10-Q Filing

LSB INDUSTRIES, INC. CIK: 60714 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-021940`
Period End Date	20210331
Filing Date	20210429
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	lxu-10q_20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 28 Cash Flow Statement 50 Stockholders Equity 18

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.79M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$37.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.26M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.23M	USD	Point-in-time
Accounts receivable	`AccountsReceivableGrossCurrent`	$42.93M	USD	Point-in-time
Accounts receivable	`AccountsReceivableGrossCurrent`	$60.50M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$378.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$378.00K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$60.12M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$42.55M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$17.78M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$17.65M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$1.79M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$1.57M	USD	Point-in-time
Total inventories	`InventoryNet`	$19.57M	USD	Point-in-time
Total inventories	`InventoryNet`	$19.22M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Prepaid insurance	`PrepaidInsurance`	$12.31M	USD	Point-in-time
Prepaid insurance	`PrepaidInsurance`	$10.05M	USD	Point-in-time
Precious metals	`PreciousMetals`	$6.79M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Precious metals	`PreciousMetals`	$6.67M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Supplies	`Supplies`	$25.29M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	31.28M	shares	Point-in-time
Supplies	`Supplies`	$25.41M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	31.28M	shares	Point-in-time
Treasury stock, common shares	`TreasuryStockCommonShares`	2.07M	shares	Point-in-time
Treasury stock, common shares	`TreasuryStockCommonShares`	1.25M	shares	Point-in-time
Other	`OtherPrepaidExpenseCurrent`	$6.80M	USD	Point-in-time
Other	`OtherPrepaidExpenseCurrent`	$3.26M	USD	Point-in-time
Total supplies, prepaid items and other	`SuppliesPrepaidItemsAndOther`	$51.19M	USD	Point-in-time
Total supplies, prepaid items and other	`SuppliesPrepaidItemsAndOther`	$45.39M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$129.58M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$138.96M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$891.20M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$882.82M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$27.67M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$26.40M	USD	Point-in-time
Intangible and other assets, net	`IntangiblesAndOtherAssetsNet`	$5.55M	USD	Point-in-time
Intangible and other assets, net	`IntangiblesAndOtherAssetsNet`	$6.12M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$32.52M	USD	Point-in-time
Total other assets	`OtherAssetsNoncurrent`	$33.22M	USD	Point-in-time
Total assets	`Assets`	$1.05B	USD	Point-in-time
Total assets	`Assets`	$1.05B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$46.55M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$57.36M	USD	Point-in-time
Short-term financing	`ShortTermBorrowings`	$8.16M	USD	Point-in-time
Short-term financing	`ShortTermBorrowings`	$13.58M	USD	Point-in-time
Accrued and other liabilities	`AccruedAndOtherLiabilitiesCurrent`	$40.72M	USD	Point-in-time
Accrued and other liabilities	`AccruedAndOtherLiabilitiesCurrent`	$30.37M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$18.08M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$16.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$124.32M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$107.30M	USD	Point-in-time
Long-term debt, net	`LongTermDebtAndCapitalLeaseObligations`	$463.67M	USD	Point-in-time
Long-term debt, net	`LongTermDebtAndCapitalLeaseObligations`	$467.39M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$20.24M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$19.84M	USD	Point-in-time
Other noncurrent accrued and other liabilities	`AccruedAndOtherLiabilitiesNoncurrent`	$6.33M	USD	Point-in-time
Other noncurrent accrued and other liabilities	`AccruedAndOtherLiabilitiesNoncurrent`	$6.09M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$30.94M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$31.27M	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.10 par value; 75,000,000 shares authorized, 31,283,210 shares issued	`CommonStockValue`	$3.13M	USD	Point-in-time
Common stock, $.10 par value; 75,000,000 shares authorized, 31,283,210 shares issued	`CommonStockValue`	$3.13M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapital`	$198.22M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapital`	$193.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-64.79M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-41.49M	USD	Point-in-time
Stockholders equity including treasury stock	`StockholdersEquityBeforeTreasuryStock`	$162.86M	USD	Point-in-time
Stockholders equity including treasury stock	`StockholdersEquityBeforeTreasuryStock`	$134.96M	USD	Point-in-time
Common stock, 1,245,461 shares (2,074,565 shares at December 31, 2020)	`TreasuryStockValue`	$7.92M	USD	Point-in-time
Common stock, 1,245,461 shares (2,074,565 shares at December 31, 2020)	`TreasuryStockValue`	$13.21M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$127.04M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$219.50M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$247.33M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$149.64M	USD	Point-in-time
Total Liabilities and Stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.05B	USD	Point-in-time
Total Liabilities and Stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.05B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$83.41M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$98.12M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$90.06M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$80.86M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.55M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.06M	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$10.01M	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$8.79M	USD	1 Quarter
Other income, net	`OtherOperatingIncomeExpenseNet`	$263.00K	USD	1 Quarter
