Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 29, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-34025 | ||
Entity Registrant Name | INTREPID POTASH, INC. | ||
Entity Central Index Key | 0001421461 | ||
Amendment Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 26-1501877 | ||
Entity Address, Address Line One | 707 17th Street, Suite 4200 | ||
Entity Address, City or Town | Denver, | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80202 | ||
City Area Code | 303 | ||
Local Phone Number | 296-3006 | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | IPI | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 247 | ||
Entity Common Stock, Shares Outstanding | 13,141,035 | ||
Documents Incorporated by Reference | Certain information required by Part III of this report is incorporated by reference from portions of the registrant's definitive proxy statement relating to its 2024 annual meeting of stockholders to be filed within 120 days after December 31, 2023. |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Line Items] | |
Auditor Location | Denver, Colorado |
Auditor Name | KPMG LLP |
Auditor Firm ID | 185 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 4,071 | $ 18,514 |
Short-term investments | 2,970 | 5,959 |
Accounts receivable: | ||
Trade, net | 22,077 | 26,737 |
Other receivables, net | 1,374 | 790 |
Inventory, net | 114,252 | 114,816 |
Other current assets | 7,200 | 4,863 |
Total current assets | 151,944 | 171,679 |
Property, plant, equipment, and mineral properties, net | 358,249 | 375,630 |
Water rights | 19,184 | 19,184 |
Long-term parts inventory, net | 30,231 | 24,823 |
Long-Term Investments | 6,627 | 9,841 |
Other assets, net | 8,016 | 7,294 |
Non-current deferred tax asset, net | 194,223 | 185,752 |
Total Assets | 768,474 | 794,203 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 12,848 | 18,645 |
Income taxes payable | 40 | 8 |
Accrued liabilities | 19,061 | 16,212 |
Accrued employee compensation and benefits | 7,254 | 6,975 |
Other current liabilities | 7,265 | 7,036 |
Total current liabilities | 46,468 | 48,876 |
Advances on credit facility | 4,000 | |
Asset retirement obligation | 30,077 | 26,564 |
Operating lease liabilities | 741 | 2,206 |
Finance lease liabilities | 1,451 | 0 |
Other non-current liabilities | 1,309 | 1,479 |
Total Liabilities | 84,046 | 79,125 |
Commitments and Contingencies | ||
Common stock, $0.001 par value; 40,000,000 shares authorized; and 12,807,316 and 12,687,822 shares outstanding at December 31, 2023, and 2022, respectively | 13 | 13 |
Additional paid-in capital | 665,637 | 660,614 |
Retained earnings | 40,790 | 76,463 |
Treasury Stock, Value | (22,012) | (22,012) |
Total Stockholders' Equity | 684,428 | 715,078 |
Total Liabilities and Stockholders' Equity | $ 768,474 | $ 794,203 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares outstanding | 12,807,316 | 12,687,822 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Less: | ||||
Lower of cost or net realizable value inventory adjustments | $ 6,492 | $ 0 | $ 0 | |
Costs associated with abnormal production | 0 | 0 | 5,973 | |
Gross Margin | 36,846 | 141,408 | 55,764 | |
Selling and administrative | 32,423 | 31,799 | 23,998 | |
Accretion of asset retirement obligation | 2,140 | 1,961 | 1,858 | |
Impairment of long-lived assets | 43,288 | 0 | 0 | |
Loss (gain) on disposal of assets | 807 | 7,470 | (2,542) | |
Other operating expense | 2,157 | 4,738 | 178 | |
Operating (Loss) Income | (43,969) | 95,440 | 32,272 | |
Other Income (Expense) | ||||
Equity in earnings of unconsolidated entities | (486) | 689 | 0 | |
Interest expense, net | 0 | (101) | (1,468) | |
Interest income | 298 | 176 | 0 | |
Other income | 95 | 305 | 48 | |
Gain on extinguishment of debt | 0 | 0 | 10,113 | |
(Loss) Income Before Income Taxes | (44,062) | 96,509 | 40,965 | |
Income Tax Benefit (Expense) | 8,389 | (24,289) | 208,869 | |
Net (Loss) Income | $ (35,673) | $ 72,220 | $ 249,834 | |
Weighted Average Shares Outstanding: | ||||
Basic (in shares) | 12,760,937 | 13,151,752 | 13,098,871 | |
Diluted (in shares) | 12,760,937 | 13,452,233 | 13,391,362 | |
(Loss) Income Per Share: | ||||
Basic (dollar per share) | $ (2.80) | $ 5.49 | $ 19.07 | |
Diluted (dollar per share) | $ (2.80) | $ 5.37 | $ 18.66 | |
Mineral [Member] | ||||
Sales | [1] | $ 279,083 | $ 337,568 | $ 270,332 |
Cost of goods sold | 187,278 | 152,276 | 161,421 | |
Freight costs [Member] | ||||
Cost of goods sold | 37,635 | 34,137 | 37,892 | |
Warehouse and handling costs [Member] | ||||
Cost of goods sold | $ 10,832 | $ 9,747 | $ 9,282 | |
[1] Segment sales include the sales of byproducts generated during the production of potash and Trio ® . |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit)[Member] |
Balance (in shares) at Dec. 31, 2020 | 13,049,820 | ||||
Balance at Dec. 31, 2020 | $ 411,259 | $ 13 | $ 656,837 | $ (245,591) | |
Increase (Decrease) in Stockholders' Equity | |||||
Net (loss) income | 249,834 | 249,834 | |||
Stock-based compensation | 3,012 | 3,012 | |||
Vesting of restricted shares, net of common stock used to fund employee income tax withholding due upon vesting (shares) | 90,844 | ||||
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting | (791) | (791) | |||
Exercise of stock options (in shares) | 8,651 | ||||
Exercise of stock option | 89 | 89 | |||
Balance (in shares) at Dec. 31, 2021 | 13,149,315 | ||||
Balance at Dec. 31, 2021 | 663,403 | $ 13 | 659,147 | 4,243 | |
Increase (Decrease) in Stockholders' Equity | |||||
Net (loss) income | 72,220 | 72,220 | |||
Stock-based compensation | 6,152 | 6,152 | |||
Purchase of treasury stock | $ (22,012) | $ (22,012) | |||
Purchase of treasury stock (shares) | (608,657) | (608,657) | |||
Vesting of restricted shares, net of common stock used to fund employee income tax withholding due upon vesting (shares) | 136,446 | ||||
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting | $ (4,795) | (4,795) | |||
Exercise of stock options (in shares) | 10,718 | ||||
Exercise of stock option | $ 110 | 110 | |||
Balance (in shares) at Dec. 31, 2022 | 12,687,822 | 12,687,822 | |||
Balance at Dec. 31, 2022 | $ 715,078 | $ 13 | (22,012) | 660,614 | 76,463 |
Increase (Decrease) in Stockholders' Equity | |||||
Net (loss) income | (35,673) | (35,673) | |||
Stock-based compensation | $ 6,534 | 6,534 | |||
Purchase of treasury stock (shares) | 0 | ||||
Vesting of restricted shares, net of common stock used to fund employee income tax withholding due upon vesting (shares) | 119,494 | ||||
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting | $ (1,511) | (1,511) | |||
Balance (in shares) at Dec. 31, 2023 | 12,807,316 | 12,807,316 | |||
Balance at Dec. 31, 2023 | $ 684,428 | $ 13 | $ (22,012) | $ 665,637 | $ 40,790 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Net (loss) income | $ (35,673) | $ 72,220 | $ 249,834 |
Depreciation, depletion, and amortization | 39,078 | 34,711 | 35,635 |
Amortization of intangible assets | 322 | 322 | 322 |
Accretion of asset retirement obligation | 2,140 | 1,961 | 1,858 |
Amortization of deferred financing costs | 301 | 265 | 314 |
Stock-based compensation | 6,534 | 6,152 | 3,012 |
Reserve for obsolescence | 509 | 1,750 | 2,108 |
Allowance for doubtful accounts | 110 | 0 | 0 |
Impairment of long-lived assets | 43,288 | 0 | 0 |
Loss (gain) on disposal of assets | 807 | 7,470 | (2,542) |
Equity in earnings of unconsolidated entities | 486 | (689) | 0 |
Distribution of earnings from unconsolidated entities | 452 | 0 | 0 |
Gain on extinguishment of debt | 0 | 0 | (10,113) |
Lower of cost or net realizable value inventory adjustments | 6,492 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable, net | 4,550 | 8,673 | (12,615) |
Other receivables, net | (701) | 140 | 589 |
Inventory, net | (11,861) | (33,283) | 7,358 |
Other current assets | (3,857) | 191 | (1,974) |
Deferred tax assets, net | (8,471) | 23,323 | (209,075) |
Accounts payable, accrued liabilities and accrued employee compensation and benefits | 1,284 | (3,596) | 13,456 |
Income taxes payable | 32 | (33) | 42 |
Operating lease liabilities | (1,735) | (2,025) | (2,508) |
Other liabilities | (858) | (28,731) | 3,366 |
Net cash provided by operating activities | 43,229 | 88,821 | 79,067 |
Cash Flows from Investing Activities: | |||
Additions to property, plant, equipment, mineral properties and other assets | (65,060) | (68,696) | (19,789) |
Proceeds from sale of property, plant, equipment, and mineral properties | 125 | 58 | 6,042 |
Purchase of investments | (1,415) | (13,047) | (1,076) |
Proceeds from redemptions/maturities of investments | 6,000 | 2,506 | 0 |
Other investing, net | 796 | 0 | 0 |
Net cash used in investing activities | (59,554) | (79,179) | (14,823) |
Cash Flows from Financing Activities: | |||
Repayments of long-term debt | 0 | 0 | (15,000) |
Debt prepayment costs | 0 | 0 | (505) |
Proceeds from borrowings on credit facility | 9,000 | 0 | 0 |
Repayments of borrowings on credit facility | (5,000) | 0 | (29,817) |
Payments of financing lease | (597) | 0 | (1,258) |
Capitalized debt costs | 0 | (1,007) | 0 |
Employee tax withholding paid for restricted stock upon vesting | (1,511) | (4,795) | (791) |
Repurchases of common stock | 0 | (22,012) | 0 |
Proceeds from exercise of stock options | 0 | 110 | 89 |
Net cash provided by (used in) financing activities | 1,892 | (27,704) | (47,282) |
Net Change in Cash, Cash Equivalents, and Restricted Cash | (14,433) | (18,062) | 16,962 |
Cash, Cash Equivalents, and Restricted Cash, beginning of period | 19,084 | 37,146 | 20,184 |
Cash, Cash Equivalents, and Restricted Cash, end of period | 4,651 | 19,084 | 37,146 |
Supplemental disclosure of cash flow information | |||
Interest | 411 | 113 | 875 |
Income taxes | 179 | 1,015 | 193 |
Accrued purchases for property, plant, equipment, mineral properties, and development costs | $ 4,578 | $ 8,532 | $ 2,192 |
COMPANY BACKGROUND
COMPANY BACKGROUND | 12 Months Ended |
Dec. 31, 2023 | |
Company Background [Abstract] | |
COMPANY BACKGROUND | COMPANY BACKGROUND We are a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed and the oil and gas industry. We are the only U.S. producer of muriate of potash (sometimes referred to as potassium chloride or potash), which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, we produce a specialty fertilizer, Trio ® , which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. We also provide water, magnesium chloride, brine and various oilfield products and services. Our extraction and production operations are conducted entirely in the continental U.S. We produce potash from three solution mining facilities: our HB solution mine in Carlsbad, New Mexico, our solution mine in Moab, Utah and our brine recovery mine in Wendover, Utah. We also operate our North compaction facility in Carlsbad, New Mexico, which compacts and granulates product from the HB mine. We produce Trio ® from our conventional underground East mine in Carlsbad, New Mexico. We have permitted, licensed, declared and partially adjudicated water rights in New Mexico. We sell a portion of water from these water rights to support oil and gas development in the Permian Basin. We continually work to expand water sales. In May 2019, we acquired certain land, water rights, federal and state grazing leases for cattle, and other related assets from Dinwiddie Cattle Company. We refer to these assets and operations as "Intrepid South." Due to the strategic location of Intrepid South, part of our long-term operating strategy is selling small parcels of land, including restricted use agreements of surface or subsurface rights, to customers, where such sales provide a solution to a customer's operations in the oil and gas industry. We have three segments: potash, Trio ® , and oilfield solutions. We account for the sales of byproducts as revenue in the potash or Trio ® segment, based on which segment generates the byproduct. For each of the years ended December 31, 2023, 2022, and 2021, a majority of our byproduct sales were accounted for in the potash segment. We manage sales and marketing operations centrally. This allows us to evaluate the product needs of our customers and then centrally determine which of our production facilities to use to fill customer orders in a manner designed to realize the highest average net realized sales price per ton. Average net realized sales price per ton is a non-GAAP measure that we calculate for each of potash and Trio ® as segment sales less segment byproduct sales and segment freight costs, divided by the number of tons of product sold in the period. We also monitor product inventory levels and overall production costs centrally. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation —Our consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates —The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. Significant estimates include, but are not limited to, those for proven and probable mineral reserves, the related present value of estimated future net cash flows, useful lives of plant assets, asset retirement obligations, normal inventory production levels, inventory valuations, the valuation of equity awards, revenue from products we sell to customers where the price is variable, the valuation of receivables, estimated future net cash flows used in long-lived assets impairment analysis, the related valuation of our long-lived assets, valuation of our deferred tax assets and estimated blended income tax rates utilized in the current and deferred income tax calculations. There are numerous uncertainties inherent in estimating quantities of proven and probable reserves, projecting future rates of production, and the timing of development expenditures. Future mineral prices may vary significantly from the prices in effect at the time the estimates are made, as may estimates of future operating costs. The estimate of proven and probable mineral reserves, the related present value of estimated future cash flows, and useful lives of plant assets can affect various other items including depletion, the net carrying value of our mineral properties, the useful lives of related property, plant, and equipment, depreciation expense, and estimates associated with recoverability of long-lived assets and asset retirement obligations. Specific to income tax items, we experience fluctuations in the valuation of the deferred tax assets and liabilities due to changing income tax rates and the blend of state tax rates. Revenue Recognition —We account for revenue in accordance with Accounting Standards Codification ("ASC") Topic 606 Revenue from Contracts with Customers ("ASC 606"). Under ASC 606, we recognize revenue when control of the promised goods or services is transferred to customers in an amount that reflects the consideration we expect to be entitled in exchange for those goods or services. Performance Obligations: A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. The contract's transaction price is allocated to the performance obligations and recognized as revenue when the performance obligations are satisfied. Substantially all our contracts are of a short-term nature and contain a single performance obligation because the sale is for one type of product and shipping and handling charges are accounted for as a fulfillment cost and are not considered to be a separate performance obligation. The performance obligation is satisfied when control of the product is transferred to the customer, which typically occurs when we ship mineral products or deliver water from our facility to the customer. We account for substantially all of our revenue from sales to customers at a single point in time. Contract Estimates: In certain circumstances, we may sell products to customers where the sales price is variable. For variable consideration sales, we estimate the sales price we expect to realize at contract inception based on the facts and circumstances for each sale, including historical experience, and recognize revenue to the extent it is probable that a subsequent change in estimate will not result in a significant revenue reversal compared to the cumulative revenue recognized once the uncertainty is resolved. We update variable consideration estimates at each reporting date for any changes in facts and circumstances and adjust financial information as necessary in the period the change is identified. Contract Balances: The timing of revenue recognition, billings, and cash collection may result in contract assets or contract liabilities. For certain contracts, the customer has agreed to pay us before we have satisfied our performance obligations. Customer payments received before we have satisfied our performance obligations are accounted for as a contract liability. Disaggregation of Revenue: We present disaggregation of revenue by products which we believe best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic conditions. Inventory and Long-Term Parts Inventory —Inventory consists of product and byproduct stocks that are ready for sale; mined ore; potash in evaporation ponds, which is considered work-in-process; and parts and supplies inventory. Product and byproduct inventory cost is determined using the lower of weighted average cost or estimated net realizable value and includes direct costs, maintenance, operational overhead, depreciation, depletion, and equipment lease costs applicable to the production process. Direct costs, maintenance, and operational overhead include labor and associated benefits. We evaluate our production levels and costs to determine if any should be deemed abnormal and therefore excluded from inventory costs and expensed directly during the applicable period. The assessment of normal production levels is judgmental and unique to each period. We model normal production levels and evaluate historical ranges of production by operating plant in assessing what is deemed to be normal. Each production operation typically shuts down periodically for planned maintenance activities. The costs of maintenance turnarounds at our facilities are considered part of production costs and are absorbed into inventory in the period incurred. Parts inventory, including critical spares not expected to be used within a period of one year is classified as non-current. Parts and supply inventory cost is determined using the lower of average acquisition cost or estimated replacement cost. Detailed reviews are performed related to the net realizable value of parts inventory, giving consideration to quality, slow-moving items, obsolescence, excessive levels, and other factors. Parts inventories that have not turned over in more than a year, excluding parts classified as critical spares, are reviewed for obsolescence and, if deemed appropriate, are included in the determination of an allowance for obsolescence. Property, Plant, Equipment, Mineral Properties, and Development Costs —Property, plant, and equipment are stated at historical cost. Expenditures for property, plant, and equipment relating to new assets or improvements are capitalized, provided the expenditure extends the useful life of an asset or extends the asset's functionality. Property, plant, and equipment are depreciated under the straight-line method using estimated useful lives. The estimated useful lives of property, plant, and equipment are evaluated periodically as changes in estimates occur. No depreciation is taken on assets classified as construction in progress until the asset is placed into service. Gains and losses are recorded upon retirement, sale, or disposal of assets. Maintenance and repair costs are recognized as period costs when incurred. Capitalized interest, to the extent of debt outstanding, is calculated and capitalized on assets that are being constructed, drilled, or built or that are otherwise classified as construction in progress. Mineral properties and development costs, which are referred to collectively as mineral properties, include acquisition costs, the cost of drilling production wells, and the cost of other development work, all of which are capitalized. Exploration costs include geological and geophysical work performed on areas that do not yet have proven and probable reserves declared. These costs are expensed as incurred. Depletion of mineral properties is calculated using the units-of-production method over the estimated life of the relevant ore body. The lives of reserves used for accounting purposes are shorter than current reserve life determinations due to uncertainties inherent in long-term estimates. These reserve life estimates have been prepared by us and reviewed and independently determined by mine consultants. Tons of potash and langbeinite in the proven and probable reserves are expressed in terms of expected finished tons of product to be realized, net of estimated losses. Market price fluctuations of potash or Trio ® , as well as increased production costs or reduced recovery rates, could render proven and probable reserves containing relatively lower grades of mineralization uneconomic to exploit and might result in a reduction of reserves. In addition, the provisions of our mineral leases, including royalty provisions, are subject to periodic readjustment by the state and federal government, which could affect the economics of our reserve estimates. Significant changes in the estimated reserves could have a material impact on our results of operations and financial position. Recoverability of Long-Lived Assets —We evaluate our long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amount may not be recoverable. An impairment is potentially considered to exist if an asset group's total estimated net future cash flows on an undiscounted basis are less