2013 Q4 Form 10-K Financial Statement

#000142146114000007 Filed on February 13, 2014

View on sec.gov

Income Statement

Concept 2013 Q4 2012 Q4 2012 Q3
Revenue $73.81M $110.9M $129.4M
YoY Change -33.47% 6.06% 13.46%
Cost Of Revenue $57.31M $61.45M $63.38M
YoY Change -6.74% 17.25% 14.11%
Gross Profit $3.159M $37.18M $51.85M
YoY Change -91.5% -13.04% 10.08%
Gross Profit Margin 4.28% 33.52% 40.09%
Selling, General & Admin $7.700M $8.700M $8.039M
YoY Change -11.49% 12.99% -2.88%
% of Gross Profit 243.75% 23.4% 15.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.30M $12.90M $11.65M
YoY Change 34.11% 31.63% 38.58%
% of Gross Profit 547.64% 34.69% 22.46%
Operating Expenses $8.200M $9.000M $8.039M
YoY Change -8.89% 12.5% -2.88%
Operating Profit -$5.041M $28.18M $43.55M
YoY Change -117.89% -18.92% 4.29%
Interest Expense -$700.0K $100.0K $300.0K
YoY Change -800.0% -66.67% 0.0%
% of Operating Profit 0.35% 0.69%
Other Income/Expense, Net $0.00 $200.0K $135.0K
YoY Change -100.0% 0.0% 513.64%
Pretax Income -$5.700M $28.40M $43.95M
YoY Change -120.07% -19.55% 4.51%
Income Tax $300.0K $13.90M $10.69M
% Of Pretax Income 48.94% 24.31%
Net Earnings -$6.000M $14.50M $33.30M
YoY Change -141.38% -41.77% 30.59%
Net Earnings / Revenue -8.13% 13.07% 25.74%
Basic Earnings Per Share -$0.08 $0.19 $0.44
Diluted Earnings Per Share -$0.08 $0.19 $0.44
COMMON SHARES
Basic Shares Outstanding 75.76M shares 75.23M shares 75.30M shares
Diluted Shares Outstanding 75.35M shares

Balance Sheet

Concept 2013 Q4 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.60M $57.70M $129.8M
YoY Change -72.96% -66.18% -7.94%
Cash & Equivalents $394.0K $33.62M $55.12M
Short-Term Investments $15.20M $24.10M $74.60M
Other Short-Term Assets $14.00M $7.400M $10.90M
YoY Change 89.19% -25.25% 70.31%
Inventory $105.0M $53.28M $56.47M
Prepaid Expenses
Receivables $20.84M $31.51M $47.80M
Other Receivables $7.457M $12.40M $9.700M
Total Short-Term Assets $178.6M $162.4M $254.6M
YoY Change 10.02% -41.31% 0.54%
LONG-TERM ASSETS
Property, Plant & Equipment $826.6M $543.2M $484.6M
YoY Change 52.18% 40.2% 23.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.500M $0.00 $16.10M
YoY Change -100.0% -41.88%
Other Assets $4.252M $4.246M $4.338M
YoY Change 0.14% 7.52% -98.19%
Total Long-Term Assets $996.6M $832.3M $770.3M
YoY Change 19.75% 26.83% 16.6%
TOTAL ASSETS
Total Short-Term Assets $178.6M $162.4M $254.6M
Total Long-Term Assets $996.6M $832.3M $770.3M
Total Assets $1.175B $994.6M $1.025B
YoY Change 18.16% 6.62% 12.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.60M $19.63M $22.80M
YoY Change 40.58% -6.5% 7.55%
Accrued Expenses $29.85M $32.50M $27.47M
YoY Change -8.16% 119.64% -14.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $68.63M $67.39M $64.91M
YoY Change 1.84% 35.66% 18.67%
LONG-TERM LIABILITIES
Long-Term Debt $150.0M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.715M $2.155M $2.206M
YoY Change 25.99% -8.45% -83.41%
Total Long-Term Liabilities $152.7M $2.155M $2.206M
YoY Change 6986.54% -8.45% -83.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.63M $67.39M $64.91M
Total Long-Term Liabilities $152.7M $2.155M $2.206M
Total Liabilities $241.3M $88.89M $77.89M
YoY Change 171.47% 43.98% 14.55%
SHAREHOLDERS EQUITY
Retained Earnings $361.3M $339.0M $381.1M
YoY Change 6.57% 10.0%
Common Stock $572.7M $568.5M $567.2M
YoY Change 0.75% 0.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $934.0M $905.7M $947.0M
YoY Change
Total Liabilities & Shareholders Equity $1.175B $994.6M $1.025B
YoY Change 18.16% 6.62% 12.15%

Cashflow Statement

Concept 2013 Q4 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income -$6.000M $14.50M $33.30M
YoY Change -141.38% -41.77% 30.59%
Depreciation, Depletion And Amortization $17.30M $12.90M $11.65M
YoY Change 34.11% 31.63% 38.58%
Cash From Operating Activities $2.800M $55.50M $33.40M
YoY Change -94.95% 25.28% -33.6%
INVESTING ACTIVITIES
Capital Expenditures -$64.30M -$86.40M -$72.80M
YoY Change -25.58% 144.07% 95.7%
Acquisitions
YoY Change
Other Investing Activities $51.50M $66.00M $27.50M
YoY Change -21.97% -2375.86% -277.42%
Cash From Investing Activities -$12.70M -$20.30M -$45.40M
YoY Change -37.44% -47.0% -13.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K -56.70M 200.0K
YoY Change -99.82% -114.29%
NET CHANGE
Cash From Operating Activities 2.800M 55.50M 33.40M
Cash From Investing Activities -12.70M -20.30M -45.40M
Cash From Financing Activities -100.0K -56.70M 200.0K
Net Change In Cash -10.00M -21.50M -11.80M
YoY Change -53.49% -458.33% 210.53%
FREE CASH FLOW
Cash From Operating Activities $2.800M $55.50M $33.40M
Capital Expenditures -$64.30M -$86.40M -$72.80M
Free Cash Flow $67.10M $141.9M $106.2M
