Intrepid Potash (IPI) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	Intrepid Potash, Inc.
Entity Central Index Key	0001421461
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
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 Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		131,484,066
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 44,371	$ 20,603
Accounts receivable:
Trade, net	31,862	23,749
Other receivables, net	1,554	1,247
Inventory, net	87,860	94,220
Prepaid expenses and other current assets	4,669	5,524
Total current assets	170,316	145,343
Property, plant and equipment, and mineral properties, net	372,057	378,509
Water rights	19,184	19,184
Long-term parts inventory, net	28,403	27,569
Other assets, net	7,726	7,834
Total Assets	597,686	578,439
Accounts payable:
Accounts payable	12,377	9,992
Income taxes payable	50	50
Accrued liabilities	27,461	13,740
Accrued employee compensation and benefits	3,994	4,464
Advances of credit facility		19,817
Current portion of long-term debt	20,000	20,000
Other current liabilities	19,393	19,382
Total current liabilities	83,275	87,445
Advances on credit facility	29,817	0
Long-term debt, net	29,781	29,753
Asset retirement obligation	22,574	22,140
Operating lease liabilities	3,577	4,025
Other non-current liabilities	420	420
Total Liabilities	169,444	143,783
Commitments and Contingencies
Common stock, $0.001 par value; 400,000,000 shares authorized; 129,643,509 and 129,553,517 shares outstanding at March 31, 2020 and December 31, 2019, respectively	130	130
Additional paid-in capital	653,946	652,963
Retained deficit	(225,834)	(218,437)
Total Stockholders' Equity	428,242	434,656
Total Liabilities and Stockholders' Equity	$ 597,686	$ 578,439

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	129,643,509	129,553,517

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Less:
Lower of cost or net realizable value inventory adjustments	$ 550	$ 0
Gross Margin	5,623	13,168
Selling and administrative	6,599	5,807
Accretion of asset retirement obligation	435	417
Litigation settlement	10,075	0
(Gain) loss on sale of assets	(4,696)	19
Other operating (income) expense	(11)	501
Operating (Loss) Income	(6,779)	6,424
Other Income (Expense)
Interest Expense, net	(792)	(603)
Interest income	116	0
Other (expense) income	16	334
(Loss) Income Before Income Taxes	(7,439)	6,155
Income Tax Expense	42	0
Net (Loss) Income	$ (7,397)	$ 6,155
Weighted Average Shares Outstanding:
Basic (in shares)	129,572	128,730
Diluted (in shares)	129,572	130,880
Earnings Per Share:
Basic (in dollars per share)	$ (0.06)	$ 0.05
Diluted (in dollars per share)	$ (0.06)	$ 0.05
Freight Costs [Member]
Less:
Cost of Goods Sold	$ 11,860	$ 10,456
Warehouse and Handling [Member]
Less:
Cost of Goods Sold	2,904	2,236
Mineral [Member]
Sales	63,984	57,554
Less:
Cost of Goods Sold	$ 43,047	$ 31,694

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Deficit [Member]
Balance (in shares) at Dec. 31, 2018		128,716,595
Balance at Dec. 31, 2018	$ 417,263	$ 129	$ 649,202	$ (232,068)
Net income (loss)	6,155
Stock-based compensation	1,031		1,031
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting (in shares)		55,249
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting	(112)		(112)
Exercise of stock options (in shares)		9,187
Exercise of stock options	9		9
Balance (in shares) at Mar. 31, 2019		128,781,031
Balance at Mar. 31, 2019	424,346	$ 129	650,130	(225,913)
Balance (in shares) at Dec. 31, 2019		129,553,517
Balance at Dec. 31, 2019	434,656	$ 130	652,963	(218,437)
Net income (loss)	(7,397)
Stock-based compensation	1,032		1,032
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting (in shares)		89,992
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting	(49)		(49)
Exercise of stock options (in shares)
Exercise of stock options	0
Balance (in shares) at Mar. 31, 2020		129,643,509
Balance at Mar. 31, 2020	$ 428,242	$ 130	$ 653,946	$ (225,834)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities:
Net (loss) Income	$ (7,397)	$ 6,155
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion, and amortization	9,586	8,746
Accretion of asset retirement obligation	435	417
Amortization of deferred financing costs	86	68
Amortization of Intangible Assets	80	0
Stock-based compensation	1,032	1,031
Lower of cost or net realizable value inventory adjustments	550	0
Accrual for litigation settlement	10,075	0
(Gain) loss on disposal of assets	(4,696)	19
Allowance for doubtful accounts	275	0
Other	0	4
Changes in operating assets and liabilities:
Trade accounts receivable, net	(8,388)	(3,057)
Other receivables, net	(308)	(362)
Inventory, net	4,976	(4,091)
Prepaid expenses and other current assets	857	103
Accounts payable, accrued liabilities, and accrued employee compensation and benefits	8,119	2,455
Operating lease liabilities	(552)	(479)
Other liabilities	41	(2,888)
Net cash provided by operating activities	14,771	8,121
Cash Flows from Investing Activities:
Additions to property, plant, equipment, mineral properties, and other assets	(5,710)	(3,958)
Deposit on asset purchase	0	(3,250)
Proceeds from sale of assets	4,786	0
Net cash used in investing activities	(924)	(7,208)
Cash Flows from Financing Activities:
Proceeds from short-term borrowings on credit facility	10,000	0
Employee tax withholding paid for restricted stock upon vesting	(49)	(112)
Proceeds from exercise of stock options	0	9
Net cash provided by (used in) financing activities	9,951	(103)
Net Change in Cash, Cash Equivalents and Restricted Cash	23,798	810
Cash, Cash Equivalents, and Restricted Cash, beginning of period	21,239	33,704
Cash, Cash Equivalents, and Restricted Cash, end of period	45,037	34,514
Net cash paid during the period for:
Interest	227	49
Income taxes	0	0
Amounts included in the measurement of operating lease liabilities	637	565
Accrued purchases for property, plant, equipment, and mineral properties	2,557	1,435
Right-of-use assets exchanged for operating lease liabilities	$ 104	$ 6