than the carrying amount of the related asset. An impairment loss is measured and recorded based on the excess of the carrying amount of long-lived assets over its estimated fair value. Changes in significant assumptions underlying future cash flow estimates or fair values of asset groups may have a material effect on our financial position and results of operations. Sales price is a significant element of any cash flow estimate, particularly for higher cost operations. Other assumptions we estimate include, among other things, the economic life of the asset, sales volume, inflation, raw materials costs, cost of capital, tax rates, and capital spending. Factors we generally will consider important and which could trigger an impairment review of the carrying value of long-lived assets include the following: • significant underperformance relative to expected operating results or operating losses • significant changes in the manner of use of assets or the strategy for our overall business • the denial or delay of necessary permits or approvals that would affect the utilization of our tangible assets • underutilization of our tangible assets • discontinuance of certain products by us or our customers • a decrease in estimated mineral reserves • significant negative industry or economic trends Intangible Assets —Water rights are accounted for as indefinite-lived intangible assets. We test indefinite-lived intangible assets for impairment at least annually on October 1, and more frequently if circumstances require. We use a qualitative assessment to determine whether it is more likely than not that the fair value of the unamortized intangible asset is less than its carrying value. If our qualitative assessment indicates it is more likely than not that the fair value of the unamortized assets is less than its carrying value, we estimate the fair value of the unamortized asset and record an impairment loss based on the excess of the carrying amount of the unamortized intangible asset over its estimated fair value. Fair value is estimated using quoted market prices, if available. If quoted market prices are not available, the estimated fair value is based on various valuation techniques, including the discounted value of estimated future cash flows. Changes in significant assumptions underlying fair value estimates may have a material effect on our financial position and results of operations. We also have finite-lived intangible assets consisting of contractual agreements. These intangible assets are amortized over the period of estimated benefit using the straight-line method. No significant residual value is estimated for our finite-lived intangible assets. We estimate the useful life of intangible assets considering various factors, including but not limited to, the expected use of the asset, the expected life of other assets the intangible asset may relate, any legal, regulatory, contractual provisions, or relevant economic factors that may limit the use of the intangible asset. We evaluate the remaining useful lives of intangible assets each reporting period to determine if a revision to the asset's remaining life is necessary. Changes in significant assumptions underlying useful lives may have a material effect on our financial position and results of operations. We evaluate our finite-lived intangible assets for impairment when events or changes in circumstances indicate that the related carrying amount may not be recoverable. Such circumstances may include but are not limited to (1) significant adverse changes in the manner the asset is used, or (2) significant adverse changes in legal factors or economic conditions, including adverse actions by regulatory authorities. Asset Retirement Obligations —Reclamation costs are initially recorded as a liability associated with the asset to be reclaimed or abandoned, based on applicable inflation assumptions and discount rates. The accretion of this discounted liability is recognized as expense over the life of the related assets, and the liability is periodically adjusted to reflect changes in the estimates of either the timing or amount of the reclamation and abandonment costs. Leases —We determine if an arrangement is a lease or contains a lease at inception. Operating and finance lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. If readily determinable, we use the implicit rate in the lease to determine the present value of future lease payments. If the implicit rate is not readily determinable, we use an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. Operating right-of-use ("ROU") assets and finance lease assets are generally recognized based on the amount of the initial measurement of the lease liability. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. We account for lease and non-lease components as a single lease component, and we do not apply the requirements of ASC Topic 842 to short-term leases with a term of one year or less at inception. Income Taxes —We are a subchapter C corporation and, therefore, are subject to U.S. federal and state income taxes. We recognize income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. We record a valuation allowance if it is deemed more likely than not that our deferred income tax assets will not be realized in full. These determinations are subject to ongoing assessment. Cash and Cash Equivalents and Investments —Cash and cash equivalents consist of cash and liquid investments with an original maturity of three months or less. We classify our investments in debt securities, which include U.S treasury and government agency obligations, and corporate bonds and notes, as held-to-maturity investments because we have the intent and ability to hold these investments to maturity. Our held to maturity investments are carried at amortized cost. We use the equity method of accounting for investments in limited partnerships where we own more than 3% of the limited partnership, as required by the Securities and Exchange Commission. Under this method of accounting, we record our share of the net earnings or losses of the investee in the "Other Income (Expense)" section of our Consolidated Statements of Operations. We record equity investments without a readily determinable fair value using the measurement alternative of cost, with adjustments for observable changes in prices resulting from orderly transactions for the identical or similar investments of the same issuer, or impairment. Fair Value of Financial Instruments —Our financial instruments include cash and cash equivalents, restricted cash, accounts receivable, refundable income taxes, accounts payable and current accrued liabilities. These instruments are carried at cost, which approximates fair value due to the short-term maturities of the instruments. Allowances for doubtful accounts are recorded against the accounts receivable balance to estimate net realizable value. Amounts outstanding under our secured credit facility are carried at cost, which approximates fair value, due to the short-term nature of the borrowings. Earnings per Share —Basic net income or loss per common share of stock is calculated by dividing net income or loss available to common stockholders by the weighted average basic common shares outstanding for the respective period. Diluted net income per common share of stock is calculated by dividing net income by the weighted average diluted common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted earnings or loss per share calculation consist of awards of restricted shares, performance units, and non‑qualified stock options. The dilutive effect of stock-based compensation arrangements is computed using the treasury‑stock method. Following the lapse of the vesting period of restricted shares, the shares are considered issued and therefore are included in the number of issued and outstanding shares for purposes of these calculations. When we report a net loss, all potentially dilutive securities are considered anti-dilutive and are excluded from the dilutive loss per share calculation. Treasury Stock —Repurchases of our common stock are accounted for at cost and are recorded as treasury stock. Stock‑Based Compensation —We account for stock-based compensation by recording expense using the fair value of the awards at the time of grant. We have recorded compensation expense associated with the issuance of restricted shares, performance units, and non-qualified stock options, all of which are subject to service conditions and in some cases subject to operational performance or market-based conditions. We recognize expense associated with such awards over the service period associated with each grant. For awards with service only conditions we recognize expense using the straight-line recognition method over the requisite service period of the award, which is generally the vesting period of the award. We recognize expense for awards with service and operational performance conditions using the accelerated recognition method over the requisite service period of the award, which is generally the vesting period of the award. We recognize expense associated with awards that contain both a service condition and a market condition using the accelerated recognition method over the requisite service period of the award, which is generally the longer of the explicit service period or the derived service period (expected date the market condition is estimated to be achieved). Recently Adopted Accounting Standards —In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, as amended by ASU No. 2019-04 and ASU No. 2019-10, Financial Instruments - (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASC Topic 326"), which we adopted on January 1, 2020. ASC Topic 326 changed the way entities recognized impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life. Because our trade receivables are short-term in nature, the adoption of this new standard did not have a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and amending existing guidance to improve consistent application. The adoption of this standard did not have a material impact on our consolidated financial statements. Pronouncements Issued But Not Yet Adopted —In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold, certain disclosures of state versus federal income tax expenses and taxes paid. ASC 2023-09 is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the guidance and expect it to only impact disclosures with no impact to results of operations, cash flows and financial condition. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share is computed by dividing net income or loss by the weighted-average number of shares of common stock outstanding during the period. For purposes of determining diluted earnings per share, basic weighted-average common shares outstanding is adjusted to include potentially dilutive securities, including restricted stock, stock options, and performance units. The treasury-stock method is used to measure the dilutive impact of potentially dilutive shares. Potentially dilutive shares are excluded from the diluted weighted-average shares outstanding computation in periods in which they have an anti-dilutive effect. The following table shows the calculation of basic and diluted earnings (loss) per share (in thousands, except per share amounts): Year Ended December 31, 2023 2022 2021 Net (loss) income $ (35,673) $ 72,220 $ 249,834 Basic weighted average common shares outstanding 12,761 13,152 13,099 Add: Dilutive effect restricted common stock — 191 221 Add: Dilutive effect of stock options outstanding — 109 71 Diluted weighted average common shares outstanding 12,761 13,452 13,391 (Loss) earnings per share: Basic $ (2.80) $ 5.49 $ 19.07 Diluted $ (2.80) $ 5.37 $ 18.66 The following table shows anti-dilutive shares excluded from the calculation of diluted earnings (loss) per share (in thousands): Year Ended December 31, 2023 2022 2021 Anti-dilutive effect of restricted shares 348 63 57 Anti-dilutive effect of stock options outstanding 273 — 156 |
CASH, CASH EQUIVALENTS, AND RES
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, And Restricted Cash | CASH, CASH EQUIVALENTS AND RESTRICTED CASH Total cash, cash equivalents and restricted cash, as shown on the consolidated statements of cash flows are included in the following accounts at December 31, 2023, 2022, and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Cash and cash equivalents $ 4,071 $ 18,514 $ 36,452 Restricted cash included in "Other current assets" 25 25 175 Restricted cash included in "Other assets, net" 555 545 519 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 4,651 $ 19,084 $ 37,146 |
INVENTORY AND LONG-TERM PARTS I
INVENTORY AND LONG-TERM PARTS INVENTORY | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORY AND LONG-TERM PARTS INVENTORY | INVENTORY AND LONG-TERM PARTS INVENTORY The following summarizes our inventory, recorded at the lower of weighted average cost or estimated net realizable value as of December 31, 2023, and 2022, respectively (in thousands): December 31, 2023 2022 Finished goods product inventory $ 66,033 $ 74,777 In-process inventory 28,044 24,767 Total product inventory 94,077 99,544 Current parts inventory, net 20,175 15,272 Total current inventory, net 114,252 114,816 Long-term parts inventory, net 30,231 24,823 Total inventory, net $ 144,483 $ 139,639 During the year ended December 31, 2023, we recorded $6.5 million in charges for lower of weighted average cost or estimated net realizable value on our finished goods product inventory. During the years ended December 31, 2022 and 2021, we recorded no charges for lower of weighted average cost or estimated net realizable value on our finished goods product inventory. Parts inventories are shown net of any required allowances. During the years ended December 31, 2023, 2022, and 2021, we recorded reserves for obsolete parts inventory of $0.5 million, $1.8 million and $2.1 million, respectively. |
PROPERTY, PLANT, EQUIPMENT AND
PROPERTY, PLANT, EQUIPMENT AND MINERAL PROPERTIES | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT, EQUIPMENT AND MINERAL PROPERTIES | PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES "Property, plant, equipment, and mineral properties, net" were comprised of the following (in thousands): December 31, 2023 2022 Land $ 24,136 $ 24,136 Ponds and land improvements 91,333 73,501 Mineral properties and development costs 159,775 146,333 Buildings and plant 90,150 89,014 Machinery and equipment 297,494 288,345 Vehicles 7,332 7,399 Office equipment and leasehold improvements 10,150 10,436 Operating lease ROU assets 5,274 5,908 Breeding stock 315 329 Construction in progress 23,942 47,188 Total property, plant, equipment, and mineral properties, gross $ 709,901 $ 692,589 Less: accumulated depreciation, depletion, and amortization (351,652) (316,959) Total property, plant, equipment, and mineral properties, net $ 358,249 $ 375,630 We incurred the following expenses for depreciation, depletion, and amortization of ROU assets, including expenses capitalized into inventory, for the following periods (in thousands): Year Ended December 31, 2023 2022 2021 Depreciation $ 34,307 $ 29,805 $ 29,447 Depletion 3,190 3,168 3,979 Amortization of ROU assets 1,581 1,738 2,209 Total incurred $ 39,078 $ 34,711 $ 35,635 During the year ended December 31, 2023, we recorded total impairment charges of $43.3 million, as discussed in more detail below. During the year ended December 31, 2022, we recorded no impairment charges. In the fourth quarter of 2023, given the decrease in our gross margin for our Trio ® segment we determined that sufficient indicators of potential impairment of our Trio ® segment long-lived assets existed. We performed a recoverability test and determined that the carrying value of our Trio ® segment long-lived assets was not recoverable. We engaged a third-party valuation firm to determine the fair value of our Trio ® segment assets. The fair value of our Trio ® segment assets was primarily determined using the expected proceeds received in an orderly sale of the individual assets. The carrying value of our Trio ® segment asset group exceeded its fair value, and we recorded an impairment charge of $31.9 million. Our long-lived assets at our West facility have been in care and maintenance since July 2016. Given the length of time since the assets were placed in care and maintenance, we engaged a third-party valuation firm to determine if the fair value of the West assets supports the carrying value of those assets. The fair value of the West assets was determined using the expected proceeds received in an orderly sale of the individual assets. The carrying value of the West assets exceeded the fair value and we recorded an impairment charge of $9.9 million during the fourth quarter of 2023. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | LEASES We determine if an arrangement is a lease or contains a lease at inception. We have operating leases for mining equipment, trucks, rail cars, and office space. Our operating leases have remaining leases terms ranging from less than one four one five Leases Classification on the Balance Sheet Balance, December 31, 2023 Balance, December 31, 2022 Assets Operating lease ROU assets, net Property, plant, equipment, and mineral properties, net $ 2,031 $ 3,663 Finance lease ROU assets, net Property, plant, equipment, and mineral properties, net $ 2,609 $ — Liabilities Current operating lease liabilities Other current liabilities $ 1,387 $ 1,608 Current finance lease liability Other current liabilities $ 961 $ — Non-current operating lease liabilities Operating lease liabilities $ 741 $ 2,206 Non-current finance lease liabilities Finance lease liabilities $ 1,451 $ — Other information related to lease term and discount rate is as follows: December 31, 2023 December 31, 2022 Weighted average remaining lease term - operating leases 1.7 years 2.5 years Weighted average remaining lease term - finance leases 2.3 years 0.0 years Weighted average discount rate - operating leases 5.7 % 5.4 % Weighted average discount rate - finance leases 8.5 % — % The components of lease expense are as follows (amounts in thousands): For the Year Ended December 31, 2023 For the Year Ended December 31, 2022 For the Year Ended December 31, 2021 Operating lease expense $ 1,667 $ 1,904 $ 2,370 Short-term lease expense 122 150 122 Total lease expense $ 1,789 $ 2,054 $ 2,492 Supplemental cash flow information related to leases was as follows (amounts in thousands): For the Year Ended December 31, 2023 For the Year Ended December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,724 $ 1,889 Operating cash flows from finance leases 139 — Financing cash flows from finance leases 597 — Right-of-Use Assets exchanged for new operating lease liabilities 48 2,305 Right-of-Use Assets exchanged for new finance lease liabilities 3,009 — As of December 31, 2023, maturities of lease liabilities are summarized as follows (amounts in thousands): Years Ending December 31, Operating Leases Finance Leases Total 2024 $ 1,471 $ 1,104 $ 2,575 2025 618 810 1,428 2026 114 644 758 2027 40 67 107 2028 — 39 39 Total future minimum lease payments $ 2,243 2,664 4,907 Less - amount representing interest 115 252 367 Present value of future minimum lease payments $ 2,128 2,412 4,540 Less - current lease obligations 1,387 961 2,348 Long-term lease obligations $ 741 $ 1,451 $ 2,192 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS We have water rights, recorded at $19.2 million at December 31, 2023, and 2022. Our water rights have indefinite lives and are not amortized. We evaluate our water rights at least annually as of October 1 for impairment, or more frequently if circumstances require. We have other intangible assets recorded at $6.4 million as of December 31, 2023 and 2022. We account for the other intangible assets as finite-lived intangible assets and amortize those intangible assets over the period of estimated benefit, using the straight-line method. As of December 31, 2023, the weighted-average remaining amortization period for the other intangible assets was 15.3 years. These intangible assets are included in "Other assets, net" on the consolidated balance sheets. As of December 31, 2023, and December 31, 2022, we have the following amounts recorded for intangible assets (amounts in thousands): December 31, 2023 December 31, 2022 Finite-lived intangible assets: Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Produced water disposal royalty agreements $ 2,694 $ (630) $ 2,694 $ (495) Surface damage and easement agreements 3,723 (871) 3,723 (685) Total $ 6,417 $ (1,501) $ 6,417 $ (1,180) Indefinite-lived intangible assets: Water rights $ 19,184 $ 19,184 Total amortization of intangible assets for the years ended December 31, 2023, 2022, and 2021 was $0.3 million. We estimate the annual amortization expense of intangible assets will be $0.3 million for each of the next five years. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Credit Facility —In August 2022, we and certain of our subsidiaries entered into the Second Amended and Restated Credit Agreement with a syndicate of lenders with the Bank of Montreal, as administrative agent, which provides for a revolving credit facility. The agreement amended our existing revolving credit facility to, among other things, increase the amount available under the facility from $75 million to $150 million, extend the maturity date to August 4, 2027, and transition from LIBOR (London Interbank Offered Rate) to SOFR (Secured Overnight Financing Rate) as a reference rate for borrowings under the credit agreement. Borrowings under the amended credit facility bear interest at SOFR plus an applicable margin of 1.50% to 2.25% per annum, based on our leverage ratio as calculated in accordance with the amended agreement governing the revolving credit facility. Borrowings under the revolving credit facility are secured by substantially all of our current and non-current assets, and the obligations under the credit facility are unconditionally guaranteed by several of our subsidiaries. We occasionally borrow and repay amounts under the facility for near-term working capital needs or other purposes and may do so in the future. For the year ended December 31, 2023, we made $9.0 million in borrowings and made $5.0 million in repayments under the facility. For the year ended December 31, 2022, we made no borrowings and made no repayments under the facility. For the year ended December 31, 2021, we made no borrowings and made $29.8 million in repayments under the facility. As of December 31, 2023, we had $4.0 million in borrowings outstanding and no outstanding letters of credit under the facility. As of December 31, 2022, and 2021, we had no borrowings outstanding and $1.0 million in an outstanding letter of credit under the facility. We had $146.0 million available under the facility as of December 31, 2023. We were in compliance with the applicable covenants under the facility as of December 31, 2023. PPP Loan —In April 2020, we received a $10 million loan under the CARES Act Paycheck Protection Program (the "PPP"). We submitted our application for forgiveness of the full amount of the loan in November 2020. In June 2021, we received notice that the SBA had remitted funds to our bank to fully repay our PPP loan and accrued interest. Accordingly, we recognized a gain of $10.1 million related to the forgiveness of the PPP loan and the associated accrued interest on the loan. Senior Notes —In June 2021 we repaid the remaining $15.0 million of principal outstanding on our Series B Senior Notes and satisfied all obligations under the related Note Purchase Agreement. In connection with this repayment, the Company paid in aggregate approximately $15.6 million, which consisted of (i) $15.0 million of remaining aggregate principal amount of Series B Senior Notes, (ii) approximately $0.1 million of accrued interest and (iii) a "make-whole" premium of $0.5 million. As a result of the repayment, the Note Purchase Agreement was terminated. Interest Expense —Interest expense is recorded net of any capitalized interest associated with investments in capital projects. We incurred gross interest expense of $0.8 million, $0.4 million, and $1.5 million for the years ended December 31, 2023, 2022, and 2021, respectively. Amounts included in interest expense for the years ended December 31, 2023, 2022, and 2021 (in thousands) are as follows: Year ended December 31, 2023 2022 2021 Interest expense on borrowings $ 275 $ — $ 654 Commitment fee on unused credit facility 226 155 70 Make-whole payments — — 505 Amortization of deferred financing costs 301 265 314 Gross interest expense 802 420 1,543 Less capitalized interest 802 319 75 Interest expense, net $ — $ 101 $ 1,468 |
