2015 Q2 Form 10-Q Financial Statement

#000119312515281399 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q4 2014 Q2
Revenue $125.5M $118.5M $148.0M
YoY Change -15.2% -20.5% -26.82%
Cost Of Revenue $147.8M $1.200M $152.8M
YoY Change -3.28% -98.99% -6.59%
Gross Profit $12.62M $9.250M $28.95M
YoY Change -56.42% -69.74% -25.11%
Gross Profit Margin 10.05% 7.81% 19.56%
Selling, General & Admin $14.55M -$38.40M $24.50M
YoY Change -40.62% -247.69% -2.5%
% of Gross Profit 115.3% -415.14% 84.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.710M $9.240M $8.680M
YoY Change -11.18% 12.0% 33.33%
% of Gross Profit 61.11% 99.89% 29.98%
Operating Expenses $14.55M -$37.60M $24.50M
YoY Change -40.62% -246.88% -2.5%
Operating Profit -$1.597M $46.85M $23.76M
YoY Change -106.72% 843.42% 94.39%
Interest Expense $2.230M -$4.600M $5.671M
YoY Change -60.68% -36.11% 958.02%
% of Operating Profit -9.82% 23.86%
Other Income/Expense, Net $49.00K $500.0K $76.00K
YoY Change -35.53% -1050.0%
Pretax Income -$3.781M -$22.00M $18.17M
YoY Change -120.81% -134.98% 55.54%
Income Tax -$41.00K -$8.000M $7.047M
% Of Pretax Income 38.79%
Net Earnings $417.0K $657.0K $11.11M
YoY Change -96.25% -98.24% 49.63%
Net Earnings / Revenue 0.33% 0.55% 7.51%
Basic Earnings Per Share $0.02 $0.03 $0.49
Diluted Earnings Per Share $0.02 $0.03 $0.47
COMMON SHARES
Basic Shares Outstanding 22.75M 22.61M shares 22.54M shares
Diluted Shares Outstanding 22.75M 23.66M shares

Balance Sheet

Concept 2015 Q2 2014 Q4 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $157.7M $201.3M $191.0M
YoY Change -17.43% 39.99% 191.16%
Cash & Equivalents $132.7M $185.0M $176.5M
Short-Term Investments $25.00M $14.50M $14.50M
Other Short-Term Assets $60.00M $65.60M $46.60M
YoY Change 28.76% 7.54% 33.91%
Inventory $54.05M $24.84M $54.51M
Prepaid Expenses
Receivables $85.34M $43.74M $86.96M
Other Receivables $5.000M $7.400M $7.400M
Total Short-Term Assets $360.1M $418.9M $384.9M
YoY Change -6.45% 18.38% 44.9%
LONG-TERM ASSETS
Property, Plant & Equipment $787.5M $588.1M $501.7M
YoY Change 56.97% 41.1% 44.85%
Goodwill $1.600M
YoY Change -7.19%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.60M $27.95M $16.95M
YoY Change 80.54% 68.71% 132.61%
Total Long-Term Assets $818.1M $711.7M $724.0M
YoY Change 12.99% -1.34% 103.01%
TOTAL ASSETS
Total Short-Term Assets $360.1M $418.9M $384.9M
Total Long-Term Assets $818.1M $711.7M $724.0M
Total Assets $1.178B $1.131B $1.109B
YoY Change 6.25% 5.15% 78.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $106.3M $81.46M $72.13M
YoY Change 47.4% 31.86% 21.68%
Accrued Expenses $49.20M $51.20M $42.50M
YoY Change 15.76% 4.28% 52.33%
Deferred Revenue
YoY Change
Short-Term Debt $4.805M $11.96M $5.584M
YoY Change -13.95% -13.05% 51.86%
Long-Term Debt Due $24.10M $10.70M $10.50M
YoY Change 129.52% 15.05% -10.26%
Total Short-Term Liabilities $184.4M $155.3M $130.8M
YoY Change 41.03% 15.96% 6.06%
LONG-TERM LIABILITIES
Long-Term Debt $446.1M $440.2M $449.8M
YoY Change -0.82% -2.98% 368.05%
Other Long-Term Liabilities $18.43M $17.93M $17.46M
YoY Change 5.55% 4.96% 6.75%
Total Long-Term Liabilities $18.43M $17.93M $17.46M
YoY Change 5.55% 4.96% 6.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $184.4M $155.3M $130.8M
Total Long-Term Liabilities $18.43M $17.93M $17.46M
Total Liabilities $202.8M $173.2M $148.2M
YoY Change 36.85% 14.71% 6.14%
SHAREHOLDERS EQUITY
Retained Earnings $293.0M $286.2M $289.3M
YoY Change 1.26% 7.25% 31.95%
Common Stock $2.711M $2.697M $2.691M
YoY Change 0.74% 0.45% 0.56%
Preferred Stock
YoY Change
Treasury Stock (at cost) $28.37M $28.37M $28.37M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 4.320M shares $4.320M 4.320M shares
Shareholders Equity $443.9M $434.0M $435.6M
YoY Change
Total Liabilities & Shareholders Equity $1.178B $1.131B $1.109B
YoY Change 6.25% 4.38% 78.2%