YoY Change -52.71% 78.04% 21.37%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">COMPANY BACKGROUND</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intrepid Potash,&#160;Inc. (individually or in any combination with its subsidiaries, &#8220;Intrepid&#8221;) produces muriate of potash (&#8220;potassium chloride&#8221; or &#8220;potash&#8221;) and langbeinite. Langbeinite, which is marketed for sale as Trio</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">, is a low-chloride potassium fertilizer with the additional benefits of sulfate and magnesium. Intrepid sells potash and Trio</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> primarily into the agricultural market as a fertilizer. Intrepid also sells these products into the animal feed market as a nutritional supplement and sells potash into the industrial market as a component in drilling and fracturing fluids for oil and gas wells and other industrial inputs. In addition, Intrepid sells by-products including salt and magnesium chloride. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intrepid owns </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six</font><font style="font-family:inherit;font-size:10pt;"> active potash production facilities: </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">four</font><font style="font-family:inherit;font-size:10pt;"> in New Mexico, and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">two</font><font style="font-family:inherit;font-size:10pt;"> in Utah. In late 2013, Intrepid substantially completed construction of its HB Solar Solution mine, near Carlsbad, New Mexico. Intrepid has placed the majority of newly constructed assets into service from the HB Solar Solution mine project, including assets related to the solar evaporation ponds and major components of the processing plant as of December 31, 2013. Intrepid successfully harvested ore and ran the plant in 2013 and has begun producing potash from the HB Solar Solution mine in early 2014. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Production comes from </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">two</font><font style="font-family:inherit;font-size:10pt;"> underground mines and the HB Solar Solution mine in the Carlsbad region of New Mexico; a solar evaporation solution mine near Moab, Utah; and a solar evaporation shallow brine mine in Wendover, Utah. Production will be added from the HB Solar Solution mine in the Carlsbad region of New Mexico. Trio</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> production comes from mining the mixed ore body that contains both potash and langbeinite, which is mined and processed at the East facility near Carlsbad, New Mexico. Intrepid manages sales and marketing operations centrally. This allows Intrepid to evaluate the product needs of its customers and then centrally determine which of its production facilities to use to fill customers&#8217; orders in a manner designed to realize the highest average net realized sales price to Intrepid. Intrepid calculates average net realized sales price by deducting freight costs from gross revenues and then by dividing this result by tons of product sold during the period. Intrepid also monitors product inventory levels and overall production costs centrally. Intrepid has </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">one</font><font style="font-family:inherit;font-size:10pt;"> reporting segment being the extraction, production, and sale of potassium related products. Intrepid's extraction and production operations are conducted entirely in the continental United States.</font></div></div>
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CY2011 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2012 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2013 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2011 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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173869000 USD
CY2012 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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187834000 USD
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22275000 USD
CY2011 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2012Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2012Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2012Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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19013000 USD
CY2013 us-gaap Operating Income Loss
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40842000 USD
CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
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87443000 USD
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19251000 USD
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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2026000 USD
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11317000 USD
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173877000 USD
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1414000 USD
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
