Intrepid Potash (IPI) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-34025
Entity Registrant Name	INTREPID POTASH, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1501877
Entity Address, Address Line One	707 17th Street, Suite 4200
Entity Address, City or Town	Denver,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	296-3006
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	IPI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,269,062
Entity Central Index Key	0001421461
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 34,067	$ 4,071
Short-term investments	2,971	2,970
Accounts receivable:
Trade, net	41,826	22,077
Other receivables, net	1,201	1,470
Inventory, net	102,549	114,252
Prepaid expenses and other current assets	5,530	7,200
Total current assets	188,144	152,040
Property, plant and equipment, and mineral properties, net	354,809	358,249
Water rights	19,184	19,184
Long-term parts inventory, net	30,543	30,231
Long-term investments	6,297	6,627
Other assets, net	8,609	8,016
Non-current deferred tax asset, net	195,012	194,223
Total Assets	802,598	768,570
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	11,029	12,848
Accrued liabilities	13,374	14,061
Accrued employee compensation and benefits	6,299	7,254
Other current liabilities	8,748	12,401
Total current liabilities	39,450	46,564
Advances on credit facility	0	4,000
Asset retirement obligation, net of current portion	30,699	30,077
Operating lease liabilities	518	741
Finance lease liabilities	1,608	1,451
Deferred other income, long-term	47,170	0
Other non-current liabilities	1,166	1,309
Total Liabilities	120,611	84,142
Commitments and Contingencies
Common stock, $0.001 par value; 40,000,000 shares authorized; 12,875,520 and 12,807,316 shares outstanding at March 31, 2024 and December 31, 2023, respectively	13	13
Additional paid-in capital	666,326	665,637
Retained earnings	37,660	40,790
Less treasury stock, at cost	(22,012)	(22,012)
Total Stockholders' Equity	681,987	684,428
Total Liabilities and Stockholders' Equity	$ 802,598	$ 768,570

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares outstanding	12,875,520	12,807,316

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Less:
Lower of cost or net realizable value inventory adjustments	$ 503	$ 0
Gross Margin	6,434	16,352
Selling and administrative	8,357	8,858
Accretion of asset retirement obligation	622	535
Impairment of long-lived assets	1,377	0
Loss on sale of assets	251	200
Other operating income	(1,132)
Other operating expense	1,265	1,385
Operating (Loss) Income	(4,306)	5,374
Other Income
Equity in earnings of unconsolidated entities	149	821
Interest expense, net	0	0
Interest income	244	85
Other income	8	13
(Loss) Income Before Income Taxes	(3,905)	6,293
Income Tax Benefit (Expense)	775	(1,787)
Net (Loss) Income	$ (3,130)	$ 4,506
Weighted Average Shares Outstanding:
Basic (in shares)	12,817	12,694
Diluted (in shares)	12,817	12,875
(Loss) Earnings Per Share:
Basic (in dollars per share)	$ (0.24)	$ 0.35
Diluted (in dollars per share)	$ (0.24)	$ 0.35
Freight Costs [Member]
Less:
Cost of Goods Sold	$ 12,830	$ 11,590
Warehouse and Handling [Member]
Less:
Cost of Goods Sold	3,089	2,733
Mineral [Member]
Sales	79,287	86,920
Less:
Cost of Goods Sold	$ 56,431	$ 56,245

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
Balance (in shares) at Dec. 31, 2022		12,687,822
Balance at Dec. 31, 2022	$ 715,078	$ 13	$ (22,012)	$ 660,614	$ 76,463
Net income	4,506				4,506
Stock-based compensation	1,746			1,746
Vesting of restricted common stock, net of common stock used to fund employee income tax withholding due upon vesting (in shares)		72,168
Vesting of restricted common stock, net of common stock used to fund employee income tax withholding due upon vesting	(1,037)			(1,037)
Balance (in shares) at Mar. 31, 2023		12,759,990
Balance at Mar. 31, 2023	720,293	$ 13	(22,012)	661,323	80,969
Balance (in shares) at Dec. 31, 2023		12,807,316
Balance at Dec. 31, 2023	684,428	$ 13	(22,012)	665,637	40,790
Net income	(3,130)				(3,130)
Stock-based compensation	1,322			1,322
Vesting of restricted common stock, net of common stock used to fund employee income tax withholding due upon vesting (in shares)		68,204
Vesting of restricted common stock, net of common stock used to fund employee income tax withholding due upon vesting	(633)			(633)
Balance (in shares) at Mar. 31, 2024		12,875,520
Balance at Mar. 31, 2024	$ 681,987	$ 13	$ (22,012)	$ 666,326	$ 37,660

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net (loss) income	$ (3,130)	$ 4,506
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization	9,304	9,292
Accretion of asset retirement obligation	622	535
Amortization of deferred financing costs	75	75
Amortization of Intangible Assets	80	80
Stock-based compensation	1,322	1,746
Lower of cost or net realizable value inventory adjustments	503	0
Impairment of long-lived assets	1,377	0
Loss on disposal of assets	251	200
Allowance for parts inventory obsolescence	53	0
Equity in earnings of unconsolidated entities	(149)	(821)
Distribution of earnings from unconsolidated entities	0	320
Changes in operating assets and liabilities:
Trade accounts receivable, net	(19,749)	(12,474)
Other receivables, net	247	(92)
Inventory, net	10,835	7,645
Prepaid expenses and other current assets	922	250
Deferred tax assets, net	(789)	1,661
Accounts payable, accrued liabilities, and accrued employee compensation and benefits	(3,621)	(5,305)
Operating lease liabilities	(384)	(401)
Deferred other income	44,434	0
Other liabilities	(671)	1,232
Net cash provided by operating activities	41,532	8,449
Cash Flows from Investing Activities:
Additions to property, plant, equipment, mineral properties, and other assets	(11,673)	(21,039)
Purchase of investments	0	(956)
Proceeds from sale of assets	4,596	65
Proceeds from redemptions/maturities of investments	500	1,500
Net cash used in investing activities	(6,577)	(20,430)
Cash Flows from Financing Activities:
Proceeds from short-term borrowings on credit facility	0	5,000
Repayments of short-term borrowings on credit facility	(4,000)	0
Payments of financing lease	(324)	(43)
Employee tax withholding paid for restricted stock upon vesting	(633)	(1,037)
Net cash (used in) provided by financing activities	(4,957)	3,920
Net Change in Cash, Cash Equivalents and Restricted Cash	29,998	(8,061)
Cash, Cash Equivalents, and Restricted Cash, beginning of period	4,651	19,084
Cash, Cash Equivalents, and Restricted Cash, end of period	34,649	11,023
Supplemental disclosure of cash flow information
Interest	185	59
Income taxes	(3)	9
Amounts included in the measurement of operating lease liabilities	412	460
Accrued purchases for property, plant, equipment, and mineral properties	4,739	7,410
Right-of-use assets exchanged for financing lease liabilities	$ 495	$ 1,677