COMPANY BACKGROUND

COMPANY BACKGROUND	3 Months Ended
	Mar. 31, 2020
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 essential for customer success in agriculture, animal feed and the oil and gas industry. We are the only U.S. producer of muriate of potash (sometimes referred to as potassium chloride or potash), which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, we produce a specialty fertilizer, Trio ® , which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. We also provide water, magnesium chloride, brine and various oilfield products and services. Our extraction and production operations are conducted entirely in the continental United States. We produce potash from three solution mining facilities: our HB solution mine in Carlsbad, New Mexico, our solution mine in Moab, Utah, and our 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. We have water rights in New Mexico under which we sell water primarily to support oil and gas development in the Permian Basin near our Carlsbad facilities. We continue to work to expand our sales of water. In May 2019, we acquired certain land, water rights, and other related assets from Dinwiddie Cattle Company. We refer to these assets and operations as "Intrepid South." We have three segments: potash, Trio ® , and oilfield solutions. We account for sales of byproducts as revenue in the potash or Trio ® segment based on which segment generates the byproduct. Intersegment sales prices are market based and are eliminated. "Intrepid," "our," "we," or "us," means Intrepid Potash, Inc. and its consolidated subsidiaries.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
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. 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 unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019. We have updated our accounting policies for estimating credit losses as a result of adopting Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - (Topic 326): Measurement of Credit Losses on Financial Instruments , as discussed in more detail below. We have made no other changes to our significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2019. Recently Adopted Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - (Topic 326): Measurement of Credit Losses on Financial Instruments , which we adopted on January 1, 2020. ASU No. 2016-13 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 and required a cumulative-effect adjustment to the statement of financial position on January 1, 2020. The effect of the adoption of this standard was immaterial on our condensed consolidated financial statements. 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	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is computed by dividing net income 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 per share (in thousands, except per share amounts): Three Months Ended March 31, 2020 2019 Net (loss) income $ (7,397 ) $ 6,155 Basic weighted-average common shares outstanding 129,572 128,730 Add: Dilutive effect of restricted stock — 2,033 Add: Dilutive effect of stock options — 117 Diluted weighted-average common shares outstanding 129,572 130,880 Basic $ (0.06 ) $ 0.05 Diluted $ (0.06 ) $ 0.05 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 March 31, 2020 2019 Anti-dilutive effect of restricted stock 3,117 79 Anti-dilutive effect of stock options outstanding 3,120 1,701

CASH, CASH EQUIVALENTS AND REST

CASH, CASH EQUIVALENTS AND RESTRICTED CASH	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020, and 2019 (in thousands): March 31, 2020 March 31, 2019 Cash and cash equivalents $ 44,371 $ 34,032 Restricted cash included in other current assets 150 — Restricted cash included in other long-term assets 516 482 Total cash, cash equivalents, and restricted cash as shown in the statement of cash flows $ 45,037 $ 34,514 Restricted cash included in other current and long-term assets on the condensed consolidated balance sheets represents amounts whose use is restricted by contractual agreements with various entities, principally 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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 , and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Finished goods product inventory $ 56,124 $ 55,585 In-process mineral inventory 17,735 25,591 Total product inventory 73,859 81,176 Current parts inventory, net 14,001 13,044 Total current inventory, net 87,860 94,220 Long-term parts inventory, net 28,403 27,569 Total inventory, net $ 116,263 $ 121,789 Parts inventory is shown net of estimated allowances for obsolescence of $0.6 million as of March 31, 2020 and December 31, 2019. 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 $0.6 million for the three months March 31, 2020. For the three months ended March 31, 2019, we recorded no such charges.

PROPERTY, PLANT, EQUIPMENT, AND

PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES	3 Months Ended
	Mar. 31, 2020
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): March 31, 2020 December 31, 2019 Land $ 27,265 $ 27,274 Ponds and land improvements 66,081 65,992 Mineral properties and development costs 143,938 143,988 Buildings and plant 81,593 81,468 Machinery and equipment 258,169 253,536 Vehicles 6,177 6,222 Office equipment and improvements 9,235 9,136 Operating lease ROU assets 8,194 8,123 Construction in progress 4,773 7,124 Total property, plant, equipment, and mineral properties, gross $ 605,425 $ 602,863 Less: accumulated depreciation, depletion, and amortization (233,368 ) (224,354 ) Total property, plant, equipment, and mineral properties, net $ 372,057 $ 378,509 In March 2020, we sold approximately 320 acres of land for $4.8 million . In connection with that sale, we recorded a gain of $4.7 million . We incurred the following expenses for depreciation, depletion, and amortization, including expenses capitalized into inventory, for the following periods (in thousands): Three Months Ended March 31, 2020 2019 Depreciation $ 7,291 $ 6,855 Depletion 1,752 1,418 Amortization of right of use assets 543 473 Total incurred $ 9,586 $ 8,746

