Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 26, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Intrepid Potash, Inc. | |
Entity Central Index Key | 1,421,461 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 130,234,917 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 6,190 | $ 4,464 |
Accounts receivable: | ||
Trade, net | 11,476 | 10,343 |
Other receivables, net | 1,383 | 492 |
Refundable income taxes | 1,376 | 1,379 |
Inventory, net | 79,095 | 94,355 |
Prepaid expenses and other current assets | 7,591 | 12,710 |
Total current assets | 107,111 | 123,743 |
Property, plant and equipment, and mineral properties, net | 367,550 | 388,490 |
Long-term parts inventory, net | 27,173 | 21,037 |
Other assets, net | 4,244 | 7,631 |
Total Assets | 506,078 | 540,901 |
Accounts payable: | ||
Trade | 5,873 | 10,210 |
Related parties | 28 | 31 |
Accrued liabilities | 7,220 | 8,690 |
Accrued employee compensation and benefits | 3,924 | 4,225 |
Current portion of long-term debt | 6,000 | 0 |
Other current liabilities | 107 | 964 |
Total current liabilities | 23,152 | 24,120 |
Long-term debt, net | 59,308 | 133,434 |
Asset retirement obligation | 20,754 | 19,976 |
Other non-current liabilities | 100 | 0 |
Total Liabilities | 103,314 | 177,530 |
Commitments and Contingencies | ||
Common stock, $0.001 par value; 400,000,000 shares authorized; 126,536,091 and 75,839,998 shares outstanding at June 30, 2017, and December 31, 2016, respectively | 127 | 76 |
Additional paid-in capital | 642,728 | 583,653 |
Retained deficit | (240,091) | (220,358) |
Total Stockholders' Equity | 402,764 | 363,371 |
Total Liabilities and Stockholders' Equity | $ 506,078 | $ 540,901 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares outstanding | 126,536,091 | 75,839,998 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Sales | $ 43,910 | $ 51,840 | $ 92,242 | $ 125,117 |
Less: | ||||
Freight costs | 7,985 | 8,931 | 16,706 | 19,263 |
Warehousing and handling costs | 2,197 | 2,538 | 4,968 | 5,202 |
Cost of goods sold | 29,714 | 41,850 | 65,586 | 101,627 |
Lower-of-cost-or-market inventory adjustments | 317 | 2,930 | 4,141 | 11,937 |
Costs associated with abnormal production and other | 0 | 1,057 | 0 | 1,707 |
Gross Margin (Deficit) | 3,697 | (5,466) | 841 | (14,619) |
Selling and administrative | 4,764 | 4,536 | 9,168 | 11,106 |
Accretion of asset retirement obligation | 389 | 442 | 778 | 884 |
Restructuring expense | 266 | 1,914 | 266 | 2,314 |
Care and maintenance expense | 419 | 0 | 1,111 | 0 |
Other operating (income) expense | (457) | (1,801) | 870 | (1,905) |
Operating Loss | (1,684) | (10,557) | (11,352) | (27,018) |
Other Income (Expense) | ||||
Interest Expense, net | (4,217) | (3,000) | (8,637) | (5,229) |
Interest income | 0 | 101 | 4 | 224 |
Other income | (27) | 59 | 384 | 201 |
Loss Before Income Taxes | (5,928) | (13,397) | (19,601) | (31,822) |
Income Tax Expense | (7) | (1) | (12) | (3) |
Net Loss | $ (5,935) | $ (13,398) | $ (19,613) | $ (31,825) |
Weighted Average Shares Outstanding: | ||||
Basic (in shares) | 126,221,142 | 75,838,782 | 104,228,787 | 75,797,658 |
Diluted (in shares) | 126,221,142 | 75,838,782 | 104,228,787 | 75,797,658 |
Loss Per Share: | ||||
Basic (in dollars per share) | $ (0.05) | $ (0.18) | $ (0.19) | $ (0.42) |
Diluted (in dollars per share) | $ (0.05) | $ (0.18) | $ (0.19) | $ (0.42) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (5,935) | $ (13,398) | $ (19,613) | $ (31,825) |
Other Comprehensive Income: | ||||
Net change in unrealized gain on investments available for sale, net of tax | 0 | 19 | 0 | 49 |
Other Comprehensive Income | 0 | 19 | 0 | 49 |
Comprehensive Loss | $ (5,935) | $ (13,379) | $ (19,613) | $ (31,776) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings |
Increase (Decrease) in Stockholders' Equity | ||||
Adjustment to opening balance | $ 120 | $ (120) | ||
Balance (in shares) at Dec. 31, 2016 | 75,839,998 | |||
Balance at Dec. 31, 2016 | $ 363,371 | $ 76 | 583,653 | (220,358) |
Increase (Decrease) in Stockholders' Equity | ||||
Issuance of common stock | 57,479 | $ 51 | 57,428 | |
Net change in other comprehensive loss | 0 | |||
Net loss | (19,613) | |||
Stock-based compensation | 1,685 | 1,685 | ||
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting (in shares) | 623,176 | |||
Adjustments related to tax withholding for share-based compensation | (158) | (158) | ||
Balance (in shares) at Jun. 30, 2017 | 126,536,091 | |||
Balance at Jun. 30, 2017 | $ 402,764 | $ 127 | $ 642,728 | $ (240,091) |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Reconciliation of net income to net cash provided by operating activities: | |||
Net loss | $ (19,613) | $ (31,825) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation, depletion and accretion | [1] | 17,620 | 24,209 |
Amortization of deferred financing costs | 1,350 | 1,666 | |
Stock-based compensation | 1,685 | 1,700 | |
Lower-of-cost-or-market inventory adjustments | 4,141 | 11,937 | |
Loss on disposal of assets | 1,564 | (15) | |
Allowance for parts inventory obsolescence | 0 | 618 | |
Other | 0 | 450 | |
Changes in operating assets and liabilities: | |||
Trade accounts receivable, net | (1,134) | 757 | |
Other receivables, net | (890) | (726) | |
Refundable income taxes | 3 | 91 | |
Inventory, net | 4,984 | (16,638) | |
Prepaid expenses and other current assets | 8,116 | 14,677 | |
Accounts payable, accrued liabilities, and accrued employee compensation and benefits | (5,560) | (5,401) | |
Other liabilities | (757) | (1,097) | |
Net cash provided by operating activities | 11,509 | 403 | |
Cash Flows from Investing Activities: | |||
Additions to property, plant, equipment, and mineral properties | (3,559) | (11,775) | |
Proceeds from sale of property, plant, equipment, and mineral properties | 5,553 | 0 | |
Purchases of investments | 0 | (1,500) | |
Proceeds from sale of investments | 1 | 37,375 | |
Net cash provided by investing activities | 1,995 | 24,100 | |
Cash Flows from Financing Activities: | |||
Issuance of common stock, net of transaction expenses | 57,479 | 0 | |
Repayments of long-term debt | (69,000) | 0 | |
Debt issuance costs | (99) | (2,654) | |
Employee tax withholding paid for restricted stock upon vesting | (158) | (172) | |
Net cash used in financing activities | (11,778) | (2,826) | |
Net Change in Cash and Cash Equivalents | 1,726 | 21,677 | |
Cash and Cash Equivalents, beginning of period | 4,464 | 9,307 | |
Cash and Cash Equivalents, end of period | 6,190 | 30,984 | |
Net cash paid (refunded) during the period for: | |||
Interest | 8,377 | 3,221 | |
Income taxes | 10 | (88) | |
Accrued purchases for property, plant, equipment, and mineral properties | $ 242 | $ 544 | |
[1] | Depreciation, depletion and amortization incurred for potash and Trio® excludes depreciation, depletion and amortization amounts absorbed in or (relieved from) inventory. |
COMPANY BACKGROUND