COMPANY BACKGROUND

COMPANY BACKGROUND	3 Months Ended
	Mar. 31, 2024
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, salt, magnesium chloride, brine, and various oilfield products and services. Our extraction and production operations are conducted entirely in the continental U.S. 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 permitted, licensed, declared, and partially adjudicated water rights in New Mexico that support our mining and industrial operations. Water that is not used to support our mining and industrial operations is primarily sold to support oil and gas development in the Permian Basin in New Mexico near our Carlsbad facilities. We continue to work to expand our water business. See Note 15—Commitments and Contingencies below for further information regarding our water rights. We also operate certain land, water rights, grazing leases, and other related assets in southeast New Mexico. We refer to these assets and operations as "Intrepid South." Due to the strategic location of Intrepid South, part of our long-term operating strategy is selling small parcels of land, including restricted use agreements of surface or subsurface rights, to customers where such sales provide a solution to such customer's operations in the oil and gas industry. 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, 2024
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 ("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 unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023. Pronouncements Issued But Not Yet Adopted —In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold, certain disclosures of state versus federal income tax expenses and taxes paid. ASC 2023-09 is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the guidance and expect it to only impact disclosures with no impact to results of operations, cash flows and financial condition. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). This new guidance: (i) introduces a requirement to disclose significant segment expenses regularly provided to the chief operating decision maker ("CODM"), (ii) extends certain annual disclosures to interim periods, (iii) clarifies disclosure requirements for single reportable segment entities, (iv) permits more than one measure of segment profit or loss to be reported under certain conditions, and (v) requires disclosure of the title and position of the CODM. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance applies retrospectively to all periods presented in the financial statements. We are currently evaluating the guidance and expect it to only impact disclosures with no impact to results of operations, cash flows, and financial condition. Reclassifications of Prior Period Presentation

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Net (loss) income $ (3,130) $ 4,506 Basic weighted-average common shares outstanding 12,817 12,694 Add: Dilutive effect of restricted stock — 125 Add: Dilutive effect of stock options — 56 Diluted weighted-average common shares outstanding 12,817 12,875 Basic $ (0.24) $ 0.35 Diluted $ (0.24) $ 0.35 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 2024 2023 Anti-dilutive effect of restricted stock 348 187 Anti-dilutive effect of stock options outstanding 273 156

CASH, CASH EQUIVALENTS AND REST

CASH, CASH EQUIVALENTS AND RESTRICTED CASH	3 Months Ended
	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
CASH, CASH EQUIVALENTS AND RESTRICTED CASH	CASH, CASH EQUIVALENTS AND RESTRICTED CASH We consider financial instruments with original maturities of three months or less to be cash equivalents. 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, 2024, and 2023 (in thousands): March 31, 2024 March 31, 2023 Cash and cash equivalents $ 34,067 $ 10,451 Restricted cash included in other current assets 25 25 Restricted cash included in other long-term assets 557 547 Total cash, cash equivalents, and restricted cash as shown in the statement of cash flows $ 34,649 $ 11,023 Restricted cash included in other current and long-term assets on the condensed consolidated balance sheets represents amounts for which 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, 2024
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, 2024, and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Finished goods product inventory $ 57,794 $ 66,033 In-process inventory 23,002 28,044 Total product inventory 80,796 94,077 Current parts inventory, net 21,753 20,175 Total current inventory, net 102,549 114,252 Long-term parts inventory, net 30,543 30,231 Total inventory, net $ 133,092 $ 144,483 Parts inventory is shown net of estimated allowances for obsolescence of $1.0 million and $0.9 million as of March 31, 2024, and December 31, 2023, respectively.

PROPERTY, PLANT, EQUIPMENT, AND

PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Land $ 24,136 $ 24,136 Ponds and land improvements 91,984 91,333 Mineral properties and development costs 159,775 159,775 Buildings and plant 90,150 90,150 Machinery and equipment 299,403 297,494 Vehicles 7,435 7,332 Office equipment and improvements 10,159 10,150 Operating lease ROU assets 5,045 5,274 Breeding stock 293 315 Construction in progress 26,888 23,942 Total property, plant, equipment, and mineral properties, gross $ 715,268 $ 709,901 Less: accumulated depreciation, depletion, and amortization (360,459) (351,652) Total property, plant, equipment, and mineral properties, net $ 354,809 $ 358,249 During the year ended December 31, 2023, we recorded an impairment related to our Trio ® segment assets because the estimated fair value of the assets exceeded the net book value of the assets. The fair value of the Trio ® segment assets was primarily determined using the expected proceeds received in an orderly sale of the individual assets. For any Trio ® segment capital spending during the first quarter of 2024, we also estimated the fair value of those assets using the expected proceeds received in an orderly sale of those new assets. As a result, we recorded an additional impairment of $1.4 million in the first quarter of 2024. 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, 2024 2023 Depreciation $ 7,465 $ 7,727 Depletion 1,472 1,177 Amortization of right of use assets 367 388 Total incurred $ 9,304 $ 9,292

OTHER LONG-TERM DEFERRED REVENU

OTHER LONG-TERM DEFERRED REVENUE	Dec. 12, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Other Long Term Deferred Revenue Disclosure Text Block	OTHER LONG-TERM DEFERRED INCOME Cooperative Development Agreement —In December 2023, we entered into the Third Amendment of Cooperative Development Agreement (the "Amendment") with XTO Holdings, LLC ("XTO Holdings") and XTO Delaware Basin LLC, as successors in interest to BOPCO, L.P. ("XTO Delaware Basin," and together with XTO Holdings, "XTO"). The Amendment had an effective date of January 1, 2024 ("Amendment Date"). The Amendment further amends that certain Cooperative Development Agreement, by and between us, BOPCO, L.P. and the other parties thereto, effective as of February 28, 2011 (as amended, including by the Amendment, the "CDA"), which was executed for the purpose of pursuing the cooperative development of potassium and oil and gas on certain lands. The Cooperative Development Agreement restricts and limits the rights of us and XTO, as successors in interest to BOPCO, L.P., to explore and develop their respective interests, including limitations on the locations of wells. Intrepid and XTO entered into the Amendment in an effort to further the cooperation, remove the restrictions and limitations, and allow for the efficient co-development of resources within the Designated Potash Area ("DPA") consistent with the United States Secretary of the Interior Order 3324. Pursuant to the Amendment, among other things, we agreed to provide support to XTO's for development and operation of XTO's oil and gas interests withing the DPA. As consideration under the Amendment, XTO agreed to pay us an initial fee of $50.0 million (the "Initial Fee"). We received a partial payment of $5.0 million of the Initial Fee in December 2023, and we received payment of the remaining $45.0 million from XTO in January 2024. The Amendment further provides that we shall receive an additional one-time payment equal to $50.0 million (the "Access Fee")," which XTO will pay within 90 days upon the earlier occurrence of (i) the approval of the first new or expanded drilling island within a specific area to be used by XTO or (ii) within seven Because the cooperative development support we are providing under the Amendment is not an output of our ordinary business activities, ASC Topic 606, Revenue from Contracts with Customers ("ASC 606") does not apply to the Amendment. However, we apply the principles in ASC 606 by analogy to determine amounts of other income to recognize. Under ASC 606, we are required to identify the performance obligations in the Amendment and to determine the transaction price. The transaction price may include fixed consideration, variable consideration, or both. Variable consideration may only be included in the transaction price if it is probable that a significant reversal of amounts recognized will not occur (referred to as the variable consideration constraint). The Access Realization Fee is considered variable consideration. Our performance obligation under the Amendment is to "stand-ready" to provide support to XTO, when and as needed, during the term of the Amendment. We estimate the transaction price to be $100.0 million, which is comprised of the $50.0 million Initial Fee and the $50.0 million Access Fee. We are not including any amounts of the Access Realization Fee in the transaction price because of the variable consideration constraint. Since our performance obligation is a "stand-ready" obligation, we are recognizing the transaction price on a straight-line basis over the term of the Amendment which ends on February 28, 2046. For the three months ended March 31, 2024, we recorded other operating income of $1.1 million from the Amendment. Because we have not yet been paid the Access Fee included in the transaction price, we recorded a long-term receivable for the amount of the Access Fee we earned during the three months ended March 31, 2024 of $0.6 million, which is included in "Other Assets" on the Condensed Consolidated Balance Sheets. For the amount of the Initial Fee we earned during the three months ended March 31, 2024, we reduced the "Deferred other income, long-term" liability recorded on our Condensed Consolidated Balance Sheets. As of March 31, 2024, we had $2.3 million recorded in "Other current liabilities," and $47.2 million recorded in "Deferred other income, long-term" on the Condensed Consolidated Balance Sheets for the unearned portion of the Initial Fee. As of December 31, 2023, we had $5.0 million recorded in "Other current liabilities," and zero recorded in "Deferred other income, long-term" on the Condensed Consolidated Balance Sheets.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Revolving Credit Facility —We maintain a $150 million revolving credit facility with a syndicate of lenders with Bank of Montreal as administrative agent. The revolving credit facility has a maturity date to August 4, 2027. As of March 31, 2024, borrowings under the credit facility bear interest at the Secured Overnight Financing Rate ("SOFR") plus an applicable margin of 1.50% to 2.25% per annum, based on our leverage ratio as calculated in accordance with the amended agreement governing the revolving credit facility. Borrowings under the revolving credit facility are secured by substantially all of our current and non-current assets, and the obligations under the credit facility are unconditionally guaranteed by several of our subsidiaries. We occasionally borrow and repay amounts under the revolving credit facility for near-term working capital needs or other purposes and may do so in the future. During the three months ended March 31, 2024, we made no borrowings and made $4.0 million in repayments under the revolving credit facility. During the three months ended March 31, 2023, we made $5.0 million in borrowings, and we ma de no r epayments under the revolving credit facility. As of March 31, 2024, we had no borrowings outstanding and no outstanding letters of credit under this facility. As of December 31, 2023, we had $4.0 million in borrowings outstanding and no outstanding letters of credit under this facility. As of March 31, 2024, we were in compliance with all applicable covenants under the revolving credit facility. Interest Expense —Interest expense is recorded net of any capitalized interest associated with investments in capital projects. We incurred gross interest expense of $0.2 million for the three months ended March 31, 2024 and 2023. Amounts included in interest expense, net for the three months ended March 31, 2024, and 2023 were as follows (in thousands): Three Months Ended 2024 2023 Interest expense on borrowings $ 39 $ 22 Commitment fee on unused credit facility 57 56 Amortization of deferred financing costs 75 75 Gross interest expense 171 153 Less capitalized interest (171) (153) Interest expense, net $ — $ —

