Intrepid Potash, Inc.IPI
Intrepid Potash, Inc. Segments Disclosure
BUSINESS SEGMENTS
Our operations are organized into three segments: potash, Trio®, and oilfield solutions. The reportable segments are determined by management based on several factors including the types of products and services sold, production processes, markets served and the financial information available for our chief operating decision maker. We evaluate performance based on the gross margins of the respective business segments and do not allocate corporate selling and administrative expenses, among others, to the respective segments. Intersegment sales prices are market-based and are eliminated in the "Other" column. Information for each segment is provided in the tables that follow (in thousands).
| Year Ended December 31, 2025 | Potash | Trio® | Oilfield Solutions | Other | Consolidated | |||||||||||||||||||||||||||
Sales1 | $ | 139,583 | $ | 144,463 | $ | 14,440 | $ | (158) | $ | 298,328 | ||||||||||||||||||||||
| Less: Freight costs | 15,617 | 32,818 | — | (158) | 48,277 | |||||||||||||||||||||||||||
Warehousing and handling costs | 6,530 | 5,685 | — | — | 12,215 | |||||||||||||||||||||||||||
Cost of goods sold | 94,776 | 72,574 | 11,228 | — | 178,578 | |||||||||||||||||||||||||||
Lower of cost or NRV inventory adjustments | 4,442 | — | — | — | 4,442 | |||||||||||||||||||||||||||
| Gross Margin | $ | 18,218 | $ | 33,386 | $ | 3,212 | $ | — | $ | 54,816 | ||||||||||||||||||||||
Depreciation, depletion, and amortization incurred2 | $ | 31,478 | $ | 3,353 | $ | 3,813 | $ | 1,925 | $ | 40,569 | ||||||||||||||||||||||
| Year Ended December 31, 2024 | Potash | Trio® | Oilfield Solutions | Other | Consolidated | |||||||||||||||||||||||||||
Sales1 | $ | 124,833 | $ | 105,428 | $ | 24,685 | $ | (252) | $ | 254,694 | ||||||||||||||||||||||
| Less: Freight costs | 13,176 | 25,841 | — | (252) | 38,765 | |||||||||||||||||||||||||||
Warehousing and handling costs | 6,306 | 5,169 | — | — | 11,475 | |||||||||||||||||||||||||||
Cost of goods sold | 83,974 | 69,980 | 17,461 | — | 171,415 | |||||||||||||||||||||||||||
Lower of cost or NRV inventory adjustments | 3,957 | — | — | — | 3,957 | |||||||||||||||||||||||||||
| Gross Margin | $ | 17,420 | $ | 4,438 | $ | 7,224 | $ | — | $ | 29,082 | ||||||||||||||||||||||
Depreciation, depletion, and amortization incurred2 | $ | 27,955 | $ | 3,500 | $ | 4,431 | $ | 1,803 | $ | 37,689 | ||||||||||||||||||||||
| Year Ended December 31, 2023 | Potash | Trio® | Oilfield Solutions | Other | Consolidated | |||||||||||||||||||||||||||
Sales1 | $ | 155,920 | $ | 102,182 | $ | 21,310 | $ | (329) | $ | 279,083 | ||||||||||||||||||||||
| Less: Freight costs | 14,753 | 23,211 | — | (329) | 37,635 | |||||||||||||||||||||||||||
Warehousing and handling costs | 5,957 | 4,875 | — | — | 10,832 | |||||||||||||||||||||||||||
Cost of goods sold | 97,452 | 74,308 | 15,518 | — | 187,278 | |||||||||||||||||||||||||||
Lower of cost or NRV inventory adjustments | 2,709 | 3,783 | — | — | 6,492 | |||||||||||||||||||||||||||
| Gross Margin (Deficit) | $ | 35,049 | $ | (3,995) | $ | 5,792 | $ | — | $ | 36,846 | ||||||||||||||||||||||
Depreciation, depletion, and amortization incurred2 | $ | 28,378 | $ | 6,288 | $ | 3,849 | $ | 885 | $ | 39,400 | ||||||||||||||||||||||
1 Segment sales include the sales of byproducts generated during the production of potash and Trio®.
2 Depreciation, depletion, and amortization incurred for potash and Trio® excludes depreciation, depletion, and amortization absorbed in or (relieved from) inventory.