DEBT

DEBT	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
DEBT	DEBT Senior Notes —As of March 31, 2020 , we had outstanding $50 million of senior notes (the "Notes") consisting of the following series: • $20 million of Senior Notes, Series A, due April 16, 2020* • $15 million of Senior Notes, Series B, due April 14, 2023 • $15 million of Senior Notes, Series C, due April 16, 2025 *We repaid the $20 million outstanding principal balance due on the Series A on April 16, 2020. The agreement governing the Notes contains certain financial covenants, including the following: • We are required to maintain a minimum fixed charge coverage ratio of 1.3 to 1.0 as of the last day of each quarter, measured based on the previous four quarters. Our fixed charge coverage ratio as of March 31, 2020, was 7.2 to 1.0, therefore we were in compliance with this covenant. • We are allowed a maximum leverage ratio of 3.5 to 1.0 as of the last day of each quarter, measured based on the previous four quarters. Our leverage ratio as of March 31, 2020, was 1.6 to 1.0, therefore we were in compliance with this covenant. Fixed charge coverage ratio and leverage ratio are calculated in accordance with the agreement governing the Notes. For both the three-month period ended March 31, 2020, and the three-month period ended March 31, 2019, 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 governing the Notes. 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 March 31, 2020 . In April 2020, we amended the agreement governing the Notes to add a debt basket to allow for a $10 million loan under the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), as described further below. Our outstanding long-term debt, net, as of March 31, 2020 , and December 31, 2019 , was as follows (in thousands): March 31, 2020 December 31, 2019 Notes $ 50,000 $ 50,000 Less current portion of long-term debt (20,000 ) (20,000 ) Less deferred financing costs (219 ) (247 ) Long-term debt, net $ 29,781 $ 29,753 Credit Facility —We maintain a revolving credit facility with Bank of Montreal. As of March 31, 2020, borrowings under the credit facility bear interest at LIBOR (London Interbank Offered Rate) plus an applicable margin of 1.25% 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 occasionally borrow and repay amounts under the facility for near-term working capital needs or other purposes and may do so in the future. During the three months ended March 31, 2020, we borrowed $10 million and repaid $0 million under the facility. As of March 31, 2020, we had $30 million of borrowings outstanding and $1 million in outstanding letters of credit under the facility. Including the outstanding letters of credit, we had $44.2 million available to be borrowed under the facility as of March 31, 2020. We were in compliance with the applicable covenants under the facility as of March 31, 2020. During the three months ended March 31, 2019, we had no borrowings under the facility and made no repayments. In August 2019, we amended the credit facility to change it from an asset-backed facility to a cash-flow facility, to increase the amount available under the facility from $50 million to $75 million plus an additional $75 million accordion, and to extend the maturity date to August 1, 2024. In April 2020, we amended the credit facility to add a debt basket to allow for a $10 million loan under the CARES Act, described below. PPP Loan —In April 2020, we applied for and received a $10 million loan under the Paycheck Protection Program under the CARES Act. The loan matures on April 18, 2022 and bears interest at a rate of 1% per annum. Beginning November 18, 2020, we are required to make monthly payments of principal and interest in the amount of $0.6 million . We may prepay the loan at any time prior to maturity with no prepayment penalties. We plan to fund payroll, benefits, or other allowed expenses under the program and expect the majority of the loan will be forgiven pursuant to current guidelines under the CARES Act. 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 $0.6 million for the three months ended March 31, 2020 , and 2019 , respectively. Amounts included in interest expense, net for the three months ended March 31, 2020 , and 2019, were as follows (in thousands): Three Months Ended March 31, 2020 2019 Interest on Notes and credit facility $ 779 $ 573 Amortization of deferred financing costs 86 68 Gross interest expense 865 641 Less capitalized interest (73 ) (38 ) Interest expense, net $ 792 $ 603

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	INTANGIBLE ASSETS We have water rights, recorded at $19.2 million at March 31, 2020, and December 31, 2019. Our water rights have indefinite lives and are not amortized. We evaluate our water rights at least annually on October 1 for impairment, or more frequently if circumstances require. With the economic slowdown as a result of the novel coronavirus (COVID-19) pandemic, we reviewed our water rights for possible impairment as of March 31, 2020 and concluded we do not need to impair our water rights. We account for other intangible assets as finite-lived intangible assets and amortize those intangible assets over the period of estimated benefit, using the straight-line method. The weighted average amortization period for the other intangible assets is approximately 20 years. At March 31, 2020, and December 31, 2019, these intangible assets had a net book value of $6.1 million and $6.2 million , respectively, and are included in "Other assets, net" on the Condensed Consolidated Balance Sheets.

FINANCIAL INFORMATION FOR SUBSI

FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS OF POSSIBLE FUTURE PUBLIC DEBT	3 Months Ended
	Mar. 31, 2020
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 $44.4 million and $20.6 million at March 31, 2020 , and December 31, 2019 , 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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Asset retirement obligation, at beginning of period $ 22,250 $ 23,125 Accretion of discount 435 417 Total asset retirement obligation, at end of period $ 22,685 $ 23,542 The current portion of the asset retirement obligation of $0.1 million is included in "Other current liabilities" on the condensed consolidated balance sheet as of March 31, 2020.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Revenue Recognition —We account for revenue in accordance with ASC Topic 606 Revenue from Contracts with Customers ("ASC 606"). Under ASC 606, we recognize revenue when control of the promised goods or services is transferred to customers in an amount that reflects the consideration we expect to be entitled in exchange for those goods or services. Contract Balances: As of March 31, 2020, and December 31, 2019, we had $17.1 million and $16.6 million of contract liabilities, respectively, which are included in "Other current liabilities" on the Condensed Consolidated Balance Sheets. 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. Our contract liability activity for the three months ended March 31, 2020, and 2019 is shown below (in thousands): Three Months Ended March 31, 2020 2019 Beginning balance $ 16,612 $ 11,678 Additions 3,910 — Recognized as revenue during period (3,436 ) (3,161 ) Ending balance $ 17,086 $ 8,517 Disaggregation of Revenue: The tables below show the disaggregation of revenue by product and reconciles disaggregated revenue to segment revenue for the three months ended March 31, 2020, and 2019. We believe the disaggregation of revenue by products best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic conditions (in thousands): Three Months Ended March 31, 2020 Product Potash Segment Trio ® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 29,818 $ — $ — $ (129 ) $ 29,689 Trio ® — 21,201 — — 21,201 Water 583 1,247 6,661 — 8,491 Salt 2,096 133 — — 2,229 Magnesium Chloride 759 — — — 759 Brines 535 — 31 — 566 Other — — 1,049 — 1,049 Total Revenue $ 33,791 $ 22,581 $ 7,741 $ (129 ) $ 63,984 Three Months Ended March 31, 2019 Product Potash Segment Trio ® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 28,545 $ — $ 1,822 $ (1,208 ) $ 29,159 Trio ® — 16,550 — — 16,550 Water 340 942 4,104 — 5,386 Salt 3,001 317 — — 3,318 Magnesium Chloride 1,740 — — — 1,740 Brines 704 — — — 704 Other — — 697 — 697 Total Revenue $ 34,330 $ 17,809 $ 6,623 $ (1,208 ) $ 57,554

