10-Q Filing

Intrepid Potash, Inc. CIK: 1421461 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001421461-22-000019`
Period End Date	20220331
Filing Date	20220503
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	ipi-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 31 Cash Flow Statement 74 Stockholders Equity 16

Balance Sheet 65 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`	40.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	40.00M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.15M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.22M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$36.45M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$60.14M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.99M	USD	Point-in-time
Trade, net	`AccountsReceivableNetCurrent`	$35.41M	USD	Point-in-time
Trade, net	`AccountsReceivableNetCurrent`	$51.61M	USD	Point-in-time
Other receivables, net	`OtherReceivablesNetCurrent`	$1.37M	USD	Point-in-time
Other receivables, net	`OtherReceivablesNetCurrent`	$989.00K	USD	Point-in-time
Inventory, net	`InventoryNet`	$79.30M	USD	Point-in-time
Inventory, net	`InventoryNet`	$78.86M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.14M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.28M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$197.69M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$156.85M	USD	Point-in-time
Property, plant and equipment, and mineral properties, net	`PropertyPlantAndEquipmentNet`	$338.75M	USD	Point-in-time
Property, plant and equipment, and mineral properties, net	`PropertyPlantAndEquipmentNet`	$341.12M	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`	$27.96M	USD	Point-in-time
Long-term parts inventory, net	`LongTermPartsInventoryNoncurrent`	$29.25M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$11.42M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$12.15M	USD	Point-in-time
Non-current deferred tax asset, net	`DeferredIncomeTaxAssetsNet`	$200.07M	USD	Point-in-time
Non-current deferred tax asset, net	`DeferredIncomeTaxAssetsNet`	$209.07M	USD	Point-in-time
Total Assets	`Assets`	$795.82M	USD	Point-in-time
Total Assets	`Assets`	$766.89M	USD	Point-in-time
Accounts payable	`AccountsPayableTradeCurrent`	$8.90M	USD	Point-in-time
Accounts payable	`AccountsPayableTradeCurrent`	$9.07M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$41.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$168.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$21.53M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$22.94M	USD	Point-in-time
Accrued employee compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$6.82M	USD	Point-in-time
Accrued employee compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$6.80M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$34.57M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$34.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$71.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$73.42M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$27.02M	USD	Point-in-time
Asset retirement obligation	`AssetRetirementObligationsNoncurrent`	$27.51M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$1.88M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$1.96M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$1.17M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$1.27M	USD	Point-in-time
Total Liabilities	`Liabilities`	$103.49M	USD	Point-in-time
Total Liabilities	`Liabilities`	$102.55M	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; 40,000,000 shares authorized; 13,218,875 and 13,149,315 shares outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$13.00K	USD	Point-in-time
Common stock, $0.001 par value; 40,000,000 shares authorized; 13,218,875 and 13,149,315 shares outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$13.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$659.15M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$657.59M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$4.24M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$35.66M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$693.27M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$411.26M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$663.40M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$414.44M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$766.89M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$795.82M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Gross Margin	`GrossProfit`	$47.18M	USD	1 Quarter
Gross Margin	`GrossProfit`	$9.11M	USD	1 Quarter
Selling and administrative	`SellingGeneralAndAdministrativeExpense`	$6.79M	USD	1 Quarter
Selling and administrative	`SellingGeneralAndAdministrativeExpense`	$5.79M	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$490.00K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$441.00K	USD	1 Quarter
Loss on sale of assets	`GainLossOnDispositionOfAssets1`	$-100.00K	USD	1 Quarter
Loss on sale of assets	`GainLossOnDispositionOfAssets1`	$2.80M	USD	Point-in-time
Loss on sale of assets	`GainLossOnDispositionOfAssets1`	$-2.00K	USD	1 Quarter
Other operating (income) expense	`OtherOperatingIncomeExpenseNet`	$267.00K	USD	1 Quarter
Other operating (income) expense	`OtherOperatingIncomeExpenseNet`	$-6.00K	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$40.06M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$2.87M	USD	1 Quarter
Interest Expense, net	`InterestExpense`	$426.00K	USD	1 Quarter
Interest Expense, net	`InterestExpense`	$33.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$9.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$530.00K	USD	1 Quarter
Income Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.45M	USD	1 Quarter
Income Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$40.56M	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$9.14M	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Income	`NetIncomeLoss`	$2.45M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$31.42M	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.05M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.16M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.60M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.30M	shares	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.19	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$2.39	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$2.31	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.18	USD	1 Quarter

