LSB Industries (LXU) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 25, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	LSB Industries, Inc.
Entity Central Index Key	0000060714
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	1-7677
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1015226
Entity Address, Address Line One	3503 NW 63rd Street
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Oklahoma City
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73116
City Area Code	405
Local Phone Number	235-4546
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		71,621,131
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	LXU
Title of 12(b) Security	Common Stock, Par Value $.10
Security Exchange Name	NYSE
Preferred Stock [Member]
Document Information [Line Items]
No Trading Symbol Flag	true
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 42,283	$ 98,500
Restricted cash		2,532
Short-term investments	157,060	207,434
Accounts receivable	44,601	40,749
Allowance for doubtful accounts	(326)	(364)
Accounts receivable, net	44,275	40,385
Inventories:
Finished goods	19,259	26,329
Raw materials	2,127	1,799
Total inventories	21,386	28,128
Supplies, prepaid items and other:
Prepaid insurance	2,014	14,846
Precious metals	11,675	12,094
Supplies	31,421	30,486
Other	4,123	2,337
Total supplies, prepaid items and other	49,233	59,763
Total current assets	314,237	436,742
Property, plant and equipment, net	842,863	835,298
Other assets:
Operating lease assets	24,377	24,852
Intangible and other assets, net	1,456	1,292
Total other assets	25,833	26,144
Total assets	1,182,933	1,298,184
Current liabilities:
Accounts payable	75,734	68,323
Short-term financing	1,528	13,398
Accrued and other liabilities	36,107	30,961
Current portion of long-term debt	10,979	5,847
Total current liabilities	124,348	118,529
Long-term debt, net	475,991	575,874
Noncurrent operating lease liabilities	17,137	16,074
Other noncurrent accrued and other liabilities	523	523
Deferred income taxes	65,973	68,853
Commitments and contingencies (Note 5)
Stockholders' equity:
Common stock, $.10 par value; 150 million shares authorized, 91.2 million shares issued	9,117	9,117
Capital in excess of par value	502,972	501,026
Retained earnings	216,811	227,015
Total stockholders' equity	728,900	737,158
Less treasury stock, at cost:
Common stock, 19.5 million shares (18.1 million shares at December 31, 2023)	229,939	218,827
Total stockholders' equity	498,961	518,331
Total liabilities and stockholders' equity	$ 1,182,933	$ 1,298,184

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.1	$ 0.1
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	91,200,000	91,200,000
Treasury stock, common shares	19,500,000	18,100,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net sales	$ 109,217	$ 114,287	$ 387,494	$ 461,096
Cost of sales	117,162	117,673	345,746	386,845
Gross (loss) profit	(7,945)	(3,386)	41,748	74,251
Selling, general and administrative expense	10,042	8,512	31,883	27,815
Other expense (income), net	6,436	(2,399)	8,625	(2,096)
Operating (loss) income	(24,423)	(9,499)	1,240	48,532
Interest expense, net	8,115	7,165	26,229	31,213
Gain on extinguishment of debt			(3,013)	(8,644)
Non-operating other income, net	(2,674)	(3,689)	(9,143)	(10,929)
(Loss) income before provision for income taxes	(29,864)	(12,975)	(12,833)	36,892
(Benefit) provision for income taxes	(4,482)	(5,249)	(2,629)	3,622
Net (loss) income	$ (25,382)	$ (7,726)	$ (10,204)	$ 33,270
Basic:
Net (loss) income	$ (0.35)	$ (0.10)	$ (0.14)	$ 0.44
Diluted:
Net (loss) income	$ (0.35)	$ (0.10)	$ (0.14)	$ 0.44

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]
Balance at Dec. 31, 2022	$ 515,873	$ 9,117	$ (189,515)	$ 497,179	$ 199,092
Balance, shares at Dec. 31, 2022		91,168	(14,888)
Net (loss) income	15,901				15,901
Stock-based compensation	719			719
Vesting of equity compensation			$ 682	(682)
Vesting of equity compensation, shares			53
Shares withheld upon vesting of equity compensation	(2,541)		$ (2,541)
Shares withheld upon vesting of equity compensation, shares			(204)
Balance at Mar. 31, 2023	529,952	$ 9,117	$ (191,374)	497,216	214,993
Balance, shares at Mar. 31, 2023		91,168	(15,039)
Balance at Dec. 31, 2022	515,873	$ 9,117	$ (189,515)	497,179	199,092
Balance, shares at Dec. 31, 2022		91,168	(14,888)
Net (loss) income	33,270
Balance at Sep. 30, 2023	532,744	$ 9,117	$ (208,263)	499,528	232,362
Balance, shares at Sep. 30, 2023		91,168	(16,824)
Balance at Mar. 31, 2023	529,952	$ 9,117	$ (191,374)	497,216	214,993
Balance, shares at Mar. 31, 2023		91,168	(15,039)
Net (loss) income	25,095				25,095
Stock-based compensation	1,927			1,927
Purchase of common stock	(17,218)		$ (17,218)
Purchase of common stock, Shares			(1,795)
Shares issued restricted stock units and ESPP participants	106		$ 732	(626)
Shares issued restricted stock units and ESPP participants, shares			58
Shares withheld restricted stock units vesting	(65)		$ (65)
Shares withheld restricted stock units vesting, shares			(7)
Balance at Jun. 30, 2023	539,797	$ 9,117	$ (207,925)	498,517	240,088
Balance, shares at Jun. 30, 2023		91,168	(16,783)
Net (loss) income	(7,726)				(7,726)
Stock-based compensation	1,318			1,318
Purchase of common stock	(586)		$ (586)
Purchase of common stock, Shares			(60)
Shares issued restricted stock units, shares			25
Shares issued restricted stock units			$ 307	(307)
Shares withheld restricted stock units vesting	(59)		$ (59)
Shares withheld restricted stock units vesting, shares			(6)
Balance at Sep. 30, 2023	532,744	$ 9,117	$ (208,263)	499,528	232,362
Balance, shares at Sep. 30, 2023		91,168	(16,824)
Balance at Dec. 31, 2023	518,331	$ 9,117	$ (218,827)	501,026	227,015
Balance, shares at Dec. 31, 2023		91,168	(18,051)
Net (loss) income	5,623				5,623
Stock-based compensation	1,394			1,394
Purchase of common stock	(5,397)		$ (5,397)
Purchase of common stock, Shares			(690)
Vesting of equity compensation			$ 1,323	(1,323)
Vesting of equity compensation, shares			109
Shares withheld upon vesting of equity compensation	(1,766)		$ (1,766)
Shares withheld upon vesting of equity compensation, shares			(231)
Balance at Mar. 31, 2024	518,185	$ 9,117	$ (224,667)	501,097	232,638
Balance, shares at Mar. 31, 2024		91,168	(18,863)
Balance at Dec. 31, 2023	518,331	$ 9,117	$ (218,827)	501,026	227,015
Balance, shares at Dec. 31, 2023		91,168	(18,051)
Net (loss) income	(10,204)
Purchase of common stock		$ (12,100)
Purchase of common stock, Shares		(1,500)
Balance at Sep. 30, 2024	498,961	$ 9,117	$ (229,939)	502,972	216,811
Balance, shares at Sep. 30, 2024		91,168	(19,547)
Balance at Mar. 31, 2024	518,185	$ 9,117	$ (224,667)	501,097	232,638
Balance, shares at Mar. 31, 2024		91,168	(18,863)
Net (loss) income	9,555				9,555
Stock-based compensation	2,099			2,099
Purchase of common stock	(6,734)		$ (6,734)
Purchase of common stock, Shares			(802)
Shares issued restricted stock units and ESPP participants	98		$ 429	(331)
Shares issued restricted stock units and ESPP participants, shares			37
Vesting of equity compensation			$ 1,443	(1,443)
Vesting of equity compensation, shares			123
Shares withheld restricted stock units vesting	(410)		$ (410)
Shares withheld restricted stock units vesting, shares			(42)
Balance at Jun. 30, 2024	522,793	$ 9,117	$ (229,939)	501,422	242,193
Balance, shares at Jun. 30, 2024		91,168	(19,547)
Net (loss) income	(25,382)				(25,382)
Stock-based compensation	1,550			1,550
Purchase of common stock, Shares		0
Balance at Sep. 30, 2024	$ 498,961	$ 9,117	$ (229,939)	$ 502,972	$ 216,811
Balance, shares at Sep. 30, 2024		91,168	(19,547)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net (loss) income	$ (10,204)	$ 33,270
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Deferred income taxes	(2,880)	2,883
Gain on extinguishment of debt	(3,013)	(8,644)
Depreciation expense on the related plant, property and equipment	52,484	49,852
Amortization of short term investments	4,528	(2,806)
Amortization of intangible and other assets	141	403
Stock-based compensation	5,042	3,964
Provision for impairment on property, plant and equipment	6,785	207
Other	3,966	4,253
Cash provided (used) by changes in assets and liabilities:
Accounts receivable	(3,890)	28,365
Inventories	6,604	6,727
Prepaid insurance	12,832	15,566
Supplies, prepaid items and other	(842)	1,761
Accounts payable	6,995	(12,672)
Accrued interest	3,634	2,237
Accrued payroll and benefits	(961)	(5,489)
Other assets and other liabilities	1,379	645
Net cash provided by operating activities	82,600	120,522
Cash flows from investing activities
Expenditures for property, plant and equipment	(64,087)	(41,123)
Proceeds from short-term investments	236,493	293,347
Purchases of short-term investments	(190,646)	(230,690)
Other investing activities	(140)	(28)
Net cash (used) provided by investing activities	(18,380)	21,506
Cash flows from financing activities
Repurchases of 6.25% Senior Secured Notes	(92,216)	(114,320)
Payments on other long-term debt	(3,986)	(8,155)
Payments on short-term financing	(11,870)	(16,134)
Acquisition of treasury stock, net	(14,208)	(20,364)
Payments of debt-related costs	(689)
Net cash used by financing activities	(122,969)	(158,973)
Net decrease in cash and cash equivalents	(58,749)	(16,945)
Cash, cash equivalents and restricted cash at beginning of period	101,032	63,769
Cash and cash equivalents at end of period	$ 42,283	$ 46,824

