10-Q Filing

Intrepid Potash, Inc. CIK: 1421461 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001421461-23-000016`
Period End Date	20230331
Filing Date	20230504
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	ipi-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 34 Cash Flow Statement 78 Stockholders Equity 15

Balance Sheet 74 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`	12.69M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.76M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.45M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$60.14M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.51M	USD	Point-in-time
Short-term investments	`HeldToMaturitySecuritiesCurrent`	$5.96M	USD	Point-in-time
Short-term investments	`HeldToMaturitySecuritiesCurrent`	$4.96M	USD	Point-in-time
Trade, net	`AccountsReceivableNetCurrent`	$26.74M	USD	Point-in-time
Trade, net	`AccountsReceivableNetCurrent`	$39.21M	USD	Point-in-time
Other receivables, net	`OtherReceivablesNetCurrent`	$790.00K	USD	Point-in-time
Other receivables, net	`OtherReceivablesNetCurrent`	$854.00K	USD	Point-in-time
Inventory, net	`InventoryNet`	$114.82M	USD	Point-in-time
Inventory, net	`InventoryNet`	$107.17M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.86M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.43M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$171.68M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$167.08M	USD	Point-in-time
Property, plant and equipment, and mineral properties, net	`PropertyPlantAndEquipmentNet`	$375.63M	USD	Point-in-time
Property, plant and equipment, and mineral properties, net	`PropertyPlantAndEquipmentNet`	$387.85M	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`	$24.82M	USD	Point-in-time
Long-term parts inventory, net	`LongTermPartsInventoryNoncurrent`	$24.82M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$9.84M	USD	Point-in-time
Long-term investments	`LongTermInvestments`	$10.82M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$7.14M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$7.29M	USD	Point-in-time
Non-current deferred tax asset, net	`DeferredIncomeTaxAssetsNet`	$185.75M	USD	Point-in-time
Non-current deferred tax asset, net	`DeferredIncomeTaxAssetsNet`	$184.09M	USD	Point-in-time
Total Assets	`Assets`	$794.20M	USD	Point-in-time
Total Assets	`Assets`	$800.99M	USD	Point-in-time
Accounts payable	`AccountsPayableTradeCurrent`	$18.64M	USD	Point-in-time
Accounts payable	`AccountsPayableTradeCurrent`	$14.86M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$16.21M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$14.37M	USD	Point-in-time
Accrued employee compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$6.97M	USD	Point-in-time
Accrued employee compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$6.18M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$7.04M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$8.84M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$48.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$44.25M	USD	Point-in-time
Advances on credit facility	`LongTermLineOfCredit`	-	USD	Point-in-time
Advances on credit facility	`LongTermLineOfCredit`	$5.00M	USD	Point-in-time
Asset retirement obligation, net of current portion	`AssetRetirementObligationsNoncurrent`	$27.10M	USD	Point-in-time
Asset retirement obligation, net of current portion	`AssetRetirementObligationsNoncurrent`	$26.56M	USD	Point-in-time
Asset retirement obligation, net of current portion	`AssetRetirementObligationsNoncurrent`	$27.51M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$2.21M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$1.81M	USD	Point-in-time
Finance lease liabilities	`FinanceLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Finance lease liabilities	`FinanceLeaseLiabilityNoncurrent`	$1.22M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$1.48M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$1.31M	USD	Point-in-time
Total Liabilities	`Liabilities`	$80.70M	USD	Point-in-time
Total Liabilities	`Liabilities`	$79.12M	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; 12,759,990 and 12,687,822 shares outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$13.00K	USD	Point-in-time
Common stock, $0.001 par value; 40,000,000 shares authorized; 12,759,990 and 12,687,822 shares outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$13.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$661.32M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$660.61M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$80.97M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$76.46M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$22.01M	USD	Point-in-time
Less treasury stock, at cost	`TreasuryStockValue`	$22.01M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$663.40M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$715.08M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$693.27M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$720.29M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$800.99M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$794.20M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Gross Margin	`GrossProfit`	$16.35M	USD	1 Quarter
Gross Margin	`GrossProfit`	$47.18M	USD	1 Quarter
Selling and administrative	`SellingGeneralAndAdministrativeExpense`	$6.79M	USD	1 Quarter
Selling and administrative	`SellingGeneralAndAdministrativeExpense`	$8.86M	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$490.00K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$535.00K	USD	1 Quarter
Loss on sale of assets	`GainLossOnDispositionOfAssets1`	$-100.00K	USD	1 Quarter
Loss on sale of assets	`GainLossOnDispositionOfAssets1`	$-200.00K	USD	1 Quarter
Other operating expense (income)	`OtherOperatingIncomeExpenseNet`	$-1.39M	USD	1 Quarter
Other operating expense (income)	`OtherOperatingIncomeExpenseNet`	$267.00K	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$40.06M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$5.37M	USD	1 Quarter
Equity in earnings of unconsolidated entities	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Equity in earnings of unconsolidated entities	`IncomeLossFromEquityMethodInvestments`	$821.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$33.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$85.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$530.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$13.00K	USD	1 Quarter
Income Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$6.29M	USD	1 Quarter
Income Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$40.56M	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$1.79M	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$9.14M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$31.42M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$4.51M	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	13.16M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	12.69M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.60M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.88M	shares	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$2.39	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.35	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.35	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$2.31	USD	1 Quarter