COMPENSATION PLANS

COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [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"). The Plan was most recently amended and restated in May 2019. We have issued common stock, restricted stock, performance units, and non-qualified stock option awards under the Plan. At March 31, 2020, approximately 9.4 million shares remained available for issuance under the Plan. As of March 31, 2020, the following awards were outstanding under the Plan: Outstanding as of Restricted Shares 1,840,557 Non-qualified Stock Options 3,111,209 Total share-based compensation expense was $1.0 million for both the three months ended March 31, 2020, and 2019. As of March 31, 2020 , we had $3.1 million of total remaining unrecognized compensation expense related to awards, that is expected to be recognized over a weighted-average period of 1.1 years .

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2020
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 months ended March 31, 2020 , we realized an immaterial amount of income tax benefit and during the three months ended March 31, 2019, we incurred no income tax expense. Our effective tax rate for the three months ended March 31, 2020, and 2019, was 0% . Our effective tax rates differed from the statutory rate during each period primarily due to changes in the valuation allowance established to offset our deferred tax assets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Reclamation Deposits and Surety Bonds —As of March 31, 2020 , and December 31, 2019 , we had $22.3 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, $0.5 million consisted of long-term restricted cash deposits reflected in "Other assets, net" on the condensed consolidated balance sheets and $21.8 million was secured by surety bonds issued by an insurer. The surety bonds are held in place by an annual fee paid to the issuer and a letter of credit. 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 U.S. District Court for the District of New Mexico. In January 2018, the two lawsuits were consolidated into one lawsuit pending in the U.S. District Court for the District of New Mexico. Mosaic alleged 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 sought $23 million to $28 million in compensatory damages, $28 million to $37 million in punitive damages, attorneys' fees, other injunctive relief, and future royalty damages in unspecified amounts. In March 2020, Intrepid and Mosaic participated in a settlement conference facilitated by a U.S. Magistrate Judge in New Mexico. We agreed to settle the matter, subject to signing a final settlement agreement, and we expect final closing of the settlement in May 2020. Under the terms of the settlement we will be obligated to pay Mosaic an aggregate of $10 million to dismiss all current and future claims arising from this matter against. Upon signing of a final settlement agreement, this matter will be closed. In connection with the settlement, we accrued a $10 million payable in our condensed consolidated financial statements as of March 31, 2020. In February 2019, Pecos Valley Artesian Conservancy District, Carlsbad Irrigation District, and Otis Mutual Domestic Water Consumers & Sewage Works Association (together, the "Protestants") filed an expedited inter se proceeding against us, Henry McDonald, Select Energy Services, LLC d/b/a Gregory Rockhouse Ranch, and Vision Resources, Inc. in the Fifth Judicial District Court for the County of Chaves in the State of New Mexico. This court serves as the adjudication court for the Pecos Stream System, which includes the Pecos River. The Protestants challenge the validity of our Pecos River water rights, representing approximately 20,000 acre feet per year. In August 2019, the parties stipulated to the jurisdiction of the adjudication court. To promote settlement, the adjudication court established a settlement schedule and ordered a trial date in August 2020 if the parties have not reached a settlement by that time. The trial date has since been rescheduled to November 2020, subject to the continued motions of the protestants. We were allowed to sell water associated with 5,700 acre feet per year of these water rights under preliminary authorizations issued in 2017 and 2018 by the New Mexico Office of the State Engineer ("OSE"). The preliminary authorizations allowed for water sales to begin immediately, subject to repayment if the underlying water rights are ultimately found to be invalid. In February 2020, the protestants filed a Writ of Mandamus against the OSE concerning these permits, despite its agreed stipulation to jurisdiction of the adjudication court, also asking for unspecified monetary and injunctive relief, as well as attorneys' fees and costs, relating to Intrepid’s sale of water under these water rights and breach of contract claims. A hearing regarding this Writ was held in March 2020, and the non-adjudication court granted the Writ against the New Mexico State Engineer challenging the State Engineer's right to grant preliminary authorizations under the New Mexico Water Leasing Act. The non-adjudication court also denied our due process right to participate as a potentially harmed party. The non-adjudication court’s challenged ruling requires the OSE to withdraw and cancel certain preliminary authorizations the OSE had issued to us. This challenged ruling by the non-adjudication court does not impact the validity of our water rights, but potentially limits our ability to sell water under two specific leases. The OSE has filed a Motion for Writ of Superintending Control with the New Mexico Supreme Court seeking to reverse the decision by the non-adjudication court and stay any actions taken as a result of the Writ of Mandamus. We have filed a Writ of Superintending Control in the New Mexico Supreme Court seeking a reversal of the denial of Intrepid’s request to intervene and seeking to stay enforcement while the matter is being decided. 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.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 , and December 31, 2019 , 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 March 31, 2020 , and December 31, 2019 , the estimated fair value of our outstanding Notes was $48.3 million and $50 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	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
BUSINESS SEGMENTS	BUSINESS SEGMENTS Our operations are organized into three segments: potash, Trio ® and oilfield solutions. The reportable segments are determined by management based on several factors including the types of products and services sold, production processes, markets served and the financial information available for 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. Intersegment sales prices are market-based and are eliminated in the "Other" column. Information for each segment is provided in the tables that follow (in thousands). Three Months Ended March 31, 2020 Potash Trio ® Oilfield Solutions Other Consolidated Sales $ 33,791 $ 22,581 $ 7,741 $ (129 ) $ 63,984 Less: Freight costs 5,441 6,548 — (129 ) 11,860 Warehousing and handling 1,296 1,608 — — 2,904 Cost of goods sold 22,720 17,430 2,897 — 43,047 Lower of cost or net — 550 — 550 Gross Margin (Deficit) $ 4,334 $ (3,555 ) $ 4,844 $ — $ 5,623 Depreciation, depletion, and amortization incurred 1 $ 7,312 $ 1,508 $ 632 $ 214 $ 9,666 Three Months Ended March 31, 2019 Potash Trio ® Oilfield Solutions Other Consolidated Sales $ 34,330 $ 17,809 $ 6,623 $ (1,208 ) $ 57,554 Less: Freight costs 4,640 5,035 781 — 10,456 Warehousing and handling 1,267 969 — — 2,236 Cost of goods sold 19,059 11,074 2,769 (1,208 ) 31,694 Gross Margin $ 9,364 $ 731 $ 3,073 $ — $ 13,168 Depreciation, depletion, and amortization incurred 1 $ 6,795 $ 1,558 $ 190 $ 203 $ 8,746 1 Depreciation, depletion, and amortization incurred for potash and Trio ® excludes depreciation, depletion and amortization amounts absorbed in or relieved from inventory.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
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. 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 unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019. We have updated our accounting policies for estimating credit losses as a result of adopting Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - (Topic 326): Measurement of Credit Losses on Financial Instruments , as discussed in more detail below. We have made no other changes to our significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2019.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - (Topic 326): Measurement of Credit Losses on Financial Instruments , which we adopted on January 1, 2020. ASU No. 2016-13 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 and required a cumulative-effect adjustment to the statement of financial position on January 1, 2020.
Reclassification 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)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Loss or Earnings Per Share	Basic earnings per share is computed by dividing net income 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 per share (in thousands, except per share amounts): Three Months Ended March 31, 2020 2019 Net (loss) income $ (7,397 ) $ 6,155 Basic weighted-average common shares outstanding 129,572 128,730 Add: Dilutive effect of restricted stock — 2,033 Add: Dilutive effect of stock options — 117 Diluted weighted-average common shares outstanding 129,572 130,880 Basic $ (0.06 ) $ 0.05 Diluted $ (0.06 ) $ 0.05
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 March 31, 2020 2019 Anti-dilutive effect of restricted stock 3,117 79 Anti-dilutive effect of stock options outstanding 3,120 1,701