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (Unaudited)	Sep. 30, 2024
6.25% Senior Secured Notes due 2028 [Member]
Debt instrument, interest rate	6.25%

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (25,382)	$ 9,555	$ 5,623	$ (7,726)	$ 25,095	$ 15,901	$ (10,204)	$ 33,270

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies The accompanying unaudited interim financial statements and notes of LSB have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The accompanying unaudited interim financial statements and notes should be read in conjunction with the financial statements and notes included in the Company’s Form 10-K for the year ended December 31, 2023 (our “2023 Form 10-K”), filed with the SEC on March 6, 2024. The accompanying unaudited interim financial statements in this report reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s results of operations and cash flows for the three and nine months ended September 30, 2024 and 2023 and the Company’s financial position as of September 30, 2024. Basis of Consolidation – LSB and its subsidiaries are consolidated in the accompanying condensed consolidated financial statements. LSB is a holding company with no significant operations or assets other than cash, cash equivalents, short-term investments and investments in its subsidiaries. All intercompany accounts and transactions have been eliminated. Certain prior period amounts reported in our condensed consolidated financial statements and notes thereto have been reclassified to conform to current period presentation. Nature of Business – We are engaged in the manufacture and sale of chemical products. The chemical products we primarily manufacture, market and sell are ammonia, fertilizer grade ammonium nitrate (“HDAN”) and UAN for agricultural applications, high purity and commercial grade ammonia, high purity ammonium nitrate, sulfuric acids, concentrated, blended and regular nitric acid, mixed nitrating acids, carbon dioxide, and diesel exhaust fluid for industrial applications, and industrial grade ammonium nitrate (“LDAN”) and ammonium nitrate (“AN”) solutions for mining applications. We manufacture and distribute products in four facilities; three of which we own and are located in El Dorado, Arkansas (the “El Dorado Facility”); Cherokee, Alabama (the “Cherokee Facility”); and Pryor, Oklahoma (the “Pryor Facility”); and one of which we operate on behalf of Covestro LLC in Baytown, Texas (the “Baytown Facility”). Sales to customers include farmers, ranchers, fertilizer dealers and distributors primarily in the ranch land and grain production markets in the United States (“U.S.”); industrial users of acids throughout the U.S. and parts of Canada; and explosive manufacturers in the U.S. and other parts of North America. These interim results are not necessarily indicative of results for a full year due, in part, to the seasonality of our sales of agricultural products and the timing of performing our major plant maintenance activities. Our selling seasons for agricultural products are primarily during the spring and fall planting seasons, which typically extend from March through June and from September through November. Use of Estimates – The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Repurchase Program – In May 2023, our Board of Directors (our “Board”) authorized a $ 150 million stock repurchase program. Total repurchase authority remaining under the repurchase program was approximately $ 109 million as of September 30, 2024 . The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing securities, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. The repurchase program does not obligate us to purchase any particular number or type of securities. We did no t repurchase any of our outstanding common stock during the three months ended September 30, 2024. During the nine months ended September 30, 2024 , we repurchased approximately 1.5 million shares of common stock at an average cost of $ 8.13 per share for a total of approximately $ 12.1 million. Cash and Cash Equivalents – Investments, which consist of highly liquid investments with original maturities of three months or less, are considered cash equivalents. Restricted Cash – We classify cash that has been segregated or is otherwise limited in use as restricted. Our restricted cash as of December 31, 2023, related primarily to certain cash collateral held by Wells Fargo under our prior revolving credit facility, terminated in December 2023 and discussed in Note 4 – Long-Term Debt, for letters of credit outstanding as we transitioned these items to our current revolving credit facility (the “Revolving Credit Facility) pursuant to that credit agreement, dated December 21, 2023, between us and the lenders identified on the signature pages thereof and JPMorgan Chase Bank, N.A, as administrative agent. All of our restricted cash is classified as a current asset and is separately presented on the face of our consolidated balance sheet. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheet to the total of the same such amounts shown in the condensed consolidated statement of cash flows: September 30, 2024 December 31, 2023 (in Thousands) Cash and cash equivalents $ 42,283 $ 98,500 Restricted cash — 2,532 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 42,283 $ 101,032 Short-Term Investments – Investments, which consist of U.S. treasury bills with an original maturity at the time of purchase between four months to 12 months, are considered short-term investments and are classified as Level 1. These investments are classified as held to maturity. U.S. treasury bills with an original maturity at the time of purchase of three month or less are included in cash and cash equivalents. Due to the nature of these investments as U.S. treasury securities, no impairment is anticipated. Accounts Receivable – Our accounts receivable are presented at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any estimate of expected credit losses. Our estimate is based on historical experience and periodic assessment, particularly on accounts that are past due (based upon the terms of the sale). Our periodic assessment is based on our best estimate of amounts that are not recoverable which includes a present collectability review and forward looking assessment, where applicable. Impairment of Long – Lived Assets – Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. An asset’s fair value must be determined when the carrying amount of an asset (asset group) exceeds the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and/or its eventual disposition. If assets to be held and used are considered to be impaired, the impairment to be recognized is the amount by which the carrying amounts of the assets exceed the fair values of the assets as measured by the present value of future net cash flows expected to be generated by the assets or their appraised value. In general, our assets are reviewed for impairment on a facility-by-facility basis (such as the Cherokee Facility, El Dorado Facility or Pryor Facility) unless it is determined that the asset being evaluated will generate cash flows that are independent from the rest of the facility. For the three months ended September 30, 2024 and 2023, we recorded impairments on assets the Company has or intends to abandon in the amount of $ 5.4 million and $ 0.2 million, respectively. For the nine months ended September 30, 2024 and 2023, we recorded asset impairments of $ 6.8 million and $ 2.1 million, respectively. These impairment losses are included in Other expense (income), net on our condensed consolidated statements of operations. Short-Term Financing – Our short-term financing represents the short-term note related to financing of our insurance premium, which is renewed annually each November. Contingencies – Certain conditions may exist which may result in a loss, but which will only be resolved when future events occur. We and our legal counsel assess such contingent liabilities and such assessment inherently involves an exercise of judgment. If the assessment of a contingency indicates that it is probable that a loss has been incurred, we would accrue for such contingent losses when such losses can be reasonably estimated. If the assessment indicates that a potentially material loss contingency is not probable but reasonably possible, or is probable but cannot be estimated, the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Estimates of potential legal fees and other directly related costs associated with contingencies are not accrued but rather are expensed as incurred. Loss contingency liabilities are included in current and noncurrent accrued and other liabilities and are based on current estimates that may be revised in the near term. In addition, we recognize contingent gains when such gains are realized or when the contingencies have been resolved (generally at the time a settlement has been reached). Derivatives, Hedges and Financial Instruments – Periodically, we entered into certain forward natural gas contracts. Whenever we have such derivative contracts outstanding that are subject to derivative accounting, they are recognized in the balance sheet and measured at fair value. Changes in fair value of derivatives are recorded in results of operations unless the normal purchase or sale exceptions apply, or hedge accounting is elected. The fair value amounts recognized for our derivative contracts executed with the same counterparty under a master netting arrangement may be offset. We have the choice to offset or not, but that choice must be applied consistently. A master netting arrangement exists if the reporting entity has multiple contracts with a single counterparty that are subject to a contractual agreement that provides for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract. Offsetting the fair values recognized for the derivative contracts outstanding with a single counterparty results in the net fair value of the transactions reported as an asset or a liability in the balance sheet. When applicable, we present the fair values of our derivative contracts under master netting agreements using a gross fair value presentation. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1 - Valuations of contracts classified as Level 1 are based on quoted prices in active markets for identical contracts. Level 2 - Valuations of contracts classified as Level 2 are based on quoted prices for similar contracts and valuation inputs other than quoted prices that are observable for these contracts. Level 3 - Valuations of assets and liabilities classified as Level 3 are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Leases – We determine if an arrangement is a lease at inception or modification of a contract and classify each lease as either an operating or finance lease based on the terms of the contract. We reassess lease classification subsequent to commencement upon a change to the expected lease term or a modification to the contract. A contract contains a lease if the contract conveys the right to control the use of the identified property or equipment, explicitly or implicitly, for a period of time in exchange for consideration. Control of an underlying asset is conveyed if we obtain the rights to direct the use of and obtain substantially all of the economic benefit from the use of the underlying asset. An operating lease asset represents our right to use the underlying asset as a lessee for the lease term and an operating lease liability represents our obligation to make lease payments arising from the lease. Currently, most of our leases are classified as operating leases and primarily relate to railcars, other equipment and office space. Our leases that are classified as finance leases primarily relate to railcars. Other leases under which we are the lessor are not material. Variable payments are excluded from the present value of lease payments and are recognized in the period in which the payment is made. Our current leases do not contain residual value guarantees. Most of our leases do not include options to extend or terminate the lease prior to the end of the term. Leases with a term of 12 months or less are not recognized in the balance sheet. Since our leases generally do not provide an implicit rate, we use our incremental borrowing rate based on the lease term and other information available at the commencement date in determining the present value of lease payments. Lease expense is recognized on a straight-line basis over the applicable lease term. From time to time when we have excess freight capacity, we may sublease a portion of our railcars fleet on a short term basis to other parties. The income for these subleases is recorded as a component of "Other (income) expense, net" in our condensed consolidated statement of operations. For the three and nine months ended September 30, 2024, sublease income w as $ 0.1 million and $ 0.9 million, respectively. For the three and nine months ended September 30, 2023, sublease income was $ 2.8 million and $ 4.8 million, respectively. As of September 30, 2024, we have executed operating leases for railcars with lease terms greater than one year with aggregate lease payments of approximately $ 8.1 million which have not yet commenced. Recently Issued Accounting Pronouncements ASU 2023-07 - In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. The amendments include a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker (“CODM”), extend certain annual disclosures to interim periods, clarify single reportable segment entities must apply Accounting Standard Codification (“ASC”) 280 in its entirety, permit more than one measure of segment profit or loss to be reported under certain conditions and require disclosure of the title and position of the CODM. This update is effective for public entities fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We currently expect the update to result in additional disclosures within our consolidated financial statements and related disclosures but do not expect it to impact our results of operations or financial position. Changes to U.S. GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standards Codification. We considered all ASUs issued and outstanding or that became effective since January 1, 2024 through the date of these financial statements and determined them not to be applicable or materially impact our financial statements other than those ASUs specifically addressed above.

