 | 1,316 | ||||||||||
Accretion | 1,623 | 1,499 | 724 | ||||||||||
Total incurred | $ | 80,560 | $ | 61,303 | $ | 47,599 | |||||||
ACCRUED_LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accrued Liabilities [Abstract] | |||||||||
Accrued Liabilities | ACCRUED LIABILITIES | ||||||||
The components of "Accrued Liabilities" as of December 31, 2014, and 2013 were as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Accrued construction in progress | $ | 1,997 | $ | 21,152 | |||||
Accrued property taxes | 2,642 | 1,714 | |||||||
Accrued utilities | 2,207 | 1,868 | |||||||
Other accrued liabilities | 5,637 | 5,111 | |||||||
Total Accrued Liabilities | $ | 12,483 | $ | 29,845 | |||||
DEBT
DEBT | 12 Months Ended | |
Dec. 31, 2014 | ||
Debt Disclosure [Abstract] | ||
DEBT | DEBT | |
Unsecured Credit Facility—We have 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 us is limited by our leverage ratio, which may not exceed 3.5, and our fixed charge coverage ratio, which may not be below 1.3. As of December 31, 2014, $211 million of the facility was available to us 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 our material subsidiaries. The facility has a maturity date of August 2018. As of December 31, 2014, and 2013, there were no amounts outstanding under the facility. During 2014, we borrowed and repaid $17 million under the demand portion of the credit facility for near-term working capital needs. We were in compliance with the covenants under the credit facility as of December 31, 2014. | ||
Unsecured Senior Notes—In April 2013, we issued $150 million aggregate principal amount of unsecured senior notes ("the Notes") pursuant to a note purchase agreement entered into in August 2012. We 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 and rank equally in right of payment with any other unsubordinated unsecured indebtedness of ours. 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 our material subsidiaries. | ||
We were in compliance with the covenants under the Notes as of December 31, 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. We incurred gross interest expense for the years ended December 31, 2014, 2013, and 2012 of $6.7 million, $4.9 million, and $0.9 million, respectively. We capitalized $0.5 million, and $3.4 million of interest during the years ended December 31, 2014, and 2013, respectively. We had no capitalized interest in 2012. |
ASSET_RETIREMENT_OBLIGATION
ASSET RETIREMENT OBLIGATION | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||
ASSET RETIREMENT OBLIGATION | ASSET RETIREMENT OBLIGATION | ||||||||||||
We recognize an estimated liability for future costs associated with the abandonment and reclamation of our 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. | |||||||||||||
Our 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 our 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 our asset retirement obligations for the following periods (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Asset retirement obligation, at beginning of period | $ | 21,047 | $ | 20,579 | $ | 9,708 | |||||||
Liabilities settled | (125 | ) | (571 | ) | (173 | ) | |||||||
Liabilities incurred | 69 | 351 | 2,114 | ||||||||||
Changes in estimated obligations | (577 | ) | (811 | ) | 8,206 | ||||||||
Accretion of discount | 1,623 | 1,499 | 724 | ||||||||||
Total asset retirement obligation, at end of period | $ | 22,037 | $ | 21,047 | $ | 20,579 | |||||||
The current portion of asset retirement obligations of $1.6 million and $1.1 million was included in "Other" current liabilities on the consolidated balance sheets as of December 31, 2014, and 2013, respectively. The undiscounted amount of asset retirement obligation is $57.6 million as of December 31, 2014, of which we estimate approximately $7.8 million in payments may occur in the next five years. |
COMPENSATION_PLANS
COMPENSATION PLANS | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
COMPENSATION PLANS | COMPENSATION PLANS | |||||||||||
Cash Bonus Plan—We have 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 our performance in certain production, operational, financial, and other areas, as well as the participants’ individual performance. We accrue cash bonus expense related to the current year’s performance. | ||||||||||||
Equity Incentive Compensation Plan—Our 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"). We have issued common stock, restricted shares of common stock, performance units, and non-qualified stock option awards under the Plan. As of December 31, 2014, the following awards were outstanding under the plan: 464,769 shares of non-vested restricted shares of common stock; non-vested performance units representing 15,522 shares of common stock; and options to purchase 326,375 shares of common stock. As of December 31, 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 our annual stockholders’ meeting for the following year. During the years ended December 31, 2014, 2013 and 2012, the Compensation Committee approved awards of 21,144, 17,680 and 14,812 shares of common stock, respectively. These shares of common stock were granted without restrictions and vested immediately. | ||||||||||||
Non-vested Restricted Shares of Common Stock—Under the Plan, grants of non-vested restricted shares of common stock have been awarded to executive officers, other key employees, and consultants. The awards contain service conditions associated with continued employment or service. 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 our 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, we use the fair value of the award, determined as the closing stock price for our common stock on the grant date. Compensation expense is recorded monthly over the vesting period of the award using the straight line method. Total compensation expense related to the non-vested restricted shares of common stock awards was $3.6 million, $3.5 million and $3.2 million, for the years ended December 31, 2014, 2013, and 2012, respectively. These amounts are net of estimated forfeiture adjustments. As of December 31, 2014, there was $4.7 million of total remaining unrecognized compensation expense related to non-vested restricted common stock awards that will be expensed through 2017. | ||||||||||||
A summary of activity relating to our non-vested restricted common stock for the year ended December 31, 2014, is presented below. | ||||||||||||
Weighted Average | ||||||||||||
Grant-Date | ||||||||||||
Shares | Fair Value | |||||||||||
Non-vested restricted shares of common stock, beginning of period | 352,050 | $ | 21.65 | |||||||||
Granted | 379,246 | $ | 14.47 | |||||||||
Vested | (144,335 | ) | $ | 23.01 | ||||||||
Forfeited | (122,192 | ) | $ | 17.41 | ||||||||
Non-vested restricted shares of common stock, end of period | 464,769 | $ | 16.49 | |||||||||
Performance Units—In 2012 and 2013, the Compensation Committee granted performance units under the Plan to certain members of our 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 the 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. We recognized stock-based compensation expense related to these agreements of approximately$0.2 million, $0.7 million and $0.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
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 our 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 this grant of options, we estimated the fair value of the award on the grant date using the Black‑Scholes option valuation model. Option valuation models require the input of highly subjective assumptions, including the expected volatility of the price of the underlying stock. | ||||||||||||
For the years ended December 31, 2014, 2013, and 2012, we recognized stock-based compensation related to previously issued stock options of approximately $0.1 million, $0.6 million and $1.2 million, respectively. As of December 31, 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 such options are regarded as “excess tax benefits” when the tax deductions occur. | ||||||||||||
A summary of our stock option activity for the year ended December 31, 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, beginning of period | 337,587 | $26.24 | $13.12 | |||||||||
Exercised | — | — | ||||||||||
Forfeited | (917 | ) | $35.69 | $19.59 | ||||||||
Expired | (10,295 | ) | $26.76 | $13.55 | ||||||||
Outstanding non-qualified stock | ||||||||||||
options, end of period | 326,375 | $26.19 | $— | 3.8 | $13.09 | |||||||
Vested or expected to vest, end | ||||||||||||
of period | 326,375 | $26.19 | $— | 3.8 | $13.09 | |||||||
Exercisable non-qualified | ||||||||||||
stock options, end of period | 326,375 | $26.19 | $— | 3.8 | $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 | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
INCOME TAXES | INCOME TAXES | ||||||||||||
Our income tax provision is comprised of the elements below. A summary of the provision for income taxes is as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current portion of income tax expense (benefit): | |||||||||||||
Federal | $ | (1,108 | ) | $ | (14,243 | ) | $ | 10,224 | |||||
State | 37 | (31 | ) | 1,237 | |||||||||
Deferred portion of income tax expense: | |||||||||||||
Federal | 2,858 | 25,050 | 32,451 | ||||||||||
State | (737 | ) | 5,042 | 5,572 | |||||||||
Total income tax expense | $ | 1,050 | $ | 15,818 | $ | 49,484 | |||||||
As of December 31, 2014, and 2013, we had a net deferred tax asset. We believe that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets, except for certain state carry forwards for which a $0.3 million valuation allowance has been recorded. As of December 31, 2014, we had approximately $72.5 million of federal net operating loss carry forwards which expire beginning in 2033. We also have $1.9 million of research and development credits which begin to expire in 2031, and approximately $4.2 million in federal alternative minimum tax credits. There are no items that require disclosure in accordance with the FASB guidance on accounting for uncertainty in income taxes. | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Current deferred tax assets (liabilities): | |||||||||||||
Prepaid expenses | $ | (1,827 | ) | $ | (2,141 | ) | |||||||
Inventory | 1,011 | 6,864 | |||||||||||
Accrued employee compensation and benefits | 2,634 | 1,764 | |||||||||||
Equity compensation | 1,193 | 1,093 | |||||||||||
Other | 345 | 761 | |||||||||||
Total current deferred tax assets | 3,356 | 8,341 | |||||||||||
Non-current deferred tax assets: | |||||||||||||
Property, plant, equipment and mineral properties, net | 91,236 | 108,049 | |||||||||||
Asset retirement obligation | 9,730 | 9,073 | |||||||||||
AMT credits | 4,226 | 4,417 | |||||||||||
Net operating loss carryforward | 25,375 | 10,600 | |||||||||||
Other | 16,158 | 11,710 | |||||||||||
Total non-current deferred tax assets | 146,725 | 143,849 | |||||||||||
Total deferred tax asset | $ | 150,081 | $ | 152,190 | |||||||||