COMPANY BACKGROUND | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [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"), which we market and sell as Trio ® . 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. We also sell water, which is recorded in other operating income. In addition, we sell by-products including salt, magnesium chloride, and brine. These by-product credits represented approximately 7% of total cost of goods sold for the six months ended June 30, 2017 . We produce potash from three solution mining facilities: our HB solar solution mine in Carlsbad, New Mexico, our solution mine in Moab, Utah, and our solar brine recovery mine in Wendover, Utah. We also operate the North compaction facility in Carlsbad, New Mexico, which compacts and granulates product from the HB mine. We produce Trio ® from our conventional underground East mine in Carlsbad, New Mexico. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Financial Statement Presentation —Our unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation of interim financial information, have been included. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC. Reclassifications of Prior Period Presentation —Certain prior period amounts have been reclassified in order to conform to the current period presentation. These reclassifications had no effect on the reported results of operations. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | LOSS PER SHARE Basic loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. The following table sets forth the calculation of basic and diluted loss per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net loss $ (5,935 ) $ (13,398 ) $ (19,613 ) $ (31,825 ) Basic weighted average common shares outstanding 126,221 75,839 104,229 75,798 Add: Dilutive effect of restricted stock — — — — Add: Dilutive effect of stock options outstanding — — — — Add: Dilutive effect of performance units — — — — Diluted weighted average common shares outstanding 126,221 75,839 104,229 75,798 Loss per share: Basic $ (0.05 ) $ (0.18 ) $ (0.19 ) $ (0.42 ) Diluted $ (0.05 ) $ (0.18 ) $ (0.19 ) $ (0.42 ) Potentially dilutive securities, including restricted stock, stock options, and performance units, are excluded from the diluted weighted average shares outstanding computation in periods in which they have an anti-dilutive effect, such as when there is a net loss. The treasury-stock method is used to measure the dilutive impact of restricted stock, stock options outstanding, and performance units. The following table shows the shares that have an anti-dilutive effect and are excluded from the diluted weighted average shares outstanding computations: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Anti-dilutive shares of restricted common stock 2,640,229 447,661 2,793,642 407,186 Anti-dilutive shares of stock options outstanding 1,899,392 218,886 1,882,807 227,370 Anti-dilutive shares of performance units 63,025 126,050 63,025 127,651 |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 6 Months Ended |
Jun. 30, 2017 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS As of June 30, 2017 , and December 31, 2016 , our cash balances were $6.2 million and $4.5 million , respectively. |
INVENTORY AND LONG-TERM PARTS I
INVENTORY AND LONG-TERM PARTS INVENTORY | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 , and December 31, 2016 (in thousands): June 30, 2017 December 31, 2016 Finished goods product inventory $ 45,264 $ 52,571 In-process mineral inventory 19,949 22,126 Total product inventory 65,213 74,697 Current parts inventory, net 13,882 19,658 Total current inventory, net 79,095 94,355 Long-term parts inventory, net 27,173 21,037 Total inventory, net $ 106,268 $ 115,392 Parts inventories are shown net of any required allowances. At June 30, 2017 , and December 31, 2016 , allowances for parts inventory obsolescence were $2.5 million and $3.1 million , respectively. During the six months ended June 30, 2017, and 2016 , we recorded charges of approximately $4.1 million and $11.9 million , respectively, as a result of routine assessments of the lower of weighted average cost or estimated net realizable value of our finished goods product inventory. During the conversion of the East facility to Trio ® -only in 2016, we suspended East production for seven days. As a result, approximately $1.1 million and $1.7 million of production costs at our East facility that would have been allocated to additional tons produced were excluded from our inventory values and instead expensed in the three- and six-month periods in 2016 as period production costs. |
PROPERTY, PLANT, EQUIPMENT, AND
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES | PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES Property, plant, equipment, and mineral properties were comprised of the following (in thousands): June 30, 2017 December 31, 2016 Buildings and plant $ 79,540 $ 82,457 Machinery and equipment 226,412 227,987 Vehicles 4,743 4,750 Office equipment and improvements 12,690 12,505 Ponds and land improvements 55,047 57,474 Total depreciable assets $ 378,432 $ 385,173 Accumulated depreciation (128,576 ) (116,194 ) Total depreciable assets, net $ 249,856 $ 268,979 Mineral properties and development costs $ 138,838 $ 138,578 Accumulated depletion (24,565 ) (21,974 ) Total depletable assets, net $ 114,273 $ 116,604 Land $ 519 $ 719 Construction in progress $ 2,902 $ 2,188 Total property, plant, equipment, and mineral properties, net $ 367,550 $ 388,490 We incurred the following expenses for depreciation, depletion, and accretion, including expenses capitalized into inventory, for the following periods (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Depreciation $ 7,080 $ 8,862 $ 14,240 $ 21,344 Depletion 828 537 2,602 1,981 Accretion 389 442 778 884 Total incurred $ 8,297 $ 9,841 $ 17,620 $ 24,209 |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Senior Notes —As of June 30, 2017 , we had outstanding $66 million of senior notes ("the Notes") consisting of the following series: • $26.4 million of Senior Notes, Series A, due April 16, 2020 • $19.8 million of Senior Notes, Series B, due April 14, 2023 • $19.8 million of Senior Notes, Series C, due April 16, 2025 We originally issued $150 million of the Notes in 2013. Since the beginning of the fourth quarter of 2016, we have repaid an aggregate principal amount of $84 million of the Notes, including $69 million paid in the first half of 2017. In June 2017, we entered into an amendment with the holders of the Notes that requires us to prepay an additional $6 million and $10 million of the Notes, in both cases together with accrued interest and a make-whole payment, on or before December 31, 2017, and December 31, 2018, respectively. After the prepayments, the outstanding balance of the Notes will be $50 million . The June 2017 amendment also altered the methodology for determining the variable interest rate for the Notes, though the interest rates will continue to be adjusted quarterly based on our financial performance and certain financial covenant levels, and modified certain terms regarding the mandatory redemptions or offers of prepayment to the holders of the Notes. The agreement governing the Notes provides for the following: • We granted to the collateral agent for the noteholders a first lien on substantially all of our non-current assets and second lien on substantially all of our current assets. • The agreement requires us to maintain a minimum trailing twelve-month adjusted EBITDA, which adjusts over time and is measured quarterly through March 2018, ranging from negative $10 million in the period ended June 30, 2017 to negative $7.5 million in the period ending March 31, 2018. Adjusted EBITDA is a non-GAAP measure that is calculated as adjusted earnings before interest, income taxes, depreciation, amortization, and certain other expenses for the prior four quarters, as defined under the agreement. Our adjusted EBITDA as calculated under the agreement was $8.5 million for the four quarters ended June 30, 2017, satisfying the adjusted EBITDA covenant. • The agreement requires us to maintain a minimum fixed charge coverage amount of negative $15 million and negative $10 million for the quarters ending June 30, 2018, and September 30, 2018, respectively. The agreement also includes requirements relating to a leverage ratio and a fixed charge coverage ratio to be tested on a quarterly basis commencing with the quarter ending June 30, 2018, with respect to the leverage ratio, and December 31, 2018, with respect to the fixed charge coverage ratio. The maximum leverage ratio will be 11.5 to 1.0 for the quarter ending June 30, 2018, and decreases to 3.5 to 1.0 for the quarter ending September 30, 2019, and each quarter thereafter. The minimum fixed charge coverage ratio will be 0.25 to 1.0 for the quarter ending December 31, 2018, and increases to 1.3 to 1.0 for the quarter