Other income, net	`OtherOperatingIncomeExpenseNet`	$468.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-470.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-6.99M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$12.37M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$13.48M	USD	1 Quarter
Non-operating other expense (income), net	`OtherNonoperatingIncomeExpense`	$-395.00K	USD	1 Quarter
Non-operating other expense (income), net	`OtherNonoperatingIncomeExpense`	$675.00K	USD	1 Quarter
Loss before provision (benefit) for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-13.24M	USD	1 Quarter
Loss before provision (benefit) for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-19.79M	USD	1 Quarter
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$-339.00K	USD	1 Quarter
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$42.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-19.45M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-13.28M	USD	1 Quarter
Dividends on convertible preferred stocks	`DividendsPreferredStockCash`	$75.00K	USD	1 Quarter
Dividends on convertible preferred stocks	`DividendsPreferredStockCash`	$75.00K	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-28.34M	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-23.38M	USD	1 Quarter
Basic and dilutive net loss per common share	`EarningsPerShareBasicAndDiluted`	$-1.01	USD	1 Quarter
Basic and dilutive net loss per common share	`EarningsPerShareBasicAndDiluted`	$-0.82	USD	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-13.28M	USD	1 Quarter
Net loss	`ProfitLoss`	$-19.45M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$327.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-374.00K	USD	1 Quarter
Depreciation and amortization of property, plant and equipment	`DepreciationDepletionAndAmortization`	$16.76M	USD	1 Quarter
Depreciation and amortization of property, plant and equipment	`DepreciationDepletionAndAmortization`	$17.59M	USD	1 Quarter
Amortization of intangible and other assets	`AmortizationOfIntangibleAndOtherAssets`	$315.00K	USD	1 Quarter
Amortization of intangible and other assets	`AmortizationOfIntangibleAndOtherAssets`	$315.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-1.37M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$1.06M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$17.32M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.51M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-625.00K	USD	1 Quarter
Prepaid insurance	`IncreaseDecreaseInPrepaidInsurance`	$-2.27M	USD	1 Quarter
Prepaid insurance	`IncreaseDecreaseInPrepaidInsurance`	$-3.12M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$8.60M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.17M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$11.80M	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$10.41M	USD	1 Quarter
Other assets and other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-2.87M	USD	1 Quarter
Other assets and other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$5.07M	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.18M	USD	1 Quarter
Net cash provided (used) by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$12.71M	USD	1 Quarter
Expenditures for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.74M	USD	1 Quarter
Expenditures for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.13M	USD	1 Quarter
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$-179.00K	USD	1 Quarter
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$-198.00K	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.56M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.93M	USD	1 Quarter
Proceeds from revolving debt facility	`ProceedsFromLongTermLinesOfCredit`	$30.00M	USD	1 Quarter
Proceeds from other long-term debt	`ProceedsFromIssuanceOfOtherLongTermDebt`	$2.57M	USD	1 Quarter
Payments on other long-term debt	`RepaymentsOfOtherLongTermDebt`	$2.04M	USD	1 Quarter
Payments on other long-term debt	`RepaymentsOfOtherLongTermDebt`	$3.35M	USD	1 Quarter
Payments on short-term financing	`RepaymentsOfShortTermDebt`	$5.42M	USD	1 Quarter
Payments on short-term financing	`RepaymentsOfShortTermDebt`	$3.04M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-64.00K	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-36.00K	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.81M	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$27.43M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.03M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$14.69M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$22.79M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$37.48M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$16.26M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.23M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$22.79M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$37.48M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$16.26M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.23M	USD	Point-in-time

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$127.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$219.50M	USD	Point-in-time
Balance	`StockholdersEquity`	$247.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$149.64M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-19.45M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-13.28M	USD	1 Quarter
Dividend accrued on redeemable preferred stock	`TemporaryEquityAccretionOfDividends`	$9.51M	USD	1 Quarter
Dividend accrued on redeemable preferred stock	`TemporaryEquityAccretionOfDividends`	$8.31M	USD	1 Quarter
Accretion of redeemable preferred stock	`TemporaryEquityAccretionToRedemptionValue`	$504.00K	USD	1 Quarter
Accretion of redeemable preferred stock	`TemporaryEquityAccretionToRedemptionValue`	$511.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$495.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$713.00K	USD	1 Quarter
Other	`StockIssuedDuringPeriodValueOther`	$-18.00K	USD	1 Quarter
Other	`StockIssuedDuringPeriodValueOther`	$-64.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$127.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$219.50M	USD	Point-in-time
Balance	`StockholdersEquity`	$247.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$149.64M	USD	Point-in-time

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