We are required to evaluate our deferred tax assets and liabilities each reporting period using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. The estimated statutory income tax rates that are applied to our current and deferred income tax calculations are impacted most significantly by the tax jurisdictions in which we are doing business. Changing business conditions for normal business transactions and operations, as well as changes to state tax rates and apportionment laws, potentially alter the apportionment of income among the states for income tax purposes. These changes to apportionment laws result in changes in the calculation of our current and deferred income taxes, including the valuation of our deferred tax assets and liabilities. The effects of any such changes are recorded in the period of the adjustment. Such adjustments can increase or decrease the net deferred tax asset on the balance sheet and impact the corresponding deferred tax benefit or deferred tax expense on the income statement. As of December 31, 2013, our estimate of our blended state tax rate increased, resulting in an increase of the value of the deferred tax asset by a net $0.9 million to reflect changes in business conditions in concert with changes in apportionment rules of the states in which we operate, and a decrease in the state tax rate for the state of New Mexico. | |||||||||||||
A decrease of our state tax rate decreases the value of its deferred tax asset, resulting in additional deferred tax expense being recorded in the income statement. Conversely, an increase in our state income tax rate would increase the value of the deferred tax asset, resulting in an increase in our deferred tax benefit. Because of the magnitude of the temporary differences between our book and tax basis in the assets, relatively small changes in the state tax rate may have a pronounced impact on the value of our net deferred tax asset. | |||||||||||||
Income tax expense differs from the amount that would be provided by applying the statutory U.S. federal income tax rate to income before income taxes. The difference is due to the impacts of percentage depletion, the effect of state income taxes, the estimated effect of the domestic production activities deduction, and other permanent differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. | |||||||||||||
A reconciliation of the statutory rate to the effective rate is as follows (in thousands, except percentages): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal taxes at statutory rate | $ | 3,784 | $ | 13,333 | $ | 47,924 | |||||||
Add: | |||||||||||||
State taxes, net of federal benefit | 230 | 3,322 | 3,443 | ||||||||||
Domestic production activities deduction | — | 1,265 | (191 | ) | |||||||||
Change in valuation allowance | (1,698 | ) | 1,841 | — | |||||||||
Research and development credits | — | (1,560 | ) | (326 | ) | ||||||||
Change in state tax rate | 740 | (948 | ) | 981 | |||||||||
Percentage depletion | (1,922 | ) | (1,841 | ) | (1,623 | ) | |||||||
Other | (84 | ) | 406 | (724 | ) | ||||||||
Net expense as calculated | $ | 1,050 | $ | 15,818 | $ | 49,484 | |||||||
Effective tax rate | 9.7 | % | 41.5 | % | 36.1 | % | |||||||
During the year ended December 31, 2014, our effective tax rate benefited from a discrete adjustment related to the reversal of a $1.7 million valuation allowance related to our New Mexico net operating loss carry forwards, as we now believe those carry forwards are now fully realizable based on legislation passed by the State of New Mexico during the first quarter of 2014. Further, we benefited from a discrete adjustment related to the calculation of the benefit of the net operating loss carry back generated in 2013. The impact on our effective tax rate during 2014 of these discrete adjustments is more pronounced given the current level of income before income taxes. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES | ||||
Marketing Agreements—We have a marketing agreement appointing PCS Sales (USA), Inc. (“PCS Sales”) as our exclusive sales representative for potash export sales, with the exception of sales to Canada and Mexico, and appointing PCS Sales as non-exclusive sales representative for potash sales into Mexico. Trio® is also marketed under this arrangement. This agreement is cancelable with 30 days' written notice. | |||||
Reclamation Deposits and Surety Bonds—As of December 31, 2014, and 2013, we had $17.3 million and $17.3 million, respectively, 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 December 31, 2014, and 2013, $0.5 million and $0.5 million consisted of long-term restricted cash deposits reflected in “Other” long-term assets on the balance sheet, and $16.8 million and $16.8 million, respectively, was secured by surety bonds issued by an insurer. The surety bonds are held in place by an annual fee paid to the issuer. | |||||
We 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, we 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 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, we recorded an additional 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, we 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, we reversed $2.9 million of the previously established allowance to reflect the collectability of these credits. In the fourth quarter of 2014, we received notice that additional claims previously denied had also been approved. Accordingly, during the fourth quarter 2014, we reduced our previously established allowance by $1.2 million to reflect the collectability of these claims. These credits are typically considered in our 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, we recorded the reversal of the allowance as "Other (income) expense" in the consolidated statement of operations for the year ended December 31, 2014. The classification of this item is consistent with the manner in which the initial allowance was recorded in 2013. As of December 31, 2014, we had a receivable of $2.8 million, net of an allowance of $0.8 million, associated with the New Mexico High Wage Jobs Credits and intend to continue to vigorously pursue recovery of all unpaid credits. | |||||
Legal— We are subject to litigation. We have determined that there are no material claims outstanding as of December 31, 2014. We have established a legal accrual for loss contingencies that are considered probable and reasonably estimable. | |||||
Future Operating Lease Commitments—We have certain operating leases for land, mining and other operating equipment, an airplane, offices, and railcars, with original terms ranging up to 20 years. The annual minimum lease payments for the next five years and thereafter are presented below. | |||||
Years Ending December 31, | (In thousands) | ||||
2015 | $ | 4,571 | |||
2016 | 4,148 | ||||
2017 | 3,958 | ||||
2018 | 3,831 | ||||
2019 | 992 | ||||
Thereafter | 521 | ||||
Total | $ | 18,021 | |||
Rental and lease expenses follow for the indicated periods (in thousands): | |||||
For the year ended December 31, 2014 | $ | 6,979 | |||
For the year ended December 31, 2013 | $ | 4,428 | |||
For the year ended December 31, 2012 | $ | 4,175 | |||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | ||||||||||||||||
We apply the provisions of the FASB’s Accounting Standards Codification™ (“ASC”) Topic 820, Fair Value Measurements and Disclosures, for all financial assets and liabilities measured at fair value on a recurring basis. The topic establishes a framework for measuring fair value and requires disclosures about fair value measurements. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The topic establishes market or observable inputs as the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The topic also establishes a hierarchy for grouping these assets and liabilities based on the significance level of the following inputs, as follows: | |||||||||||||||||
• | Level 1—Quoted prices in active markets for identical assets and liabilities. | ||||||||||||||||
• | Level 2—Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active, and model‑derived valuations whose inputs are observable or whose significant value drivers are observable. | ||||||||||||||||
• | Level 3—Significant inputs to the valuation model are unobservable. | ||||||||||||||||
The following is a listing of our assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the hierarchy as of December 31, 2014 and 2013. (in thousands): | |||||||||||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
December 31, 2014 | 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 | $ | 21,288 | $ | — | $ | 21,288 | $ | — | |||||||||
Certificate of deposits | $ | 1,002 | $ | — | $ | 1,002 | $ | — | |||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
December 31, 2013 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Investments | |||||||||||||||||
Corporate bonds | $ | 22,459 | $ | — | $ | 22,459 | $ | — | |||||||||
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 our valuation methodologies for financial assets and liabilities, which are measured at fair value and are included in the accompanying consolidated balance sheets. Our available for sale investments consist of corporate bonds and certain certificate of deposits that are valued using Level 2 inputs. Market pricing for these investments is obtained from an established financial markets data provider. | |||||||||||||||||
The methods described above may result in a fair value estimate that may not be indicative of net realizable value or may not be reflective of future fair values and cash flows. While we believe that the valuation methods utilized are appropriate and consistent with the requirements of ASC Topic 820 and with other marketplace participants, we recognize that third parties may use different methodologies or assumptions to determine the fair value of certain financial instruments that could result in a different estimate of fair value at the reporting date. | |||||||||||||||||
Financial Instruments—The carrying values and fair values of our financial instruments as of December 31, 2014, and December 31, 2013, are as follows (in thousands): | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Long-term debt | $ | 150,000 | $ | 138,000 | $ | 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 those 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 | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS | ||||||||||||||||
401(k) Plan | |||||||||||||||||
We maintain a savings plan qualified under Internal Revenue Code Sections 401(a) and 401(k). The 401(k) Plan is available to all eligible employees of all of the consolidated entities. Employees may contribute amounts as allowed by the U.S. Internal Revenue Service ("IRS") to the 401(k) Plan (subject to certain restrictions) in before-tax contributions. We match employee contributions on a dollar-for-dollar basis up to a maximum of 5% and also based on the employee’s base compensation. Our contributions to the 401(k) Plan in the following periods were (in thousands): | |||||||||||||||||
Contributions | |||||||||||||||||
For the year ended December 31, 2014 | $ | 2,270 | |||||||||||||||
For the year ended December 31, 2013 | $ | 2,323 | |||||||||||||||