ending September 30, 2019, and each quarter thereafter. In general, our fixed charge coverage amount is calculated as adjusted EBITDA for the prior four quarters, minus capital expenditures, cash paid for income taxes, and interest expense plus scheduled principal amortization of long-term funded indebtedness; our leverage ratio is calculated as the ratio of funded indebtedness to adjusted EBITDA for the prior four quarters; and our fixed charge coverage ratio is calculated as the ratio of adjusted EBITDA for the prior four quarters, minus capital expenditures and cash paid for income taxes, to interest expense plus scheduled principal amortization of long-term funded indebtedness. • The Series A Senior Notes bear interest at 7.73% , the Series B Senior Notes bear interest at 8.63% , and the Series C Senior Notes bear interest at 8.78% . The interest rates are adjusted quarterly based upon our financial performance and certain financial covenant levels. In addition, additional interest of 2% , which may be paid in kind, will begin to accrue on April 1, 2018, unless we satisfy certain financial covenant tests. • We are required to offer to prepay the Notes with the proceeds of dispositions of certain specified property and with the proceeds of certain equity issuances, as set forth in the agreement. During the six months ended June 30, 2017, we repaid the Notes by $63.5 million with the proceeds of an equity offering and cash generated from operating activities and by $5.5 million in conjunction with the sale of an asset. • The obligations under the Notes are unconditionally guaranteed by several of our subsidiaries. We were in compliance with the applicable covenants under the agreement governing the Notes as of June 30, 2017 . Our outstanding long-term debt, net, as of June 30, 2017 , and December 31, 2016 , is as follows (in thousands): June 30, 2017 December 31, 2016 Senior Notes $ 66,000 $ 135,000 Less current portion of long-term debt (6,000 ) — Less deferred financing costs (692 ) (1,566 ) Long-term debt, net $ 59,308 $ 133,434 Credit Facility —In October 2016, we entered into a credit agreement with Bank of Montreal that provides an asset-based revolving credit facility of up to $35 million in aggregate principal amount. In June 2017, we amended the agreement to extend the maturity date to October 31, 2019, and to permit up to $10 million of borrowings under the agreement to be used to make payments on the Notes. The amount of the facility remains at $35 million and is available subject to monthly borrowing base limits based on our inventory and receivables. If our total remaining availability under the credit facility was to fall below $6 million , we would be subject to a minimum fixed charge coverage ratio of 1 to 1, which we would not currently meet. Any borrowings on the credit facility bear interest at 1.75% to 2.25% above LIBOR (London Interbank Offered Rate), based on average availability under the credit facility. We have granted to Bank of Montreal a first lien on substantially all of our current assets and a second lien on substantially all of our non-current assets. We occasionally borrow and repay amounts under the facility for near-term working capital needs and may do so in the future. For the six months ended June 30, 2017, we borrowed and repaid $7.5 million under the facility. As of June 30, 2017, there were no amounts outstanding under the facility, other than $3.5 million in letters of credit. Considering the outstanding letters of credit and the fixed charge coverage ratio requirement described above, we have $17.5 million available under the facility as of June 30, 2017. We were in compliance with the applicable covenants under the facility as of June 30, 2017. Interest expense is recorded net of any capitalized interest associated with investments in capital projects. We incurred gross interest expense of $4.3 million and $3.1 million for the three months ended June 30, 2017 , and 2016 , respectively, and $8.7 million and $5.4 million for the six months ended June 30, 2017 , and 2016 , respectively. Amounts included in interest expense for the three and six months ended June 30, 2017 , and 2016 are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Interest on Notes and credit facility commitment fees $ 1,963 $ 2,203 $ 4,798 $ 3,738 Make-whole payments 1,760 — 2,554 — Amortization of deferred financing costs 529 881 1,350 1,666 Gross interest expense 4,252 3,084 8,702 5,404 Less capitalized interest 35 84 65 175 Interest expense, net $ 4,217 $ 3,000 $ 8,637 $ 5,229 |
FINANCIAL INFORMATION FOR SUBSI
FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS OF POSSIBLE FUTURE PUBLIC DEBT | 6 Months Ended |
Jun. 30, 2017 | |
Guarantees [Abstract] | |
FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS OF POSSIBLE FUTURE PUBLIC DEBT | FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS OF POSSIBLE FUTURE PUBLIC DEBT Intrepid Potash, Inc., as the parent company, has no independent assets or operations, and operations are conducted solely through its subsidiaries. Cash generated from operations is held at the parent-company level as cash on hand which totaled $6.2 million and $4.5 million at June 30, 2017 , and December 31, 2016 , respectively. In the event that one or more of our wholly-owned operating subsidiaries guarantee public debt securities in the future, those guarantees will be full and unconditional and will constitute the joint and several obligations of the subsidiary guarantors. Our other subsidiaries are minor. There are no restrictions on our ability to obtain cash dividends or other distributions of funds from the subsidiary guarantors, except those imposed by applicable law. |
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION | 6 Months Ended |
Jun. 30, 2017 | |
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 revisions to estimated costs. The credit adjusted risk-free rates used to discount our abandonment liabilities range from 6.9% to 9.7% . 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 obligation for the following periods (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Asset retirement obligation, at beginning of period $ 20,365 $ 23,393 $ 19,976 $ 22,951 Liabilities settled — (3 ) — (3 ) Accretion of discount 389 442 778 884 Total asset retirement obligation, at end of period $ 20,754 $ 23,832 $ 20,754 $ 23,832 The undiscounted amount of asset retirement obligation was $59.3 million as of June 30, 2017 . |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | Note 10 — COMMON STOCK In March 2017, we completed an underwritten public offering of our common stock and issued 50.1 million shares of common stock for net cash proceeds of $57.5 million . The net proceeds from the offering have been used to partially repay indebtedness and for general corporate purposes. In May 2017, we commenced an at-the-market offering program, which gives us the capacity to issue up to $40 million of our common stock. We did not have any sales of common stock under this program in the second quarter of 2017. We intend to use the net proceeds from any offerings under this program for general corporate purposes, which may include, among other things, the repayment of indebtedness under our senior notes or revolving credit facility, acquisitions, and funding capital expenditures. |
COMPENSATION PLANS
COMPENSATION PLANS | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