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	INTANGIBLE ASSETS We have water rights, recorded at $19.2 million at March 31, 2024, and December 31, 2023. Our water rights have indefinite lives and are not amortized. We evaluate our water rights at least annually as of October 1 for impairment, or more frequently if circumstances require.

FINANCIAL INFORMATION FOR SUBSI

FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS OF POSSIBLE FUTURE PUBLIC DEBT	3 Months Ended
	Mar. 31, 2024
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 cash equivalents and totaled $34.1 million and $4.1 million at March 31, 2024, and December 31, 2023, 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. The assets and liabilities of our other subsidiaries are immaterial. 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, 2024
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 close 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 reclamation liabilities range from 6.9% to 12.0%. Revisions to the liability occur due to construction of new or expanded facilities, changes in estimated closure costs or economic lives, or to reflect new federal or state rules, regulations, or requirements regarding the closure 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, 2024 2023 Asset retirement obligation, at beginning of period $ 30,359 $ 26,864 Liabilities settled — — Liabilities incurred — — Accretion of discount 622 535 Total asset retirement obligation, at end of period $ 30,981 $ 27,399 Less current portion of asset retirement obligation $ (282) $ (300) Long-term portion of asset retirement obligation $ 30,699 $ 27,099 The current portion of the asset retirement obligation is included in "Other current liabilities" on the Condensed Consolidated Balance Sheet as of March 31, 2024.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Revenue Recognition —We account for revenue in accordance with 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 in exchange for those goods or services. The timing of revenue recognition, billings, and cash collection may result in contract assets or contract liabilities. Contract Balances: As of March 31, 2024, and December 31, 2023, we had a total of $2.6 million and $2.3 million of contract liabilities, respectively, of which $1.4 million and $1.0 million were current as of March 31, 2024, and December 31, 2023, respectively, and included in "Other current liabilities" on the Condensed Consolidated Balance Sheets. Customer advances received before we have satisfied our performance obligations are accounted for as a contract liability (sometimes referred to in practice as deferred revenue). Our deferred revenue activity for the three months ended March 31, 2024, and 2023 is shown below (in thousands): Three Months Ended March 31, 2024 2023 Beginning balance $ 2,303 $ 2,374 Additions 592 145 Recognized as revenue during period (328) (245) Ending Balance $ 2,567 $ 2,274 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, 2024, and 2023. 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, 2024 Product Potash Segment Trio ® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 32,412 $ — $ — $ (100) $ 32,312 Trio ® — 36,284 — — 36,284 Water — — 2,169 — 2,169 Salt 3,144 203 — — 3,347 Magnesium Chloride 419 — — — 419 Brine Water 1,583 — 1,127 — 2,710 Other 18 — 2,028 — 2,046 Total Revenue $ 37,576 $ 36,487 $ 5,324 $ (100) $ 79,287 Three Months Ended March 31, 2023 Product Potash Segment Trio ® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 47,155 $ — $ — $ (101) $ 47,054 Trio ® — 29,053 — — 29,053 Water 80 1,048 1,619 — 2,747 Salt 3,043 173 — — 3,216 Magnesium Chloride 1,137 — — — 1,137 Brine Water 1,082 — 822 — 1,904 Other — — 1,809 — 1,809 Total Revenue $ 52,497 $ 30,274 $ 4,250 $ (101) $ 86,920

COMPENSATION PLANS

COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2024
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 2022. We have issued common stock, restricted stock, performance units, and non-qualified stock option awards under the Plan. At March 31, 2024, approxi mately 0.9 million s hares remained available for issuance under the Plan. In March 2024, the Compensation Committee granted an aggregate of 143,730 shares of restricted stock to executive officers and other key employees. These awards vest over three three As of March 31, 2024, the following awards were outstanding under the Plan (in thousands): Outstanding as of Restricted Shares 377 Non-qualified Stock Options 273 Total share-based compensation expense was $1.3 million and $1.7 million for the three months ended March 31, 2024, and 2023, respectively. As of March 31, 2024, we had $6.8 million of total remaining unrecognized compensation expense related to awards that is expected to be recognized over a weighted-average period of 1.5 years.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
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, and the benefit associated with the estimated effect of the percentage depletion deduction. A summary of our provision for income taxes is as follows (in thousands): Three Months Ended March 31, 2024 2023 Current portion of income tax expense $ 14 $ 126 Deferred portion of income tax (benefit) expense (789) 1,661 Total income tax (benefit) expense $ (775) $ 1,787