For the year ended December 31, 2012 | $ | 2,022 | |||||||||||||||
Defined Benefit Pension Plan | |||||||||||||||||
In accordance with the terms of the Moab Purchase Agreement associated with the purchase of the assets relating to its Moab facility in 2000, we and our predecessor established the Moab Salt, L.L.C. Employees' Pension Plan ("Pension Plan"). In February 2002, we froze the benefits to be paid under the Pension Plan. In December 2011, we adopted resolutions to terminate the Pension Plan. After receiving the necessary regulatory approvals, plan amendments, and participant settlement elections, we funded $2.0 million to settle all Pension Plan liabilities in April 2013. Upon funding, we were released from any further obligations under the Pension Plan. Accordingly, we recorded the additional expense of approximately $1.9 million to reflect the termination of the Pension Plan in the year ended December 31, 2013. This amount is recorded as "Other income (expense)" in the consolidated statement of operations and represents the difference between the final amount funded and the sum of the recorded pension liability and the unrecognized actuarial loss included in accumulated other comprehensive income. | |||||||||||||||||
The following table (in thousands, except percentages) provides a reconciliation of the changes in the Pension Plan’s benefit obligations and fair value of assets for the years ended December 31, 2013, and 2012, as measured on those dates, and a statement of the funded status as of December 31, 2013, and 2012. | |||||||||||||||||
Year Ended December 31 | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Obligations and funded status at period end: | |||||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Projected benefit obligation at beginning of period | $ | 5,486 | $ | 4,870 | |||||||||||||
Interest cost | 28 | 93 | |||||||||||||||
Benefit payments | (5,721 | ) | (175 | ) | |||||||||||||
Actuarial losses | 207 | 698 | |||||||||||||||
Plan amendments | — | — | |||||||||||||||
Projected benefit obligation at end of period | — | 5,486 | |||||||||||||||
Accumulated benefit obligation at end of period | — | 5,486 | |||||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of period | $ | 3,702 | $ | 3,758 | |||||||||||||
Actual return on assets (net of expenses) | (1 | ) | 26 | ||||||||||||||
Employer contributions | 2,020 | 93 | |||||||||||||||
Benefit payments | (5,721 | ) | (175 | ) | |||||||||||||
Fair value of plan assets at end of period | — | 3,702 | |||||||||||||||
Unfunded status (1) | — | (1,784 | ) | ||||||||||||||
Items not yet recognized as a component of net periodic | |||||||||||||||||
pension cost: | |||||||||||||||||
Prior service cost arising during current period | $ | — | $ | (115 | ) | ||||||||||||
Unrecognized actuarial loss | $ | — | $ | 2,930 | |||||||||||||
Prepaid benefit cost | $ | — | $ | 1,031 | |||||||||||||
Accumulated other comprehensive income: | |||||||||||||||||
Prior service credit | $ | — | $ | (115 | ) | ||||||||||||
Net loss | $ | — | $ | 2,930 | |||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||
Interest cost | $ | 28 | $ | 93 | |||||||||||||
Expected return on assets | — | — | |||||||||||||||
Amortization of prior service cost | (5 | ) | (16 | ) | |||||||||||||
Amortization of actuarial loss | 100 | 242 | |||||||||||||||
Settlement loss | 2,928 | — | |||||||||||||||
Net period benefit cost | $ | 3,051 | $ | 319 | |||||||||||||
Other comprehensive income | $ | — | $ | 445 | |||||||||||||
Amounts included in AOCI expected to be recognized | |||||||||||||||||
during the next fiscal year: | |||||||||||||||||
Actuarial loss | $ | — | $ | 285 | |||||||||||||
-1 | As of December 31, 2012, amount is recognized on our consolidated balance sheet in "Accrued employee compensation and benefits." | ||||||||||||||||
For December 31, 2012, projected benefit obligation and the accumulated benefit obligation final distribution of plan benefits in 2012 was assumed. The interest rates used were 2.7% for benefits currently in payment and 3.4% for all other annuity benefits. Lump sum benefits were valued using interest rates of 1.0% for years zero to four, 3.5% for years five to 19 and 4.6% for years 20 and after. | |||||||||||||||||
Prior to 2012, the basis used to determine the overall expected long-term rate of return on assets assumption was an analysis of the historical rate of return for a portfolio with a similar asset allocation. The assumed long-term asset allocation for the plan was 47% equity securities, 43% fixed income, 5% real estate, and 5% cash. In 2013, we liquidated the investment positions and reinvested the proceeds in U.S. treasury bills or similar investments prior to settling all pension plan liabilities. | |||||||||||||||||
Asset Allocation Strategy: Prior to the determination to liquidate the plan, the plan’s investment policy strategy for pension plan assets was to seek relatively stable growth in the value of investable assets supplemented by a low level of income. The main objective was to provide steady growth while limiting fluctuations to less than those of the overall stock market. As the Pension Plan had a long-term investment horizon, limited liquidity needs, high exposure to purchasing power risk, and little concern for income stability, we had set the following target asset allocations: 20% to 75% U.S. equity securities, 0% to 20% international equities, 0% to 30% absolute returns, 10% to 40% corporate bonds, 0% to 10% REITs, 0% to 10% commodities, and 5% to 28% short-term Treasury bonds. Under the plan guidelines, there were no prohibited investment types. | |||||||||||||||||
Fair Value Measurement of Plan Assets: The fair value of the major asset classes of the Pension Plan’s assets using the fair value hierarchy as described in the footnote titled Fair Value Measurements and the inputs and valuation techniques used to measure fair value of such assets as of December 31, 2012, is as follows (in thousands): | |||||||||||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
Asset Class | December 31, 2012 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market mutual fund | $ | 3,702 | $ | 3,702 | $ | — | $ | — | |||||||||
RECLASSIFICATIONS_OUT_OF_ACCUM
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Reclassification out of Accumulated Other Comprehensive Income Text Block [Abstract] | ||||||
Reclassifications Out Of Accumulated Other Comprehensive Income | RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||
The components of "Accumulated other comprehensive loss," net of tax, as of December 31, 2014, were as follows (in thousands): | ||||||
Unrealized Gains and Losses on Available-for-Sale Securities | ||||||
Balance as of December 31, 2013 | $ | (10 | ) | |||
Other comprehensive income before reclassifications | (26 | ) | ||||
Amounts reclassified from accumulated other comprehensive loss | 8 | |||||
Net current-period other comprehensive income | $ | (18 | ) | |||
Balance as of December 31, 2014 | $ | (28 | ) | |||
The effects on net income of amounts reclassified from Accumulated other comprehensive loss for year ended December 31, 2014, were as follows (in thousands): | ||||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Operations | ||||
Unrealized losses on available-for-sale securities | $ | 13 | Other income (expense) | |||
Total before tax | 13 | |||||
Tax benefit | (5 | ) | ||||
Net of tax | $ | 8 | ||||
RECOGNITION_OF_COMPENSATING_TA
RECOGNITION OF COMPENSATING TAX REFUND (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Other Income and Expenses [Abstract] | |
RECOGNITION OF COMPENSATING TAX REFUND | RECOGNITION OF COMPENSATING TAX REFUND |
In the second quarter of 2013, we received a refund from the State of New Mexico related to a compensating tax refund submitted for the period from December 2008 to October 2011. This refund consists of items for which we made compensating tax payments on behalf of vendors, as well as compensating tax payments on construction-related and service items during a period when the law was deemed unconstitutional. Upon receipt of the refund, which removed uncertainty about the amount and collection of the refund, we recorded $1.7 million of income, which is reflected in "Other (expense) income" included in Operating income in the consolidated statements of operations for the year ended December 31, 2013. |
CONCENTRATION_OF_CREDIT_RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF CREDIT RISK | CONCENTRATION OF CREDIT RISK |
Credit risk represents the loss that would be recognized at the reporting date if counterparties failed completely to perform as contracted. Concentrations of credit risk, whether on or off balance sheet, that arise from financial instruments exist for counterparties when they have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions. | |
Our products are marketed for sale into three primary markets. These markets are the agricultural market as a fertilizer, the industrial market as a component in drilling fluids for oil and gas exploration, and the animal feed market as a nutrient. Credit risks associated with the collection of accounts receivable are primarily related to the impact of external factors on our customers. Our customers are distributors and end-users whose credit worthiness and ability to meet their payment obligations will be affected by factors in their industries and markets. Those factors include soil nutrient levels, crop prices, weather, the type of crops planted, changes in diets, growth in population, the amount of land under cultivation, fuel prices and consumption, oil and gas drilling and completion activity, the demand for biofuels, government policy, and the relative value of currencies. | |
In 2014, no customer accounted for more than 10% of our sales. In 2013, and 2012, one of our distributor customers accounted for approximately 11% and 22%, respectively. We operate in a competitive industry, and although we consider our relationship with these customers to be very important, we do not believe that the loss of these customers or a significant decline in their purchases would have a material adverse long-term effect on our financial results due to the regional demands for our products. | |
In each of the last three years ended December 31, 2014, 2013, and 2012, approximately 96% of our sales were sold to customers located in the United States. | |
We maintain cash accounts with several financial institutions. At times, the balances in the accounts may exceed the $250,000 balance insured by the Federal Deposit Insurance Corporation. |
QUARTERLY_FINANCIAL_DATA
QUARTERLY FINANCIAL DATA | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | QUARTERLY FINANCIAL DATA (UNAUDITED) (in thousands, except per share amounts) | ||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||||||||||||||
Sales | $ | 98,285 | $ | 102,280 | $ | 110,949 | $ | 98,875 | |||||||||
Cost of Goods Sold | $ | 68,164 | $ | 77,794 | $ | 79,383 | $ | 78,573 | |||||||||
Gross Margin | $ | 15,446 | $ | 6,888 | $ | 15,678 | $ | 3,992 | |||||||||