Net (Loss) Income per Common Sh

Net (Loss) Income per Common Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net (Loss) Income per Common Share	2. Net (Loss) Income per Common Share Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In Thousands, Except Per Share Amounts) Numerator: Net (loss) income $ ( 25,382 ) $ ( 7,726 ) $ ( 10,204 ) $ 33,270 Numerator for basic and diluted net $ ( 25,382 ) $ ( 7,726 ) $ ( 10,204 ) $ 33,270 Denominator: Denominator for basic net (loss) income per 71,672 73,992 72,070 74,946 Effect of dilutive securities: Unvested restricted stock and stock units — — — 533 Dilutive potential common shares — — — 533 Denominator for diluted net (loss) income per 71,672 73,992 72,070 75,479 Basic net (loss) income per common share $ ( 0.35 ) $ ( 0.10 ) $ ( 0.14 ) $ 0.44 Diluted net (loss) income per common share $ ( 0.35 ) $ ( 0.10 ) $ ( 0.14 ) $ 0.44 _____________________________ (1) All periods exclude the weighted-average shares of unvested restricted stock that are contingently issuable. The following weighted-average shares of securities were not included in the computation of diluted net (loss) income per common share as their effect would have been antidilutive: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Restricted stock and stock units 1,630,923 1,422,181 1,004,478 429,339 Stock options 13,000 13,000 13,000 13,000 1,643,923 1,435,181 1,017,478 442,339

Accrued and Other Liabilities

Accrued and Other Liabilities	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
Accrued and Other Liabilities	3. Accrued and Other Liabilities September 30, 2024 December 31, 2023 (In Thousands) Accrued interest $ 11,213 $ 7,487 Accrued payroll and benefits 8,440 9,400 Current portion of operating lease liabilities 7,305 8,795 Accrued taxes other than income 3,525 2,198 Customer deposits 657 874 Other 5,490 2,730 36,630 31,484 Less noncurrent portion 523 523 Current portion of accrued and other liabilities $ 36,107 $ 30,961