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$2.45M	USD	1 Quarter
Net income	`NetIncomeLoss`	$31.42M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortizationExcludingIntangibleAssets`	$8.90M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortizationExcludingIntangibleAssets`	$9.48M	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$490.00K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$441.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$68.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$60.00K	USD	1 Quarter
Amortization of Intangible Assets	`AmortizationOfIntangibleAssets`	$80.00K	USD	1 Quarter
Amortization of Intangible Assets	`AmortizationOfIntangibleAssets`	$80.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$890.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.17M	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-100.00K	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$2.80M	USD	Point-in-time
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-2.00K	USD	1 Quarter
Trade accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$14.10M	USD	1 Quarter
Trade accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$16.20M	USD	1 Quarter
Other receivables, net	`IncreaseDecreaseInOtherReceivables`	$384.00K	USD	1 Quarter
Other receivables, net	`IncreaseDecreaseInOtherReceivables`	$720.00K	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$-9.29M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$-847.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$76.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-358.00K	USD	1 Quarter
Deferred portion of income tax expense	`DeferredIncomeTaxExpenseBenefit`	$9.00M	USD	1 Quarter
Deferred portion of income tax expense	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Accounts payable, accrued liabilities, and accrued employee compensation and benefits	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-862.00K	USD	1 Quarter
Accounts payable, accrued liabilities, and accrued employee compensation and benefits	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$7.98M	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-525.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-795.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$362.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$3.42M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$19.11M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$34.11M	USD	1 Quarter
Additions to property, plant, equipment, mineral properties, and other assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.79M	USD	1 Quarter
Additions to property, plant, equipment, mineral properties, and other assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.36M	USD	1 Quarter
Long-term investment	`PaymentsToAcquireAssetsInvestingActivities`	$903.00K	USD	1 Quarter
Long-term investment	`PaymentsToAcquireAssetsInvestingActivities`	-	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfProductiveAssets`	$24.00K	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfProductiveAssets`	$6.00M	USD	Point-in-time
Proceeds from sale of assets	`ProceedsFromSaleOfProductiveAssets`	$47.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.31M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.67M	USD	1 Quarter
Debt prepayment costs	`PaymentsOfDebtExtinguishmentCosts`	$2.00K	USD	1 Quarter
Debt prepayment costs	`PaymentsOfDebtExtinguishmentCosts`	-	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$22.00K	USD	1 Quarter
Payments of financing lease	`FinanceLeasePrincipalPayments`	-	USD	1 Quarter
Payments of financing lease	`FinanceLeasePrincipalPayments`	$107.00K	USD	1 Quarter
Employee tax withholding paid for restricted stock upon vesting	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.81M	USD	1 Quarter
Employee tax withholding paid for restricted stock upon vesting	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$204.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$90.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$43.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-292.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.72M	USD	1 Quarter
Net Change in Cash, Cash Equivalents and Restricted Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$16.50M	USD	1 Quarter
Net Change in Cash, Cash Equivalents and Restricted Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$23.71M	USD	1 Quarter
Cash, Cash Equivalents, and Restricted Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.69M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.18M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$60.86M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$37.15M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.69M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.18M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$60.86M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$37.15M	USD	Point-in-time
Interest	`InterestPaidNet`	$22.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$167.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$8.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$13.00K	USD	1 Quarter
Amounts included in the measurement of operating lease liabilities	`AmountsIncludedInTheMeasurementOfOperatingLeaseLiabilities`	$542.00K	USD	1 Quarter
Amounts included in the measurement of operating lease liabilities	`AmountsIncludedInTheMeasurementOfOperatingLeaseLiabilities`	$583.00K	USD	1 Quarter
Accrued purchases for property, plant, equipment, and mineral properties	`CapitalExpendituresIncurredButNotYetPaid`	$1.50M	USD	1 Quarter
Accrued purchases for property, plant, equipment, and mineral properties	`CapitalExpendituresIncurredButNotYetPaid`	$622.00K	USD	1 Quarter
Right-of-use assets exchanged for operating lease liabilities	`Rightofuseassetsexchangedfornewoperatingleaseliabilities`	$546.00K	USD	1 Quarter
Right-of-use assets exchanged for operating lease liabilities	`Rightofuseassetsexchangedfornewoperatingleaseliabilities`	$340.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$693.27M	USD	Point-in-time
Balance	`StockholdersEquity`	$411.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$663.40M	USD	Point-in-time
Balance	`StockholdersEquity`	$414.44M	USD	Point-in-time
Net income	`NetIncomeLoss`	$2.45M	USD	1 Quarter
Net income	`NetIncomeLoss`	$31.42M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.17M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$890.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$90.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$43.00K	USD	1 Quarter
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.81M	USD	1 Quarter
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$204.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$693.27M	USD	Point-in-time
Balance	`StockholdersEquity`	$411.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$663.40M	USD	Point-in-time
Balance	`StockholdersEquity`	$414.44M	USD	Point-in-time

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