CASH, CASH EQUIVALENTS AND RE_2

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020, and 2019 (in thousands): March 31, 2020 March 31, 2019 Cash and cash equivalents $ 44,371 $ 34,032 Restricted cash included in other current assets 150 — Restricted cash included in other long-term assets 516 482 Total cash, cash equivalents, and restricted cash as shown in the statement of cash flows $ 45,037 $ 34,514

INVENTORY AND LONG-TERM PARTS_2

INVENTORY AND LONG-TERM PARTS INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 , and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Finished goods product inventory $ 56,124 $ 55,585 In-process mineral inventory 17,735 25,591 Total product inventory 73,859 81,176 Current parts inventory, net 14,001 13,044 Total current inventory, net 87,860 94,220 Long-term parts inventory, net 28,403 27,569 Total inventory, net $ 116,263 $ 121,789

PROPERTY, PLANT, EQUIPMENT, A_2

PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2020
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): March 31, 2020 December 31, 2019 Land $ 27,265 $ 27,274 Ponds and land improvements 66,081 65,992 Mineral properties and development costs 143,938 143,988 Buildings and plant 81,593 81,468 Machinery and equipment 258,169 253,536 Vehicles 6,177 6,222 Office equipment and improvements 9,235 9,136 Operating lease ROU assets 8,194 8,123 Construction in progress 4,773 7,124 Total property, plant, equipment, and mineral properties, gross $ 605,425 $ 602,863 Less: accumulated depreciation, depletion, and amortization (233,368 ) (224,354 ) Total property, plant, equipment, and mineral properties, net $ 372,057 $ 378,509
Schedule of Depreciation, Depletion and Accretion	We incurred the following expenses for depreciation, depletion, and amortization, including expenses capitalized into inventory, for the following periods (in thousands): Three Months Ended March 31, 2020 2019 Depreciation $ 7,291 $ 6,855 Depletion 1,752 1,418 Amortization of right of use assets 543 473 Total incurred $ 9,586 $ 8,746

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long Term Debt	Our outstanding long-term debt, net, as of March 31, 2020 , and December 31, 2019 , was as follows (in thousands): March 31, 2020 December 31, 2019 Notes $ 50,000 $ 50,000 Less current portion of long-term debt (20,000 ) (20,000 ) Less deferred financing costs (219 ) (247 ) Long-term debt, net $ 29,781 $ 29,753
Schedule Of Interest Expense	Amounts included in interest expense, net for the three months ended March 31, 2020 , and 2019, were as follows (in thousands): Three Months Ended March 31, 2020 2019 Interest on Notes and credit facility $ 779 $ 573 Amortization of deferred financing costs 86 68 Gross interest expense 865 641 Less capitalized interest (73 ) (38 ) Interest expense, net $ 792 $ 603

ASSET RETIREMENT OBLIGATION (Ta

ASSET RETIREMENT OBLIGATION (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Asset retirement obligation, at beginning of period $ 22,250 $ 23,125 Accretion of discount 435 417 Total asset retirement obligation, at end of period $ 22,685 $ 23,542