COMPENSATION PLANS | Note 11 — COMPENSATION PLANS Equity Incentive Compensation Plan —Our Board of Directors and stockholders adopted a long-term incentive compensation plan called the Intrepid Potash, Inc. Amended and Restated Equity Incentive Plan (the "Plan"). We have issued common stock, restricted stock, performance units, and non-qualified stock option awards under the Plan. Share-based awards vest over one, three or four years. At June 30, 2017, there were approximately 3.6 million shares available for issuance under the Plan. During the second quarter, we granted a total of 1.4 million shares of restricted stock and 0.6 million non-qualified stock options to members of our Board of Directors, executive officers, and other key employees. These awards vest over one or three years. As of June 30, 2017, the following awards were outstanding under the Plan: Outstanding as of June 30, 2017 Restricted Stock 3,912,579 Non-qualified Stock Options 2,326,290 Performance Units 126,050 Total share-based compensation expense was $1.7 million and $1.2 million for the six months ended June 30, 2017, and 2016, respectively. As of June 30, 2017 , we had $7.3 million of total remaining unrecognized compensation expense related to awards, that will be expensed through 2020. |
OTHER OPERATING (INCOME) EXPENS
OTHER OPERATING (INCOME) EXPENSE | 6 Months Ended |
Jun. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Other Operating (Income) Expense | OTHER OPERATING (INCOME) EXPENSE Other operating (income) expense consisted of the following amounts: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Water sales (1,097 ) — (1,421 ) — Accrual for land issues 600 — 600 — Loss (gain) on sale of assets 5 — 1,564 (15 ) Other expense (income) 35 — 127 (89 ) Insurance reimbursement — (1,211 ) — (1,211 ) Compensating tax adjustment — (1,086 ) — (1,086 ) Reserve for Inventory Obsolescence — 496 — 496 (457 ) (1,801 ) 870 (1,905 ) |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Our effective tax rate is impacted primarily by the amount of taxable income associated with each jurisdiction in which our income is subject to income tax, permanent differences between the financial statement carrying amounts and tax bases of assets and liabilities. During both the six-month periods ended June 30, 2017 , and 2016, our effective tax rate was 0% which differed from the statutory rate primarily as a result of the impact of recording a valuation allowance to offset the amount of additional deferred tax asset generated during the periods. As of June 30, 2017 , we do not believe it is more likely than not that we will fully realize the benefit of our deferred tax assets. As such, we increased the valuation allowance related to our deferred tax assets by $6.2 million for the six months ended June 30, 2017. We recognized a full valuation allowance against our net deferred tax assets as of June 30, 2017 , and December 31, 2016 . A summary of our valuation allowance activity is as follows (in thousands): Six Months Ended June 30, 2017 2016 Valuation allowance, beginning of period $ 326,097 $ 300,601 Additions 6,183 13,847 Valuation allowance, end of period $ 332,280 $ 314,448 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Reclamation Deposits and Surety Bonds —As of June 30, 2017 , and December 31, 2016 , we had $18.4 million and $21.4 million , respectively, of security placed principally with the State of Utah and the Bureau of Land Management for eventual reclamation of our various facilities. Of this total requirement, as of June 30, 2017 , and December 31, 2016 , $0.5 million and $3.5 million , respectively, consisted of long-term restricted cash deposits reflected in "Other assets, net" on the condensed consolidated balance sheets and $17.9 million was secured by surety bonds issued by an insurer. The surety bonds are held in place by an annual fee paid to the issuer. We may be required to post additional security to fund future reclamation obligations as reclamation plans are updated or as governmental entities change requirements. Legal —In February 2015, Mosaic Potash Carlsbad Inc. ("Mosaic") filed a complaint and application for preliminary injunction and permanent injunction against Steve Gamble and us in the Fifth Judicial District Court for the County of Eddy in the State of New Mexico. Mr. Gamble is a former Intrepid employee and former Mosaic employee. The complaint alleges against us violations of the Uniform Trade Secrets Act and tortious interference with contract relating to alleged misappropriation of Mosaic's trade secrets. Mosaic seeks monetary relief of an unspecified amount, including damages for actual loss and unjust enrichment, exemplary damages, attorneys' fees, and injunctive relief and has alleged that it has spent hundreds of millions of dollars to research and develop its alleged trade secrets. In August 2015, the court denied Mosaic's application for preliminary injunction. The lawsuit is currently progressing through discovery. We are vigorously defending against the lawsuit. Because this matter is at an early stage, we are unable to reasonably estimate the potential amount of loss, if any. In July 2016, Mosaic filed a complaint against Steve Gamble and us in US District Court for the District of New Mexico. The complaint alleges violations of the Computer Fraud and Abuse Act, conversion, and civil conspiracy relating to alleged misappropriation of Mosaic's confidential information. Mosaic seeks injunctive relief and compensatory and punitive damages of an unspecified amount. We are vigorously defending against the lawsuit. Because this matter is at an early stage, we are unable to reasonably estimate the potential amount of loss, if any. We are subject to other claims and legal actions in the ordinary course of business. While there are uncertainties in predicting the outcome of any claim or legal action, we believe that the ultimate resolution of these other claims or actions is not reasonably likely to have a material adverse effect on our financial condition, results of operations, or cash flows. Future Operating Lease Commitments —We have operating leases for land, mining and other operating equipment, offices, and railcars, with original terms ranging up to 20 years. In June 2017, we amended our existing corporate office lease agreement to extend the term to March 31, 2019, and to reduce the base rent. Rental and lease expenses for the three months ended June 30, 2017 , and 2016 , were $1.5 million . Rental and lease expenses for the six months ended June 30, 2017 , and 2016 , were $3.0 million and $3.1 million , respectively. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS We measure our financial assets and liabilities in accordance with Accounting Standards Codification™ ("ASC") Topic 820, Fair Value Measurements and Disclosures. For cash and cash equivalents, certificates of deposit and time deposit investments, accounts receivable, refundable income taxes, and accounts payable, the carrying amount approximates fair value because of the short-term maturity of these instruments. The estimated fair value of the long‑term debt is estimated using a discounted cash flow analysis based on current borrowing rates for debt with similar remaining maturities and ratings (a Level 2 input) and is designed to approximate the amount at which the instruments could be exchanged in an arm's-length transaction between knowledgeable willing parties. The carrying value and estimated fair value of our long-term debt as of June 30, 2017 , and December 31, 2016 , were as follows (in thousands): June 30, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Senior notes $ 66,000 $ 65,800 $ 135,000 $ 131,000 |
RESTRUCTURING CHARGE
RESTRUCTURING CHARGE | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring Charge [Abstract] | |