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Reclamation Deposits and Surety Bonds —As of March 31, 2024, and December 31, 2023, we had $26.9 million and $26.8 million, respectively, of security placed principally with the State of Utah and the Bureau of Land Management ("BLM") for eventual reclamation of our various facilities. As of March 31, 2024, $0.5 million consisted of long-term restricted cash deposits and $26.4 million was secured by surety bonds issued by an insurer. As of December 31, 2023, $0.5 million consisted of long-term restricted cash deposits and $26.3 million was secured by surety bonds issued by an insurer. The restricted cash deposits are included in "Other assets, net" on the condensed consolidated balance sheets and 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 statutory and regulatory requirements change. Legal —We are subject to claims and legal actions in the ordinary course of business. We expense legal costs as they are incurred. While there are uncertainties in predicting the outcome of any claim or legal action, except as noted below, we believe the ultimate resolution of these claims or actions is not reasonably likely to have a material adverse effect on our financial condition, results of operations, or cash flows. Water Rights and Other Legal Contingencies On March 17, 2022, following an expedited inter se proceeding, a court entered a subfile order and partial final judgment and decree ("Order") determining the validity of our claim to 20,000 acre feet of Pecos River surface water rights. The Order found that our predecessors in interest had forfeited all but approximately 5,800 acre feet of water per year, and that of the remaining 5,800 acre feet of water that had not been forfeited, all but 150 acre feet of water had been abandoned prior to 2017. The Order limited our right to 150 acre fee per annum of water for industrial-salt processing use. We appealed the Order to the New Mexico Court of Appeals ("NMCA"), which, on July 7, 2023, affirmed the Order. On November 17, 2023, we filed a request for the New Mexico Supreme Court ("NMSC") to reconsider and review the NMCA's decision to affirm the Order's abandonment determination. The NMSC agreed to review the NMCA's abandonment determination on February 7, 2024, where it is still currently being briefed for the court's determination. In 2017 and 2018 the New Mexico Office of the State Engineer ("OSE") granted us preliminary and emergency authorizations to sell approximately 5,700 acre-feet of water per year from our Pecos River Water rights. The preliminary and emergency authorizations allowed for water sales to begin immediately, subject to repayment if the underlying water rights were ultimately found to be invalid. If the New Mexico Court of Appeals' decision is ultimately affirmed, we may have to repay for the water we sold under the preliminary and emergency authorizations. Repayment of this water can be up to two times the amount of water removed from the river. Repayment is customarily made in-kind over a period of time but can take other forms including cash repayment. If we are not able to repay in-kind due to the lack of remaining water rights or logistical constraints, we may need to purchase water to meet this repayment or be subject to a cash repayment. We cannot reasonably estimate the potential volume, timing, or form of repayment, if any, and have not recorded a loss contingency in our Condensed Consolidated Statement of Operations related to this legal matter. We have estimated contingent liabilities recorded in "Other current liabilities" on the condensed consolidated balance sheets of $2.5 million as of March 31, 2024, mainly related to the potential underpayment of royalties from 2012 to 2016. As of December 31, 2023, we had $3.4 million in contingent liabilities mainly related to the potential underpayment of royalties from 2012 to 2016 and potential royalties on water revenues in 2019 to 2022. During the three months ended March 31, 2024, we paid $1.9 million to the New Mexico State Land Office to resolve the matter related to potential royalties on water revenues from 2019 to 2022.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2024
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. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation at the measurement date: Level 1 - Quoted market prices in active markets for identical assets or liabilities. Level 2 - Inputs, other than Level 1, that are either directly or indirectly observable. Level 3 - Unobservable inputs developed using estimates and assumptions which reflect those that market participants would use. The classification of fair value measurement within the hierarchy is based upon the lowest level of input that is significant to the measurement. Other financial instruments consist primarily of cash equivalents, accounts receivable, refundable income taxes, investment securities, accounts payable, accrued liabilities, and, if any, advances under our credit facility. With the exception of investment securities, we believe cost approximates fair value for our financial instruments because of the short-term nature of these instruments. Cash Equivalents —As of March 31, 2024, we had no cash equivalents. As of December 31, 2023, we had cash equivalents of $0.5 million. Held-to-Maturity Investments —As of March 31, 2024, and December 31, 2023, we owned debt investment securities classified as held-to-maturity because we have the intent and ability to hold these investments to maturity. Our held-to-maturity debt investment securities consist of investment grade corporate bonds and U.S. government issued bonds. These debt securities are carried at amortized cost and consist of the following (amounts in thousands): As of March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term Corporate bonds $ 994 $ — $ (6) $ 988 Government bonds 1,977 — (13) 1,964 Total $ 2,971 $ — $ (19) $ 2,952 Long-term Corporate bonds $ — $ — $ — $ — Government bonds 475 — (2) 473 Total $ 475 $ — $ (2) $ 473 As of December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term Corporate bonds $ 991 $ — $ (9) $ 982 Government bonds 1,979 — (13) 1,966 Total $ 2,970 $ — $ (22) $ 2,948 Long-term Corporate bonds $ — $ — $ — $ — Government bonds 954 1 (4) 951 Total $ 954 $ 1 $ (4) $ 951 Our long-term held to maturity investments are recorded in "Long-term investments" on the Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, we had $3.4 million and $3.9 million in held-to-maturity debt investment securities, respectively. As of March 31, 2024, our long-term held-to-maturity investments mature in less than 2 years. Equity Investments without a Readily Determinable Fair Value —In May 2020, we acquired a non-controlling equity investment in W.D. Von Gonten Laboratories ("WDVGL") for $3.5 million. We account for this investment as an equity investment without a readily determinable fair value and elected to measure our investment, as permitted by GAAP, at cost plus or minus any adjustments for observable changes in prices resulting from orderly transactions for the identical or a similar investment of the same issuer or impairment. As of March 31, 2024, and December 31, 2023, we had not recorded any adjustments to the carrying value of this investment since the purchase in May 2020. We include this investment in "Long-term investments" on the Condensed Consolidated Balance Sheets. In July 2022, WDVGL entered into a purchase agreement with another company (“Acquiror”), a foreign issuer whose shares are traded on the Nasdaq Capital Market (“Nasdaq”). Under the terms of the purchase agreement, WDVGL would be combined with the consulting business owned by W.D. Von Gonten (“Consulting”) to form a new entity, W.D. Von Gonten Engineering, LLC (“Engineering”), and Acquiror would then purchase Engineering in a majority stock transaction at an agreed upon selling price. Stock received from the sale of Engineering would be distributed to investors in WDVGL and Consulting. Acquiror delivered equity shares and a nominal amount of cash to WDVGL for purchase of Engineering in July 2022, with the number of shares equal to the selling price divided by an assumed $10 share price. At the time the purchase agreement was signed, the Acquiror was working to file restated financial statements for the fiscal years ending December 31, 2018, 2019 and 2020. On A pril 27, 2023, Acquiror disclosed it had not been able to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2021 with the SEC by April 25, 2023, which was the deadline set by the Nasdaq Hearings Panel in connection with a delisting proceeding, and Acquiror's shares were subsequently delisted from Nasdaq. Acquiror also disclosed on April 27, 2023 that it has shifted its focus to filing audited financial statements with the SEC for the fiscal years ended December 31, 2020, 2021 and 2022 to regain compliance with Nasdaq listing standards before the end of 2023. Pursuant to the purchase agreement with Engineering, if the Acquiror did not file current financial statements with the SEC by June 30, 2023, Engineering had the option to terminate the purchase agreement, beginning on July 1, 2023. Although Acquiror did not file current financial statements by June 30, 2023, Engineering agreed to proceed with the purchase agreement to allow Acquiror additional time to file updated financial statements. On December 29, 2023, Acquiror disclosed it had filed its audited financial statements for the years ended December 31, 2022, 2021, and 2020, with the SEC. We have not impaired our investment in WDVGL because our share of the estimated selling price exceeds the carrying value of our investment in WDVGL. Equity Method Investments