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION | 12 Months Ended |
Dec. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATION | ASSET RETIREMENT OBLIGATION We recognize an estimated liability for future costs associated with the closure and reclamation of our mining properties. A liability for the fair value of an asset retirement obligation and a corresponding increase to the carrying value of the related long-lived asset are recorded as the mining operations occur or the assets are acquired. Our asset retirement obligation is based on the estimated cost to close and reclaim the mining operations, the economic life of the properties, and federal and state regulatory requirements. The liability is discounted using credit adjusted risk-free rate estimates at the time the liability is incurred or when there are upward revisions to estimated costs. The credit adjusted risk-free rates used to discount our abandonment liabilities range from 6.9% to 12.0%. Revisions to the liability occur due to construction of new or expanded facilities, changes in estimated abandonment costs or economic lives, changes in the estimated timing of the reclamation activities or if federal or state regulators enact new requirements regarding the abandonment or reclamation of mines. Following is a table of the changes to our asset retirement obligations for the following periods (in thousands): Year Ended December 31, 2023 2022 2021 Asset retirement obligation, at beginning of period $ 26,864 $ 27,024 $ 23,872 Liabilities settled (197) (1,533) — Liabilities incurred — 297 — Changes in estimated obligations 1,552 (885) 1,294 Accretion of discount 2,140 1,961 1,858 Total asset retirement obligation, at end of period $ 30,359 $ 26,864 $ 27,024 Less current portion of asset retirement obligation $ (282) $ (300) $ — Long-term portion of asset retirement obligation $ 30,077 $ 26,564 $ 27,024 We estimate approximately $7.8 million in asset retirement payments may occur in the next five years. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Revenue Recognition —Under ASC 606, we recognize revenue when control of the promised goods or services is transferred to customers in an amount that reflects the consideration we expect to be entitled in exchange for those goods or services. Contract Balances —As of December 31, 2023, and 2022, we had $2.3 million and $2.4 million of contract liabilities, respectively, of which $1.0 million and $0.9 million were current as of December 31, 2023 and 2022, respectively, and included in "Other current liabilities" on the consolidated balance sheets. Customer advances received before we have satisfied our performance obligations are accounted for as a contract liability (sometimes referred to in practice as deferred revenue). As of December 31, 2021, our contract liability balance primarily consisted of prepayments from a customer for future water deliveries under the terms of a water sales agreement. In August 2022, our customer notified us that they were terminating the water sales agreement and in September 2022 we refunded the customer's prepayment balance of $32.6 million. See Note 14 — Commitments and Contingencies below for additional information regarding our water rights and repayment of the customer's prepayment balance. Our contract liability activity for the years ended December 31, 2023, 2022, and 2021 is shown below (in thousands): Year Ended December 31, 2023 2022 2021 Beginning balance $ 2,374 $ 33,788 $ 30,419 Additions 1,030 1,823 4,310 Refund of prepayments — (32,579) — Recognized as revenue during period from the beginning balance (1,101) (658) (941) Ending balance $ 2,303 $ 2,374 $ 33,788 Disaggregation of Revenue —The table below shows the disaggregation of revenue by product and reconciles disaggregated revenue to segment revenue for the years ended December 31, 2023, 2022, and 2021. We believe the disaggregation of revenue by products best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic conditions (in thousands): Year Ended December 31, 2023 Product Potash Segment Trio ® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 131,206 $ — $ — $ (329) $ 130,877 Trio ® — 96,344 — — 96,344 Water 297 5,316 9,569 — 15,182 Salt 11,973 522 — — 12,495 Magnesium Chloride 8,161 — — — 8,161 Brines 4,283 — 4,056 — 8,339 Other — — 7,685 — 7,685 Total Revenue $ 155,920 $ 102,182 $ 21,310 $ (329) $ 279,083 Year Ended December 31, 2022 Product Potash Segment Trio ® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 168,571 $ — $ — $ (304) $ 168,267 Trio ® — 113,962 — — 113,962 Water 1,637 3,302 17,510 — 22,449 Salt 11,270 562 — — 11,832 Magnesium Chloride 6,472 — — — 6,472 Brines 3,428 — 2,670 — 6,098 Other — — 8,488 — 8,488 Total Revenue $ 191,378 $ 117,826 $ 28,668 $ (304) $ 337,568 Year Ended December 31, 2021 Product Potash Segment Trio ® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 130,460 $ — $ — $ (247) $ 130,213 Trio ® — 91,125 — — 91,125 Water 2,050 4,355 15,594 — 21,999 Salt 9,592 578 — — 10,170 Magnesium Chloride 7,847 — — — 7,847 Brines 1,802 — 1,129 — 2,931 Other — — 6,047 — 6,047 Total Revenue $ 151,751 $ 96,058 $ 22,770 $ (247) $ 270,332 |
COMPENSATION PLANS
COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
COMPENSATION PLANS | COMPENSATION PLANS Cash Bonus Programs —We use cash bonus programs under which our employees may be eligible to receive cash bonuses based on corporate, department, location, or individual performance or other events or accomplishments. We accrue cash bonus expense related to the current year's performance and we expect to pay in March 2024 a cash bonus to our employees under our 2023 bonus program. We met our performance metrics related to our 2022 cash bonus program and paid a cash bonus in March 2023. We met our performance metrics related to our 2021 cash bonus program and paid a cash bonus in March 2022. Equity Incentive Compensation Plan —Our Board of Directors and stockholders adopted a long-term incentive compensation plan called the Intrepid Potash, Inc. Amended and Restated Equity Incentive Plan (the "Plan"). We have issued restricted shares, common stock, performance units, and non-qualified stock option awards under the Plan. As of December 31, 2023, 340,924 restricted shares and options to purchase 273,206 shares of common stock were outstanding. As of December 31, 2023, approximately 1.0 million shares of common stock remained available for issuance under the Plan. Total compensation expense related to the Plan was $6.5 million, $6.2 million, and $3.0 million, for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, there was $5.6 million of total remaining unrecognized compensation expense that is expected to be recognized over a weighted-average period of 1.3 years. When restricted shares and performance units vest and when stock options are exercised, new shares are issued and considered outstanding for financial statement purposes. Restricted Shares • Restricted Shares with Service Conditions —Under the Plan, the Compensation Committee of the Board of Directors (the "Compensation Committee") has granted restricted shares of common stock to members of the Board of Directors, executive officers, and other key employees. The restricted shares contain service conditions associated with continued employment or service. The restricted shares provide voting and regular dividend rights to the holders of the awards. In 2023, the Compensation Committee granted 130,975 restricted shares to executives and key employees under the Plan as part of our annual equity award program. The awards vest over three years, subject to continued employment or service. In 2023, the Compensation Committee granted 22,226 restricted shares to non-employee members of the Board of Directors. The restricted shares vest one year after the date of grant, subject to continued service. We use the closing price of our common stock on the grant date as the grant date fair value for these awards. We record compensation expense monthly using the straight-line recognition method over the vesting period of the award. The weighted-average grant date fair value per share for restricted shares with service conditions issued in 2023, 2022, and 2021 was $25.11, $66.07, and $37.49, respectively. • Restricted Shares with Service and Market Conditions — Under the Plan in March 2023, the Compensation Committee granted restricted shares of common stock with service and market conditions to certain members of our executive team as part of their annual compensation package. The grants vest over three years from the grant date if the volume-weighted average share closing price for 20 consecutive days has met one of the applicable price achievement targets; provided, however, that no vesting would occur if the volume-weighted average closing price for 20 consecutive days has not met one or more applicable price achievement goals on or before March 17, 2026. The share price achievement goals of these awards have not been met as of December 31, 2023. Under the Plan in March 2023, the Compensation Committee also granted restricted shares of common stock with service and market conditions to another member of our executive team as part of his annual compensation package. This grant vests over two years from the quarter ended in which the volume-weighted average share closing price for 20 consecutive trading days has met one of the applicable price achievement targets; provided, however, that no vesting would occur if the volume-weighted average closing price for 20 consecutive trading days has not met one or more applicable price achievement goals on or before March 17, 2027. The share price achievement goal for this award has not been met as of December 31, 2023. Under the Plan in March 2022, the Compensation Committee granted restricted shares of common stock with service and market conditions to certain members of our executive team as part of their annual compensation package. The grants vest over three years from the quarter ended in which the volume-weighted average share closing price for 20 consecutive days has met one of the applicable price achievement targets; provided, however, that no vesting would occur if the volume-weighted average closing price for 20 consecutive days has not met one or more applicable price achievement goals on or before March 17, 2025. The share price achievement goals of these awards were met in 2022, and 1,737 shares vested in 2023. Under the Plan in March 2022, the Compensation Committee granted restricted shares of common stock with service and market conditions to a member of our executive team as part of his annual compensation package. This grant vests over two years from the quarter ended in which the volume-weighted average share closing price for 20 consecutive trading days has met one of the applicable price achievement targets; provided, however, that no vesting would occur if the volume-weighted average closing price for 20 consecutive trading days has not met one or more applicable price achievement goals on or before March 17, 2026. The share price achievement goals of these awards were met in 2022, and 14,512 shares vested in 2023. Under the Plan in March 2021, the Compensation Committee granted restricted shares of common stock with service and market conditions to certain members of our executive team as part of their annual compensation package. The grants vest over three years on the grant date anniversary; provided, however, that no vesting would occur if the volume-weighted average closing price for 20 consecutive trading days has not met one or more applicable price achievement goals on or before March 11, 2024. The share price achievement goals of these awards were met in 2021, and 886 shares vested in 2023. Under the plan in 2021, the Compensation Committee granted restricted shares of common stock with service and market conditions to a member of our executive team as part of his annual compensation package. The 2021 grant vests over two years from the quarter ended in which the volume weighted average share closing price for 20 consecutive trading days has met one of the applicable price achievement targets; provided, however, that no vesting would occur if the volume-weighted average closing price for 20 consecutive trading days has not met one or more applicable price achievement goals on or before December 23, 2026. The market conditions for this award were met in 2022, and 24,152 shares vested during 2023. During 2023, share price achievement targets were met for shares granted to a member of the executive team in 2020 and 47,259 shares vested in 2023. We used a Monte Carlo simulation valuation model to estimate the fair value of these awards on the grant date. We record compensation expense monthly using the accelerated recognition method over the longer of the explicit or derived service period of the award. The weighted-average grant date fair value per share of restricted shares with service and market conditions issued in 2023, 2022, and 2021, was $24.96, $62.32 and $23.76, respectively. Valuation models require the input of highly subjective assumptions, including the expected volatility of the price of the underlying stock. We used the following assumptions to compute the weighted-average grant date fair market value of restricted stock with service and market conditions granted in 2023, 2022, and 2021: 2023 2022 2021 Closing stock price on grant date $ 26.05 $ 66.33 $ 42.03 Risk free interest rate 3.6 % 2.2 % 1.1 % Dividend yield — % — % — % Estimated volatility 82.9 % 79.8 % 89.0 % Expected life 3.8 years 6.0 years 5.5 years A summary of all activity relating to our restricted shares for the year ended December 31, 2023, is presented below: Weighted Average Shares Restricted shares of common stock, beginning of period 300,268 $ 40.25 Granted with service only condition 153,201 $ 25.11 Granted with service and market conditions 94,142 $ 24.96 Vested, service only condition (89,225) $ 20.30 Vested, service and market conditions (88,546) $ 29.70 Forfeited, service only condition (21,828) $ 38.14 Forfeited, service and market conditions (7,088) $ 56.45 Restricted shares of common stock, end of period 340,924 $ 36.98 Non-Qualified Stock Option Activity We have not granted any non-qualified stock options to our employees since 2018. A summary of all stock option activity for the year ended December 31, 2023, is as follows: Shares Weighted Average Exercise Price Aggregate Intrinsic Value 1 Weighted Average Remaining Contractual Life Outstanding non-qualified stock 273,206 $29.04 Granted — $— Exercised — $— Forfeited — $— Expired — $— Outstanding non-qualified stock 273,206 $29.04 $948,054 3.7 Vested or expected to vest, 273,206 $29.04 $948,054 3.7 Exercisable non-qualified 273,206 $29.04 $948,054 3.7 1 The intrinsic value of a stock option is the amount by which the market value exceeds the exercise price as of the end of the period presented. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES We account for income taxes in accordance with ASC Topic 740, Income Taxes . This standard requires the recognition of deferred tax assets and liabilities for the tax effect of temporary differences between the financial statement and tax basis of recorded assets and liabilities at enacted tax rates in effect when the related taxes are expected to be settled or realized. We recognize income taxes in each of the tax jurisdictions where we conduct business. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A summary of the provision for income taxes is as follows (in thousands): Year Ended December 31, 2023 2022 2021 Current portion of income tax expense (benefit): Federal $ — $ — $ — State 82 966 206 Deferred portion of income tax expense (benefit): Federal (8,538) 19,430 (157,348) State 67 3,893 (51,727) Total income tax (benefit) expense $ (8,389) $ 24,289 $ (208,869) A reconciliation of the federal statutory income tax rate of 21% to our effective rate is as follows (in thousands, except percentages): Year Ended December 31, 2023 2022 2021 Federal taxes at statutory rate $ (9,253) $ 20,267 $ 8,603 Add: State taxes, net of federal benefit (1,274) 5,406 1,278 Change in valuation allowance 1,121 — (215,910) PPP loan forgiveness — — (2,115) Change in federal and state tax rates 238 (125) 138 Officers' Compensation 848 546 195 Percentage depletion (282) (827) (463) Other 213 (978) (595) Net (benefit) expense as calculated $ (8,389) $ 24,289 $ (208,869) Effective tax rate 19.0 % 25.2 % (509.9) % Our effective tax rate for the years ended December 31, 2023, differs from the U.S. federal statutory rate due to the change in our valuation allowance. Our effective tax rates for the years ended December 31, 2022, and 2021, differs from the U.S. federal statutory rate due to state income taxes and the change in our valuation allowance, respectively. As of December 31, 2023, and 2022, we had gross deferred tax assets of $197.4 million and $187.8 million, respectively. During the year ended December 31, 2023, our deferred tax assets increased primarily from impairments booked against our property, plant, equipment, and mineral properties. Included in gross deferred tax assets as of December 31, 2023, were approximately $201.4 million of federal net operating loss carryforwards, which expire beginning in 2034, and approximately $271.9 million of state net operating loss carryforwards, the majority of which begin to expire in 2033. Also included are $1.9 million of federal research and development credits which begin to expire in 2031. The federal loss carryforward could be subject to examination by the tax authorities within three years after the carryforward is utilized, while the state net operating loss carryforwards could be subject to examination by the tax authorities generally within three and four years after the carryforward is utilized, depending on jurisdiction. Significant components of our deferred tax assets and liabilities were as follows (in thousands): December 31, 2023 2022 Deferred tax assets (liabilities): Property, plant, equipment and mineral properties, net $ 127,368 $ 119,919 Federal and state net operating loss carryforwards 55,486 53,440 Asset retirement obligation 7,768 7,409 Deferred revenue 1,869 607 Other 3,017 4,540 Federal R&D credits 1,870 1,870 Total deferred tax assets 197,378 187,785 Valuation allowance (3,155) (2,033) Deferred tax asset, net $ 194,223 $ 185,752 In assessing the need for a valuation allowance, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. We evaluate our ability to realize the tax benefits associated with deferred tax assets by analyzing the relative impact of all the available positive and negative evidence regarding our forecasted taxable income using both historical and projected future operating results, the reversal of existing taxable temporary differences, taxable income in prior carryback years, as permitted by regulation, and the availability of tax planning strategies. In determining how much of a valuation allowance to recognize we primarily consider our projections of future taxable income. All available evidence, both positive and negative, that may affect the realizability of deferred tax assets is identified and considered in determining the appropriate amount of the valuation allowance. The ultimate realization of deferred tax assets is dependent upon the generation of certain types of future taxable income during the periods in which those temporary differences become deductible. Assumptions of expected future taxable income are based primarily on prices and forecasted sales volumes which are subject to market volatility. In making this assessment, we consider the scheduled reversal of deferred tax liabilities, our ability to carry back the deferred tax asset, projected future taxable income, and tax planning strategies. As of December 31, 2023, we were in a cumulative three-year income position. The cumulative three-year income position is significant positive evidence when evaluating the realizability of our deferred tax assets. Additionally, industry trends and forecasts as well as internal forecasts of future business show sustained amounts of taxable income. Thus, we have concluded that it is more likely than not that most of our $197.4 million of deferred tax assets will be realized. During 2023, our valuation allowance increased as our forecast changed regarding the amount of state net operating losses that will be used before expiration. Our deferred tax assets, net of the valuation allowance at December 31, 2023, and 2022, were $194.2 million and $185.8 million, respectively. The estimated statutory income tax rates that are applied to our current and deferred income tax calculations are impacted most significantly by the tax jurisdictions in which we conduct business. Changing business conditions for normal business transactions and operations, as well as changes to state tax rates and apportionment laws, potentially alter the apportionment of income among the states for income tax purposes. These changes to apportionment laws result in changes in the calculation of our current and deferred income taxes, including the valuation of our deferred tax assets and liabilities. The effects of any such changes are recorded in the period of the adjustment. Such adjustments can increase or decrease the net deferred tax asset on the balance sheet and impact the corresponding deferred tax benefit or deferred tax expense on the statement of operations. A decrease of our state tax rate decreases the value of its deferred tax asset, resulting in additional deferred tax expense being recorded on the income statement. Conversely, an increase in our state income tax rate would increase the value of the deferred tax asset, resulting in an increase in our deferred tax benefit. Because of the magnitude of the temporary differences between our book and tax basis in the assets, relatively small changes in the state tax rate may have a pronounced impact on the value of our net deferred tax asset. Each quarter we evaluate the need for a liability for uncertain tax positions. At December 31, 2023, and 2022, we had no items that required disclosure in accordance with FASB guidance on accounting for uncertainty in income taxes. We operate, and accordingly file income tax returns, in the U.S. federal jurisdiction and various U.S. state jurisdictions. With few exceptions, we are no longer subject to income tax audits that could result in an assessment for years prior to 2020. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Reclamation Deposits and Surety Bonds —As of December 31, 2023, and 2022, we had $26.8 million and $24.6 million, respectively, of security placed principally with the State of Utah and the Bureau of Land Management for eventual reclamation of its various facilities. Of this total requirement, as of December 31, 2023, and 2022, $0.5 million consisted of long-term restricted cash deposits reflected in "Other" long-term assets on the balance sheet, and $26.3 million and $24.1 million, respectively, was secured by surety bonds issued by an insurer. The surety bonds are held in place by an annual fee paid to the issuer. We may be required to post additional security to fund future reclamation obligations as reclamation plans are updated or as governmental entities change requirements. Legal —We are subject to claims and legal actions in the ordinary course of business. We expense legal costs as incurred. While there are uncertainties in predicting the outcome of any claim or legal action, except as noted below, we believe the ultimate resolution of these claims or actions is not reasonably likely to have a material adverse effect on our financial condition, results of operations, or cash flows. Water Rights In March 17, 2022, following an expedited inter se proceeding, a court entered a subfile order and partial final judgment and decree ("Order") determining the validity of our claim to 20,000 acre feet of Pecos River surface water rights. The Order found that our predecessors in interest had forfeited all but approximately 5,800 acre feet of water per year, and that of the remaining 5,800 acre feet of water that had not been forfeited, all but 150 acre feet of water had been abandoned prior to 2017. The Order limited our right to 150 acre fee per annum of water for industrial-salt processing use. We appealed the Order to the New Mexico Court of Appeals ("NMCA"), which, on July 7, 2023, affirmed the Order. On November 17, 2023, we filed a request for the New Mexico Supreme Court ("NMSC") to reconsider and review the NMCA's decision to affirm the Order's abandonment determination. The NMSC agreed to review the NMCA's abandonment determination on February 7, 2024. In 2017 and 2018 the New Mexico Office of the State Engineer (“OSE”) had granted us preliminary authorizations to sell approximately 5,700 acre feet of water per year from our Pecos River water rights. The preliminary authorizations allowed for water sales to begin immediately, subject to repayment if the underlying water rights are ultimately found to be invalid. If our appeal of the adjudication court's ruling is unsuccessful, we may have to repay for the water we sold under the preliminary authorizations. Repayment of this water can be up to two times the amount of water removed from the river. Repayment is customarily made in-kind over a period of time but can take other forms including cash repayment. If we are not able to repay in-kind due to the lack of remaining water rights or logistical constraints, we may need to purchase water to meet this repayment or be subject to a cash repayment. We cannot reasonably estimate the potential volume, timing, or form of repayment, if any, and have not recorded a loss contingency in our statement of operations related to this legal matter. In March 2021, we received notice from a customer of a default under the terms of a long-term sales contract because we have not been able to deliver water to diversion points specified in the contract. We had relied primarily upon our Pecos River water rights to deliver water under this contract, the majority of which are currently unavailable due to the factors discussed above. Under this contract we have received quarterly installments of approximately $3.9 million for the future delivery of water to the customer. In April 2021, we agreed to suspend the second quarter and future quarterly installments due from the customer as we continued to work to resolve the issue. In December 2021, we amended our long-term sales agreement with the customer due to our inability to deliver water. In the amendment, we agreed to suspend all rights and obligations of both parties under the agreement until July 1, 2022. During the suspension period, we had no obligation to deliver water and our customer has no obligation to take water, if available, or make quarterly payments to us. In August 2022, the customer notified us that they were terminating the long-term sales contract and in September 2022, we refunded the $32.6 million outstanding contract liability we had with this customer. See Note 11—Revenue above for additional information. In August 2021, NGL Energy Partners (NGL), our partner in the Joint Marketing Agreement (“JMA”) that was entered into in May 2019, filed suit against us alleging, amongst other items, we overcharged the JMA for various operating costs and that we used third party water to service certain fracs when JMA water should have been used in those fracs. On June 22, 2022, the parties entered into a settlement agreement and the lawsuit was dismissed with prejudice on June 29, 2022. The settlement did not have a material impact on our results of operations and the JMA was terminated effective May 1, 2022. As of December 31, 2023, we have estimated contingent liabilities recorded in "Other current liabilities" on the consolidated balance sheets of $3.4 million, mainly related to the potential underpayment of royalties in 2012 to 2016 and potential royalties on water revenues in 2019 to 2022. As of December 31, 2022 we had estimated contingent liabilities recorded in "Other current liabilities" on the consolidated balance sheets of $4.2 million, mainly related to a trespass issue at Intrepid South and the potential underpayment of royalties in 2012 to 2016. We are subject to other claims and legal actions in the ordinary course of business. Legal costs are expensed as incurred. While there are uncertainties in predicting the outcome of any claim or legal action, we believe that the ultimate resolution of these other claims or actions is not reasonably likely to have a material adverse effect on our financial condition, results of operations, or cash flows. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS We measure our financial assets and liabilities in accordance with Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The topic establishes market or observable inputs as the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The topic also establishes a hierarchy for grouping these assets and liabilities based upon the lowest level of input that is significant to the fair value measurement. The definition of each input is described below: • Level 1—Quoted prices in active markets for identical assets and liabilities. • Level 2—Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active, and model‑derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3—Significant inputs to the valuation model that are unobservable. The classification of fair value measurement within the hierarchy is based upon the lowest level of input that is significant to the measurement. Other financial instruments consist primarily of cash equivalents, accounts receivable, refundable income taxes, accounts payable, accrued liabilities, and, if any, advances under our credit facility. With the exception of investment securities, we believe cost approximates fair value for our financial instruments because of the short-term nature of these instruments. Cash Equivalents —As of December 31, 2023, and December 31, 2022, we had cash equivalents of $0.5 million and $1.7 million, respectively. Held-to-Maturity Investments —As of December 31, 2023 and 2022, we owned debt investment securities classified as held-to-maturity because we have the intent and ability to hold these investments to maturity. Our held-to-maturity debt investment securities consist of investment grade corporate bonds and U.S. government issued bonds. Our held-to-maturity investments at December 31, 2023 and 2022, are carried at amortized cost and consist of the following (amounts in thousands): As of December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term Corporate bonds $ 991 $ — $ (9) $ 982 Government bonds 1,979 — (13) 1,966 Total $ 2,970 $ — $ (22) $ 2,948 Long-term Corporate bonds $ — $ — $ — $ — Government bonds 954 1 (4) 951 Total $ 954 $ 1 $ (4) $ 951 As of December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term Corporate bonds $ 3,992 $ — $ (24) $ 3,968 Government bonds 1,967 — (18) 1,949 Total $ 5,959 $ — $ (42) $ 5,917 Long-term Corporate bonds $ 499 $ — $ (10) $ 489 Government bonds 1,935 — (26) 1,909 Total $ 2,434 $ — $ (36) $ 2,398 Equity Investments without a Readily Determinable Fair Value —As of December 31, 2023, 2022, and 2021, we had a $3.5 million non-controlling interest in W.D. Von Gonten Laboratories ("WDVGL"). This investment is an equity investment without a readily determinable fair value and is recorded at cost with adjustments for observable changes in prices resulting from orderly transactions for the identical or a similar investment of the same issuer, or impairment (a Level 3 input), and is included in "Other assets, net" on the Consolidated Balance Sheets. We did not record any adjustments to the $3.5 million carrying value of the investment during 2023, 2022 or 2021. In July 2022, WDVGL entered into a purchase agreement with another company (“Acquiror”), a foreign issuer whose shares are traded on the Nasdaq Capital Market (“Nasdaq”). Under the terms of the purchase agreement, WDVGL would be combined with the consulting business owned by W.D. Von Gonten (“Consulting”) to form a new entity, W.D. Von Gonten Engineering, LLC (“Engineering”), and Acquiror would then purchase Engineering in a majority stock transaction at an agreed upon selling price. Stock received from the sale of Engineering would be distributed to investors in WDVGL and Consulting. Acquiror delivered equity shares and a nominal amount of cash to WDVGL for purchase of Engineering in July 2022, with the number of shares equal to the selling price divided by an assumed $10 share price. At the time the purchase agreement was signed, the Acquiror was working to file restated financial statements for the fiscal years ending December 31, 2018, 2019 and 2020. On A pril 27, 2023, Acquiror disclosed it had not been able to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2021 with the SEC by April 25, 2023, which was the deadline set by the Nasdaq Hearings Panel in connection with a delisting proceeding, and Acquiror's shares were subsequently delisted from Nasdaq. Acquiror also disclosed on April 27, 2023 that it has shifted its focus to filing audited financial statements with the SEC for the fiscal years ended December 31, 2020, 2021 and 2022 to regain compliance with Nasdaq listing standards before the end of 2023. Pursuant to the purchase agreement with Engineering, if the Acquiror did not file current financial statements with the SEC by June 30, 2023, Engineering had the option to terminate the purchase agreement, beginning on July 1, 2023. Although Acquiror did not file current financial statements by June 30, 2023, Engineering agreed to proceed with the purchase agreement to allow Acquiror additional time to file updated financial statements. On December 29, 2023, Acquiror disclosed it had filed its audited financial statements for the years ended December 31, 2022, 2021, and 2020, with the SEC. We have not impaired our investment in WDVGL because our share of the estimated selling price of Engineering exceeds the carrying value of our investment in WDVGL. We continue to monitor the investment for impairment. If the purchase transaction is not finalized, we may need to impair our investment in WDVGL. Equity Method Investments —We have committed to invest $4.0 million in cash as a limited partner for a 16% interest in PEP Ovation, LP ("Ovation"), of which we had invested $2.0 million, $3.2 million and $1.1 million of cash as of December 31, 2023, 2022, and 2021, respectively. This investment is accounted for under the equity method whereby we recognize our proportional share of the income or loss from our investment in Ovation on a one-quarter lag and is included in "Long-term investments" on the Condensed Consolidated Balance Sheets. For the year ended December 31, 2023, our proportional share of Ovation's net loss was $0.5 million. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS 401(k) Plan We maintain a savings plan qualified under Internal Revenue Code Sections 401(a) and 401(k). The 401(k) Plan is available to eligible employees of our consolidated entities. Employees may contribute amounts as allowed by the U.S. Internal Revenue Service to the 401(k) Plan (subject to certain restrictions) in before-tax contributions. In January 2018, we increased the matching contributions on a dollar-for-dollar basis up to a maximum of 5% of the employee's base compensation. Our contributions to the 401(k) Plan in the following periods were (in thousands): Contributions Year Ended December 31, 2023 $ 2,057 Year Ended December 31, 2022 $ 1,760 Year Ended December 31, 2021 $ 1,633 |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS Our operations are organized into three segments: potash, Trio ® , and oilfield solutions. The reportable segments are determined by management based on several factors including the types of products and services sold, production processes, markets served and the financial information available for our chief operating decision maker. We evaluate performance based on the gross margins of the respective business segments and do not allocate corporate selling and administrative expenses, among others, to the respective segments. Intersegment sales prices are market-based and are eliminated in the "Other" column. Information for each segment is provided in the tables that follow (in thousands). Year Ended December 31, 2023 Potash Trio ® Oilfield Solutions Other Consolidated Sales 1 $ 155,920 $ 102,182 $ 21,310 $ (329) $ 279,083 Less: Freight costs 14,753 23,211 — (329) 37,635 Warehousing and handling costs 5,957 4,875 — — 10,832 Cost of goods sold 97,452 74,308 15,518 — 187,278 Lower of cost or NRV inventory adjustments 2,709 3,783 — — 6,492 Gross Margin (Deficit) $ 35,049 $ (3,995) $ 5,792 $ — $ 36,846 Depreciation, depletion, and amortization incurred 2 $ 28,378 $ 6,288 $ 3,849 $ 885 $ 39,400 Year Ended December 31, 2022 Potash Trio ® Oilfield Solutions Other Consolidated Sales 1 $ 191,378 $ 117,826 $ 28,668 $ (304) $ 337,568 Less: Freight costs 14,780 19,661 — (304) 34,137 Warehousing and handling costs 5,305 4,442 — — 9,747 Cost of goods sold 76,524 54,600 21,152 — 152,276 Gross Margin $ 94,769 $ 39,123 $ 7,516 $ — $ 141,408 Depreciation, depletion, and amortization incurred 2 $ 26,572 $ 4,370 $ 3,298 $ 793 $ 35,033 Year Ended December 31, 2021 Potash Trio ® Oilfield Solutions Other Consolidated Sales 1 $ 151,751 $ 96,058 $ 22,770 $ (247) $ 270,332 Less: Freight costs 17,483 20,656 — (247) 37,892 Warehousing and handling costs 5,169 4,113 — — 9,282 Cost of goods sold 87,281 54,847 19,293 — 161,421 Costs associated with abnormal production and other 5,973 — — — 5,973 Gross Margin (Deficit) $ 35,845 $ 16,442 $ 3,477 $ — $ 55,764 Depreciation, depletion, and amortization incurred 2 $ 26,828 $ 5,477 $ 2,996 $ 656 $ 35,957 1 Segment sales include the sales of byproducts generated during the production of potash and Trio ® . 2 Depreciation, depletion, and amortization incurred for potash and Trio ® excludes depreciation, depletion, and amortization absorbed in or (relieved from) inventory. The following table shows the reconciliation of reportable segment sales to consolidated sales and the reconciliation of segment gross margins to consolidated income before taxes (in thousands): Year Ended December 31, 2023 2022 2021 Total sales for reportable segments $ 279,412 $ 337,872 $ 270,579 Elimination of intersegment sales (329) (304) (247) Total consolidated sales $ 279,083 $ 337,568 $ 270,332 Total gross margin for reportable segments $ 36,846 $ 141,408 $ 55,764 Elimination of intersegment sales (329) (304) (247) Elimination of intersegment expenses 329 304 247 Unallocated amounts: Selling and administrative 32,423 31,799 23,998 Impairment of long-lived assets 43,288 — — Loss (gain) on disposal of assets 807 7,470 (2,542) Accretion of asset retirement obligation 2,140 1,961 1,858 Other operating expense 2,157 4,738 178 Equity in loss/(earnings) of unconsolidated entities 486 (689) — Interest expense, net — 101 1,468 Gain on extinguishment of debt — — (10,113) Interest income (298) (176) — Other non-operating income (95) (305) (48) (Loss) income before income taxes $ (44,062) $ 96,509 $ 40,965 Total assets are not presented for each reportable segment as they are not reviewed by, nor otherwise regularly provided to, the chief operating decision maker. |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF CREDIT RISK | CONCENTRATION OF CREDIT RISK Credit risk represents the loss that would be recognized at the reporting date if counterparties failed completely to perform as contracted. Concentrations of credit risk, whether on- or off-balance sheet, that arise from financial instruments exist for counterparties when they have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions. Our products are marketed for sale into three primary markets. These markets are the agricultural market as a fertilizer, the industrial market as a component in drilling fluids for oil and gas exploration, and the animal feed market as a nutrient. Credit risks associated with the collection of accounts receivable are primarily related to the impact of external factors on our customers. Our customers are distributors and end-users whose creditworthiness and ability to meet their payment obligations will be affected by factors in their industries and markets. Those factors include soil nutrient levels, crop prices, weather, the type of crops planted, changes in diets, growth in population, the amount of land under cultivation, fuel prices and consumption, oil and gas drilling and completion activity, the demand for biofuels, government policy, and the relative value of currencies. Our industrial sales are significantly influenced by oil and gas drilling activity. In 2023 and 2022, we had one customer in our potash and Trio ® segments that accounted for approximately $33.4 million and $35.0 million of our total consolidated revenues, respectively. See Item 1A. "Risks Related to Financial Position, Indebtedness and Additional Capital Needs - The loss or substantial decline in revenue from larger customers or certain industries could have a material adverse effect on our revenues, profitability, and liquidity." In 2021, no customer accounted for more than 10% of our sales. In each of the last three years ended December 31, 2023, 2022, and 2021, 95%, 94%, and 97%, respectively, of our total sales were sold to customers located in the U.S. All of our long-lived assets are located in the U.S. We maintain cash accounts with several financial institutions. At times, the balances in the accounts may exceed the $250,000 balance insured by the Federal Deposit Insurance Corporation. |
