Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 23, 2018 | |
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 | Sep. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 131,106,900 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 37,214 | $ 1,068 |
Accounts receivable: | ||
Trade, net | 18,289 | 17,777 |
Other receivables, net | 3,801 | 762 |
Refundable income taxes | 2,663 | |
Inventory, net | 77,394 | 83,126 |
Prepaid expenses and other current assets | 5,443 | 6,088 |
Total current assets | 142,141 | 111,484 |
Property, plant and equipment, and mineral properties, net | 350,211 | 364,542 |
Long-term parts inventory, net | 29,915 | 30,611 |
Other assets, net | 3,502 | 3,955 |
Total Assets | 525,769 | 510,592 |
Accounts payable: | ||
Trade | 7,794 | 11,103 |
Related parties | 28 | 28 |
Income taxes payable | 210 | |
Accrued liabilities | 10,183 | 8,074 |
Accrued employee compensation and benefits | 5,543 | 4,317 |
Advances on credit facility | 3,900 | |
Current portion of long-term debt | 10,000 | 10,000 |
Other current liabilities | 10,239 | 65 |
Total current liabilities | 43,997 | 37,487 |
Long-term debt, net | 49,537 | 49,437 |
Asset retirement obligation | 22,727 | 21,476 |
Other non-current liabilities | 102 | |
Total Liabilities | 116,261 | 108,502 |
Commitments and Contingencies | ||
Common stock, $0.001 par value; 400,000,000 shares authorized; 128,232,942 and 127,646,530 shares outstanding at September 30, 2018, and December 31, 2017, respectively | 128 | 128 |
Additional paid-in capital | 649,082 | 645,813 |
Retained deficit | (239,702) | (243,851) |
Total Stockholders' Equity | 409,508 | 402,090 |
Total Liabilities and Stockholders' Equity | $ 525,769 | $ 510,592 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
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 | 128,232,942 | 127,646,530 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Sales | $ 36,528 | $ 34,029 | $ 140,736 | $ 127,691 |
Less: | ||||
Lower-of-cost-or-market inventory adjustments | 0 | 667 | 781 | 4,808 |
Gross Margin | 8,960 | 5,601 | 23,446 | 7,754 |
Selling and administrative | 5,121 | 4,623 | 15,281 | 13,683 |
Accretion of asset retirement obligation | 417 | 390 | 1,251 | 1,168 |
Restructuring expense | 0 | 266 | ||
Care and maintenance expense | 119 | 293 | 366 | 1,404 |
Other operating (income) expense | (934) | 467 | (65) | 2,758 |
Operating Income (Loss) | 4,237 | (172) | 6,613 | (11,525) |
Other Income (Expense) | ||||
Interest Expense, net | (864) | (1,994) | (2,620) | (10,631) |
Interest income | 99 | 5 | ||
Other income | 23 | 128 | 103 | 514 |
Income (Loss) Before Income Taxes | 3,396 | (2,038) | 4,195 | (21,637) |
Income Tax (Expense) Benefit | (46) | 130 | (46) | 117 |
Net Income (Loss) | $ 3,350 | $ (1,908) | $ 4,149 | $ (21,520) |
Weighted Average Shares Outstanding: | ||||
Basic (in shares) | 128,233 | 126,602 | 127,921 | 111,768 |
Diluted (in shares) | 130,894 | 126,602 | 130,983 | 111,768 |
Earnings (Loss) Per Share: | ||||
Basic (in dollars per share) | $ 0.03 | $ (0.02) | $ 0.03 | $ (0.19) |
Diluted (in dollars per share) | $ 0.03 | $ (0.02) | $ 0.03 | $ (0.19) |
Mineral [Member] | ||||
Sales | $ 36,528 | $ 34,029 | $ 140,736 | $ 127,691 |
Less: | ||||
Cost of Goods Sold | 19,180 | 19,555 | 84,580 | 85,249 |
Cargo and Freight [Member] | ||||
Less: | ||||
Cost of Goods Sold | 6,196 | 6,160 | 24,862 | 22,867 |
Warehouse and Handling [Member] | ||||
Less: | ||||
Cost of Goods Sold | $ 2,192 | $ 2,046 | $ 7,067 | $ 7,013 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Balance (in shares) at Dec. 31, 2017 | 127,646,530 | |||
Balance at Dec. 31, 2017 | $ 402,090 | $ 128 | $ 645,813 | $ (243,851) |
Increase (Decrease) in Stockholders' Equity | ||||
Net Income | 4,149 | 4,149 | ||
Stock-based compensation | 3,593 | 3,593 | ||
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting (in shares) | 556,158 | |||
Adjustments related to tax withholding for share-based compensation | (371) | (371) | ||
Exercise of stock options (in shares) | 30,254 | |||
Exercise of stock options | 47 | 47 | ||
Balance (in shares) at Sep. 30, 2018 | 128,232,942 | |||
Balance at Sep. 30, 2018 | $ 409,508 | $ 128 | $ 649,082 | $ (239,702) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Reconciliation of net income to net cash provided by operating activities: | |||
Net Income (Loss) | $ 4,149 | $ (21,520) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation, depletion and accretion | [1] | 25,089 | 25,890 |
Amortization of deferred financing costs | 550 | 1,596 | |
Stock-based compensation | 3,593 | 2,678 | |
Lower-of-cost-or-market inventory adjustments | 781 | 4,808 | |
(Gain) loss on disposal of assets | (84) | 1,749 | |
Allowance for doubtful accounts | 100 | 420 | |
Allowance for parts inventory obsolescence | 15 | (20) | |
Changes in operating assets and liabilities: | |||
Trade accounts receivable, net | (612) | (7,944) | |
Other receivables, net | (3,039) | (360) | |
Refundable income taxes | 2,663 | 1,379 | |
Inventory, net | 5,631 | (2,086) | |
Prepaid expenses and other current assets | 649 | 4,867 | |
Accounts payable, accrued liabilities, and accrued employee compensation and benefits | 3,076 | (143) | |
Income Taxes Payable | 210 | ||
Other liabilities | 10,174 | (781) | |
Net cash provided by operating activities | 52,945 | 10,533 | |
Cash Flows from Investing Activities: | |||
Additions to property, plant, equipment, and mineral properties | (12,668) | (6,226) | |
Proceeds from sale of property, plant, equipment, and mineral properties | 92 | 5,554 | |
Net cash used in investing activities | (12,576) | (672) | |
Cash Flows from Financing Activities: | |||
Issuance of common stock, net of transaction costs | 59,130 | ||
Repayments of long-term debt | (75,000) | ||
Proceeds from short-term borrowings on credit facility | 13,500 | 9,000 | |
Repayments of short-term borrowings on credit facility | (17,400) | (9,000) | |
Debt issuance costs | (128) | ||
Employee tax withholding paid for restricted stock upon vesting | (371) | (158) | |
Proceeds from exercise of stock options | 47 | ||
Net cash used in financing activities | (4,224) | (16,156) | |
Net Change in Cash, Cash Equivalents and Restricted Cash | 36,145 | (6,295) | |
Cash, Cash Equivalents, and Restricted Cash, beginning of period | 1,549 | 8,470 | |
Cash, Cash Equivalents, and Restricted Cash, end of period | 37,694 | 2,175 | |
Net cash paid (refunded) during the period for: | |||
Interest | 1,629 | 9,088 | |
Income taxes | (2,828) | (1,496) | |
Accrued purchases for property, plant, equipment, and mineral properties | $ 915 | $ 242 | |
[1] | Depreciation, depletion, and accretion incurred for potash and Trio® excludes depreciation, depletion and accretion amounts absorbed in or relieved from inventory. |
COMPANY BACKGROUND
COMPANY BACKGROUND | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
COMPANY BACKGROUND | COMPANY BACKGROUND We are a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products. 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, primarily for industrial uses such as in the oil and gas industry. In addition, we sell by-products including salt, magnesium chloride, and brine, which are recorded as a credit to cost of goods sold. These by-product credits represented approximately 11% and 8% of total cost of goods sold for the nine months ended September 30, 2018, and 2017, respectively. We produce potash from three solution mining facilities: our HB solar solution mine in Carlsbad, New Mexico, our solar 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. "Intrepid," "our," "we," or "us," means Intrepid Potash, Inc. and its consolidated subsidiaries. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2018 | |