Net Income (Loss) | $ | 5,791 | $ | (1,236 | ) | $ | 5,562 | $ | (355 | ) | |||||||
Earnings (Loss) Per Share, Basic | $ | 0.08 | $ | (0.02 | ) | $ | 0.07 | $ | 0 | ||||||||
Earnings (Loss) Per Share, Diluted | $ | 0.08 | $ | (0.02 | ) | $ | 0.07 | $ | 0 | ||||||||
Three Months Ended | |||||||||||||||||
December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||||||
Sales | $ | 73,806 | $ | 70,569 | $ | 92,680 | $ | 99,257 | |||||||||
Cost of Goods Sold | $ | 57,308 | $ | 46,780 | $ | 55,003 | $ | 53,773 | |||||||||
Gross Margin | $ | 3,159 | $ | 12,903 | $ | 28,053 | $ | 33,800 | |||||||||
Net (Loss) Income | $ | (5,987 | ) | $ | 2,026 | $ | 11,317 | $ | 14,919 | ||||||||
(Loss) Earnings Per Share, Basic | $ | (0.08 | ) | $ | 0.03 | $ | 0.15 | $ | 0.2 | ||||||||
(Loss) Earnings Per Share, Diluted | $ | (0.08 | ) | $ | 0.03 | $ | 0.15 | $ | 0.2 | ||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Our consolidated financial statements include our accounts and those of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. On the consolidated balance sheet, we combined property, plant and equipment, net of accumulated depreciation, with mineral properties and development costs, net of depletion, as of December 31, 2013, to conform to the current year presentation |
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. We base our 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 our 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. We quote prices to customers both on a delivered basis and on the basis of pick-up at our plants and warehouses. When a sale occurs on a delivered basis, we incur and, in turn, bill the customer and record 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, we record the sale of by-products as a credit to cost of goods sold. |
Inventory and Long-Term Parts Inventory | Inventory consists of product and by-product stocks that are ready for sale; mined ore; potash in evaporation ponds, which is considered work-in-process; and parts and supplies inventory. Product and by-product inventory cost is determined using the lower of weighted average cost or estimated net realizable value and includes direct costs, maintenance, operational overhead, depreciation, depletion, and equipment lease costs applicable to the production process. Direct costs, maintenance, and operational overhead include labor and associated benefits. |
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 | We evaluate our 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 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 our mineral leases, including royalty provisions, are subject to periodic readjustment by the state and federal government, which could affect the economics of our reserve estimates. Significant changes in the estimated reserves could have a material impact on our 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 our facilities are considered part of production costs and are absorbed into inventory in the period incurred. |
Leases | Upon entering into leases, we evaluate 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 | We are a subchapter C corporation and, therefore, are subject to U.S. federal and state income taxes. We recognize 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. We record a valuation allowance if it is deemed more likely than not that our 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 | Our short-term and long-term investments consist of certificates of deposit with various banking institutions, municipal tax-exempt and corporate taxable bonds, which have been classified as available-for-sale securities. Short-term investments on the consolidated balance sheets have remaining maturities to us of less than or equal to one year and investments classified as long-term on the consolidated balance sheets have remaining maturities to us of 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" on the consolidated balance sheets. Fair value is assessed using a market‑based approach. |
Fair Value of Financial Instruments | Our financial instruments include cash and cash equivalents, short-term and long-term investments, restricted cash, accounts receivable, refundable income taxes, and accounts payable. The non-investment 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 our unsecured credit facility, any borrowings that become outstanding would bear interest at a floating rate and therefore be recorded at their estimated fair value. |
Earnings per Share | Basic net income per common share of stock is calculated by dividing net income available to common stockholders by the weighted average basic common shares outstanding for the respective period. |
Diluted net income per common share of stock is calculated by dividing net income by the weighted average diluted common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted earnings per share calculation consist of awards of non-vested restricted shares of common stock, non-vested performance units, and non-qualified stock options. The dilutive effect of stock based compensation arrangements are computed using the treasury stock method. Following the lapse of the vesting period of restricted shares of common stock, the shares are considered issued and therefore are included in the number of issued and outstanding shares for purposes of these calculations. | |
Stock-Based Compensation | We account for stock-based compensation by recording expense using the fair value of the awards at the time of grant. We have recorded compensation expense associated with the issuance of non-vested restricted shares of common stock, non-vested performance units, and non-qualified stock options, all of which are subject to service conditions. The expense associated with such awards is recognized over the service period associated with each grant. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of calculation of basic and diluted earnings per share | The following table sets forth the calculation of basic and diluted earnings per share (in thousands, except per share amounts): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 9,761 | $ | 22,275 | $ | 87,443 | |||||||
Basic weighted average common shares outstanding | 75,505 | 75,379 | 75,277 | ||||||||||
Add: Dilutive effect of non-vested restricted common stock | 115 | 21 | 46 | ||||||||||
Add: Dilutive effect of stock options outstanding | — | 2 | 13 | ||||||||||
Add: Dilutive effect of non-vested performance units | 10 | 5 | 1 | ||||||||||
Diluted weighted average common shares outstanding | 75,630 | 75,407 | 75,337 | ||||||||||
Earnings per share: | |||||||||||||
Basic | $ | 0.13 | $ | 0.3 | $ | 1.16 | |||||||
Diluted | $ | 0.13 | $ | 0.3 | $ | 1.16 | |||||||
CASH_CASH_EQUIVALENTS_AND_INVE1
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Cash, Cash Equivalents, and Investments Disclosure [Abstract] | ||||||||||||||||
Summary of Cash, Cash Equivalents, and Investments | The following table summarizes the fair value of our cash and investments held in our portfolio, recorded as cash and cash equivalents or short-term or long-term investments as of December 31, 2014, and 2013 (in thousands): | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Cash | $ | 16,506 | $ | 18 | ||||||||||||
Commercial paper and money market accounts | 51,083 | 376 | ||||||||||||||
Total cash and cash equivalents | $ | 67,589 | $ | 394 | ||||||||||||
Corporate bonds | $ | 9,432 | $ | 12,954 | ||||||||||||
Certificates of deposit and time deposits | 1,002 | 2,260 | ||||||||||||||
Total short-term investments | $ | 10,434 | $ | 15,214 | ||||||||||||
Corporate bonds | $ | 11,856 | $ | 9,505 | ||||||||||||
Total long-term investments | $ | 11,856 | $ | 9,505 | ||||||||||||
Total cash, cash equivalents, and investments | $ | 89,879 | $ | 25,113 | ||||||||||||
Schedule of Available-for-sale Securities Reconciliation | The following table summarizes the cost basis, unrealized gains and losses, and fair value of our available-for-sale investments held in our portfolio as of December 31, 2014, and 2013 (in thousands): | |||||||||||||||
December 31, 2014 | ||||||||||||||||
Unrealized | ||||||||||||||||
Cost Basis | Gain | Loss | Fair Value | |||||||||||||
Corporate bonds | $ | 21,335 | $ | 1 | $ | (48 | ) | $ | 21,288 | |||||||
Certificates of deposit and time deposits | 1,002 | — | — | 1,002 | ||||||||||||
Total available-for-sale securities | $ | 22,337 | $ | 1 | $ | (48 | ) | $ | 22,290 | |||||||
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) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Summary of inventory | The following summarizes our inventory, recorded at the lower of weighted average cost or estimated net realizable value as of December 31, 2014, and 2013, respectively (in thousands): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Finished goods product inventory | $ | 44,137 | $ | 66,565 | |||||
In-process mineral inventory | 19,584 | 17,841 | |||||||
Total product inventory | 63,721 | 84,406 | |||||||
Current parts inventory | 20,373 | 20,605 | |||||||
Total current inventory | 84,094 | 105,011 | |||||||
Long-term parts inventory | 16,366 | 12,469 | |||||||
Total inventory, net | $ | 100,460 | $ | 117,480 | |||||
PROPERTY_PLANT_EQUIPMENT_AND_M1
PROPERTY, PLANT, EQUIPMENT AND MINERAL PROPERTIES (Tables) (USD $) | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||
Property, Plant and Equipment [Table Text Block] | “Property, plant, and equipment and mineral properties, net" were comprised of the following (in thousands): | ||||||||||||||
December 31, | Range of useful | ||||||||||||||
lives (years) | |||||||||||||||
2014 | 2013 | Lower Limit | Upper Limit | ||||||||||||
Buildings and plant | $ | 268,032 | $ | 248,017 | 2 | 25 | |||||||||
Machinery and equipment | 529,358 | 472,250 | 2 | 25 | |||||||||||
Vehicles | 13,799 | 13,455 | 3 | 7 | |||||||||||
Office equipment and improvements | 19,260 | 18,846 | 2 | 20 | |||||||||||
Ponds and land improvements | 73,933 | 74,166 | 5 | 25 | |||||||||||
Total depreciable assets | 904,382 | 826,734 | |||||||||||||
Accumulated depreciation | $ | (271,294 | ) | $ | (197,108 | ) | |||||||||
Total depreciable assets, net | $ | 633,088 | $ | 629,626 | |||||||||||
Mineral properties and development costs | 163,197 | 145,822 | 10 | 25 | |||||||||||
Accumulated depletion | (17,544 | ) | (13,165 | ) | |||||||||||
Total depletable assets, net | 145,653 | 132,657 | |||||||||||||
Land | $ | 909 | $ | 498 | |||||||||||
Construction in progress | 5,600 | 63,788 | |||||||||||||
Total property, plant, equipment, and mineral properties, net | $ | 785,250 | $ | 826,569 | |||||||||||
Schedule of Depreciation, Depletion Amortization and Accretion [Table Text Block] | We incurred the following expenses for depreciation, depletion, and accretion, including expenses capitalized into inventory, for the following periods (in thousands): | ||||||||||||||
Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Depreciation | $ | 74,534 | $ | 57,670 | $ | 45,559 | |||||||||
Depletion | 4,403 | 2,134 | 1,316 | ||||||||||||
Accretion | 1,623 | 1,499 | 724 | ||||||||||||