FINANCIAL INFORMATION FOR SUBSI
FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS OF POSSIBLE FUTURE PUBLIC DEBT | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS OF POSSIBLE FUTURE PUBLIC DEBT | FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS OF POSSIBLE FUTURE PUBLIC DEBT Intrepid Potash, Inc., as the parent company, has no independent assets or operations, and operations are conducted solely through its subsidiaries. Cash generated from operations is held at the parent company level as cash on hand and short- and long-term investments. Cash and cash equivalents totaled $4.1 million and $18.5 million at December 31, 2023, and 2022, respectively. In the event that one or more of our wholly-owned operating subsidiaries guarantee public debt securities in the future, those guarantees will be full and unconditional and will constitute the joint and several obligations of the subsidiary guarantors. Our other subsidiaries are minor. There are no restrictions on our ability to obtain cash dividends or other distributions of funds from the subsidiary guarantors, except those imposed by applicable law. |
SHARE REPURCHASE PROGRAM
SHARE REPURCHASE PROGRAM | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Share Repurchase Program | SHARE REPURCHASE PROGRAM In February of 2022, our Board of Directors approved a $35 million share repurchase program. Under the share repurchase program, we may repurchase shares from time to time in the open market or in privately negotiated transactions. The timing, volume and nature of share repurchases, if any, will be at our sole discretion and will be dependent on market conditions, liquidity, applicable securities laws, and other factors. We may suspend or discontinue the share repurchase program at any time. We made no repurchases of shares of our common stock for the twelve months ended December 31, 2023. In 2022, we repurchased 608,657 shares of our common stock and paid $22.0 million under the share repurchase program. As of December 31, 2023, we have approximately $13.0 million of remaining availability under the share repurchase program. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT On December 12, 2023, we entered into the Third Amendment of Cooperative Development Agreement (the “Amendment”) with XTO Holdings, LLC (“XTO Holdings”) and XTO Delaware Basin, LLC, as successors in interest to BOPCO, L.P. (“XTO Delaware Basin,” and together with XTO Holdings, “XTO”). The Amendment had an effective date of January 1, 2024 (“Amendment Date”). The Amendment further amends that certain Cooperative Development Agreement, by and between us, BOPCO, L.P. and the other parties thereto, effective as of February 28, 2011 (as amended, including by the Amendment, the “CDA”), which was executed for the purpose of cooperative development of certain lands for potassium and oil and gas. The Cooperative Development Agreement restricts and limits the rights of us and XTO, as successors in interest to BOPCO, L.P. to explore and develop their respective interests, including limitations on the location of wells. We and XTO entered into the Amendment in an effort to further the cooperation, remove the restrictions and limitations, and allow for the efficient co-development of resources within the Designated Potash Area (“DPA”) consistent with the United States Secretary of the Interior Order 3324. Pursuant to the Amendment, among other things, we agree to support and not oppose XTO’s development and operation of XTO’s oil and gas interests within the DPA. As consideration under the Amendment, on December 12, 2023 we received an initial payment of $5.0 million, which is included in "Accrued liabilities" on the December 31, 2023 Consolidated Balance Sheet. On January 2, 2024, we received an additional $45.0 million initial payment from XTO. The Amendment also provides that we shall receive an additional one-time payment equal to $50.0 million as an “Access Fee,” which XTO will pay within 90 days upon the earlier occurrence of (i) the approval of the first new or expanded drilling island within a specific area to be used by XTO or (ii) within seven (7) years of the anniversary of the Amendment Date. XTO is also required to pay additional amounts to Intrepid as an “Access Realization Fee,” up to a maximum amount of $100.0 million, in the event of certain additional drilling activities by XTO. The CDA also contains other customary representations, warranties, covenants, and dispute resolution provisions. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (In thousands) Description Balance at Beginning of Year Charged to Costs and Expenses Deductions Balance at End of Year For the Year Ended December 31, 2021 Allowances deducted from assets Deferred tax assets - valuation allowance 217,943 — (215,910) 2,033 Reserve for parts inventory obsolescence 1,050 2,108 — 3,158 Allowance for doubtful accounts and other receivables 555 — — 555 Total allowances deducted from assets $ 219,548 $ 2,108 $ (215,910) $ 5,746 For the Year Ended December 31, 2022 Allowances deducted from assets Deferred tax assets - valuation allowance 2,033 — — 2,033 Reserve for parts inventory obsolescence 3,158 1,750 (3,646) 1,262 Allowance for doubtful accounts and other receivables 555 — — 555 Total allowances deducted from assets $ 5,746 $ 1,750 $ (3,646) $ 3,850 For the Year Ended December 31, 2023 Allowances deducted from assets Deferred tax assets - valuation allowance 2,033 1,121 — 3,154 Reserve for parts inventory obsolescence 1,262 509 (856) 915 Allowance for doubtful accounts and other receivables 555 110 — 665 Total allowances deducted from assets $ 3,850 $ 1,740 $ (856) $ 4,734 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Our consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. Significant estimates include, but are not limited to, those for proven and probable mineral reserves, the related present value of estimated future net cash flows, useful lives of plant assets, asset retirement obligations, normal inventory production levels, inventory valuations, the valuation of equity awards, revenue from products we sell to customers where the price is variable, the valuation of receivables, estimated future net cash flows used in long-lived assets impairment analysis, the related valuation of our long-lived assets, valuation of our deferred tax assets and estimated blended income tax rates utilized in the current and deferred income tax calculations. There are numerous uncertainties inherent in estimating quantities of proven and probable reserves, projecting future rates of production, and the timing of development expenditures. Future mineral prices may vary significantly from the prices in effect at the time the estimates are made, as may estimates of future operating costs. The estimate of proven and probable mineral reserves, the related present value of estimated future cash flows, and useful lives of plant assets can affect various other items including depletion, the net carrying value of our mineral properties, the useful lives of related property, plant, and equipment, depreciation expense, and estimates associated with recoverability of long-lived assets and asset retirement obligations. Specific to income tax items, we experience fluctuations in the valuation of the deferred tax assets and liabilities due to changing income tax rates and the blend of state tax rates. |
Revenue Recognition | We account for revenue in accordance with Accounting Standards Codification ("ASC") Topic 606 Revenue from Contracts with Customers ("ASC 606"). Under ASC 606, we recognize revenue when control of the promised goods or services is transferred to customers in an amount that reflects the consideration we expect to be entitled in exchange for those goods or services. |
Performance Obligation | A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. The contract's transaction price is allocated to the performance obligations and recognized as revenue when the performance obligations are satisfied. Substantially all our contracts are of a short-term nature and contain a single performance obligation because the sale is for one type of product and shipping and handling charges are accounted for as a fulfillment cost and are not considered to be a separate performance obligation. The performance obligation is satisfied when control of the product is transferred to the customer, which typically occurs when we ship mineral products or deliver water from our facility to the customer. We account for substantially all of our revenue from sales to customers at a single point in time. |
Contract Estimates | In certain circumstances, we may sell products to customers where the sales price is variable. For variable consideration sales, we estimate the sales price we expect to realize at contract inception based on the facts and circumstances for each sale, including historical experience, and recognize revenue to the extent it is probable that a subsequent change in estimate will not result in a significant revenue reversal compared to the cumulative revenue recognized once the uncertainty is resolved. We update variable consideration estimates at each reporting date for any changes in facts and circumstances and adjust financial information as necessary in the period the change is identified. |
Contract Balances | The timing of revenue recognition, billings, and cash collection may result in contract assets or contract liabilities. For certain contracts, the customer has agreed to pay us before we have satisfied our performance obligations. Customer payments received before we have satisfied our performance obligations are accounted for as a contract liability. |
Disaggregation of Revenue | We present disaggregation of revenue by products which we believe best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic conditions. |
Inventory and Long-Term Parts Inventory | Inventory consists of product and byproduct stocks that are ready for sale; mined ore; potash in evaporation ponds, which is considered work-in-process; and parts and supplies inventory. Product and byproduct inventory cost is determined using the lower of weighted average cost or estimated net realizable value and includes direct costs, maintenance, operational overhead, depreciation, depletion, and equipment lease costs applicable to the production process. Direct costs, maintenance, and operational overhead include labor and associated benefits. We evaluate our production levels and costs to determine if any should be deemed abnormal and therefore excluded from inventory costs and expensed directly during the applicable period. The assessment of normal production levels is judgmental and unique to each period. We model normal production levels and evaluate historical ranges of production by operating plant in assessing what is deemed to be normal. Each production operation typically shuts down periodically for planned maintenance activities. The costs of maintenance turnarounds at our facilities are considered part of production costs and are absorbed into inventory in the period incurred. Parts inventory, including critical spares not expected to be used within a period of one year is classified as non-current. Parts and supply inventory cost is determined using the lower of average acquisition cost or estimated replacement cost. Detailed reviews are performed related to the net realizable value of parts inventory, giving consideration to quality, slow-moving items, obsolescence, excessive levels, and other factors. Parts inventories that have not turned over in more than a year, excluding parts classified as critical spares, are reviewed for obsolescence and, if deemed appropriate, are included in the determination of an allowance for obsolescence. |
Property, Plant, Equipment, Mineral Properties and Development Costs | Property, plant, and equipment are stated at historical cost. Expenditures for property, plant, and equipment relating to new assets or improvements are capitalized, provided the expenditure extends the useful life of an asset or extends the asset's functionality. Property, plant, and equipment are depreciated under the straight-line method using estimated useful lives. The estimated useful lives of property, plant, and equipment are evaluated periodically as changes in estimates occur. No depreciation is taken on assets classified as construction in progress until the asset is placed into service. Gains and losses are recorded upon retirement, sale, or disposal of assets. Maintenance and repair costs are recognized as period costs when incurred. Capitalized interest, to the extent of debt outstanding, is calculated and capitalized on assets that are being constructed, drilled, or built or that are otherwise classified as construction in progress. Mineral properties and development costs, which are referred to collectively as mineral properties, include acquisition costs, the cost of drilling production wells, and the cost of other development work, all of which are capitalized. Exploration costs include geological and geophysical work performed on areas that do not yet have proven and probable reserves declared. These costs are expensed as incurred. Depletion of mineral properties is calculated using the units-of-production method over the estimated life of the relevant ore body. The lives of reserves used for accounting purposes are shorter than current reserve life determinations due to uncertainties inherent in long-term estimates. These reserve life estimates have been prepared by us and reviewed and independently determined by mine consultants. Tons of potash and langbeinite in the proven and probable reserves are expressed in terms of expected finished tons of product to be realized, net of estimated losses. Market price fluctuations of potash or Trio ® , as well as increased production costs or reduced recovery rates, could render proven and probable reserves containing relatively lower grades of mineralization uneconomic to exploit and might result in a reduction of reserves. In addition, the provisions of our mineral leases, including royalty provisions, are subject to periodic readjustment by the state and federal government, which could affect the economics of our reserve estimates. Significant changes in the estimated reserves could have a material impact on our results of operations and financial position. |
Recoverability of Long-Lived Assets | We evaluate our long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amount may not be recoverable. An impairment is potentially considered to exist if an asset group's total estimated net future cash flows on an undiscounted basis are less than the carrying amount of the related asset. An impairment loss is measured and recorded based on the excess of the carrying amount of long-lived assets over its estimated fair value. Changes in significant assumptions underlying future cash flow estimates or fair values of asset groups may have a material effect on our financial position and results of operations. Sales price is a significant element of any cash flow estimate, particularly for higher cost operations. Other assumptions we estimate include, among other things, the economic life of the asset, sales volume, inflation, raw materials costs, cost of capital, tax rates, and capital spending. Factors we generally will consider important and which could trigger an impairment review of the carrying value of long-lived assets include the following: • significant underperformance relative to expected operating results or operating losses • significant changes in the manner of use of assets or the strategy for our overall business • the denial or delay of necessary permits or approvals that would affect the utilization of our tangible assets • underutilization of our tangible assets • discontinuance of certain products by us or our customers • a decrease in estimated mineral reserves • significant negative industry or economic trends |
Intangible Assets | Water rights are accounted for as indefinite-lived intangible assets. We test indefinite-lived intangible assets for impairment at least annually on October 1, and more frequently if circumstances require. We use a qualitative assessment to determine whether it is more likely than not that the fair value of the unamortized intangible asset is less than its carrying value. If our qualitative assessment indicates it is more likely than not that the fair value of the unamortized assets is less than its carrying value, we estimate the fair value of the unamortized asset and record an impairment loss based on the excess of the carrying amount of the unamortized intangible asset over its estimated fair value. Fair value is estimated using quoted market prices, if available. If quoted market prices are not available, the estimated fair value is based on various valuation techniques, including the discounted value of estimated future cash flows. Changes in significant assumptions underlying fair value estimates may have a material effect on our financial position and results of operations. We also have finite-lived intangible assets consisting of contractual agreements. These intangible assets are amortized over the period of estimated benefit using the straight-line method. No significant residual value is estimated for our finite-lived intangible assets. We estimate the useful life of intangible assets considering various factors, including but not limited to, the expected use of the asset, the expected life of other assets the intangible asset may relate, any legal, regulatory, contractual provisions, or relevant economic factors that may limit the use of the intangible asset. We evaluate the remaining useful lives of intangible assets each reporting period to determine if a revision to the asset's remaining life is necessary. Changes in significant assumptions underlying useful lives may have a material effect on our financial position and results of operations. We evaluate our finite-lived intangible assets for impairment when events or changes in circumstances indicate that the related carrying amount may not be recoverable. Such circumstances may include but are not limited to (1) significant adverse changes in the manner the asset is used, or (2) significant adverse changes in legal factors or economic conditions, including adverse actions by regulatory authorities. |
Asset Retirement Obligation | Reclamation costs are initially recorded as a liability associated with the asset to be reclaimed or abandoned, based on applicable inflation assumptions and discount rates. The accretion of this discounted liability is recognized as expense over the life of the related assets, and the liability is periodically adjusted to reflect changes in the estimates of either the timing or amount of the reclamation and abandonment costs. |
Leases | We determine if an arrangement is a lease or contains a lease at inception. Operating and finance lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. If readily determinable, we use the implicit rate in the lease to determine the present value of future lease payments. If the implicit rate is not readily determinable, we use an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. Operating right-of-use ("ROU") assets and finance lease assets are generally recognized based on the amount of the initial measurement of the lease liability. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. We account for lease and non-lease components as a single lease component, and we do not apply the requirements of ASC Topic 842 to short-term leases with a term of one year or less at inception. |
Income Taxes | We are a subchapter C corporation and, therefore, are subject to U.S. federal and state income taxes. We recognize income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. We record a valuation allowance if it is deemed more likely than not that our deferred income tax assets will not be realized in full. These determinations are subject to ongoing assessment. |