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
BUSINESS SEGMENTS	BUSINESS SEGMENTS Our operations are organized into three segments: potash, Trio ® and oilfield solutions. We determine reportable segments based on several factors including the types of products and services sold, production processes, markets served and the financial information available for our CODM. 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 Potash Trio ® Oilfield Solutions Other Consolidated Sales $ 37,576 $ 36,487 $ 5,324 $ (100) $ 79,287 Less: Freight costs 3,956 8,974 — (100) 12,830 Warehousing and handling 1,727 1,362 — — 3,089 Cost of goods sold 25,816 27,291 3,324 — 56,431 Lower of cost or net 503 — — — 503 Gross Margin (Deficit) $ 5,574 $ (1,140) $ 2,000 $ — $ 6,434 Depreciation, depletion, and amortization incurred 1 $ 6,971 $ 884 $ 1,071 $ 458 $ 9,384 Three Months Ended Potash Trio ® Oilfield Solutions Other Consolidated Sales $ 52,497 $ 30,274 $ 4,250 $ (101) $ 86,920 Less: Freight costs 5,005 6,686 — (101) 11,590 Warehousing and handling 1,480 1,253 — — 2,733 Cost of goods sold 31,584 20,883 3,778 — 56,245 Gross Margin $ 14,428 $ 1,452 $ 472 $ — $ 16,352 Depreciation, depletion, and amortization incurred 1 $ 7,051 $ 1,206 $ 907 $ 208 $ 9,372 1 Depreciation, depletion, and amortization incurred for potash and Trio ® excludes depreciation, depletion and amortization amounts absorbed in or relieved from inventory. The following table shows the reconciliation of reportable segment sales to consolidated sales and the reconciliation of segment gross margins to consolidated income before taxes (in thousands): Three Months Ended March 31, 2024 2023 Total sales for reportable segments $ 79,387 $ 87,021 Elimination of intersegment sales (100) (101) Total consolidated sales $ 79,287 $ 86,920 Total gross margin for reportable segments $ 6,434 $ 16,352 Elimination of intersegment sales (100) (101) Elimination of intersegment expenses 100 101 Unallocated amounts: Selling and administrative 8,357 8,858 Impairment of long-lived assets 1,377 — Loss on disposal of assets 251 200 Accretion of asset retirement obligation 622 535 Other operating income (1,132) — Other operating expense 1,265 1,385 Equity in earnings of unconsolidated entities (149) (821) Interest income (244) (85) Other non-operating income (8) (13) (Loss) income before income taxes $ (3,905) $ 6,293 Total assets are not presented for each reportable segment as they are not reviewed by, nor otherwise regularly provided to, the CODM.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ (3,130)	$ 4,506

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 25, 2024, Robert P. Jornayvaz III, our Chief Executive Officer and Chairman of the Board, entered into a pre-arranged stock trading plan (the "Jornayvaz 10b5-1 Trading Agreement"). The Jornayvaz 10b5-1 Trading Agreement provides for the sale of up to 315,000 shares of the Company's common stock between June 24, 2024 to June 24, 2025. Further, the Jornayvaz 10b5-1 Trading Agreement was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
Name	Robert P. Jornayvaz III
Title	Chief Executive Officer and Chairman of the Board
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 25, 2024
Rule 10b5-1 Arrangement Terminated	false
Aggregate Available	315,000

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
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 ("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 unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023.
Pronouncements Issued But Not Yet Adopted	In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold, certain disclosures of state versus federal income tax expenses and taxes paid. ASC 2023-09 is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the guidance and expect it to only impact disclosures with no impact to results of operations, cash flows and financial condition. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). This new guidance: (i) introduces a requirement to disclose significant segment expenses regularly provided to the chief operating decision maker ("CODM"), (ii) extends certain annual disclosures to interim periods, (iii) clarifies disclosure requirements for single reportable segment entities, (iv) permits more than one measure of segment profit or loss to be reported under certain conditions, and (v) requires disclosure of the title and position of the CODM. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance applies retrospectively to all periods presented in the financial statements. We are currently evaluating the guidance and expect it to only impact disclosures with no impact to results of operations, cash flows, and financial condition.
Revenue Recognition	We account for revenue in accordance with 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 in exchange for those goods or services. The timing of revenue recognition, billings, and cash collection may result in contract assets or contract liabilities.
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, 2024
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted 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 2024 2023 Net (loss) income $ (3,130) $ 4,506 Basic weighted-average common shares outstanding 12,817 12,694 Add: Dilutive effect of restricted stock — 125 Add: Dilutive effect of stock options — 56 Diluted weighted-average common shares outstanding 12,817 12,875 Basic $ (0.24) $ 0.35 Diluted $ (0.24) $ 0.35
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 2024 2023 Anti-dilutive effect of restricted stock 348 187 Anti-dilutive effect of stock options outstanding 273 156

CASH, CASH EQUIVALENTS AND RE_2

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024, and 2023 (in thousands): March 31, 2024 March 31, 2023 Cash and cash equivalents $ 34,067 $ 10,451 Restricted cash included in other current assets 25 25 Restricted cash included in other long-term assets 557 547 Total cash, cash equivalents, and restricted cash as shown in the statement of cash flows $ 34,649 $ 11,023

INVENTORY AND LONG-TERM PARTS_2

INVENTORY AND LONG-TERM PARTS INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024, and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Finished goods product inventory $ 57,794 $ 66,033 In-process inventory 23,002 28,044 Total product inventory 80,796 94,077 Current parts inventory, net 21,753 20,175 Total current inventory, net 102,549 114,252 Long-term parts inventory, net 30,543 30,231 Total inventory, net $ 133,092 $ 144,483

PROPERTY, PLANT, EQUIPMENT, A_2

PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Land $ 24,136 $ 24,136 Ponds and land improvements 91,984 91,333 Mineral properties and development costs 159,775 159,775 Buildings and plant 90,150 90,150 Machinery and equipment 299,403 297,494 Vehicles 7,435 7,332 Office equipment and improvements 10,159 10,150 Operating lease ROU assets 5,045 5,274 Breeding stock 293 315 Construction in progress 26,888 23,942 Total property, plant, equipment, and mineral properties, gross $ 715,268 $ 709,901 Less: accumulated depreciation, depletion, and amortization (360,459) (351,652) Total property, plant, equipment, and mineral properties, net $ 354,809 $ 358,249
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, 2024 2023 Depreciation $ 7,465 $ 7,727 Depletion 1,472 1,177 Amortization of right of use assets 367 388 Total incurred $ 9,304 $ 9,292

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule Of Interest Expense	Amounts included in interest expense, net for the three months ended March 31, 2024, and 2023 were as follows (in thousands): Three Months Ended 2024 2023 Interest expense on borrowings $ 39 $ 22 Commitment fee on unused credit facility 57 56 Amortization of deferred financing costs 75 75 Gross interest expense 171 153 Less capitalized interest (171) (153) Interest expense, net $ — $ —

ASSET RETIREMENT OBLIGATION (Ta

ASSET RETIREMENT OBLIGATION (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Asset retirement obligation, at beginning of period $ 30,359 $ 26,864 Liabilities settled — — Liabilities incurred — — Accretion of discount 622 535 Total asset retirement obligation, at end of period $ 30,981 $ 27,399 Less current portion of asset retirement obligation $ (282) $ (300) Long-term portion of asset retirement obligation $ 30,699 $ 27,099