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, 2017, as filed with the SEC on February 27, 2018. Except for the accounting policies for revenue recognition that were updated as a result of adopting Accounting Standards Codification ("ASC") Topic 606 Revenue from Contracts with Customers ("ASC 606"), there have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2017. Revenue Recognition —The majority of our revenue is derived from contract sales that are of a short-term nature. We account for revenue in accordance with ASC 606, which we adopted on January 1, 2018, using the full retrospective method. Comparative information has been adjusted as if ASC 606 was in effect during the comparative period. See Note 16 "Recently Adopted Accounting Pronouncements" for further discussion of the adoptions, including the retrospective adjustment made to our 2017 financial information. Performance Obligations: A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. The contract's transaction price is allocated to the performance obligations and recognized as revenue when the performance obligations are satisfied. Generally, our performance obligations are satisfied when we ship product or deliver water from our facility to the customer. Shipping and handling charges are accounted for as a fulfillment cost and, as such, are not considered to be a separate performance obligation. Revenue from sales to customers at a single point in time accounted for all our revenue for each of the three and nine months ended September 30, 2018, and 2017. Contract Estimates: In certain circumstances, we may sell product to customers where the sales price is variable. For such sales, we estimate the sales price we expect to realize based on the facts and circumstances for each sale, including historical experience, and recognize revenue to the extent it is probable that a subsequent change in estimate will not result in a significant revenue reversal compared to the cumulative revenue recognized under the contract. Contract Balances: The timing of revenue recognition, billings, and cash collection may result in contract assets or contract liabilities. For certain contracts, the customer has agreed to pay us before we have satisfied our performance obligations. Customer payments received before we have satisfied our performance obligations are accounted for as a contract liability. As of September 30, 2018, we had $9.8 million of contract liabilities, which are included in "Other current liabilities" on the condensed consolidated balance sheet. We had no contract liabilities as of December 31, 2017. Our contract liability activity for the three and nine months ended September 30, 2018, is shown below: Three Months Ended Nine Months Ended (amounts in thousands) September 30, 2018 September 30, 2018 Beginning balance $ 7,278 $ — Additions 6,156 13,915 Recognized as revenue during period (3,597 ) (4,078 ) Ending balance $ 9,837 $ 9,837 Disaggregation of Revenue: In the following table, revenue is disaggregated by our primary products. Three Months Ended September 30, 2018 2017 Product Revenue Revenue Timing of revenue recognition Potash $ 22,170 $ 20,711 Point in time Trio 10,320 11,349 Point in time Water and other 4,038 1,969 Point in time Total $ 36,528 $ 34,029 Nine Months Ended September 30, 2018 2017 Product Revenue Revenue Timing of revenue recognition Potash $ 77,416 $ 75,745 Point in time Trio 50,402 48,557 Point in time Water and other 12,918 3,389 Point in time Total $ 140,736 $ 127,691 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 | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. For purposes of determining diluted earnings per share, basic weighted-average common shares outstanding is adjusted to include potentially dilutive securities, including restricted stock, stock options, and performance units. The treasury-stock method is used to measure the dilutive impact of potentially dilutive shares. Potentially dilutive shares are excluded from the diluted weighted-average shares outstanding computation in periods in which they have an anti-dilutive effect. The following table shows the calculation of basic and diluted earnings (loss) per share (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income (loss) $ 3,350 $ (1,908 ) $ 4,149 $ (21,520 ) Basic weighted-average common shares outstanding 128,233 126,602 127,921 111,768 Add: Dilutive effect of restricted stock 1,741 — 2,098 — Add: Dilutive effect of stock options 920 — 964 — Diluted weighted-average common shares outstanding 130,894 126,602 130,983 111,768 Basic $ 0.03 $ (0.02 ) $ 0.03 $ (0.19 ) Diluted $ 0.03 $ (0.02 ) $ 0.03 $ (0.19 ) The following table shows the shares that have an anti-dilutive effect and are excluded from the diluted weighted-average shares outstanding computations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Anti-dilutive effect of restricted stock 278 3,697 139 3,270 Anti-dilutive effect of stock options outstanding 1,748 2,326 1,354 2,032 Anti-dilutive effect of performance units — 63 — 63 |
CASH, CASH EQUIVALENTS AND REST
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 9 Months Ended |
Sep. 30, 2018 | |
Cash and Cash Equivalents [Abstract] | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | CASH, CASH EQUIVALENTS AND RESTRICTED CASH Total cash, cash equivalents and restricted cash, as shown on the condensed consolidated statements of cash flows are included in the following accounts at September 30, 2018, and 2017: September 30, 2018 September 30, 2017 Cash and cash equivalents $ 37,214 $ 1,694 Restricted cash included in other long-term assets 480 481 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 37,694 $ 2,175 Restricted cash included in other long-term assets on the balance sheet represents amounts whose use is restricted by contractual agreements with the Bureau of Land Management or the State of Utah as security to fund future reclamation obligations at our sites. |
INVENTORY AND LONG-TERM PARTS I
INVENTORY AND LONG-TERM PARTS INVENTORY | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Finished goods product inventory $ 40,283 $ 54,577 In-process mineral inventory 27,981 19,822 Total product inventory 68,264 74,399 Current parts inventory, net 9,130 8,727 Total current inventory, net 77,394 83,126 Long-term parts inventory, net 29,915 30,611 Total inventory, net $ 107,309 $ 113,737 Parts inventories are shown net of any required allowances. At September 30, 2018 , and December 31, 2017 , allowances for parts inventory obsolescence were $2.6 million and $4.2 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, we recorded charges of $0.7 million for the three months ended September 30, 2017. For the three months ended September 30, 2018, we recorded no such charges. During the nine months ended September 30, 2018, and 2017 , we recorded charges of $0.8 million and $4.8 million , respectively. |
PROPERTY, PLANT, EQUIPMENT, AND
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES | 9 Months Ended |
Sep. 30, 2018 | |