Total incurred | $ | 80,560 | $ | 61,303 | $ | 47,599 | |||||||||
Schedule of costs for depreciation, depletion, amortization, and accretion, including amounts capitalized into inventory | $80,560 | $61,303 | $47,599 |
ACCRUED_LIABILITIES_Tables
ACCRUED LIABILITIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accrued Liabilities [Abstract] | |||||||||
Schedule of Accrued Liabilities | The components of "Accrued Liabilities" as of December 31, 2014, and 2013 were as follows: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Accrued construction in progress | $ | 1,997 | $ | 21,152 | |||||
Accrued property taxes | 2,642 | 1,714 | |||||||
Accrued utilities | 2,207 | 1,868 | |||||||
Other accrued liabilities | 5,637 | 5,111 | |||||||
Total Accrued Liabilities | $ | 12,483 | $ | 29,845 | |||||
ASSET_RETIREMENT_OBLIGATION_Ta
ASSET RETIREMENT OBLIGATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||
Schedule of changes to asset retirement obligations | Following is a table of the changes to our asset retirement obligations for the following periods (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Asset retirement obligation, at beginning of period | $ | 21,047 | $ | 20,579 | $ | 9,708 | |||||||
Liabilities settled | (125 | ) | (571 | ) | (173 | ) | |||||||
Liabilities incurred | 69 | 351 | 2,114 | ||||||||||
Changes in estimated obligations | (577 | ) | (811 | ) | 8,206 | ||||||||
Accretion of discount | 1,623 | 1,499 | 724 | ||||||||||
Total asset retirement obligation, at end of period | $ | 22,037 | $ | 21,047 | $ | 20,579 | |||||||
COMPENSATION_PLANS_Tables
COMPENSATION PLANS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||
Schedule of non-vested restricted shares of common stock | A summary of activity relating to our non-vested restricted common stock for the year ended December 31, 2014, is presented below. | |||||||||||
Weighted Average | ||||||||||||
Grant-Date | ||||||||||||
Shares | Fair Value | |||||||||||
Non-vested restricted shares of common stock, beginning of period | 352,050 | $ | 21.65 | |||||||||
Granted | 379,246 | $ | 14.47 | |||||||||
Vested | (144,335 | ) | $ | 23.01 | ||||||||
Forfeited | (122,192 | ) | $ | 17.41 | ||||||||
Non-vested restricted shares of common stock, end of period | 464,769 | $ | 16.49 | |||||||||
Summary of stock option activity | A summary of our stock option activity for the year ended December 31, 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, beginning of period | 337,587 | $26.24 | $13.12 | |||||||||
Exercised | — | — | ||||||||||
Forfeited | (917 | ) | $35.69 | $19.59 | ||||||||
Expired | (10,295 | ) | $26.76 | $13.55 | ||||||||
Outstanding non-qualified stock | ||||||||||||
options, end of period | 326,375 | $26.19 | $— | 3.8 | $13.09 | |||||||
Vested or expected to vest, end | ||||||||||||
of period | 326,375 | $26.19 | $— | 3.8 | $13.09 | |||||||
Exercisable non-qualified | ||||||||||||
stock options, end of period | 326,375 | $26.19 | $— | 3.8 | $13.09 | |||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of income tax provision | income tax provision is comprised of the elements below. A summary of the provision for income taxes is as follows (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current portion of income tax expense (benefit): | |||||||||||||
Federal | $ | (1,108 | ) | $ | (14,243 | ) | $ | 10,224 | |||||
State | 37 | (31 | ) | 1,237 | |||||||||
Deferred portion of income tax expense: | |||||||||||||
Federal | 2,858 | 25,050 | 32,451 | ||||||||||
State | (737 | ) | 5,042 | 5,572 | |||||||||
Total income tax expense | $ | 1,050 | $ | 15,818 | $ | 49,484 | |||||||
Schedule of net deferred tax assets | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Current deferred tax assets (liabilities): | |||||||||||||
Prepaid expenses | $ | (1,827 | ) | $ | (2,141 | ) | |||||||
Inventory | 1,011 | 6,864 | |||||||||||
Accrued employee compensation and benefits | 2,634 | 1,764 | |||||||||||
Equity compensation | 1,193 | 1,093 | |||||||||||
Other | 345 | 761 | |||||||||||
Total current deferred tax assets | 3,356 | 8,341 | |||||||||||
Non-current deferred tax assets: | |||||||||||||
Property, plant, equipment and mineral properties, net | 91,236 | 108,049 | |||||||||||
Asset retirement obligation | 9,730 | 9,073 | |||||||||||
AMT credits | 4,226 | 4,417 | |||||||||||
Net operating loss carryforward | 25,375 | 10,600 | |||||||||||
Other | 16,158 | 11,710 | |||||||||||
Total non-current deferred tax assets | 146,725 | 143,849 | |||||||||||
Total deferred tax asset | $ | 150,081 | $ | 152,190 | |||||||||
Reconciliation of the statutory rate to the effective rate | A reconciliation of the statutory rate to the effective rate is as follows (in thousands, except percentages): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal taxes at statutory rate | $ | 3,784 | $ | 13,333 | $ | 47,924 | |||||||
Add: | |||||||||||||
State taxes, net of federal benefit | 230 | 3,322 | 3,443 | ||||||||||
Domestic production activities deduction | — | 1,265 | (191 | ) | |||||||||
Change in valuation allowance | (1,698 | ) | 1,841 | — | |||||||||
Research and development credits | — | (1,560 | ) | (326 | ) | ||||||||
Change in state tax rate | 740 | (948 | ) | 981 | |||||||||
Percentage depletion | (1,922 | ) | (1,841 | ) | (1,623 | ) | |||||||
Other | (84 | ) | 406 | (724 | ) | ||||||||
Net expense as calculated | $ | 1,050 | $ | 15,818 | $ | 49,484 | |||||||
Effective tax rate | 9.7 | % | 41.5 | % | 36.1 | % | |||||||
During the year ended December 31, 2014, our effective tax rate benefited from a discrete adjustment related to the reversal of a $1.7 million valuation allowance related to our New Mexico net operating loss carry forwards, as we now believe those carry forwards are now fully realizable based on legislation passed by the State of New Mexico during the first quarter of 2014. Further, we benefited from a discrete adjustment related to the calculation of the benefit of the net operating loss carry back generated in 2013. The impact on our effective tax rate during 2014 of these discrete adjustments is more pronounced given the current level of income before income taxes. |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of future minimum lease payments | The annual minimum lease payments for the next five years and thereafter are presented below. | ||||
Years Ending December 31, | (In thousands) | ||||
2015 | $ | 4,571 | |||
2016 | 4,148 | ||||
2017 | 3,958 | ||||
2018 | 3,831 | ||||
2019 | 992 | ||||
Thereafter | 521 | ||||
Total | $ | 18,021 | |||
Schedule of rental and lease expense | Rental and lease expenses follow for the indicated periods (in thousands): | ||||
For the year ended December 31, 2014 | $ | 6,979 | |||
For the year ended December 31, 2013 | $ | 4,428 | |||
For the year ended December 31, 2012 | $ | 4,175 | |||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following is a listing of our assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the hierarchy as of December 31, 2014 and 2013. (in thousands): | ||||||||||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
December 31, 2014 | 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 | $ | 21,288 | $ | — | $ | 21,288 | $ | — | |||||||||
Certificate of deposits | $ | 1,002 | $ | — | $ | 1,002 | $ | — | |||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
December 31, 2013 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Investments | |||||||||||||||||
Corporate bonds | $ | 22,459 | $ | — | $ | 22,459 | $ | — | |||||||||
Fair Value, by Balance Sheet Grouping | The carrying values and fair values of our financial instruments as of December 31, 2014, and December 31, 2013, are as follows (in thousands): | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||
Long-term debt | $ | 150,000 | $ | 138,000 | $ | 150,000 | $ | 129,000 | |||||||||
EMPLOYEE_BENEFITS_Tables
EMPLOYEE BENEFITS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Intrepidbs contributions to the 401K Plan | contributions to the 401(k) Plan in the following periods were (in thousands): | ||||||||||||||||
Contributions | |||||||||||||||||
For the year ended December 31, 2014 | $ | 2,270 | |||||||||||||||
For the year ended December 31, 2013 | $ | 2,323 | |||||||||||||||
For the year ended December 31, 2012 | $ | 2,022 | |||||||||||||||
Reconciliation of Changes in Plan Benefit Obligations and Fair Value of Assets [Table Text Block] | The following table (in thousands, except percentages) provides a reconciliation of the changes in the Pension Plan’s benefit obligations and fair value of assets for the years ended December 31, 2013, and 2012, as measured on those dates, and a statement of the funded status as of December 31, 2013, and 2012. | ||||||||||||||||
Year Ended December 31 | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Obligations and funded status at period end: | |||||||||||||||||
Change in benefit obligation: | |||||||||||||||||
Projected benefit obligation at beginning of period | $ | 5,486 | $ | 4,870 | |||||||||||||
Interest cost | 28 | 93 | |||||||||||||||
Benefit payments | (5,721 | ) | (175 | ) | |||||||||||||
Actuarial losses | 207 | 698 | |||||||||||||||
Plan amendments | — | — | |||||||||||||||
Projected benefit obligation at end of period | — | 5,486 | |||||||||||||||
Accumulated benefit obligation at end of period | — | 5,486 | |||||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of period | $ | 3,702 | $ | 3,758 | |||||||||||||
Actual return on assets (net of expenses) | (1 | ) | 26 | ||||||||||||||
Employer contributions | 2,020 | 93 | |||||||||||||||
Benefit payments | (5,721 | ) | (175 | ) | |||||||||||||
Fair value of plan assets at end of period | — | 3,702 | |||||||||||||||
Unfunded status (1) | — | (1,784 | ) | ||||||||||||||
Items not yet recognized as a component of net periodic | |||||||||||||||||
pension cost: | |||||||||||||||||
Prior service cost arising during current period | $ | — | $ | (115 | ) | ||||||||||||
Unrecognized actuarial loss | $ | — | $ | 2,930 | |||||||||||||
Prepaid benefit cost | $ | — | $ | 1,031 | |||||||||||||
Accumulated other comprehensive income: | |||||||||||||||||
Prior service credit | $ | — | $ | (115 | ) | ||||||||||||
Net loss | $ | — | $ | 2,930 | |||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||
Interest cost | $ | 28 | $ | 93 | |||||||||||||
Expected return on assets | — | — | |||||||||||||||
Amortization of prior service cost | (5 | ) | (16 | ) | |||||||||||||
Amortization of actuarial loss | 100 | 242 | |||||||||||||||
Settlement loss | 2,928 | — | |||||||||||||||
Net period benefit cost | $ | 3,051 | $ | 319 | |||||||||||||
Other comprehensive income | $ | — | $ | 445 | |||||||||||||
Amounts included in AOCI expected to be recognized | |||||||||||||||||
during the next fiscal year: | |||||||||||||||||
Actuarial loss | $ | — | $ | 285 | |||||||||||||
-1 | As of December 31, 2012, amount is recognized on our consolidated balance sheet in "Accrued employee compensation and benefits." | ||||||||||||||||