Cash and Cash Equivalents | Cash and cash equivalents consist of cash and liquid investments with an original maturity of three months or less. We classify our investments in debt securities, which include U.S treasury and government agency obligations, and corporate bonds and notes, as held-to-maturity investments because we have the intent and ability to hold these investments to maturity. Our held to maturity investments are carried at amortized cost. We use the equity method of accounting for investments in limited partnerships where we own more than 3% of the limited partnership, as required by the Securities and Exchange Commission. Under this method of accounting, we record our share of the net earnings or losses of the investee in the "Other Income (Expense)" section of our Consolidated Statements of Operations. |
Fair Value of Financial Instruments | Our financial instruments include cash and cash equivalents, restricted cash, accounts receivable, refundable income taxes, accounts payable and current accrued liabilities. These instruments are carried at cost, which approximates fair value due to the short-term maturities of the instruments. Allowances for doubtful accounts are recorded against the accounts receivable balance to estimate net realizable value. Amounts outstanding under our secured credit facility are carried at cost, which approximates fair value, due to the short-term nature of the borrowings. |
Earnings per Share | Basic net income or loss per common share of stock is calculated by dividing net income or loss available to common stockholders by the weighted average basic common shares outstanding for the respective period. Diluted net income per common share of stock is calculated by dividing net income by the weighted average diluted common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted earnings or loss per share calculation consist of awards of restricted shares, performance units, and non‑qualified stock options. The dilutive effect of stock-based compensation arrangements is computed using the treasury‑stock method. Following the lapse of the vesting period of restricted shares, the shares are considered issued and therefore are included in the number of issued and outstanding shares for purposes of these calculations. When we report a net loss, all potentially dilutive securities are considered anti-dilutive and are excluded from the dilutive loss per share calculation. |
Treasury Stock | Repurchases of our common stock are accounted for at cost and are recorded as treasury stock. |
Stock-Based Compensation | We account for stock-based compensation by recording expense using the fair value of the awards at the time of grant. We have recorded compensation expense associated with the issuance of restricted shares, performance units, and non-qualified stock options, all of which are subject to service conditions and in some cases subject to operational performance or market-based conditions. We recognize expense associated with such awards over the service period associated with each grant. For awards with service only conditions we recognize expense using the straight-line recognition method over the requisite service period of the award, which is generally the vesting period of the award. We recognize expense for awards with service and operational performance conditions using the accelerated recognition method over the requisite service period of the award, which is generally the vesting period of the award. We recognize expense associated with awards that contain both a service condition and a market condition using the accelerated recognition method over the requisite service period of the award, which is generally the longer of the explicit service period or the derived service period (expected date the market condition is estimated to be achieved). |
Recently Adopted Accounting Standard | In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, as amended by ASU No. 2019-04 and ASU No. 2019-10, Financial Instruments - (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASC Topic 326"), which we adopted on January 1, 2020. ASC Topic 326 changed the way entities recognized impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life. Because our trade receivables are short-term in nature, the adoption of this new standard did not have a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and amending existing guidance to improve consistent application. The adoption of this standard did not have a material impact on our consolidated financial statements. Pronouncements Issued But Not Yet Adopted —In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold, certain disclosures of state versus federal income tax expenses and taxes paid. ASC 2023-09 is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the guidance and expect it to only impact disclosures with no impact to results of operations, cash flows and financial condition. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table shows the calculation of basic and diluted earnings (loss) per share (in thousands, except per share amounts): Year Ended December 31, 2023 2022 2021 Net (loss) income $ (35,673) $ 72,220 $ 249,834 Basic weighted average common shares outstanding 12,761 13,152 13,099 Add: Dilutive effect restricted common stock — 191 221 Add: Dilutive effect of stock options outstanding — 109 71 Diluted weighted average common shares outstanding 12,761 13,452 13,391 (Loss) earnings per share: Basic $ (2.80) $ 5.49 $ 19.07 Diluted $ (2.80) $ 5.37 $ 18.66 |
Schedule of Anti-Dilutive Shares Excluded From The Calculation of Diluted Loss Per Share | The following table shows anti-dilutive shares excluded from the calculation of diluted earnings (loss) per share (in thousands): Year Ended December 31, 2023 2022 2021 Anti-dilutive effect of restricted shares 348 63 57 Anti-dilutive effect of stock options outstanding 273 — 156 |
CASH, CASH EQUIVALENTS, AND R_2
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, And Restricted Cash | Total cash, cash equivalents and restricted cash, as shown on the consolidated statements of cash flows are included in the following accounts at December 31, 2023, 2022, and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Cash and cash equivalents $ 4,071 $ 18,514 $ 36,452 Restricted cash included in "Other current assets" 25 25 175 Restricted cash included in "Other assets, net" 555 545 519 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 4,651 $ 19,084 $ 37,146 |
INVENTORY AND LONG-TERM PARTS_2
INVENTORY AND LONG-TERM PARTS INVENTORY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Inventory | The following summarizes our inventory, recorded at the lower of weighted average cost or estimated net realizable value as of December 31, 2023, and 2022, respectively (in thousands): December 31, 2023 2022 Finished goods product inventory $ 66,033 $ 74,777 In-process inventory 28,044 24,767 Total product inventory 94,077 99,544 Current parts inventory, net 20,175 15,272 Total current inventory, net 114,252 114,816 Long-term parts inventory, net 30,231 24,823 Total inventory, net $ 144,483 $ 139,639 |
PROPERTY, PLANT, EQUIPMENT AN_2
PROPERTY, PLANT, EQUIPMENT AND MINERAL PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |
Schedule of Property, Plant, Equipment, And Mineral Properties | Property, plant, equipment, and mineral properties, net" were comprised of the following (in thousands): December 31, 2023 2022 Land $ 24,136 $ 24,136 Ponds and land improvements 91,333 73,501 Mineral properties and development costs 159,775 146,333 Buildings and plant 90,150 89,014 Machinery and equipment 297,494 288,345 Vehicles 7,332 7,399 Office equipment and leasehold improvements 10,150 10,436 Operating lease ROU assets 5,274 5,908 Breeding stock 315 329 Construction in progress 23,942 47,188 Total property, plant, equipment, and mineral properties, gross $ 709,901 $ 692,589 Less: accumulated depreciation, depletion, and amortization (351,652) (316,959) Total property, plant, equipment, and mineral properties, net $ 358,249 $ 375,630 |
Schedule of Depreciation, Depletion Amortization and Accretion | We incurred the following expenses for depreciation, depletion, and amortization of ROU assets, including expenses capitalized into inventory, for the following periods (in thousands): Year Ended December 31, 2023 2022 2021 Depreciation $ 34,307 $ 29,805 $ 29,447 Depletion 3,190 3,168 3,979 Amortization of ROU assets 1,581 1,738 2,209 Total incurred $ 39,078 $ 34,711 $ 35,635 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases Recorded on Balance Sheets | Leases recorded on the balance sheet consist of the following (amounts in thousands): Leases Classification on the Balance Sheet Balance, December 31, 2023 Balance, December 31, 2022 Assets Operating lease ROU assets, net Property, plant, equipment, and mineral properties, net $ 2,031 $ 3,663 Finance lease ROU assets, net Property, plant, equipment, and mineral properties, net $ 2,609 $ — Liabilities Current operating lease liabilities Other current liabilities $ 1,387 $ 1,608 Current finance lease liability Other current liabilities $ 961 $ — Non-current operating lease liabilities Operating lease liabilities $ 741 $ 2,206 Non-current finance lease liabilities Finance lease liabilities $ 1,451 $ — |
Other Information Related to Lease Term and Discount Rate, and Components of Lease Expense | Other information related to lease term and discount rate is as follows: December 31, 2023 December 31, 2022 Weighted average remaining lease term - operating leases 1.7 years 2.5 years Weighted average remaining lease term - finance leases 2.3 years 0.0 years Weighted average discount rate - operating leases 5.7 % 5.4 % Weighted average discount rate - finance leases 8.5 % — % The components of lease expense are as follows (amounts in thousands): For the Year Ended December 31, 2023 For the Year Ended December 31, 2022 For the Year Ended December 31, 2021 Operating lease expense $ 1,667 $ 1,904 $ 2,370 Short-term lease expense 122 150 122 Total lease expense $ 1,789 $ 2,054 $ 2,492 Supplemental cash flow information related to leases was as follows (amounts in thousands): For the Year Ended December 31, 2023 For the Year Ended December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,724 $ 1,889 Operating cash flows from finance leases 139 — Financing cash flows from finance leases 597 — Right-of-Use Assets exchanged for new operating lease liabilities 48 2,305 Right-of-Use Assets exchanged for new finance lease liabilities 3,009 — |
Maturities of Lease Liabilities | As of December 31, 2023, maturities of lease liabilities are summarized as follows (amounts in thousands): Years Ending December 31, Operating Leases Finance Leases Total 2024 $ 1,471 $ 1,104 $ 2,575 2025 618 810 1,428 2026 114 644 758 2027 40 67 107 2028 — 39 39 Total future minimum lease payments $ 2,243 2,664 4,907 Less - amount representing interest 115 252 367 Present value of future minimum lease payments $ 2,128 2,412 4,540 Less - current lease obligations 1,387 961 2,348 Long-term lease obligations $ 741 $ 1,451 $ 2,192 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | As of December 31, 2023, and December 31, 2022, we have the following amounts recorded for intangible assets (amounts in thousands): December 31, 2023 December 31, 2022 Finite-lived intangible assets: Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Produced water disposal royalty agreements $ 2,694 $ (630) $ 2,694 $ (495) Surface damage and easement agreements 3,723 (871) 3,723 (685) Total $ 6,417 $ (1,501) $ 6,417 $ (1,180) Indefinite-lived intangible assets: Water rights $ 19,184 $ 19,184 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule Of Interest Expense Debt | Amounts included in interest expense for the years ended December 31, 2023, 2022, and 2021 (in thousands) are as follows: Year ended December 31, 2023 2022 2021 Interest expense on borrowings $ 275 $ — $ 654 Commitment fee on unused credit facility 226 155 70 Make-whole payments — — 505 Amortization of deferred financing costs 301 265 314 Gross interest expense 802 420 1,543 Less capitalized interest 802 319 75 Interest expense, net $ — $ 101 $ 1,468 |
ASSET RETIREMENT OBLIGATION (Ta
ASSET RETIREMENT OBLIGATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of changes to asset retirement obligations | Following is a table of the changes to our asset retirement obligations for the following periods (in thousands): Year Ended December 31, 2023 2022 2021 Asset retirement obligation, at beginning of period $ 26,864 $ 27,024 $ 23,872 Liabilities settled (197) (1,533) — Liabilities incurred — 297 — Changes in estimated obligations 1,552 (885) 1,294 Accretion of discount 2,140 1,961 1,858 Total asset retirement obligation, at end of period $ 30,359 $ 26,864 $ 27,024 Less current portion of asset retirement obligation $ (282) $ (300) $ — Long-term portion of asset retirement obligation $ 30,077 $ 26,564 $ 27,024 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Contract Balances | The timing of revenue recognition, billings, and cash collection may result in contract assets or contract liabilities. For certain contracts, the customer has agreed to pay us before we have satisfied our performance obligations. Customer payments received before we have satisfied our performance obligations are accounted for as a contract liability.As of December 31, 2023, and 2022, we had $2.3 million and $2.4 million of contract liabilities, respectively, of which $1.0 million and $0.9 million were current as of December 31, 2023 and 2022, respectively, and included in "Other current liabilities" on the consolidated balance sheets. Customer advances received before we have satisfied our performance obligations are accounted for as a contract liability (sometimes referred to in practice as deferred revenue). As of December 31, 2021, our contract liability balance primarily consisted of prepayments from a customer for future water deliveries under the terms of a water sales agreement. In August 2022, our customer notified us that they were terminating the water sales agreement and in September 2022 we refunded the customer's prepayment balance of $32.6 million. See Note 14 — Commitments and Contingencies below for additional information regarding our water rights and repayment of the customer's prepayment balance. Our contract liability activity for the years ended December 31, 2023, 2022, and 2021 is shown below (in thousands): Year Ended December 31, 2023 2022 2021 Beginning balance $ 2,374 $ 33,788 $ 30,419 Additions 1,030 1,823 4,310 Refund of prepayments — (32,579) — Recognized as revenue during period from the beginning balance (1,101) (658) (941) Ending balance $ 2,303 $ 2,374 $ 33,788 |
Disaggregation of Revenue | The table below shows the disaggregation of revenue by product and reconciles disaggregated revenue to segment revenue for the years ended December 31, 2023, 2022, and 2021. We believe the disaggregation of revenue by products best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic conditions (in thousands): Year Ended December 31, 2023 Product Potash Segment Trio ® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 131,206 $ — $ — $ (329) $ 130,877 Trio ® — 96,344 — — 96,344 Water 297 5,316 9,569 — 15,182 Salt 11,973 522 — — 12,495 Magnesium Chloride 8,161 — — — 8,161 Brines 4,283 — 4,056 — 8,339 Other — — 7,685 — 7,685 Total Revenue $ 155,920 $ 102,182 $ 21,310 $ (329) $ 279,083 Year Ended December 31, 2022 Product Potash Segment Trio ® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 168,571 $ — $ — $ (304) $ 168,267 Trio ® — 113,962 — — 113,962 Water 1,637 3,302 17,510 — 22,449 Salt 11,270 562 — — 11,832 Magnesium Chloride 6,472 — — — 6,472 Brines 3,428 — 2,670 — 6,098 Other — — 8,488 — 8,488 Total Revenue $ 191,378 $ 117,826 $ 28,668 $ (304) $ 337,568 Year Ended December 31, 2021 Product Potash Segment Trio ® Segment Oilfield Solutions Segment Intersegment Eliminations Total Potash $ 130,460 $ — $ — $ (247) $ 130,213 Trio ® — 91,125 — — 91,125 Water 2,050 4,355 15,594 — 21,999 Salt 9,592 578 — — 10,170 Magnesium Chloride 7,847 — — — 7,847 Brines 1,802 — 1,129 — 2,931 Other — — 6,047 — 6,047 Total Revenue $ 151,751 $ 96,058 $ 22,770 $ (247) $ 270,332 |
COMPENSATION PLANS (Tables)
COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of restricted shares | A summary of all activity relating to our restricted shares for the year ended December 31, 2023, is presented below: Weighted Average Shares Restricted shares of common stock, beginning of period 300,268 $ 40.25 Granted with service only condition 153,201 $ 25.11 Granted with service and market conditions 94,142 $ 24.96 Vested, service only condition (89,225) $ 20.30 Vested, service and market conditions (88,546) $ 29.70 Forfeited, service only condition (21,828) $ 38.14 Forfeited, service and market conditions (7,088) $ 56.45 Restricted shares of common stock, end of period 340,924 $ 36.98 |
Summary of stock option activity | A summary of all stock option activity for the year ended December 31, 2023, is as follows: Shares Weighted Average Exercise Price Aggregate Intrinsic Value 1 Weighted Average Remaining Contractual Life Outstanding non-qualified stock 273,206 $29.04 Granted — $— Exercised — $— Forfeited — $— Expired — $— Outstanding non-qualified stock 273,206 $29.04 $948,054 3.7 Vested or expected to vest, 273,206 $29.04 $948,054 3.7 Exercisable non-qualified 273,206 $29.04 $948,054 3.7 |
Service And Market Condition Based Vesting [Member] | Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock options, valuation assumptions | Valuation models require the input of highly subjective assumptions, including the expected volatility of the price of the underlying stock. We used the following assumptions to compute the weighted-average grant date fair market value of restricted stock with service and market conditions granted in 2023, 2022, and 2021: 2023 2022 2021 Closing stock price on grant date $ 26.05 $ 66.33 $ 42.03 Risk free interest rate 3.6 % 2.2 % 1.1 % Dividend yield — % — % — % Estimated volatility 82.9 % 79.8 % 89.0 % Expected life 3.8 years 6.0 years 5.5 years |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | A summary of the provision for income taxes is as follows (in thousands): Year Ended December 31, 2023 2022 2021 Current portion of income tax expense (benefit): Federal $ — $ — $ — State 82 966 206 Deferred portion of income tax expense (benefit): Federal (8,538) 19,430 (157,348) State 67 3,893 (51,727) Total income tax (benefit) expense $ (8,389) $ 24,289 $ (208,869) |
Reconciliation of The Statutory Rate to The Effective Rate | A reconciliation of the federal statutory income tax rate of 21% to our effective rate is as follows (in thousands, except percentages): Year Ended December 31, 2023 2022 2021 Federal taxes at statutory rate $ (9,253) $ 20,267 $ 8,603 Add: State taxes, net of federal benefit (1,274) 5,406 1,278 Change in valuation allowance 1,121 — (215,910) PPP loan forgiveness — — (2,115) Change in federal and state tax rates 238 (125) 138 Officers' Compensation 848 546 195 Percentage depletion (282) (827) (463) Other 213 (978) (595) Net (benefit) expense as calculated $ (8,389) $ 24,289 $ (208,869) Effective tax rate 19.0 % 25.2 % (509.9) % |
Schedule of Deferred Tax Assets and liabilities | Significant components of our deferred tax assets and liabilities were as follows (in thousands): December 31, 2023 2022 Deferred tax assets (liabilities): Property, plant, equipment and mineral properties, net $ 127,368 $ 119,919 Federal and state net operating loss carryforwards 55,486 53,440 Asset retirement obligation 7,768 7,409 Deferred revenue 1,869 607 Other 3,017 4,540 Federal R&D credits 1,870 1,870 Total deferred tax assets 197,378 187,785 Valuation allowance (3,155) (2,033) Deferred tax asset, net $ 194,223 $ 185,752 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Held-to-Maturity Investments | Held-to-Maturity Investments —As of December 31, 2023 and 2022, we owned debt investment securities classified as held-to-maturity because we have the intent and ability to hold these investments to maturity. Our held-to-maturity debt investment securities consist of investment grade corporate bonds and U.S. government issued bonds. Our held-to-maturity investments at December 31, 2023 and 2022, are carried at amortized cost and consist of the following (amounts in thousands): As of December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term Corporate bonds $ 991 $ — $ (9) $ 982 Government bonds 1,979 — (13) 1,966 Total $ 2,970 $ — $ (22) $ 2,948 Long-term Corporate bonds $ — $ — $ — $ — Government bonds 954 1 (4) 951 Total $ 954 $ 1 $ (4) $ 951 As of December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term Corporate bonds $ 3,992 $ — $ (24) $ 3,968 Government bonds 1,967 — (18) 1,949 Total $ 5,959 $ — $ (42) $ 5,917 Long-term Corporate bonds $ 499 $ — $ (10) $ 489 Government bonds 1,935 — (26) 1,909 Total $ 2,434 $ — $ (36) $ 2,398 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Contributions to the 401K Plan | Our contributions to the 401(k) Plan in the following periods were (in thousands): Contributions Year Ended December 31, 2023 $ 2,057 Year Ended December 31, 2022 $ 1,760 Year Ended December 31, 2021 $ 1,633 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Year Ended December 31, 2023 Potash Trio ® Oilfield Solutions Other Consolidated Sales 1 $ 155,920 $ 102,182 $ 21,310 $ (329) $ 279,083 Less: Freight costs 14,753 23,211 — (329) 37,635 Warehousing and handling costs 5,957 4,875 — — 10,832 Cost of goods sold 97,452 74,308 15,518 — 187,278 Lower of cost or NRV inventory adjustments 2,709 3,783 — — 6,492 Gross Margin (Deficit) $ 35,049 $ (3,995) $ 5,792 $ — $ 36,846 Depreciation, depletion, and amortization incurred 2 $ 28,378 $ 6,288 $ 3,849 $ 885 $ 39,400 Year Ended December 31, 2022 Potash Trio ® Oilfield Solutions Other Consolidated Sales 1 $ 191,378 $ 117,826 $ 28,668 $ (304) $ 337,568 Less: Freight costs 14,780 19,661 — (304) 34,137 Warehousing and handling costs 5,305 4,442 — — 9,747 Cost of goods sold 76,524 54,600 21,152 — 152,276 Gross Margin $ 94,769 $ 39,123 $ 7,516 $ — $ 141,408 Depreciation, depletion, and amortization incurred 2 $ 26,572 $ 4,370 $ 3,298 $ 793 $ 35,033 Year Ended December 31, 2021 Potash Trio ® Oilfield Solutions Other Consolidated Sales 1 $ 151,751 $ 96,058 $ 22,770 $ (247) $ 270,332 Less: Freight costs 17,483 20,656 — (247) 37,892 Warehousing and handling costs 5,169 4,113 — — 9,282 Cost of goods sold 87,281 54,847 19,293 — 161,421 Costs associated with abnormal production and other 5,973 — — — 5,973 Gross Margin (Deficit) $ 35,845 $ 16,442 $ 3,477 $ — $ 55,764 Depreciation, depletion, and amortization incurred 2 $ 26,828 $ 5,477 $ 2,996 $ 656 $ 35,957 1 Segment sales include the sales of byproducts generated during the production of potash and Trio ® . 2 Depreciation, depletion, and amortization incurred for potash and Trio ® excludes depreciation, depletion, and amortization absorbed in or (relieved from) inventory. |
