Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | LSB Industries, Inc. | |
Entity Central Index Key | 0000060714 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 1-7677 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 73-1015226 | |
Entity Address, Address Line One | 3503 NW 63rd Street | |
Entity Address, Address Line Two | Suite 500 | |
Entity Address, City or Town | Oklahoma City | |
Entity Address, State or Province | OK | |
Entity Address, Postal Zip Code | 73116 | |
City Area Code | 405 | |
Local Phone Number | 235-4546 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 89,564,162 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | LXU | |
Title of 12(b) Security | Common Stock, Par Value $.10 | |
Security Exchange Name | NYSE | |
Preferred Stock [Member] | ||
Document Information [Line Items] | ||
No Trading Symbol Flag | true | |
Title of 12(b) Security | Preferred Stock Purchase Rights | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 254,299 | $ 82,144 |
Short-term investments | 89,311 | |
Accounts receivable | 97,515 | 86,902 |
Allowance for doubtful accounts | (463) | (474) |
Accounts receivable, net | 97,052 | 86,428 |
Inventories: | ||
Finished goods | 25,810 | 14,688 |
Raw materials | 1,590 | 1,895 |
Total inventories | 27,400 | 16,583 |
Supplies, prepaid items and other: | ||
Prepaid insurance | 10,557 | 14,244 |
Precious metals | 13,945 | 14,945 |
Supplies | 27,066 | 26,558 |
Other | 9,805 | 2,234 |
Total supplies, prepaid items and other | 61,373 | 57,981 |
Total current assets | 529,435 | 243,136 |
Property, plant and equipment, net | 850,372 | 858,480 |
Other assets: | ||
Operating lease assets | 24,829 | 27,317 |
Intangible and other assets, net | 3,555 | 3,907 |
Total other assets | 28,384 | 31,224 |
Total assets | 1,408,191 | 1,132,840 |
Current liabilities: | ||
Accounts payable | 60,649 | 49,458 |
Short-term financing | 9,911 | 12,716 |
Accrued and other liabilities | 44,913 | 33,301 |
Current portion of long-term debt | 8,112 | 9,454 |
Total current liabilities | 123,585 | 104,929 |
Long-term debt, net | 708,398 | 518,190 |
Noncurrent operating lease liabilities | 17,542 | 19,568 |
Other noncurrent accrued and other liabilities | 3,023 | 3,030 |
Deferred income taxes | 37,455 | 26,633 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity: | ||
Common stock, $.10 par value; 150 million shares authorized, 91.2 million shares issued | 9,117 | 9,117 |
Capital in excess of par value | 493,964 | 493,161 |
Retained earnings (accumulated deficit) | 27,511 | (31,255) |
Stockholders equity including treasury stock | 530,592 | 471,023 |
Less treasury stock, at cost: | ||
Common stock, 1.6 million shares (1.4 million shares at December 31, 2021) | 12,404 | 10,533 |
Total stockholders' equity | 518,188 | 460,490 |
Total Liabilities and Stockholders' equity | $ 1,408,191 | $ 1,132,840 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 91,200,000 | 91,200,000 |
Treasury stock, common shares | 1,600,000 | 1,400,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales | $ 198,981 | $ 98,116 |
Cost of sales | 108,251 | 90,056 |
Gross profit | 90,730 | 8,060 |
Selling, general and administrative expense | 10,935 | 8,793 |
Other income, net | (176) | (263) |
Operating income (loss) | 79,971 | (470) |
Interest expense, net | 9,955 | 12,372 |
Non-operating other expense, net | 135 | 395 |
Income (loss) before provision for income taxes | 69,881 | (13,237) |
Provision for income taxes | 11,115 | 42 |
Net income (loss) | 58,766 | (13,279) |
Dividends on convertible preferred stocks | 75 | |
Net income (loss) attributable to common stockholders | $ 58,766 | $ (23,376) |
Basic: | ||
Net income (loss) | $ 0.66 | $ (0.63) |
Diluted: | ||
Net income (loss) | $ 0.65 | $ (0.63) |
Series E Preferred Stock [Member] | ||
Dividends on Series E redeemable preferred stock | $ 9,511 | |
Accretion of Series E redeemable preferred stock | $ 511 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Treasury Stock-Common [Member] | Preferred Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings (Accumulated Deficit) [Member] |
Balance at Dec. 31, 2020 | $ 149,643 | $ 3,993 | $ (13,213) | $ 3,000 | $ 197,350 | $ (41,487) |
Balance, shares at Dec. 31, 2020 | 39,926 | (2,075) | ||||
Net income (loss) | (13,279) | (13,279) | ||||
Dividend accrued on redeemable preferred stock | (9,511) | (9,511) | ||||
Accretion of redeemable preferred stock | (511) | (511) | ||||
Stock-based compensation | 713 | 713 | ||||
Restricted stock granted from treasury stock | $ 25 | $ 5,310 | (5,335) | |||
Restricted stock granted from treasury stock, shares | 250 | 835 | ||||
Other | (18) | $ (18) | ||||
Other, Shares | (5) | |||||
Balance at Mar. 31, 2021 | 127,037 | $ 4,018 | $ (7,921) | $ 3,000 | 192,728 | (64,788) |
Balance, shares at Mar. 31, 2021 | 40,176 | (1,245) | ||||
Balance at Dec. 31, 2021 | 460,490 | $ 9,117 | $ (10,533) | 493,161 | (31,255) | |
Balance, shares at Dec. 31, 2021 | 91,168 | (1,375) | ||||
Net income (loss) | 58,766 | 58,766 | ||||
Stock-based compensation | 803 | 803 | ||||
Other | (1,871) | $ (1,871) | ||||
Other, Shares | (229) | |||||
Balance at Mar. 31, 2022 | $ 518,188 | $ 9,117 | $ (12,404) | $ 493,964 | $ 27,511 | |
Balance, shares at Mar. 31, 2022 | 91,168 | (1,604) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | ||
Net income (loss) | $ 58,766 | $ (13,279) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Deferred income taxes | 10,823 | 327 |
Depreciation and amortization of property, plant and equipment | 17,197 | 16,762 |
Amortization of intangible and other assets | 311 | 315 |
Other | 1,438 | (1,058) |
Cash provided (used) by changes in assets and liabilities: | ||
Accounts receivable | (11,707) | (17,321) |
Inventories | (10,817) | 625 |
Prepaid insurance | 3,687 | 2,265 |
Accounts payable | 10,003 | 8,598 |
Accrued interest | 13,618 | 10,412 |
Other assets and other liabilities | (7,827) | 5,065 |
Net cash provided by operating activities | 85,492 | 12,711 |
Cash flows from investing activities | ||
Expenditures for property, plant and equipment | (8,254) | (6,133) |
Purchases of short-term investments | (89,311) | |
Other investing activities | 51 | 198 |
Net cash used by investing activities | (97,514) | (5,935) |
Cash flows from financing activities | ||
Net proceeds from 6.25% senior secured notes | 200,000 | |
Payments on other long-term debt | (6,912) | (3,353) |
Payments on short-term financing | (2,805) | (5,419) |
Payments of debt-related costs, including extinguishment costs | (4,102) | |
Other financing activities | (2,004) | (36) |
Net cash provided (used) by financing activities | 184,177 | (8,808) |
Net increase (decrease) in cash and cash equivalents | 172,155 | (2,032) |
Cash and cash equivalents at beginning of period | 82,144 | 16,264 |
Cash and cash equivalents at end of period | $ 254,299 | $ 14,232 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (Unaudited) | Mar. 31, 2022 |
6.25% Senior Secured Notes due 2028 [Member] | |
Debt instrument, interest rate | 6.25% |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. The accompanying unaudited interim financial statements and notes of LSB Industries, Inc. (“LSB”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The accompanying unaudited interim financial statements and notes should be read in conjunction with the financial statements and notes included in the Company’s Form 10-K for the year ended December 31, 2021, filed with the SEC on February 24, 2022, as amended by the Form 10-K/A filed on March 25, 2022 Basis of Consolidation LSB and its subsidiaries (the “Company,” “we,” “us,” or “our”) are consolidated in the accompanying condensed consolidated financial statements. LSB is a holding company with no significant operations or assets other than cash, cash equivalents, and investments in its subsidiaries. All material intercompany accounts and transactions have been eliminated. Certain prior period amounts reported in our consolidated financial statements and notes thereto have been reclassified to conform to current period presentation, including all share and per share information relating to the stock split in the form of a stock dividend on October 8, 2021. Nature of Business – We are engaged in the manufacture and sale of chemical products. The chemical products we primarily manufacture, market and sell are ammonia, fertilizer grade AN (“HDAN”) and UAN for agricultural applications, high purity and commercial grade ammonia, high purity AN, sulfuric acids, concentrated, blended and regular nitric acid, mixed nitrating acids, carbon dioxide, and diesel exhaust fluid for industrial applications, and industrial grade AN (“LDAN”) and solutions for the mining industry. We manufacture and distribute our products in four facilities; three of which we own and are located in El Dorado, Arkansas (the “El Dorado Facility”); Cherokee, Alabama (the “Cherokee Facility”); and Pryor, Oklahoma (the “Pryor Facility”); and one of which we operate on behalf of a global chemical company in Baytown, Texas. Sales to customers include farmers, ranchers, fertilizer dealers and distributors primarily in the ranch land and grain production markets in the United States (“U.S.”); industrial users of acids throughout the U.S. and parts of Canada; and explosive manufacturers in the U.S. and parts of Mexico and Canada . These interim results are not necessarily indicative of results for a full year due, in part, to the seasonality of our sales of agricultural products and the timing of performing our major plant maintenance activities. Our selling seasons for agricultural products are primarily during the spring and fall planting seasons, which typically extend from March through June and from September through November. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Short-Term Investments - Investments, which consist of U.S. treasury bills with an original maturities ranging from approximately 17 weeks to 51 weeks, were considered short-term investments. These investments are carried at cost which approximated fair value. Equity Awards – Equity award transactions with employees are measured based on the estimated fair value of the equity awards issued. For equity awards with service conditions that have a graded vesting period, we recognize compensation cost on a straight-line basis over the requisite service period for the entire award. Forfeitures are accounted for as they occur. We may issue new shares of common stock or may use treasury shares associated with the equity awards. 1. Summary of Significant Accounting Policies (continued) In January 2022 and March 2022, the compensation committee of our Board of Directors approved the grant of 224,455 shares of time-based restricted stock units and 160,724 shares of performance-based restricted stock units to certain executives and employees under our 2016 Long Term Incentive Plan. A portion of the time-based restricted stock unit shares will vest at the end of each one-year period at the rate of one-third per year for three years and a portion will vest 100% at the end of three years. The performance-based will vest on the third anniversary of the grant date subject to the achievement of certain performance metrics established by the Board of Directors as set out in the grant. Upon the third anniversary the grants may be modified in a range between 0% and 200% based upon achievement of the performance goals. Derivatives, Hedges and Financial Instruments – Derivatives are recognized in the balance sheet and measured at fair value. Changes in fair value of derivatives are recorded in results of operations unless the normal purchase or sale exceptions apply, or hedge accounting is elected. The fair value amounts recognized for our derivative contracts executed with the same counterparty under a master netting arrangement may be offset. We have the choice to offset or not, but that choice must be applied consistently. A master netting arrangement exists if the reporting entity has multiple contracts with a single counterparty that are subject to a contractual agreement that provides for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract. Offsetting the fair values recognized for the derivative contracts outstanding with a single counterparty results in the net fair value of the transactions reported as an asset or a liability in the balance sheet. When applicable, we present the fair values of our derivative contracts under master netting agreements using a gross fair value presentation. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1 - Valuations of contracts classified as Level 1 are based on quoted prices in active markets for identical contracts. Level 2 - Valuations of contracts classified as Level 2 are based on quoted prices for similar contracts and valuation inputs other than quoted prices that are observable for these contracts. Level 3 - Valuations of assets and liabilities classified as Level 3 are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. At March 31, 2022 and December 31, 2021, we did not have any financial instruments with fair values materially different from their carrying amounts (which excludes issuance costs, if applicable). The carrying value of our Senior Secured Notes approximates fair value and is classified as a Level 2 fair value measurement. The fair value of financial instruments is not indicative of the overall fair value of our assets and liabilities since financial instruments do not include all assets, including intangibles, and all liabilities. Recently Issued Accounting Pronouncements ASU 2020-06 - In August 2020, the FASB issued ASU 2020 - 06 , Debt-Debt with Conversion and other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s own Equity (Subtopic 815-40) . This ASU addresses the complexity associated with applying GAAP to certain financial instruments with characteristics of liabilities and equity. The ASU includes amendments to the guidance on convertible instruments and the derivative scope exception for contracts in an entity’s own equity and simplifies the accounting for convertible instruments which include beneficial conversion features or cash conversion features by removing certain separation models. Additionally, the ASU requires entities to use the “if-converted” method when calculating diluted earnings per share for convertible instruments. This ASU will be effective for us on January 1, 2024; however, early adoption was permitted beginning January 1, 2021. We are currently evaluating the timing and the effect of adoption of this ASU on our consolidated financial statements and related disclosures. ASU 2020-04 – In March 2020, the FASB issued ASU 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates such as LIBOR that are expected to be discontinued. This ASU provides exceptions and optional expedients for applying GAAP to contract modifications, hedging relationships, and other transactions that reference LIBOR or other reference rates to be discontinued as a result of reference rate reform. They do not apply to modifications made or hedges entered into or evaluated after December 31, 2022, unless the hedging relationships existed as of that date and optional expedients for them were elected and retained through the end of the hedging relationship. This ASU became effective upon issuance. We continue to evaluate the effect of this ASU and plan to utilize this relief for our debt agreements that include LIBOR rates. |
Income (Loss) Per Common Share
Income (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Income (Loss) Per Common Share | 2. Income (Loss) Per Common Share Three Months Ended March 31, 2022 2021 (In Thousands, Except Per Share Amounts) Numerator: Net income (loss) $ 58,766 $ (13,279 ) Adjustments for basic income (loss) per common share: Dividend requirements on Series E Redeemable Preferred — (9,511 ) Dividend requirements on Series B Preferred — (60 ) Dividend requirements on Series D Preferred — (15 ) Accretion of Series E Redeemable Preferred — (511 ) Numerator for basic and diluted net income (loss) per common share $ 58,766 $ (23,376 ) Denominator: Denominator for basic net income (loss) per common share - adjusted weighted-average shares (1) 88,421 36,850 Effect of dilutive securities: Unvested restricted stock and stock units 1,345 — Dilutive potential common shares 1,345 — Denominator for diluted net income (loss) per common share - adjusted weighted-average shares 89,766 36,850 Basic net income (loss) per common share $ 0.66 $ (0.63 ) Diluted net income (loss) per common share $ 0.65 $ (0.63 ) (1) Excludes the weighted-average shares of unvested restricted stock that are contingently issuable. The following weighted-average shares of securities were not included in the computation of diluted net loss per common share as their effect would have been antidilutive: Three Months Ended March 31, 2022 2021 Restricted stock and stock units — 2,247,887 Convertible preferred stocks — 1,191,666 Series E Redeemable Preferred - embedded derivative — 303,646 Stock options 13,000 107,652 13,000 3,850,851 |
Current and Noncurrent Accrued