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract Balances	As of March 31, 2024, and December 31, 2023, we had a total of $2.6 million and $2.3 million of contract liabilities, respectively, of which $1.4 million and $1.0 million were current as of March 31, 2024, and December 31, 2023, respectively, and included in "Other current liabilities" on the Condensed Consolidated Balance Sheets. Customer advances received before we have satisfied our performance obligations are accounted for as a contract liability (sometimes referred to in practice as deferred revenue). Our deferred revenue activity for the three months ended March 31, 2024, and 2023 is shown below (in thousands): Three Months Ended March 31, 2024 2023 Beginning balance $ 2,303 $ 2,374 Additions 592 145 Recognized as revenue during period (328) (245) Ending Balance $ 2,567 $ 2,274
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, 2024, and 2023. 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, 2024 Product Potash Segment Trio ® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 32,412 $ — $ — $ (100) $ 32,312 Trio ® — 36,284 — — 36,284 Water — — 2,169 — 2,169 Salt 3,144 203 — — 3,347 Magnesium Chloride 419 — — — 419 Brine Water 1,583 — 1,127 — 2,710 Other 18 — 2,028 — 2,046 Total Revenue $ 37,576 $ 36,487 $ 5,324 $ (100) $ 79,287 Three Months Ended March 31, 2023 Product Potash Segment Trio ® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 47,155 $ — $ — $ (101) $ 47,054 Trio ® — 29,053 — — 29,053 Water 80 1,048 1,619 — 2,747 Salt 3,043 173 — — 3,216 Magnesium Chloride 1,137 — — — 1,137 Brine Water 1,082 — 822 — 1,904 Other — — 1,809 — 1,809 Total Revenue $ 52,497 $ 30,274 $ 4,250 $ (101) $ 86,920

COMPENSATION PLANS (Tables)

COMPENSATION PLANS (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Outstanding Share Based Awards	In March 2024, the Compensation Committee granted an aggregate of 143,730 shares of restricted stock to executive officers and other key employees. These awards vest over three three As of March 31, 2024, the following awards were outstanding under the Plan (in thousands): Outstanding as of Restricted Shares 377 Non-qualified Stock Options 273

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Provision of Income Taxes	A summary of our provision for income taxes is as follows (in thousands): Three Months Ended March 31, 2024 2023 Current portion of income tax expense $ 14 $ 126 Deferred portion of income tax (benefit) expense (789) 1,661 Total income tax (benefit) expense $ (775) $ 1,787

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Held-to-Maturity Investments	Held-to-Maturity Investments —As of March 31, 2024, and December 31, 2023, we owned debt investment securities classified as held-to-maturity because we have the intent and ability to hold these investments to maturity. Our held-to-maturity debt investment securities consist of investment grade corporate bonds and U.S. government issued bonds. These debt securities are carried at amortized cost and consist of the following (amounts in thousands): As of March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term Corporate bonds $ 994 $ — $ (6) $ 988 Government bonds 1,977 — (13) 1,964 Total $ 2,971 $ — $ (19) $ 2,952 Long-term Corporate bonds $ — $ — $ — $ — Government bonds 475 — (2) 473 Total $ 475 $ — $ (2) $ 473 As of December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term Corporate bonds $ 991 $ — $ (9) $ 982 Government bonds 1,979 — (13) 1,966 Total $ 2,970 $ — $ (22) $ 2,948 Long-term Corporate bonds $ — $ — $ — $ — Government bonds 954 1 (4) 951 Total $ 954 $ 1 $ (4) $ 951

BUSINES SEGMENTS (Tables)

BUSINES SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	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 Potash Trio ® Oilfield Solutions Other Consolidated Sales $ 37,576 $ 36,487 $ 5,324 $ (100) $ 79,287 Less: Freight costs 3,956 8,974 — (100) 12,830 Warehousing and handling 1,727 1,362 — — 3,089 Cost of goods sold 25,816 27,291 3,324 — 56,431 Lower of cost or net 503 — — — 503 Gross Margin (Deficit) $ 5,574 $ (1,140) $ 2,000 $ — $ 6,434 Depreciation, depletion, and amortization incurred 1 $ 6,971 $ 884 $ 1,071 $ 458 $ 9,384 Three Months Ended Potash Trio ® Oilfield Solutions Other Consolidated Sales $ 52,497 $ 30,274 $ 4,250 $ (101) $ 86,920 Less: Freight costs 5,005 6,686 — (101) 11,590 Warehousing and handling 1,480 1,253 — — 2,733 Cost of goods sold 31,584 20,883 3,778 — 56,245 Gross Margin $ 14,428 $ 1,452 $ 472 $ — $ 16,352 Depreciation, depletion, and amortization incurred 1 $ 7,051 $ 1,206 $ 907 $ 208 $ 9,372 1 Depreciation, depletion, and amortization incurred for potash and Trio ® excludes depreciation, depletion and amortization amounts absorbed in or relieved from inventory.
Reconciliation of Reportable Segment Sales to Consolidated Sales and Segment Gross Margins to Consolidated Income Before Taxes	The following table shows the reconciliation of reportable segment sales to consolidated sales and the reconciliation of segment gross margins to consolidated income before taxes (in thousands): Three Months Ended March 31, 2024 2023 Total sales for reportable segments $ 79,387 $ 87,021 Elimination of intersegment sales (100) (101) Total consolidated sales $ 79,287 $ 86,920 Total gross margin for reportable segments $ 6,434 $ 16,352 Elimination of intersegment sales (100) (101) Elimination of intersegment expenses 100 101 Unallocated amounts: Selling and administrative 8,357 8,858 Impairment of long-lived assets 1,377 — Loss on disposal of assets 251 200 Accretion of asset retirement obligation 622 535 Other operating income (1,132) — Other operating expense 1,265 1,385 Equity in earnings of unconsolidated entities (149) (821) Interest income (244) (85) Other non-operating income (8) (13) (Loss) income before income taxes $ (3,905) $ 6,293 Total assets are not presented for each reportable segment as they are not reviewed by, nor otherwise regularly provided to, the CODM.

COMPANY BACKGROUND (Narrative)

COMPANY BACKGROUND (Narrative) (Details)	3 Months Ended
	Mar. 31, 2024 Facility segment nutrient
Number of mining facilities | Facility	3
Number of reportable segments | segment	3
Number of key nutrients | nutrient	3

EARNINGS PER SHARE (Schedule of

EARNINGS PER SHARE (Schedule of Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net (loss) income	$ (3,130)	$ 4,506
Basic weighted average common shares outstanding (in shares)	12,817	12,694
Add: Dilutive effect of restricted stock (in shares)	0	125
Add: Dilutive effect of stock options (in shares)	0	56
Diluted weighted average common shares outstanding (in shares)	12,817	12,875
Basic (in dollars per share)	$ (0.24)	$ 0.35
Diluted (in dollars per share)	$ (0.24)	$ 0.35

EARNINGS PER SHARE (Schedule _2

EARNINGS PER SHARE (Schedule of Anti-Dilutive Shares) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock [Member]
Anti-dilutive weighted average non-vested shares
Anti-dilutive shares (in shares)	348	187
Stock Options [Member]
Anti-dilutive weighted average non-vested shares
Anti-dilutive shares (in shares)	273	156

CASH, CASH EQUIVALENTS AND RE_3

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 34,067	$ 4,071	$ 10,451
Restricted cash included in other current assets	25		25
Restricted cash included in other long-term assets	557		547
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 34,649	$ 4,651	$ 11,023	$ 19,084

INVENTORY AND LONG-TERM PARTS_3

INVENTORY AND LONG-TERM PARTS INVENTORY (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Allowances for obsolescence	$ 1	$ 0.9

INVENTORY AND LONG-TERM PARTS_4

INVENTORY AND LONG-TERM PARTS INVENTORY (Summary of Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Finished goods product inventory	$ 57,794	$ 66,033
In-process inventory	23,002	28,044
Total product inventory	80,796	94,077
Current parts inventory, net	21,753	20,175
Total current inventory, net	102,549	114,252
Long-term parts inventory, net	30,543	30,231
Total inventory, net	$ 133,092	$ 144,483