Cashflow Statement

Concept 2015 Q2 2014 Q4 2014 Q2
OPERATING ACTIVITIES
Net Income $417.0K $657.0K $11.11M
YoY Change -96.25% -98.24% 49.63%
Depreciation, Depletion And Amortization $7.710M $9.240M $8.680M
YoY Change -11.18% 12.0% 33.33%
Cash From Operating Activities $29.59M $9.820M $35.54M
YoY Change -16.74% 12.23% 31.92%
INVESTING ACTIVITIES
Capital Expenditures -$90.14M -$55.68M -$47.63M
YoY Change 89.25% 27.56% 24.46%
Acquisitions
YoY Change
Other Investing Activities $23.13M $54.61M $32.65M
YoY Change -29.16% 67.16% 255.28%
Cash From Investing Activities -$67.02M -$1.070M -$14.98M
YoY Change 347.4% -90.26% -48.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.34M 8.250M -6.880M
YoY Change -250.29% 30.33% 616.67%
NET CHANGE
Cash From Operating Activities 29.59M 9.820M 35.54M
Cash From Investing Activities -67.02M -1.070M -14.98M
Cash From Financing Activities 10.34M 8.250M -6.880M
Net Change In Cash -27.09M 17.00M 13.68M
YoY Change -298.03% 314.63% -541.29%
FREE CASH FLOW
Cash From Operating Activities $29.59M $9.820M $35.54M
Capital Expenditures -$90.14M -$55.68M -$47.63M
Free Cash Flow $119.7M $65.50M $83.17M
YoY Change 43.96% 25.0% 27.54%