Our Chief Executive Officer is our chief operating decision maker who uses segment gross margins to assess the performance of each segment. Significant components of cost of goods sold are also provided to the chief operating decision maker to further evaluate segment performance and are shown below:
| Year Ended December 31, 2025 | Potash | Trio® | Oilfield Solutions | Total | ||||||||||||||||||||||
| Labor and benefits | $ | 29,838 | $ | 30,965 | $ | 4,821 | $ | 65,624 | ||||||||||||||||||
| Maintenance | 7,346 | 9,959 | 597 | 17,902 | ||||||||||||||||||||||
| Utilities and fuel | 7,564 | 4,752 | 788 | 13,104 | ||||||||||||||||||||||
| Operating supplies | 6,159 | 10,674 | 227 | 17,060 | ||||||||||||||||||||||
| Depreciation | 25,292 | 3,353 | 3,901 | 32,546 | ||||||||||||||||||||||
Other1 | 18,577 | 12,871 | 894 | 32,342 | ||||||||||||||||||||||
| Total cost of goods sold | $ | 94,776 | $ | 72,574 | $ | 11,228 | $ | 178,578 | ||||||||||||||||||
| Year Ended December 31, 2024 | Potash | Trio® | Oilfield Solutions | Total | ||||||||||||||||||||||
| Labor and benefits | $ | 25,827 | $ | 31,626 | $ | 4,260 | $ | 61,713 | ||||||||||||||||||
| Maintenance | 5,861 | 8,224 | 1,029 | 15,114 | ||||||||||||||||||||||
| Utilities and fuel | 7,916 | 4,555 | 865 | 13,336 | ||||||||||||||||||||||
| Operating supplies | 5,969 | 8,952 | 295 | 15,216 | ||||||||||||||||||||||
| Depreciation | 21,808 | 4,488 | 4,499 | 30,795 | ||||||||||||||||||||||
Other1 | 16,593 | 12,135 | 6,513 | 35,241 | ||||||||||||||||||||||
| Total cost of goods sold | $ | 83,974 | $ | 69,980 | $ | 17,461 | $ | 171,415 | ||||||||||||||||||
| Year Ended December 31, 2023 | Potash | Trio® | Oilfield Solutions | Total | ||||||||||||||||||||||
| Labor and benefits | $ | 29,174 | $ | 36,441 | $ | 5,162 | $ | 70,777 | ||||||||||||||||||
| Maintenance | 7,041 | 7,719 | 881 | 15,641 | ||||||||||||||||||||||
| Utilities and fuel | 9,627 | 7,117 | 1,085 | 17,829 | ||||||||||||||||||||||
| Operating supplies | 6,977 | 7,407 | 494 | 14,878 | ||||||||||||||||||||||
| Depreciation | 26,271 | 4,741 | 3,879 | 34,891 | ||||||||||||||||||||||
Other1 | 18,362 | 10,883 | 4,017 | 33,262 | ||||||||||||||||||||||
| Total cost of goods sold | $ | 97,452 | $ | 74,308 | $ | 15,518 | $ | 187,278 | ||||||||||||||||||
1 Other expense includes property taxes, insurance, royalties, and other miscellaneous expenses.
The following table shows the reconciliation of reportable segment sales to consolidated sales and the reconciliation of segment gross margins to consolidated income before taxes (in thousands):
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Total sales for reportable segments | $ | 298,486 | $ | 254,946 | $ | 279,412 | ||||||||||||||
| Elimination of intersegment sales | (158) | (252) | (329) | |||||||||||||||||
| Total consolidated sales | $ | 298,328 | $ | 254,694 | $ | 279,083 | ||||||||||||||
| Total gross margin for reportable segments | 54,816 | 29,082 | 36,846 | |||||||||||||||||
| Elimination of intersegment sales | (158) | (252) | (329) | |||||||||||||||||
| Elimination of intersegment expenses | 158 | 252 | 329 | |||||||||||||||||
| Unallocated amounts: | ||||||||||||||||||||
| Selling and administrative | 36,705 | 32,966 | 32,423 | |||||||||||||||||
| Impairment of long-lived assets | 1,866 | 10,708 | 43,288 | |||||||||||||||||
| (Gain) loss on disposal of assets | (1,175) | 1,952 | 807 | |||||||||||||||||
| Accretion of asset retirement obligation | 2,603 | 2,489 | 2,140 | |||||||||||||||||
| Other operating income | (4,811) | (5,215) | (1,329) | |||||||||||||||||
| Other operating expense | 8,963 | 6,040 | 3,486 | |||||||||||||||||
| Equity in loss/(earnings) of unconsolidated entities | 374 | 299 | 486 | |||||||||||||||||
| Interest expense, net | 232 | 112 | — | |||||||||||||||||
| Interest income | (2,432) | (1,712) | (298) | |||||||||||||||||
| Other non-operating expense (income) | 762 | (45) | (95) | |||||||||||||||||
| Income (loss) before income taxes | $ | 11,729 | $ | (18,512) | $ | (44,062) | ||||||||||||||
In each of the last three years ended December 31, 2025, 2024, and 2023, 93%, 94%, and 95%, respectively, of our total sales were sold to customers located in the U.S. All of our long-lived assets are located in the U.S.
Total assets are not presented for each reportable segment as they are not reviewed by, nor otherwise regularly provided to, the chief operating decision maker.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Mar 4, 2025 | |
| 2023 | Mar 7, 2024 | |
| 2022 | Mar 7, 2023 | |
| 2021 | Mar 8, 2022 | |
| 2020 | Mar 2, 2021 | |
| 2019 | Mar 3, 2020 | |
| 2018 | Mar 12, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 28, 2017 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.