Fair value measurement of plan assets | The fair value of the major asset classes of the Pension Plan’s assets using the fair value hierarchy as described in the footnote titled Fair Value Measurements and the inputs and valuation techniques used to measure fair value of such assets as of December 31, 2012, is as follows (in thousands): | ||||||||||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
Asset Class | December 31, 2012 | Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market mutual fund | $ | 3,702 | $ | 3,702 | $ | — | $ | — | |||||||||
RECLASSIFICATIONS_OUT_OF_ACCUM1
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Reclassification Out of Accumulated Other Comprehensive Income [Abstract] | ||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of "Accumulated other comprehensive loss," net of tax, as of December 31, 2014, were as follows (in thousands): | |||||
Unrealized Gains and Losses on Available-for-Sale Securities | ||||||
Balance as of December 31, 2013 | $ | (10 | ) | |||
Other comprehensive income before reclassifications | (26 | ) | ||||
Amounts reclassified from accumulated other comprehensive loss | 8 | |||||
Net current-period other comprehensive income | $ | (18 | ) | |||
Balance as of December 31, 2014 | $ | (28 | ) | |||
Reclassifications Out Of Accumulated Other Comprehensive Income [Table Text Block] | The effects on net income of amounts reclassified from Accumulated other comprehensive loss for year ended December 31, 2014, were as follows (in thousands): | |||||
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Consolidated Statement of Operations | ||||
Unrealized losses on available-for-sale securities | $ | 13 | Other income (expense) | |||
Total before tax | 13 | |||||
Tax benefit | (5 | ) | ||||
Net of tax | $ | 8 | ||||
QUARTERLY_FINANCIAL_DATA_Table
QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | QUARTERLY FINANCIAL DATA (UNAUDITED) (in thousands, except per share amounts) | ||||||||||||||||
Three Months Ended | |||||||||||||||||
December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||||||||||||||
Sales | $ | 98,285 | $ | 102,280 | $ | 110,949 | $ | 98,875 | |||||||||
Cost of Goods Sold | $ | 68,164 | $ | 77,794 | $ | 79,383 | $ | 78,573 | |||||||||
Gross Margin | $ | 15,446 | $ | 6,888 | $ | 15,678 | $ | 3,992 | |||||||||
Net Income (Loss) | $ | 5,791 | $ | (1,236 | ) | $ | 5,562 | $ | (355 | ) | |||||||
Earnings (Loss) Per Share, Basic | $ | 0.08 | $ | (0.02 | ) | $ | 0.07 | $ | 0 | ||||||||
Earnings (Loss) Per Share, Diluted | $ | 0.08 | $ | (0.02 | ) | $ | 0.07 | $ | 0 | ||||||||
Three Months Ended | |||||||||||||||||
December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||||||
Sales | $ | 73,806 | $ | 70,569 | $ | 92,680 | $ | 99,257 | |||||||||
Cost of Goods Sold | $ | 57,308 | $ | 46,780 | $ | 55,003 | $ | 53,773 | |||||||||
Gross Margin | $ | 3,159 | $ | 12,903 | $ | 28,053 | $ | 33,800 | |||||||||
Net (Loss) Income | $ | (5,987 | ) | $ | 2,026 | $ | 11,317 | $ | 14,919 | ||||||||
(Loss) Earnings Per Share, Basic | $ | (0.08 | ) | $ | 0.03 | $ | 0.15 | $ | 0.2 | ||||||||
(Loss) Earnings Per Share, Diluted | $ | (0.08 | ) | $ | 0.03 | $ | 0.15 | $ | 0.2 | ||||||||
COMPANY_BACKGROUND_Narrative_D
COMPANY BACKGROUND (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Reporting_Segments | |
Company Background | |
Number of reporting segments | 1 |
RESTRUCTURING_CHARGE_Narrative
RESTRUCTURING CHARGE (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Charge [Abstract] | |||
Restructuring charge, percentage of eliminated positions | 7.00% | ||
Restructuring charge | $1,827 | $0 | $0 |
EARNINGS_PER_SHARE_Schedule_of
EARNINGS PER SHARE (Schedule of Calculation of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Calculation of basic and diluted earnings per share | |||||||||||
Net income | $5,791 | ($1,236) | $5,562 | ($355) | ($5,987) | $2,026 | $11,317 | $14,919 | $9,761 | $22,275 | $87,443 |
Basic weighted average common shares outstanding (in shares) | 75,504,677 | 75,378,655 | 75,276,609 | ||||||||
Add: Dilutive effect of non-vested restricted common stock (in shares) | 115,209 | 21,007 | 46,249 | ||||||||
Add: Dilutive effect of stock options outstanding (in shares) | 0 | 2,246 | 13,027 | ||||||||
Add: Dilutive effect of performance units (in shares) | 10,437 | 4,819 | 1,097 | ||||||||
Diluted weighted average common shares outstanding (in shares) | 75,630,323 | 75,406,727 | 75,336,982 | ||||||||
Earnings per share: | |||||||||||
Basic (in dollars per share) | $0.08 | ($0.02) | $0.07 | $0 | ($0.08) | $0.03 | $0.15 | $0.20 | $0.13 | $0.30 | $1.16 |
Diluted (in dollars per share) | $0.08 | ($0.02) | $0.07 | $0 | ($0.08) | $0.03 | $0.15 | $0.20 | $0.13 | $0.30 | $1.16 |
EARNINGS_PER_SHARE_Narrative_D
EARNINGS PER SHARE (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive weighted average non-vested shares (in shares) | 0 | 142,968 | 116,138 |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive weighted average non-vested shares (in shares) | 331,571 | 317,433 | 192,258 |
Performance Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive weighted average non-vested shares (in shares) | 0 | 0 | 518 |
CASH_CASH_EQUIVALENTS_AND_INVE2
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Summary of Cash, Cash Equivalents, and Investments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Investment [Line Items] | ||||
Cash and cash equivalents | $67,589 | $394 | $33,619 | $73,372 |
Short-term Investments | 10,434 | 15,214 | ||
Long-term Investments | 11,856 | 9,505 | ||
Total cash, cash equivalents, and investments | 89,879 | 25,113 | ||
Cash | ||||
Investment [Line Items] | ||||
Cash and cash equivalents | 16,506 | 18 | ||
Money market funds | ||||
Investment [Line Items] | ||||
Cash and cash equivalents | 51,083 | 376 | ||
Corporate debt securities | ||||
Investment [Line Items] | ||||
Short-term Investments | 9,432 | 12,954 | ||
Long-term Investments | 11,856 | 9,505 | ||
Certificates of deposit and time deposits | ||||
Investment [Line Items] | ||||
Short-term Investments | $1,002 | $2,260 |
CASH_CASH_EQUIVALENTS_AND_INVE3
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Schedule of Available-for-sale Investments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair value of cash, cash equivalents, and investments | ||
Available-for-sale Securities, Cost Basis | $22,337 | $24,735 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 1 | 3 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 48 | 19 |
Available-for-sale Securities, Fair Value | 22,290 | 24,719 |
Corporate debt securities | ||
Fair value of cash, cash equivalents, and investments | ||
Available-for-sale Securities, Cost Basis | 21,335 | 22,475 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 1 | 3 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 48 | 19 |
Available-for-sale Securities, Fair Value | 21,288 | 22,459 |
Certificates of deposit and time deposits | ||
Fair value of cash, cash equivalents, and investments | ||
Available-for-sale Securities, Cost Basis | 1,002 | 2,260 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | |
Available-for-sale Securities, Fair Value | $1,002 | $2,260 |
CASH_CASH_EQUIVALENTS_AND_INVE4
CASH, CASH EQUIVALENTS, AND INVESTMENTS CASH, CASH EQUIVALENTS, AND INVESTMENTS (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash and Cash Equivalents [Abstract] | |||
Available-for-sale Securities, Gross Realized Gains | $13,000 | $53,000 | $128,000 |
Available-for-sale Securities, Gross Realized Losses | $1,000 | $21,000 | $0 |
INVENTORY_AND_LONGTERM_PARTS_I2
INVENTORY AND LONG-TERM PARTS INVENTORY (Summary of Inventory) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished goods product inventory, net | $44,137 | $66,565 |
In-process mineral inventory | 19,584 | 17,841 |
Total product inventory, net | 63,721 | 84,406 |
Current parts inventory | 20,373 | 20,605 |
Total current inventory, net | 84,094 | 105,011 |
Long-term parts inventory | 16,366 | 12,469 |
Total inventory, net | $100,460 | $117,480 |
INVENTORY_AND_LONGTERM_PARTS_I3
INVENTORY AND LONG-TERM PARTS INVENTORY (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory Disclosure [Abstract] | |||
Lower of cost or market inventory adjustments | $8,186 | $3,650 | $568 |
PROPERTY_PLANT_EQUIPMENT_AND_M2
PROPERTY, PLANT, EQUIPMENT AND MINERAL PROPERTIES (Schedule of Property, Plant, Equipment and Mineral Properties) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 904,382 | $826,734 |
Accumulated depreciation | -271,294 | -197,108 |
Depreciable assets, net | 633,088 | 629,626 |
Mineral Properties, Gross | 163,197 | 145,822 |
Property, plant, equipment, and mineral properties, net | 785,250 | 826,569 |
Mineral Properties, Accumulated Depletion | -17,544 | -13,165 |
Mineral Properties, Net | 145,653 | 132,657 |
Buildings and Plant [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 268,032 | 248,017 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 529,358 | 472,250 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,799 | 13,455 |
Office equipment and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 19,260 | 18,846 |
Ponds and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 73,933 | 74,166 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,600 | 63,788 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 909 | $498 |
Minimum | Buildings and Plant [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Minimum | Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Minimum | Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Minimum | Office equipment and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Minimum | Ponds and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Minimum | Mineral properties and development costs | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Maximum | Buildings and Plant [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 25 years | |
Maximum | Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 25 years | |
Maximum | Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Maximum | Office equipment and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Maximum | Ponds and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 25 years | |
Maximum | Mineral properties and development costs | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 25 years |
PROPERTY_PLANT_EQUIPMENT_AND_M3
PROPERTY, PLANT, EQUIPMENT AND MINERAL PROPERTIES (Schedule of Depreciation, Depletion, and Accretion) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $74,534 | $57,670 | $45,559 |
Depletion | 4,403 | 2,134 | 1,316 |
Accretion | 1,623 | 1,499 | 724 |
Total | $80,560 | $61,303 | $47,599 |
ACCRUED_LIABILITIES_Components
ACCRUED LIABILITIES (Components of Accrued Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ||
Accrued construction in progress | $1,997 | $21,152 |
Accrued property taxes | 2,642 | 1,714 |
Accrued utilities | 2,207 | 1,868 |
Other accrued liabilities | 5,637 | 5,111 |
Total Accrued Liabilities | $12,483 | $29,845 |
DEBT_Narrative_Details
DEBT (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt | |||
Line of credit facility covenant maximum ratio of outstanding principal balance of debt to adjusted earnings before income taxes, depreciation, and amortization | 3.5 | ||
