10-Q Filing

Intrepid Potash, Inc. CIK: 1421461 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001421461-20-000013`
Period End Date	20200331
Filing Date	20200507
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	ipi-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 36 Cash Flow Statement 74 Stockholders Equity 16

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	129.64M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	129.55M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$34.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.60M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$44.37M	USD	Point-in-time
Trade, net	`AccountsReceivableNetCurrent`	$23.75M	USD	Point-in-time
Trade, net	`AccountsReceivableNetCurrent`	$31.86M	USD	Point-in-time
Other receivables, net	`OtherReceivablesNetCurrent`	$1.55M	USD	Point-in-time
Other receivables, net	`OtherReceivablesNetCurrent`	$1.25M	USD	Point-in-time
Inventory, net	`InventoryNet`	$87.86M	USD	Point-in-time
Inventory, net	`InventoryNet`	$94.22M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.52M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.67M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$170.32M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$145.34M	USD	Point-in-time
Property, plant and equipment, and mineral properties, net	`PropertyPlantAndEquipmentNet`	$378.51M	USD	Point-in-time
Property, plant and equipment, and mineral properties, net	`PropertyPlantAndEquipmentNet`	$372.06M	USD	Point-in-time
Water rights	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$19.18M	USD	Point-in-time
Water rights	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$19.18M	USD	Point-in-time
Long-term parts inventory, net	`LongTermPartsInventoryNoncurrent`	$28.40M	USD	Point-in-time
Long-term parts inventory, net	`LongTermPartsInventoryNoncurrent`	$27.57M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$7.83M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$7.73M	USD	Point-in-time
Total Assets	`Assets`	$578.44M	USD	Point-in-time
Total Assets	`Assets`	$597.69M	USD	Point-in-time
Accounts payable	`AccountsPayableTradeCurrent`	$9.99M	USD	Point-in-time
Accounts payable	`AccountsPayableTradeCurrent`	$12.38M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$50.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$50.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$13.74M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$27.46M	USD	Point-in-time
Accrued employee compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$3.99M	USD	Point-in-time
Accrued employee compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$4.46M	USD	Point-in-time
Advances of credit facility	`LinesOfCreditCurrent`	$19.82M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$20.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$20.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$19.38M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$19.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$87.44M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$83.28M	USD	Point-in-time
Advances on credit facility	`LongTermLineOfCredit`	-	USD	Point-in-time
Advances on credit facility	`LongTermLineOfCredit`	$29.82M	USD	Point-in-time
Long-term debt, net	`LongTermNotesAndLoans`	$29.78M	USD	Point-in-time
Long-term debt, net	`LongTermNotesAndLoans`	$29.75M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$22.14M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$22.57M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$4.03M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$3.58M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$420.00K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$420.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$143.78M	USD	Point-in-time
Total Liabilities	`Liabilities`	$169.44M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value; 400,000,000 shares authorized; 129,643,509 and 129,553,517 shares outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$130.00K	USD	Point-in-time
Common stock, $0.001 par value; 400,000,000 shares authorized; 129,643,509 and 129,553,517 shares outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$130.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$653.95M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$652.96M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-225.83M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-218.44M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$428.24M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$434.66M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$424.35M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$417.26M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$597.69M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$578.44M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Lower of cost or net realizable value inventory adjustments	`InventoryWriteDown`	$550.00K	USD	1 Quarter
Lower of cost or net realizable value inventory adjustments	`InventoryWriteDown`	-	USD	1 Quarter
Gross Margin	`GrossProfit`	$13.17M	USD	1 Quarter
Gross Margin	`GrossProfit`	$5.62M	USD	1 Quarter
Selling and administrative	`SellingGeneralAndAdministrativeExpense`	$5.81M	USD	1 Quarter
Selling and administrative	`SellingGeneralAndAdministrativeExpense`	$6.60M	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$435.00K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$417.00K	USD	1 Quarter
Litigation settlement	`GainLossRelatedToLitigationSettlement`	$-10.07M	USD	1 Quarter
Litigation settlement	`GainLossRelatedToLitigationSettlement`	-	USD	1 Quarter
(Gain) loss on sale of assets	`GainLossOnDispositionOfAssets1`	$4.70M	USD	1 Quarter
(Gain) loss on sale of assets	`GainLossOnDispositionOfAssets1`	$-19.00K	USD	1 Quarter
Other operating (income) expense	`OtherOperatingIncomeExpenseNet`	$-501.00K	USD	1 Quarter
Other operating (income) expense	`OtherOperatingIncomeExpenseNet`	$11.00K	USD	1 Quarter
Operating (Loss) Income	`OperatingIncomeLoss`	$6.42M	USD	1 Quarter
Operating (Loss) Income	`OperatingIncomeLoss`	$-6.78M	USD	1 Quarter
Interest Expense, net	`InterestExpense`	$603.00K	USD	1 Quarter
Interest Expense, net	`InterestExpense`	$792.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$116.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Other (expense) income	`OtherNonoperatingIncomeExpense`	$334.00K	USD	1 Quarter
Other (expense) income	`OtherNonoperatingIncomeExpense`	$16.00K	USD	1 Quarter
(Loss) Income Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-7.44M	USD	1 Quarter
(Loss) Income Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$6.16M	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$-42.00K	USD	1 Quarter
Net (Loss) Income	`NetIncomeLoss`	$6.16M	USD	1 Quarter
Net (Loss) Income	`NetIncomeLoss`	$-7.40M	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	128.73M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	129.57M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	129.57M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	130.88M	shares	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.06	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.06	USD	1 Quarter