RESTRUCTURING CHARGE | RESTRUCTURING CHARGE During 2016, in response to declining potash prices, we undertook a number of cost saving actions to better align our cost structure with the business environment. These initiatives included workforce reductions, bonus plan curtailments, and reductions in compensation. For the six months ended June 30, 2016 , we recognized restructuring expense of $2.3 million related to these events. We recorded $0.3 million of restructuring expenses for the six months ended June 30, 2017 , relating to our continued efforts to match production to expected sales. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS We have two business segments: potash and Trio ® . Our reportable segments are determined by management based on a number of factors including the types of potassium-based fertilizer produced, production processes, markets served and the financial information available to our chief operating decision maker. We evaluate performance based on the gross margins of the respective business segments and do not allocate corporate selling and administrative expenses, among others, to the respective segments. Total assets are not presented for each reportable segment as they are not reviewed by, nor otherwise regularly provided to, the chief operating decision maker. All sales of both segments are to external customers. Information for each segment is provided in the following tables (in thousands): Three Months Ended June 30, 2017 Potash Trio ® Corporate Consolidated Sales $ 27,814 $ 16,096 $ — $ 43,910 Less: Freight costs 3,578 4,407 — 7,985 Warehousing and handling costs 1,366 831 — 2,197 Cost of goods sold 18,822 10,892 — 29,714 Lower-of-cost-or-market inventory 33 284 — 317 Gross Margin (Deficit) $ 4,015 $ (318 ) $ — $ 3,697 Depreciation, depletion and amortization incurred 1 $ 6,555 $ 1,705 $ 37 $ 8,297 Six Months Ended June 30, 2017 Potash Trio ® Corporate Consolidated Sales $ 55,034 $ 37,208 $ — $ 92,242 Less: Freight costs 6,537 10,169 — 16,706 Warehousing and handling costs 2,878 2,090 — 4,968 Cost of goods sold 39,242 26,344 — 65,586 Lower-of-cost-or-market inventory 33 4,108 — 4,141 Gross Margin (Deficit) $ 6,344 $ (5,503 ) $ — $ 841 Depreciation, depletion and amortization incurred 1 $ 14,118 $ 3,404 $ 98 $ 17,620 Three Months Ended June 30, 2016 Potash Trio ® Corporate Consolidated Sales $ 39,196 $ 12,644 $ — $ 51,840 Less: Freight costs 6,882 2,049 — 8,931 Warehousing and handling costs 2,132 406 — 2,538 Cost of goods sold 32,502 9,348 — 41,850 Lower-of-cost-or-market inventory 2,930 — — 2,930 Costs associated with abnormal — 1,057 — 1,057 Gross (Deficit) Margin $ (5,250 ) $ (216 ) $ — $ (5,466 ) Depreciation, depletion and amortization incurred 1 $ 8,647 $ 879 $ 315 $ 9,841 Six Months Ended June 30, 2016 Potash Trio ® Corporate Consolidated Sales $ 92,891 $ 32,226 $ — $ 125,117 Less: Freight costs 13,433 5,830 — 19,263 Warehousing and handling costs 4,286 916 — 5,202 Cost of goods sold 79,790 21,837 — 101,627 Lower-of-cost-or-market inventory 11,937 — — 11,937 Costs associated with abnormal 650 1,057 — 1,707 Gross (Deficit) Margin $ (17,205 ) $ 2,586 $ — $ (14,619 ) Depreciation, depletion and amortization incurred 1 $ 20,880 $ 2,554 $ 775 $ 24,209 1 Depreciation, depletion and amortization incurred for potash and Trio ® excludes depreciation, depletion and amortization amounts absorbed in or (relieved from) inventory. During the three months ended June 30, 2017 we recorded restructuring charges of $0.3 million attributable to our Trio ® segment. For the comparable period in 2016, we recorded restructuring charges of $1.9 million , all of which was attributable to our potash segment. During the six months ended June 30, 2017, we recorded restructuring charges of $0.3 million attributable to our Trio ® segment. For the comparable period in 2016, we recorded restructuring charges of $2.3 million , of which $2.1 million was attributable to our potash segment and $0.2 million was attributable to corporate. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In July 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." An entity using an inventory method other than last-in, first-out or the retail inventory method should measure inventory at the lower of cost and net realizable value. This standard clarifies that net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation and was effective for us beginning January 1, 2017. The adoption of this standard did not have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting," which became effective for us beginning January 1, 2017. This standard changes several aspects of how we account for share-based payment award transactions, including income tax consequences, classification of awards as either equity or liabilities, classification of excess tax benefits on the statement of cash flows, forfeitures, minimum statutory tax withholding payments, and classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. In accordance with adoption of this standard share-based payment award forfeiture expense will no longer be estimated and will be recorded as forfeitures occur and we have recorded a $120,000 adjustment to beginning retained earnings for the impact of this cumulative change. |
SUMMARY OF SIGNIFICANT ACCOUN26
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Financial Statement Presentation | Our unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation of interim financial information, have been included. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC. |
Reclassifications of Prior Period Presentation | Certain prior period amounts have been reclassified in order to conform to the current period presentation. These reclassifications had no effect on the reported results of operations. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Loss or Earnings Per Share | Basic loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. The following table sets forth the calculation of basic and diluted loss per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net loss $ (5,935 ) $ (13,398 ) $ (19,613 ) $ (31,825 ) Basic weighted average common shares outstanding 126,221 75,839 104,229 75,798 Add: Dilutive effect of restricted stock — — — — Add: Dilutive effect of stock options outstanding — — — — Add: Dilutive effect of performance units — — — — Diluted weighted average common shares outstanding 126,221 75,839 104,229 75,798 Loss per share: Basic $ (0.05 ) $ (0.18 ) $ (0.19 ) $ (0.42 ) Diluted $ (0.05 ) $ (0.18 ) $ (0.19 ) $ (0.42 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Potentially dilutive securities, including restricted stock, stock options, and performance units, are excluded from the diluted weighted average shares outstanding computation in periods in which they have an anti-dilutive effect, such as when there is a net loss. The treasury-stock method is used to measure the dilutive impact of restricted stock, stock options outstanding, and performance units. The following table shows the shares that have an anti-dilutive effect and are excluded from the diluted weighted average shares outstanding computations: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Anti-dilutive shares of restricted common stock 2,640,229 447,661 2,793,642 407,186 Anti-dilutive shares of stock options outstanding 1,899,392 218,886 1,882,807 227,370 Anti-dilutive shares of performance units 63,025 126,050 63,025 127,651 |
INVENTORY AND LONG-TERM PARTS28
INVENTORY AND LONG-TERM PARTS INVENTORY (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 , and December 31, 2016 (in thousands): June 30, 2017 December 31, 2016 Finished goods product inventory $ 45,264 $ 52,571 In-process mineral inventory 19,949 22,126 Total product inventory 65,213 74,697 Current parts inventory, net 13,882 19,658 Total current inventory, net 79,095 94,355 Long-term parts inventory, net 27,173 21,037 Total inventory, net $ 106,268 $ 115,392 |
PROPERTY, PLANT, EQUIPMENT, A29
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant, Equipment, and Mineral Properties | Property, plant, equipment, and mineral properties were comprised of the following (in thousands): June 30, 2017 December 31, 2016 Buildings and plant $ 79,540 $ 82,457 Machinery and equipment 226,412 227,987 Vehicles 4,743 4,750 Office equipment and improvements 12,690 12,505 Ponds and land improvements 55,047 57,474 Total depreciable assets $ 378,432 $ 385,173 Accumulated depreciation (128,576 ) (116,194 ) Total depreciable assets, net $ 249,856 $ 268,979 Mineral properties and development costs $ 138,838 $ 138,578 Accumulated depletion (24,565 ) (21,974 ) Total depletable assets, net $ 114,273 $ 116,604 Land $ 519 $ 719 Construction in progress $ 2,902 $ 2,188 Total property, plant, equipment, and mineral properties, net $ 367,550 $ 388,490 |