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	4. Long-Term Debt Our long-term debt consists of the following: September 30, 2024 December 31, 2023 (In Thousands) Revolving Credit Facility (A) $ — $ — Senior Secured Notes due 2028, with an interest rate of 6.25 % (B) 478,440 575,000 Secured Financing due 2025, with an interest rate of 8.75 % (C) 10,441 14,133 Finance Leases 4,028 953 Unamortized debt issuance costs (1) ( 5,939 ) ( 8,365 ) 486,970 581,721 Less current portion of long-term debt 10,979 5,847 Long-term debt due after one year, net $ 475,991 $ 575,874 _____________________________ (1) Debt issuance costs as of September 30, 2024 and December 31, 2023 of approximat ely $ 0.8 million an d $ 0.5 million, respectively, relating to our Revolving Credit Facility are not included in Unamortized debt issuance cost. They are included in our condensed consolidated balance sheet in Intangible and other assets, net. (A) The Revolving Credit Facility provides for borrowings up to an initial maximum of $ 75 million, with an option to increase the maximum by an additional $ 25 million (which amount is uncommitted). Availability is subject to a borrowing base and an availability block of $ 7.5 million, which is applied against the $ 75 million initially reducing the maximum (which can be removed by us at our sole discretion, subject to the satisfaction of certain conditions). The Revolving Credit Facility provides for a sub-facility for the issuance of letters of credit in an aggregate amount not to exceed $ 10 million, with the outstanding amount of any such letters of credit reducing availability for borrowings. As of September 30, 2024, our Revolving Credit Facility was undrawn and had approximately $ 34 million of ava ilability, based on our eligible collateral. The maturity date of the Revolving Credit Facility is on the earlier of (i) the date that is 90 days prior to the earliest stated maturity date of the Senior Secured Notes, which is currently October 15, 2028, (unless refinanced or repaid) and (ii) December 21, 2028. The Revolving Credit Facility contains a financial covenant, which requires that, solely if we elect to remove the $ 7.5 million availability block, we must maintain a minimum fixed charge coverage ratio of not less than 1.00: 1 .00 . The financial covenant, if triggered, is tested monthly. The financial covenant was not triggered as of September 30, 2024. Interest accrues on outstanding borrowings under the Revolving Credit Facility at a rate per annum equal to, at the option of us, either (a) term Secured Overnight Financing Rate (“SOFR”) for a period of one month (with a fallback to the prime rate if such rate is unavailable), plus 0.10 %, plus an applicable margin of 1.625 % or (b) term SOFR for a period of one, three or six months (at our election), plus 0.10 %, plus an applicable margin of 1.625 %, in each case with a floor of 0.00 %. (B) We previously issued at par an aggregate total of $ 700 million principal value of our Senior Secured Notes due 2028 (“Senior Secured Notes”). The Senior Secured Notes, which mature in October 2028 , bear interest at a rate of 6.25 % paid in arrears on May 15 and October 15. Please see Note 5 in our 2023 Form 10-K for further discussion of the Senior Secured Notes. From time to time, we have engaged in open market repurchases to extinguish a portion of the outstanding balance. We did no t repurchase any of our Senior Secured Notes during the three months ended September 30, 2024. During the nine months ended September 30, 2024 , we repurchased $ 96.6 million in principal amount of our Senior Secured Notes for approximately $ 92.2 million which was accounted for as an extinguishment of debt. Including our write-off of the associated remaining portion of unamortized debt issuance costs, we recognized a gain on extinguishment of approximately $ 3.0 million. (C) In August 2020, we entered into a $ 30 million secured financing arrangement with an affiliate of Eldridge Industries, L.L.C. (“Eldridge”). Beginning in September 2020, principal and interest is payable in 60 equal monthly installments with a final balloon payment of approximately $ 5 million due in August 2025 . This financing arrangement is secured by an ammonia storage tank and is guaranteed by LSB.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. Commitments and Contingencies Outstanding Natural Gas Purchase Commitments – Certain of our natural gas contracts qualify as normal purchases under GAAP and thus are not financial instruments for which we mark-to-market. At September 30, 2024, these contracts included volume purchase commitments with fixed prices of approximately 0.6 million MMBtus of natural gas that cover a period from October 2024 through December 2024. The weighted-average price of the natural gas covered by these contracts was $ 2.08 per MMBtu, for a total of $ 1.2 million. Based on strip prices, the weighted-average market price of the fixed contracts was $ 2.41 per MMBtu for a total of $ 1.4 million. Legal Matters - Following is a summary of certain legal matters involving the Company: A. Environmental Matters Our facilities and operations are subject to numerous federal, state and local environmental laws and to other laws regarding health and safety matters (collectively, the “Environmental and Health Laws”), many of which provide for certain performance obligations, substantial fines and criminal sanctions for violations. Certain Environmental and Health Laws impose strict liability as well as joint and several liability for costs required to remediate and restore sites where hazardous substances, hydrocarbons or solid wastes have been stored or released. We may be required to remediate contaminated properties currently or formerly owned or operated by us or facilities of third parties that received waste generated by our operations regardless of whether such contamination resulted from the conduct of others or from consequences of our own actions that were in compliance with all applicable laws at the time those actions were taken. In addition, claims for damages to persons or property, including natural resources, may result from the environmental, health and safety effects of our operations. There can be no assurance that we will not incur material costs or liabilities in complying with such laws or in paying fines or penalties for violation of such laws. Our insurance may not cover all environmental risks and costs or may not provide sufficient coverage if an environmental claim is made against us. The Environmental and Health Laws and related enforcement policies have in the past resulted and could in the future result, in significant compliance expenses, cleanup costs (for our sites or third-party sites where our wastes were disposed of), penalties or other liabilities relating to the handling, manufacture, use, emission, discharge or disposal of hazardous or toxic materials at or from our facilities or the use or disposal of certain of its chemical products. Further, a number of our facilities are dependent on environmental permits to operate, the loss or modification of which could have a material adverse effect on their operations and our financial condition. Historically, significant capital expenditures have been incurred by our subsidiaries in order to comply with the Environmental and Health Laws and significant capital expenditures are expected to be incurred in the future. We will also be obligated to manage certain discharge water outlets and monitor groundwater contaminants at our facilities should we discontinue the operations of a facility. As of September 30, 2024 , our accrued liabilities for environmental matters totaled approximately $ 0.6 million relating primarily to the matters discussed below. Estimates of the most likely costs for our environmental matters are generally based on preliminary or completed assessment studies, preliminary results of studies, or our experience with other similar matters. It is reasonably possible that a change in the estimate of our liability could occur in the near term. 1. Discharge Water Matters Each of our manufacturing facilities generates process wastewater, which may include cooling tower and boiler water quality control streams, contact storm water and miscellaneous spills and leaks from process equipment. The process water discharge, storm-water runoff and miscellaneous spills and leaks are governed by various permits generally issued by the respective state environmental agencies as authorized and overseen by the U.S. Environmental Protection Agency. These permits limit the type and volume of effluents that can be discharged and control the method of such discharge. In 2017, the Company filed a Permit Renewal Application for its Non-Hazardous Injection Well Permit at the Pryor Facility. Although the Injection Well Permit expired in 2018, we continue to operate the injection well in accordance with an executed November 2023 Consent Order with the Oklahoma Department of Environmental Quality (“ODEQ”) that allows for the continued use of the injection well until a wastewater treatment process is designed, built and operational. The Company continues to work with the ODEQ under the terms of the Consent Order. We have identified and selected a wastewater treatment technology using biological processes that can and will treat the nitrogen-containing wastewater streams at our Pryor Facility. We are unable to estimate the costs related to the replacement of the disposal well at this time as we are in the early stages of design for the wastewater treatment process with a wastewater process design engineering firm. We have also commenced preliminary discussions with the ODEQ on permitting the treated wastewater discharges but have not received any confirmation from the ODEQ on their preliminary acceptance of our treated wastewater stream. In 2006, the Company entered into a Consent Administrative Order (“CAO”) that recognizes the presence of nitrate contamination in the shallow groundwater at our El Dorado Facility. The CAO required us to perform semi-annual groundwater monitoring, continue operation of a groundwater recovery system, submit a human health and ecological risk assessment and submit a remedial action plan. The risk assessment was submitted in 2007. In 2015, the Arkansas Department of Environmental Quality (“ADEQ”) stated that the El Dorado Facility was meeting the requirements of the CAO and should continue semi-annual monitoring. A CAO was signed in 2018, which required an Evaluation Report of the data and effectiveness of the groundwater remedy for nitrate contamination. During 2019, the Evaluation Report was submitted to the ADEQ and the ADEQ approved the report. In August 2023, the Company received a Notice of Violation (“NOV”) for wastewater discharges from our El Dorado Facility. We have been in discussions with the ADEQ about our response to the NOV and the potential for financial penalties associated with the NOV. As of the date of this report, the ADEQ has provided no written indication or details regarding the financial penalty. No liability has been established as of September 30, 2024, in connection with this ADEQ matter. 2. Other Environmental Matters In 2002, certain of our subsidiaries sold substantially all of their operating assets relating to a Kansas chemical facility (the “Hallowell Facility”) but retained ownership of the real property where the facility is located. Our subsidiary retained the obligation to be responsible for and perform the activities under, a previously executed consent order to investigate the surface and subsurface contamination at the real property, develop a corrective action strategy based on the investigation and implement such strategy. In addition, certain of our subsidiaries agreed to indemnify the buyer of such assets for these environmental matters. As the successor to a prior owner of the Hallowell Facility, Chevron Environmental Management Company (“Chevron”) has agreed in writing, within certain limitations, to pay and has been paying one-half of the costs of the investigation and interim measures relating to this matter as approved by the Kansas Department of Health and Environment (the “KDHE”), subject to reallocation. During this process, our subsidiary and Chevron retained an environmental consultant that prepared and performed a corrective action study work plan as to the appropriate method to remediate the Hallowell Facility. During 2020, the KDHE selected a remedy of annual monitoring and the implementation of an Environmental Use Control (“EUC”). This remedy primarily relates to long-term surface and groundwater monitoring to track the natural decline in contamination and is subject to a 5-year re-evaluation with the KDHE. The final remedy, including the EUC, the finalization of the cost estimates and any required financial assurances remains under discussion with the KDHE. Pending the results from our discussions regarding the final remedy, we continue to accrue our allocable portion of costs primarily for the additional testing, monitoring and risk assessments that could be reasonably estimated, which amount is included in our accrued liabilities for environmental matters discussed above. The estimated amount is not discounted to its present value. As more information becomes available, our estimated accrual will be refined, as necessary. We received a NOV for ten findings identified from an inspection conducted by the U.S. Environmental Protection Agency (“EPA”) Region IV at our Cherokee Facility in late 2022. We provided written responses to each finding in the inspection report issued in connection with such inspection and to the Notice of Potential Violations and held direct communications with the EPA related to the matter. A meeting was held with the EPA in January 2024 to discuss the NOV and our subsequent responsive actions. During the meeting, the EPA proposed two alternatives for the penalties related to the violations. We accepted one of the proposed alternatives, which included a cash fine and an investment in a community project, for which we accrued an estimate as of December 31, 2023. B. Other Pending, Threatened or Settled Litigation Global Industrial Matter In 2015, we and EDA received written notice from Global Industrial, Inc. (“Global”) of Global’s intention to assert mechanic liens for labor, service, or materials furnished under certain subcontract agreements for the improvement of the ammonia plant (“Ammonia Plant”) at our El Dorado Facility. Global was a subcontractor of Leidos Constructors, LLC (“Leidos”), the general contractor for EDA for the construction of the Ammonia Plant. Leidos terminated the services of Global with respect to their work performed at our El Dorado Facility. LSB and EDA are pursuing the recovery of any damage or loss caused by Global’s work performed through their contract with Leidos at our El Dorado Facility. In March 2016, EDC and LSB were served a summons in a case styled Global Industrial, Inc. d/b/a Global Turnaround vs. Leidos Constructors, LLC et al., in the Circuit Court of Union County, Arkansas (the “Union County Trial Court”), wherein Global sought damages under breach of contract and other claims. At the time of the summons, our accounts payable included invoices totaling approximately $ 3.5 million related to work performed by Global that is the subject of the claims asserted by Global, but such invoices were not approved by Leidos for payment. We have requested indemnification from Leidos under the terms of our contracts, which they have denied. As a result, we are seeking reimbursement of legal expenses from Leidos under our contracts. We also seek damages from Leidos for their wrongdoing during the expansion, including breach of contract, fraud, professional negligence and gross negligence. During 2018, the Union County Trial Court bifurcated the case into: (1) Global’s claims against Leidos and LSB and (2) the cross-claims between Leidos and LSB. Part (1) of the case was tried in the Union County Trial Court. In March 2020, the Union County Trial Court rendered a judgment and then an amended final judgment in April 2020. The amended final judgment awarded Global (i) approximately $ 7.4 million (including the $ 3.5 million referred to above) for labor, service and materials furnished relating to the Ammonia Plant on the basis of what the Union County Trial Court called a claim for “nonpayment of invoices,” (ii) approximately $ 1.3 million for prejudgment interest on the same claim, and (iii) a lien on certain property and foreclosure on the lien to satisfy the monetary obligations of the judgement. In addition, post-judgment interest will accrue at the annual rate of 4.25 % until the judgment is paid. LSB appealed this judgment and on October 18, 2023, the Arkansas Court of Appeals reversed and remanded. The Arkansas Court of Appeal ruled that the lien was defective and therefore invalid, and that the claim for “nonpayment of invoices” was not a cause of action and reversed and remanded the judgment on that claim. In December 2023, the Arkansas Court of Appeal denied Global’s request for rehearing and the Arkansas Supreme Court declined to hear Global’s appeal. As a result, we do not expect to have any material continuing liability related to this matter and, in 2023, we reversed approximately $ 9.8 million of payables and accrued liabilities, which related to approximately $ 2.4 million in pre and post-judgement accrued interest and $ 7.4 million of gross plant, property and equipment. These adjustments also impacted our results of operations for the twelve months ending December 31, 2023, through the reversals of approximately $ 2.4 million of interest expense and of approximately $ 1.8 million in previously recognized depreciation expense (a component of cost of sales) on the related plant, property and equipment. LSB retains all of its claims against Leidos and intends to vigorously prosecute those claims and vigorously contest the cross-claims in Part (2) of the matter referred to above. We expect the trial to be set for the second half of 2025. No liability was established as of September 30, 2024, in connection with the cross-claims in Part (2) of the matter, except for certain invoices held in accounts payable. Section 382 Rights Plan Litigation A putative stockholder class action complaint, styled as Witmer v. Golsen, et al ., C.A. No. 2024-035-PAF (the “Action”) was filed on April 3, 2024 in the Delaware Court of Chancery (the “Court of Chancery”). The plaintiff claimed, among other things, that the Board breached its fiduciary duty by adopting an Internal Revenue Code (“IRC”) Section 382 stockholder rights plan with antitakeover and entrenching measures designed to protect the Board’s incumbency. Specifically, the plaintiff alleged that the Company’s Section 382 rights plan (the “Amended NOL Rights Agreement”) was not narrowly tailored as it carried a 4.9% trigger and an allegedly overbroad definition of “Beneficial Ownership” that aggregated shares subject to “agreements, arrangements or understandings” between stockholders related to voting or influencing the Company. The plaintiff further alleged that the Board also issued a false and misleading proxy statement when soliciting stockholder approval of the Amended NOL Rights Agreement. The Company disagreed with plaintiff’s allegations, and asserts that terms of the Amended NOL Rights Agreement, including the definition of Beneficial Ownership, is a proportionate response to the threat of the occurrence of an “ownership change” under Section 382 of the IRC and the resulting risk of substantial impairment to its ability to benefit from its net operating loss carryforwards and its other tax attributes. On May 14, 2024, the parties stipulated to dismissal of the Action after the Company voluntarily made limited technical amendments to the Amended NOL Rights Agreement and amendments to its proxy statement. The Company issued the amended proxy statement on May 3, 2024. The Court of Chancery dismissed the Action and retained jurisdiction solely for the purpose of deciding any application of the plaintiff’s counsel for an award of attorneys’ fees and expenses. On May 31, 2024, plaintiff’s counsel filed their motion for an award of attorneys’ fee and expenses in the amount of $ 2.4 million. The Company and the defendants in the Action opposed such relief. The parties fully briefed the motion and the Court held argument on October 4, 2024. On October 4, 2024, the Court awarded plaintiff $ 0.6 million in attorneys’ fees and expenses in the aggregate. As of September 30, 2024, we have accrued the $ 0.6 million which is included in current accrued and other liabilities in our condensed consolidated balance sheet in connection with this matter. We are also involved in various other claims and legal actions (including matters involving gain contingencies) in the ordinary course of our business. While it is possible that the actual claims results could differ from our estimates, after consultation with legal counsel, we believe that any such differences will not have a material effect on our business, financial condition, results of operations or cash flows.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	6. Financial Instruments Natural Gas Contracts Periodically, we enter into certain forward natural gas contracts or volume purchase commitments, which are derivatives. We utilize these natural gas contracts as economic hedges for risk management purposes but are not designated as hedging instruments. At September 30, 2024 and December 31, 2023, we had no outstanding natural gas contracts accounted for as derivatives. When present, the valuations of the natural gas contracts are classified as Level 2. Financial Instruments At September 30, 2024 and December 31, 2023, we did no t have any financial instruments with fair values materially different from their carrying amounts (which excludes issuance costs, if applicable) except for our Senior Secured Notes. Fair value of our Senior Secured Notes is classified as a Level 2 fair value measurement while the treasury securities that comprise our cash equivalents and short-term investments are a Level 1. The fair value of financial instruments is not indicative of the overall fair value of our assets and liabilities since financial instruments do not include all assets, including intangibles and all liabilities. September 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value (In Millions) Senior Secured Notes (1) $ 478 $ 464 $ 575 $ 543 Short-Term Investments $ 157 $ 157 $ 207 $ 207 _____________________________ 1. Based on a quoted price of 97.0 at September 30, 2024 and 94.5 at December 31, 2023 . Also see discussion in Note 4 (B).