Cash Flow Statement 78 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$31.42M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.51M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortizationExcludingIntangibleAssets`	$9.29M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortizationExcludingIntangibleAssets`	$8.90M	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$490.00K	USD	1 Quarter
Accretion of asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$535.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$60.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$75.00K	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`	$1.75M	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`	$-200.00K	USD	1 Quarter
Equity in earnings of unconsolidated entities	`IncomeLossFromEquityMethodInvestments`	-	USD	1 Quarter
Equity in earnings of unconsolidated entities	`IncomeLossFromEquityMethodInvestments`	$821.00K	USD	1 Quarter
Distribution of earnings from unconsolidated entities	`EquityMethodInvestmentDividendsOrDistributions`	-	USD	1 Quarter
Distribution of earnings from unconsolidated entities	`EquityMethodInvestmentDividendsOrDistributions`	$320.00K	USD	1 Quarter
Trade accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$12.47M	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`	$92.00K	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$-7.64M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$-847.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-250.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$76.00K	USD	1 Quarter
Deferred tax assets, net	`DeferredIncomeTaxExpenseBenefit`	$9.00M	USD	1 Quarter
Deferred tax assets, net	`DeferredIncomeTaxExpenseBenefit`	$1.66M	USD	1 Quarter
Accounts payable, accrued liabilities, and accrued employee compensation and benefits	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.30M	USD	1 Quarter
Accounts payable, accrued liabilities, and accrued employee compensation and benefits	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-862.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-401.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-795.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$362.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$1.23M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$34.11M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.45M	USD	1 Quarter
Additions to property, plant, equipment, mineral properties, and other assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$21.04M	USD	1 Quarter
Additions to property, plant, equipment, mineral properties, and other assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.79M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAssetsInvestingActivities`	$903.00K	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAssetsInvestingActivities`	$956.00K	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfProductiveAssets`	$65.00K	USD	1 Quarter
Proceeds from sale of assets	`ProceedsFromSaleOfProductiveAssets`	$24.00K	USD	1 Quarter
Proceeds from redemptions/maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	-	USD	1 Quarter
Proceeds from redemptions/maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$1.50M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.67M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.43M	USD	1 Quarter
Proceeds from credit facility	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Proceeds from credit facility	`ProceedsFromLinesOfCredit`	$5.00M	USD	1 Quarter
Payments of financing lease	`FinanceLeasePrincipalPayments`	-	USD	1 Quarter
Payments of financing lease	`FinanceLeasePrincipalPayments`	$43.00K	USD	1 Quarter
Employee tax withholding paid for restricted stock upon vesting	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.04M	USD	1 Quarter
Employee tax withholding paid for restricted stock upon vesting	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.81M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$90.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.72M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.92M	USD	1 Quarter
Net Change in Cash, Cash Equivalents and Restricted Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$23.71M	USD	1 Quarter
Net Change in Cash, Cash Equivalents and Restricted Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-8.06M	USD	1 Quarter
Cash, Cash Equivalents, and Restricted Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.08M	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, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$60.86M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.02M	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`	$11.02M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$37.15M	USD	Point-in-time
Cash, Cash Equivalents, and Restricted Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.08M	USD	Point-in-time
Interest	`InterestPaidNet`	$22.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$59.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$9.00K	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`	$460.00K	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`	$7.41M	USD	1 Quarter
Right-of-use assets exchanged for operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$546.00K	USD	1 Quarter
Right-of-use assets exchanged for operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	1 Quarter
Right-of-use assets exchanged for financing lease liabilities	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	-	USD	1 Quarter
Right-of-use assets exchanged for financing lease liabilities	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	$1.68M	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$663.40M	USD	Point-in-time
Balance	`StockholdersEquity`	$715.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$693.27M	USD	Point-in-time
Balance	`StockholdersEquity`	$720.29M	USD	Point-in-time
Net income	`NetIncomeLoss`	$31.42M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.51M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.17M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.75M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$90.00K	USD	1 Quarter
Vesting of restricted common stock, net of common stock used to fund employee income tax withholding due upon vesting	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.04M	USD	1 Quarter
Vesting of restricted common stock, net of common stock used to fund employee income tax withholding due upon vesting	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.81M	USD	1 Quarter
Balance	`StockholdersEquity`	$663.40M	USD	Point-in-time
Balance	`StockholdersEquity`	$715.08M	USD	Point-in-time
Balance	`StockholdersEquity`	$693.27M	USD	Point-in-time
Balance	`StockholdersEquity`	$720.29M	USD	Point-in-time

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