PROPERTY, PLANT, EQUIPMENT, A_3

PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets	$ 1,377	$ 0

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, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	$ 715,268	$ 709,901
Less: accumulated depreciation, depletion, and amortization	(360,459)	(351,652)
Total property, plant, equipment and mineral properties, net	354,809	358,249
Land [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	24,136	24,136
Ponds and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	91,984	91,333
Mineral Properties And Development Costs [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	159,775	159,775
Buildings and Plant [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	90,150	90,150
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	299,403	297,494
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	7,435	7,332
Office Equipment and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	10,159	10,150
Operating Lease ROU Assets [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	5,045	5,274
Breeding Stock [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	293	315
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, equipment, and mineral properties, gross	$ 26,888	$ 23,942

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, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 7,465	$ 7,727
Depletion	1,472	1,177
Amortization of right of use assets	367	388
Total incurred	$ 9,304	$ 9,292

OTHER LONG-TERM DEFERRED REVE_2

OTHER LONG-TERM DEFERRED REVENUE (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Jan. 02, 2024	Dec. 12, 2023	Mar. 31, 2024	Dec. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Initial fee under the third amentment of Cooperative Development Agreement		$ 50,000
Payment received under the Third Amendment of Cooperative Development Agreement		5,000
Remaining payment received under the Third Amendment of Cooperative Development Agreement	$ 45,000
Additional one time payment as an access fee under the Third Amendment of Cooperative Development Agreement		$ 50,000
Access fee payment term		90 days
Anniversary term of the Amendment Date		7 years
Transaction price of the third amentment of Cooperative Development Agreement		$ 100,000
Additional amounts as an Access Realization Fee under the Third Amendment of Cooperative Development Agreement		$ 100,000
Other operating income			$ 1,132	$ 0
Other Receivable, after Allowance for Credit Loss, Noncurrent			600
Deferred income, current			2,300	5,000
Deferred other income, long-term			$ 47,170	$ 0

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 02, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt
Proceeds from short-term borrowings on credit facility		$ 0	$ 5,000
Repayments of credit facility		4,000	0
Interest expense		171	153
Revolving Credit Facility [Member]
Debt
Proceeds from short-term borrowings on credit facility		0	5,000
Repayments of credit facility		4,000	$ 0
Line of credit, outstanding		0		$ 4,000
Letters of credit outstanding, amount		$ 0		$ 0
Credit facility, maximum borrowing capacity	$ 150,000
Debt, maturity date	Aug. 04, 2027
Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility [Member]
Debt
Credit facility interest margin	1.50%
Maximum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility [Member]
Debt
Credit facility interest margin	2.25%

DEBT SCHEDULE OF INTEREST EXPEN

DEBT SCHEDULE OF INTEREST EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Interest expense on borrowings	$ 39	$ 22
Commitment fee on unused credit facility	57	56
Amortization of deferred financing costs	75	75
Gross interest expense	171	153
Less capitalized interest	(171)	(153)
Interest expense, net	$ 0	$ 0

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Indefinite-lived Intangible Assets [Line Items]
Intangible assets, water rights	$ 19,184	$ 19,184
Finite-lived intangible assets, weighted average amortization period	15 years
Finite-lived intangible assets, net	$ 4,800	$ 4,900

FINANCIAL INFORMATION FOR SUB_2

FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS OF POSSIBLE FUTURE PUBLIC DEBT (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Guarantees [Abstract]
Cash	$ 34.1	$ 4.1

ASSET RETIREMENT OBLIGATION (Na

ASSET RETIREMENT OBLIGATION (Narrative) (Details) - Measurement Input, Risk Free Interest Rate [Member]	Mar. 31, 2024
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit adjusted risk-free rates used to discount reclamation Liabilities	0.069
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit adjusted risk-free rates used to discount reclamation Liabilities	0.120

ASSET RETIREMENT OBLIGATION (Sc

ASSET RETIREMENT OBLIGATION (Schedule of Changes to Asset Retirement Obligation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligation, at beginning of period	$ 30,359	$ 26,864
Liabilities settled	0	0
Liabilities incurred	0	0
Accretion of discount	622	535
Total asset retirement obligation, at end of period	30,981	27,399	$ 30,359
Less current portion of asset retirement obligation	(282)	(300)
Long-term portion of asset retirement obligation	$ 30,699	$ 27,099	$ 30,077

REVENUE (Narrative) (Details)

REVENUE (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 2,567	$ 2,303	$ 2,274	$ 2,374
Contract liabilities, current	$ 1,400	$ 1,000

REVENUE (Contract Balances) (De

REVENUE (Contract Balances) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Beginning Balance	$ 2,303	$ 2,374
Additions	592	145
Recognized as revenue during period	(328)	(245)
Ending Balance	$ 2,567	$ 2,274

REVENUE (Disaggregation of Reve

REVENUE (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Potash [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	$ 32,312	$ 47,054
Trio [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	36,284	29,053
Water [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	2,169	2,747
Salt [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	3,347	3,216
Magnesium Chloride [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	419	1,137
Brine Water [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	2,710	1,904
Other [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	2,046	1,809
Mineral [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	79,287	86,920
Potash [Member] | Potash [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	32,412	47,155
Potash [Member] | Trio [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	0
Potash [Member] | Water [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	80
Potash [Member] | Salt [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	3,144	3,043
Potash [Member] | Magnesium Chloride [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	419	1,137
Potash [Member] | Brine Water [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	1,583	1,082
Potash [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	18	0
Potash [Member] | Mineral [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	37,576	52,497
Trio [Member] | Potash [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	0
Trio [Member] | Trio [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	36,284	29,053
Trio [Member] | Water [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	1,048
Trio [Member] | Salt [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	203	173
Trio [Member] | Magnesium Chloride [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	0
Trio [Member] | Brine Water [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	0
Trio [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	0
Trio [Member] | Mineral [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	36,487	30,274
Oil Field Solutions [Member] | Potash [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	0
Oil Field Solutions [Member] | Trio [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	0
Oil Field Solutions [Member] | Water [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	2,169	1,619
Oil Field Solutions [Member] | Salt [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	0
Oil Field Solutions [Member] | Magnesium Chloride [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	0
Oil Field Solutions [Member] | Brine Water [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	1,127	822
Oil Field Solutions [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	2,028	1,809
Oil Field Solutions [Member] | Mineral [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	5,324	4,250
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	(100)	(101)
Intersegment Eliminations [Member] | Potash [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales		(101)
Intersegment Eliminations [Member] | Trio [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	0
Intersegment Eliminations [Member] | Water [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	0
Intersegment Eliminations [Member] | Salt [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	0
Intersegment Eliminations [Member] | Magnesium Chloride [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	0
Intersegment Eliminations [Member] | Brine Water [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	0
Intersegment Eliminations [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	0	0
Intersegment Eliminations [Member] | Mineral [Member]
Disaggregation of Revenue [Line Items]
Total consolidated sales	$ (100)	$ (101)

COMPENSATION PLANS (Narrative)

COMPENSATION PLANS (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2024	Mar. 31, 2023
Equity Incentive Compensation Plan [Abstract]
Shares available for issuance			900,000
Restricted Stock [Abstract]
Compensation expense			$ 1.3	$ 1.7
Unrecognized compensation expense			$ 6.8
Weighted average period, unrecognized compensation expense			1 year 6 months
Executive Officers And Other Key Employees | Restricted Stock [Member]
Restricted Stock [Abstract]
Shares granted	143,730	225,117
Period over which grants vest (in years)	3 years	3 years

COMPENSATION PLANS (Schedule of

COMPENSATION PLANS (Schedule of Outstanding Share Based Awards) (Details) shares in Thousands	Mar. 31, 2024 shares
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding, restricted stock	377
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding, options	273

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	19.80%	28.40%

INCOME TAXES (Schedule of Provi

INCOME TAXES (Schedule of Provision of Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Current portion of income tax expense	$ 14	$ 126
Deferred portion of income tax (benefit) expense	(789)	1,661
Total income tax (benefit) expense	$ (775)	$ 1,787