Schedule of Depreciation, Depletion and Accretion | We incurred the following expenses for depreciation, depletion, and accretion, including expenses capitalized into inventory, for the following periods (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Depreciation $ 7,080 $ 8,862 $ 14,240 $ 21,344 Depletion 828 537 2,602 1,981 Accretion 389 442 778 884 Total incurred $ 8,297 $ 9,841 $ 17,620 $ 24,209 |
DEBT DEBT (Tables)
DEBT DEBT (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | Our outstanding long-term debt, net, as of June 30, 2017 , and December 31, 2016 , is as follows (in thousands): June 30, 2017 December 31, 2016 Senior Notes $ 66,000 $ 135,000 Less current portion of long-term debt (6,000 ) — Less deferred financing costs (692 ) (1,566 ) Long-term debt, net $ 59,308 $ 133,434 |
Schedule Of Interest Expense | Amounts included in interest expense for the three and six months ended June 30, 2017 , and 2016 are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Interest on Notes and credit facility commitment fees $ 1,963 $ 2,203 $ 4,798 $ 3,738 Make-whole payments 1,760 — 2,554 — Amortization of deferred financing costs 529 881 1,350 1,666 Gross interest expense 4,252 3,084 8,702 5,404 Less capitalized interest 35 84 65 175 Interest expense, net $ 4,217 $ 3,000 $ 8,637 $ 5,229 |
ASSET RETIREMENT OBLIGATION (Ta
ASSET RETIREMENT OBLIGATION (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Changes to Asset Retirement Obligation | Following is a table of the changes to our asset retirement obligation for the following periods (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Asset retirement obligation, at beginning of period $ 20,365 $ 23,393 $ 19,976 $ 22,951 Liabilities settled — (3 ) — (3 ) Accretion of discount 389 442 778 884 Total asset retirement obligation, at end of period $ 20,754 $ 23,832 $ 20,754 $ 23,832 |
COMPENSATION PLANS COMPENSATION
COMPENSATION PLANS COMPENSATION PLANS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Outstanding Share Based Awards | During the second quarter, we granted a total of 1.4 million shares of restricted stock and 0.6 million non-qualified stock options to members of our Board of Directors, executive officers, and other key employees. These awards vest over one or three years. As of June 30, 2017, the following awards were outstanding under the Plan: Outstanding as of June 30, 2017 Restricted Stock 3,912,579 Non-qualified Stock Options 2,326,290 Performance Units 126,050 |
OTHER OPERATING (INCOME) EXPE33
OTHER OPERATING (INCOME) EXPENSE OTHER OPEARTING (INCOME) EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Income Expense | Other operating (income) expense consisted of the following amounts: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Water sales (1,097 ) — (1,421 ) — Accrual for land issues 600 — 600 — Loss (gain) on sale of assets 5 — 1,564 (15 ) Other expense (income) 35 — 127 (89 ) Insurance reimbursement — (1,211 ) — (1,211 ) Compensating tax adjustment — (1,086 ) — (1,086 ) Reserve for Inventory Obsolescence — 496 — 496 (457 ) (1,801 ) 870 (1,905 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Valuation Allowance | A summary of our valuation allowance activity is as follows (in thousands): Six Months Ended June 30, 2017 2016 Valuation allowance, beginning of period $ 326,097 $ 300,601 Additions 6,183 13,847 Valuation allowance, end of period $ 332,280 $ 314,448 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Financial Instrument Liabilities | The carrying value and estimated fair value of our long-term debt as of June 30, 2017 , and December 31, 2016 , were as follows (in thousands): June 30, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Senior notes $ 66,000 $ 65,800 $ 135,000 $ 131,000 |
BUSINESS SEGMENTS BUSINES SEGME
BUSINESS SEGMENTS BUSINES SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Information for each segment is provided in the following tables (in thousands): Three Months Ended June 30, 2017 Potash Trio ® Corporate Consolidated Sales $ 27,814 $ 16,096 $ — $ 43,910 Less: Freight costs 3,578 4,407 — 7,985 Warehousing and handling costs 1,366 831 — 2,197 Cost of goods sold 18,822 10,892 — 29,714 Lower-of-cost-or-market inventory 33 284 — 317 Gross Margin (Deficit) $ 4,015 $ (318 ) $ — $ 3,697 Depreciation, depletion and amortization incurred 1 $ 6,555 $ 1,705 $ 37 $ 8,297 Six Months Ended June 30, 2017 Potash Trio ® Corporate Consolidated Sales $ 55,034 $ 37,208 $ — $ 92,242 Less: Freight costs 6,537 10,169 — 16,706 Warehousing and handling costs 2,878 2,090 — 4,968 Cost of goods sold 39,242 26,344 — 65,586 Lower-of-cost-or-market inventory 33 4,108 — 4,141 Gross Margin (Deficit) $ 6,344 $ (5,503 ) $ — $ 841 Depreciation, depletion and amortization incurred 1 $ 14,118 $ 3,404 $ 98 $ 17,620 Three Months Ended June 30, 2016 Potash Trio ® Corporate Consolidated Sales $ 39,196 $ 12,644 $ — $ 51,840 Less: Freight costs 6,882 2,049 — 8,931 Warehousing and handling costs 2,132 406 — 2,538 Cost of goods sold 32,502 9,348 — 41,850 Lower-of-cost-or-market inventory 2,930 — — 2,930 Costs associated with abnormal — 1,057 — 1,057 Gross (Deficit) Margin $ (5,250 ) $ (216 ) $ — $ (5,466 ) Depreciation, depletion and amortization incurred 1 $ 8,647 $ 879 $ 315 $ 9,841 Six Months Ended June 30, 2016 Potash Trio ® Corporate Consolidated Sales $ 92,891 $ 32,226 $ — $ 125,117 Less: Freight costs 13,433 5,830 — 19,263 Warehousing and handling costs 4,286 916 — 5,202 Cost of goods sold 79,790 21,837 — 101,627 Lower-of-cost-or-market inventory 11,937 — — 11,937 Costs associated with abnormal 650 1,057 — 1,707 Gross (Deficit) Margin $ (17,205 ) $ 2,586 $ — $ (14,619 ) Depreciation, depletion and amortization incurred 1 $ 20,880 $ 2,554 $ 775 $ 24,209 1 Depreciation, depletion and amortization incurred for potash and Trio ® excludes depreciation, depletion and amortization amounts absorbed in or (relieved from) inventory. |
COMPANY BACKGROUND (Narrative)
COMPANY BACKGROUND (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2017Facility | |
By product credits | 7.00% |
Number of mining facilities | 3 |
EARNINGS PER SHARE (Schedule of
EARNINGS PER SHARE (Schedule of Calculation of Basic and Diluted Loss or Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (5,935) | $ (13,398) | $ (19,613) | $ (31,825) |
Basic weighted average common shares outstanding (in shares) | 126,221,142 | 75,838,782 | 104,228,787 | 75,797,658 |
Add: Dilutive effect of restricted common stock (in shares) | 0 | 0 | 0 | 0 |
Add: Dilutive effect of stock options outstanding (in shares) | 0 | 0 | 0 | 0 |
Add: Dilutive effect of performance units (in shares) | 0 | 0 | 0 | 0 |
Diluted weighted average common shares outstanding (in shares) | 126,221,142 | 75,838,782 | 104,228,787 | 75,797,658 |
Loss per share: | ||||
Basic (in dollars per share) | $ (0.05) | $ (0.18) | $ (0.19) | $ (0.42) |
Diluted (in dollars per share) | $ (0.05) | $ (0.18) | $ (0.19) | $ (0.42) |
EARNINGS PER SHARE (Schedule 39
EARNINGS PER SHARE (Schedule of Anti-Dilutive Shares) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restricted Stock | ||||
Anti-dilutive weighted average non-vested shares | ||||
Anti-dilutive shares (in shares) | 2,640,229 | 447,661 | 2,793,642 | 407,186 |
Stock Options | ||||
Anti-dilutive weighted average non-vested shares | ||||
Anti-dilutive shares (in shares) | 1,899,392 | 218,886 | 1,882,807 | 227,370 |
Performance Units | ||||
Anti-dilutive weighted average non-vested shares | ||||
Anti-dilutive shares (in shares) | 63,025 | 126,050 | 63,025 | 127,651 |
CASH AND CASH EQUIVALENTS (Summ