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): September 30, 2018 December 31, 2017 Buildings and plant $ 80,450 $ 79,757 Machinery and equipment 239,158 234,861 Vehicles 5,322 4,835 Office equipment and improvements 13,875 12,637 Ponds and land improvements 58,492 56,194 Total depreciable assets $ 397,297 $ 388,284 Accumulated depreciation (160,931 ) (141,818 ) Total depreciable assets, net $ 236,366 $ 246,466 Mineral properties and development costs $ 138,984 $ 138,841 Accumulated depletion (29,758 ) (26,840 ) Total depletable assets, net $ 109,226 $ 112,001 Land $ 519 $ 519 Construction in progress $ 4,100 $ 5,556 Total property, plant, equipment, and mineral properties, net $ 350,211 $ 364,542 We incurred the following expenses for depreciation, depletion, and accretion, including expenses capitalized into inventory, for the following periods (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Depreciation $ 7,021 $ 7,030 $ 20,919 $ 21,270 Depletion 742 850 2,919 3,452 Accretion 417 390 1,251 1,168 Total incurred $ 8,180 $ 8,270 $ 25,089 $ 25,890 |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Senior Notes —As of September 30, 2018 , we had outstanding an aggregate of $60 million of senior notes (the "Notes") consisting of the following series: • $24 million of Senior Notes, Series A, due April 16, 2020 (the "Series A Notes"); • $18 million of Senior Notes, Series B, due April 14, 2023 (the "Series B Notes"); and • $18 million of Senior Notes, Series C, due April 16, 2025 (the "Series C Notes"). We are required to prepay $10 million in principal of the Notes, plus accrued interest and a make-whole amount, on or before December 31, 2018. The agreement governing the Notes contains certain financial covenants, including the following: • For the quarter ended September 30, 2018, we were required to maintain a minimum fixed charge coverage amount of negative $10 million . Thereafter, we are required to maintain a minimum fixed charge coverage ratio that starts at 0.25 to 1.0 for the quarter ending December 31, 2018, and increases to 1.3 to 1.0 for each quarter ending on or after September 30, 2019. As of September 30, 2018, we were in compliance with these financial covenants as our fixed charge coverage amount was $25.5 million and our fixed charge coverage ratio was 7.9 to 1.0. • For the quarter ended September 30, 2018, we were allowed a maximum leverage ratio of 9.5 to 1.0. The maximum allowable leverage ratio decreases to 7.0 to 1.0 for the quarter ending December 31, 2018, and further decreases each quarter until it reaches 3.5 to 1.0 for each quarter ending on or after September 30, 2019. As of September 30, 2018, we were in compliance with this financial covenant as our leverage ratio was 1.4 to 1.0. Fixed charge coverage amount, fixed charge coverage ratio, and leverage ratio are calculated in accordance with the agreement governing the Notes. For the three and nine months ended September 30, 2018, the interest rates on the Notes were 3.73% for the Series A Notes, 4.63% for the Series B Notes and 4.78% for the Series C Notes. These rates represent the lowest interest rates available under the Notes. The interest rates may adjust upward if we do not continue to meet certain financial covenants. We have granted to the collateral agent for the noteholders a first lien on substantially all of our non-current assets and a second lien on substantially all of our current assets. 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. 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 September 30, 2018 . Our outstanding long-term debt, net, as of September 30, 2018 , and December 31, 2017 , was as follows (in thousands): September 30, 2018 December 31, 2017 Senior Notes $ 60,000 $ 60,000 Less current portion of long-term debt (10,000 ) (10,000 ) Less deferred financing costs (463 ) (563 ) Long-term debt, net $ 49,537 $ 49,437 Credit Facility —We maintain an asset-based revolving credit facility with Bank of Montreal. In October 2018, we amended the credit facility to extend its maturity date from October 31, 2019, to October 31, 2023, to increase the amount available to be borrowed from $35 million to $50 million , and to make certain other changes. The credit facility now allows us to borrow up to $50 million subject to monthly limits based on our inventory and receivables. We can use up to $10 million of borrowings under the credit facility to make payments on the Notes. Borrowings under the credit facility after the amendment bear interest at LIBOR (London Interbank Offered Rate) plus an applicable margin of 1.50% to 2.00% per annum, 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. The obligations under the credit facility are unconditionally guaranteed by several of our subsidiaries. We regularly borrow and repay amounts under the facility for near-term working capital needs and may do so in the future. During the three months ended September 30, 2018, we had no borrowings under the facility. During the nine months ended September 30, 2018, we borrowed $13.5 million and repaid $17.4 million under the facility. As of September 30, 2018, we had no borrowings outstanding and $3.8 million in outstanding letters of credit under the facility. Including the outstanding letters of credit, we had $25.7 million available to be borrowed under the facility as of September 30, 2018. We were in compliance with the applicable covenants under the facility as of September 30, 2018. Interest Expense —Interest expense is recorded net of any capitalized interest associated with investments in capital projects. We incurred gross interest expense of $0.9 million and $2.1 million for the three months ended September 30, 2018 , and 2017 , respectively. For the nine months ended September 30, 2018 . and 2017 , we incurred gross interest expense of $2.7 million and $10.8 million , respectively. Amounts included in interest expense for the three and nine months ended September 30, 2018 , and 2017, are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest on Notes and credit facility $ 704 $ 1,382 $ 2,155 $ 6,180 Make-whole payments — 448 — 3,001 Amortization of deferred financing costs 183 246 550 1,596 Gross interest expense 887 2,076 2,705 10,777 Less capitalized interest (23 ) (82 ) (85 ) (146 ) Interest expense, net $ 864 $ 1,994 $ 2,620 $ 10,631 |
FINANCIAL INFORMATION FOR SUBSI
FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS OF POSSIBLE FUTURE PUBLIC DEBT | 9 Months Ended |
Sep. 30, 2018 | |
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 and totaled $37.2 million and $1.1 million at September 30, 2018 , and December 31, 2017 , respectively. If 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 | 9 Months Ended |
Sep. 30, 2018 | |
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 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Asset retirement obligation, at beginning of period $ 22,310 $ 20,754 $ 21,476 $ 19,976 Accretion of discount 417 390 1,251 1,168 Total asset retirement obligation, at end of period $ 22,727 $ 21,144 $ 22,727 $ 21,144 The undiscounted amount of asset retirement obligation was $59.5 million as of September 30, 2018 . |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | COMMON STOCK In May 2017, we established an at-the-market offering program, which gives us the capacity to issue up to $40 million of our common stock. We sold no shares under the at-the-market offering program during the first nine months of 2018. We have remaining capacity to issue and sell up to $37.8 million of additional shares of common stock under the program. |
COMPENSATION PLANS
COMPENSATION PLANS | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
COMPENSATION PLANS | 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. At September 30, 2018, there were approximately 2.3 million shares available for issuance under the Plan. For the nine months ended September 30, 2018, we granted 0.5 million shares of restricted stock and 1.6 million non-qualified stock options to executive officers, other key employees and members of our Board of Directors. These awards vest one to three years from the date of the grant and, in some cases, contain performance-vesting or market conditions. As of September 30, 2018, the following awards were outstanding under the Plan: Outstanding as of September 30, 2018 Restricted Stock 2,873,953 Non-qualified Stock Options 3,556,548 Total share-based compensation expense was $1.3 million and $1.0 million for the three months ended September 30, 2018, and 2017, respectively. For the nine months ended September 30, 2018, and 2017, total share-based compensation expense was $3.6 million and $2.7 million , respectively. As of September 30, 2018 , we had $6.7 million of total remaining unrecognized compensation expense related to awards, that will be expensed through 2021. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Our anticipated annual 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 the three and nine months ended September 30, 2018 , we incurred an immaterial amount of income tax expense, while during the three and nine months ended September 30, 2017, we recognized an immaterial amount of income tax benefit. Our effective tax rate for the three and nine months ended September 30, 2018 was 2% and 1% , respectively. Our effective tax rate for the three and nine months ended September 30, 2017, was 6% and 1% , respectively. Our effective tax rates differed from the statutory rate during each period primarily due to the valuation allowance established to offset our deferred tax assets. As of September 30, 2018 , 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 maintained a full valuation allowance against our net deferred tax assets as of September 30, 2018 , and December 31, 2017 . |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Reclamation Deposits and Surety Bonds —As of September 30, 2018 , and December 31, 2017 , we had $19.1 million 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 September 30, 2018 , and December 31, 2017 , $0.5 million consisted of long-term restricted cash deposits reflected in "Other assets, net" on the condensed consolidated balance sheets and $18.6 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 employee of Intrepid and Mosaic. In August 2015, the court denied Mosaic’s application for preliminary injunction. In July 2016, Mosaic filed a second complaint against Mr. Gamble and us in US District Court for the District of New Mexico. In January 2018, the two lawsuits were consolidated into one lawsuit pending in the US District Court for the District of New Mexico. Mosaic alleges against us violations of the New Mexico Uniform Trade Secrets Act, tortious interference with contract relating to Mr. Gamble’s separation of employment from Mosaic, violations of the Computer Fraud and Abuse Act, conversion, and civil conspiracy relating to the alleged misappropriation of Mosaic’s confidential information and related actions. 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. The lawsuit is 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. We are also subject to other claims and legal actions in the ordinary course of business. Legal costs are expensed as incurred. 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. Other —In May 2018, one of our water customers claimed that its water-metering equipment was not working properly in March and April 2018, thereby resulting in the customer overreporting its water use. At that time, we estimated that it was probable that the customer overreported its water used, and estimated the range of overreported amounts to be between $0.6 million to $1.7 million . As a result, we recorded a $0.6 million contingent liability in the second quarter of 2018. During the third quarter of 2018, we determined the overreported amount was $1.5 million , which will be credited to future water deliveries. Future Operating Lease Commitments —We have operating leases for land, mining and other operating equipment, offices, and railcars, with original terms ranging up to 30 years. Rental and lease expenses for the three months ended September 30, 2018 , and 2017, were $1.0 million and $1.4 million , respectively. Rental and lease expenses for the nine months ended September 30, 2018 , and 2017, were $2.9 million and $4.4 million , respectively. |
FAIR VALUE
FAIR VALUE | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE We measure our financial assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures. As of September 30, 2018 , and December 31, 2017 , our cash consisted of bank deposits. Other financial assets and liabilities including accounts receivable, refundable income taxes, accounts payable, accrued liabilities, and advances on our credit facility are carried at cost which approximates fair value because of the short-term nature of these instruments. As of September 30, 2018 , and December 31, 2017 , the estimated fair value of our outstanding Notes was $57.2 million and $58.8 million , respectively. The fair value of our Notes 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. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 9 Months Ended |
Sep. 30, 2018 | |
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 are to external customers. Water sales and corporate expenses are included in "Other." Information for each segment is provided in the following tables (in thousands): Three Months Ended September 30, 2018 Potash Trio ® Other Consolidated Sales $ 22,170 $ 10,320 $ 4,038 $ 36,528 Less: Freight costs 3,060 3,136 — 6,196 Warehousing and handling costs 1,207 984 1 2,192 Cost of goods sold 10,814 6,378 1,988 19,180 Lower-of-cost-or-market inventory — — — — Gross Margin (Deficit) $ 7,089 $ (178 ) $ 2,049 $ 8,960 Depreciation, depletion, and accretion incurred 1 $ 6,288 $ 1,668 $ 224 $ 8,180 Three Months Ended September 30, 2017 Potash Trio ® Other Consolidated Sales $ 20,711 $ 11,349 $ 1,969 $ 34,029 Less: Freight costs 2,864 3,296 — 6,160 Warehousing and handling costs 1,173 873 — 2,046 Cost of goods sold 11,534 7,861 160 19,555 Lower-of-cost-or-market inventory 113 554 — 667 Gross Margin (Deficit) $ 5,027 $ (1,235 ) $ 1,809 $ 5,601 Depreciation, depletion, and accretion incurred 1 $ 6,567 $ 1,687 $ 16 $ 8,270 Nine Months Ended September 30, 2018 Potash Trio ® Other Consolidated Sales $ 77,416 $ 50,402 $ 12,918 $ 140,736 Less: Freight costs 9,795 15,067 — 24,862 Warehousing and handling costs 3,773 3,285 9 7,067 Cost of goods sold 45,511 35,756 3,313 84,580 Lower-of-cost-or-market inventory — 781 — 781 Gross Margin (Deficit) $ 18,337 $ (4,487 ) $ 9,596 $ 23,446 Depreciation, depletion, and accretion incurred 1 $ 19,556 $ 5,038 $ 495 $ 25,089 Nine Months Ended September 30, 2017 Potash Trio ® Other Consolidated Sales $ 75,745 $ 48,557 $ 3,389 $ 127,691 Less: Freight costs 9,401 13,466 — 22,867 Warehousing and handling costs 4,051 2,962 — 7,013 Cost of goods sold 50,776 34,205 268 85,249 Lower-of-cost-or-market inventory 146 4,662 — 4,808 Gross Margin (Deficit) $ 11,371 $ (6,738 ) $ 3,121 $ 7,754 Depreciation, depletion, and accretion incurred 1 $ 20,685 $ 5,091 $ 114 $ 25,890 1 Depreciation, depletion, and accretion incurred for potash and Trio ® excludes depreciation, depletion and accretion amounts absorbed in or relieved from inventory. |
RECENTLY ISSUED ACCOUNTING PRON
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Pronouncements Recently Adopted In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, as amended by ASU No. 2016-12, 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. This standard became effective for us beginning January 1, 2018. Our revenue predominantly continues to be recognized when products are shipped from our manufacturing facilities. Under the new revenue standard, for certain sales where revenue was previously deferred, such as sales in which the final price was not fixed and determinable, we now recognize revenue when the product is shipped using the sales price we expect to realize. In conjunction with our adoption of ASC 606 on January 1, 2018, primarily related to variable pricing contracts, we recorded a net increase to opening retained deficit of $0.5 million . In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) which is intended to clarify and align how certain cash receipts and cash payments are presented and classified in the statement of cash flows where there is currently diversity in practice. ASU No. 2016-15 specifically addresses eight classification issues within the statement of cash flows including debt prepayments or debt extinguishment costs; proceeds from the settlement of insurance claims; and separately identifiable cash flows and application of the predominance principle. This standard became effective for us beginning January 1, 2018. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740) which became effective for us beginning January 1, 2018. This standard requires us to recognize at the transaction date the income tax consequences of intercompany asset transfers other than inventory. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash which became effective for us beginning January 1, 2018. This standard requires us to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows and will no longer require transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. As a result of including restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of period total amounts presented on the condensed consolidated statement of cash flows, net cash flows for the nine months ended September 30, 2017, decreased by $3.5 million . Pronouncements Issued But Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires, among other things, lessees to recognize lease assets and liabilities on their balance sheets for those leases classified as operating leases under previous generally accepted accounting principles. These assets and liabilities must be recorded generally at the present value of the contracted lease payments, and the cost of the lease must be allocated over the lease term on a straight-line basis. This guidance is effective for us for annual and interim periods in fiscal years beginning after December 15, 2018. A modified retrospective transition method is required, applying the new standard to all leases existing at the date of initial application. We may choose to use either the effective date or the beginning of the earliest comparative period presented in the financial statements as the date of initial application. We currently expect to adopt the new standard on January 1, 2019, and use the effective date as our date of initial application. Consequently, financial information will not be updated, and disclosures required under the new standard will not be provided for dates before January 1, 2019. The new standard provides a number of optional practical expedients in transition. We are continuing to evaluate the practical expedients provided. We are continuing to work on ensuring we have identified all potential leases. We estimate additional assets and liabilities recorded after adoption of ASU No. 2016-02, Leases (Topic 842), will be less than $10 million . In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - (Topic 326): Measurement of Credit Losses on Financial Instruments , which changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life. This guidance is effective for us for annual and interim periods in fiscal years beginning after December 15, 2018. Because we have historically experienced minimal bad debt expense related to our trade receivables, we do not believe the adoption of this new standard will have a material impact on our condensed consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2017, as filed with the SEC on February 27, 2018. Except for the accounting policies for revenue recognition that were updated as a result of adopting Accounting Standards Codification ("ASC") Topic 606 Revenue from Contracts with Customers ("ASC 606"), there have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2017. |
Revenue Recognition | The majority of our revenue is derived from contract sales that are of a short-term nature. We account for revenue in accordance with ASC 606, which we adopted on January 1, 2018, using the full retrospective method. Comparative information has been adjusted as if ASC 606 was in effect during the comparative period. See Note 16 "Recently Adopted Accounting Pronouncements" for further discussion of the adoptions, including the retrospective adjustment made to our 2017 financial information. |
Performance Obligation | A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. The contract's transaction price is allocated to the performance obligations and recognized as revenue when the performance obligations are satisfied. Generally, our performance obligations are satisfied when we ship product or deliver water from our facility to the customer. Shipping and handling charges are accounted for as a fulfillment cost and, as such, are not considered to be a separate performance obligation. Revenue from sales to customers at a single point in time accounted for all our revenue for each of the three and nine months ended September 30, 2018, and 2017. |
Contract Estimates | In certain circumstances, we may sell product to customers where the sales price is variable. For such sales, we estimate the sales price we expect to realize based on the facts and circumstances for each sale, including historical experience, and recognize revenue to the extent it is probable that a subsequent change in estimate will not result in a significant revenue reversal compared to the cumulative revenue recognized under the contract. |
Contract Balances | The timing of revenue recognition, billings, and cash collection may result in contract assets or contract liabilities. For certain contracts, the customer has agreed to pay us before we have satisfied our performance obligations. Customer payments received before we have satisfied our performance obligations are accounted for as a contract liability. As of September 30, 2018, we had $9.8 million of contract liabilities, which are included in "Other current liabilities" on the condensed consolidated balance sheet. We had no contract liabilities as of December 31, 2017. Our contract liability activity for the three and nine months ended September 30, 2018, is shown below: Three Months Ended Nine Months Ended (amounts in thousands) September 30, 2018 September 30, 2018 Beginning balance $ 7,278 $ — Additions 6,156 13,915 Recognized as revenue during period (3,597 ) (4,078 ) Ending balance $ 9,837 $ 9,837 |
Disaggregation of Revenue | In the following table, revenue is disaggregated by our primary products. Three Months Ended September 30, 2018 2017 Product Revenue Revenue Timing of revenue recognition Potash $ 22,170 $ 20,711 Point in time Trio 10,320 11,349 Point in time Water and other 4,038 1,969 Point in time Total $ 36,528 $ 34,029 Nine Months Ended September 30, 2018 2017 Product Revenue Revenue Timing of revenue recognition Potash $ 77,416 $ 75,745 Point in time Trio 50,402 48,557 Point in time Water and other 12,918 3,389 Point in time Total $ 140,736 $ 127,691 |
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. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Contract Balances | Contract Balances: The timing of revenue recognition, billings, and cash collection may result in contract assets or contract liabilities. For certain contracts, the customer has agreed to pay us before we have satisfied our performance obligations. Customer payments received before we have satisfied our performance obligations are accounted for as a contract liability. As of September 30, 2018, we had $9.8 million of contract liabilities, which are included in "Other current liabilities" on the condensed consolidated balance sheet. We had no contract liabilities as of December 31, 2017. Our contract liability activity for the three and nine months ended September 30, 2018, is shown below: Three Months Ended Nine Months Ended (amounts in thousands) September 30, 2018 September 30, 2018 Beginning balance $ 7,278 $ — Additions 6,156 13,915 Recognized as revenue during period (3,597 ) (4,078 ) Ending balance $ 9,837 $ 9,837 |