Current and Noncurrent Accrued and Other Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Current and Noncurrent Accrued and Other Liabilities | 3. Current and Noncurrent Accrued and Other Liabilities March 31, December 31, 2022 2021 (In Thousands) Accrued interest $ 22,015 $ 8,397 Current portion of operating lease liabilities 7,293 7,755 Accrued payroll and benefits 6,582 9,794 Accrued death and other executive benefits 2,508 2,514 Accrued health and worker compensation insurance claims 1,103 1,272 Other 8,435 6,599 47,936 36,331 Less noncurrent portion 3,023 3,030 Current portion of accrued and other liabilities $ 44,913 $ 33,301 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 4. Long-Term Debt Our long-term debt consists of the following: March 31, December 31, 2022 2021 (In Thousands) Working Capital Revolver Loan, with a current interest rate of 4.00% (A) $ — $ — Senior Secured Notes due 2028, with an interest rate of 6.25% (B) 700,000 500,000 Secured Financing due 2023, with an interest rate of 8.32% (C) 6,918 7,712 Secured Financing due 2025, with an interest rate of 8.75% (D) 23,220 23,987 Secured Loan Agreement due 2025 (E) — 5,328 Other 316 339 Unamortized discount, net of premium and debt issuance costs (13,944 ) (9,722 ) 716,510 527,644 Less current portion of long-term debt 8,112 9,454 Long-term debt due after one year, net $ 708,398 $ 518,190 (A) O ur revolving credit facility, as amended (the “Working Capital Revolver Loan”), provides for advances up to $ 65 million (the “Maximum Revolver Amount”), based on specific percentages of eligible accounts receivable and inventories and up to $ 10 million of letters of credit, the outstanding amount as of March 31, 2022 was $2.6 million, which reduces the available for borrowing under the Working Capital Revolver Loan. At March 31, 2022 , our available borrowings under our Working Capital Revolver Loan were approximately $ 62.4 million , based on our eligible collateral, less outstanding letters of credit and loan balance. The maturity date of the Working Capital Revolver Loan is on the earlier of (i) the date that is 90 days prior to the earliest stated maturity date of the Senior Secured Notes (unless refinanced or repaid) and (ii) February 26, 2024 . Subject to certain conditions and subject to lender approval, the Maximum Revolver Amount may increase up to an additional $10 million. The Working Capital Revolver Loan also provides for a springing financial covenant (the “Financial Covenant”), which requires that, if the borrowing availability is less than 10.0% of the total revolver commitments, then the borrowers must maintain a minimum fixed charge coverage ratio of not less than 1.00 y. 4 . Long-Term Debt (continued) (B) On October 14, 2021, LSB completed the issuance and sale of $500 million aggregate principal amount of the Notes of its 6.25% Senior Secured Notes due 2028 (the “Notes”), pursuant to an indenture (the “Indenture”), dated as of October 14, 2021. The Notes were issued at a price equal to 100% of their face value. On March 8, 2022, LSB completed the issuance and sale of an additional $200 million aggregate principal amount of the Notes (the “New Notes”), which were issued pursuant to the Indenture (the Notes together with the New Notes, the “Senior Secured Notes”). The New Notes were issued at a price equal to 100% of their face value, plus accrued interest from October 14, 2021 to March 7, 2022. The Senior Secured Notes mature on October 15, 2028 . As it relates to the issuance of the Notes in October 2021, most of the proceeds from the Notes were used to purchase/redeem the previously outstanding $435 million aggregate principal amount of senior secured notes scheduled to mature in 2023. The remaining net proceeds were primarily used to pay related transaction fees. This transaction was accounted for as an extinguishment of debt. As a result, we recognized a loss on extinguishment of debt of approximately $20.3 million in 2021, primarily consisting of a portion of the contractual redemption premium paid and the expensing of unamortized debt issuance costs associated with the senior secured notes purchased/redeemed. (C) El Dorado Chemical Company (“EDC”), one of our subsidiaries, is party to a secured financing arrangement with an affiliate of LSB Funding. Principal and interest are payable in 48 equal monthly installments with a final balloon payment of approximately $3 million due in June 2023 (D) In August 2020, El Dorado Ammonia L.L.C. (“EDA”), one of our subsidiaries, entered into a $30 million secured financing arrangement with an affiliate of LSB Funding. Beginning in September 2020, principal and interest are payable in 60 equal monthly installments with a final balloon payment of approximately $5 million due in August 2025 (E) During the first quarter of 2022 EDC’s secured loan agreement with an affiliate of LSB Funding was paid off resulting in a minimal loss on extinguishment of debt. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Settlements and Outstanding Natural Gas Purchase Commitments – During several days in February 2021, the Pryor Facility was taken out of service after extreme cold weather caused a surge in natural gas prices in the region, along with the curtailment of gas distribution by the operator of the pipeline that supplies natural gas to the facility. Also, as a result of unprecedented cold weather conditions, the primary natural gas supplier to our El Dorado Facility asserted a claim of force majeure and materially restricted the supply of gas to the facility. In order to mitigate a portion of the commodity price risk associated with natural gas, we periodically enter into natural gas forward contracts and volume purchase commitments that locked in the cost of certain volumes of natural gas. Prior to this weather event, we had both types of arrangements. During the first quarter of 2021, as a result of the extreme conditions previously described, we settled all of our natural gas forward contracts and certain volume purchase commitments at that time and recognized a realized gain of approximately $6.8 million, which includes the realized gain classified as a reduction to cost of sales . At March 31, 2022, certain of our natural gas contracts qualify as normal purchases under GAAP and thus are not mark-to-market. These contracts included volume purchase commitments with fixed costs of approximately 1.8 million MMBtus of natural gas. Further, the contracts extend through April 2022 at a weighted-average cost of $5.06 per MMBtu ($9.2 million) and a weighted-average market value of $4.97 per MMBtu ($9.1 million). Legal Matters - Following is a summary of certain legal matters involving the Company: A. Environmental Matters Our facilities and operations are subject to numerous federal, state and local environmental laws and to other laws regarding health and safety matters (collectively, the “Environmental and Health Laws”), many of which provide for certain performance obligations, substantial fines and criminal sanctions for violations. Certain Environmental and Health Laws impose strict liability as well as joint and several liability for costs required to remediate and restore sites where hazardous substances, hydrocarbons or solid wastes have been stored or released. We may be required to remediate contaminated properties currently or formerly owned or operated by us or facilities of third parties that received waste generated by our operations regardless of whether such contamination resulted from the conduct of others or from consequences of our own actions that were in compliance with all applicable laws at the time those actions were taken. 5 . Commitments and Contingencies (continued) In addition, claims for damages to persons or property, including natural resources, may result from the environmental, health and safety effects of our operations. There can be no assurance that we will not incur material costs or liabilities in complying with such laws or in paying fines or penalties for violation of such laws. Our insurance may not cover all environmental risks and costs or may not provide sufficient coverage if an environmental claim is made against us. Historically, significant capital expenditures have been incurred by our subsidiaries in order to comply with the Environmental and Health Laws, and significant capital expenditures are expected to be incurred in the future. We will also be obligated to manage certain discharge water outlets and monitor groundwater contaminants at our facilities should we discontinue the operations of a facility. As of March 31, 2022, our accrued liabilities for environmental matters totaled approximately $0.5 million relating primarily to the matters discussed below. Estimates of the most likely costs for our environmental matters are generally based on preliminary or completed assessment studies, preliminary results of studies, or our experience with other similar matters. 