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes (Benefit) provision for income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In Thousands) Current: Federal $ — $ — $ — $ — State 718 ( 396 ) 251 739 Total Current $ 718 $ ( 396 ) $ 251 $ 739 Deferred: Federal $ ( 5,267 ) $ ( 2,955 ) $ ( 2,354 ) $ 8,139 State 67 ( 1,898 ) ( 526 ) ( 5,256 ) Total Deferred $ ( 5,200 ) $ ( 4,853 ) $ ( 2,880 ) $ 2,883 (Benefit) provision for income taxes $ ( 4,482 ) $ ( 5,249 ) $ ( 2,629 ) $ 3,622 The tax benefit for the nine months ended September 30, 2024 , was $ 2.6 million ( 20.5 % benefit on pre-tax loss). The tax provision for the nine months ended September 30, 2023 , was $ 3.6 million ( 9.8 % provision on pre-tax income). For 2024, the effective tax rate was lower than the statutory tax rate primarily due to change in valuation allowance and nondeductible compensation, partially offset by state tax law changes. For 20 23, the effective tax rate is lower than the statutory tax rate primarily due to deferred benefits from state tax law changes, partially offset by state taxes. We considered both positive and negative evidence in our determination of the need for valuation allowances for deferred tax assets. Information evaluated includes our financial position and results of operations for the current and preceding years, the availability of deferred tax liabilities and tax carrybacks, as well as an evaluation of currently available information about future years. Valuation allowances are reflective of our quarterly analysis of the four sources of taxable income, including the calculation of the reversal of existing tax assets and liabilities, the impact of financing activities and our quarterly results. Based on our analysis, we have determined that it is more-likely-than-not that all of our federal deferred tax assets and a portion of our state deferred tax assets will be utilized. We estimate an approximately $ 0.8 million increase in the related valuation allowance associated with these state deferred tax assets will be recorded during the year as part of the estimated annual effective tax rate applied to ordinary income. We will continue to evaluate both the positive and negative evidence on a quarterly basis in determining the need for a valuation allowance with respect to our deferred tax assets. Changes in positive and negative evidence, including differences between estimated and actual results, could result in changes in the valuation of our deferred tax assets that could have a material impact on our consolidated financial statements. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time. LSB and certain of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the 2020-2023 years remain open for all purposes of examination by the U.S. Internal Revenue Service (“IRS”) and other major tax jurisdictions. Additionally, the 2013-2019 years remain subject to examination for determining the amount of net operating loss and other carryforwards.