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192949000 USD
CY2011 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
135700000 USD
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
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204749000 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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4045000 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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3256000 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3332000 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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3906000 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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1234000 USD
CY2011 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
4175000 USD
CY2010 us-gaap Operating Leases Rent Expense Net
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4865000 USD
CY2013 us-gaap Operating Leases Rent Expense Net
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4428000 USD
CY2013Q4 us-gaap Operating Loss Carryforwards
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30000000 USD
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5111000 USD
CY2012Q4 us-gaap Other Accrued Liabilities Current
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4197000 USD
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4252000 USD
CY2012Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4246000 USD
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0 USD
CY2012 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Costs Credit Arising During Period Net Of Tax
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-115000 USD
CY2011 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Costs Credit Arising During Period Net Of Tax
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-131000 USD
CY2013 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
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-1115000 USD
CY2012 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
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177000 USD
CY2011 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
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451000 USD
CY2013 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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-4000 USD
CY2013 us-gaap Other Comprehensive Income Loss Net Of Tax
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1719000 USD
CY2012 us-gaap Other Comprehensive Income Loss Net Of Tax
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-298000 USD
CY2011 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-729000 USD
CY2012 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-269000 USD
CY2011 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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-698000 USD
CY2013 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
1700000 USD
CY2013 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
19000 USD
CY2012 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-29000 USD
CY2011 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-31000 USD
CY2013 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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-12000 USD
CY2012 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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18000 USD
CY2011 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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19000 USD
CY2011 us-gaap Other Cost And Expense Operating
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7900000 USD
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2059000 USD
CY2012Q4 us-gaap Other Liabilities Current
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3578000 USD
CY2012Q4 us-gaap Other Liabilities Noncurrent
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2155000 USD
CY2013Q4 us-gaap Other Liabilities Noncurrent
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2715000 USD
CY2012 us-gaap Other Noncash Income Expense
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CY2011 us-gaap Other Noncash Income Expense
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CY2013 us-gaap Other Noncash Income Expense
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CY2011 us-gaap Other Nonoperating Income Expense
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523000 USD
CY2013 us-gaap Other Nonoperating Income Expense
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CY2012 us-gaap Other Nonoperating Income Expense
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588000 USD
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-1806000 USD
CY2012 us-gaap Other Operating Income Expense Net
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CY2011 us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