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) $ in Millions		3 Months Ended	12 Months Ended
	Mar. 17, 2022 acre ft	Mar. 31, 2024 USD ($)	Dec. 31, 2018 acre ft	Dec. 31, 2017 acre ft	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Security placed with the State of Utah and BLM		$ 26.9			$ 26.8
Long-term restricted cash deposits		0.5			0.5
Surety bonds issued by an insurer		26.4			26.3
Loss Contingencies [Line Items]
Contingency liabilities, current		2.5			$ 3.4
Contingency payments		$ 1.9
Water Rights [Member]
Loss Contingencies [Line Items]
Pecos Water Right volume per year | acre ft	20,000
Annual water volume that had not been forfeited | acre ft	5,800
Annual water volume that had not been abandoned | acre ft	150
Preliminary authorization of annual allowable water sales, volume, cancelled | acre ft			5,700	5,700

FAIR VALUE (Narrative) (Details

FAIR VALUE (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2020	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jul. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash equivalents		$ 0		$ 500
Debt Securities, Held-to-maturity, Maturity [Abstract]
Debt securities, held-to-maturity		$ 3,400		$ 3,900
Debt securities, held-to-maturity, maturity period		2 years
Schedule of Equity Method Investments [Line Items]
Equity in earnings of unconsolidated entities		$ 149	$ 821
Equity Investment Ovation [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		16%
Equity in earnings of unconsolidated entities		$ 100
Equity Investment WDVGL [Member]
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity securities without readily determinable fair value, acquired	$ 3,500
Share price					$ 10

FAIR VALUE (Held-to-Maturity In

FAIR VALUE (Held-to-Maturity Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost, short-term	$ 2,971	$ 2,970
Amortized cost, long-term	475	954
Gross unrealized gains, short-term	0	0
Gross unrealized gains, long-term	0	1
Gross unrealized losses, short-term	(19)	(22)
Gross unrealized losses, long-term	(2)	(4)
Fair value, short-term	2,952	2,948
Fair value, long-term	473	951
Fair value, total	3,400	3,900
Corporate Bonds
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost, short-term	994	991
Amortized cost, long-term	0	0
Gross unrealized gains, short-term	0	0
Gross unrealized gains, long-term	0	0
Gross unrealized losses, short-term	(6)	(9)
Gross unrealized losses, long-term	0	0
Fair value, short-term	988	982
Fair value, long-term	0	0
Government Bonds
Schedule of Held-to-maturity Securities [Line Items]
Amortized cost, short-term	1,977	1,979
Amortized cost, long-term	475	954
Gross unrealized gains, short-term	0	0
Gross unrealized gains, long-term	0	1
Gross unrealized losses, short-term	(13)	(13)
Gross unrealized losses, long-term	(2)	(4)
Fair value, short-term	1,964	1,966
Fair value, long-term	$ 473	$ 951

BUSINESS SEGMENTS (Narrative) (

BUSINESS SEGMENTS (Narrative) (Details)	3 Months Ended
	Mar. 31, 2024 segment
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, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Lower of cost or net realizable value inventory adjustments		$ 503	$ 0
Gross Margin		6,434	16,352
Depreciation, depletion and amortization expense	[1]	9,384	9,372
Operating Segments [Member] | Potash [Member]
Segment Reporting Information [Line Items]
Lower of cost or net realizable value inventory adjustments		503
Gross Margin		5,574	14,428
Depreciation, depletion and amortization expense	[1]	6,971	7,051
Operating Segments [Member] | Trio [Member]
Segment Reporting Information [Line Items]
Lower of cost or net realizable value inventory adjustments		0
Gross Margin		(1,140)	1,452
Depreciation, depletion and amortization expense	[1]	884	1,206
Operating Segments [Member] | Oil Field Solutions [Member]
Segment Reporting Information [Line Items]
Gross Margin		2,000	472
Depreciation, depletion and amortization expense	[1]	1,071	907
Corporate/Other [Member]
Segment Reporting Information [Line Items]
Lower of cost or net realizable value inventory adjustments		0
Gross Margin		0	0
Depreciation, depletion and amortization expense	[1]	458	208
Freight Costs [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		12,830	11,590
Freight Costs [Member] | Operating Segments [Member] | Potash [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		3,956	5,005
Freight Costs [Member] | Operating Segments [Member] | Trio [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		8,974	6,686
Freight Costs [Member] | Operating Segments [Member] | Oil Field Solutions [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		0	0
Freight Costs [Member] | Corporate/Other [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		(100)	(101)
Warehouse and Handling [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		3,089	2,733
Warehouse and Handling [Member] | Operating Segments [Member] | Potash [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		1,727	1,480
Warehouse and Handling [Member] | Operating Segments [Member] | Trio [Member]
Segment Reporting Information [Line Items]
Cost of Goods Sold		1,362	1,253
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		79,287	86,920
Cost of Goods Sold		56,431	56,245
Mineral [Member] | Potash [Member]
Segment Reporting Information [Line Items]
Sales		37,576	52,497
Mineral [Member] | Trio [Member]
Segment Reporting Information [Line Items]
Sales		36,487	30,274
Mineral [Member] | Oil Field Solutions [Member]
Segment Reporting Information [Line Items]
Sales		5,324	4,250
Mineral [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Sales		79,387	87,021
Mineral [Member] | Operating Segments [Member] | Potash [Member]
Segment Reporting Information [Line Items]
Sales		37,576	52,497
Cost of Goods Sold		25,816	31,584
Mineral [Member] | Operating Segments [Member] | Trio [Member]
Segment Reporting Information [Line Items]
Sales		36,487	30,274
Cost of Goods Sold		27,291	20,883
Mineral [Member] | Operating Segments [Member] | Oil Field Solutions [Member]
Segment Reporting Information [Line Items]
Sales		5,324	4,250
Cost of Goods Sold		3,324	3,778
Lower of cost or net realizable value inventory adjustments		0
Mineral [Member] | Corporate/Other [Member]
Segment Reporting Information [Line Items]
Sales		(100)	(101)
Cost of Goods Sold		$ 0	$ 0
[1] Depreciation, depletion, and amortization incurred for potash and Trio ® excludes depreciation, depletion and amortization amounts absorbed in or relieved from inventory. The following table shows the reconciliation of reportable segment sales to consolidated sales and the reconciliation of segment gross margins to consolidated income before taxes (in thousands):

BUSINESS SEGMENTS (Segment Reco

BUSINESS SEGMENTS (Segment Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total gross margin for reportable segments	$ 6,434	$ 16,352
Selling and administrative	8,357	8,858
Impairment of long-lived assets	1,377	0
Loss on disposal of assets	251	200
Accretion of asset retirement obligation	622	535
Other operating income	(1,132)		$ 0
Other operating expense	1,265	1,385
Equity in earnings of unconsolidated entities	(149)	(821)
Interest Expense	0	0
Interest income	(244)	(85)
Other non-operating income	(8)	(13)
(Loss) Income Before Income Taxes	(3,905)	6,293
Mineral [Member]
Segment Reporting Information [Line Items]
Total consolidated sales	79,287	86,920
Elimination of intersegment expenses	(56,431)	(56,245)
Operating Segments [Member] | Mineral [Member]
Segment Reporting Information [Line Items]
Total consolidated sales	79,387	87,021
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total consolidated sales	(100)	(101)
Elimination of intersegment expenses	100	101
Intersegment Eliminations [Member] | Mineral [Member]
Segment Reporting Information [Line Items]
Total consolidated sales	$ (100)	$ (101)