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
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. Our contract liability activity for the three months ended March 31, 2020, and 2019 is shown below (in thousands): Three Months Ended March 31, 2020 2019 Beginning balance $ 16,612 $ 11,678 Additions 3,910 — Recognized as revenue during period (3,436 ) (3,161 ) Ending balance $ 17,086 $ 8,517
Disaggregation of Revenue	The tables below show the disaggregation of revenue by product and reconciles disaggregated revenue to segment revenue for the three months ended March 31, 2020, and 2019. We believe the disaggregation of revenue by products best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic conditions (in thousands): Three Months Ended March 31, 2020 Product Potash Segment Trio ® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 29,818 $ — $ — $ (129 ) $ 29,689 Trio ® — 21,201 — — 21,201 Water 583 1,247 6,661 — 8,491 Salt 2,096 133 — — 2,229 Magnesium Chloride 759 — — — 759 Brines 535 — 31 — 566 Other — — 1,049 — 1,049 Total Revenue $ 33,791 $ 22,581 $ 7,741 $ (129 ) $ 63,984 Three Months Ended March 31, 2019 Product Potash Segment Trio ® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 28,545 $ — $ 1,822 $ (1,208 ) $ 29,159 Trio ® — 16,550 — — 16,550 Water 340 942 4,104 — 5,386 Salt 3,001 317 — — 3,318 Magnesium Chloride 1,740 — — — 1,740 Brines 704 — — — 704 Other — — 697 — 697 Total Revenue $ 34,330 $ 17,809 $ 6,623 $ (1,208 ) $ 57,554

COMPENSATION PLANS (Tables)

COMPENSATION PLANS (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Outstanding Share Based Awards	As of March 31, 2020, the following awards were outstanding under the Plan: Outstanding as of Restricted Shares 1,840,557 Non-qualified Stock Options 3,111,209

BUSINES SEGMENTS (Tables)

BUSINES SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Three Months Ended March 31, 2020 Potash Trio ® Oilfield Solutions Other Consolidated Sales $ 33,791 $ 22,581 $ 7,741 $ (129 ) $ 63,984 Less: Freight costs 5,441 6,548 — (129 ) 11,860 Warehousing and handling 1,296 1,608 — — 2,904 Cost of goods sold 22,720 17,430 2,897 — 43,047 Lower of cost or net — 550 — 550 Gross Margin (Deficit) $ 4,334 $ (3,555 ) $ 4,844 $ — $ 5,623 Depreciation, depletion, and amortization incurred 1 $ 7,312 $ 1,508 $ 632 $ 214 $ 9,666 Three Months Ended March 31, 2019 Potash Trio ® Oilfield Solutions Other Consolidated Sales $ 34,330 $ 17,809 $ 6,623 $ (1,208 ) $ 57,554 Less: Freight costs 4,640 5,035 781 — 10,456 Warehousing and handling 1,267 969 — — 2,236 Cost of goods sold 19,059 11,074 2,769 (1,208 ) 31,694 Gross Margin $ 9,364 $ 731 $ 3,073 $ — $ 13,168 Depreciation, depletion, and amortization incurred 1 $ 6,795 $ 1,558 $ 190 $ 203 $ 8,746 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)	3 Months Ended
	Mar. 31, 2020segmentFacility
Number of mining facilities | Facility	3
Number of reportable segments | segment	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, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net (loss) Income	$ (7,397)	$ 6,155
Basic weighted average common shares outstanding (in shares)	129,572	128,730
Add: Dilutive effect of restricted stock (in shares)		2,033
Add: Dilutive effect of stock options (in shares)		117
Diluted weighted average common shares outstanding (in shares)	129,572	130,880
Basic (in dollars per share)	$ (0.06)	$ 0.05
Diluted (in dollars per share)	$ (0.06)	$ 0.05

EARNINGS PER SHARE (Schedule _2

EARNINGS PER SHARE (Schedule of Anti-Dilutive Shares) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restricted Shares [Member]
Anti-dilutive weighted average non-vested shares
Anti-dilutive shares (in shares)	3,117	79
Stock Options [Member]
Anti-dilutive weighted average non-vested shares
Anti-dilutive shares (in shares)	3,120	1,701

CASH, CASH EQUIVALENTS AND RE_3

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 44,371	$ 20,603	$ 34,032
Restricted cash included in other current assets	150
Restricted cash included in other long-term assets	516		482
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 45,037	$ 21,239	$ 34,514	$ 33,704

INVENTORY AND LONG-TERM PARTS_3

INVENTORY AND LONG-TERM PARTS INVENTORY (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventory valuation reserves	$ 600		$ 600
Lower of cost or net realizable value inventory adjustments	$ 550	$ 0

INVENTORY AND LONG-TERM PARTS_4

INVENTORY AND LONG-TERM PARTS INVENTORY (Summary of Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory [Line Items]
Finished goods product inventory	$ 56,124	$ 55,585
In-process mineral inventory	17,735	25,591
Total product inventory	73,859	81,176
Current parts inventory, net	14,001	13,044
Total current inventory, net	87,860	94,220
Long-term parts inventory, net	28,403	27,569
Total inventory, net	$ 116,263	$ 121,789

PROPERTY, PLANT, EQUIPMENT, A_3

PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2020a	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Property, Plant and Equipment [Line Items]
Number of acre, land sold | a	320
Proceeds from sale of assets		$ 4,786	$ 0
Gain on sale of assets		$ 4,696	$ (19)

PROPERTY, PLANT, EQUIPMENT, A_4

PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Schedule of Property, Plant, Equipment, and Mineral Properties) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	$ 605,425	$ 602,863
Less: accumulated depreciation, depletion, and amortization	(233,368)	(224,354)
Total property, plant, equipment and mineral properties, net	372,057	378,509
Land [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	27,265	27,274
Ponds and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	66,081	65,992
Mineral Properties And Development Costs [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	143,938	143,988
Buildings and Plant [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	81,593	81,468
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	258,169	253,536
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	6,177	6,222
Office Equipment and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	9,235	9,136
Operating Lease ROU Assets [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	8,194	8,123
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	$ 4,773	$ 7,124