CASH AND CASH EQUIVALENTS (Summary of Cash And Cash Equivalents) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 6,190 | $ 4,464 | $ 30,984 | $ 9,307 |
INVENTORY AND LONG-TERM PARTS41
INVENTORY AND LONG-TERM PARTS INVENTORY (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |||||
Inventory valuation reserves | $ 2,500 | $ 2,500 | $ 3,100 | ||
Lower-of-cost-or-market inventory adjustments | 317 | $ 2,930 | 4,141 | $ 11,937 | |
Production Related Impairments or Charges | $ 0 | $ 1,057 | $ 0 | $ 1,707 |
INVENTORY AND LONG-TERM PARTS42
INVENTORY AND LONG-TERM PARTS INVENTORY (Summary of Inventory) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Inventory [Line Items] | ||
Finished goods product inventory | $ 45,264 | $ 52,571 |
In-process mineral inventory | 19,949 | 22,126 |
Total product inventory | 65,213 | 74,697 |
Current parts inventory | 13,882 | 19,658 |
Total current inventory, net | 79,095 | 94,355 |
Long-term parts inventory, net | 27,173 | 21,037 |
Total inventory, net | $ 106,268 | $ 115,392 |
PROPERTY, PLANT, EQUIPMENT, A43
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Schedule of Property, Plant, Equipment, and Mineral Properties) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Property, plant, equipment, and mineral properties | ||
Depreciable assets | $ 378,432 | $ 385,173 |
Accumulated depreciation | (128,576) | (116,194) |
Depreciable assets, net | 249,856 | 268,979 |
Mineral properties and development costs | 138,838 | 138,578 |
Accumulated depletion | (24,565) | (21,974) |
Total depletable assets, net | 114,273 | 116,604 |
Land | 519 | 719 |
Construction in progress | 2,902 | 2,188 |
Total property, plant, equipment and mineral properties, net | 367,550 | 388,490 |
Buildings Plant | ||
Property, plant, equipment, and mineral properties | ||
Depreciable assets | 79,540 | 82,457 |
Machinery and Equipment | ||
Property, plant, equipment, and mineral properties | ||
Depreciable assets | 226,412 | 227,987 |
Vehicles | ||
Property, plant, equipment, and mineral properties | ||
Depreciable assets | 4,743 | 4,750 |
Office Equipment and Improvements | ||
Property, plant, equipment, and mineral properties | ||
Depreciable assets | 12,690 | 12,505 |
Ponds and Land Improvements | ||
Property, plant, equipment, and mineral properties | ||
Depreciable assets | $ 55,047 | $ 57,474 |
PROPERTY, PLANT, EQUIPMENT, A44
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Schedule of Depreciation, Depletion, and Accretion) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Property, Plant and Equipment [Abstract] | |||||
Depreciation | $ 7,080 | $ 8,862 | $ 14,240 | $ 21,344 | |
Depletion | 828 | 537 | 2,602 | 1,981 | |
Accretion | 389 | 442 | 778 | 884 | |
Total incurred | [1] | $ 8,297 | $ 9,841 | $ 17,620 | $ 24,209 |
[1] | Depreciation, depletion and amortization incurred for potash and Trio® excludes depreciation, depletion and amortization amounts absorbed in or (relieved from) inventory. |
DEBT (Narrative) (Details)
DEBT (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 30, 2013USD ($) | |
Debt | ||||||||
Long-Term Debt | $ 66,000,000 | $ 66,000,000 | $ 66,000,000 | $ 66,000,000 | $ 135,000,000 | |||
Adjusted EBITDA | 8,500,000 | |||||||
Interest Costs Incurred, Gross | 4,252,000 | $ 3,084,000 | 8,702,000 | $ 5,404,000 | ||||
Senior Notes | ||||||||
Debt | ||||||||
Debt, Face Amount | $ 150,000,000 | |||||||
Repayments of Debt | 69,000,000 | 84,000,000 | ||||||
Additional Required Principal Payment By December 31, 2017 | 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | ||||
Additional Required Principal Payment By December 31, 2018 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||
Long Term Debt Balance After Required Prepayments | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||
Long-Term Debt | 66,000,000 | 66,000,000 | 66,000,000 | 66,000,000 | $ 135,000,000 | |||
Line of Credit Facility, Capacity Available for Notes Repayment | 10,000,000 | $ 10,000,000 | 10,000,000 | 10,000,000 | ||||
Bank Of Montreal | ||||||||
Debt | ||||||||
Minimum Fixed Charge Ratio | 1 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 35,000,000 | $ 35,000,000 | 35,000,000 | 35,000,000 | ||||
Line of Credit Facility, Borrowing Capacity, Threshold, Fixed Charge Coverage Ratio | 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | ||||
Proceeds from Lines of Credit | 7,500,000 | |||||||
Repayments of Lines of Credit | 7,500,000 | |||||||
Line of Credit, Outstanding | 0 | 0 | 0 | 0 | ||||
Letters of Credit Outstanding, Amount | 3,500,000 | 3,500,000 | 3,500,000 | 3,500,000 | ||||
Line of Credit Facility, Current Borrowing Capacity | 17,500,000 | 17,500,000 | 17,500,000 | 17,500,000 | ||||
Maximum | Senior Notes | ||||||||
Debt | ||||||||
Debt Instrument, Covenant Compliance, EBITDA | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||
Minimum Fixed Charge Coverage Amount | $ 15,000,000 | |||||||
Maximum Leverage Ratio | 11.5 | |||||||
Minimum Fixed Charge Ratio | 1.3 | |||||||
Maximum | London Interbank Offered Rate (LIBOR) | Bank Of Montreal | ||||||||
Debt | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||
Minimum | Senior Notes | ||||||||
Debt | ||||||||
Debt Instrument, Covenant Compliance, EBITDA | 7,500,000 | $ 7,500,000 | 7,500,000 | 7,500,000 | ||||
Minimum Fixed Charge Coverage Amount | $ 10,000,000 | |||||||
Maximum Leverage Ratio | 3.5 | |||||||
Minimum Fixed Charge Ratio | 0.25 | |||||||
Minimum | London Interbank Offered Rate (LIBOR) | Bank Of Montreal | ||||||||
Debt | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||
Series A Senior Notes | Senior Notes | ||||||||
Debt | ||||||||
Long-Term Debt | $ 26,400,000 | $ 26,400,000 | $ 26,400,000 | $ 26,400,000 | ||||
Interest Rate | 7.73% | 7.73% | 7.73% | 7.73% | ||||
Series B Senior Notes | Senior Notes | ||||||||
Debt | ||||||||
Long-Term Debt | $ 19,800,000 | $ 19,800,000 | $ 19,800,000 | $ 19,800,000 | ||||
Interest Rate | 8.63% | 8.63% | 8.63% | 8.63% | ||||
Series C Senior Notes | Senior Notes | ||||||||
Debt | ||||||||
Long-Term Debt | $ 19,800,000 | $ 19,800,000 | $ 19,800,000 | $ 19,800,000 | ||||
Interest Rate | 8.78% | 8.78% | 8.78% | 8.78% | ||||
Senior Notes April 2018 | ||||||||
Debt | ||||||||
Additional Interest Rate | 2.00% | 2.00% | 2.00% | 2.00% | ||||
Warehouse | Senior Notes | ||||||||
Debt | ||||||||
Repayments of Debt | $ 5,500,000 | |||||||
Common Stock | Senior Notes | ||||||||
Debt | ||||||||
Repayments of Debt | $ 63,500,000 |
DEBT SCHEDULE OF LONG TERM DEBT
DEBT SCHEDULE OF LONG TERM DEBT (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt | ||
Senior Notes | $ 66,000 | $ 135,000 |
Long-term Debt, Current Maturities | (6,000) | 0 |
Senior Notes | ||
Debt | ||
Senior Notes | 66,000 | 135,000 |
Long-term Debt, Current Maturities | (6,000) | 0 |
Deferred financing costs | (692) | (1,566) |
Long-term debt, net | $ 59,308 | $ 133,434 |
DEBT SCHEDULE OF INTEREST EXPEN
DEBT SCHEDULE OF INTEREST EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Debt Disclosure [Abstract] | ||||
Interest on notes and line of credit commitment fees | $ 1,963 | $ 2,203 | $ 4,798 | $ 3,738 |
Make-whole payments | 1,760 | 0 | 2,554 | 0 |
Amortization of deferred financing costs | 529 | 881 | 1,350 | 1,666 |
Gross interest expense | 4,252 | 3,084 | 8,702 | 5,404 |
Less capitalized interest | (35) | (84) | (65) | (175) |
Interest expense, net | $ 4,217 | $ 3,000 | $ 8,637 | $ 5,229 |
FINANCIAL INFORMATION FOR SUB48
FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS OF POSSIBLE FUTURE PUBLIC DEBT (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Guarantees [Abstract] | ||
Cash | $ 6,190 | $ 4,464 |
ASSET RETIREMENT OBLIGATION (Na
ASSET RETIREMENT OBLIGATION (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Asset Retirement Obligation, Undiscounted Amount | $ 59.3 |
Minimum | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Credit Adjusted Risk-Free Rates to Discount Abandonment Liabilities | 6.90% |