Disaggregation of Revenue | Disaggregation of Revenue: In the following table, revenue is disaggregated by our primary products. Three Months Ended September 30, 2018 2017 Product Revenue Revenue Timing of revenue recognition Potash $ 22,170 $ 20,711 Point in time Trio 10,320 11,349 Point in time Water and other 4,038 1,969 Point in time Total $ 36,528 $ 34,029 Nine Months Ended September 30, 2018 2017 Product Revenue Revenue Timing of revenue recognition Potash $ 77,416 $ 75,745 Point in time Trio 50,402 48,557 Point in time Water and other 12,918 3,389 Point in time Total $ 140,736 $ 127,691 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Loss or Earnings Per Share | Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. For purposes of determining diluted earnings per share, basic weighted-average common shares outstanding is adjusted to include potentially dilutive securities, including restricted stock, stock options, and performance units. The treasury-stock method is used to measure the dilutive impact of potentially dilutive shares. Potentially dilutive shares are excluded from the diluted weighted-average shares outstanding computation in periods in which they have an anti-dilutive effect. The following table shows the calculation of basic and diluted earnings (loss) per share (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net income (loss) $ 3,350 $ (1,908 ) $ 4,149 $ (21,520 ) Basic weighted-average common shares outstanding 128,233 126,602 127,921 111,768 Add: Dilutive effect of restricted stock 1,741 — 2,098 — Add: Dilutive effect of stock options 920 — 964 — Diluted weighted-average common shares outstanding 130,894 126,602 130,983 111,768 Basic $ 0.03 $ (0.02 ) $ 0.03 $ (0.19 ) Diluted $ 0.03 $ (0.02 ) $ 0.03 $ (0.19 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table shows the shares that have an anti-dilutive effect and are excluded from the diluted weighted-average shares outstanding computations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Anti-dilutive effect of restricted stock 278 3,697 139 3,270 Anti-dilutive effect of stock options outstanding 1,748 2,326 1,354 2,032 Anti-dilutive effect of performance units — 63 — 63 |
CASH, CASH EQUIVALENTS AND RE_2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents And Restricted Cash | Total cash, cash equivalents and restricted cash, as shown on the condensed consolidated statements of cash flows are included in the following accounts at September 30, 2018, and 2017: September 30, 2018 September 30, 2017 Cash and cash equivalents $ 37,214 $ 1,694 Restricted cash included in other long-term assets 480 481 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 37,694 $ 2,175 |
INVENTORY AND LONG-TERM PARTS_2
INVENTORY AND LONG-TERM PARTS INVENTORY (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 , and December 31, 2017 (in thousands): September 30, 2018 December 31, 2017 Finished goods product inventory $ 40,283 $ 54,577 In-process mineral inventory 27,981 19,822 Total product inventory 68,264 74,399 Current parts inventory, net 9,130 8,727 Total current inventory, net 77,394 83,126 Long-term parts inventory, net 29,915 30,611 Total inventory, net $ 107,309 $ 113,737 |
PROPERTY, PLANT, EQUIPMENT, A_2
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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): September 30, 2018 December 31, 2017 Buildings and plant $ 80,450 $ 79,757 Machinery and equipment 239,158 234,861 Vehicles 5,322 4,835 Office equipment and improvements 13,875 12,637 Ponds and land improvements 58,492 56,194 Total depreciable assets $ 397,297 $ 388,284 Accumulated depreciation (160,931 ) (141,818 ) Total depreciable assets, net $ 236,366 $ 246,466 Mineral properties and development costs $ 138,984 $ 138,841 Accumulated depletion (29,758 ) (26,840 ) Total depletable assets, net $ 109,226 $ 112,001 Land $ 519 $ 519 Construction in progress $ 4,100 $ 5,556 Total property, plant, equipment, and mineral properties, net $ 350,211 $ 364,542 |
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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Depreciation $ 7,021 $ 7,030 $ 20,919 $ 21,270 Depletion 742 850 2,919 3,452 Accretion 417 390 1,251 1,168 Total incurred $ 8,180 $ 8,270 $ 25,089 $ 25,890 |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | Our outstanding long-term debt, net, as of September 30, 2018 , and December 31, 2017 , was as follows (in thousands): September 30, 2018 December 31, 2017 Senior Notes $ 60,000 $ 60,000 Less current portion of long-term debt (10,000 ) (10,000 ) Less deferred financing costs (463 ) (563 ) Long-term debt, net $ 49,537 $ 49,437 |
Schedule Of Interest Expense | Amounts included in interest expense for the three and nine months ended September 30, 2018 , and 2017, are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest on Notes and credit facility $ 704 $ 1,382 $ 2,155 $ 6,180 Make-whole payments — 448 — 3,001 Amortization of deferred financing costs 183 246 550 1,596 Gross interest expense 887 2,076 2,705 10,777 Less capitalized interest (23 ) (82 ) (85 ) (146 ) Interest expense, net $ 864 $ 1,994 $ 2,620 $ 10,631 |
ASSET RETIREMENT OBLIGATION (Ta
ASSET RETIREMENT OBLIGATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Asset retirement obligation, at beginning of period $ 22,310 $ 20,754 $ 21,476 $ 19,976 Accretion of discount 417 390 1,251 1,168 Total asset retirement obligation, at end of period $ 22,727 $ 21,144 $ 22,727 $ 21,144 |
COMPENSATION PLANS (Tables)
COMPENSATION PLANS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Outstanding Share Based Awards | As of September 30, 2018, the following awards were outstanding under the Plan: Outstanding as of September 30, 2018 Restricted Stock 2,873,953 Non-qualified Stock Options 3,556,548 |
BUSINES SEGMENTS (Tables)
BUSINES SEGMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 Potash Trio ® Other Consolidated Sales $ 22,170 $ 10,320 $ 4,038 $ 36,528 Less: Freight costs 3,060 3,136 — 6,196 Warehousing and handling costs 1,207 984 1 2,192 Cost of goods sold 10,814 6,378 1,988 19,180 Lower-of-cost-or-market inventory — — — — Gross Margin (Deficit) $ 7,089 $ (178 ) $ 2,049 $ 8,960 Depreciation, depletion, and accretion incurred 1 $ 6,288 $ 1,668 $ 224 $ 8,180 Three Months Ended September 30, 2017 Potash Trio ® Other Consolidated Sales $ 20,711 $ 11,349 $ 1,969 $ 34,029 Less: Freight costs 2,864 3,296 — 6,160 Warehousing and handling costs 1,173 873 — 2,046 Cost of goods sold 11,534 7,861 160 19,555 Lower-of-cost-or-market inventory 113 554 — 667 Gross Margin (Deficit) $ 5,027 $ (1,235 ) $ 1,809 $ 5,601 Depreciation, depletion, and accretion incurred 1 $ 6,567 $ 1,687 $ 16 $ 8,270 Nine Months Ended September 30, 2018 Potash Trio ® Other Consolidated Sales $ 77,416 $ 50,402 $ 12,918 $ 140,736 Less: Freight costs 9,795 15,067 — 24,862 Warehousing and handling costs 3,773 3,285 9 7,067 Cost of goods sold 45,511 35,756 3,313 84,580 Lower-of-cost-or-market inventory — 781 — 781 Gross Margin (Deficit) $ 18,337 $ (4,487 ) $ 9,596 $ 23,446 Depreciation, depletion, and accretion incurred 1 $ 19,556 $ 5,038 $ 495 $ 25,089 Nine Months Ended September 30, 2017 Potash Trio ® Other Consolidated Sales $ 75,745 $ 48,557 $ 3,389 $ 127,691 Less: Freight costs 9,401 13,466 — 22,867 Warehousing and handling costs 4,051 2,962 — 7,013 Cost of goods sold 50,776 34,205 268 85,249 Lower-of-cost-or-market inventory 146 4,662 — 4,808 Gross Margin (Deficit) $ 11,371 $ (6,738 ) $ 3,121 $ 7,754 Depreciation, depletion, and accretion incurred 1 $ 20,685 $ 5,091 $ 114 $ 25,890 1 Depreciation, depletion, and accretion incurred for potash and Trio ® excludes depreciation, depletion and accretion amounts absorbed in or relieved from inventory. |
COMPANY BACKGROUND (Narrative)
COMPANY BACKGROUND (Narrative) (Details) - Facility | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
By product credits | 11.00% | 8.00% |
Number of mining facilities | 3 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Sales | $ 36,528 | $ 34,029 | $ 140,736 | $ 127,691 |
Mineral [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 36,528 | 34,029 | 140,736 | 127,691 |
Potash [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 22,170 | 20,711 | 77,416 | 75,745 |