PROPERTY, PLANT, EQUIPMENT, A_5

PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Schedule of Depreciation, Depletion, and Accretion) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation	$ 7,291	$ 6,855
Depletion	1,752	1,418
Amortization of right of use assets	543	473
Total incurred	$ 9,586	$ 8,746

DEBT (Details)

DEBT (Details) $ in Thousands	Apr. 16, 2020USD ($)	Apr. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Aug. 01, 2019USD ($)	Jul. 31, 2019USD ($)
Debt
Interest expense			$ 865	$ 641
Proceeds from credit facility			10,000	0
Senior Notes [Member]
Debt
Long-term debt			$ 50,000		$ 50,000
Minimum fixed charge ratio			1.30
Fixed charge coverage ratio			7.2
Maximum leverage ratio			3.5
Leverage ratio			1.6
Bank Of Montreal [Member]
Debt
Credit facility, maximum borrowing capacity						$ 75,000	$ 50,000
Line of credit, accordion feature						$ 75,000
Proceeds from credit facility			$ 10,000	0
Repayments of credit facility			0	$ 0
Line of credit, outstanding			30,000
Letters of credit outstanding, amount			1,000
Line of credit facility, current borrowing capacity			$ 44,200
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Bank Of Montreal [Member]
Debt
Credit facility interest			2.00%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Bank Of Montreal [Member]
Debt
Credit facility interest			1.25%
Series A Senior Notes [Member] | Senior Notes [Member]
Debt
Long-term debt			$ 20,000
Interest Rate			3.73%	3.73%
Series B Senior Notes [Member] | Senior Notes [Member]
Debt
Long-term debt			$ 15,000
Interest Rate			4.63%	4.63%
Series C Senior Notes [Member] | Senior Notes [Member]
Debt
Long-term debt			$ 15,000
Interest Rate			4.78%	4.78%
Subsequent Event [Member] | Senior Notes [Member]
Debt
Cares act paycheck protection program notes amendment		$ 10,000
Subsequent Event [Member] | Series A Senior Notes [Member] | Senior Notes [Member]
Debt
Repayments of senior note	$ 20,000
Subsequent Event [Member] | Paycheck Protection Program Loan [Member]
Debt
Interest Rate		1.00%
Monthly required principal and interest		$ 600
Proceeds from PPP loan		$ 10,000

DEBT SCHEDULE OF LONG TERM DEBT

DEBT SCHEDULE OF LONG TERM DEBT (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt
Less current portion of long-term debt	$ (20,000)	$ (20,000)
Senior Notes [Member]
Debt
Senior Notes	50,000	50,000
Less current portion of long-term debt	(20,000)	(20,000)
Less deferred financing costs	(219)	(247)
Long-term debt, net	$ 29,781	$ 29,753

DEBT SCHEDULE OF INTEREST EXPEN

DEBT SCHEDULE OF INTEREST EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Disclosure [Abstract]
Interest on notes and credit facility	$ 779	$ 573
Amortization of deferred financing costs	86	68
Gross interest expense	865	641
Less capitalized interest	(73)	(38)
Interest expense, net	$ 792	$ 603

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Indefinite-lived Intangible Assets [Line Items]
Intangible assets, water rights	$ 19,184	$ 19,184
Finite-lived intangible assets, weighted average amortization period	20 years
Finite-lived intangible assets, net	$ 6,100	$ 6,200

FINANCIAL INFORMATION FOR SUB_2

FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS OF POSSIBLE FUTURE PUBLIC DEBT (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Guarantees [Abstract]
Cash	$ 44.4	$ 20.6

ASSET RETIREMENT OBLIGATION (Na

ASSET RETIREMENT OBLIGATION (Narrative) (Details) $ in Millions	Mar. 31, 2020USD ($)
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
Other Current Liabilities [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Current portion of asset retirement obligation	$ 0.1

ASSET RETIREMENT OBLIGATION (Sc

ASSET RETIREMENT OBLIGATION (Schedule of Changes to Asset Retirement Obligation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligation, at beginning of period	$ 22,250	$ 23,125
Accretion of discount	435	417
Total asset retirement obligation, at end of period	$ 22,685	$ 23,542

REVENUE (Contract Balances) (De

REVENUE (Contract Balances) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Beginning balance	$ 16,612	$ 11,678
Additions	3,910
Recognized as revenue during period	(3,436)	(3,161)
Ending balance	$ 17,086	$ 8,517

REVENUE (Disaggregation of Reve

REVENUE (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Potash [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	$ 29,689	$ 29,159
Trio [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	21,201	16,550
Water Product [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	8,491	5,386
Salt [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	2,229	3,318
Magnesium Chloride [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	759	1,740
Brines [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	566	704
Other [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	1,049	697
Mineral [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	63,984	57,554
Potash [Member] | Potash [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	29,818	28,545
Potash [Member] | Trio [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
Potash [Member] | Water Product [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	583	340
Potash [Member] | Salt [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	2,096	3,001
Potash [Member] | Magnesium Chloride [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	759	1,740
Potash [Member] | Brines [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	535	704
Potash [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
Potash [Member] | Mineral [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	33,791	34,330
Trio [Member] | Potash [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
Trio [Member] | Trio [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	21,201	16,550
Trio [Member] | Water Product [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	1,247	942
Trio [Member] | Salt [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	133	317
Trio [Member] | Magnesium Chloride [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
Trio [Member] | Brines [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
Trio [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
Trio [Member] | Mineral [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	22,581	17,809
Oil Field Solutions [Member] | Potash [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	0	1,822
Oil Field Solutions [Member] | Trio [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
Oil Field Solutions [Member] | Water Product [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	6,661	4,104
Oil Field Solutions [Member] | Salt [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
Oil Field Solutions [Member] | Magnesium Chloride [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
Oil Field Solutions [Member] | Brines [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	31	0
Oil Field Solutions [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	1,049	697
Oil Field Solutions [Member] | Mineral [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	7,741	6,623
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	(129)	(1,208)
Intersegment Eliminations [Member] | Potash [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	(129)	(1,208)
Intersegment Eliminations [Member] | Trio [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
Intersegment Eliminations [Member] | Water Product [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
Intersegment Eliminations [Member] | Salt [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
Intersegment Eliminations [Member] | Magnesium Chloride [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
Intersegment Eliminations [Member] | Brines [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	0	0
Intersegment Eliminations [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	$ 0	$ 0