Line of credit facility covenant maximum ratio of adjusted earnings before income taxes, depreciation, and amortization to fixed charges | 1.3 | ||
Line of Credit Facility, Current Borrowing Capacity | $211,000,000 | ||
Proceeds from Lines of Credit | 17,000,000 | ||
Debt Instrument, Face Amount | 150,000,000 | 150,000,000 | 0 |
Proceeds from Debt, Net of Issuance Costs | 0 | 149,300,000 | 0 |
Interest Costs Incurred | 6,700,000 | 4,900,000 | 900,000 |
Interest Costs Capitalized | 500,000 | 3,400,000 | |
Repayments of Lines of Credit | 17,000,000 | ||
Line of Credit, Current | 0 | 0 | |
Unsecured credit facility | |||
Debt | |||
Line of Credit Facility, Maximum Borrowing Capacity | 250,000,000 | 250,000,000 | 250,000,000 |
Series A Senior Notes | |||
Debt | |||
Debt Instrument, Face Amount | 60,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.23% | ||
Series B Senior Notes | |||
Debt | |||
Debt Instrument, Face Amount | 45,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.13% | ||
Series C Senior Notes | |||
Debt | |||
Debt Instrument, Face Amount | $45,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.28% |
ASSET_RETIREMENT_OBLIGATION_Sc
ASSET RETIREMENT OBLIGATION (Schedule of Changes to Asset Retirement Obligations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes to asset retirement obligations | |||
Asset retirement obligation-beginning of period | $21,047 | $20,579 | $9,708 |
Asset Retirement Obligation, Liabilities Settled | -125 | -571 | -173 |
Asset Retirement Obligation, Liabilities Incurred | 69 | 351 | 2,114 |
Changes in estimated obligations | -577 | -811 | 8,206 |
Accretion | 1,623 | 1,499 | 724 |
Total asset retirement obligation-end of period | $22,037 | $21,047 | $20,579 |
ASSET_RETIREMENT_OBLIGATION_Na
ASSET RETIREMENT OBLIGATION (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligation Disclosure [Abstract] | ||
Asset Retirement Obligation, Current | $1.60 | $1.10 |
Credit adjusted risk-free rates to discount abandonment liabilities, low end of range (as a percent) | 6.90% | |
Credit adjusted risk-free rates to discount abandonment liabilities, high end of range (as a percent) | 8.50% | |
Undiscounted amount of asset retirement obligation | 57.6 | |
Asset retirement obligation payments expected to be made | $7.80 | |
Period in which no significant payments related to asset retirement obligation are expected (in years) | 5 years |
COMPENSATION_PLANS_Narrative_D
COMPENSATION PLANS (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Compensation plans | ||||
Portion of shares vesting on each anniversary date of the grant | P3Y | |||
Common Stock Awards | ||||
Compensation plans | ||||
Common stock available for issuance under the 2008 Plan (in shares) | 3,500,000 | |||
Common stock shares approved by Board of Directors (in shares) | 21,144 | 17,680 | 14,812 | |
Performance Units | ||||
Compensation plans | ||||
Allocated Share-based Compensation Expense | $200,000 | $700,000 | $400,000 | |
Non-vested restricted common stock, number of shares | ||||
Non-vested restricted common stock, at end of period (in shares) | 15,522 | |||
Stock Options | ||||
Compensation plans | ||||
Portion of shares vesting on each anniversary date of the grant | P3Y | |||
Allocated Share-based Compensation Expense | 100,000 | 600,000 | 1,200,000 | |
Stock option activity, number of shares | ||||
Outstanding non-qualified stock options, at beginning of period (in shares) | 337,587 | |||
Exercised (in shares) | 0 | |||
Forfeited (in shares) | -917 | |||
Expired (in Shares) | -10,295 | |||
Outstanding non-qualified stock options, at end of period (in shares) | 326,375 | 337,587 | ||
Vested or expected to vest, end of period (in shares) | 326,375 | |||
Exercisable non-qualified stock options, at end of period (in shares) | 326,375 | |||
Stock Options, Weighted Average Exercise Price | ||||
Outstanding non-qualified stock options, at beginning of period (in dollars per share) | $26.24 | |||
Exercised (in dollars per share) | ||||
Forfeited (in dollars per share) | $35.69 | |||
Expired (in dollars per share) | $26.76 | |||
Outstanding non-qualified stock options, at end of period (in dollars per share) | $26.19 | $26.24 | ||
Vested or expected to vest, end of period (in shares) | $26.19 | |||
Stock Options, Aggregate Intrinsic Value | ||||
Outstanding non-qualified stock options, at end of period | 0 | [1] | ||
Vested or expected to vest, at end of period | 0 | [1] | ||
Exercisable non-qualified stock options, at end of period | 0 | [1] | ||
Exercisable non-qualified stock options, at end of period (in dollars per share) | $26.19 | |||
Stock Options, Weighted Average Remaining Contractual Life | ||||
Outstanding non-qualified stock options, at end of period (in years) | 3 years 9 months 18 days | |||
Vested or expected to vest, end of period (in years) | 3 years 9 months 18 days | |||
Exercisable non-qualified stock options, at end of period (in years) | 3 years 9 months 18 days | |||
Stock Options, Weighted Average Grant-Date Fair Value | ||||
Outstanding non-qualified stock options, at beginning of period (in dollars per share) | $13.12 | |||
Exercised (in dollars per share) | $0 | |||
Forfeited (in dollars per share) | $19.59 | |||
Expired (in dollars per share) | $13.55 | |||
Outstanding non-qualified stock options, at end of period (in dollars per share) | $13.09 | $13.12 | ||
Vested or expected to vest, end of period (in dollars per share) | $13.09 | |||
Exercisable non-qualified stock options, at end of period (in dollars per share) | $13.09 | |||
Restricted Stock | ||||
Compensation plans | ||||
Allocated Share-based Compensation Expense | 3,600,000 | 3,500,000 | 3,200,000 | |
Total unrecognized compensation expense | $4,700,000 | |||
Non-vested restricted common stock, number of shares | ||||
Non-vested restricted common stock, at beginning of period (in shares) | 352,050 | |||
Granted (in shares) | 379,246 | |||
Vested (in shares) | -144,335 | |||
Forfeited (in shares) | -122,192 | |||
Non-vested restricted common stock, at end of period (in shares) | 464,769 | 352,050 | ||
Non-vested restricted common stock, additional disclosures | ||||
Non-vested restricted common stock, at beginning of period (in dollars per share) | $21.65 | |||
Granted (in dollars per share) | $14.47 | |||
Vested (in dollars per share) | $23.01 | |||
Forfeited (in dollars per share) | $17.41 | |||
Non-vested restricted common stock, at end of period (in dollars per share) | $16.49 | $21.65 | ||
Minimum | Restricted Stock Awards, Granted To Newly Hired Employees | ||||
Compensation plans | ||||
The period over which grants vest (in years) | 1 year | |||
Maximum | Restricted Stock Awards, Granted To Newly Hired Employees | ||||
Compensation plans | ||||
The period over which grants vest (in years) | 4 years | |||
[1] | The intrinsic value of a stock option is the amount by which the market value exceeds the exercise price as of the end of the period presented. |
COMPENSATION_PLANS_Schedule_of
COMPENSATION PLANS (Schedule of Non-vested Restricted Shares of Common Stock) (Details) (Restricted Stock, USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock | ||
Compensation plans | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 464,769 | 352,050 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $16.49 | $21.65 |
Granted (in shares) | 379,246 | |
Granted (in dollars per share) | $14.47 | |
Vested (in shares) | -144,335 | |
Vested (in dollars per share) | $23.01 | |
Forfeited (in shares) | -122,192 | |
Forfeited (in dollars per share) | $17.41 |
COMPENSATION_PLANS_Summary_of_
COMPENSATION PLANS (Summary of Stock Option Activity) (Details) (Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Stock Options | |||
Compensation plans | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 326,375 | 337,587 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $26.19 | $26.24 | |
Share-based Compensation Arrangement by Share-based Payment Award Options Outstanding Weighted Average Grant Date Fair Value | $13.09 | $13.12 | |
Exercised (in shares) | 0 | ||
Exercised (in dollars per share) | |||
Exercised (in dollars per share) | $0 | ||
Forfeited (in shares) | -917 | ||
Forfeited (in dollars per share) | $35.69 | ||
Forfeited (in dollars per share) | $19.59 | ||
Expired (in Shares) | -10,295 | ||
Expired (in dollars per share) | $26.76 | ||
Expired (in dollars per share) | $13.55 | ||
Outstanding non-qualified stock options, at end of period | $0 | [1] | |
Outstanding non-qualified stock options, at end of period (in years) | 3 years 9 months 18 days | ||
Vested or expected to vest, end of period (in shares) | 326,375 | ||
Vested or expected to vest, end of period (in shares) | $26.19 | ||
Vested or expected to vest, at end of period | 0 | [1] | |
Vested or expected to vest, end of period (in years) | 3 years 9 months 18 days | ||
Vested or expected to vest, end of period (in dollars per share) | $13.09 | ||
Exercisable non-qualified stock options, at end of period (in shares) | 326,375 | ||
Exercisable non-qualified stock options, at end of period (in dollars per share) | $26.19 | ||
Exercisable non-qualified stock options, at end of period | $0 | [1] | |
Exercisable non-qualified stock options, at end of period (in years) | 3 years 9 months 18 days | ||
Exercisable non-qualified stock options, at end of period (in dollars per share) | $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_Components_of_Inc
INCOME TAXES (Components of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current portion of income tax expense (benefit): | |||
Federal | ($1,108) | ($14,243) | $10,224 |
State | 37 | -31 | 1,237 |
Deferred portion of income tax expense: | |||
Federal | 2,858 | 25,050 | 32,451 |
State | -737 | 5,042 | 5,572 |
Total income tax expense | $1,050 | $15,818 | $49,484 |
INCOME_TAXES_Deferred_Tax_Asse
INCOME TAXES (Deferred Tax Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current deferred tax assets (liabilities): | ||
Prepaid expenses | ($1,827) | ($2,141) |
Inventory | 1,011 | 6,864 |
Accrued employee compensation and benefits | 2,634 | 1,764 |
Equity compensation | 1,193 | 1,093 |
Other | 345 | 761 |
Total current deferred tax assets | 3,356 | 8,341 |
Non-current deferred tax assets: | ||
Property, plant, equipment and mineral properties, net | 91,236 | 108,049 |
Asset retirement obligation | 9,730 | 9,073 |
AMT credits | 4,226 | 4,417 |
Net operating loss carryforward | 25,375 | 10,600 |
Other | 16,158 | 11,710 |
Total non-current deferred tax assets, net | 146,725 | 143,849 |
Total deferred tax asset | $150,081 | $152,190 |
INCOME_TAXES_Reconciliation_of
INCOME TAXES (Reconciliation of Statutory Rate) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal taxes at statutory rate | $3,784 | $13,333 | $47,924 |
State taxes, net of federal benefit | 230 | 3,322 | 3,443 |
Domestic production activities deduction | 0 | 1,265 | -191 |
Change in valuation allowance | -1,698 | 1,841 | 0 |
Research and development credits | 0 | -1,560 | -326 |
Change in state tax rate | 740 | -948 | 981 |
Percentage depletion | -1,922 | -1,841 | -1,623 |