Trio [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | 10,320 | 11,349 | 50,402 | 48,557 |
Water And Other [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Sales | $ 4,038 | $ 1,969 | $ 12,918 | $ 3,389 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTRACT BALANCES (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Contract balance | $ 7,278,000 | $ 0 |
Addtions | 6,156,000 | 13,915,000 |
Recognized as revenue during period | (3,597,000) | (4,078,000) |
Contract balance | $ 9,837,000 | $ 9,837,000 |
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, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net Income (Loss) | $ 3,350 | $ (1,908) | $ 4,149 | $ (21,520) |
Basic weighted average common shares outstanding (in shares) | 128,233 | 126,602 | 127,921 | 111,768 |
Add: Dilutive effect of restricted stock (in shares) | 1,741 | 2,098 | ||
Add: Dilutive effect of stock options (in shares) | 920 | 964 | ||
Diluted weighted average common shares outstanding (in shares) | 130,894 | 126,602 | 130,983 | 111,768 |
Income (Loss) per share: | ||||
Basic (in dollars per share) | $ 0.03 | $ (0.02) | $ 0.03 | $ (0.19) |
Diluted (in dollars per share) | $ 0.03 | $ (0.02) | $ 0.03 | $ (0.19) |
EARNINGS PER SHARE (Schedule _2
EARNINGS PER SHARE (Schedule of Anti-Dilutive Shares) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restricted Stock [Member] | ||||
Anti-dilutive weighted average non-vested shares | ||||
Anti-dilutive shares (in shares) | 278,000 | 3,697,000 | 139,000 | 3,270,000 |
Stock Options [Member] | ||||
Anti-dilutive weighted average non-vested shares | ||||
Anti-dilutive shares (in shares) | 1,748,000 | 2,326,000 | 1,354,000 | 2,032,000 |
Performance Units [Member] | ||||
Anti-dilutive weighted average non-vested shares | ||||
Anti-dilutive shares (in shares) | 63,025 | 63,000 |
CASH, CASH EQUIVALENTS AND RE_3
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 37,214 | $ 1,068 | $ 1,694 | |
Restricted cash included in other long-term assets | 480 | 481 | ||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ 37,694 | $ 1,549 | $ 2,175 | $ 8,470 |
INVENTORY AND LONG-TERM PARTS_3
INVENTORY AND LONG-TERM PARTS INVENTORY (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |||||
Inventory valuation reserves | $ 2,600 | $ 2,600 | $ 4,200 | ||
Lower-of-cost-or-market inventory adjustments | $ 0 | $ 667 | $ 781 | $ 4,808 |
INVENTORY AND LONG-TERM PARTS_4
INVENTORY AND LONG-TERM PARTS INVENTORY (Summary of Inventory) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory [Line Items] | ||
Finished goods product inventory | $ 40,283 | $ 54,577 |
In-process mineral inventory | 27,981 | 19,822 |
Total product inventory | 68,264 | 74,399 |
Current parts inventory | 9,130 | 8,727 |
Total current inventory, net | 77,394 | 83,126 |
Long-term parts inventory, net | 29,915 | 30,611 |
Total inventory, net | $ 107,309 | $ 113,737 |
PROPERTY, PLANT, EQUIPMENT, A_3
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Schedule of Property, Plant, Equipment, and Mineral Properties) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Property, plant, equipment, and mineral properties | ||
Depreciable assets | $ 397,297 | $ 388,284 |
Accumulated depreciation | (160,931) | (141,818) |
Depreciable assets, net | 236,366 | 246,466 |
Mineral properties and development costs | 138,984 | 138,841 |
Accumulated depletion | (29,758) | (26,840) |
Total depletable assets, net | 109,226 | 112,001 |
Land | 519 | 519 |
Construction in progress | 4,100 | 5,556 |
Total property, plant, equipment and mineral properties, net | 350,211 | 364,542 |
Buildings Plant [Member] | ||
Property, plant, equipment, and mineral properties | ||
Depreciable assets | 80,450 | 79,757 |
Machinery and Equipment [Member] | ||
Property, plant, equipment, and mineral properties | ||
Depreciable assets | 239,158 | 234,861 |
Vehicles [Member] | ||
Property, plant, equipment, and mineral properties | ||
Depreciable assets | 5,322 | 4,835 |
Office Equipment and Improvements [Member] | ||
Property, plant, equipment, and mineral properties | ||
Depreciable assets | 13,875 | 12,637 |
Ponds and Land Improvements [Member] | ||
Property, plant, equipment, and mineral properties | ||
Depreciable assets | $ 58,492 | $ 56,194 |
PROPERTY, PLANT, EQUIPMENT, A_4
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Schedule of Depreciation, Depletion, and Accretion) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Property, Plant and Equipment [Abstract] | |||||
Depreciation | $ 7,021 | $ 7,030 | $ 20,919 | $ 21,270 | |
Depletion | 742 | 850 | 2,919 | 3,452 | |
Accretion | 417 | 390 | 1,251 | 1,168 | |
Total incurred | [1] | $ 8,180 | $ 8,270 | $ 25,089 | $ 25,890 |
[1] | Depreciation, depletion, and accretion incurred for potash and Trio® excludes depreciation, depletion and accretion amounts absorbed in or relieved from inventory. |
DEBT (Narrative) (Details)
DEBT (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Oct. 21, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt | ||||||
Interest expense | $ 887,000 | $ 2,076,000 | $ 2,705,000 | $ 10,777,000 | ||
Proceeds from credit facility | 13,500,000 | 9,000,000 | ||||
Repayments of credit facility | 17,400,000 | $ 9,000,000 | ||||
Senior Notes [Member] | ||||||
Debt | ||||||
Additional required principal payment by December 31, 2018 | 10,000,000 | 10,000,000 | ||||
Long-term debt | 60,000,000 | 60,000,000 | $ 60,000,000 | |||
Minimum fixed charge coverage amount for quarters ending September 30, 2018 | 10,000,000 | |||||
Fixed charge coverage amount | 25,500,000 | $ 25,500,000 | ||||
Fixed charge coverage ratio | 7.9 | |||||
Leverage Ratio | 1.4 | |||||
Bank Of Montreal [Member] | ||||||
Debt | ||||||
Credit facility, maximum borrowing capacity | 35,000,000 | $ 35,000,000 | ||||
Credit facility, capacity available for notes repayment | 10,000,000 | 10,000,000 | ||||
Proceeds from credit facility | 0 | 13,500,000 | ||||
Repayments of credit facility | 17,400,000 | |||||
Line of credit, outstanding | 0 | 0 | ||||
Letters of credit outstanding, amount | 3,800,000 | 3,800,000 | ||||
Line of credit facility, current borrowing capacity | $ 25,700,000 | $ 25,700,000 | ||||
Maximum [Member] | Senior Notes [Member] | ||||||
Debt | ||||||
Minimum fixed charge ratio | 1.3 | |||||
Maximum leverage ratio | 9.5 | |||||
Maximum Leverage Ration For Q4 2018 | 7 | |||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Bank Of Montreal [Member] | ||||||
Debt | ||||||
Credit facility interest | 2.00% | |||||
Minimum [Member] | Senior Notes [Member] | ||||||
Debt | ||||||
Minimum fixed charge ratio | 0.25 | |||||
Maximum leverage ratio | 3.5 | |||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Bank Of Montreal [Member] | ||||||
Debt | ||||||
Credit facility interest | 1.50% | |||||
Series A Senior Notes [Member] | Senior Notes [Member] | ||||||
Debt | ||||||
Long-term debt | $ 24,000,000 | $ 24,000,000 | ||||
Interest Rate | 3.73% | 3.73% | ||||
Series B Senior Notes [Member] | Senior Notes [Member] | ||||||
Debt | ||||||
Long-term debt | $ 18,000,000 | $ 18,000,000 | ||||
Interest Rate | 4.63% | 4.63% | ||||
Series C Senior Notes [Member] | Senior Notes [Member] | ||||||
Debt | ||||||
Long-term debt | $ 18,000,000 | $ 18,000,000 | ||||
Interest Rate | 4.78% | 4.78% | ||||
Subsequent Event [Member] | Bank Of Montreal [Member] | ||||||
Debt | ||||||
Credit facility, maximum borrowing capacity | $ 50,000,000 |
DEBT SCHEDULE OF LONG TERM DEBT
DEBT SCHEDULE OF LONG TERM DEBT (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt | ||
Less current portion of long-term debt | $ (10,000) | $ (10,000) |
Senior Notes [Member] | ||
Debt | ||
Senior Notes | 60,000 | 60,000 |
Less current portion of long-term debt | (10,000) | (10,000) |
Less deferred financing costs | (463) | (563) |
Long-term debt, net | $ 49,537 | $ 49,437 |
DEBT SCHEDULE OF INTEREST EXPEN
DEBT SCHEDULE OF INTEREST EXPENSE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Debt Disclosure [Abstract] | ||||