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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
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0
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Tax Expense Benefit
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us-gaap Deferred Federal Income Tax Expense Benefit
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us-gaap Deferred State And Local Income Tax Expense Benefit
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
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us-gaap Proceeds From Income Tax Refunds
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
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us-gaap Interest Expense
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Sales
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Interest Costs Capitalized
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Current State And Local Tax Expense Benefit
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us-gaap Current Federal Tax Expense Benefit
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us-gaap Proceeds From Sale Of Restricted Investments
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us-gaap Depreciation
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us-gaap Cost Of Revenue
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lxu Product Warranty Accrual Charged To Selling General And Administration Expense
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lxu Preferred Stock Dividends Dilutive Net Income Per Common Share
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5147000
lxu Derivative Instruments Carbon Credits Gain Loss Recognized In Earnings
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dei Document Fiscal Period Focus
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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10-Q
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dei Entity Central Index Key
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us-gaap Concentration Risk Credit Risk
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<p><strong><font size="2">Concentration of Credit Risks for Cash, Cash Equivalents, and Investments at Financial Institutions &#x2013;</font></strong>&#xA0;Financial instruments relating to cash, cash equivalents, and investments (certificates of deposits) potentially subject us to concentrations of credit risk. At June&#xA0;30, 2015, the total balance of these financial instruments exceeded the FDIC-insured limits by approximately $24.8 million. All of these financial instruments were held by financial institutions within the U.S.</p>
dei Entity Filer Category
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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dei Current Fiscal Year End Date
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dei Entity Registrant Name
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LSB INDUSTRIES INC
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dei Document Period End Date
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2015-06-30
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<p><strong><font size="2">Use of Estimates &#x2013;&#xA0;</font></strong>The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Income Loss From Continuing Operations
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us-gaap Deferred State And Local Income Tax Expense Benefit
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348000
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0
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0
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lxu Weighted Average Cost Per Mmbtu Of Future Or Forward Natural Gas Contract
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3.09
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March 2016
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2015-12
lxu Commercial And Industrial Product Base Warranty Coverage For Manufactured Product
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lxu Interest Rate Contracts Fixed Rate Description
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lxu Preferred Stock Dividends Dilutive Net Income Per Common Share
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lxu Derivative Future Or Forward Foreign Exchange Contract Period
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lxu Commercial And Industrial Product Base Warranty Coverage For Spare Parts
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lxu Month Future Or Forward Natural Gas Contract Period Ends
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2016-06
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2015-05
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2016-06
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CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
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CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
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0
CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
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FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
0
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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18169000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
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DeferredFederalIncomeTaxExpenseBenefit
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DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
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0
CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
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0
CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
0
CY2014Q2 us-gaap Interest Expense
InterestExpense
5671000
CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales
0
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CY2014Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
8649000
CY2014Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
567000
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CurrentFederalTaxExpenseBenefit
-2169000
CY2014Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-1602000
CY2014Q2 us-gaap Selling General And Administrative Expense
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24498000
CY2014Q2 us-gaap Cost Of Revenue
CostOfRevenue
152793000
CY2014Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1345000
CY2014Q2 lxu Product Warranty Accrual Charged To Selling General And Administration Expense
ProductWarrantyAccrualChargedToSellingGeneralAndAdministrationExpense
1468000
CY2014Q2 lxu Derivative Instruments Carbon Credits Gain Loss Recognized In Earnings
DerivativeInstrumentsCarbonCreditsGainLossRecognizedInEarnings
-142000
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease
1334000
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
291885 shares
CY2015Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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916666 shares
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
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-1334000
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1029149 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23777074 shares
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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112483 shares
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-491000
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
417000
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
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-1364000
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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417000
CY2015Q2 us-gaap Sales Revenue Net
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182659000
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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1364000
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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-3000
CY2015Q2 us-gaap Gross Profit
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CY2015Q2 us-gaap Other Nonoperating Income Expense
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49000
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
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0
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
31000
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
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0
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
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0
CY2015Q2 us-gaap Income Tax Expense Benefit
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CY2015Q2 us-gaap Deferred Federal Income Tax Expense Benefit
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275000
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
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0
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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417000
CY2015Q2 us-gaap Other Operating Income Expense Net
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194000
CY2015Q2 us-gaap Income Loss From Continuing Operations
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420000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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379000
CY2015Q2 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
18000
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
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0
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues
0
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
0
CY2015Q2 us-gaap Interest Expense
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2230000
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales
0
CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2015Q2 us-gaap Interest Costs Capitalized
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7000000
CY2015Q2 us-gaap Deferred Income Tax Expense Benefit
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293000
CY2015Q2 us-gaap Current State And Local Tax Expense Benefit
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CY2015Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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31000
CY2015Q2 us-gaap Current Federal Tax Expense Benefit
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-147000
CY2015Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-334000
CY2015Q2 us-gaap Selling General And Administrative Expense
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32025000
CY2015Q2 us-gaap Cost Of Revenue
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147777000
CY2015Q2 us-gaap Product Warranty Accrual Payments
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1859000
CY2015Q2 lxu Product Warranty Accrual Charged To Selling General And Administration Expense
ProductWarrantyAccrualChargedToSellingGeneralAndAdministrationExpense
2421000
CY2015Q2 lxu Derivative Instruments Carbon Credits Gain Loss Recognized In Earnings
DerivativeInstrumentsCarbonCreditsGainLossRecognizedInEarnings
-55000

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