Other | -84 | 406 | -724 |
Total income tax expense | $1,050 | $15,818 | $49,484 |
Effective tax rate | 9.70% | 41.50% | 36.10% |
INCOME_TAXES_Narrative_Details
INCOME TAXES (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Deferred Tax Assets, Valuation Allowance | $300,000 | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | -1,698,000 | 1,841,000 | 0 |
Operating Loss Carryforwards | 72,500,000 | ||
AMT credits | 4,226,000 | 4,417,000 | |
Research and development credits | 1,900,000 | ||
Change in state tax rate | 740,000 | -948,000 | 981,000 |
Liability for Uncertain Tax Positions, Noncurrent | $0 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Annual Minimum Lease Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Operating Lease Commitments | |
2014 | $4,571 |
2015 | 4,148 |
2016 | 3,958 |
2017 | 3,831 |
2018 | 992 |
Thereafter | 521 |
Total | $18,021 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Schedule of Rental and Lease Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | |||
Rental and lease expenses | $6,979 | $4,428 | $4,175 |
COMMITMENTS_AND_CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Reclamation Deposits and Surety Bonds | |||||
Security placed with the State of Utah and the BLM | $17.30 | $17.30 | $17.30 | ||
Long-term restricted cash deposits | 0.5 | 0.5 | 0.5 | ||
Surety bonds issued by an insurer | 16.8 | 16.8 | 16.8 | ||
New Mexico Employment Credits | |||||
Other operating expense | 2.8 | ||||
Other operating Income | 1.2 | 2.9 | |||
Allowance for doubtful other receivables, current | 0.8 | 0.8 | |||
Other Receivables, Net, Current | $2.80 | $5.90 | $2.80 | ||
Future Operating Lease Commitments | |||||
Operating Lease, Contract Term, Maximum (in years) | 20 | ||||
Marketing Agreement Between Intrepid and PCS Sales USA Inc | |||||
Loss Contingencies [Line Items] | |||||
Period of cancellation of marketing agreement by way of written notice | 30 days |
FAIR_VALUE_MEASUREMENTS_Schedu
FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Fair Value Disclosure | ||
Corporate bonds | $21,288 | $22,459 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ||
Investments, Fair Value Disclosure | ||
Corporate bonds | 0 | 0 |
Significant Observable Inputs (Level 2) | ||
Investments, Fair Value Disclosure | ||
Corporate bonds | 21,288 | 22,459 |
Significant Unobservable Inputs (Level 3) | ||
Investments, Fair Value Disclosure | ||
Corporate bonds | $0 | $0 |
FAIR_VALUE_MEASUREMENTS_Fair_V
FAIR VALUE MEASUREMENTS (Fair Value, by Balance Sheet Groupings) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $67,589 | $394 | $33,619 | $73,372 |
Short-term Investments | 10,434 | 15,214 | ||
Income Taxes Receivable, Current | 114 | 15,722 | ||
Long-term debt | 150,000 | 150,000 | ||
Long-term debt, fair value | 138,000 | 129,000 | ||
Certificates of deposit and time deposits | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term Investments | $1,002 | $2,260 |
EMPLOYEE_BENEFITS_Contribution
EMPLOYEE BENEFITS (Contributions to 401(k) Plan) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Contributions to 401K Plan | $2,270 | $2,323 | $2,022 |
EMPLOYEE_BENEFITS_Reconciliati
EMPLOYEE BENEFITS (Reconciliation of Changes to Benefit Obligations and Fair Value of Assets) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Change in benefit obligation: | ||||
Projected benefit obligation at beginning of period | $5,486 | $4,870 | ||
Interest cost | 28 | 93 | ||
Benefit payments | -5,721 | -175 | ||
Actuarial losses | 207 | 698 | ||
Plan amendments | 0 | 0 | ||
Projected benefit obligation at end of period | 0 | 5,486 | ||
Accumulated benefit obligation at end of period | 0 | 5,486 | ||
Change in plan assets: | ||||
Fair value of plan assets at beginning of period | 3,702 | 3,758 | ||
Actual return on assets (net of expenses) | -1 | 26 | ||
Employer contributions | 2,020 | 93 | ||
Benefit payments | -5,721 | -175 | ||
Fair value of plan assets at end of period | 0 | 3,702 | ||
Unfunded status (1) | 0 | [1] | -1,784 | [1] |
Items not yet recognized as a component of net periodic pension cost | ||||
Prior service cost arising during current period | 0 | -115 | ||
Unrecognized actuarial loss | 0 | 2,930 | ||
Prepaid benefit cost | 0 | 1,031 | ||
Accumulated other comprehensive income: | ||||
Prior service cost | 0 | -115 | ||
Net loss | 0 | 2,930 | ||
Components of net periodic benefit cost: | ||||
Interest cost | 28 | 93 | ||
Expected return on assets | 0 | 0 | ||
Amortization of prior service cost | -5 | -16 | ||
Amortization of actuarial loss | 100 | 242 | ||
Settlement loss | 2,928 | 0 | ||
Net periodic benefit cost | 3,051 | 319 | ||
Other comprehensive loss | 0 | 445 | ||
Amounts included in AOCI expected to be recognized during the next fiscal year | ||||
Actuarial loss | $0 | $285 | ||
[1] | As of December 31, 2012, amount is recognized on our consolidated balance sheet in "Accrued employee compensation and benefits." |
EMPLOYEE_BENEFITS_Fair_Value_M
EMPLOYEE BENEFITS (Fair Value Measurement of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Fair value of plan assets | $0 | $3,702 | $3,758 |
Money market mutual fund | |||
Fair value of plan assets | 3,702 | ||
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Money market mutual fund | |||
Fair value of plan assets | 3,702 | ||
Significant Observable Inputs (Level 2) | Money market mutual fund | |||
Fair value of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Money market mutual fund | |||
Fair value of plan assets | $0 |
EMPLOYEE_BENEFITS_Narrative_De
EMPLOYEE BENEFITS (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Employer Contributions Match Percent, Condition Two | 5.00% | ||
Defined Benefit Plan, Contributions by Employer | $2,020 | $93 | |
Defined Benefit Plan, Settlements, Benefit Obligation | $0 | $1,872 | $0 |
Interest rate used for benefits currently in payment | 2.70% | ||
Interest rate used for for all other annuity benefits | 3.40% | ||
Interest rate used for lump sum benefits for years zero to four | 1.00% | ||
Interest rate used for lump sum benefits for years five to 19 | 3.50% | ||
Interest rate used for lump sum benefits for years 20 and after | 4.60% | ||
Defined Benefit Plan, Target Allocation Percentage Of Assets, Cash | 5.00% | ||
Defined Benefit Plan, Target Allocation Percentage of Assets, Absolute Returns, Range Minimum | 0.00% | ||
Defined Benefit Plan, Target Allocation Percentage of Assets, Absolute Returns, Range Maximum | 30.00% | ||
United States Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term allocation for plan equity securities | 47.00% | ||
Target asset allocation of domestic equity securities, range minimum | 20.00% | ||
Target asset allocation of domestic equity securities, range maximum | 75.00% | ||
Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term allocation for plan equity securities | 43.00% | ||
International Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation of domestic equity securities, range minimum | 0.00% | ||
Target asset allocation of domestic equity securities, range maximum | 20.00% | ||
Corporate debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation of domestic equity securities, range minimum | 10.00% | ||
Target asset allocation of domestic equity securities, range maximum | 40.00% | ||
REIT Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation of domestic equity securities, range minimum | 0.00% | ||
Target asset allocation of domestic equity securities, range maximum | 10.00% | ||
Commodities Investment | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation of domestic equity securities, range minimum | 0.00% | ||
Target asset allocation of domestic equity securities, range maximum | 10.00% | ||
Short Term Treasury Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation of domestic equity securities, range minimum | 5.00% | ||
Target asset allocation of domestic equity securities, range maximum | 28.00% | ||
Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term allocation for plan equity securities | 5.00% |
RECLASSIFICATIONS_OUT_OF_ACCUM2
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Schedule of Accumulated Other Comprehensive Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Accumulated Other Comprehensive Income [Roll Forward] | |||
Accumulated other comprehensive loss | ($10) | ||
Net current-period other comprehensive income | -18 | 1,719 | -298 |
Accumulated other comprehensive loss | -28 | -10 | |
Unrealized Gains and Losses on Available-forSale | |||
Schedule of Accumulated Other Comprehensive Income [Roll Forward] | |||
Accumulated other comprehensive loss | -10 | ||
Other comprehensive income before reclassifications | -26 | ||
Amount reclassified from accumulated other comprehensive income | 8 | ||
Net current-period other comprehensive income | -18 | ||
Accumulated other comprehensive loss | ($28) |
RECLASSIFICATIONS_OUT_OF_ACCUM3
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Selling and administrative | $27,223 | $33,768 | $33,750 | ||||||||
Other income (expense) | 1,077 | -1,742 | 588 | ||||||||
Total before tax | 10,811 | 38,093 | 136,927 | ||||||||
Tax (benefit) expense | -1,050 | -15,818 | -49,484 | ||||||||
Net Income | 5,791 | -1,236 | 5,562 | -355 | -5,987 | 2,026 | 11,317 | 14,919 | 9,761 | 22,275 | 87,443 |
Unrealized losses on available-for-sale securities | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other income (expense) | 13 | ||||||||||
Total before tax | 13 | ||||||||||
Tax (benefit) expense | -5 | ||||||||||
Net Income | $8 |
RECOGNITION_OF_COMPENSATING_TA1
RECOGNITION OF COMPENSATING TAX REFUND (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Other Income and Expenses [Abstract] | |
Compensating tax refund | $1.70 |
CONCENTRATION_OF_CREDIT_RISK_N
CONCENTRATION OF CREDIT RISK (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Concentration Risk [Line Items] | |||
Number of primary markets (in markets) | 3 | ||
Federal Deposit Insurance Corporation insurance limit | 250,000 | ||
Distributor customer one | Sales | |||
Concentration Risk [Line Items] | |||
Percent concentration | 11.00% | 22.00% | |
United States | Sales | Customers located in the United States | |||
Concentration Risk [Line Items] | |||
Percent concentration | 96.00% | 96.00% | 96.00% |
QUARTERLY_FINANCIAL_DATA_Detai
QUARTERLY FINANCIAL DATA (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data [Abstract] | |||||||||||
Sales | $98,285 | $102,280 | $110,949 | $98,875 | $73,806 | $70,569 | $92,680 | $99,257 | $410,389 | $336,312 | $451,316 |
Cost of Goods Sold | 68,164 | 77,794 | 79,383 | 78,573 | 57,308 | 46,780 | 55,003 | 53,773 | |||
Gross Margin | 15,446 | 6,888 | 15,678 | 3,992 | 3,159 | 12,903 | 28,053 | 33,800 | 42,004 | 77,915 | 170,138 |
Net Income | $5,791 | ($1,236) | $5,562 | ($355) | ($5,987) | $2,026 | $11,317 | $14,919 | $9,761 | $22,275 | $87,443 |
Basic (in dollars per share) | $0.08 | ($0.02) | $0.07 | $0 | ($0.08) | $0.03 | $0.15 | $0.20 | $0.13 | $0.30 | $1.16 |
Diluted (in dollars per share) | $0.08 | ($0.02) | $0.07 | $0 | ($0.08) | $0.03 | $0.15 | $0.20 | $0.13 | $0.30 | $1.16 |