1. Discharge Water Matters Each of our manufacturing facilities generates process wastewater, which may include cooling tower and boiler water quality control streams, contact storm water and miscellaneous spills and leaks from process equipment. The process water discharge, storm-water runoff and miscellaneous spills and leaks are governed by various permits generally issued by the respective state environmental agencies as authorized and overseen by the U.S. Environmental Protection Agency. These permits limit the type and volume of effluents that can be discharged and control the method of such discharge. In 2017, the Pryor Chemical Company (“PCC”) filed a Permit Renewal Application for its Non-Hazardous Injection Well Permit at the Pryor Facility. Although the Injection Well Permit expired in 2018, PCC continues to operate the injection well pending the Oklahoma Department of Environmental Quality (“ODEQ”) action on the Permit Renewal Application. PCC and ODEQ are engaged in ongoing discussions related to the renewal of the injection well to address the wastewater stream. Our El Dorado Facility is subject to a National Pollutant Discharge Elimination System (“NPDES”) permit issued by the Arkansas Department of Environmental Quality (“ADEQ”) in 2004. In 2010, the ADEQ issued a draft NPDES permit renewal for the El Dorado Facility, which contained more restrictive discharge limits than the previous 2004 permit. During 2017, ADEQ issued a final NPDES permit with new dissolved mineral limits; however, EDC filed an appeal, and a Permit Appeal Resolution (“PAR”) was signed in 2018. EDC is in compliance with the revised permit limits agreed upon in the PAR. In 2006, the El Dorado Facility entered into a Consent Administrative Order (“CAO”) that recognizes the presence of nitrate contamination in the shallow groundwater. The CAO required EDC to perform semi-annual groundwater monitoring, continue operation of a groundwater recovery system, submit a human health and ecological risk assessment, and submit a remedial action plan. The risk assessment was submitted in 2007. In 2015, the ADEQ stated that El Dorado Chemical was meeting the requirements of the CAO and should continue semi-annual monitoring. Subsequent to the PAR mentioned previously, a new CAO was signed in 2018, which required an Evaluation Report of the data and effectiveness of the groundwater remedy for nitrate contamination. During 2019, the Evaluation Report was submitted to the ADEQ and the ADEQ approved the report. No liability has been established at March 31, 2022, in connection with this ADEQ matter. 2. Other Environmental Matters In 2002, certain of our subsidiaries sold substantially all of their operating assets relating to a Kansas chemical facility (the “Hallowell Facility”) but retained ownership of the real property where the facility is located. Our subsidiary retained the obligation to be responsible for, and perform the activities under, a previously executed consent order to investigate the surface and subsurface contamination at the real property, develop a corrective action strategy based on the investigation, and implement such strategy. In addition, certain of our subsidiaries agreed to indemnify the buyer of such assets for these environmental matters. 5 . Commitments and Contingencies (continued) As the successor to a prior owner of the Hallowell Facility, Chevron Environmental Management Company (“Chevron”) has agreed in writing, within certain limitations, to pay and has been paying one-half During this process, our subsidiary and Chevron retained an environmental consultant that prepared and performed a corrective action study work plan as to the appropriate method to remediate the Hallowell Facility. During 2020, the KDHE selected a remedy of annual monitoring and the implementation of an Environmental Use Control (“EUC”). This remedy primarily relates to long-term surface and groundwater monitoring to track the natural decline in contamination and is subject to a 5-year re-evaluation with the KDHE. The final remedy, including the EUC, the finalization of the cost estimates and any required financial assurances remains under discussion with the KDHE, but continues to be delayed due to the impact from the COVID-19 pandemic. Pending the results from our discussions regarding the final remedy, we continue to accrue our allocable portion of costs primarily for the additional testing, monitoring and risk assessments that could be reasonably estimated, which amount is included in our accrued liabilities for environmental matters discussed above. The estimated amount is not discounted to its present value. As more information becomes available, our estimated accrual will be refined, as necessary. B. Other Pending, Threatened or Settled Litigation In 2013, an explosion and fire occurred at the West Fertilizer Co. (“West Fertilizer”) located in West, Texas, causing death, bodily injury and substantial property damage. West Fertilizer is not owned or controlled by us, but West Fertilizer was a customer of EDC, and purchased AN from EDC from time to time. LSB and EDC received letters from counsel purporting to represent subrogated insurance carriers, personal injury claimants and persons who suffered property damages informing LSB and EDC that their clients are conducting investigations into the cause of the explosion and fire to determine, among other things, whether AN manufactured by EDC and supplied to West Fertilizer was stored at West Fertilizer at the time of the explosion and, if so, whether such AN may have been one of the contributing factors of the explosion. Initial lawsuits filed named West Fertilizer and another supplier of AN as defendants. In 2014, EDC and LSB were named as defendants, together with other AN manufacturers and brokers that arranged the transport and delivery of AN to West Fertilizer, in the case styled City of West, Texas vs. CF Industries, Inc., et al. Our product liability insurance policies have aggregate limits of general liability totaling $100 million, with a self-insured retention of $250,000, which retention limit has been met relating to the West Fertilizer matter. In August 2015, the trial court dismissed plaintiff’s negligenc e claims against us, and EDC based on a duty to inspect but allowed the plaintiffs to proceed on claims for design defect and failure to warn. Subsequently, we and EDC have entered into confidential settlement agreements (with approval of our insurance carriers) with several 2022, no liability In 2015, we and EDA received formal written notice from Global Industrial, Inc. (“Global”) of Global’s intention to assert mechanic liens for labor, service, or materials furnished under certain subcontract agreements for the improvement of the new ammonia plant (“Ammonia Plant”) at our El Dorado Facility. Global was a subcontractor of Leidos Constructors, LLC (“Leidos”), the general contractor for EDA for the construction for the Ammonia Plant. Leidos terminated the services of Global with respect to their work performed at our El Dorado Facility. LSB and EDA are pursuing the recovery of any damage or loss caused by Global’s work performed through their contract with Leidos at our El Dorado Facility. In March 2016, EDC and LSB were served a summons in a case styled Global Industrial, Inc. d/b/a Global Turnaround vs. Leidos Constructors, LLC et al., under breach of contract and other claims. At the time of the summons, our accounts payable included invoices totaling approximately $3.5 million related to the claims asserted by Global, but such invoices were not approved by Leidos for payment. We have requested indemnification 5. Commitments and Contingencies (continued) During 2018, the court bifurcated the case into: (1) Global’s claims against Leidos and LSB, and (2) the cross-claims between Leidos and LSB. Part (1) of the case was tried in the court. In March 2020, the court rendered an interim judgment and issued its final judgment in April 2020. In summary, the judgment awarded Global (i) approximately $7.4 million (including the $3.5 million discussed above) for labor, service, and materials furnished relating to the Ammonia Plant, (ii) approximately $1.3 million for prejudgment interest, and (iii) a claim of lien on certain property and the foreclosure of the lien to satisfy these obligations. In addition, post-judgment interest will accrue at the annual rate of 4.25% until We have filed a notice of intent to appeal, and the court entered a stay of the judgment pending appeal. LSB intends to vigorously prosecute its claims against Leidos and vigorously contest the cross-claims in Part (2) of the matter. Due to the impact from the COVID-19 pandemic, the trial date for Part (2) of the matter has been delayed and we are awaiting a new trial date. No liability was established at March 31, 2022 or December 31, 2021, in connection with the cross-claims in Part (2) of the matter, except for certain invoices held in accounts payable. We are also involved in various other claims and legal actions (including matters involving gain contingencies). It is possible that the actual future development of claims could be different from our estimates but, after consultation with legal counsel, we believe that changes in our estimates will not have a material effect on our business, financial condition, results of operations or cash flows. |
Derivatives Hedges and Financia