Reconciliation of Reportable Segment Sales to Consolidated Sales and Segment Gross Margins to Consolidated Income Before Taxes | Year Ended December 31, 2023 2022 2021 Total sales for reportable segments $ 279,412 $ 337,872 $ 270,579 Elimination of intersegment sales (329) (304) (247) Total consolidated sales $ 279,083 $ 337,568 $ 270,332 Total gross margin for reportable segments $ 36,846 $ 141,408 $ 55,764 Elimination of intersegment sales (329) (304) (247) Elimination of intersegment expenses 329 304 247 Unallocated amounts: Selling and administrative 32,423 31,799 23,998 Impairment of long-lived assets 43,288 — — Loss (gain) on disposal of assets 807 7,470 (2,542) Accretion of asset retirement obligation 2,140 1,961 1,858 Other operating expense 2,157 4,738 178 Equity in loss/(earnings) of unconsolidated entities 486 (689) — Interest expense, net — 101 1,468 Gain on extinguishment of debt — — (10,113) Interest income (298) (176) — Other non-operating income (95) (305) (48) (Loss) income before income taxes $ (44,062) $ 96,509 $ 40,965 |
COMPANY BACKGROUND (Details)
COMPANY BACKGROUND (Details) | 12 Months Ended |
Dec. 31, 2023 Reporting_Segments Facility | |
Business Acquisition [Line Items] | |
Number of mining facilities | Facility | 3 |
Number of reportable segments | Reporting_Segments | 3 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Calculation of basic and diluted earnings per share | |||
Net (loss) income | $ (35,673) | $ 72,220 | $ 249,834 |
Basic weighted average common shares outstanding | 12,760,937 | 13,151,752 | 13,098,871 |
Add: Dilutive effect restricted common stock | 191,000 | 221,000 | |
Add: Dilutive effect of stock options oustanding | 109,000 | 71,000 | |
Diluted weighted average common shares outstanding | 12,760,937 | 13,452,233 | 13,391,362 |
(Loss) earnings per share: | |||
Basic | $ (2.80) | $ 5.49 | $ 19.07 |
Diluted | $ (2.80) | $ 5.37 | $ 18.66 |
Restricted Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares | 348,000 | 63,000 | 57,000 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares | 273,000 | 0 | 156,000 |
CASH, CASH EQUIVALENTS, AND INV
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 4,071 | $ 18,514 | $ 36,452 | |
Restricted cash included in Other current assets | 25 | 25 | 175 | |
Restricted cash included in Other current, net | 555 | 545 | 519 | |
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ 4,651 | $ 19,084 | $ 37,146 | $ 20,184 |
INVENTORY AND LONG-TERM PARTS_3
INVENTORY AND LONG-TERM PARTS INVENTORY (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Inventory [Line Items] | |||
Lower of cost or net realizable value inventory adjustments | $ 6,492 | $ 0 | $ 0 |
Reserve for obsolescence | $ 509 | $ 1,750 | $ 2,108 |
INVENTORY AND LONG-TERM PARTS_4
INVENTORY AND LONG-TERM PARTS INVENTORY (Summary of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods product inventory | $ 66,033 | $ 74,777 |
In-process inventory | 28,044 | 24,767 |
Total product inventory | 94,077 | 99,544 |
Current parts inventory, net | 20,175 | 15,272 |
Total current inventory, net | 114,252 | 114,816 |
Long-term parts inventory, net | 30,231 | 24,823 |
Total inventory, net | $ 144,483 | $ 139,639 |
PROPERTY, PLANT, EQUIPMENT AN_3
PROPERTY, PLANT, EQUIPMENT AND MINERAL PROPERTIES (Schedule of Property, Plant, Equipment and Mineral Properties) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant, equipment, and mineral properties, gross | $ 709,901 | $ 692,589 |
Less: accumulated depreciation, depletion, and amortization | (351,652) | (316,959) |
Total property, plant, equipment, and mineral properties, net | 358,249 | 375,630 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, equipment, and mineral properties, gross | 24,136 | 24,136 |
Ponds and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, equipment, and mineral properties, gross | 91,333 | 73,501 |
Mineral properties and development costs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, equipment, and mineral properties, gross | 159,775 | 146,333 |
Buildings and Plant [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, equipment, and mineral properties, gross | 90,150 | 89,014 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, equipment, and mineral properties, gross | 297,494 | 288,345 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, equipment, and mineral properties, gross | 7,332 | 7,399 |
Office equipment and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, equipment, and mineral properties, gross | 10,150 | 10,436 |
Operating lease ROU assets | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, equipment, and mineral properties, gross | 5,274 | 5,908 |
Breeding Stock [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, equipment, and mineral properties, gross | 315 | 329 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant, equipment, and mineral properties, gross | $ 23,942 | $ 47,188 |
PROPERTY, PLANT, EQUIPMENT AN_4
PROPERTY, PLANT, EQUIPMENT AND MINERAL PROPERTIES (Schedule of Depreciation, Depletion, and Accretion) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 34,307 | $ 29,805 | $ 29,447 |
Depletion | 3,190 | 3,168 | 3,979 |
Amortization of ROU assets | 1,581 | 1,738 | 2,209 |
Total incurred | $ 39,078 | $ 34,711 | $ 35,635 |
PROPERTY, PLANT, EQUIPMENT AN_5
PROPERTY, PLANT, EQUIPMENT AND MINERAL PROPERTIES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Impairment of long-lived assets | $ 43,288 | $ 0 | $ 0 | |
Trio [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment of long-lived assets | $ 31,900 | |||
Oil Field Solutions [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment of long-lived assets | $ 1,500 | |||
West Facility[Member] [Member] [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment of long-lived assets | $ 9,900 |
LEASES (Leases Recorded on Bala
LEASES (Leases Recorded on Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating lease ROU assets, net | $ 2,031 | $ 3,663 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant, equipment, and mineral properties, net | Property, plant, equipment, and mineral properties, net |
Finance lease ROU assets, net | $ 2,609 | $ 0 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant, equipment, and mineral properties, net | Property, plant, equipment, and mineral properties, net |
Current operating lease liabilities | $ 1,387 | $ 1,608 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Current finance lease liability | $ 961 | $ 0 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Non-current operating lease liabilities | $ 741 | $ 2,206 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Non-current operating lease liabilities | Non-current operating lease liabilities |
Non-current finance lease liabilities | $ 1,451 | $ 0 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Non-current finance lease liabilities |
LEASES (Other Information Relat
LEASES (Other Information Related to Lease Term and Discount) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted average remaining lease term - operating leases | 1 year 8 months 12 days | 2 years 6 months |
Weighted average remaining lease term - finance leases | 2 years 3 months 18 days | 0 years |
Weighted average discount rate - operating leases | 5.70% | 5.40% |
Weighted average discount rate - finance leases | 8.50% | 0% |
LEASES (Components of Lease Exp
LEASES (Components of Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease expense | $ 1,667 | $ 1,904 | $ 2,370 |
Short-term lease expense | 122 | 150 | 122 |
Total lease expense | $ 1,789 | $ 2,054 | $ 2,492 |
LEASES (Supplemental Cash Flow
LEASES (Supplemental Cash Flow Information Related to Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 1,724 | $ 1,889 | |
Operating cash flows from finance leases | 139 | 0 | |
Financing cash flows from finance leases | 597 | 0 | $ 1,258 |
Right-of-Use Assets exchanged for new operating lease liabilities | 48 | 2,305 | |
Right-of-Use Assets exchanged for new finance lease liabilities | $ 3,009 | $ 0 |
LEASES (Maturities of Lease Lia
LEASES (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating leases, 2024 | $ 1,471 | |
Operating leases, 2025 | 618 | |
Operating leases, 2026 | 114 | |
Operating leases, 2027 | 40 | |
Operating leases, 2028 | 0 | |
Operating leases, Total future minimum lease payments | 2,243 | |
Operating leases, Less - amount representing interest | 115 | |
Operating leases, Present value of future minimum lease payments | 2,128 | |
Operating Leases, Less - current lease obligation | 1,387 | $ 1,608 |
Operating leases, Long-term lease obligations | 741 | 2,206 |
Finance leases, 2024 | 1,104 | |
Finance leases, 2025 | 810 | |
Finance leases, 2026 | 644 | |
Finance leases, 2027 | 67 | |
Finance leases, 2028 | 39 | |
Finance leases, Total future minimum lease payments | 2,664 | |
Finance Leases, Less - amount representing interest | 252 | |
Finance leases, Present value of future minimum lease payments | 2,412 | |
Finance leases, Less - current lease obligations | 961 | 0 |
Finance lease liabilities | 1,451 | $ 0 |
Operating and finance leases, 2024 | 2,575 | |
Operating and finance leases, 2025 | 1,428 | |
Operating and finance leases, 2026 | 758 | |
Operating and finance leases, 2027 | 107 | |
Operating and finance leases, 2028 | 39 | |
Operating and finance leases, Total future minimum lease payments | 4,907 | |
Operating and finance leases, Less - amount representing interest | 367 | |
Operating and finance leases, Present value of future minimum lease payments | 4,540 | |
Operating and finance leases, Less - current lease obligations | 2,348 | |
Operating and finance leases, Long-term lease obligations | $ 2,192 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) | Dec. 31, 2023 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, remaining lease term | 1 year |
Finance Lease, remaining lease term | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, remaining lease term | 4 years |
Finance Lease, remaining lease term | 5 years |
INTANGIBLE ASSETS (Narrative) (
INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets Disclosure [Abstract] | ||||
Other intangible assets acquired in the Intrepid South asset acquisition | $ 6,400 | |||
Amortization of intangible assets | $ 322 | $ 322 | $ 322 | |
Weighted average amortization period | 15 years 3 months 18 days | |||
Intangible asset, expected amortization, year one | $ 300 | |||
Intangible asset, expected amortization, year two | 300 | |||
Intangible asset, expected amortization, year three | 300 | |||
Intangible asset, expected amortization, year four | 300 | |||
Intangible asset, expected amortization, year five | $ 300 |
INTANGINBLE ASSETS (Schedule of
INTANGINBLE ASSETS (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 6,417 | $ 6,417 |
Accumulated Amortization | (1,501) | (1,180) |
Indefinite-lived intangible assets, water rights | 19,184 | 19,184 |
Produced Water Disposal Royalty Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,694 | 2,694 |
Accumulated Amortization | (630) | (495) |
Surface Damage And Easement Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,723 | 3,723 |
Accumulated Amortization | $ (871) | $ (685) |
DEBT (Narrative) (Details)
DEBT (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Apr. 30, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 02, 2022 | Jul. 31, 2022 | |
Debt Instrument [Line Items] | |||||||
Credit facility | $ 4,000 | ||||||
Proceeds from borrowings on credit facility | 9,000 | $ 0 | $ 0 | ||||
Repayments of borrowings on credit facility | (5,000) | 0 | (29,817) | ||||
Long-term Line of Credit | 0 | ||||||
Gain on extinguishment of debt | 0 | 0 | 10,113 | ||||
Gross interest expense | 802 | 420 | 1,543 | ||||
Repayments of long-term debt | 0 | 0 | 15,000 | ||||
Interest paid | 411 | 113 | 875 | ||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, borrowing capacity | $ 150,000 | $ 75,000 | |||||
Proceeds from borrowings on credit facility | 9,000 | 0 | |||||
Repayments of borrowings on credit facility | (5,000) | 0 | (29,800) | ||||
Long-term Line of Credit | 4,000 | 0 | 0 | ||||
Letters of credit | 0 | $ 1,000 | $ 1,000 | ||||
Line of credit, current borrowing capacity | $ 146,000 | ||||||
Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread credit facility | 1.50% | ||||||
Maximum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread credit facility | 2.25% | ||||||
Series B Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of senior debt | $ 15,000 | ||||||
Aggregate amount of debt repayment | 15,600 | ||||||
Interest paid | 100 | ||||||
Make whole payment | 500 | ||||||
Paycheck Protection Program Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from loan | $ 10,000 | ||||||
Gain on extinguishment of debt | $ 10,100 |
DEBT (Schedule of Interest Expe
DEBT (Schedule of Interest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |||
Interest expense on borrowings | $ 275 | $ 0 | $ 654 |
Commitment fee on unused credit facility | 226 | 155 | 70 |
Make-whole payment | 0 | 0 | 505 |
Amortization of deferred financing costs | 301 | 265 | 314 |
Gross interest expense | 802 | 420 | 1,543 |
Less capitalized interest | 802 | 319 | 75 |
Interest expense, net | $ 0 | $ 101 | $ 1,468 |
ASSET RETIREMENT OBLIGATION (Na
ASSET RETIREMENT OBLIGATION (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Asset retirement obligation payments expected to be made | $ 7.8 |
Period in which no significant payments related to asset retirement obligation are expected (in years) | 5 years |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Credit risk free rate | 0.069 |
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Credit risk free rate | 0.120 |
ASSET RETIREMENT OBLIGATION (Sc
ASSET RETIREMENT OBLIGATION (Schedule of Changes to Asset Retirement Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes to asset retirement obligations | |||
Asset retirement obligation, at beginning of period | $ 26,864 | $ 27,024 | $ 23,872 |
Liabilities settled | (197) | (1,533) | 0 |
Liabilities incurred | 0 | 297 | 0 |
Changes in estimated obligations | 1,552 | (885) | 1,294 |
Accretion of discount | 2,140 | 1,961 | 1,858 |
Total asset retirement obligation, at end of period | 30,359 | 26,864 | 27,024 |
Less current portion of asset retirement obligation | (282) | (300) | 0 |
Long-term portion of asset retirement obligation | 30,077 | 26,564 | 27,024 |
Asset Retirement Obligation | $ 30,359 | $ 26,864 | $ 27,024 |
REVENUE (Contract Balances) (De
REVENUE (Contract Balances) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||||
Beginning balance | $ 2,374 | $ 33,788 | $ 30,419 | |
Additions | 1,030 | 1,823 | 4,310 | |
Refund of prepayments | $ (32,600) | 0 | (32,579) | 0 |
Recognized as revenue during period from the beginning balance | (1,101) | (658) | (941) | |
Ending balance | 2,303 | 2,374 | $ 33,788 | |
Contract with Customer, Liability, Current | $ 1,000 | $ 900 |
REVENUE (Disaggregation of Reve
REVENUE (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Potash [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 130,877 | $ 168,267 | $ 130,213 | |
Trio [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 96,344 | 113,962 | 91,125 | |
Water Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 15,182 | 22,449 | 21,999 | |
Salt [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12,495 | 11,832 | 10,170 | |
Magnesium Chloride [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 8,161 | 6,472 | 7,847 | |
Brines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 8,339 | 6,098 | 2,931 | |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,685 | 8,488 | 6,047 | |
Mineral [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | [1] | 279,083 | 337,568 | 270,332 |
Potash [Member] | Potash [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 131,206 | 168,571 | 130,460 | |
Potash [Member] | Trio [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Potash [Member] | Water Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 297 | 1,637 | 2,050 | |
Potash [Member] | Salt [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 11,973 | 11,270 | 9,592 | |
Potash [Member] | Magnesium Chloride [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 8,161 | 6,472 | 7,847 | |
Potash [Member] | Brines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,283 | 3,428 | 1,802 | |
Potash [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Potash [Member] | Mineral [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 155,920 | 191,378 | 151,751 | |
Trio [Member] | Potash [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Trio [Member] | Trio [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 96,344 | 113,962 | 91,125 | |
Trio [Member] | Water Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5,316 | 3,302 | 4,355 | |
Trio [Member] | Salt [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 522 | 562 | 578 | |
Trio [Member] | Magnesium Chloride [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Trio [Member] | Brines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Trio [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Trio [Member] | Mineral [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 102,182 | 117,826 | 96,058 | |
Oil Field Solutions [Member] | Potash [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Oil Field Solutions [Member] | Trio [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Oil Field Solutions [Member] | Water Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 9,569 | 17,510 | 15,594 | |
Oil Field Solutions [Member] | Salt [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Oil Field Solutions [Member] | Magnesium Chloride [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Oil Field Solutions [Member] | Brines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,056 | 2,670 | 1,129 | |
Oil Field Solutions [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,685 | 8,488 | 6,047 | |
Oil Field Solutions [Member] | Mineral [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 21,310 | 28,668 | 22,770 | |
Intersegment Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (329) | (304) | (247) | |
Intersegment Eliminations [Member] | Potash [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | (329) | (304) | (247) | |
Intersegment Eliminations [Member] | Trio [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Water Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Salt [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Magnesium Chloride [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Brines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | |
Intersegment Eliminations [Member] | Mineral [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | [1] | $ (329) | $ (304) | $ (247) |
[1] Segment sales include the sales of byproducts generated during the production of potash and Trio ® . |
COMPENSATION PLANS (Narrative)
COMPENSATION PLANS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock available for issuance | 1,000,000 | ||
Total compensation expense | $ 6,500 | $ 6,200 | $ 3,000 |
Total unrecognized compensation expense | $ 5,600 | ||
Unrecognized compensation expense, period for recognition | 1 year 3 months 18 days | ||
Non Qualified Stock Options [Abstract] | |||
Options exercised, intrinsic value | $ 600 | ||
Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards, outstanding | 340,924 | 300,268 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise in the period | 0 | ||
Awards, outstanding | 273,206 | 273,206 | |
Service Based Vesting [Member] | Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 153,201 | ||
Restricted Stock [Abstract] | |||
Granted in period, weighted average fair value | $ 25.11 | $ 66.07 | $ 37.49 |
Shares canceled | 21,828 | ||
Share vested | 89,225 | ||
Service Based Vesting [Member] | Key Employees [Member] | Restricted Shares [Member] | |||
Restricted Stock [Abstract] | |||
Restricted shares granted | 130,975 | ||
Vesting period | 3 years | ||
Service Based Vesting [Member] | Director [Member] | Restricted Shares [Member] | |||
Restricted Stock [Abstract] | |||
Restricted shares granted | 22,226 | ||
Vesting period | 1 year | ||
Service And Market Condition Based Vesting [Member] | Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 94,142 | ||
Restricted Stock [Abstract] | |||
Granted in period, weighted average fair value | $ 24.96 | $ 62.32 | $ 23.76 |
Shares canceled | 7,088 | ||
Share vested | 88,546 | ||
Service And Market Condition Based Vesting [Member] | 2020 [Member] | Executive Officer [Member] | Restricted Shares [Member] | |||
Restricted Stock [Abstract] | |||