Net Sales

Net Sales	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Net Sales	8. Net Sales Disaggregated Net Sales We primarily derive our revenues from the sales of various chemical products. The Company’s net sales disaggregation is consistent with other financial information utilized or provided outside of our condensed consolidated financial statements. With our continued focus on optimizing our commercial strategy and product mix going forward we will report revenue by product as opposed to the end market. Accordingly, this approach is reflected in disaggregated net sales, mirroring how the Company manages its net sales by product through contracts with customers. The following table presents our net sales disaggregated by our principal product types: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In Thousands) Net sales: AN & Nitric Acid $ 47,981 $ 46,026 $ 154,858 $ 173,859 Urea ammonium nitrate (UAN) 25,303 30,090 109,303 117,585 Ammonia 28,490 26,823 96,468 129,850 Other 7,443 11,348 26,865 39,802 Total net sales $ 109,217 $ 114,287 $ 387,494 $ 461,096 Other Information For our contracts with a duration greater than one year at contract inception, the average remaining expected duration wa s approximately 34 months at September 30, 2024. Liabilities associated with contracts with customers (contract liabilities) primarily relate to deferred revenue and customer deposits associated with cash payments received in advance from customers for product shipments. We had approximately $ 0.7 million and $ 1.0 million of contract liabilities as of September 30, 2024 and December 31, 2023, respectively. For the three and nine months ended September 30, 2024, revenues of $ 0.1 million and $ 0.8 million, respectively, were reco gnized and included in the balances as of June 30, 2024 and December 31, 2023. For the three and nine months ended September 30, 2023, revenues o f $ 0.3 million and $ 1.6 million, r espectively, were recognized and were previously included in the balances as of June 30, 2023 and December 31, 2022. Our contract assets consist of unconditional rights to payment from our customers, which are reflected as accounts receivable in our condensed consolidated balance sheets. For most of our contracts with customers, the transaction price from the inception of a contract is constrained to a short period of time (generally one month) as these contracts contain terms with variable consideration related to both price and quantity. At September 30, 2024 , we have remaining performance obligations with certain customer contracts, excluding contracts with original durations of less than one year and for service contracts for which we have elected the practical expedient for consideration recognized in revenue as invoiced. The remaining performance obligations totals approximately $ 82.3 million, of which approximately 50 % of this amount relates to 2024 through 2026 , approximately 21 % relates to 2027 through 2028 , with the remainder thereafter.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions As of September 30, 2024, we had one outstanding financing arrangement with an affiliate of Eldridge as discussed in footnote (C) of Note 4. An affiliate of Eldridge holds $ 30 million of the Senior Secured Notes.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	10. Supplemental Cash Flow Information The following provides additional information relating to cash flow activities: Nine Months Ended September 30, 2024 2023 (In Thousands) Cash payments (refunds) for: Interest on long-term debt and other, net of capitalized interest $ 21,289 $ 27,444 Income taxes, net $ 508 $ 1,658 Noncash investing and financing activities: Property, plant and equipment acquired and not yet paid at end of period $ 25,302 $ 18,102 Gain on extinguishment of debt $ — $ ( 8,644 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation – LSB and its subsidiaries are consolidated in the accompanying condensed consolidated financial statements. LSB is a holding company with no significant operations or assets other than cash, cash equivalents, short-term investments and investments in its subsidiaries. All intercompany accounts and transactions have been eliminated. Certain prior period amounts reported in our condensed consolidated financial statements and notes thereto have been reclassified to conform to current period presentation.
Nature of Business	Nature of Business – We are engaged in the manufacture and sale of chemical products. The chemical products we primarily manufacture, market and sell are ammonia, fertilizer grade ammonium nitrate (“HDAN”) and UAN for agricultural applications, high purity and commercial grade ammonia, high purity ammonium nitrate, sulfuric acids, concentrated, blended and regular nitric acid, mixed nitrating acids, carbon dioxide, and diesel exhaust fluid for industrial applications, and industrial grade ammonium nitrate (“LDAN”) and ammonium nitrate (“AN”) solutions for mining applications. We manufacture and distribute products in four facilities; three of which we own and are located in El Dorado, Arkansas (the “El Dorado Facility”); Cherokee, Alabama (the “Cherokee Facility”); and Pryor, Oklahoma (the “Pryor Facility”); and one of which we operate on behalf of Covestro LLC in Baytown, Texas (the “Baytown Facility”). Sales to customers include farmers, ranchers, fertilizer dealers and distributors primarily in the ranch land and grain production markets in the United States (“U.S.”); industrial users of acids throughout the U.S. and parts of Canada; and explosive manufacturers in the U.S. and other parts of North America. These interim results are not necessarily indicative of results for a full year due, in part, to the seasonality of our sales of agricultural products and the timing of performing our major plant maintenance activities. Our selling seasons for agricultural products are primarily during the spring and fall planting seasons, which typically extend from March through June and from September through November.
Use of Estimates	Use of Estimates – The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Repurchase Program	Repurchase Program – In May 2023, our Board of Directors (our “Board”) authorized a $ 150 million stock repurchase program. Total repurchase authority remaining under the repurchase program was approximately $ 109 million as of September 30, 2024 . The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing securities, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. The repurchase program does not obligate us to purchase any particular number or type of securities. We did no t repurchase any of our outstanding common stock during the three months ended September 30, 2024. During the nine months ended September 30, 2024 , we repurchased approximately 1.5 million shares of common stock at an average cost of $ 8.13 per share for a total of approximately $ 12.1 million.
Cash and Cash Equivalents	Cash and Cash Equivalents – Investments, which consist of highly liquid investments with original maturities of three months or less, are considered cash equivalents.
Restricted Cash	Restricted Cash – We classify cash that has been segregated or is otherwise limited in use as restricted. Our restricted cash as of December 31, 2023, related primarily to certain cash collateral held by Wells Fargo under our prior revolving credit facility, terminated in December 2023 and discussed in Note 4 – Long-Term Debt, for letters of credit outstanding as we transitioned these items to our current revolving credit facility (the “Revolving Credit Facility) pursuant to that credit agreement, dated December 21, 2023, between us and the lenders identified on the signature pages thereof and JPMorgan Chase Bank, N.A, as administrative agent. All of our restricted cash is classified as a current asset and is separately presented on the face of our consolidated balance sheet. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheet to the total of the same such amounts shown in the condensed consolidated statement of cash flows: September 30, 2024 December 31, 2023 (in Thousands) Cash and cash equivalents $ 42,283 $ 98,500 Restricted cash — 2,532 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 42,283 $ 101,032
Short-Term Investments	Short-Term Investments – Investments, which consist of U.S. treasury bills with an original maturity at the time of purchase between four months to 12 months, are considered short-term investments and are classified as Level 1. These investments are classified as held to maturity. U.S. treasury bills with an original maturity at the time of purchase of three month or less are included in cash and cash equivalents. Due to the nature of these investments as U.S. treasury securities, no impairment is anticipated.
Accounts Receivable	Accounts Receivable – Our accounts receivable are presented at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any estimate of expected credit losses. Our estimate is based on historical experience and periodic assessment, particularly on accounts that are past due (based upon the terms of the sale). Our periodic assessment is based on our best estimate of amounts that are not recoverable which includes a present collectability review and forward looking assessment, where applicable.
Impairment of Long-Lived Assets	Impairment of Long – Lived Assets – Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. An asset’s fair value must be determined when the carrying amount of an asset (asset group) exceeds the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and/or its eventual disposition. If assets to be held and used are considered to be impaired, the impairment to be recognized is the amount by which the carrying amounts of the assets exceed the fair values of the assets as measured by the present value of future net cash flows expected to be generated by the assets or their appraised value. In general, our assets are reviewed for impairment on a facility-by-facility basis (such as the Cherokee Facility, El Dorado Facility or Pryor Facility) unless it is determined that the asset being evaluated will generate cash flows that are independent from the rest of the facility. For the three months ended September 30, 2024 and 2023, we recorded impairments on assets the Company has or intends to abandon in the amount of $ 5.4 million and $ 0.2 million, respectively. For the nine months ended September 30, 2024 and 2023, we recorded asset impairments of $ 6.8 million and $ 2.1 million, respectively. These impairment losses are included in Other expense (income), net on our condensed consolidated statements of operations.
Short-Term Financing	Short-Term Financing – Our short-term financing represents the short-term note related to financing of our insurance premium, which is renewed annually each November.
Contingencies	Contingencies – Certain conditions may exist which may result in a loss, but which will only be resolved when future events occur. We and our legal counsel assess such contingent liabilities and such assessment inherently involves an exercise of judgment. If the assessment of a contingency indicates that it is probable that a loss has been incurred, we would accrue for such contingent losses when such losses can be reasonably estimated. If the assessment indicates that a potentially material loss contingency is not probable but reasonably possible, or is probable but cannot be estimated, the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Estimates of potential legal fees and other directly related costs associated with contingencies are not accrued but rather are expensed as incurred. Loss contingency liabilities are included in current and noncurrent accrued and other liabilities and are based on current estimates that may be revised in the near term. In addition, we recognize contingent gains when such gains are realized or when the contingencies have been resolved (generally at the time a settlement has been reached).
Derivatives, Hedges and Financial Instruments	Derivatives, Hedges and Financial Instruments – Periodically, we entered into certain forward natural gas contracts. Whenever we have such derivative contracts outstanding that are subject to derivative accounting, they are recognized in the balance sheet and measured at fair value. Changes in fair value of derivatives are recorded in results of operations unless the normal purchase or sale exceptions apply, or hedge accounting is elected. The fair value amounts recognized for our derivative contracts executed with the same counterparty under a master netting arrangement may be offset. We have the choice to offset or not, but that choice must be applied consistently. A master netting arrangement exists if the reporting entity has multiple contracts with a single counterparty that are subject to a contractual agreement that provides for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract. Offsetting the fair values recognized for the derivative contracts outstanding with a single counterparty results in the net fair value of the transactions reported as an asset or a liability in the balance sheet. When applicable, we present the fair values of our derivative contracts under master netting agreements using a gross fair value presentation. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1 - Valuations of contracts classified as Level 1 are based on quoted prices in active markets for identical contracts. Level 2 - Valuations of contracts classified as Level 2 are based on quoted prices for similar contracts and valuation inputs other than quoted prices that are observable for these contracts. Level 3 - Valuations of assets and liabilities classified as Level 3 are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.
Leases	Leases – We determine if an arrangement is a lease at inception or modification of a contract and classify each lease as either an operating or finance lease based on the terms of the contract. We reassess lease classification subsequent to commencement upon a change to the expected lease term or a modification to the contract. A contract contains a lease if the contract conveys the right to control the use of the identified property or equipment, explicitly or implicitly, for a period of time in exchange for consideration. Control of an underlying asset is conveyed if we obtain the rights to direct the use of and obtain substantially all of the economic benefit from the use of the underlying asset. An operating lease asset represents our right to use the underlying asset as a lessee for the lease term and an operating lease liability represents our obligation to make lease payments arising from the lease. Currently, most of our leases are classified as operating leases and primarily relate to railcars, other equipment and office space. Our leases that are classified as finance leases primarily relate to railcars. Other leases under which we are the lessor are not material. Variable payments are excluded from the present value of lease payments and are recognized in the period in which the payment is made. Our current leases do not contain residual value guarantees. Most of our leases do not include options to extend or terminate the lease prior to the end of the term. Leases with a term of 12 months or less are not recognized in the balance sheet. Since our leases generally do not provide an implicit rate, we use our incremental borrowing rate based on the lease term and other information available at the commencement date in determining the present value of lease payments. Lease expense is recognized on a straight-line basis over the applicable lease term. From time to time when we have excess freight capacity, we may sublease a portion of our railcars fleet on a short term basis to other parties. The income for these subleases is recorded as a component of "Other (income) expense, net" in our condensed consolidated statement of operations. For the three and nine months ended September 30, 2024, sublease income w as $ 0.1 million and $ 0.9 million, respectively. For the three and nine months ended September 30, 2023, sublease income was $ 2.8 million and $ 4.8 million, respectively. As of September 30, 2024, we have executed operating leases for railcars with lease terms greater than one year with aggregate lease payments of approximately $ 8.1 million which have not yet commenced.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements ASU 2023-07 - In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. The amendments include a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker (“CODM”), extend certain annual disclosures to interim periods, clarify single reportable segment entities must apply Accounting Standard Codification (“ASC”) 280 in its entirety, permit more than one measure of segment profit or loss to be reported under certain conditions and require disclosure of the title and position of the CODM. This update is effective for public entities fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We currently expect the update to result in additional disclosures within our consolidated financial statements and related disclosures but do not expect it to impact our results of operations or financial position. Changes to U.S. GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standards Codification. We considered all ASUs issued and outstanding or that became effective since January 1, 2024 through the date of these financial statements and determined them not to be applicable or materially impact our financial statements other than those ASUs specifically addressed above.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Reconciliation of Cash and Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheet to the total of the same such amounts shown in the condensed consolidated statement of cash flows: September 30, 2024 December 31, 2023 (in Thousands) Cash and cash equivalents $ 42,283 $ 98,500 Restricted cash — 2,532 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 42,283 $ 101,032

Net (Loss) Income per Common _2

Net (Loss) Income per Common Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net (Loss) Income per Common Share	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In Thousands, Except Per Share Amounts) Numerator: Net (loss) income $ ( 25,382 ) $ ( 7,726 ) $ ( 10,204 ) $ 33,270 Numerator for basic and diluted net $ ( 25,382 ) $ ( 7,726 ) $ ( 10,204 ) $ 33,270 Denominator: Denominator for basic net (loss) income per 71,672 73,992 72,070 74,946 Effect of dilutive securities: Unvested restricted stock and stock units — — — 533 Dilutive potential common shares — — — 533 Denominator for diluted net (loss) income per 71,672 73,992 72,070 75,479 Basic net (loss) income per common share $ ( 0.35 ) $ ( 0.10 ) $ ( 0.14 ) $ 0.44 Diluted net (loss) income per common share $ ( 0.35 ) $ ( 0.10 ) $ ( 0.14 ) $ 0.44 _____________________________ (1) All periods exclude the weighted-average shares of unvested restricted stock that are contingently issuable.
Antidilutive Securities Excluded from Computation of Diluted Net (Loss) Income Per Common Share	The following weighted-average shares of securities were not included in the computation of diluted net (loss) income per common share as their effect would have been antidilutive: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Restricted stock and stock units 1,630,923 1,422,181 1,004,478 429,339 Stock options 13,000 13,000 13,000 13,000 1,643,923 1,435,181 1,017,478 442,339