CY2013 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
150000000 USD
CY2013 us-gaap Proceeds From Sale Maturity And Collections Of Investments
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78193000 USD
CY2012 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
161580000 USD
CY2011 us-gaap Proceeds From Sale Maturity And Collections Of Investments
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63537000 USD
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RevenueMineralSales
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CY2012Q4 us-gaap Revenue Mineral Sales
RevenueMineralSales
110939000 USD
CY2012Q1 us-gaap Revenue Mineral Sales
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112243000 USD
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7714000 USD
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1454000 USD
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1032000 USD
CY2012 us-gaap Payments Of Debt Issuance Costs
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141000 USD
CY2012 us-gaap Payments Of Dividends
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56474000 USD
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0 USD
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98784000 USD
CY2013Q1 us-gaap Revenue Mineral Sales
RevenueMineralSales
99257000 USD
CY2013Q2 us-gaap Revenue Mineral Sales
RevenueMineralSales
92680000 USD
CY2013Q4 us-gaap Revenue Mineral Sales
RevenueMineralSales
73806000 USD
CY2013Q3 us-gaap Revenue Mineral Sales
RevenueMineralSales
70569000 USD
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0 USD
CY2013 us-gaap Payments To Acquire Investments
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80235000 USD
CY2012 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
85359000 USD
CY2011 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
102031000 USD
CY2012 us-gaap Payments To Acquire Mineral Rights
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53457000 USD
CY2013 us-gaap Payments To Acquire Mineral Rights
PaymentsToAcquireMineralRights
45736000 USD
CY2012 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
0 USD
CY2013 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
0 USD
CY2012 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
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5653000 USD
CY2012Q4 us-gaap Prepaid Expense And Other Assets Current
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5393000 USD
CY2013 us-gaap Proceeds From Debt Net Of Issuance Costs
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149300000 USD
CY2011 us-gaap Proceeds From Insurance Settlement Investing Activities
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806000 USD
CY2013 us-gaap Revenue Mineral Sales
RevenueMineralSales
336312000 USD
CY2013 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
6088000 USD
CY2011 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2012 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2000 USD
CY2011 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
330000 USD
CY2012 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
34000 USD
CY2013 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
689662000 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
543169000 USD
CY2013 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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-1723000 USD
CY2012Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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500000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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500000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
361290000 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
339015000 USD
CY2012 us-gaap Revenue Mineral Sales
RevenueMineralSales
451316000 USD
CY2011 us-gaap Revenue Mineral Sales
RevenueMineralSales
442954000 USD
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ShortTermInvestments
24128000 USD
CY2013Q4 us-gaap Short Term Investments
ShortTermInvestments
15214000 USD
CY2011 us-gaap Share Based Compensation
ShareBasedCompensation
4984000 USD
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
5123000 USD
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
P3Y
CY2011 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
31807000 USD
CY2013 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
33768000 USD
CY2012 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
33750000 USD
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
5116000 USD
CY2013 us-gaap Stock Issued During Period Value Share Based Compensation
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5123000 USD
CY2013Q4 ipi Deferred Tax Assets Liabilities Other
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761000 USD
CY2012Q4 ipi Deferred Tax Assets Liabilities Other
DeferredTaxAssetsLiabilitiesOther
-549000 USD
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-2141000 USD