Interest on notes and credit facility | $ 704 | $ 1,382 | $ 2,155 | $ 6,180 |
Make-whole payments | 448 | 3,001 | ||
Amortization of deferred financing costs | 183 | 246 | 550 | 1,596 |
Gross interest expense | 887 | 2,076 | 2,705 | 10,777 |
Less capitalized interest | (23) | (82) | (85) | (146) |
Interest expense, net | $ 864 | $ 1,994 | $ 2,620 | $ 10,631 |
FINANCIAL INFORMATION FOR SUB_2
FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS OF POSSIBLE FUTURE PUBLIC DEBT (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Guarantees [Abstract] | ||
Cash | $ 37.2 | $ 1.1 |
ASSET RETIREMENT OBLIGATION (Na
ASSET RETIREMENT OBLIGATION (Narrative) (Details) $ in Millions | Sep. 30, 2018USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Asset Retirement Obligation, Undiscounted Amount | $ 59.5 |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Credit Adjusted Risk-Free Rates to Discount Abandonment Liabilities | 0.069 |
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Credit Adjusted Risk-Free Rates to Discount Abandonment Liabilities | 0.097 |
ASSET RETIREMENT OBLIGATION (Sc
ASSET RETIREMENT OBLIGATION (Schedule of Changes to Asset Retirement Obligation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | ||||
Asset retirement obligation, at beginning of period | $ 22,310 | $ 20,754 | $ 21,476 | $ 19,976 |
Accretion of discount | 417 | 390 | 1,251 | 1,168 |
Total asset retirement obligation, at end of period | $ 22,727 | $ 21,144 | $ 22,727 | $ 21,144 |
COMMON STOCK (Details)
COMMON STOCK (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | May 31, 2017 | |
At the market offering common stock offering capacity | $ 40 | |
Shares issued under at the market offering program | 0 | |
Remaining capacity to issue and sell shares of common stock at the market offering | $ 37.8 |
COMPENSATION PLANS (Narrative)
COMPENSATION PLANS (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Equity Incentive Compensation Plan [Abstract] | ||||
Shares available for issuance | 2.3 | 2.3 | ||
Non Qualified Stock Options [Abstract] | ||||
Compensation expense | $ 1.3 | $ 1 | $ 3.6 | $ 2.7 |
Unrecognized compensation expense | $ 6.7 | $ 6.7 | ||
Minimum [Member] | ||||
Non Qualified Stock Options [Abstract] | ||||
Period over which grants vest (in years) | 1 year | |||
Maximum [Member] | ||||
Non Qualified Stock Options [Abstract] | ||||
Period over which grants vest (in years) | 3 years | |||
Restricted Stock [Member] | ||||
Restricted Stock [Abstract] | ||||
Shares granted | 0.5 | |||
Stock Options [Member] | ||||
Non Qualified Stock Options [Abstract] | ||||
Shares granted | 1.6 |
COMPENSATION PLANS (Schedule of
COMPENSATION PLANS (Schedule of Outstanding Share Based Awards) (Details) | Sep. 30, 2018shares |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards outstanding, restricted stock | 2,873,953 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards outstanding, options | 3,556,548 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Effective Tax Rate | 2.00% | 6.00% | 1.00% | 1.00% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |||||||
Security placed with the State of Utah and BLM | $ 19.1 | $ 19.1 | $ 19.1 | $ 18.8 | |||
Surety bonds issued by an insurer | 18.6 | 18.6 | 18.6 | 18.3 | |||
Long-term restricted cash deposits | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | |||
Future Operating Lease Commitments | |||||||
Operating Lease, Contract Term, Maximum (in years) | 30 years | 30 years | 30 years | ||||
Rental and lease expense | $ 1 | $ 1.4 | $ 3 | $ 4 | |||
Water Volume Meter [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Contingent liability recorded in operating expense | $ 0.6 | $ 1.5 | |||||
Water Volume Meter [Member] | Maximum [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Estimated contingency | 1.7 | ||||||
Water Volume Meter [Member] | Minimum [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Estimated contingency | $ 0.6 |
FAIR VALUE (Details)
FAIR VALUE (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Senior Notes, Fair Value | $ 57.2 | $ 58.8 |
BUSINESS SEGMENTS (Narrative) (
BUSINESS SEGMENTS (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2018segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
BUSINESS SEGMENT (Information b
BUSINESS SEGMENT (Information by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Segment Reporting Information [Line Items] | |||||
Sales | $ 36,528 | $ 34,029 | $ 140,736 | $ 127,691 | |
Lower-of-cost-or-market inventory adjustments | 0 | 667 | 781 | 4,808 | |
Gross Margin (Deficit) | 8,960 | 5,601 | 23,446 | 7,754 | |
Depreciation, depletion and amortization expense | [1] | 8,180 | 8,270 | 25,089 | 25,890 |
Operating Segments [Member] | Potash [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 22,170 | 20,711 | 77,416 | 75,745 | |
Lower-of-cost-or-market inventory adjustments | 113 | 146 | |||
Gross Margin (Deficit) | 7,089 | 5,027 | 18,337 | 11,371 | |
Depreciation, depletion and amortization expense | [1] | 6,288 | 6,567 | 19,556 | 20,685 |
Operating Segments [Member] | Trio [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 10,320 | 11,349 | 50,402 | 48,557 | |
Lower-of-cost-or-market inventory adjustments | 0 | 554 | 781 | 4,662 | |
Gross Margin (Deficit) | (178) | (1,235) | (4,487) | (6,738) | |
Depreciation, depletion and amortization expense | [1] | 1,668 | 1,687 | 5,038 | 5,091 |
Corporate/Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 4,038 | 1,969 | 12,918 | 3,389 | |
Gross Margin (Deficit) | 2,049 | 1,809 | 9,596 | 3,121 | |
Depreciation, depletion and amortization expense | [1] | 224 | 16 | 495 | 114 |
Cargo and Freight [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost of Goods Sold | 6,196 | 6,160 | 24,862 | 22,867 | |
Cargo and Freight [Member] | Operating Segments [Member] | Potash [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost of Goods Sold | 3,060 | 2,864 | 9,795 | 9,401 | |
Cargo and Freight [Member] | Operating Segments [Member] | Trio [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost of Goods Sold | 3,136 | 3,296 | 15,067 | 13,466 | |
Warehouse and Handling [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost of Goods Sold | 2,192 | 2,046 | 7,067 | 7,013 | |
Warehouse and Handling [Member] | Operating Segments [Member] | Potash [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost of Goods Sold | 1,207 | 1,173 | 3,773 | 4,051 | |
Warehouse and Handling [Member] | Operating Segments [Member] | Trio [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost of Goods Sold | 984 | 873 | 3,285 | 2,962 | |
Warehouse and Handling [Member] | Corporate/Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost of Goods Sold | 1 | 0 | 9 | 0 | |
Mineral [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 36,528 | 34,029 | 140,736 | 127,691 | |
Cost of Goods Sold | 19,180 | 19,555 | 84,580 | 85,249 | |
Mineral [Member] | Operating Segments [Member] | Potash [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost of Goods Sold | 10,814 | 11,534 | 45,511 | 50,776 | |
Mineral [Member] | Operating Segments [Member] | Trio [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost of Goods Sold | 6,378 | 7,861 | 35,756 | 34,205 | |
Mineral [Member] | Corporate/Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost of Goods Sold | $ 1,988 | $ 160 | $ 3,313 | $ 268 | |
[1] | Depreciation, depletion, and accretion incurred for potash and Trio® excludes depreciation, depletion and accretion amounts absorbed in or relieved from inventory. |
RECENTLY ISSUED ACCOUNTING PR_2
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | $ 0.5 | ||
Accounting Standards Update 2016-18 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash flow | $ 3.5 | ||
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Estimated additional recorded assets and liabilities after adoption | $ 10 |