Share vested | 47,259 | ||
Service And Market Condition Based Vesting [Member] | 2021 [Member] | Executive Member One [Member] | Restricted Shares [Member] | |||
Restricted Stock [Abstract] | |||
Vesting period | 3 years | ||
Vesting stock price consecutive trading days | 20 days | ||
Share vested | 886 | ||
Service And Market Condition Based Vesting [Member] | 2021 [Member] | Executive Member Two [Member] | Restricted Shares [Member] | |||
Restricted Stock [Abstract] | |||
Vesting stock price consecutive trading days | 20 days | ||
Share vested | 24,152 | ||
Service And Market Condition Based Vesting [Member] | 2022 [Member] | Executive Member One [Member] | Restricted Shares [Member] | |||
Restricted Stock [Abstract] | |||
Vesting period | 3 years | ||
Vesting stock price consecutive trading days | 20 days | ||
Share vested | 1,737 | ||
Service And Market Condition Based Vesting [Member] | 2022 [Member] | Executive Member Two [Member] | Restricted Shares [Member] | |||
Restricted Stock [Abstract] | |||
Vesting period | 2 years | ||
Vesting stock price consecutive trading days | 20 days | ||
Share vested | 14,512 | ||
Service And Market Condition Based Vesting [Member] | 2023 | Executive Member One [Member] | Restricted Shares [Member] | |||
Restricted Stock [Abstract] | |||
Vesting period | 3 years | ||
Vesting stock price consecutive trading days | 20 days | ||
Service And Market Condition Based Vesting [Member] | 2023 | Executive Member Two [Member] | Restricted Shares [Member] | |||
Restricted Stock [Abstract] | |||
Vesting period | 2 years | ||
Vesting stock price consecutive trading days | 20 days |
COMPENSATION PLANS (Schedule of
COMPENSATION PLANS (Schedule of Fair Value Assumptions) (Details) - Service And Market Condition Based Vesting [Member] - Restricted Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing stock price on grant date | $ 26.05 | $ 66.33 | $ 42.03 |
Risk free interest rate | 3.60% | 2.20% | 1.10% |
Dividend yield | 0% | 0% | 0% |
Expected volatility | 82.90% | 79.80% | 89% |
Expected life | 3 years 9 months 18 days | 6 years | 5 years 6 months |
COMPENSATION PLANS (Schedule _2
COMPENSATION PLANS (Schedule of Restricted Shares) (Details) - Restricted Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted common stock, at beginning of period (in shares) | 300,268 | ||
Restricted common stock, at beginning of period (in dollars per share) | $ 40.25 | ||
Restricted common stock, at end of period (in shares) | 340,924 | 300,268 | |
Restricted common stock, at end of period (in dollars per share) | $ 36.98 | $ 40.25 | |
Service Based Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 153,201 | ||
Granted (in dollars per share) | $ 25.11 | 66.07 | $ 37.49 |
Vested (in shares) | (89,225) | ||
Vested (in dollars per share) | $ 20.30 | ||
Forfeited (in shares) | (21,828) | ||
Forfeited (in dollars per share) | $ 38.14 | ||
Service And Market Condition Based Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 94,142 | ||
Granted (in dollars per share) | $ 24.96 | $ 62.32 | $ 23.76 |
Vested (in shares) | (88,546) | ||
Vested (in dollars per share) | $ 29.70 | ||
Forfeited (in shares) | (7,088) | ||
Forfeited (in dollars per share) | $ 56.45 |
COMPENSATION PLANS (Summary of
COMPENSATION PLANS (Summary of Stock Option Activity) (Details) - Stock Options [Member] | 12 Months Ended | |
Dec. 31, 2023 USD ($) $ / shares shares | ||
Stock option activity, number of shares | ||
Outstanding non-qualified stock options, at beginning of period (in shares) | shares | 273,206 | |
Granted (in shares) | shares | 0 | |
Exercised (in shares) | shares | 0 | |
Forfeited (in shares) | shares | 0 | |
Expired (in Shares) | shares | 0 | |
Outstanding non-qualified stock options, at end of period (in shares) | shares | 273,206 | |
Vested or expected to vest, end of period (in shares) | shares | 273,206 | |
Exercisable non-qualified stock options, at end of period (in shares) | shares | 273,206 | |
Stock Options, Weighted Average Exercise Price | ||
Outstanding non-qualified stock options, at beginning of period (in dollars per share) | $ / shares | $ 29.04 | |
Granted (in dollars per share) | $ / shares | 0 | |
Exercised (in dollars per share) | $ / shares | 0 | |
Forfeited (in dollars per share) | $ / shares | 0 | |
Expired (in dollars per share) | $ / shares | 0 | |
Outstanding non-qualified stock options, at end of period (in dollars per share) | $ / shares | 29.04 | |
Vested or expected to vest, weighted average exercise price end of period (in dollars per share) | $ / shares | 29.04 | |
Exercisable non-qualified stock options, at end of period (in dollars per share) | $ / shares | $ 29.04 | |
Outstanding non-qualified stock options, aggregate intrinsic value at end of period (in dollars per share) | $ | $ 948,054 | [1] |
Vested or expected to vest, aggregate intrinsic value at end of period (in dollars per share) | $ | 948,054 | [1] |
Exercisable non-qualified stock options, aggregate intrinsic value at end of period (in dollars per share) | $ | $ 948,054 | [1] |
Outstanding non-qualified stock options, weighted average contractual life | 3 years 8 months 12 days | |
Vested or expected to vest, end of period, weighted average contractual life | 3 years 8 months 12 days | |
Exercisable non-qualified stock options, aggregate intrinsic value at end of period, weighted average contractual life | 3 years 8 months 12 days | |
[1] The intrinsic value of a stock option is the amount by which the market value exceeds the exercise price as of the end of the period presented. |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate, percentage | 21% | ||
Deferred tax assets, gross | $ 197,378 | $ 187,785 | |
Deferred tax assets, operating loss carry forwards, federal | 201,400 | ||
Deferred tax assets, 0perating loss carry forwards, state | 271,900 | ||
Deferred tax assets, federal research and development credits | 1,870 | 1,870 | |
Change in valuation allowance | 1,121 | 0 | $ (215,910) |
Deferred tax assets, valuation allowance | 3,155 | 2,033 | |
Deferred tax assets, net | $ 194,223 | $ 185,752 |
INCOME TAXES (Components of Inc
INCOME TAXES (Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current portion of income tax expense (benefit): | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 82 | 966 | 206 |
Deferred portion of income tax expense: | |||
Federal | (8,538) | 19,430 | (157,348) |
State | 67 | 3,893 | (51,727) |
Net (benefit) expense as calculated | $ (8,389) | $ 24,289 | $ (208,869) |
INCOME TAXES (Reconciliation of
INCOME TAXES (Reconciliation of Statutory Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal taxes at statutory rate | $ (9,253) | $ 20,267 | $ 8,603 |
State taxes, net of federal benefit | (1,274) | 5,406 | 1,278 |
Change in valuation allowance | 1,121 | 0 | (215,910) |
PPP loan forgiveness | 0 | 0 | (2,115) |
Change in federal and state tax rate | 238 | (125) | 138 |
Officers' Compensation | 848 | 546 | 195 |
Percentage depletion | (282) | (827) | (463) |
Other | 213 | (978) | (595) |
Net (benefit) expense as calculated | $ (8,389) | $ 24,289 | $ (208,869) |
Effective tax rate | 19% | 25.20% | (509.90%) |
INCOME TAXES (Deferred Tax Asse
INCOME TAXES (Deferred Tax Assets Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets (liabilities): | ||
Property, plant, equipment and mineral properties, net | $ 127,368 | $ 119,919 |
Federal and state net operating loss carryforwards | 55,486 | 53,440 |
Asset retirement obligation | 7,768 | 7,409 |
Deferred revenue | 1,869 | 607 |
Other | 3,017 | 4,540 |
Federal R&D credits | 1,870 | 1,870 |
Total Deferred Tax Assets | 197,378 | 187,785 |
Valuation allowance | (3,155) | (2,033) |
Deferred tax asset, net | $ 194,223 | $ 185,752 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2022 USD ($) | Mar. 31, 2022 acre ft | Mar. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2018 acre ft | Dec. 31, 2017 acre ft | |
Loss Contingencies [Line Items] | ||||||||
Contract with Customer, Refund of Prepayments | $ 32,600 | $ 0 | $ 32,579 | $ 0 | ||||
Reclamation Deposits and Surety Bonds | ||||||||
Security placed with the State of Utah and the BLM | 26,800 | 24,600 | ||||||
Long-term restricted cash deposits | 500 | 500 | ||||||
Surety bonds issued by an insurer | 26,300 | 24,100 | ||||||
Protestants Expedited Inter Se Proceeding [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Preliminary authorization of annual allowable water sales, volume | acre ft | 5,700 | |||||||
Water Rights | ||||||||
Loss Contingencies [Line Items] | ||||||||
Water rights, volume disputed | acre ft | 20,000 | |||||||
Preliminary authorization of annual allowable water sales, volume | acre ft | 5,700 | |||||||
Quarterly installment received from customer | $ 3,900 | |||||||
Annual water volume that had not been forfeited | acre ft | 5,800 | |||||||
Annual water volume that had not been abandoned | acre ft | 150 | |||||||
Recorded estimated contingent liability | $ 3,400 | $ 4,200 | ||||||
Contract with Customer, Refund of Prepayments | $ 32,600 |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | ||||
Cash equivalents | $ 500 | $ 1,700 | ||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in earnings of unconsolidated entities | (486) | 689 | $ 0 | |
Equity Investment Ovation | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, amount committed | $ 4,000 | |||
Equity method investment, ownership percentage | 16% | |||
Equity Method Investments | $ 2,000 | 3,200 | 1,100 | |
Equity in earnings of unconsolidated entities | (500) | |||
Equity Investment WDVGL | ||||
Equity Securities without Readily Determinable Fair Value [Line Items] | ||||
Equity Investments without readily determinable fair value, amount | $ 3,500 | $ 3,500 | $ 3,500 | |
Closing stock price on grant date | $ 10 |
FAIR VALUE MEASUREMENT (Held-To
FAIR VALUE MEASUREMENT (Held-To-Maturity Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized cost, short term | $ 2,970 | $ 5,959 |
Gross unrealized gains, short term | 0 | 0 |
Gross unrealized losses, short term | (22) | (42) |
Fair value, short term | 2,948 | 5,917 |
Amortized cost, long term | 954 | 2,434 |
Gross unrealized gains, long term | 1 | 0 |
Gross unrealized losses, long term | (4) | (36) |
Fair value, long term | 951 | 2,398 |
Corporate debt securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized cost, short term | 991 | 3,992 |
Gross unrealized gains, short term | 0 | 0 |
Gross unrealized losses, short term | (9) | (24) |
Fair value, short term | 982 | 3,968 |
Amortized cost, long term | 0 | 499 |
Gross unrealized gains, long term | 0 | 0 |
Gross unrealized losses, long term | 0 | (10) |
Fair value, long term | 0 | 489 |
US Treasury and Government | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized cost, short term | 1,979 | 1,967 |
Gross unrealized gains, short term | 0 | 0 |
Gross unrealized losses, short term | (13) | (18) |
Fair value, short term | 1,966 | 1,949 |
Amortized cost, long term | 954 | 1,935 |
Gross unrealized gains, long term | 1 | 0 |
Gross unrealized losses, long term | (4) | (26) |
Fair value, long term | $ 951 | $ 1,909 |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Employer matching contribution, percent of employees' gross pay | 5% | ||
Contributions to 401K Plan | $ 2,057 | $ 1,760 | $ 1,633 |
BUSINESS SEGMENTS (Narrative) (
BUSINESS SEGMENTS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 Reporting_Segments | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
BUSINESS SEGMENTS (Information
BUSINESS SEGMENTS (Information by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||
Lower of cost or NRV | $ 6,492 | $ 0 | $ 0 | |
Gross Margin (Deficit) | 36,846 | 141,408 | 55,764 | |
Costs associated with abnormal production | 5,973 | |||
Depreciation, depletion and amortization incurred | [1] | 39,400 | 35,033 | 35,957 |
Operating Segments [Member] | Potash [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Lower of cost or NRV | 2,709 | |||
Gross Margin (Deficit) | 35,049 | 94,769 | 35,845 | |
Costs associated with abnormal production | 5,973 | |||
Depreciation, depletion and amortization incurred | [1] | 28,378 | 26,572 | 26,828 |
Operating Segments [Member] | Trio [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Lower of cost or NRV | 3,783 | |||
Gross Margin (Deficit) | (3,995) | 39,123 | 16,442 | |
Costs associated with abnormal production | 0 | |||
Depreciation, depletion and amortization incurred | [1] | 6,288 | 4,370 | 5,477 |
Operating Segments [Member] | Oil Field Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Lower of cost or NRV | 0 | |||
Gross Margin (Deficit) | 5,792 | 7,516 | 3,477 | |
Costs associated with abnormal production | 0 | |||
Depreciation, depletion and amortization incurred | [1] | 3,849 | 3,298 | 2,996 |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | (329) | (304) | (247) | |
Cost of goods sold | (329) | (304) | (247) | |
Gross Margin (Deficit) | 0 | 0 | ||
Costs associated with abnormal production | 0 | |||
Depreciation, depletion and amortization incurred | [1] | 885 | 793 | 656 |
Freight costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cost of goods sold | 37,635 | 34,137 | 37,892 | |
Freight costs [Member] | Operating Segments [Member] | Potash [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cost of goods sold | 14,753 | 14,780 | 17,483 | |
Freight costs [Member] | Operating Segments [Member] | Trio [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cost of goods sold | 23,211 | 19,661 | 20,656 | |
Freight costs [Member] | Operating Segments [Member] | Oil Field Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cost of goods sold | 0 | 0 | 0 | |
Freight costs [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cost of goods sold | (329) | (304) | (247) | |
Warehouse and handling costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cost of goods sold | 10,832 | 9,747 | 9,282 | |
Warehouse and handling costs [Member] | Operating Segments [Member] | Potash [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cost of goods sold | 5,957 | 5,305 | 5,169 | |
Warehouse and handling costs [Member] | Operating Segments [Member] | Trio [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cost of goods sold | 4,875 | 4,442 | 4,113 | |
Warehouse and handling costs [Member] | Operating Segments [Member] | Oil Field Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cost of goods sold | 0 | 0 | 0 | |
Warehouse and handling costs [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cost of goods sold | 0 | 0 | 0 | |
Mineral [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | [2] | 279,083 | 337,568 | 270,332 |
Cost of goods sold | 187,278 | 152,276 | 161,421 | |
Mineral [Member] | Potash [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 155,920 | 191,378 | 151,751 | |
Mineral [Member] | Trio [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 102,182 | 117,826 | 96,058 | |
Mineral [Member] | Oil Field Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 21,310 | 28,668 | 22,770 | |
Mineral [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 279,412 | 337,872 | 270,579 | |
Mineral [Member] | Operating Segments [Member] | Potash [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | [2] | 155,920 | 191,378 | 151,751 |
Cost of goods sold | 97,452 | 76,524 | 87,281 | |
Mineral [Member] | Operating Segments [Member] | Trio [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | [2] | 102,182 | 117,826 | 96,058 |
Cost of goods sold | 74,308 | 54,600 | 54,847 | |
Mineral [Member] | Operating Segments [Member] | Oil Field Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | [2] | 21,310 | 28,668 | 22,770 |
Cost of goods sold | 15,518 | 21,152 | 19,293 | |
Mineral [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | [2] | (329) | (304) | (247) |
Cost of goods sold | $ 0 | $ 0 | $ 0 | |
[1] Depreciation, depletion, and amortization incurred for potash and Trio ® excludes depreciation, depletion, and amortization absorbed in or (relieved from) inventory. Segment sales include the sales of byproducts generated during the production of potash and Trio ® . |
BUSINESS SEGMENTS (Segment Reco
BUSINESS SEGMENTS (Segment Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total gross margin for reportable segments | $ 36,846 | $ 141,408 | $ 55,764 | |
Selling and administrative | 32,423 | 31,799 | 23,998 | |
Impairment of long-lived assets | 43,288 | 0 | 0 | |
Loss (gain) on disposal of assets | 807 | 7,470 | (2,542) | |
Accretion of discount | 2,140 | 1,961 | 1,858 | |
Other operating expense | 2,157 | 4,738 | 178 | |
Equity in earnings of unconsolidated entities | 486 | (689) | 0 | |
Interest Expense | 0 | 101 | 1,468 | |
Gain on extinguishment of debt | 0 | 0 | (10,113) | |
Interest income | (298) | (176) | 0 | |
Other non-operating income | (95) | (305) | (48) | |
(Loss) Income Before Income Taxes | (44,062) | 96,509 | 40,965 | |
Operating Segments [Member] | Potash [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total gross margin for reportable segments | 35,049 | 94,769 | 35,845 | |
Intersegment Eliminations [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales | (329) | (304) | (247) | |
Total gross margin for reportable segments | 0 | 0 | ||
Cost of goods sold | 329 | 304 | 247 | |
Mineral [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales | [1] | 279,083 | 337,568 | 270,332 |
Cost of goods sold | (187,278) | (152,276) | (161,421) | |
Mineral [Member] | Potash [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales | 155,920 | 191,378 | 151,751 | |
Mineral [Member] | Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales | 279,412 | 337,872 | 270,579 | |
Mineral [Member] | Operating Segments [Member] | Potash [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales | [1] | 155,920 | 191,378 | 151,751 |
Cost of goods sold | (97,452) | (76,524) | (87,281) | |
Mineral [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Sales | [1] | (329) | (304) | (247) |
Cost of goods sold | 0 | 0 | 0 | |
Freight costs [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Cost of goods sold | (37,635) | (34,137) | (37,892) | |
Freight costs [Member] | Operating Segments [Member] | Potash [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Cost of goods sold | (14,753) | (14,780) | (17,483) | |
Freight costs [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Cost of goods sold | $ 329 | $ 304 | $ 247 | |
[1] Segment sales include the sales of byproducts generated during the production of potash and Trio ® . |
CONCENTRATION OF CREDIT RISK (N
CONCENTRATION OF CREDIT RISK (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) customer markets | Dec. 31, 2022 USD ($) customer | Dec. 31, 2021 customer | |
Concentration Risk [Line Items] | |||
Concentration risk number of customer | 1 | 1 | 0 |
Number of primary markets (in markets) | markets | 3 | ||
Concentration risk number of customer | 1 | 1 | 0 |
Concentration of risk customer, amount | $ | $ 33.4 | $ 35 | |
UNITED STATES | Revenue Benchmark [Member] | Customers located in the United States | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 95% | 94% | 97% |
FINANCIAL INFORMATION FOR SUB_2
FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS OF POSSIBLE FUTURE PUBLIC DEBT (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash on hand | $ 4,071 | $ 18,514 | $ 36,452 |
SHARE REPURCHASE PROGRAM (Detai
SHARE REPURCHASE PROGRAM (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Feb. 28, 2022 | |
Equity [Abstract] | |||
Stock repurchase program, authorized amount | $ 35,000 | ||
Shares repurchased | 0 | 608,657 | |
Shares repurchased, amount | $ 22,012 | ||
Remaining authorized repurchase amount | $ 13,000 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 02, 2024 | Dec. 12, 2023 | Dec. 31, 2023 | Feb. 28, 2022 | |
Subsequent Event [Line Items] | ||||
Stock repurchase program, authorized amount | $ 35,000 | |||
Payment received under the Third Amendment of Cooperative Development Agreement | $ 5,000 | |||
Additional one time payment as an access fee under the Third Amendment of Cooperative Development Agreement | $ 50,000 | |||
Access fee payment term | 90 days | |||
Anniversary term of the Amendment Date | 7 years | |||
Additional amounts as an Access Realization Fee under the Third Amendment of Cooperative Development Agreement | $ 100,000 | |||
Revenue recorded associated with the Third Amendment of | $ 0 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Remaining payment received under the Third Amendment of Cooperative Development Agreement | $ 45,000 |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation allowance, at beginning of year | $ 3,850 | $ 5,746 | $ 219,548 |
Charged to costs and expenses | 1,740 | 1,750 | 2,108 |
Deductions | (856) | (3,646) | (215,910) |
Valuation allowance, at end of year | 4,734 | 3,850 | 5,746 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation allowance, at beginning of year | 2,033 | 2,033 | 217,943 |
Charged to costs and expenses | 1,121 | 0 | 0 |
Deductions | 0 | 0 | (215,910) |
Valuation allowance, at end of year | 3,154 | 2,033 | 2,033 |
SEC Schedule, 12-09, Reserve For Parts Inventory Obsolescence [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation allowance, at beginning of year | 1,262 | 3,158 | 1,050 |
Charged to costs and expenses | 509 | 1,750 | 2,108 |
Deductions | (856) | (3,646) | 0 |
Valuation allowance, at end of year | 915 | 1,262 | 3,158 |
SEC Schedule, 12-09, Allowance For Doubtful Accounts And Other Receivables [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation allowance, at beginning of year | 555 | 555 | 555 |
Charged to costs and expenses | 110 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Valuation allowance, at end of year | $ 665 | $ 555 | $ 555 |