COMPENSATION PLANS (Narrative)

COMPENSATION PLANS (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity Incentive Compensation Plan [Abstract]
Shares available for issuance	9.4
Non Qualified Stock Options [Abstract]
Weighted average period, unrecognized compensation expense	1 year 1 month 6 days
Compensation expense	$ 1	$ 1
Unrecognized compensation expense	$ 3.1

COMPENSATION PLANS (Schedule of

COMPENSATION PLANS (Schedule of Outstanding Share Based Awards) (Details)	Mar. 31, 2020shares
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding, restricted stock	1,840,557
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding, options	3,111,209

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective Tax Rate	0.00%	0.00%
Income Tax Expense	$ (42)	$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2019acre ft	Mar. 31, 2020USD ($)Leaseacre ft	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Security placed with the State of Utah and BLM		$ 22,300		$ 19,100
Long-term restricted cash deposits		500		500
Surety bonds issued by an insurer		21,800		$ 18,600
Loss Contingencies [Line Items]
Litigation settlement		10,075	$ 0
Settlement accrual		10,000
Compensatory Damages [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Estimated contingency		28,000
Compensatory Damages [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Estimated contingency		23,000
Exemplary Damages [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Estimated contingency		37,000
Exemplary Damages [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Estimated contingency		$ 28,000
The Protestants [Member]
Loss Contingencies [Line Items]
Pecos Water Right volume per year | acre ft	20,000
Allowable water rights to sell pending settlement | acre ft		5,700
Potential limited of number of water leases | Lease		2

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Senior notes, fair value	$ 48.3	$ 50

BUSINESS SEGMENTS (Narrative) (

BUSINESS SEGMENTS (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	3

BUSINESS SEGMENT (Information b

BUSINESS SEGMENT (Information by Segment) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020		Mar. 31, 2019
Segment Reporting Information [Line Items]
Lower of cost or net realizable value inventory adjustments		$ 550		$ 0
Gross Margin (Deficit)		5,623		13,168
Depreciation, depletion and amortization expense	[1]	9,666		8,746
Operating Segments [Member] | Potash [Member]
Segment Reporting Information [Line Items]
Gross Margin (Deficit)		4,334		9,364
Depreciation, depletion and amortization expense	[1]	7,312		6,795
Operating Segments [Member] | Trio [Member]
Segment Reporting Information [Line Items]
Lower of cost or net realizable value inventory adjustments		550
Gross Margin (Deficit)		(3,555)		731
Depreciation, depletion and amortization expense	[1]	1,508		1,558
Operating Segments [Member] | Oil Field Solutions [Member]
Segment Reporting Information [Line Items]
Gross Margin (Deficit)		4,844		3,073
Depreciation, depletion and amortization expense		632	[1]	190
Corporate/Other [Member]
Segment Reporting Information [Line Items]
Gross Margin (Deficit)		0		0
Depreciation, depletion and amortization expense	[1]	214		203
Freight Costs [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		11,860		10,456
Freight Costs [Member] | Operating Segments [Member] | Potash [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		5,441		4,640
Freight Costs [Member] | Operating Segments [Member] | Trio [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		6,548		5,035
Freight Costs [Member] | Operating Segments [Member] | Oil Field Solutions [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		0		781
Freight Costs [Member] | Corporate/Other [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		(129)
Warehouse and Handling [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		2,904		2,236
Warehouse and Handling [Member] | Operating Segments [Member] | Potash [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		1,296		1,267
Warehouse and Handling [Member] | Operating Segments [Member] | Trio [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		1,608		969
Warehouse and Handling [Member] | Operating Segments [Member] | Oil Field Solutions [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		0		0
Warehouse and Handling [Member] | Corporate/Other [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		0		0
Mineral [Member]
Segment Reporting Information [Line Items]
Sales		63,984		57,554
Cost of Goods Sold		43,047		31,694
Mineral [Member] | Potash [Member]
Segment Reporting Information [Line Items]
Sales		33,791		34,330
Mineral [Member] | Trio [Member]
Segment Reporting Information [Line Items]
Sales		22,581		17,809
Mineral [Member] | Oil Field Solutions [Member]
Segment Reporting Information [Line Items]
Sales		7,741		6,623
Mineral [Member] | Operating Segments [Member] | Potash [Member]
Segment Reporting Information [Line Items]
Sales		33,791		34,330
Cost of Goods Sold		22,720		19,059
Mineral [Member] | Operating Segments [Member] | Trio [Member]
Segment Reporting Information [Line Items]
Sales		22,581		17,809
Cost of Goods Sold		17,430		11,074
Mineral [Member] | Operating Segments [Member] | Oil Field Solutions [Member]
Segment Reporting Information [Line Items]
Sales		7,741		6,623
Cost of Goods Sold		2,897		2,769
Mineral [Member] | Corporate/Other [Member]
Segment Reporting Information [Line Items]
Sales		(129)		(1,208)
Cost of Goods Sold		$ 0		$ (1,208)
[1]	Depreciation, depletion, and amortization incurred for potash and Trio® excludes depreciation, depletion and amortization amounts absorbed in or relieved from inventory.