Accrued and Other Liabilities (

Accrued and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
Summary of Accrued and Other Liabilities	September 30, 2024 December 31, 2023 (In Thousands) Accrued interest $ 11,213 $ 7,487 Accrued payroll and benefits 8,440 9,400 Current portion of operating lease liabilities 7,305 8,795 Accrued taxes other than income 3,525 2,198 Customer deposits 657 874 Other 5,490 2,730 36,630 31,484 Less noncurrent portion 523 523 Current portion of accrued and other liabilities $ 36,107 $ 30,961

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Revolving Credit Facility and Long-Term Debt	Our long-term debt consists of the following: September 30, 2024 December 31, 2023 (In Thousands) Revolving Credit Facility (A) $ — $ — Senior Secured Notes due 2028, with an interest rate of 6.25 % (B) 478,440 575,000 Secured Financing due 2025, with an interest rate of 8.75 % (C) 10,441 14,133 Finance Leases 4,028 953 Unamortized debt issuance costs (1) ( 5,939 ) ( 8,365 ) 486,970 581,721 Less current portion of long-term debt 10,979 5,847 Long-term debt due after one year, net $ 475,991 $ 575,874 _____________________________ (1) Debt issuance costs as of September 30, 2024 and December 31, 2023 of approximat ely $ 0.8 million an d $ 0.5 million, respectively, relating to our Revolving Credit Facility are not included in Unamortized debt issuance cost. They are included in our condensed consolidated balance sheet in Intangible and other assets, net. (A) The Revolving Credit Facility provides for borrowings up to an initial maximum of $ 75 million, with an option to increase the maximum by an additional $ 25 million (which amount is uncommitted). Availability is subject to a borrowing base and an availability block of $ 7.5 million, which is applied against the $ 75 million initially reducing the maximum (which can be removed by us at our sole discretion, subject to the satisfaction of certain conditions). The Revolving Credit Facility provides for a sub-facility for the issuance of letters of credit in an aggregate amount not to exceed $ 10 million, with the outstanding amount of any such letters of credit reducing availability for borrowings. As of September 30, 2024, our Revolving Credit Facility was undrawn and had approximately $ 34 million of ava ilability, based on our eligible collateral. The maturity date of the Revolving Credit Facility is on the earlier of (i) the date that is 90 days prior to the earliest stated maturity date of the Senior Secured Notes, which is currently October 15, 2028, (unless refinanced or repaid) and (ii) December 21, 2028. The Revolving Credit Facility contains a financial covenant, which requires that, solely if we elect to remove the $ 7.5 million availability block, we must maintain a minimum fixed charge coverage ratio of not less than 1.00: 1 .00 . The financial covenant, if triggered, is tested monthly. The financial covenant was not triggered as of September 30, 2024. Interest accrues on outstanding borrowings under the Revolving Credit Facility at a rate per annum equal to, at the option of us, either (a) term Secured Overnight Financing Rate (“SOFR”) for a period of one month (with a fallback to the prime rate if such rate is unavailable), plus 0.10 %, plus an applicable margin of 1.625 % or (b) term SOFR for a period of one, three or six months (at our election), plus 0.10 %, plus an applicable margin of 1.625 %, in each case with a floor of 0.00 %. (B) We previously issued at par an aggregate total of $ 700 million principal value of our Senior Secured Notes due 2028 (“Senior Secured Notes”). The Senior Secured Notes, which mature in October 2028 , bear interest at a rate of 6.25 % paid in arrears on May 15 and October 15. Please see Note 5 in our 2023 Form 10-K for further discussion of the Senior Secured Notes. From time to time, we have engaged in open market repurchases to extinguish a portion of the outstanding balance. We did no t repurchase any of our Senior Secured Notes during the three months ended September 30, 2024. During the nine months ended September 30, 2024 , we repurchased $ 96.6 million in principal amount of our Senior Secured Notes for approximately $ 92.2 million which was accounted for as an extinguishment of debt. Including our write-off of the associated remaining portion of unamortized debt issuance costs, we recognized a gain on extinguishment of approximately $ 3.0 million. (C) In August 2020, we entered into a $ 30 million secured financing arrangement with an affiliate of Eldridge Industries, L.L.C. (“Eldridge”). Beginning in September 2020, principal and interest is payable in 60 equal monthly installments with a final balloon payment of approximately $ 5 million due in August 2025 . This financing arrangement is secured by an ammonia storage tank and is guaranteed by LSB.

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Financial Instruments	At September 30, 2024 and December 31, 2023, we did no t have any financial instruments with fair values materially different from their carrying amounts (which excludes issuance costs, if applicable) except for our Senior Secured Notes. Fair value of our Senior Secured Notes is classified as a Level 2 fair value measurement while the treasury securities that comprise our cash equivalents and short-term investments are a Level 1. The fair value of financial instruments is not indicative of the overall fair value of our assets and liabilities since financial instruments do not include all assets, including intangibles and all liabilities. September 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value (In Millions) Senior Secured Notes (1) $ 478 $ 464 $ 575 $ 543 Short-Term Investments $ 157 $ 157 $ 207 $ 207 _____________________________ 1. Based on a quoted price of 97.0 at September 30, 2024 and 94.5 at December 31, 2023 . Also see discussion in Note 4 (B).

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
(Benefit) Provision for Income Taxes	(Benefit) provision for income taxes is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In Thousands) Current: Federal $ — $ — $ — $ — State 718 ( 396 ) 251 739 Total Current $ 718 $ ( 396 ) $ 251 $ 739 Deferred: Federal $ ( 5,267 ) $ ( 2,955 ) $ ( 2,354 ) $ 8,139 State 67 ( 1,898 ) ( 526 ) ( 5,256 ) Total Deferred $ ( 5,200 ) $ ( 4,853 ) $ ( 2,880 ) $ 2,883 (Benefit) provision for income taxes $ ( 4,482 ) $ ( 5,249 ) $ ( 2,629 ) $ 3,622

Net Sales (Tables)

Net Sales (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of Net Sales Disaggregated by Principal Markets	The following table presents our net sales disaggregated by our principal product types: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In Thousands) Net sales: AN & Nitric Acid $ 47,981 $ 46,026 $ 154,858 $ 173,859 Urea ammonium nitrate (UAN) 25,303 30,090 109,303 117,585 Ammonia 28,490 26,823 96,468 129,850 Other 7,443 11,348 26,865 39,802 Total net sales $ 109,217 $ 114,287 $ 387,494 $ 461,096

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Additional Information Relating to Cash Flow Activities	The following provides additional information relating to cash flow activities: Nine Months Ended September 30, 2024 2023 (In Thousands) Cash payments (refunds) for: Interest on long-term debt and other, net of capitalized interest $ 21,289 $ 27,444 Income taxes, net $ 508 $ 1,658 Noncash investing and financing activities: Property, plant and equipment acquired and not yet paid at end of period $ 25,302 $ 18,102 Gain on extinguishment of debt $ — $ ( 8,644 )

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Facility $ / shares shares	Sep. 30, 2023 USD ($)	May 31, 2023 USD ($)
Equity, Class of Treasury Stock [Line Items]
Number of facilities for manufacture and distribution of products | Facility						4
Stock repurchase program, authorized amount								$ 150,000
Stock repurchase program, remaining authorized amount	$ 109,000					$ 109,000
Stock repurchase program, total cost of repurchased shares		$ 6,734	$ 5,397	$ 586	$ 17,218
Sublease income	100			2,800		900	$ 4,800
Impairments on assets	5,400			$ 200		6,800	$ 2,100
Lease obligations not yet commenced	$ 8,100					$ 8,100
Common Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, number of shares repurchased | shares	0					1.5
Stock repurchase program, average cost of repurchased shares | $ / shares						$ 8.13
Stock repurchase program, total cost of repurchased shares						$ 12,100

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 42,283	$ 98,500
Restricted cash		2,532
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 42,283	$ 101,032	$ 46,824	$ 63,769

Net (Loss) Income per Common _3

Net (Loss) Income per Common Share - Computation of Basic and Diluted Net (Loss) Income per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net (loss) income	$ (25,382)	$ 9,555	$ 5,623	$ (7,726)	$ 25,095	$ 15,901	$ (10,204)	$ 33,270
Numerator for basic net (loss) income per common share	(25,382)			(7,726)			(10,204)	33,270
Numerator for diluted net (loss) income per common share	$ (25,382)			$ (7,726)			$ (10,204)	$ 33,270
Denominator:
Denominator for basic net (loss) income per common share - adjusted weighted-average shares	71,672			73,992			72,070	74,946
Effect of dilutive securities:
Unvested restricted stock and stock units								533
Dilutive potential common shares								533
Denominator for diluted net (loss) income per common share - adjusted weighted-average shares	71,672			73,992			72,070	75,479
Basic net (loss) income per common share	$ (0.35)			$ (0.10)			$ (0.14)	$ 0.44
Diluted net (loss) income per common share	$ (0.35)			$ (0.10)			$ (0.14)	$ 0.44

Net (Loss) Income per Common _4

Net (Loss) Income per Common Share - Antidilutive Securities Excluded from Computation of Diluted Net (Loss) Income Per Common Share (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,643,923	1,435,181	1,017,478	442,339
Restricted Stock and Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,630,923	1,422,181	1,004,478	429,339
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	13,000	13,000	13,000	13,000