Derivatives Hedges and Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives Hedges and Financial Instruments | 6. Derivatives, Hedges and Financial Instruments Natural Gas Contracts Periodically, we entered into certain forward natural gas contracts (“natural gas contracts”), which are accounted for on a mark-to-market basis. We are utilizing these natural gas contracts as economic hedges for risk management purposes but are not designated as hedging instruments. At March 31, 2022 and December 31, 2021, we had no outstanding natural gas contracts. When present the valuations of the natural gas contracts are classified as Level 2. For the three months ended March 31, 2021, we recognized a gain of $2.7 million (includes a realized gain of $1.5 million), (none for the three months ended March 31, 2022). The gain is classified as a reduction of cost of sales. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes Provision for income taxes is as follows: Three Months Ended March 31, 2022 2021 (In Thousands) Current: Federal $ — $ — State 292 (285 ) Total Current $ 292 $ (285 ) Deferred: Federal $ 11,385 $ (80 ) State (562 ) 407 Total Deferred $ 10,823 $ 327 Provision for income taxes $ 11,115 $ 42 For the three months ended March 31, 2022 and 2021, the current provision (benefit) for state income taxes shown above includes regular state income tax, provisions for uncertain state income tax positions, the impact of state tax law changes and other similar adjustments. 7 . Income Taxes (continued) Our estimated annual effective rate for 2022 includes the impact of permanent tax differences, limits on deductible compensation, valuation allowances and other permanent items. We considered both positive and negative evidence in our determination of the need for valuation allowances for deferred tax assets. Information evaluated includes our financial position and results of operations for the current and preceding years, the availability of deferred tax liabilities and tax carrybacks, as well as an evaluation of currently available information about future years. Valuation allowances are reflective of our quarterly analysis of the four sources of taxable income, including the calculation of the reversal of existing tax assets and liabilities, the impact of financing activities and our quarterly results. Based on our analysis, we currently believe that it is more-likely-than-not our federal deferred tax assets will be able to be utilized. Thus, we estimate a $12.7 million reduction in the related valuation allowance associated with these federal deferred tax assets will be recognized throughout the year as part of the estimated annual effective tax rate applied to ordinary income. We have determined it is more-likely-than-not that a portion of our state deferred tax assets will not be able to be utilized. However, we estimate a $ We will continue to evaluate both the positive and negative evidence on a quarterly basis in determining the need for a valuation allowance with respect to our deferred tax assets. Changes in positive and negative evidence, including differences between estimated and actual results, could result in changes in the valuation of our deferred tax assets that could have a material impact on our consolidated financial statements. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time. The tax provision for the three months ended March 31, 2022 was $11.1 million (15.9% provision on pre-tax income). The tax provision for the three months ended March 31, 2021 was minimal. LSB and certain of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the 2018-2021 |
Net Sales
Net Sales | 3 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Net Sales | 8 . Net Sales Disaggregated Net Sales We primarily derive our revenues from the sales of various chemical products. The Company’s net sales Accordingly, this approach is reflected in disaggregated net sales, mirroring how the Company manages its net sales by product through contracts with customers. The following table presents our net sales disaggregated by our principal product types : Three Months Ended March 31, 2022 2021 (In Thousands) Net sales: AN & Nitric Acid $ 71,800 $ 49,837 Urea ammonium nitrate (UAN) 56,569 17,638 Ammonia 59,342 21,165 Other 11,270 9,476 Total net sales $ 198,981 $ 98,116 8 . Net Sales (continued) Other Information Although most of our contracts have an original expected duration of one year or less, for our contracts with a duration greater than one year at contract inception, the average remaining expected duration was approximately 17 months Liabilities associated with contracts with customers (contract liabilities) primarily relate to deferred revenue and customer deposits associated with cash payments received in advance from customers for volume shortfall charges and product shipments. We had approximately $1.8 million and $1.6 million of contract liabilities as of March 31, 2022 and December 31, 2021, respectively. For the three months ended March 31, 2022 and 2021, revenues of $1.4 million and $1.0 million, respectively, were recognized and included in the balance at the beginning of the respective period. For most of our contracts with customers, the transaction price from the inception of a contract is constrained to a short period of time (generally one month) as these contracts contain terms with variable consideration related to both price and quantity. At March 31, 2022, we have remaining performance obligations with certain customer contracts, excluding contracts with original durations of less than one year and for service contracts for which we have elected the practical expedient for consideration recognized in revenue as invoiced. The remaining performance obligations totals approximately $74 million, of which approximately 37% of this amount relates to 2022 through 2024, approximately 30% relates to 2025 through 2026, with the remainder thereafter. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. Related Party Transactions As of March 31, 2022, we have two separate outstanding financing arrangements by an affiliate of LSB Funding as discussed in footnotes (C) and (D) of Note 4. An affiliate of LSB Funding holds $30 million of the New Notes. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 10. Supplemental Cash Flow Information The following provides additional information relating to cash flow activities: Three Months Ended March 31, 2022 2021 (In Thousands) Cash refunds for: Income taxes, net $ — $ (216 ) Noncash investing and financing activities: Accounts receivable, supplies, other assets, accounts payable and accrued liabilities associated with additions of property, plant and equipment $ 17,295 $ 18,091 Accounts payable associated with debt-related costs $ 741 $ — Dividends accrued on Series E Redeemable Preferred $ — $ 9,511 Accretion of Series E Redeemable Preferred $ — $ 511 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation LSB and its subsidiaries (the “Company,” “we,” “us,” or “our”) are consolidated in the accompanying condensed consolidated financial statements. LSB is a holding company with no significant operations or assets other than cash, cash equivalents, and investments in its subsidiaries. All material intercompany accounts and transactions have been eliminated. Certain prior period amounts reported in our consolidated financial statements and notes thereto have been reclassified to conform to current period presentation, including all share and per share information relating to the stock split in the form of a stock dividend on October 8, 2021. |
Nature of Business | Nature of Business – We are engaged in the manufacture and sale of chemical products. The chemical products we primarily manufacture, market and sell are ammonia, fertilizer grade AN (“HDAN”) and UAN for agricultural applications, high purity and commercial grade ammonia, high purity AN, sulfuric acids, concentrated, blended and regular nitric acid, mixed nitrating acids, carbon dioxide, and diesel exhaust fluid for industrial applications, and industrial grade AN (“LDAN”) and solutions for the mining industry. We manufacture and distribute our products in four facilities; three of which we own and are located in El Dorado, Arkansas (the “El Dorado Facility”); Cherokee, Alabama (the “Cherokee Facility”); and Pryor, Oklahoma (the “Pryor Facility”); and one of which we operate on behalf of a global chemical company in Baytown, Texas. Sales to customers include farmers, ranchers, fertilizer dealers and distributors primarily in the ranch land and grain production markets in the United States (“U.S.”); industrial users of acids throughout the U.S. and parts of Canada; and explosive manufacturers in the U.S. and parts of Mexico and Canada . These interim results are not necessarily indicative of results for a full year due, in part, to the seasonality of our sales of agricultural products and the timing of performing our major plant maintenance activities. Our selling seasons for agricultural products are primarily during the spring and fall planting seasons, which typically extend from March through June and from September through November. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Short-Term Investments | Short-Term Investments - Investments, which consist of U.S. treasury bills with an original maturities ranging from approximately 17 weeks to 51 weeks, were considered short-term investments. These investments are carried at cost which approximated fair value. |