CY2012Q4 ipi Deferred Tax Assets Liabilities Prepaid Expenses
DeferredTaxAssetsLiabilitiesPrepaidExpenses
-1897000 USD
CY2012 us-gaap Stock Issued During Period Value Share Based Compensation
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5116000 USD
CY2011 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
4984000 USD
CY2012 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
34000 USD
CY2011 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
330000 USD
CY2013Q4 us-gaap Stockholders Equity
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933971000 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
905736000 USD
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
757841000 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
871133000 USD
CY2012 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1049000 USD
CY2011 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1289000 USD
CY2013 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
0 USD
CY2013 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Intrepid bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Significant estimates include, but are not limited to, those for proven and probable mineral reserves, the related present value of estimated future net cash flows, useful lives of plant assets, asset retirement obligations, normal inventory production levels, inventory valuations, the valuation of equity awards, the valuation of receivables, valuation of our deferred tax assets, and estimated blended income tax rates utilized in the current and deferred income tax calculations. There are numerous uncertainties inherent in estimating quantities of proven and probable reserves, projecting future rates of production, and the timing of development expenditures. Future mineral prices may vary significantly from the prices in effect at the time the estimates are made, as may estimates of future operating costs. The estimate of proven and probable mineral reserves, the related present value of estimated future cash flows, and useful lives of plant assets can affect various other items including depletion, the net carrying value of Intrepid&#8217;s mineral properties, the useful lives of related property, plant, and equipment, estimates associated with asset retirement obligations, and depreciation expenses. Specific to income tax items, we experience fluctuations in the valuation of the deferred tax assets and liabilities due to changing state income tax rates and the blend of state tax rates.</font></div></div>
CY2011 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
3699000 USD
CY2012 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-981000 USD
CY2013 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
948000 USD
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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75406727 shares
CY2011 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75281050 shares
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75336982 shares
CY2011 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75180714 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75378655 shares
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75276609 shares
CY2013Q4 ipi Asset Retirement Obligation Credit Adjusted Risk Free Rate To Discount Liabilities High End Of Range
AssetRetirementObligationCreditAdjustedRiskFreeRateToDiscountLiabilitiesHighEndOfRange
0.085
CY2013Q4 ipi Asset Retirement Obligation Credit Adjusted Risk Free Rate To Discount Liabilities Low End Of Range
AssetRetirementObligationCreditAdjustedRiskFreeRateToDiscountLiabilitiesLowEndOfRange
0.069
CY2013Q4 ipi Asset Retirement Obligation Payments Expected To Be Made
AssetRetirementObligationPaymentsExpectedToBeMade
8800000 USD
CY2013Q4 ipi Asset Retirement Obligation Undiscounted Amount
AssetRetirementObligationUndiscountedAmount
54900000 USD
CY2012Q4 ipi Cash And Cash Equivalents And Investments
CashAndCashEquivalentsAndInvestments
57747000 USD
CY2013Q4 ipi Cash And Cash Equivalents And Investments
CashAndCashEquivalentsAndInvestments
25113000 USD
CY2013 ipi Compensatingtaxrefund
Compensatingtaxrefund
1700000 USD
CY2011Q4 ipi Deferred Insurance Proceeds Noncurrent
DeferredInsuranceProceedsNoncurrent
11700000 USD
CY2013Q4 ipi Deferred Tax Assets Liabilities Property Plant And Equipment
DeferredTaxAssetsLiabilitiesPropertyPlantAndEquipment
108049000 USD
CY2013Q4 ipi Deferred Tax Assets Other Noncurrent
DeferredTaxAssetsOtherNoncurrent
11710000 USD
CY2012Q4 ipi Deferred Tax Assets Liabilities Property Plant And Equipment
DeferredTaxAssetsLiabilitiesPropertyPlantAndEquipment
156415000 USD
CY2012Q4 ipi Deferred Tax Assets Other Noncurrent
DeferredTaxAssetsOtherNoncurrent
9018000 USD
CY2013Q4 ipi Defined Benefit Plan Prepaid Benefit Cost
DefinedBenefitPlanPrepaidBenefitCost
0 USD
CY2012Q4 ipi Defined Benefit Plan Prepaid Benefit Cost
DefinedBenefitPlanPrepaidBenefitCost