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net (loss) Income	`NetIncomeLoss`	$-7.40M	USD	1 Quarter
Net (loss) Income	`NetIncomeLoss`	$6.16M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortizationExcludingIntangibleAssets`	$9.59M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortizationExcludingIntangibleAssets`	$8.75M	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$435.00K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$417.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$68.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$86.00K	USD	1 Quarter
Amortization of Intangible Assets	`AmortizationOfIntangibleAssets`	-	USD	1 Quarter
Amortization of Intangible Assets	`AmortizationOfIntangibleAssets`	$80.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.03M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.03M	USD	1 Quarter
Lower of cost or net realizable value inventory adjustments	`InventoryWriteDown`	$550.00K	USD	1 Quarter
Lower of cost or net realizable value inventory adjustments	`InventoryWriteDown`	-	USD	1 Quarter
Accrual for litigation settlement	`GainLossRelatedToLitigationSettlement`	$-10.07M	USD	1 Quarter
Accrual for litigation settlement	`GainLossRelatedToLitigationSettlement`	-	USD	1 Quarter
(Gain) loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-19.00K	USD	1 Quarter
(Gain) loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$4.70M	USD	1 Quarter
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$275.00K	USD	1 Quarter
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-4.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
Trade accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$8.39M	USD	1 Quarter
Trade accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$3.06M	USD	1 Quarter
Other receivables, net	`IncreaseDecreaseInOtherReceivables`	$308.00K	USD	1 Quarter
Other receivables, net	`IncreaseDecreaseInOtherReceivables`	$362.00K	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$-4.98M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$4.09M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-857.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-103.00K	USD	1 Quarter
Accounts payable, accrued liabilities, and accrued employee compensation and benefits	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$8.12M	USD	1 Quarter
Accounts payable, accrued liabilities, and accrued employee compensation and benefits	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.46M	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-479.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-552.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-2.89M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$41.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.12M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.77M	USD	1 Quarter
Additions to property, plant, equipment, mineral properties, and other assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.71M	USD	1 Quarter
Additions to property, plant, equipment, mineral properties, and other assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.96M	USD	1 Quarter
Deposit on asset purchase	`PaymentsToAcquireAssetsInvestingActivities`	-	USD	1 Quarter
Deposit on asset purchase	`PaymentsToAcquireAssetsInvestingActivities`	$3.25M	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfProductiveAssets`	-	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfProductiveAssets`	$4.79M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-924.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.21M	USD	1 Quarter
Proceeds from short-term borrowings on credit facility	`ProceedsFromLinesOfCredit`	$10.00M	USD	1 Quarter
Proceeds from short-term borrowings on credit facility	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Employee tax withholding paid for restricted stock upon vesting	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$112.00K	USD	1 Quarter
Employee tax withholding paid for restricted stock upon vesting	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$49.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$9.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.95M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-103.00K	USD	1 Quarter
Net Change in Cash, Cash Equivalents and Restricted Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$810.00K	USD	1 Quarter
Net Change in Cash, Cash Equivalents and Restricted Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$23.80M	USD	1 Quarter
Cash, Cash Equivalents, and Restricted Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$33.70M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.24M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.04M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$34.51M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$34.51M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$33.70M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.24M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.04M	USD	Point-in-time
Interest	`InterestPaidNet`	$227.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$49.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Amounts included in the measurement of operating lease liabilities	`AmountsIncludedInTheMeasurementOfOperatingLeaseLiabilities`	$637.00K	USD	1 Quarter
Amounts included in the measurement of operating lease liabilities	`AmountsIncludedInTheMeasurementOfOperatingLeaseLiabilities`	$565.00K	USD	1 Quarter
Accrued purchases for property, plant, equipment, and mineral properties	`CapitalExpendituresIncurredButNotYetPaid`	$1.44M	USD	1 Quarter
Accrued purchases for property, plant, equipment, and mineral properties	`CapitalExpendituresIncurredButNotYetPaid`	$2.56M	USD	1 Quarter
Right-of-use assets exchanged for operating lease liabilities	`Rightofuseassetsexchangedfornewoperatingleaseliabilities`	$104.00K	USD	1 Quarter
Right-of-use assets exchanged for operating lease liabilities	`Rightofuseassetsexchangedfornewoperatingleaseliabilities`	$6.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$428.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$434.66M	USD	Point-in-time
Balance	`StockholdersEquity`	$424.35M	USD	Point-in-time
Balance	`StockholdersEquity`	$417.26M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-7.40M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$6.16M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.03M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.03M	USD	1 Quarter
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$49.00K	USD	1 Quarter
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$112.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$9.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Balance	`StockholdersEquity`	$428.24M	USD	Point-in-time
Balance	`StockholdersEquity`	$434.66M	USD	Point-in-time
Balance	`StockholdersEquity`	$424.35M	USD	Point-in-time
Balance	`StockholdersEquity`	$417.26M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.