Equity Awards | Equity Awards – Equity award transactions with employees are measured based on the estimated fair value of the equity awards issued. For equity awards with service conditions that have a graded vesting period, we recognize compensation cost on a straight-line basis over the requisite service period for the entire award. Forfeitures are accounted for as they occur. We may issue new shares of common stock or may use treasury shares associated with the equity awards. 1. Summary of Significant Accounting Policies (continued) In January 2022 and March 2022, the compensation committee of our Board of Directors approved the grant of 224,455 shares of time-based restricted stock units and 160,724 shares of performance-based restricted stock units to certain executives and employees under our 2016 Long Term Incentive Plan. A portion of the time-based restricted stock unit shares will vest at the end of each one-year period at the rate of one-third per year for three years and a portion will vest 100% at the end of three years. The performance-based will vest on the third anniversary of the grant date subject to the achievement of certain performance metrics established by the Board of Directors as set out in the grant. Upon the third anniversary the grants may be modified in a range between 0% and 200% based upon achievement of the performance goals. |
Derivatives, Hedges and Financial Instruments | Derivatives, Hedges and Financial Instruments – Derivatives are recognized in the balance sheet and measured at fair value. Changes in fair value of derivatives are recorded in results of operations unless the normal purchase or sale exceptions apply, or hedge accounting is elected. The fair value amounts recognized for our derivative contracts executed with the same counterparty under a master netting arrangement may be offset. We have the choice to offset or not, but that choice must be applied consistently. A master netting arrangement exists if the reporting entity has multiple contracts with a single counterparty that are subject to a contractual agreement that provides for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract. Offsetting the fair values recognized for the derivative contracts outstanding with a single counterparty results in the net fair value of the transactions reported as an asset or a liability in the balance sheet. When applicable, we present the fair values of our derivative contracts under master netting agreements using a gross fair value presentation. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1 - Valuations of contracts classified as Level 1 are based on quoted prices in active markets for identical contracts. Level 2 - Valuations of contracts classified as Level 2 are based on quoted prices for similar contracts and valuation inputs other than quoted prices that are observable for these contracts. Level 3 - Valuations of assets and liabilities classified as Level 3 are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. At March 31, 2022 and December 31, 2021, we did not have any financial instruments with fair values materially different from their carrying amounts (which excludes issuance costs, if applicable). The carrying value of our Senior Secured Notes approximates fair value and is classified as a Level 2 fair value measurement. The fair value of financial instruments is not indicative of the overall fair value of our assets and liabilities since financial instruments do not include all assets, including intangibles, and all liabilities. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements ASU 2020-06 - In August 2020, the FASB issued ASU 2020 - 06 , Debt-Debt with Conversion and other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s own Equity (Subtopic 815-40) . This ASU addresses the complexity associated with applying GAAP to certain financial instruments with characteristics of liabilities and equity. The ASU includes amendments to the guidance on convertible instruments and the derivative scope exception for contracts in an entity’s own equity and simplifies the accounting for convertible instruments which include beneficial conversion features or cash conversion features by removing certain separation models. Additionally, the ASU requires entities to use the “if-converted” method when calculating diluted earnings per share for convertible instruments. This ASU will be effective for us on January 1, 2024; however, early adoption was permitted beginning January 1, 2021. We are currently evaluating the timing and the effect of adoption of this ASU on our consolidated financial statements and related disclosures. ASU 2020-04 – In March 2020, the FASB issued ASU 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates such as LIBOR that are expected to be discontinued. This ASU provides exceptions and optional expedients for applying GAAP to contract modifications, hedging relationships, and other transactions that reference LIBOR or other reference rates to be discontinued as a result of reference rate reform. They do not apply to modifications made or hedges entered into or evaluated after December 31, 2022, unless the hedging relationships existed as of that date and optional expedients for them were elected and retained through the end of the hedging relationship. This ASU became effective upon issuance. We continue to evaluate the effect of this ASU and plan to utilize this relief for our debt agreements that include LIBOR rates. |
Income (Loss) Per Common Share
Income (Loss) Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income (Loss) Per Common Share | Three Months Ended March 31, 2022 2021 (In Thousands, Except Per Share Amounts) Numerator: Net income (loss) $ 58,766 $ (13,279 ) Adjustments for basic income (loss) per common share: Dividend requirements on Series E Redeemable Preferred — (9,511 ) Dividend requirements on Series B Preferred — (60 ) Dividend requirements on Series D Preferred — (15 ) Accretion of Series E Redeemable Preferred — (511 ) Numerator for basic and diluted net income (loss) per common share $ 58,766 $ (23,376 ) Denominator: Denominator for basic net income (loss) per common share - adjusted weighted-average shares (1) 88,421 36,850 Effect of dilutive securities: Unvested restricted stock and stock units 1,345 — Dilutive potential common shares 1,345 — Denominator for diluted net income (loss) per common share - adjusted weighted-average shares 89,766 36,850 Basic net income (loss) per common share $ 0.66 $ (0.63 ) Diluted net income (loss) per common share $ 0.65 $ (0.63 ) (1) Excludes the weighted-average shares of unvested restricted stock that are contingently issuable. |
Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share | The following weighted-average shares of securities were not included in the computation of diluted net loss per common share as their effect would have been antidilutive: Three Months Ended March 31, 2022 2021 Restricted stock and stock units — 2,247,887 Convertible preferred stocks — 1,191,666 Series E Redeemable Preferred - embedded derivative — 303,646 Stock options 13,000 107,652 13,000 3,850,851 |
Current and Noncurrent Accrue_2
Current and Noncurrent Accrued and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Current and Noncurrent Accrued and Other Liabilities | March 31, December 31, 2022 2021 (In Thousands) Accrued interest $ 22,015 $ 8,397 Current portion of operating lease liabilities 7,293 7,755 Accrued payroll and benefits 6,582 9,794 Accrued death and other executive benefits 2,508 2,514 Accrued health and worker compensation insurance claims 1,103 1,272 Other 8,435 6,599 47,936 36,331 Less noncurrent portion 3,023 3,030 Current portion of accrued and other liabilities $ 44,913 $ 33,301 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Revolving Credit Facility and Long-Term Debt | Our long-term debt consists of the following: March 31, December 31, 2022 2021 (In Thousands) Working Capital Revolver Loan, with a current interest rate of 4.00% (A) $ — $ — Senior Secured Notes due 2028, with an interest rate of 6.25% (B) 700,000 500,000 Secured Financing due 2023, with an interest rate of 8.32% (C) 6,918 7,712 Secured Financing due 2025, with an interest rate of 8.75% (D) 23,220 23,987 Secured Loan Agreement due 2025 (E) — 5,328 Other 316 339 Unamortized discount, net of premium and debt issuance costs (13,944 ) (9,722 ) 716,510 527,644 Less current portion of long-term debt 8,112 9,454 Long-term debt due after one year, net $ 708,398 $ 518,190 (A) O ur revolving credit facility, as amended (the “Working Capital Revolver Loan”), provides for advances up to $ 65 million (the “Maximum Revolver Amount”), based on specific percentages of eligible accounts receivable and inventories and up to $ 10 million of letters of credit, the outstanding amount as of March 31, 2022 was $2.6 million, which reduces the available for borrowing under the Working Capital Revolver Loan. At March 31, 2022 , our available borrowings under our Working Capital Revolver Loan were approximately $ 62.4 million , based on our eligible collateral, less outstanding letters of credit and loan balance. The maturity date of the Working Capital Revolver Loan is on the earlier of (i) the date that is 90 days prior to the earliest stated maturity date of the Senior Secured Notes (unless refinanced or repaid) and (ii) February 26, 2024 . Subject to certain conditions and subject to lender approval, the Maximum Revolver Amount may increase up to an additional $10 million. The Working