1031000 USD
CY2011Q4 ipi Defined Benefit Plan Prepaid Benefit Cost
DefinedBenefitPlanPrepaidBenefitCost
1258000 USD
CY2013 ipi Defined Benefit Plan Target Allocation Percentage Of Assets Absolute Returns Range Maximum
DefinedBenefitPlanTargetAllocationPercentageOfAssetsAbsoluteReturnsRangeMaximum
0.30
CY2013 ipi Defined Benefit Plan Target Allocation Percentage Of Assets Absolute Returns Range Minimum
DefinedBenefitPlanTargetAllocationPercentageOfAssetsAbsoluteReturnsRangeMinimum
0.00
CY2013 ipi Defined Benefit Plan Target Allocation Percentage Of Assets Cash
DefinedBenefitPlanTargetAllocationPercentageOfAssetsCash
0.05
CY2012 ipi Defined Benefit Plan Unrecognized Actuarial Gain Loss
DefinedBenefitPlanUnrecognizedActuarialGainLoss
2930000 USD
CY2013 ipi Defined Benefit Plan Unrecognized Actuarial Gain Loss
DefinedBenefitPlanUnrecognizedActuarialGainLoss
0 USD
CY2011 ipi Defined Benefit Plan Unrecognized Actuarial Gain Loss
DefinedBenefitPlanUnrecognizedActuarialGainLoss
2501000 USD
CY2013 ipi Defined Contribution Plan Maximum Employer Contributions Match Percent Condition Two
DefinedContributionPlanMaximumEmployerContributionsMatchPercentConditionTwo
0.05
CY2013 ipi Depreciation Depletion Amortization And Accretion
DepreciationDepletionAmortizationAndAccretion
61303000 USD
CY2011 ipi Depreciation Depletion Amortization And Accretion
DepreciationDepletionAmortizationAndAccretion
35787000 USD
CY2012 ipi Depreciation Depletion Amortization And Accretion
DepreciationDepletionAmortizationAndAccretion
47599000 USD
CY2013Q4 ipi Fairvalueassetsmeasuredonrecurringbasiscorporatebonds
Fairvalueassetsmeasuredonrecurringbasiscorporatebonds
22459000 USD
CY2012Q4 ipi Fairvalueassetsmeasuredonrecurringbasiscorporatebonds
Fairvalueassetsmeasuredonrecurringbasiscorporatebonds
17462000 USD
CY2013Q4 ipi Federal Deposit Insurance Corporation Coverage Limit
FederalDepositInsuranceCorporationCoverageLimit
250000 USD
CY2013Q4 ipi Income Taxes Receivable Fair Value Disclosure
IncomeTaxesReceivableFairValueDisclosure
15722000 USD
CY2012Q4 ipi Income Taxes Receivable Fair Value Disclosure
IncomeTaxesReceivableFairValueDisclosure
3306000 USD
CY2013 ipi Incremental Common Shares Attributable To Nonvested Restricted Common Stock
IncrementalCommonSharesAttributableToNonvestedRestrictedCommonStock
21007 shares
CY2012 ipi Incremental Common Shares Attributable To Nonvested Restricted Common Stock
IncrementalCommonSharesAttributableToNonvestedRestrictedCommonStock
46249 shares
CY2011 ipi Incremental Common Shares Attributable To Nonvested Restricted Common Stock
IncrementalCommonSharesAttributableToNonvestedRestrictedCommonStock
58396 shares
CY2011 ipi Incremental Common Shares Attributable To Performance Awards
IncrementalCommonSharesAttributableToPerformanceAwards
0 shares
CY2012 ipi Incremental Common Shares Attributable To Performance Awards
IncrementalCommonSharesAttributableToPerformanceAwards
1097 shares
CY2013 ipi Incremental Common Shares Attributable To Performance Awards
IncrementalCommonSharesAttributableToPerformanceAwards
4819 shares
CY2011 ipi Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
41940 shares
CY2013 ipi Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
2246 shares
CY2012 ipi Incremental Common Shares Attributable To Stock Options
IncrementalCommonSharesAttributableToStockOptions
13027 shares
CY2012 ipi Interest Expense Including Gain Loss On Derivative
InterestExpenseIncludingGainLossOnDerivative
905000 USD
CY2013 ipi Interest Expense Including Gain Loss On Derivative
InterestExpenseIncludingGainLossOnDerivative
1531000 USD
CY2011 ipi Interest Expense Including Gain Loss On Derivative
InterestExpenseIncludingGainLossOnDerivative
869000 USD
CY2012 ipi Interest Including Settlements On Derivatives
InterestIncludingSettlementsOnDerivatives
1840000 USD
CY2011 ipi Interest Including Settlements On Derivatives
InterestIncludingSettlementsOnDerivatives
1348000 USD
CY2013 ipi Interest Including Settlements On Derivatives
InterestIncludingSettlementsOnDerivatives
772000 USD
CY2013Q4 ipi Inventory Current And Noncurrent Net
InventoryCurrentAndNoncurrentNet
117480000 USD
CY2012Q4 ipi Inventory Current And Noncurrent Net
InventoryCurrentAndNoncurrentNet
63483000 USD
CY2012Q4 ipi Long Term Parts Inventory Noncurrent
LongTermPartsInventoryNoncurrent
10208000 USD
CY2013Q4 ipi Long Term Parts Inventory Noncurrent
LongTermPartsInventoryNoncurrent
12469000 USD
CY2013 ipi Maximum Maturity Period Of Short Term Investments Description
MaximumMaturityPeriodOfShortTermInvestmentsDescription
less than or equal to one year
CY2013 ipi Maximum Original Maturity Period Of Cash And Liquid Investments Description
MaximumOriginalMaturityPeriodOfCashAndLiquidInvestmentsDescription
three months or less
CY2012Q4 ipi Mineral Properties And Development Costs Net
MineralPropertiesAndDevelopmentCostsNet
94096000 USD
CY2013Q4 ipi Mineral Properties And Development Costs Net