Maximum | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Credit Adjusted Risk-Free Rates to Discount Abandonment Liabilities | 9.70% |
ASSET RETIREMENT OBLIGATION (Sc
ASSET RETIREMENT OBLIGATION (Schedule of Changes to Asset Retirement Obligation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | ||||
Asset retirement obligation, at beginning of period | $ 20,365 | $ 23,393 | $ 19,976 | $ 22,951 |
Liabilities settled | 0 | (3) | 0 | (3) |
Accretion of discount | 389 | 442 | 778 | 884 |
Total asset retirement obligation, at end of period | $ 20,754 | $ 23,832 | $ 20,754 | $ 23,832 |
COMMON STOCK (Details)
COMMON STOCK (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | May 31, 2017 | |
Issuance of common stock, net of transaction expenses | $ 57,479 | $ 0 | ||
At the market offering common stock offering capacity | $ 40,000 | |||
Common Stock | ||||
Issuance of common stock (shares) | 50,072,917 |
COMPENSATION PLANS (Narrative)
COMPENSATION PLANS (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity Incentive Compensation Plan [Abstract] | |||
Shares available for issuance | 3,600 | 3,600 | |
Non Qualified Stock Options [Abstract] | |||
Compensation expense | $ 1.7 | $ 1.2 | |
Unrecognized compensation expense | $ 7.3 | $ 7.3 | |
Minimum | |||
Non Qualified Stock Options [Abstract] | |||
Period over which grants vest (in years) | 1 year | ||
Maximum | |||
Non Qualified Stock Options [Abstract] | |||
Period over which grants vest (in years) | 3 years | ||
Restricted Stock | |||
Equity Incentive Compensation Plan [Abstract] | |||
Awards outstanding (shares) | 3,912,579 | 3,912,579 | |
Restricted Stock [Abstract] | |||
Shares granted (in shares) | 1,400 | ||
Performance Units | |||
Equity Incentive Compensation Plan [Abstract] | |||
Awards outstanding (shares) | 126,050 | 126,050 | |
Non Qualified Stock Options [Abstract] | |||
Period over which grants vest (in years) | 4 years | ||
Stock Options | |||
Equity Incentive Compensation Plan [Abstract] | |||
Awards outstanding, options | 2,326,290 | 2,326,290 | |
Non Qualified Stock Options [Abstract] | |||
Awards granted, stock options (in shares) | 600 |
COMPENSATION PLANS COMPENSATI53
COMPENSATION PLANS COMPENSATION PLANS (Schedule of Outstanding Share Based Awards) (Details) shares in Thousands | Jun. 30, 2017shares |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards outstanding (shares) | 3,912,579 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards outstanding (shares) | 2,326,290 |
Performance Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards outstanding (shares) | 126,050 |
OTHER OPERATING (INCOME) EXPE54
OTHER OPERATING (INCOME) EXPENSE OTHER OPERATING (INCOME) EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Other Income and Expenses [Abstract] | ||||
Water sales | $ (1,097) | $ 0 | $ (1,421) | $ 0 |
Accrual for land issues | 600 | 0 | 600 | 0 |
Loss (gain) on sale of assets | 5 | 0 | 1,564 | (15) |
Other expense (income) | 35 | 0 | 127 | (89) |
Insurance reimbursement | 0 | (1,211) | 0 | (1,211) |
Compensating tax adjustment | 0 | (1,086) | 0 | (1,086) |
Reserve for Inventory Obsolescence | 0 | 496 | 0 | 496 |
Other operating (income) expense | $ 457 | $ 1,801 | $ (870) | $ 1,905 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Effective Tax Rate | 0.00% | 0.00% |
Valuation Allowance of Deferred Tax Assets [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Increase in Valuation Allowance | $ 6,183 | $ 13,847 |
INCOME TAXES INCOME TAXES (VALU
INCOME TAXES INCOME TAXES (VALUATION ALLOWANCES) (Details) - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation Allowance, Beginning of Period | $ 326,097 | $ 300,601 |
Valuation Allowance, Additions | 6,183 | 13,847 |
Valuation Allowance, End of Period | $ 332,280 | $ 314,448 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Reclamation Deposits and Surety Bonds | ||||
Security placed with the State of Utah and BLM | $ 18.4 | $ 21.4 | ||
Long-term restricted cash deposits | 0.5 | $ 3.5 | ||
Surety bonds issued by an insurer | $ 17.9 | |||
Future Operating Lease Commitments | ||||
Operating Lease, Contract Term, Maximum (in years) | 20 years | |||
Rental and lease expenses | $ 1.5 | $ 3 | $ 3.1 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Senior Notes, Carrying Value | $ 66,000 | $ 135,000 |
Senior Notes, Fair Value | $ 65,800 | $ 131,000 |
RESTRUCTURING CHARGE (Narrative
RESTRUCTURING CHARGE (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restructuring Charge [Abstract] | ||||
Restructuring charge | $ 266 | $ 1,914 | $ 266 | $ 2,314 |
BUSINESS SEGMENTS BUSINESS SEGM
BUSINESS SEGMENTS BUSINESS SEGMENTS (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)segment | Jun. 30, 2016USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 2 | |||
Segment Reporting Information [Line Items] | ||||
Restructuring charges | $ 266 | $ 1,914 | $ 266 | $ 2,314 |
Trio | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring charges | $ 300 | $ 300 | ||
Operating Segments | Potash | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring charges | $ 1,900 | 2,100 | ||
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring charges | $ 200 |
BUSINESS SEGMENTS BUSINESS SE61
BUSINESS SEGMENTS BUSINESS SEGMENT (Information by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Segment Reporting Information [Line Items] | |||||
Sales | $ 43,910 | $ 51,840 | $ 92,242 | $ 125,117 | |
Less: Freight costs | 7,985 | 8,931 | 16,706 | 19,263 | |
Warehousing and handling costs | 2,197 | 2,538 | 4,968 | 5,202 | |
Cost of goods sold | 29,714 | 41,850 | 65,586 | 101,627 | |
Lower-of-cost-or-market inventory adjustments | 317 | 2,930 | 4,141 | 11,937 | |
Costs associated with abnormal production and other | 0 | 1,057 | 0 | 1,707 | |
Gross Deficit | 3,697 | (5,466) | 841 | (14,619) | |
Depreciation, depletion and amortization expense | [1] | 8,297 | 9,841 | 17,620 | 24,209 |
Operating Segments | Potash | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 27,814 | 39,196 | 55,034 | 92,891 | |
Less: Freight costs | 3,578 | 6,882 | 6,537 | 13,433 | |
Warehousing and handling costs | 1,366 | 2,132 | 2,878 | 4,286 | |
Cost of goods sold | 18,822 | 32,502 | 39,242 | 79,790 | |
Lower-of-cost-or-market inventory adjustments | 33 | 2,930 | 33 | 11,937 | |
Costs associated with abnormal production and other | 0 | 650 | |||
Gross Deficit | 4,015 | (5,250) | 6,344 | (17,205) | |
Depreciation, depletion and amortization expense | [1] | 6,555 | 8,647 | 14,118 | 20,880 |
Operating Segments | Trio | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 16,096 | 12,644 | 37,208 | 32,226 | |
Less: Freight costs | 4,407 | 2,049 | 10,169 | 5,830 | |
Warehousing and handling costs | 831 | 406 | 2,090 | 916 | |
Cost of goods sold | 10,892 | 9,348 | 26,344 | 21,837 | |
Lower-of-cost-or-market inventory adjustments | 284 | 0 | 4,108 | 0 | |
Costs associated with abnormal production and other | 1,057 | 1,057 | |||
Gross Deficit | (318) | (216) | (5,503) | 2,586 | |
Depreciation, depletion and amortization expense | [1] | 1,705 | 879 | 3,404 | 2,554 |
Corporate/Other | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 0 | 0 | 0 | 0 | |
Less: Freight costs | 0 | 0 | 0 | 0 | |
Warehousing and handling costs | 0 | 0 | 0 | 0 | |
Cost of goods sold | 0 | 0 | 0 | 0 | |
Lower-of-cost-or-market inventory adjustments | 0 | 0 | 0 | 0 | |
Costs associated with abnormal production and other | 0 | 0 | |||
Gross Deficit | 0 | 0 | 0 | 0 | |
Depreciation, depletion and amortization expense | [1] | $ 37 | $ 315 | $ 98 | $ 775 |
[1] | Depreciation, depletion and amortization incurred for potash and Trio® excludes depreciation, depletion and amortization amounts absorbed in or (relieved from) inventory. |
RECENT ACCOUNTING PRONOUNCEME62
RECENT ACCOUNTING PRONOUNCEMENTS RECENT ACCOUNTING PRONOUNCEMENTS (Narrative) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Retained Earnings | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 120 |