Capital Revolver Loan also provides for a springing financial covenant (the “Financial Covenant”), which requires that, if the borrowing availability is less than 10.0% of the total revolver commitments, then the borrowers must maintain a minimum fixed charge coverage ratio of not less than 1.00 y. 4 . Long-Term Debt (continued) (B) On October 14, 2021, LSB completed the issuance and sale of $500 million aggregate principal amount of the Notes of its 6.25% Senior Secured Notes due 2028 (the “Notes”), pursuant to an indenture (the “Indenture”), dated as of October 14, 2021. The Notes were issued at a price equal to 100% of their face value. On March 8, 2022, LSB completed the issuance and sale of an additional $200 million aggregate principal amount of the Notes (the “New Notes”), which were issued pursuant to the Indenture (the Notes together with the New Notes, the “Senior Secured Notes”). The New Notes were issued at a price equal to 100% of their face value, plus accrued interest from October 14, 2021 to March 7, 2022. The Senior Secured Notes mature on October 15, 2028 . As it relates to the issuance of the Notes in October 2021, most of the proceeds from the Notes were used to purchase/redeem the previously outstanding $435 million aggregate principal amount of senior secured notes scheduled to mature in 2023. The remaining net proceeds were primarily used to pay related transaction fees. This transaction was accounted for as an extinguishment of debt. As a result, we recognized a loss on extinguishment of debt of approximately $20.3 million in 2021, primarily consisting of a portion of the contractual redemption premium paid and the expensing of unamortized debt issuance costs associated with the senior secured notes purchased/redeemed. (C) El Dorado Chemical Company (“EDC”), one of our subsidiaries, is party to a secured financing arrangement with an affiliate of LSB Funding. Principal and interest are payable in 48 equal monthly installments with a final balloon payment of approximately $3 million due in June 2023 (D) In August 2020, El Dorado Ammonia L.L.C. (“EDA”), one of our subsidiaries, entered into a $30 million secured financing arrangement with an affiliate of LSB Funding. Beginning in September 2020, principal and interest are payable in 60 equal monthly installments with a final balloon payment of approximately $5 million due in August 2025 (E) During the first quarter of 2022 EDC’s secured loan agreement with an affiliate of LSB Funding was paid off resulting in a minimal loss on extinguishment of debt. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Provision for income taxes is as follows: Three Months Ended March 31, 2022 2021 (In Thousands) Current: Federal $ — $ — State 292 (285 ) Total Current $ 292 $ (285 ) Deferred: Federal $ 11,385 $ (80 ) State (562 ) 407 Total Deferred $ 10,823 $ 327 Provision for income taxes $ 11,115 $ 42 |
Net Sales (Tables)
Net Sales (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Net Sales Disaggregated by Principal Markets | The following table presents our net sales disaggregated by our principal product types : Three Months Ended March 31, 2022 2021 (In Thousands) Net sales: AN & Nitric Acid $ 71,800 $ 49,837 Urea ammonium nitrate (UAN) 56,569 17,638 Ammonia 59,342 21,165 Other 11,270 9,476 Total net sales $ 198,981 $ 98,116 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Additional Information Relating to Cash Flow Activities | The following provides additional information relating to cash flow activities: Three Months Ended March 31, 2022 2021 (In Thousands) Cash refunds for: Income taxes, net $ — $ (216 ) Noncash investing and financing activities: Accounts receivable, supplies, other assets, accounts payable and accrued liabilities associated with additions of property, plant and equipment $ 17,295 $ 18,091 Accounts payable associated with debt-related costs $ 741 $ — Dividends accrued on Series E Redeemable Preferred $ — $ 9,511 Accretion of Series E Redeemable Preferred $ — $ 511 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022Facilityshares | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of facilities for manufacture and distribution of products | Facility | 4 |
2016 Long Term Incentive Plan [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Awards granted vesting period | A portion of the time-based restricted stock unit shares will vest at the end of each one-year period at the rate of one-third per year for three years and a portion will vest 100% at the end of three years. The performance-based restricted stock units will vest on the third anniversary of the grant date subject to the achievement of certain performance metrics established by the Board of Directors as set out in the grant. Upon the third anniversary the grants may be modified in a range between 0% and 200% based upon achievement of the performance goals. |
2016 Long Term Incentive Plan [Member] | Time Based Restricted Stock [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Awards granted | 224,455 |
Vesting period of shares | 3 years |
2016 Long Term Incentive Plan [Member] | Performance Based Restricted Stock [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Awards granted | 160,724 |
2016 Long Term Incentive Plan [Member] | Performance Based Restricted Stock [Member] | Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Restricted stock, vesting percentage | 0.00% |
2016 Long Term Incentive Plan [Member] | Performance Based Restricted Stock [Member] | Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Restricted stock, vesting percentage | 200.00% |
Income (Loss) Per Common Shar_2
Income (Loss) Per Common Share - Computation of Basic and Diluted Net Income (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net income (loss) | $ 58,766 | $ (13,279) |
Adjustments for basic income (loss) per common share: | ||
Dividend accrued on redeemable preferred stock | (9,511) | |
Dividend requirements | (75) | |
Net income (loss) attributable to common stockholders | $ 58,766 | $ (23,376) |
Denominator: | ||
Denominator for basic net income (loss) per common share - adjusted weighted-average shares | 88,421 | 36,850 |
Effect of dilutive securities: | ||
Unvested restricted stock and stock units | 1,345 | |
Dilutive potential common shares | 1,345 | |
Denominator for diluted net income (loss) per common share - adjusted weighted-average shares | 89,766 | 36,850 |
Net income (loss) | $ 0.66 | $ (0.63) |
Net income (loss) | $ 0.65 | $ (0.63) |
Series E Redeemable Preferred Stock [Member] | ||
Adjustments for basic income (loss) per common share: | ||
Dividend accrued on redeemable preferred stock | $ (9,511) | |
Accretion of redeemable preferred stock | (511) | |
Series B Preferred Stock [Member] | ||
Adjustments for basic income (loss) per common share: | ||
Dividend requirements | (60) | |
Series D Preferred Stock [Member] | ||
Adjustments for basic income (loss) per common share: | ||
Dividend requirements | $ (15) |
Income (Loss) Per Common Shar_3
Income (Loss) Per Common Share - Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 13,000 | 3,850,851 |
Restricted Stock and Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,247,887 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 13,000 | 107,652 |
Series E Redeemable Preferred Stock [Member] | Embedded Derivative [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 303,646 | |
Convertible Preferred Stocks [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,191,666 |
Current and Noncurrent Accrue_3
Current and Noncurrent Accrued and Other Liabilities - Summary of Current and Noncurrent Accrued and Other Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Payables And Accruals [Abstract] | ||
Accrued interest | $ 22,015 | $ 8,397 |
Current portion of operating lease liabilities | 7,293 | 7,755 |
Accrued payroll and benefits | $ 6,582 | $ 9,794 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | us-gaap:AccruedLiabilitiesCurrent, us-gaap:OtherLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent, us-gaap:OtherLiabilitiesCurrent |
Accrued death and other executive benefits | $ 2,508 | $ 2,514 |
Accrued health and worker compensation insurance claims | 1,103 | 1,272 |
Other | 8,435 | 6,599 |
Total current and noncurrent accrued liabilities | 47,936 | 36,331 |
Less noncurrent portion | 3,023 | 3,030 |
Current portion of accrued and other liabilities | $ 44,913 | $ 33,301 |
Long-Term Debt - Schedule of Re
Long-Term Debt - Schedule of Revolving Credit Facility and Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Unamortized discount, net of premium and debt issuance costs | $ (13,944) | $ (9,722) |
Long-term debt | 716,510 | 527,644 |
Less current portion of long-term debt | 8,112 | 9,454 |
Long-term debt due after one year, net | 708,398 | 518,190 |
6.25% Senior Secured Notes Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Debt carrying amount | 700,000 | 500,000 |
8.32% Secured Financing Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt carrying amount | 6,918 | 7,712 |
8.75% Secured Financing Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt carrying amount | 23,220 | 23,987 |