MineralPropertiesAndDevelopmentCostsNet
136907000 USD
CY2013 ipi Minimum Maturity Period Of Long Term Investments Description
MinimumMaturityPeriodOfLongTermInvestmentsDescription
greater than one year
CY2013 ipi Number Of Potash Production Facilities Owned
NumberOfPotashProductionFacilitiesOwned
6 Facilities
CY2013Q4 ipi Number Of Primary Markets
NumberOfPrimaryMarkets
3 markets
CY2013 ipi Operating Lease Contract Term Maximum
OperatingLeaseContractTermMaximum
20
CY2011 ipi Payments To Fund Employee Tax Withholding Due Upon Vesting Of Restricted Common Stock
PaymentsToFundEmployeeTaxWithholdingDueUponVestingOfRestrictedCommonStock
1117000 USD
CY2012 ipi Payments To Fund Employee Tax Withholding Due Upon Vesting Of Restricted Common Stock
PaymentsToFundEmployeeTaxWithholdingDueUponVestingOfRestrictedCommonStock
878000 USD
CY2013 ipi Payments To Fund Employee Tax Withholding Due Upon Vesting Of Restricted Common Stock
PaymentsToFundEmployeeTaxWithholdingDueUponVestingOfRestrictedCommonStock
652000 USD
CY2013 ipi Pension Plan Termination Current Benefits Lump Sum Interest Rate
PensionPlanTerminationCurrentBenefitsLumpSumInterestRate
0.027
CY2013 ipi Pension Plan Termination Current Benefits Other Annuity Benefits Interest Rate
PensionPlanTerminationCurrentBenefitsOtherAnnuityBenefitsInterestRate
0.034
CY2013 ipi Pension Plan Termination Noncurrent Benefits Lump Sum Interest Rate For Years Five To Nineteen
PensionPlanTerminationNoncurrentBenefitsLumpSumInterestRateForYearsFiveToNineteen
0.035
CY2013 ipi Pension Plan Termination Noncurrent Benefits Lump Sum Interest Rate For Years Twenty And After
PensionPlanTerminationNoncurrentBenefitsLumpSumInterestRateForYearsTwentyAndAfter
0.046
CY2013 ipi Pension Plan Termination Noncurrent Benefits Lump Sum Interest Rate For Years Zero To Four
PensionPlanTerminationNoncurrentBenefitsLumpSumInterestRateForYearsZeroToFour
0.010
CY2013 ipi Period In Which Payments Are Expected
PeriodInWhichPaymentsAreExpected
P5Y
CY2013Q4 ipi Reclamation Deposits And Surety Bonds
ReclamationDepositsAndSuretyBonds
17300000 USD
CY2012Q4 ipi Reclamation Deposits And Surety Bonds
ReclamationDepositsAndSuretyBonds
7900000 USD
CY2013 ipi Reporting Segments Number
ReportingSegmentsNumber
1 Reporting_Segments
CY2013Q4 ipi Surety Bonds
SuretyBonds
16800000 USD
CY2012Q4 ipi Surety Bonds
SuretyBonds
7400000 USD
CY2013Q4 ipi Total Product Inventory
TotalProductInventory
84406000 USD
CY2012Q4 ipi Total Product Inventory
TotalProductInventory
35966000 USD
CY2011 ipi Vesting Of Restricted Common Stock Net Of Restricted Common Stock Used To Fund Employee Income Tax Withholding Due Upon Vesting Value
VestingOfRestrictedCommonStockNetOfRestrictedCommonStockUsedToFundEmployeeIncomeTaxWithholdingDueUponVestingValue
1117000 USD
CY2013 ipi Vesting Of Restricted Common Stock Net Of Restricted Common Stock Used To Fund Employee Income Tax Withholding Due Upon Vesting Value
VestingOfRestrictedCommonStockNetOfRestrictedCommonStockUsedToFundEmployeeIncomeTaxWithholdingDueUponVestingValue
652000 USD
CY2012 ipi Vesting Of Restricted Common Stock Net Of Restricted Common Stock Used To Fund Employee Income Tax Withholding Due Upon Vesting Value
VestingOfRestrictedCommonStockNetOfRestrictedCommonStockUsedToFundEmployeeIncomeTaxWithholdingDueUponVestingValue
878000 USD
CY2013 ipi Warehousing And Handling Costs
WarehousingAndHandlingCosts
13027000 USD
CY2011 ipi Warehousing And Handling Costs
WarehousingAndHandlingCosts
14027000 USD
CY2012 ipi Warehousing And Handling Costs
WarehousingAndHandlingCosts
14966000 USD
CY2013 dei Amendment Flag
AmendmentFlag
false
CY2013 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2013 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Document Type
DocumentType
10-K
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0001421461
CY2014Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
75738774 shares
CY2013 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013Q2 dei Entity Public Float
EntityPublicFloat
1045845476 USD
CY2013 dei Entity Registrant Name
EntityRegistrantName
Intrepid Potash, Inc.
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

Files In Submission

Name View Source Status
0001421461-14-000007-index-headers.html Edgar Link pending
0001421461-14-000007-index.html Edgar Link pending
0001421461-14-000007.txt Edgar Link pending
0001421461-14-000007-xbrl.zip Edgar Link pending
cbad10k-2013.jpg Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
intrepidpotashlogo.jpg Edgar Link pending
ipi-12312013x10k.htm Edgar Link pending
ipi-20131231.xml Edgar Link completed
ipi-20131231.xsd Edgar Link pending
ipi-20131231_cal.xml Edgar Link unprocessable
ipi-20131231_def.xml Edgar Link unprocessable
ipi-20131231_lab.xml Edgar Link unprocessable
ipi-20131231_pre.xml Edgar Link unprocessable
ipi12312013exhibit1024.htm Edgar Link pending
ipi12312013exhibit211.htm Edgar Link pending
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