Accrued and Other Liabilities -

Accrued and Other Liabilities - Summary of Accrued and Other Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued interest	$ 11,213	$ 7,487
Accrued payroll and benefits	8,440	9,400
Current portion of operating lease liabilities	$ 7,305	$ 8,795
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of accrued and other liabilities	Current portion of accrued and other liabilities
Accrued taxes other than income	$ 3,525	$ 2,198
Customer deposits	657	874
Other	5,490	2,730
Total current and noncurrent accrued liabilities	36,630	31,484
Less noncurrent portion	523	523
Current portion of accrued and other liabilities	$ 36,107	$ 30,961

Long-Term Debt - Schedule of Re

Long-Term Debt - Schedule of Revolving Credit Facility and Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance Leases	$ 4,028	$ 953
Unamortized debt issuance costs	(5,939)	(8,365)
Long-term debt	486,970	581,721
Less current portion of long-term debt	10,979	5,847
Long-term debt due after one year, net	$ 475,991	$ 575,874
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-term debt	Long-term debt
6.25% Senior Secured Notes Due 2028 [Member]
Debt Instrument [Line Items]
Debt carrying amount	$ 478,440	$ 575,000
8.75% Secured Financing Due 2025 [Member]
Debt Instrument [Line Items]
Debt carrying amount	$ 10,441	$ 14,133

Long-Term Debt - Schedule of _2

Long-Term Debt - Schedule of Revolving Credit Facility and Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
6.25% Senior Secured Notes Due 2028 [Member]
Debt Instrument [Line Items]
Long-term debt, effective Interest Rate	6.25%	6.25%
8.75% Secured Financing Due 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, effective Interest Rate	8.75%	8.75%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt issuance costs	$ 0.8	$ 0.5

Long-Term Debt - Revolving Cred

Long-Term Debt - Revolving Credit Facility, Senior Secured Notes and Secured Financing - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Repayments of debt instrument		$ 92,216,000	$ 114,320,000
Gain on extinguishment of debt		3,013,000	$ 8,644,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum amount of revolving credit facility	$ 75,000,000	75,000,000
Revolving credit facility, increase (decrease), net		25,000,000
Amount available for borrowing	7,500,000	7,500,000
Available maximum borrowing capacity based on collateral	$ 34,000,000	$ 34,000,000
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	0.10%	0.10%
Debt instrument floor rate percentage		0%
Debt instrument basis spread on variable rate		1.625%
6.25% Senior Secured Notes Due 2028 [Member]
Debt Instrument [Line Items]
Maturity date		Oct. 31, 2028
Debt issued - principal amount	$ 700,000,000	$ 700,000,000
Debt instrument, interest rate	6.25%	6.25%
Debt instrument, maturity term		2028
Repayments of debt instrument	$ 0	$ 96,600,000
Extinguishment of debt		92,200,000
Gain on extinguishment of debt		$ 3,000,000
8.75% Secured Financing Due 2025 [Member] | El Dorado Ammonia L.L.C. [Member]
Debt Instrument [Line Items]
Maturity date		Aug. 31, 2025
Debt issued - principal amount	30,000,000	$ 30,000,000
Debt instrument, frequency of interest payment		principal and interest is payable in 60 equal monthly installments with a final balloon payment of approximately $5 million due in August 2025
Final balloon payment	5,000,000	$ 5,000,000
Financial Covenant [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount available for borrowing	$ 7,500,000	$ 7,500,000
Working capital revolver loan requirements		we must maintain a minimum fixed charge coverage ratio of not less than 1.00:1.00
Fixed charge coverage ratio	100%	100%
Letter of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum amount of revolving credit facility	$ 10,000,000	$ 10,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) MMBTU in Millions	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) $ / MMBTU	Sep. 30, 2023 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2024 USD ($) MMBTU $ / MMBTU	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Oct. 04, 2024 USD ($)	May 31, 2024 USD ($)	Oct. 18, 2023 USD ($)	Mar. 31, 2016 USD ($)
Commitments And Contingencies [Line Items]
Accrued liabilities for environmental matters	$ 600,000			$ 600,000
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Other Accrued Liabilities, Current, Accrued And Other Liabilities Noncurrent			Other Accrued Liabilities, Current, Accrued And Other Liabilities Noncurrent
Percentage of payment of investigation costs agreed by Hallowell Facility				50%
Liability reserve	$ 0			$ 0
Interest expense, net	8,115,000	$ 7,165,000		26,229,000	$ 31,213,000
Depreciation expense on the related plant, property and equipment				52,484,000	$ 49,852,000
Award of attorneys' fee and expenses								$ 2,400,000
Aggregate award of attorneys' fee and expenses							$ 600,000
Loss contingency, accrued	$ 600,000			$ 600,000
Global Industrial Inc [Member]
Commitments And Contingencies [Line Items]
Amount awarded for labor, service, materials and other			$ 7,400,000
Prejudgment interest			1,300,000
Leidos Constructors, LLC [Member] | Global Industrial Inc [Member]
Commitments And Contingencies [Line Items]
Gross plant, property and equipment									$ 7,400,000
Payables and accrued liabilities									9,800,000
Pre and Post Judgement Accrued Interest									$ 2,400,000
Interest expense, net						$ 2,400,000
Depreciation expense on the related plant, property and equipment						$ 1,800,000
Percentage of accrued post judgement interests									4.25%
Leidos Constructors, LLC [Member] | Global Industrial Inc [Member] | Accounts Payable [Member]
Commitments And Contingencies [Line Items]
Claim amount not approved for payment			$ 3,500,000							$ 3,500,000
Natural Gas Purchase Commitments [Member]
Commitments And Contingencies [Line Items]
Natural gas purchase commitments volume | MMBTU				0.6
Weighted average price of natural gas per unit | $ / MMBTU	2.08			2.08
Weighted average purchase price of natural gas				$ 1,200,000
Weighted average natural gas market price per unit | $ / MMBTU	2.41			2.41
Weighted average natural gas market price				$ 1,400,000

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) MMBTU	Dec. 31, 2023 USD ($) MMBTU
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Financial instruments with fair values | $	$ 0	$ 0
Natural Gas Purchase Commitments [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Natural gas purchase commitments volume	600,000
Natural Gas Purchase Commitments [Member] | Level 2 [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Natural gas purchase commitments volume	0	0

Financial Instruments - Summary

Financial Instruments - Summary of Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Short-term investments, Carrying Amount	$ 157,060	$ 207,434
Short-term investments, Estimated Fair Value	157,000	207,000
Senior Notes
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Carrying Amount	478,000	575,000
Estimated Fair Value	$ 464,000	$ 543,000

Financial Instruments - Summa_2

Financial Instruments - Summary of Financial Instruments (Parenthetical) (Detail)	Sep. 30, 2024	Dec. 31, 2023
Offsetting [Abstract]
Quoted price	97	94.5

Income Taxes - (Benefit) Provis

Income Taxes - (Benefit) Provision for Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Current:
State	$ 718	$ (396)	$ 251	$ 739
Total Current	718	(396)	251	739
Deferred:
Federal	(5,267)	(2,955)	(2,354)	8,139
State	67	(1,898)	(526)	(5,256)
Total Deferred	(5,200)	(4,853)	(2,880)	2,883
(Benefit) provision for income taxes	$ (4,482)	$ (5,249)	$ (2,629)	$ 3,622

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Loss Carryforwards [Line Items]
(Benefit) provision for income taxes	$ (4,482)	$ (5,249)	$ (2,629)	$ 3,622
Percentage of (benefit) provision on pre-tax (loss) income			(20.50%)	9.80%
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Valuation allowance reduction, Change	$ 800		$ 800

Net Sales - Summary of Net Sale

Net Sales - Summary of Net Sales Disaggregated by Principal Markets (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net sales:
Net sales	$ 109,217	$ 114,287	$ 387,494	$ 461,096
Chemical
Net sales:
Net sales	109,217	114,287	387,494	461,096
Chemical | AN and Nitric Acid
Net sales:
Net sales	47,981	46,026	154,858	173,859
Chemical | Urea ammonium nitrate (UAN)
Net sales:
Net sales	25,303	30,090	109,303	117,585
Chemical | Ammonia
Net sales:
Net sales	28,490	26,823	96,468	129,850
Chemical | Other
Net sales:
Net sales	$ 7,443	$ 11,348	$ 26,865	$ 39,802

Net Sales - Additional Informat

Net Sales - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation, expected timing of satisfaction, description			For our contracts with a duration greater than one year at contract inception, the average remaining expected duration was approximately 34 months
Average revenue remaining performance obligation expected timing of satisfaction period			34 months
Contract liabilities	$ 0.7		$ 0.7		$ 1
Contract with customer, liability partially offset revenue recognized	0.1	$ 0.3	0.8	$ 1.6
Amount of remaining performance obligation	$ 82.3		$ 82.3

Net Sales - Additional Inform_2

Net Sales - Additional Information (Detail 1)	9 Months Ended
	Sep. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, percent	50%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	30 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, percent	21%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) $ in Millions	Sep. 30, 2024 USD ($)
Eldridge [Member] | Senior Secured Notes [Member]
Related Party Transaction [Line Items]
Debt issued - principal amount	$ 30

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Additional Information Relating to Cash Flow Activities (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash payments (refunds) for:
Interest on long-term debt and other, net of capitalized interest	$ 21,289	$ 27,444
Income taxes, net	508	1,658
Noncash investing and financing activities:
Property, plant and equipment acquired and not yet paid at end of period	25,302	18,102
Gain on extinguishment of debt	$ (3,013)	$ (8,644)