Secured Loan Agreement Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt carrying amount | 5,328 | |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Debt carrying amount | $ 316 | $ 339 |
Long-Term Debt - Schedule of _2
Long-Term Debt - Schedule of Revolving Credit Facility and Long-Term Debt (Parenthetical) (Detail) | Mar. 31, 2022 | Dec. 31, 2021 |
4.00% Working Capital Revolver Loan [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, interest rate | 4.00% | 4.00% |
6.25% Senior Secured Notes Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, effective Interest Rate | 6.25% | 6.25% |
8.32% Secured Financing Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, effective Interest Rate | 8.32% | 8.32% |
8.75% Secured Financing Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, effective Interest Rate | 8.75% | 8.75% |
Long-Term Debt - Working Capita
Long-Term Debt - Working Capital Revolver Loan and Senior Secured Notes - Additional Information (Detail) - USD ($) | Mar. 08, 2022 | Oct. 14, 2021 | Oct. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Feb. 28, 2019 |
Working Capital Revolver Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum amount of revolving credit facility | $ 65,000,000 | |||||
Letters of credit outstanding | $ 2,600,000 | |||||
Revolving credit facility, increase (decrease), net | 10,000,000 | |||||
Amount available for borrowing | $ 62,400,000 | |||||
Maturity date | Feb. 26, 2024 | |||||
Springing Financials Covenant [Member] | Working Capital Revolver Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Working capital revolver loan requirements | borrowers must maintain a minimum fixed charge coverage ratio of not less than 1.00 to 1.00. | |||||
Maximum revolver commitment available, percentage | 10.00% | |||||
Loan requirements description | less than 10.0% of the total revolver commitments | |||||
Fixed charge coverage ratio | 100.00% | |||||
6.25% Senior Secured Notes Due 2028 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Oct. 15, 2028 | |||||
Debt issued - principal amount | $ 200,000,000 | $ 500,000,000 | ||||
Debt instrument, interest rate | 6.25% | |||||
Debt instrument, maturity term | 2028 | |||||
Debt instrument issued price percentage | 100.00% | 100.00% | ||||
Proceeds from the notes used to purchase or redeem previously outstanding aggregate principal amount | $ 435,000,000 | |||||
Debt instrument, maturity year | 2023 | |||||
Gain (loss) on extinguishment of debt | $ (20,300,000) | |||||
8.32% Secured Financing Due 2023 [Member] | El Dorado Chemical Company [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Jun. 30, 2023 | |||||
Debt instrument, frequency of interest payment | Principal and interest are payable in 48 equal monthly installments with a final balloon payment of approximately $3 million due in June 2023 | |||||
Final balloon payment | $ 3,000,000 | |||||
8.75% Secured Financing Due 2025 [Member] | El Dorado Ammonia L.L.C. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Aug. 31, 2025 | |||||
Debt issued - principal amount | $ 30,000,000 | |||||
Debt instrument, frequency of interest payment | principal and interest are payable in 60 equal monthly installments with a final balloon payment of approximately $5 million due in August 2025 | |||||
Final balloon payment | $ 5,000,000 | |||||
Letter of Credit [Member] | Working Capital Revolver Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum amount of revolving credit facility | $ 10,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) MMBTU in Millions | 3 Months Ended | ||||
Mar. 31, 2022USD ($)MMBTUSettlement$ / MMBTU | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Mar. 31, 2016USD ($) | |
Commitments And Contingencies [Line Items] | |||||
Realized gain on sale of natural gas | $ 6,800,000 | ||||
Accrued liabilities for environmental matters | $ 500,000 | ||||
Percentage of payment of investigation costs agreed by Hallowell Facility | 50.00% | ||||
Insurance coverage of general liability and auto liability risks | $ 100,000,000 | ||||
Product liability deductible per claim | $ 250,000 | ||||
Confidential settlement agreement with family groups | Settlement | 3 | ||||
Liability reserve | $ 0 | $ 0 | |||
Global Industrial Inc [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Amount awarded for labor, service, materials and other | $ 7,400,000 | ||||
Prejudgment interest | $ 1,300,000 | ||||
Percentage of accrue post judgement interest | 4.25% | ||||
Leidos Constructors, LLC [Member] | Global Industrial Inc [Member] | Accounts Payable [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Claim amount not approved for payment | $ 3,500,000 | $ 3,500,000 | |||
Natural Gas Purchase Commitments [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Realized gain on sale of natural gas | $ 1,500,000 | ||||
Natural gas purchase commitments volume | MMBTU | 1.8 | ||||
Weighted average cost of natural gas per unit | $ / MMBTU | 5.06 | ||||
Weighted average purchase price of natural gas | $ 9,200,000 | ||||
Weighted average natural gas market value per unit | $ / MMBTU | 4.97 | ||||
Weighted average natural gas market value | $ 9,100,000 |
Derivatives Hedges and Financ_2
Derivatives Hedges and Financial Instruments - Additional Information (Detail) $ in Thousands, MMBTU in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)MMBTU | Mar. 31, 2021USD ($) | Dec. 31, 2021MMBTU | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Gain (loss) on sale of natural gas | $ 2,700 | ||
Realized gain on sale of natural gas | 6,800 | ||
Unrealized loss on sale of natural gas | $ 0 | ||
Natural Gas Purchase Commitments [Member] | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Natural gas purchase commitments volume | MMBTU | 1.8 | ||
Realized gain on sale of natural gas | $ 1,500 | ||
Natural Gas Purchase Commitments [Member] | Level 2 [Member] | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Natural gas purchase commitments volume | MMBTU | 0 | 0 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Current: | ||
State | $ 292 | $ (285) |
Total Current | 292 | (285) |
Deferred: | ||
Federal | 11,385 | (80) |
State | (562) | 407 |
Total Deferred | 10,823 | 327 |
Provision for income taxes | $ 11,115 | $ 42 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | ||
Provision for income taxes | $ 11,115 | $ 42 |
Percentage of benefit/provision on pre-tax income | 15.90% | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance reduction, Change | $ 7,200 | |
Federal [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance reduction, Change | $ 12,700 |
Net Sales - Summary of Net Sale
Net Sales - Summary of Net Sales Disaggregated by Principal Markets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net sales: | ||
Net sales | $ 198,981 | $ 98,116 |
Chemical | ||
Net sales: | ||
Net sales | 198,981 | 98,116 |
Chemical | AN and Nitric Acid | ||
Net sales: | ||
Net sales | 71,800 | 49,837 |
Chemical | Urea ammonium nitrate (UAN) | ||
Net sales: | ||
Net sales | 56,569 | 17,638 |
Chemical | Ammonia | ||
Net sales: | ||
Net sales | 59,342 | 21,165 |
Chemical | Other | ||
Net sales: | ||
Net sales | $ 11,270 | $ 9,476 |
Net Sales - Additional Informat
Net Sales - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |||
Revenue, remaining performance obligation, expected timing of satisfaction, description | contracts have an original expected duration of one year or less, for our contracts with a duration greater than one year at contract inception, the average remaining expected duration was approximately 17 months | ||
Average revenue remaining performance obligation expected timing of satisfaction period | 17 months | ||
Contract liabilities | $ 1.8 | $ 1.6 | |
Contract with customer, liability partially offset revenue recognized | 1.4 | $ 1 | |
Amount of remaining performance obligation | $ 74 |
Net Sales - Additional Inform_2
Net Sales - Additional Information (Detail 1) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, percent | 37.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 33 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, percent | 30.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Millions | Mar. 31, 2022USD ($) |
Eldridge [Member] | New Senior Secured Notes [Member] | |
Related Party Transaction [Line Items] | |
Debt issued - principal amount | $ 30 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Additional Information Relating to Cash Flow Activities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash refunds for: | ||
Income taxes, net | $ (216) | |
Noncash investing and financing activities: | ||
Accounts receivable, supplies, other assets, accounts payable and accrued liabilities associated with additions of property, plant and equipment | $ 17,295 | 18,091 |
Accounts payable associated with debt-related costs | $ 741 | |
Series E Redeemable Preferred Stock [Member] | ||
Noncash investing and financing activities: | ||
Dividends on Series E redeemable preferred stock | 9,511 | |
Accretion of Series E Redeemable Preferred | $ 511 |